The presenters for today's program are Frank Holmes, U.S. Global Investors' CEO and Chief Investment Officer, Lisa Callicotte, Chief Financial Officer, and myself, Holly Schoenfeldt, Director of Marketing.

On slide number 3, some quick disclosures: during this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results.

Please refer to our press release and corresponding Form 10-K filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and U.S.

Global Investors accepts no obligation to update them in the future. On the next slide, we're always grateful for the continued support of our valued shareholders.

If you'd like to receive one of our signature U.S. Global hats featured here, just send your mailing address to [email protected], and we'll gladly ship one out to you.

All right, on the next slide, I will briefly review the company. U.S.

Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create thematic smart beta 2.0 products.

The company was originally founded as an investment club, becoming a registered investment adviser in 1968, and has a longstanding history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. Finally, we're experts in thematic investing, in particular, gold and precious metals, natural resources, airlines, and luxury goods, all using a quantamental approach that includes both macro and micro factors.

Moving on to the next slide, we often begin our presentations with this slide, which we refer to as the DNA of volatility, as a reminder that market swings are a normal part of long-term investing. With that in mind, I will now turn it over to our CEO and CIO, Frank Holmes, to walk us through the fiscal year and share his macro outlook for the quarter.

Frank?

The DNA of volatility is so important for investors to really appreciate volatility of asset classes are different than, and the same thing with individual stocks within a category. The S&P is the biggest benchmark.

It's plus or minus 1% daily is a non-event, meaning 70% of the time that's what happens, and over 10 days it's 2%. Bullion is twice that number, and you can see oil is greater is greater volatility, and Bitcoin on a daily basis, it's pretty well the same as oil and gold.

When we start going over 10 days, Bitcoin is more volatile because it's still emerging. The JETS ETF is plus or minus 3% because oil is a biggest line item, besides all these other global issues and and trade, you just get this increase in the volatility.

It tells you and this explains, basically, that you should be looking to buy these things when they go minus 3% in a day or more, that's usually a a better buy. Over 10 days, if they're down 6%, that's even us a less-risk buy.

Selling, same thing on the upside. What's interesting is the the New York Stock Exchange Arca airline index is greater than JETS when it takes when you take a look over 10 days.

When I look at GOAU, which relates to gold. We can see that GOAU goes up or down 3% in a day is a non-event because gold it tracks gold 95% of the time.

It's It's following gold, and which is 2%. A lot of the gold traders and price discovery are actually following bullion, and then they'll look at, for signals, they call them, that they would go and look at a a ETF like GOAU.

You can see over 10 days, it's really a shocker: it's plus or minus 9%. If a big bulk of our assets are gold are gold-related and airlines-related, you can see that it shows up in GROW stock.

It makes it really simple. If If we're seeing JETS going up over 10 days 6% or down 6%, and gold stocks going up or down 9%, well, it shows up in in GROW.

It's important to understand that relationship. Then HIVE is just to give you an idea for Bitcoin mining and and AI.

It's very volatile, and it trades off of what's happening with NVIDIA. Because it's more of a micro-cap cap compared to NVIDIA, it has even a greater volatility.

Next, please. I want to thank the top institutional shareholders, Gator Capital and Capital Wealth Advisors, and Vanguard, I believe, is in their one of their index products, but thank all those investors and their product for being invested in GROW.

Next, please. I own about 21% of the company and 99% of the voting control.

This is in being compliance with SEC rules for investment advisor. It's just that's where you need to have two classes of stock.

Next, please. Strategy and tactics: strategy is really simple.

It's about winning. How do you win?

How does a product win in a category in the universe of all these ETFs and mutual funds and and in the financial realm. We believe that's create thematic products that are sustainable using our smart beta 2.0 strategy, which requires rigorous backtesting of over thousands of hours before you launch a product in up cycles and down cycles.

You have to go more than a decade, and it gives you a a real confidence factor. There's no guarantee the past performance is going to give you a guarantee of future results, but it does give you a a a way to understand up and down cycles and how a weightings and various screens used to create a thematic basket of stocks.

