Document:

Exhibit 10.4

    	
            

          	
            Execution Copy

          

    

    

    TRANSFER AGENCY AND SERVICE AGREEMENT

    THIS AGREEMENT is made as of the 11th day of May, 2021, by and between SPROTT ESG GOLD ETF, a statutory trust
      formed under the laws of the State of Delaware (the “Trust”), having its principal office and place of business at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, and THE BANK OF NEW YORK MELLON, a New
      York corporation authorized to do a banking business having its principal office and place of business at 240 Greenwich Street, New York, New York 10286 (the “Bank”).

    WHEREAS, the Trust will ordinarily issue for purchase and redeem shares of the Trust (the “Shares) only in aggregations of
      Shares known as “Creation Units” (currently 25,000 shares) (each a “Creation Unit”) principally in kind;

    WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York
      (“DTC”), or its nominee (Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and

    WHEREAS, the Trust desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection
      with certain other activities, and the Bank desires to accept such appointment;

    NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

    1.  Terms of Appointment; Duties of the Bank

    1.1  Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to
      act as, and the Bank agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust’s dividend disbursing agent.

    1.2  Pursuant to such appointment, the Bank agrees that it will perform the following services:

    (a)  In accordance with the terms and conditions of this Agreement and Authorized Participant Agreement (“Participant
      Agreement”), a form of which is attached hereto as Exhibit A, the Bank shall:

    (i)  Perform and facilitate the performance of purchases and redemption of Creation Units;

    (ii)  Prepare and transmit by means of DTC’s book‐entry system payments for dividends and distributions on or with
      respect to the Shares declared by the Trust on behalf of the Trust;

    (iii)  Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and
      held by the Shareholder;

    (iv)  Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which
      are outstanding, and, based upon data provided to it by the Trust, the total number of authorized Shares. The Bank shall have no obligation, when recording the

    
      
        

    

    
    

    

    issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares,
      which functions shall be the sole responsibility of the Trust;

    (v)  Prepare and transmit to the Trust and the Trust’s administrator and to any applicable securities exchange (as
      specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares;

    (vi)  On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Trust’s
      administrator and/or other applicable agent of the Trust the number of outstanding Shares;

    (vii)  On days that the Trust may accept orders for purchases or redemptions (pursuant to the Participant Agreement),
      transmit to the Bank, the Trust and DTC the amount of Shares purchased on such day;

    (viii)  Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

    (ix)  Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

    (x)  Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of
      Shares in accordance with policies and procedures of DTC for book-entry only securities;

    (xi)  Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units
      and dividends and distributions;

    (xii)  Maintain those books and records of the Trust specified by the Trust in Schedule A attached hereto;

    (xiii)  Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction
      basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day (for purposes of this Agreement, the term “Business Day” shall mean any day other than a Saturday or a Sunday on which the New York Stock
      Exchange is scheduled to be open for business) and with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

    (xiv)  Receive from the Trust’s administrator or from its agent purchase orders from Authorized Participants (as defined
      in the Participant Agreement) for Creation Units received in good form and accepted by or on behalf of the Trust by the Trust’s administrator and/or other applicable agent, transmit appropriate trade instructions to the National Securities Clearing
      Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for the Trust;

    (xv)  Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The
      Bank of New York Mellon as custodian for the Trust and/or other entities designated by the Trust, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants
      submitting the same; transmit appropriate trade instructions to the National Securities Clearing Corporation, if applicable, and redeem the appropriate number of Shares held in the account of the Shareholder; and

    
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    (xvi)  Confirm the name, U.S. taxpayer identification number and principal place of business of each Authorized
      Participant.

    (b)  The Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to
      enable the Bank to carry out any of the duties set forth in items (i) through (xvi) above.

    (c)  Except as otherwise instructed by the Trust, the Bank shall process all transactions in the Trust in accordance with
      the policies and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established
      by the Trust, and such other matters set forth in items (i) through (xvi) above as these policies and procedures are intended to address.

    (d)  The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the
      performance of its duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; and the payment of dividends and distributions.  The Bank may maintain such accounts at financial institutions
      deemed appropriate by the Bank in accordance with applicable law.

    (e)  In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services
      of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the items set forth on Schedule A attached hereto, and performing such services identified in each Participant
      Agreement.

