Q4 2025 U.S. Global Investors Inc Earnings Call

For today's program are Frank Holmes U S Global Investors', CEO, and Chief Investment Officer, Lisa Callicott, Chief Financial Officer, and myself, Holly Schoenfeldt director of marketing.

Moving on to slide number three.

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 correspond.

<unk> 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 moves.

Moving on to the next slide.

As always we appreciate our loyal shareholders. So if you'd like one of our signature U S. G. I had that are featured on this slide just send us an email at info at U S funds dot com with your mailing address and we'd be happy to send some your way.

Okay on the next slide I want to briefly review the company.

U S. Global investors is an innovative investment manager with vast experience in global markets and specialized sectors will use of quanta mental strategy to create the matic smart beta 2.0 product.

The company was originally founded as an investment club, becoming a registered investment adviser and 1968 and has a longstanding history of global investing and launching first of their kind investment products, including the first no load Gold fund.

And finally, we are experts in the matic investing in particular in gold and precious metals natural resources Airlines and luxury goods all using a quantum mental approach that includes both macro and micro factors at this point.

Things over to our CEO and CIO, Frank Holmes, who will provide a deeper macro overview of visual and the whole fiscal year Frank over to you.

Thank you Holly. Thank you so much for the introduction and really smart beta two point always is very key.

Dynamic investment process that we adhere to and also from a macro point of view and our thematic Etfs or we try to cross what are the key drivers on global themes.

We're big government spending is going.

And right.

By then all perspectives that we built with government policies are precursor to change so we monitor.

Track, both monetary and fiscal policies and we comment regularly every week of Investor alert and if you're a subscriber a highly recommended because it gives you a good recap of these various asset classes.

Youre looking at a breakdown of the DNA of volatility and license all of book measure your expectations and when it comes to the stocks volatility is very important to try to understand and graph. So when we look at the <unk> gold and roll. They all basically can go up or down 7% of the time, 1% none of it if they fall 3%.

Dave that's material and when we look over 10 days was 3% to 4%. So if it goes up 10% over 10 days that means is changing.

Change in momentum, but falls more than <unk>.

4% over 10 days, usually that's a buy and I'm going to comment about how we would continue to buy on those down days, especially when we get these big draw any volatility and spooky volatility in the marketplace, but here you can see that the DNA of volatility of grow is now less which is really impressive to me than the Dow Jones.

<unk> U S asset managers index it used to be greater.

And it used to be much more like the volatility of what goes to you is or the airlines index of 3% daily and now it's down to 1% and what's important for you to recognize where our revenue comes from assets that are in jets and going you.

And they are very important because they drive the overall revenue line. So our DNA volatility has been becoming much calmer.

And the volatility of the underlying assets next waves.

I want to thank the shareholders.

Okay.

<unk>. These are the top three data capital management Vanguard and parent parent.

Known for a long period of time, there's expert specialists and micro caps and also have a cultural sturdy doors gold as an asset class, which will comment later on in this macro overview before we turn it over to Lisa <unk> give you the financial update thanks Louise.

I own approximately 19% of the company and 99% of the voting control, which was being compliance with.

FCC rules et cetera, we do have independent directors and independent boards.

We have to go through the normal process.

Measuring in the affairs of the company.

And we have experts.

Sure.

<unk> business, and legal and accounting and venture capital. So im happy to say that the independent directors have a breadth and depth of knowledge of capital markets, which I believe is important thank you.

Next please.

Sure strategy and tactics, so create dramatic products are sustainable music smart beta two point all it requires rigorous back testing for thousands of hours. Our mission is to make people feel financially happy and secure that their wealth is consistently growing and they relate to these themes that we're providing for.

The public and like I've said, we back tested it and.

Toys own these products also additions or myself.

But as a company, we strategic buyback the stock using an algorithm on down days and we managed to preserve cash for future growth and opportunities of market corrections.

M&A activity to acquire fund assets on a regular basis.