Our mission is to make people feel financially happy and secure that their wealth is consistently growing. It's volatile, as you can see from previously, and that's just we try to educate investors, and we won many awards on the education for that.

Our strategy also, as a public company, because we believe that we're deeply undervalued, that we buy back the stock using an algorithm on flat and down days. We manage to preserve cash for future growth opportunities and market corrections.

We do make investments and we make investments that are not our directly. We have also in our funds, but we do not buy something that's just for us and not the funds.

We always make sure we go through a compliance mechanism. Is it good first the funds to be able to buy, and if it's not appropriate, then we would turn around and make certain investments.

The other part we found in this world has changed a lot with wholesalers and and the digital world is this subscriber base and followers. We're continuously doing everything to grow that base because we hold our own webcasts, and the followers, it's important for communicating with investors.

Then increase our exposure to the Bitcoin ecosystem. We have bought some of like the the ETFs that pay monthly dividends and give you the upside, but the same time waiting out these corrections that you're getting a attractive dividend.

Next, please. We have exposure in investments, very minor today, in HIVE, but we still have an investment in HIVE.

The marketing strategy, I think what's important here is is what Steve Jobs said, "You can't connect the dots looking forward; you can only connect them looking backwards. You have to trust the dots will somehow connect in your future by how well you look in the back."

Next, please. I want to give you some education on some ICI factors because we still have mutual funds and ETFs, and ETFs are growing faster, but mutual funds are really still a significant portion of the overall assets, even though ETFs are growing faster.

They're still big proportion. When you look at data from the Investment Company Institute, 72 million households own mutual funds, and 52% were or head by someone 35 to 64.

We find our investors are more likely the upper end of 64. Where the industry for ICI comes in is that there's many corporations, and you can see that $13.7 trillion in long-term mutual fund assets held by defined contribution plans and IRAs, representing about 62% of household assets.

Mutual funds continue to still have assets and and a lot is going into the fund flows is going from employer-sponsored retirement plans. Next, please.

When you market to them, it's very different than ETF. Let me help to educate in that difference.

ICI Fact Book, the ETFs surpassed $13 trillion in assets, and what's really evolved here is that it's predominantly a smaller account that's doing it, unless you get tax efficiency, monthly paying specialty funds that give you a return on capital model. They've had some big growth, but I think that the majority is small, it's much more retail, and it's also institutional.

What happens is that a lot of institutions will use that to go short, borrow against these positions, and that's a big source of revenue to low-cost ETFs. They make additional revenue from lending out those securities, and it's we've seen this in JETS in particular, that when when Spirit was going bankrupt, that whole and there were many institutions were shorting Spirit, but they would go long JETS to do that pairs trade, and they would borrow from it.

They were making a bet against that particular airlines. We have we we made a lot of money for the shareholders in JETS from that securities lending.

Next, please. RIAs, which is positive for us, are rotating to real assets, says Advisor Pro, and the data is Award-Winning.

You've seen a lot of big interest, it's up 265 % basically of interest in oil patch and then, especially, I see in the oil patch of the refineries. They're making money hand over fist.

Natural resources, because of China playing games on restricting the supply of rare metals and other minerals, that there's a big spend now by the federal government to improve the supply lines, and natural resources as a whole are doing exceptionally well, and commodities are also doing well. We can see the big interest.

Next, please. When it comes to ETFs, it's a different factor.

The the social media is the new classroom of financial education. I'm not a TikTok person, but it's amazing how many people are on there talking about Bitcoin or gold and government debt and and then people recommending different types of allocation models.

[cough] So it's pretty rich, what's going on. I think the biggest is YouTube.

I personally enjoy [cough] looking at YouTube. Reddit, really often controversial, left to more left when it comes to their political opinions, which I always find really interesting to offset other opinions.

X does everything to be in the middle, but it's a big source for active investors are using Reddit. Do the ChatGPT and and so does Claude and and Perplexity.