    (f)  The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only
      securities:

    (i)  Periodic reports of the Trust required by the Securities Exchange Act of 1934, as amended, and rules thereunder;

    (ii)  Trust proxies, proxy statements and other proxy soliciting materials;

    (iii)  Trust prospectus and amendments and supplements thereto, including stickers;

    (iv)  Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably
      request; and

    (v)  The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

    (g)  The Bank shall keep all books and records relating to the services to be performed hereunder in the form and manner
      required pursuant to Section 31 of the Investment Company Act of 1940, as amended, and rules thereunder, as if the Trust was subject to such requirements. All such books and records shall be the property of the Trust and will be preserved, maintained
      and made available in accordance with the aforementioned requirements, and will be surrendered promptly to the Trust on and in accordance with its request.

    
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    2.  Fees and Expenses

    2.1  The Bank shall receive from the Trust such compensation for the Transfer Agent’s services provided pursuant to this
      Agreement as may be agreed to from time to time in a written fee schedule approved by the parties.  The fees are accrued daily and billed monthly and shall, subject to Section 2.3 below, be due and payable upon receipt of the invoice. Upon the
      termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of
      termination of this Agreement.

    2.2  In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable
      out-of-pocket expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee schedule or
      relating to dividend distributions and reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In addition, any other expenses
      incurred by the Bank at the request or with the consent of the Trust, will be reimbursed by the Trust. Notwithstanding the foregoing, in no event shall the Trust be responsible for the reimbursement of any expenses that are incurred by the Bank as a
      result of the Bank’s gross negligence, willful misconduct or breach of any of its representations.

    2.3  The Trust agrees to pay the fees and reimbursable expenses within ten business days following the receipt of the
      respective billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7)
      days prior to the mailing date of such materials.

    2.4 The Trust hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses
      associated with this Agreement, and (iii) any benefits accruing to the Bank or to Sprott Asset Management LP, the sponsor of the Trust (the “Sponsor”), in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements,
      or payments made, or to be made, by the Bank to such sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Sponsor of the Trust and that, if required by applicable law, the Sponsor has approved or will
      approve the terms of this Agreement, and any such fees, expenses, and benefits.

    3.  Representations and Warranties of the Bank

    3.1  The Bank represents and warrants to the Trust that:

    (a)  It is a banking company duly organized and existing and in good standing under the laws of the State of New York;

    (b)  It is duly qualified to carry on its business in the State of New York;

    (c)  It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing
      agent and to enter into, and perform its obligations under, this Agreement;

    (d)  All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

    
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    (e)  It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties
      and obligations under this Agreement;

    (f)  During the term of this Agreement, it will implement and maintain an information security program (“ISP”) with
      written policies and procedures reasonably designed to protect the confidentiality and integrity of the confidential information of the Trust provided to Bank in accordance with this Agreement and when in Bank’s possession or under Bank’s control;
      the ISP will include administrative, technical and physical safeguards appropriate to the type of confidential information concerned, reasonably designed to protect the integrity, confidentiality and availability of the Trust’s confidential
      information and to prevent unauthorized access to or use of such confidential information;

    (g)  It possesses, and will maintain, all licenses, registrations, authorizations and approvals required by any
      governmental agency, regulatory authority or other party necessary for it to engage in the provision of the services contemplated by this Agreement; and

    (h)  It has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding
      obligation enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles
      of equity (whether considered in a proceeding in equity or law).

    4.  Representations and Warranties of the Trust

    4.1  The Trust represents and warrants to the Bank that:

    (a)  It is duly organized and existing under the laws of Delaware;

    (b)  It is empowered under applicable laws and by its trust agreement (“Trust Agreement”) to enter into and perform this
      Agreement;

    (c)  A registration statement under the Securities Act of 1933, as amended, on behalf of each of the Trusts has become
      effective (or will become effective before services are to be provided under this Agreement), will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust
      being offered for sale; and

    (d)  It has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding
      obligation enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles
      of equity (whether considered in a proceeding in equity or law).

    5.  Indemnification

    5.1  The Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors, officers,
      employees and agents harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation, those incurred by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability
      (“Losses”) which may be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank’s actions or omissions with respect to this Agreement, or as a result of acting upon any
      instructions reasonably believed by the Bank to have been duly authorized by the Trust or upon

    
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    reasonable reliance of information or records given or made by the Trust; except for any Losses for which the Bank has accepted liability
      pursuant to Article 6 of this Agreement.