We look at opportunities grow our subscriber base and followers, we believe that that's very important.

For the crossover from people that follow US read our research they know our culture. They know our values and it's much easier for them feeling the trust factor to come into our thematic funds.

We want to really educate have educated and informed investors and increase our exposure to the bitcoin ecosystem.

Our regular volume.

Capital.

The big point ecosystem, especially with the GSI has been approved and that has been changing.

Capital markets acceptance.

Think that scarcity.

For gold as much as or more so even for the corn, which is capped at 21 million coins and the adoption process seems a big one.

Side of America, but very quite rapidly.

Next please.

Girl performance of Russell Microcap over the past five years, but it's just.

But it was positive.

Shareholders that small cap stocks.

Turning up and.

And what should this visual is trying to show you. The last time, we had those epic surged to $12 a share for grow.

Lot of that was the huge growth we had in jets ETF and hive.

<unk> had this.

Exponential move because.

Theory, and that bodes in bitcoin, but really where we're the dominant player in ethereum and we were making.

Almost a $1 million a day at that time.

There is no longer a crypto asset to mine and harvest now just going through a new growth cycle with bitcoin mining, especially the expansion in Paraguay, and our HBC strategy in Canada.

So that has been part of our exposure is through Hive next please.

They are really important as did you know that 80% of the world's cargoes carried by ship. So this ETF are connected to emerging markets I tried to explain to people that is so important just like your arteries and veins of the world that is the connectivity between emerging markets exporting commodities.

Two developing markets buying the finished product coming out of China or Thailand.

All of this shipment is taking place on cargo ships.

And one of the things with shutdown as our eastern European Fund after potent and invade Ukraine. It really changed the whole dynamics in Europe, and the whole concern about China building up their military and becoming more and more difficult.

What they've done, but what we've noticed is that to have a pulse.

On global activity and trade it really all comes through cargo and so we created a product and in daily you can see cargo for the dry goods and for energy.

Shifting what the rates are and what's interesting to me is that they all fell on April the second earlier this year when Trump came out with his global tariff war, but really start to rebound and cargo shipping actually is making more money than they were a year ago and for investors a cargo ship.

I think the yield on this was about <unk>.

Something like 18% dividend payouts. So these shipping companies or leverage but they also are big payments.

And I'm happy to share with you with all the negative news last year. The shipping companies did paid big dividends and this year Theyre shipping rates are higher even with this backdrop of all this negative news next please.

So this is another visual to highlight that despite tariffs total imports in the first half of 2025 forecast to be nearly 4% higher than the previous year next lease.

Now gold well goal is to reach an all time high of 2025, but gold stocks are ripping up they're showing up in growth stocks and ibd's growth momentum both for this.

Huge increase in revenue per share and cash flow per share.

But the ETF space I am happy to share with you is that we have not experienced the redemptions, but theres been a lot of redemptions next please has taken place and.

Holly Schoenfeldt: For today's program, our Frank Holmes, U.S. Global Investors, Inc., CEO and Chief Investment Officer, Lisa Callicotte, Chief Financial Officer, and myself, Holly Schoenfeldt, Director of Marketing. Moving on to slide number three. 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, Inc. accepts no obligation to update them in the future. Moving on to the next slide. As always, we appreciate our loyal shareholders.

When we take a look at the other Etfs and the biggest is at Gtx.

Experienced were $3 billion of redemptions, although their ETF as the gold stocks have been making all time highs because gold is making all time high and profit margins have been expanding.

So from when you look at our product go au, it's really held well.

And fund flows relative to the other big gold ETF gold equity Etfs.

But what's important here is to show that.

But our goal is performing well and a big part of that is China's push with the Brics Nations, Brazil and Russia.

And other of one broad one belt countries being anti the U S and tie up particularly in the U S dollar.

In particular, when Obama wins after sanctions.

