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Program Announcements

September 16, 2025

Please be advised that the MTL Disclosure Statements and their accompanying terms and conditions will be modified as follows:

  1. To reflect a change in the storage of the Gold Bullion and Silver Bullion under the MTL programs in a custodial account at the Royal Canadian Mint operated by BMO Nesbitt Burns Inc. to a custodial account at the Royal Canadian Mint operated by Bank of Montreal. This change will appear throughout the Disclosure Statements.
  2. To reflect the assumption of BMO Nesbitt Burns Inc.’s role in the operation of the MTL programs by Bank of Montreal. This change will appear throughout the Disclosure Statements.
  3. For MTL001 and MTL007, with respect to the option to withdraw Gold Bullion from Bank of Montreal’s custodial account at the Mint and offer to sell the Gold Bullion to Bank of Montreal, the expected difference between the “bid” and “offer” will be changed to “up to 2%”. This change will appear in the description of Option #3 and Section 6(c) of Schedule “A” in the MTL001 and MTL007 Disclosure Statements.
  4. For MTL900 and MTL901, with respect to the option to withdraw Silver Bullion from Bank of Montreal’s custodial account at the Royal Canadian Mint and offer to sell the Silver Bullion to Bank of Montreal, the expected difference between the “bid” and “offer” will be changed to “up to 5%”. This change will appear in the description of Option #3 and Section 6(c) of Schedule “A” in the MTL900 and MTL901 Disclosure Statements.
  5. To implement other non-material housekeeping changes.

Other than as set out above, each MTL program will continue to operate in the same manner. For further information, please contact your Nesbitt Burns Investment Advisor or InvestorLine and ask for the Disclosure Statement dated September 30, 2025 for the applicable MTL program.

These changes will take effect on September 30, 2025.

June 16, 2022

Please be advised that all MTL Disclosure Statements and their accompanying terms and conditions will be modified to bring enhanced clarity to the respective roles of Bank of Montreal and BMO Nesbitt Burns Inc. in the operation of the MTL programs. Each MTL program will continue to operate in the same manner. For further information, please contact your Nesbitt Burns Investment Advisor or InvestorLine and ask for the June 30, 2022 Disclosure Statement.

These changes will take effect on June 30th, 2022.

April 30, 2022

  1. Please be advised that the descriptor for Gold Bullion that is in bar, wafer, or ingot form, will be modified to the following across MTL001 and MTL007 Disclosure Documents:
    “If the Gold Bullion is in bar, wafer, or ingot form, the Gold Bullion will also (i) have been fabricated by a metal refiner included in the London Bullion Market Association’s good delivery list of acceptable refiners for gold; and (ii) bear basic identification markings that are recognized and accepted for trading in Canadian financial markets, such as the hallmark of the metal refiner that produced it and a stamp indicating its fineness and weight.”
  2. Please be advised that the descriptor for Silver Bullion that is in bar, wafer, or ingot form, will be modified to the following across MTL900 and MTL901 Disclosure Documents:
    “If the Silver Bullion is in bar, wafer, or ingot form, the Silver Bullion will also (i) have been fabricated by a metal refiner included in the London Bullion Market Association’s good delivery list of acceptable refiners for gold; and (ii) bear basic identification markings that are recognized and accepted for trading in Canadian financial markets, such as the hallmark of the metal refiner that produced it and a stamp indicating its fineness and weight.”

These changes will take effect on May 14th, 2022.

March 31, 2022

  1. Please be advised that due to the rapidly changing market conditions caused by COVID-19, the notification period for changes and revisions will drop from 30 days to 14 days. This change applies to the description of Option #1, Option #2, and Sections 2(c), 7(a) and 8(c) of “Schedule A” in all MTL Disclosure Statements.
  2. Please be advised that Schedule 1 of the Disclosure Statement for all Silver Deposit FundSERV Code MTL900 will be modified to:
    “Withdrawal and Delivery Fee - CDN$4.00 per ounce, plus applicable taxes, plus all shipping.”
  3. Please be advised that Schedule 1 of the Disclosure Statement for all Silver Deposit FundSERV Code MTL901 will be modified to:
    “Withdrawal and Delivery Fee - USD$4.00 per ounce, plus applicable taxes, plus all shipping.”
  4. Please be advised that all references to “unencumbered” will be deleted throughout all MTL Disclosure Statements, other than in the first paragraph.
  5. Please be advised that all references to www.bmosp.com will be updated to bmobullion.com in all MTL Disclosure Statements.
  6. Please be advised that the delivery timeframe in section 5(b) of “Schedule A” for all MTL programs will be increased from ten (10) business days to thirty (30) business days.

These changes will take effect on April 30th, 2022.

January 24, 2022

  1. Please be advised that Schedule 1 for all Silver Deposit FundSERV Codes will be modified to:
    “Withdrawal and Delivery Fees - CDN$4.00 per ounce, plus applicable taxes, plus all shipping.”
  2. Please be advised that Section 4(d) of “Schedule A” for all MTL programs will be removed:
    “No Encumbrances. The Buyer may not pledge, charge, assign, create a security interest in or otherwise encumber the Gold Bullion and must keep it free from any liens, encumbrances, charges, security interests or claims of third parties, other than those created by these Terms and Conditions.”
  3. Please be advised that due to the rapidly changing market conditions caused by COVID-19, the notification period for changes to all MTL Fee Schedules and revisions pursuant to Section 2(c) of “Schedule A” will drop from 30 days to 14 days.

All changes referenced above will take effect on February 23rd, 2022.