    5.2  The indemnification provision in Section 5.1 shall apply to actions taken or omissions pursuant to this Agreement or
      a Participant Agreement.

    6.  Standard of Care and Limitation of Liability

    6.1  The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to
      the Trust for direct money damages caused by its own gross negligence or willful misconduct or that of its employees, or its breach of any of its representations.  The parties agree that any encoding or payment processing errors shall be governed by
      this standard of care, and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article.  In no event shall the Bank or the Trust be liable for special, indirect or consequential damages, regardless of the form of action
      and even if the same were foreseeable.  For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank’s standard of care:

    (a)  The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or
      services which (i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent
      or registrar;

    (b)  The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or
      requests of the Trust or instructions or requests on behalf of the Trust; or

    (c)  The offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or
      regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other determination or ruling by any federal agency, or by any state with respect to the offer or sale
      of Shares in such state.

    7.  Concerning the Bank

    7.1  The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent
      of the Trust (which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts
      in good faith and with reasonable care in the selection and retention of such agents or attorneys-in-fact.

    7.2  The Bank may, without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any
      Bank affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder.  No such subcontract, agreement or understanding shall discharge Bank from its obligations hereunder.

    7.3  The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank
      and reasonably believed by the Bank to be duly authorized and delivered.  The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the
      Bank. The Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such
      oral instructions and effected by the Bank.  If the Trust elects to transmit written instructions through an on-

    
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    line communication system offered by the Bank, Trust’s use thereof shall be subject to the terms and conditions attached hereto as Exhibit B.

    7.4  The Bank shall establish and maintain a disaster recovery plan and back-up system satisfying the requirements of its
      regulators (the “Disaster Recovery Plan and Back-Up System”).  The Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by
      circumstances beyond its control which are not a result of its gross negligence, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or
      malfunctions of transportation, computer (hardware or software) or communication services; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that
      the Bank has established and is maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System. 
      Upon the occurrence of any such delay or failure the Bank shall use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances.

    7.5  The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are
      specifically set forth in this Agreement and the Participant Agreements, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Participant Agreements.

    7.6  At any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions
      with respect to any matter arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance
      with such instructions.  Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or
      obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after
      the date specified therein unless, prior to taking or omitting to take any such action, the Bank has received written or oral instructions in response to such application specifying the action to be taken or omitted.  In connection with the
      foregoing, the Bank may consult with legal counsel of its own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the Bank pursuant to this Article or otherwise would, to the
      Bank’s knowledge, cause the Bank to take any action or omit to take any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers.  In the event a situation or circumstance arises
      whereby the Bank adopts a course of conduct in reliance upon written legal advice it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct contained in the instructions
      received from the Trust, the Bank may rely upon and follow the written legal advice without liability hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.

    7.7  The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to
      have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or
      other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

    
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    7.8  The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights,
        trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the Bank hereunder.  Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in
        Trust data residing on the Bank’s electronic system.

    7.9  Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to
      inquire into, and shall not be liable for:

    (a)  The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection
      therewith, or the authority of the Trust to request such issuance, sale or transfer;

    (b)  The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the
      authority of the Trust to request such purchase;

    (c)  The legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment
      of any stock dividend; or

    (d)  The legality of any recapitalization or readjustment of the Shares.

    8.  Providing of Documents by the Trust and Transfers of Shares

    8.1  The Trust shall promptly furnish to the Bank with a copy of its Trust Agreement and all amendments thereto.

    8.2  In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the
      successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require.