Holly Schoenfeldt: If you'd like one of our signature USGI hats that are featured on this slide, just send us an email at info@usfunds.com with your mailing address, and we'd be happy to send them your way. On the next slide, I want to briefly review the company. U.S. Global Investors, Inc. 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 advisor 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. We are 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.

Confiscated U S dollar assets, and then bite and did it again.

There is a big push to deep dollar rise. So what we've seen is as China and other countries, having less dollars as foreign currency and increasingly into gold.

And it's more and more central banks buying goal. So it's assumed to be prudent for many reasons the central banks have a different theme than retail and family offices or smart and vessels like Ray <unk>.

They believe that when you have such a big interest payment on 37 trillion deficit.

Gold becomes an important asset class, but what I wanted to share with the listeners. It's not just the dollar. Its also the G. 20 countries are just access of money printing and that is really trigger a.

Interest in bitcoin and what the new administration and with the junior stock just being recently passed that ushers in that the scarcity of bitcoin capped at 21 billion coins and the scarcity of gold, but theres no purpose.

Holly Schoenfeldt: At this point, I do want to hand things over to our CEO and CIO, Frank Holmes, who will provide a deeper macro overview of this visual and of the whole fiscal year. Frank, over to you.

Mathematical perfect cap on it.

Is showing you that money printing access so they're going into alternative asset classes, and gold and silver and gold stocks and bitcoin and bitcoin mining stocks.

Frank Holmes: Thank you, Holly. Thank you very much for the introduction. Smart Beta 2.0 is very key as a dynamic investment process that we adhere to. Also, from a macro point of view, in our thematic ETFs, we try to grasp what are the key drivers on global themes, where big government spending is going. We write in all our prospectus that we believe that government policies are precursors of change. We monitor and track both monetary and fiscal policies, and we comment regularly every week in Investor Alert. If you're not a subscriber, I highly recommend it because it gives you a good recap of these various asset classes. As you're looking at right now, the DNA of volatility. Life is all about managing expectations. When it comes to stocks, volatility is very important to try to understand and grasp.

Or like Hive is a good point mining stock by the holders bitcoin.

These are alternative asset classes are capturing more appeal.

Especially when the largest hedge fund the world.

It keeps articulating why you wouldnt have gold as an asset class. So we think we're in a good position next please.

Market disconnect. This is a visual to show you that Judy X.

Which is market based market cap based ETF, unlike going which is more focus on revenue and <unk>.

Cash flow and free cash flow and royalty model.

There has been nothing but redemptions.

Frank Holmes: When we look at the S&P and gold and grow, they all basically can go up or down 70% of the time, 1%, not a bit. If they fall 3% in a day, that's material. When we look over 10 days, it's 3% to 4%. If it goes up 10% over 10 days, that means it has a change in momentum. If it falls more than 4% over 10 days, usually that's a buy. I'm going to comment about how we continue to buy on those down days, especially when we get these big drowns and volatility and spooky volatility in the marketplace. Here you can see that the DNA of volatility of grow is now less, which is really impressive to me, than the Dow Jones U.S. Asset Managers Index. It used to be greater.

Oil prices have gone up I believe that is turn now which is good the positive fund flows have been able to offset but it's really been a really weird markets as last year that you would experience goal of taking off profit margin of gold stocks and <unk> going up.

40 to 80% to 100% various names.

That there would be net redemptions what was explained to me was that.

There's been a lot of hedge funds or short gold stocks and long the gtx as gold has been rising they've been unwinding, our hedge position. So I don't know if thats true but.

And it really is a conundrum I've never seen before but I think that's behind US I really do and I think U S. Global is well positioned with <unk> and these other thematic products. Please next.

Frank Holmes: It used to be much more like the volatility of what GOAU is or the Airlines Index. 3% daily, and now it's down to 1%. What's important for you to recognize is that our revenue comes from assets that are in JETS and GOAU. They're very important because they drive the overall revenue line. Our DNA of volatility has been becoming much calmer than the volatility of the underlying assets. Next, please. I want to thank the shareholders, all the retail and then the institutional. These are the top three: Gator Capital Management, Vanguard, and Parrott. Parrott have known for a long period of time. They're experts, specialists in microcaps and also have a cultural affinity towards gold as an asset class, which I'll comment later on in this macro overview before we turn it over to Lisa Callicotte to give you the financial updates. Next, please.