Quite often, when they're scanning and looking for articles and information, they will go to Reddit, besides Wikipedia and other platforms. A lot of people are using these platforms for getting ideas.

Next, please. Something in the journey I learned about JETS years ago, Graham Stephan, he's now up to 5.2 million.

That means he's making about $5 million a year. He has an earlier one several years back, four years ago, that talks about him first starting and making $4,000 with YouTube, getting paid for shared revenue.

Basically, it's a million dollars for every million subscribers. He's a a real estate guy that's gone full-time in this end of the business.

Andrei, over in the middle here, he's always got the world's coming to an end, does great geopolitical stuff, and but it's a little sometimes aggressive, but he's got a 3.3 million followers. That's very impressive.

Then, Humphrey Yang, he's got 2 million subscribers. These people do influence because the the markers is how many followers they have.

Next, please. When it came to JETS and it was big flows were into it, I was told, "Don't you know who Sam Chui is?"

Said, "No, Sam Chui who?" He has 3.7 million subscribers, and he's not a pilot.

The other two here, Captain Joe and Mentour Pilot, they have millions of subscribers and talk about the airline industry, which predominantly is a lot of young millennials that are trading these these products. Next, please.

Now they're not recommending ETFs, they these airline people, but they just give you all these facts about what is the best business lawn, what is the best flight, and other interesting And And what amazes you is that so many people are interested in the airline industry. I do know and remember vividly in 2020, when all the analysts in Wall Street were capitulating and get rid of all the airlines, and Warren Buffett blew out in June of 2020 all of his Delta position.

Now he's a player, back in again, but what's interesting is is that the big recommendation was coming from Reddit and saying that every time they've had a crisis, the JETS fall 60 to 70%, and a year later, they're up 130%, 120%. That's what happened.

I think that what we've witnessed here is that billions of dollars come in into that type of product, and it's lived that it's it's done basically. The quant model, for which you're paying only 60 basis points, has outperformed the New York Stock Exchange Global Airline Index.

We ended up coming up with a new product called WAR, and defense spending is a macro trend ever since Putin invaded Crimea. What's really important here is you can see in this visual, when the Berlin Wall fell, there was a lot of negotiating of streamlining and cutting back on the U.S.

military until 9/11. You can see this very vividly, that after 9/11, spending increased dramatically, and and we can see that recently under Ukraine invasion, spending really picked up again.

People are deeply concerned in Europe, especially Eastern Europe, and Trump is really has also pushed to hold them all accountable for their 2% and now they're going to 5%, and we're talking about $2.9 trillion. Think of a big funnel of money coming, rushing down, going into a sector, and there are certain industries are going to truly be more significant, and I'm a big theory believer that it's going to be AI-related, and that includes data centers, as one.

Next, please. What is we what do we do?

It's about growing the dividends and growing the cash flow. Our current stock price, the monthly yield is 2.83%.

We continue to pay this monthly. We've not increased the dividend.

We've been more focused on buying back stock in the past few years. I'll give you a little more color in the next slide.

The company believes the stock is deeply undervalued and therefore buys back shares when the price is flat or down using an algorithm. Next, please.

During 20 fiscal 2026, company prepurchased 733,848 Class A shares using $2 million in cash. Since 20 just before COVID, we've reduced the shares outstanding by approximately 20%.

Next, please. That gives you an idea of the volatility is a key factor here.

If there's a big selloff, there's more down down volatility, then our buying picks up. Next, please.

What's really important I think for investors is what Meb Faber came out with: shareholder yield, that's a better approach to yield investing. What he does is he looks at your free cash flow, your cash flow, and how much stock you're buying back, how much dividends, and how much debt you're paying down.

Overall, that's what gives you a better return on invested capital. Next, please.

Shareholder yield is dividends plus buybacks plus debt reduction, divided by market cap. Next, please.

U.S. Global Investors is committed to return value to shareholders when compared to Treasury yields.