    8.3  The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares
      owned by the Shareholder.

    8.4  The Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease
      or other change in the total number of Shares authorized to be issued:

    (a)  A certified copy of the amendment to the Trust’s Trust Agreement with respect to such increase, decrease or change;
      and

    (b)  An opinion of counsel for the Trust, in a form reasonably satisfactory to the Bank, with respect to (i) the validity
      of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations
      (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds
      therefor), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

    8.5  Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to
      any reduction in the number of Shares outstanding, the Trust shall deliver to the Bank:

    
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    (a)  A certified copy of the order or consent of each governmental or regulatory authority required by law as a
      prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required; and

    (b)  An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the
      Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore),
      and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

    8.6  The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data
      pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement (including this Agreement) shall remain confidential, and shall not be voluntarily disclosed to any person
      other than its auditors, accountants, regulators, employees, agents, attorneys-in-fact or counsel to the extent necessary to perform its obligations under this Agreement or to provide the services contemplated by this Agreement, except as may be, or
      may become requested or required by law, by regulatory authority, administrative or judicial order or by rule.  To the extent the Bank delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, such agent or
      subcontractor shall be subject to confidentiality terms consistent with the terms of this Section 8.6. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it is already known to the receiving party at the
      time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party’s knowledge, is not under a duty of confidentiality;
      (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the information provided by the protected party.

    8.7  In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly
      employ reasonable commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is
      advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person.

    9.  Termination of Agreement

    9.1  The term of this Agreement shall be three years commencing upon the date hereof (the “Initial Term”) and shall
      automatically renew for additional one-year terms (each a “Subsequent Term”) unless either party provides written notice of termination at least sixty (60) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated
      as provided below:

    (a)  Either party hereto may terminate this Agreement prior to the expiration of the Initial Term or any Subsequent Term
      in the event the other party breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to
      the breaching party and the breaching party does not cure such violation within ninety (90) days of receipt of such notice.

    (b)  Either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the
      happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case
      or proceeding seeking

    
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    the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or
      there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any other
      public manner its inability to pay debts as they come due.  Either party hereto may exercise its termination right under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to
      be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right.

    9.2  Should the Trust exercise its right to terminate this Agreement, all out‐of‐pocket expenses associated with the
      movement of records and material will be borne by the Trust.

    9.3  The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6
      shall survive any termination of this Agreement.

    10.  Reserved.

    11.  Assignment

    11.1  Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written
      consent of the other party; provided, however, either party may assign this Agreement to a party controlling, controlled by or under common control with it.

    11.2  This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted
      successors and assigns.

    12.  Severability and Beneficiaries

    12.1  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any
      jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services.

    12.2 This Agreement is solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as
      defined in the Participant Agreement),  Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement.

    13.  Amendment

    This Agreement may be amended or modified by a written agreement executed by both parties.

    14.  New York Law to Apply

    This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to
      conflicts of laws principles thereof.  The Trust and the Bank hereby consent to the non-exclusive jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder.  The Trust hereby
      irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court
      has been brought in an inconvenient forum.  The Trust and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

    
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    15.  Merger of Agreement

    This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect
      to the subject matter hereof whether oral or written.

    16.  Notices

    All notices and other communications as required or permitted hereunder shall be in writing and sent by first class mail,
      postage prepaid, addressed as follows or to such other address or addresses of which the respective party shall have notified the other.

    If to the Bank:

    The Bank of New York Mellon

    240 Greenwich Street

    New York, New York 10286

    Attention: ETF Operations

    with a copy to:

    The Bank of New York Mellon

    240 Greenwich Street

    New York, New York 10286

    Attention: Legal Dept. – Asset Servicing

    

    

    If to the Trust:

    Sprott ESG Gold ETF

    c/o Sprott Asset Management LP

    Royal Bank Plaza, South Tower,

    200 Bay Street, Suite 2600

    Toronto, Ontario,

    Canada M5J 2J1

    Attention: Arthur Einav

    Email: aeinav@sprott.com

    
      11

      
        

    

    

    

    17.  Information Sharing

      The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and
      subsidiaries in multiple jurisdictions (the “BNY Mellon Group”).  The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage,
      compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust
      consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations consistent
      with the confidentiality obligations contained in this Agreement with respect to such information and (ii) the Bank may store the names and business contact information of the Trust’s employees and representatives on the systems or in the records of
      the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon
      Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer.  The Trust confirms that it is authorized to consent to
      the foregoing.

    18.  Counterparts

    This Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken
      together shall be deemed to constitute one and the same instrument.

    

    

    [Signature page follows.]

    
      12

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and
      through their duly authorized officers, as of the latest date set forth below.