The record breaking quarters for royalty companies Franco Nevado reported record revenue for.

For the quarter up 42% year over year, we also had generated.

Record revenue and operating cash flow Triple flags, which came out about five years ago.

<unk> posted.

Operating cash flow and increased our dividend.

So I think that that model is continuing to grow but the.

The gold stocks that have higher expenses and that is gold trades higher all of a sudden they're cash flow exploding they have had better stock performance.

And when we looked at stocks like Goldfields, it's been on a tear but as a value both stock picker, it's not the best for a value, but as high leverage they call. It high operating costs when gold starts to take off as it has been these companies had the biggest percentage change in gross profit margin and.

Frank Holmes: I own approximately 19% of the company and 99% of the voting control, which is being compliant with SEC rules, et cetera. We do have independent directors and independent boards that we have to go through the normal process in managing the affairs of the company. We have experts in the fund business and legal and accounting and venture capital. I'm happy to see that the independent directors have a breadth and depth of knowledge of capital markets, which I believe is important. Thank you. Next, please. Strategy and tactics. Create thematic products that are sustainable using our Smart Beta 2.0. It requires rigorous backtesting for thousands of hours. Our mission is to make people feel financially happy and secure that their wealth is consistently growing. They relate to these themes that we're providing for the public.

And a lot of more speculative funds and hedge funds go into those names next lease.

So the burro growing global reach <unk> Global's Etf's now.

In particular just didn't go you are listed.

On the Mexican stock exchange I went down to Mexico made a presentation to family offices of OTO 150 investors.

And we're seeing that also listed in Bogota in Peru, and Chile.

At least from the Colombian securities that were getting more trading and more volume that is taking place in these particular products. It was interesting that in Peru, there was lots of more interesting.

FCA.

The sea cargo shipping.

Frank Holmes: Like I've said, we backtested it, and employees own these products also, in addition to myself. As a company, we strategically buy back the stock using an algorithm on flat and down days. We manage to preserve cash for future growth and opportunities of market corrections. M&A activity to acquire fund assets on a regular basis. We look at opportunities. Grow our subscriber base and followers. We believe that that's very important for the crossover from people that follow us, read our research. They know our culture. They know our values. It's much easier for them feeling the trust factor to come into our thematic funds. We want to really have educated and informed investors. Increase our exposure to the Bitcoin ecosystem. We're regularly deploying capital into the Bitcoin ecosystem, especially since the Genius Act has been approved, and that has been changing overall capital markets. Acceptance.

ETF next please.

Well there is another factor and there's an intersection.

With military spending and AI and data centers and Nvidia chips, that's really important for investors that were on a super cycle here for AI. There is no doubt about it but it was also up.

Spend big spend into <unk>.

Data centers in sourcing energy in fact, the biggest spend in America right now for infrastructure is a sweet Abilene, Texas, whereas a $500 billion spend to build the biggest.

High performance Computing data Center campus.

And what's interesting is that 70% of that demand.

For open Chad GPT.

And open chat GPT is a phenomenon. Unlike I hear these people said Oh, it's a bubble like tech bubble like $19 99, and it's just not true that tech bubble was eyeballs. This tech bubble if as a bubble is because of cash flow and revenue.

Frank Holmes: We think that scarcity is important for gold as much as, and more so even for Bitcoin, which is capped at 21 million coins. The adoption process seems to be growing slowly outside of America, but very, quite rapidly in America. Next, please. Growth performance of Russell Micro Cap over the past five years, but it's just marginal. What was positive for the shareholders is that small cap stocks are turning up. What this visual is trying to show you is the last time we had this epic surge to $12 a share for Grow. A lot of that was the huge growth we had in JETS ETF and Hive. Hive had this exponential move because Ethereum had moved and Bitcoin, but really, we were the dominant player in Ethereum, and we were making almost $1 million a day at that time.