You can see here that the five-year has risen, has the 10-year, but our overall yield, because of the stock buybacks, is 7.87%. Next, please.

GROW, over longer term, we can see has outperformed the Russell Microcap Growth Index. Next, please.

Two platforms, two investor audiences. Let's compare Schwab versus Robinhood.

Schwab has $11 trillion in assets; Robinhood has $377 billion. Accounts and customers: Schwab, Charles has 30 almost 39 million or 34.5 million active brokerage accounts, whereas Robinhood has 27.5.

The average assets per account or customer, $309,000 versus Robinhood is $13,000. Robinhood really caters to price discovery, younger investor, but you need price discovery to bring in institutions.

Charles Schwab is predominantly RIA asset allocators. Next, please.

This is a comp to give you an idea of where we fit in roughly the middle on price-to-EBITDA, shareholder yield. You you can see these differences.

Next, please. Average assets, they were incrementally increasing, and they had a great pop last last month, and now they seem they've sold off.

It's very, very volatile overall. Next, please.

Net income on the big bump in assets, we've done a better. Next, please.

One of the real key people for institutions is Ray Dalio, that a well-diversified portfolio should be 5 to 15% in gold and Bitcoin. I think it's just important to recommend that that people read his books.

You can get his on LinkedIn, his his following and all of the work he's done, and it's quite significant as an educator. Next, please.

What makes gold so attractive? A big part is Modern Monetary Theory.

It's it's basically rising real real debt has real consequences, and the future doesn't wait. It's always trying to figure out what it's going to be.

We're at $350 trillion, that that's last year, I think it could be even higher. Next, please.

Central banks: so now we have Modern Monetary Theories being practiced by the G20 countries. Whatever there's a problem, just print more money.

We're seeing now witnessing a big push that a lot of debt funding is to rearm these countries with AI. We're interesting dilemma that most of these countries have huge GDP debt levels, and and the money now is not going so much for social welfare; it's going more for military spending.

We have a big push by China trying to recommend America to get out of U.S. stocks and and buy gold, buy something that has long-term assets.

It's interesting to see that debate. This visual here is to show you that during COVID was the only drop in China slowing down buying gold, but then they had a big surge to 10 180, oh sorry, once 108, as you can see.

Next, please. That means tons of gold being bought.

It's really remarkable to see how much gold China. If China wants to get caught up with America, I think they have to buy 100% of all the mines' production for the next seven or eight years.

This is China's official gold reserves. Since he became dictator for life, you can see big pop.

Next, please. The quantamental approach to smart beta 2.0: we use a quantamental approach, which is basically quants and fundamentals to investing, requiring a broad and deep understanding of global economic trends, policies, and geopolitical events.

Our smart beta 2.0 investment strategy integrates advanced analytics with data-driven decisions, and I think momentum and revenue, cash flow are also important factors. Next, please.

Gains seen across thematic lineup: when Trump came out with his Freedom, it was on April the 2nd, and it's interesting because everything sold off, I think $5 trillion around the world, and it came back, and SEA has outperformed the S&P 500 by wide, wide, wide margin. It's a the best barometer that I know for for the arteries and veins of the world.

That continues to be an important product along with WAR, but WAR's much more volatile. Here are some of the companies we own, there's SEA, SEA ETF, you can see as it climbs higher, especially this summer, and you can see JETS also.

Next, please. This to me is one of my favorite because you can see how WAR has far outperformed the S&P aerospace and defense select industry and the S&P 500.

Money being raised, deficit spending, triggering people buying gold and triggering people buying anything that has to do with rebuilding NATO with AI. Next, please.

Now I'm going to turn over to Lisa Callicotte, our CFO.

Good morning. First, I'll start with the next slide, which is our financial highlights for fiscal year 2026.

Our average assets under management were $1.53 billion for the year, and our operating revenues were $10.3 million, and we had a net income of $3.1 million, or 24 cents per share. This slide kind of breaks down our earnings.