     

    

    	 	 	
            SPROTT ESG GOLD ETF, by Sprott Asset Management LP, its sponsor

          
	 	 	 
	 	 	 
	 	 	 	
            By:

          	 
	 	 	 	 	 
	 	 	 	
            Name:

          	
            John Ciampaglia

          
	 	 	 	 	 
	 	 	 	
            Title:

          	
            Chief Executive Officer

          
	 	 	 	 	 
	 	 	 	
            Date:

          	
            May 11, 2021

          

    

    

    

    

    

    

    	 	 	
            THE BANK OF NEW YORK MELLON

          
	 	 	 
	 	 	 
	 	 	 	
            By:

          	 
	 	 	 	 	 
	 	 	 	
            Name:

          	 
	 	 	 	 	 
	 	 	 	
            Title:

          	 
	 	 	 	 	 
	 	 	 	
            Date:

          	 

    

    

    

    

    

    

    
      13

      
        

    

    SCHEDULE A

    Books And Records To Be Maintained By The Bank

    

    

    Source Documents requesting Creations and Redemptions

     

    

    Correspondence/AP Inquiries

     

    

    Reconciliations, bank statements, copies of canceled checks, cash proofs

     

    

    Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

     

    

    Dividend Records

     

    

    Year-end Statements and Tax Forms

    
      14

      
        

    

    

    

    EXHIBIT A

    Form of Authorized Participant Agreement

    
      15

      
        

    

    EXHIBIT B

    Terms and Conditions For On-line Communications System

    

    

  

  16Exhibit 10.5

    MARKETING AGENT AGREEMENT

    

    

    

    

    THIS AGREEMENT is made and entered into as of this [____]  day of [____], 2021 by and among Sprott ESG Gold ETF, a
      Delaware statutory trust (the “Trust”), which is sponsored by Sprott Asset Management LP, a Canadian limited partnership (the “Sponsor”), and Sprott Global Resource Investments Ltd., a California limited partnership and an affiliate of
      the Sponsor (“SGRIL” or the “Marketing Agent”).

    WHEREAS, the Sponsor is registered with the Ontario Securities Commission as an
      investment fund manager, a portfolio manager and as an exempt market dealer and a commodity trading manager;

    WHEREAS, the Trust is a statutory trust organized under the laws of the State of
      Delaware;

    WHEREAS, the Trust has filed with the U.S. Securities and Exchange Commission (the
      “SEC”) a Registration Statement (including a Prospectus) for the Trust under the Securities Act of 1933, as amended (the “1933 Act”) (collectively, “Registration Statement”);

    WHEREAS, the Trust intends to create and redeem shares of beneficial interest in
      the Trust (the “Shares”) only in creation unit aggregations (“Creation Unit”) on a continuous basis, and list the Shares on one or more national securities exchanges;

    WHEREAS, SGRIL is registered as a broker-dealer under the Securities Exchange Act
      of 1934, as amended (the “1934 Act”), and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”);

    WHEREAS, the Trust desires to retain SGRIL to provide certain services in
      connection with the creation and redemption of Shares of the Trust; and

    WHEREAS, SGRIL is willing to provide certain services for the Trust on the terms
      and conditions hereinafter set forth.

    NOW THEREFORE, in consideration of the promises and mutual covenants herein
      contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

    1.  Definitions.

    Wherever they are used herein, the following terms have the following respective meanings:

    “Prospectus” means the Prospectus constituting parts of the Registration Statement of the Trust
      under the 1933 Act as such Prospectus may be amended or supplemented and filed with the SEC from time to time.

    
      1

      
        

    

    

    

    

    

    “Registration Statement” means the registration statement most recently filed from time to time by the Trust with
      the SEC and effective under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect.

    All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the
      Registration Statement and the Prospectus.

    2.  Duties of SGRIL

    (a)  SGRIL shall use commercially reasonable efforts to provide the following services to the Trust with respect to the
      creation and redemption of Creation Units of the Trust:

    (i)  work with the Transfer Agent to review and approve orders placed by Authorized Participants and
      transmitted to the Transfer Agent;

    (ii)  maintain copies of confirmations of Creation Unit creation and redemption order acceptances;

    (iii)  use reasonable efforts to review and approve, prior to use, all Trust advertising, sales and
      marketing materials submitted to SGRIL for review by the Sponsor (“Marketing Materials”) for compliance with applicable SEC and FINRA advertising rules, and file all such Marketing Materials required to be filed with FINRA.  SGRIL agrees to furnish
      to the Trust or the Sponsor any comments provided by FINRA with respect to such materials;

    (iv)  assist the Sponsor in the preparation of Marketing Materials and provide other marketing services
      with respect to the Trust, as requested by the Sponsor; and

    (v)  maintain records related to the foregoing and produce such records upon reasonable request from
      the Trust or the Sponsor.