<unk> chat is gone from basically nothing too big in dollars a month in revenue and continues to grow along with the other.

Big language model companies like Perplexity graph, which is Elon musk investment.

And through a special purpose fund, we have a small investment in <unk>.

Our growth in that block.

U S global.

Portfolio investments and and the only way to get that was to go through a special purpose.

And it's a liquid but it's growing and it's just important to recognize that we believe that U S. Global we're in a super cycle and the Super cycle is really important to grass that the military spend because of what's happened.

In the Ukraine.

Frank Holmes: Ethereum is no longer a crypto asset to mine, and Hive is now just going through a new growth cycle with Bitcoin mining, especially the expansion in Paraguay and our HBC strategy in Canada. That has been part of our exposure is through Hive. Next, please. Really important is, did you know that 80% of the world's cargo is carried by ship? So the SEA ETF is connected to emerging markets. I'm trying to explain to people that it's so important. It's like the arteries and veins of the world. That is the connectivity between emerging markets, exporting commodities to developing markets, buying the finished product coming out of China or Thailand. All this shipment is taking place on cargo ships. One of the things we had shut down is our Eastern European Fund after Putin invaded Ukraine. It really changed the whole dynamics in Europe.

And how the Ukraine, or pushback with creating asymmetry with drones for and using GPU chips, but these inexpensive drones basically being able to turn pushback against Russia.

And President Trump.

No mentioning of words of telling the NATO members in Europe, and Canada bidder MTF, the start spending more money or theyre going to pull all of NATO and it's been a sea change.

Amount of money and what's happening in Europe is very profound theyre going to emulate America and create an industrial complex that parts will be made through all these different countries in Europe, and basically being assembled in Germany.

Spell.

Special weaponry.

Tenants.

Missile launchers, et cetera et cetera.

So Germany is committed to up to 5% of their GDP.

Frank Holmes: The whole concern about China building up their military and becoming more and more difficult, what they've done. What we've noticed is that to have a pulse on global activity and trade, it really all comes through cargo. We created a product. In daily, you can see cargo for dry goods and for energy shipping what the rates are. What's interesting to me is that they all fell on April 2 earlier this year when Trump came out with his global tariff war, but really started to rebound. Cargo shipping actually is making more money than it was a year ago. For investors, the cargo shipping, I think the yield on this was about something like an 18% dividend payout. These shipping companies are leveraged, but they also have big payments.

As a big number.

Youre talking thats going to be.

When I assumed my other calculations up to over $300 billion.

And you take a look at Sweden all of a sudden there are 2% who has the strongest vendors been Poland. So next place. So there is a big spend of the NATO members and this is looking back.

Basically.

But these numbers are just going to grow.

And there is just this continuous concern well a lot of this money is going to go into a satellite is going to go into it.

Neither the use of Nvidia chips to power these new drones autonomous of weaponry autonomous submarines autonomous vehicles.

<unk> that are <unk> that can go into a high conflict zones.

It goes on and on with your imagination, but the spend is huge but what you realize is that it has to go into data center. So that it has to go into because if you don't have high performance computing data centers than the drones don't work in the satellite. So all this stuff is all hyper linked to each.

Frank Holmes: I'm happy to share with you with all the negative news last year, the shipping companies did pay out big dividends. This year, their shipping rates are higher, even with this backdrop of all this negative news. Next, please. This is another visual to highlight that despite tariffs, total imports in the first half of 2025 forecast to be nearly 4% higher than the previous year. Next, please. Now gold. Gold has been reaching an all-time high in 2025. Gold stocks are ripping up. They're showing up in growth stocks in IBD's growth momentum, both for this huge increase in revenue per share and cash flow per share. In the ETF space, I'm happy to share with you that we've not experienced the redemptions, but there's been a lot of redemptions. Next, please. It's taken place when we take a look at the other ETFs. The biggest is the GDX.