It shows that we have operational earnings, which is related to our advisory services, but we also have investment earnings, which includes both realized and unrealized gains and losses on our investments. Both of these combined are our total earnings, but they're also both based on market fluctuations.

The next slides will give us a little bit more detail into our operations for the year ending June 30th, 2026. First, we see that our operating revenues were $10.3 million for the year, and this is an increase of $1.8 million, or 21%, from the $8.5 million of revenue in prior year.

The increase was primarily due to increases in assets under management, especially in our gold and natural resource funds. Operating expenses for the quarter were $10.9 million, or 5% lower than prior year.

On the next slide, we see operating loss for fiscal year June 30th, 2026 was $603,000, or a favorable change of 2.4 compared to fiscal year 2025. Other income for the year ended June 30th, 2026 was $4.5 million compared to $2.7 million in the prior year, an increase of approximately $1.8 million, mainly due to higher unrealized gains in investments.

Net income after taxes was $3.1 million, or 24 cents per share, which was a favorable change of $3.4 million compared to the loss of $334,000, or 3 cents per share, in fiscal year 2025. Moving on to the balance sheet, the next couple of slides show that we have a strong balance sheet.

It includes high levels of cash, and the next one, you can also see more of our investments. On the following page, you see our liabilities, and these are consistent with prior year.

Then the next slide, you see our stockholders' equity. We have a net book value of $45.1 million, we have net working capital of $35.7 million, and a current ratio of 19.7 to 1.

With that, I will hand it over to Holly to discuss marketing and distribution.

Thank you, Lisa. All right, on the first slide in my section, I want to quickly highlight a webcast that we recently hosted in collaboration with the team at The Wealth Advisor, focused on the trillion-dollar defense opportunity.

Frank Holmes was joined by retired Lieutenant General John Evans to discuss how the defense landscape extends far beyond traditional military hardware and why capital is increasingly flowing into AI, cybersecurity, and autonomous systems. If you didn't get a chance to tune in, we'd be happy to send you the presentation.

Just shoot us an email at [email protected]. On the next slide, I want to highlight a brand-new podcast that U.S.

Global has launched called Return on Ideas, where we will be focusing on the people, the innovations, and the ideas that are shaping the world we live in. The very first episode went out just this week, and you can expect to see new episodes every other week.

Be sure to check it out on the U.S. Global YouTube channel or wherever you get your podcasts.

Moving on, this slide shows some of our new interactive research pieces that if you have not checked out yet, I highly recommend that you do. The first is part of a new infographic series we're launching that examines the power challenges behind AI, and the other two are interactive reports that explore what's driving the price of gold, as well as what's driving oil and natural gas prices and shaping the global energy landscape.

You can find all of these on the Resources tab on our website. On the next slide, I want to highlight our continued investment in delivering timely, original market insights across digital platforms, including YouTube and TikTok.

These channels allow us to communicate directly with both current and prospective shareholders and provide greater visibility into our views on the markets and the broader investment landscape. If you haven't already, I encourage you to visit our YouTube channel and subscribe to stay informed on our latest content.

All right, on the next slide, we always like to look back at the most-read Frank Talk blog posts from the recent quarter. As you can see here, the top themes centered around AI, defense, the rise in oil prices, and we publish one to two posts each week covering a range of market and industry topics that align with the sectors and themes we invest in.

If you're already a subscriber and find the content valuable, we encourage you to share it with friends or professional contacts who may be interested in it as well. Subscription is completely free.

Finally, on my last slide, I do encourage all of you to follow us on social media. We're on Twitter, LinkedIn, YouTube, Instagram, and Facebook, wherever you prefer to get your news, be sure to check us out.

This way, you're up to date with what's going on with GROW, our funds, and our broader market insights. All right, as a reminder to our audience, if you have any questions today, please email those to [email protected], and we will gladly follow up with you to get anything clarified that you may need more information on.

Thank you so much for tuning in today. That concludes our webcast summarizing the 2026 fiscal year.