    (b)  The services furnished by SGRIL hereunder are not to be deemed exclusive and SGRIL shall be free to furnish similar
      services to others so long as its services under this Agreement are not impaired thereby.

    3.  Duties of the Trust

    (a)  The Trust agrees to create, issue, and redeem Creation Units of the Trust in accordance with the procedures described
      in the Prospectus. Upon reasonable notice to SGRIL and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

    (b)  The Trust agrees that it will take all actions necessary to register, and maintain the registration of, the Shares
      under the 1933 Act.

    
      2

      
        

    

    

    

    

    

    (c)  SGRIL acknowledges and agrees that the Trust reserves the right to suspend sales and SGRIL’s authority to review and
      approve orders for Creation Units on behalf of the Trust. Upon due notice to SGRIL, the Trust shall suspend SGRIL’s authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so.
      Suspension will continue for such period as may be determined by the Trust.

    (d)  The Trust shall arrange to provide the listing exchanges with copies of Prospectuses and product descriptions that
      are required to be provided by the Trust to purchasers in the secondary market.

    (e)  The Trust will make it known that Prospectuses and product descriptions are available by making sure such disclosures
      are in all marketing and advertising materials prepared by the Trust.

    4.  Representations, Warranties and Covenants of the Trust.

    (a)  The Trust hereby represents and warrants to SGRIL, which representations and warranties shall be deemed to be
      continuing throughout the term of this Agreement, that:

    (i)  it is duly organized and validly existing under the laws of the jurisdiction of its organization, and is and at all
      times will remain duly authorized to carry out its obligations as contemplated herein;

    (ii)  the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all
      necessary action;

    (iii)   its entering into this Agreement does not conflict with or constitute a default or require a consent under or
      breach of any provision of any agreement or document to which the Trust is a party or by which it is bound;

    (iv)  it is conducting its business in compliance in all material respects with all applicable laws and regulations, both
      state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;

    (v)   the Registration Statement and the Trust’s Prospectus have been prepared, and all marketing materials shall be
      prepared, in all material respects, in conformity with the 1933 Act, the rules and regulations of the SEC, and any other applicable laws, rules, or regulations;

    (vi)   the Registration Statement and the Trust’s Prospectus contain, and all marketing materials shall contain, all
      statements required to be stated therein in accordance with the 1933 Act and any other applicable laws, rules, and regulations;

    (vii)  all statements of fact contained therein, or to be contained in all marketing materials, are or will be true and
      correct in all material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, the Prospectus, nor any marketing materials shall include any untrue statement of a

    
      3

      
        

    

    

    

    

    

    material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein,
      in the case of the Trust’s Prospectus in light of the circumstances in which made, not misleading; and

    (viii)  except as otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation Units
      will be the aggregate net asset value of the Shares per Creation Unit of the Trust, as determined in the manner described in the Registration Statement and Prospectus.

    (b)  The Trust shall fully cooperate in the efforts of SGRIL in the provision of the services described in this
      Agreement.  In addition, the Trust shall keep SGRIL fully informed of its affairs as they relate to the Trust and shall provide to SGRIL from time to time copies of all information that SGRIL may reasonably request for use in connection with the
      provision of the services described in this Agreement.

    5.  Representations, Warranties and Covenants of SGRIL.

    SGRIL hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing
      throughout the term of this Agreement, that:

    	

          	(a)	
            it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this
              Agreement and to perform its obligations hereunder;

          

    	

          	(b)	
            this Agreement has been duly authorized, executed and delivered by SGRIL and, when executed and delivered, will constitute a valid and legally binding obligation of SGRIL,
              enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

          

    	

          	(c)	
            it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory
              approvals necessary to carry on its business as now conducted; and

          

    	

          	(d)	
            it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

          

    6.  Reimbursement for Expenses.

    (a)  SGRIL shall be entitled to receive reimbursement from the Sponsor related to its reasonable expenses incurred in
      connection with the services hereunder or for additional services as may be agreed to between the parties.

