Individual Storage Account Application
Please complete all steps to submit your storage account application
Storage Contract Terms and Conditions
PRECIOUS METALS STORAGE CONTRACT
FOR INDIVIDUAL & JOINT ACCOUNTS
This Precious Metals Storage Contract (the "Contract") is entered into between the Customer ("You") and Sprott Money Ltd. ("SM"). By executing this Contract, you establish a custody account with SM for the storage of precious metals products (the "Precious Metals") under the terms below.
1. Definitions
- Business Day: Any day except Saturday, Sunday or statutory holiday in Toronto, Ontario, Canada.
- Customer: Person or entity establishing an account with SM.
- Precious Metals: Gold, silver, and/or platinum in bar, coin, or wafer form accepted by SM.
- Previously Purchased Precious Metals: Metals purchased from SM or third parties and delivered for storage.
2. Description of Service
SM agrees to establish and maintain a storage Account on behalf of the Customer through a Custodian selected at SM’s discretion.
- Customer may appoint Authorized Representatives for withdrawal instructions.
- SM may refuse storage of previously purchased metals at its discretion.
- Customer bears all shipping costs, risks, and insurance for metals in transit.
- Metals stored on a “said to contain” basis are stored at Customer’s risk.
- SM reserves the right to inspect, test, and assay metals offered for sale.
3. Limitation of Liability
- No liability for physical loss before Custodian receipt is issued.
- Liability ends once metals are delivered to carrier.
- No responsibility for diminution in market value.
- No liability for indirect, incidental, or consequential damages.
4. Insurance
SM ensures Custodians maintain all-risk insurance coverage deemed appropriate.
5. Segregation and Allocation
Precious Metals are stored in an allocated and segregated manner.
6. Force Majeure
SM is not liable for delays or non-performance due to events beyond its control including strikes, pandemics, acts of God, or war.
7. Term and Termination
- Contract remains active while metals are stored.
- 30 days written notice required for termination.
- Immediate termination allowed for breach or non-payment.
Storage Fee Schedule & Minimum Monthly Fee
Fees are outlined in Exhibit A. A minimum monthly administrative fee of $16.67 CAD applies. Account closure fee: $75 CAD.
Security Interest
Customer grants SM a first priority security interest over stored Precious Metals as collateral for outstanding obligations.
Account Statements
Monthly statements will be provided by email. Errors must be reported within five (5) days.
Account Ownership
Joint account holders are jointly and severally liable. Upon death of one owner, assets pass to surviving owner(s).
Withdrawal & Delivery
- 10 business days written notice required.
- Delivery via courier or armored carrier at Customer’s expense.
- Outstanding fees must be paid before release.
Governing Law
This Contract is governed by the laws of Ontario, Canada. Jurisdiction: Toronto, Ontario courts.
Confidentiality
All account and storage information is confidential except where disclosure is required by law.
Entire Agreement & Amendment
This Contract constitutes the entire agreement. SM may amend terms with 30 days written notice.
Storage Fee Schedule
EXHIBIT A – STORAGE FEE SCHEDULE
This storage fee schedule is subject to change. SM will provide at least 30 days’ written notice prior to rate changes. All rates are in Canadian Dollars (CAD).
Annual Storage Fees
| Account Value | Storage Rate (Annual) |
|---|---|
| Up to $100,000 | 0.65% |
| Up to $500,000 | 0.55% |
| Up to $1,000,000 | 0.50% |
| Up to $2,000,000 | 0.45% |
| Up to $5,000,000 | 0.40% |
| $5,000,001 + | 0.35% |
Fee Calculation
Annual fee is calculated as a percentage of the Average Market Value of Precious Metals in the account. Fees are calculated and billed monthly in arrears.
Minimum Monthly Account Fee
$16.67 CAD per month ($200 CAD annually), plus applicable taxes, regardless of holdings. Account closing fee: $75 CAD.
Shipping Fees
Shipping fees for deposits and withdrawals are quoted upon request. Handling fee: $30 per package (courier or postal).
Storage Transfer Fees
$30 per internal or external transfer.
Closing Withdrawal Fee
$75 per account upon final withdrawal.