    (b)  The Trust shall bear the cost and expenses of: (i) the registration of Shares for sale under the 1933 Act; and (ii)
      the costs related to any filings required pursuant to the United States securities laws and regulations and rules of the SEC and FINRA, as applicable.

    
      4

      
        

    

    

    

    

    

    (c)  The payments to the Marketing Agent under this Agreement, when combined with selling commissions charged by other
      FINRA members and other payments that would constitute underwriting compensation as defined in FINRA Rule 2310, will not exceed ten percent (10%) of the aggregate dollar amount of the offering.  The Trust will advise the Marketing Agent if the
      payments described hereunder must be limited, when combined with selling commissions charged by other FINRA members and other payments that would constitute underwriting compensation as defined in FINRA Rule 2310, in order to comply with the ten
      percent (10%) limitation on total underwriters’ compensation pursuant to FINRA Rule 2310.

    (d)  The Trust shall provide to the Marketing Agent on an on-going basis information sufficient to enable Marketing Agent
      to ensure compliance with FINRA Rule 2310, including calculations of underwriting compensation and total offering and operating expenses.

    7.  Indemnification.

    (a)  The Trust shall indemnify, defend and hold SGRIL, its affiliates and each of their respective members, managers,
      directors, officers, employees, representatives and any person who controls or previously controlled SGRIL within the meaning of Section 15 of the 1933 Act (collectively, the “SGRIL Indemnitees”), free and harmless from and against any and all
      losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith)
      (collectively, “Losses”) that any SGRIL Indemnitee may incur arising out of or relating to (i) SGRIL’s provision of services to the Trust in accordance with the terms and conditions of this Agreement; (ii) the Trust’s breach of any of its
      obligations, representations, warranties or covenants contained in this Agreement; (iii) the Trust’s failure to comply in all material respects with any applicable laws, rules, or regulations; or (iv) any claim that the Prospectus, sales literature
      and advertising materials or other information filed or made public by the Trust (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
      in order to make the statements therein not misleading provided, however, that the Trust’s obligation to indemnify any of the SGRIL Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or
      omission or alleged omission made in the Prospectus or any such advertising materials or sales literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by SGRIL to the Trust in
      writing for use in such Prospectus or any such advertising materials or sales literature.

    (b)  SGRIL shall indemnify, defend and hold the Trust, its affiliates, and each of their respective directors, officers,
      employees, representatives, and any person who controls or previously controlled the Trust within the meaning of Section 15 of the 1933 Act (collectively, the “Trust Indemnitees”), free and harmless from and against any and all Losses that any
      Trust Indemnitee may incur arising out of or relating to (i) SGRIL’s breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) SGRIL’s failure to comply in all material respects with any applicable
      laws, rules, or regulations; or (iii) any claim that the Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) include or included an untrue statement of a
      material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, insofar as such statement or omission was made in

    
      5

      
        

    

    

    

    

    

    reliance upon, and in conformity with information furnished to the Trust by the Marketing Agent for use in such Prospectus, sales literature
      and advertising materials or other information filed or made public by the Trust.

    (c)  In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability
      the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is
      the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or
      other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

    (d)  Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability
      that it may have to the indemnified party against whom such action is brought, on account of this Section, except to the extent failure or delay to so notify the indemnifying party prejudices the indemnifying party’s ability to defend against such
      claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the
      defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of
      any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party
      agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

    (e)  No indemnified party shall settle any claim against it for which it intends to seek indemnification from the
      indemnifying party, under the terms of section 7(a) or 7(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.  No indemnified or indemnifying party shall settle any claim
      unless the settlement contains a full release of liability with respect to the other party in respect of such action and does not admit fault.

    8.  Limitations on Damages.

    Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party,
      whether or not the likelihood of such losses or damages was known by the Party.

    9.  Force Majeure.

    Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or
      indirectly by reason of circumstances beyond its reasonable control,

    
      6

      
        

    

    

    

    

    

    including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or
      inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics, pandemics or other public health emergencies; labor disputes; civil commotion; or interruption, loss or malfunction of
      utilities, transportation, computer or communications capabilities, and the other Party shall have no right to terminate this Agreement in such circumstances.

    10.  Duration and Termination.

    (a)  This Agreement shall become effective as of the date first set forth above.  Unless sooner terminated as provided
      herein, this Agreement shall continue in effect for [___] years from the date hereof.  Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods.

    (b)  Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, upon no less
      than (i) 30 days’ written notice by the Trust, or (ii) 90 days’ written notice by SGRIL.

    11.  Confidentiality.

    During the term of this Agreement, SGRIL and the Trust may have access to non-public confidential information relating to
      such matters as either party’s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, “Confidential Information” means non-public or proprietary information belonging to one of
      the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes non-public or proprietary information that may be financial information,
      proposals and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans,
      prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this
      Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not
      obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information
      shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further
      agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except  (i)
      as required in the course of this Agreement, (ii) as provided by the other party, or (iii)  as required by applicable law, rule, or regulation or in response to a routine self-regulatory examination or request for information directed at the
      receiving party.

    
      7

      
        

    

    

    

    

    

    12.  Notices.

    Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing
      and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

    	
            (i)  If to SGRIL:

          	
            (ii)  If to the Trust:

          
	
            Sprott Global Resource Investments LTD

            1910 Palomar Point Way - #200

            Carlsbad, CA 92008

            Attn: Tom Ulrich

            Telephone: [______]

            Email: tulrich@sprottglobal.com

          	
            Sprott Asset Management LP

            c/o Sprott ESG Gold ETF

            Royal Bank Plaza, South Tower

            200 Bay Street, Suite 2600

            Toronto, Ontario, Canada M5J 2J1

            Attn: Arthur Einav

            Telephone: (416) 943-8099

            Email: aeinav@sprott.com

          

    

    

    13.  Modifications.

    The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever
      except by a written instrument signed by SGRIL and the Trust.

    14.  Governing Law.

    This Agreement shall be construed in accordance with the laws of the State of [____], without regard to the conflicts of
      law principles thereof.

    15.  Assignment.

    This Agreement may not be assigned by either Party without the prior written consent of the other Party.  This Agreement
      shall be binding upon and inure to the benefit of the Parties’ representatives, successors, heirs, and permitted assigns, as applicable.  A change in control shall not be construed to be an assignment.

    16.  Entire Agreement.

    This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications,
      understandings and agreements relating to the subject matter hereof, whether oral or written.

    17.  Survival.

    The provisions of Sections 7, 8, 9, 11, 14, 17, and 19 of this Agreement shall survive any

    
      8

      
        

    

    

    

    

    

    termination of this Agreement.

    18.  Anti-Money Laundering.

    SGRIL represents and warrants that it has, and shall maintain, an anti-money laundering program (“AML Program”) that, at a
      minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal
      policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports,
      and (vi) allows for appropriate regulators to examine its anti-money laundering books and records.

    19.  Miscellaneous.

    The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the
      provisions hereof or otherwise affect their construction or effect.  Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
      to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
      jurisdiction.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both SGRIL and the Trust and no presumptions shall arise
      favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the
      same document. Nothing herein contained shall prevent SGRIL from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been
      negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

    20.  Liability of Sponsor.

    It is expressly understood and agreed by SGRIL that:

    (a)  this Agreement is executed and delivered on behalf of the Trust by the Sponsor, not individually or personally, but
      solely as Sponsor of the Trust in the exercise of the powers and authority conferred and vested in it;

    (b)  the representations, covenants, undertakings and agreements herein made on the part of the Trust are made and
      intended not as personal representations,

    
      9

      
        

    

    

    

    

    

    undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Trust;

    (c)  nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to
      perform any covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

    (d)  under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the
      Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related document.

    

    

    [Signature Page Follows]

    
      10

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized
      officer on one or more counterparts as of the date first above written.

    

    

    	 	
            SPROTT GLOBAL RESOURCE INVESTMENTS LTD.

          	 
	 	 	 
	 	 	 
	 	
            By:

          	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 

    

    

    

    

    

    

    	 	
            SPROTT ESG GOLD ETF

          	 
	 	 	 
	 	 	 
	 	 	
            By: Sprott Asset Management, LP, not in its individual capacity but solely as Sponsor

          	 
	 	 	 
	 	
            By:

          	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 

    

    

    

    

    

    

    

    

    

    

  

  11

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