Other next please we.

We used to think it was just metal iron and steel no. It's a very different world, but this is NATO members projected defense spending and the numbers are quite substantial the loss number like for Canada is actually over $150 billion.

And it's up faster than what this was printed that just to give you an idea of of what's taking place.

Countries like Poland became big Spenders, because not only from refugees come from Ukraine, but from Birla routes and they had to build a wall to protect illegals or.

Or or spies coming into sabotage NATO complexes within Poland. So Paulo is very sensitive.

Frank Holmes: They experienced about $3 billion of redemptions out of their ETF as the gold stocks have been making all-time highs because gold is making an all-time high and profit margins have been expanding. When we look at our product, GOAU, it's really held well in fund flows relative to the other big gold equity ETFs. What's important here is to show that gold is performing well. A big part of that is China's push with the BRICS nations, Brazil, and Russia, and other One World, One Belt countries being anti the U.S., anti in particular the U.S. dollar. In particular, when Obama went after sanctions and confiscated U.S. dollar assets, and then Biden did it again, there's this big push to de-dollarize. What we've seen is China and other countries having less dollars as foreign currency and increasing it into gold. It's more and more central banks buying gold.

Russian spies coming into the country. So you've seen them put up a big spend and what's interesting is our grease.

A big percentage of their GDP, because they had no idea how to protect our borders one when they had the Syrian prices and we're going from Turkey over to Greece, and how do they manage all of this.

Was was a game changer for them. So the U S is projected to spend $1 five trillion, but what's the difference between what we're spending in China.

China, Mike spend 8%.

On soldiers and and.

And health care et cetera, most of us going into armaments, whereas 50% of the NATO and U S is on.

Soldiers and cost for health care and continuous care for these soldiers. So we're actually under spending relative to what China is spending next please.

So AI market is exploding.

And it will continue to spend.

28% CAGR and next please so it's important to understand these big changes and <unk>.

Frank Holmes: It just seems to be prudent for many reasons. The central banks have a different theme than retail and family offices or smart investors like Ray Dalio. They believe that when you have such a big interest payment on a $37 trillion deficit, gold becomes an important asset class. What I want to share with the listeners is it's not just the dollar. The G20 countries are just excessive money printed. That has really triggered an interest in Bitcoin. With the new administration and with the Genius Act just being recently passed, it ushers in that the scarcity of Bitcoin capped at 21 million coins and the scarcity of gold, but there's no mathematical perfect cap on it, is showing you that money printing excessive, they're going into alternative asset classes.

That's one reason why we went out and three is our war ETF, but its AI to read be rebuilt the military. So it has lots of cyber security related.

Our investments next please.

But what's really alarming.

Etfs have grown to be more numbers than overall listed public companies and talking to a retire former.

SEC senior.

Senior lawyer.

It's alarming and that the SEC has to go and promote.

Nuc Ipos, new companies coming public the formation of capital because if thats not growing faster than M&A work.

Then all of a sudden mutual funds became bigger than stock shares outstanding and what you do see is that there are lots of mergers and theres lots of private equity coming in buying companies. So therefore eventually it starts impacting liquidity.

Frank Holmes: Gold and silver and gold stocks and Bitcoin and Bitcoin mining stocks are, and like Hive is a Bitcoin mining stock that holds Bitcoin. These are alternative asset classes that are capturing more appeal, especially when the largest hedge fund in the world keeps articulating why you want to have gold as an asset class. We think we're in a good position. Next, please. Market disconnect. This is a visual to show you the GDX, which is market-cap-based ETF, unlike GOAU, which is more focused on revenue and cash flow and free cash flow and royalty model. There's been nothing but redemptions as gold prices have gone up. I believe that it's turned now, which is good.

The New administration is very pro turning up Ipos and creating capital for more public companies, which is positive.

The ETF is really fascinating and what's happening there is the thematic etfs are capturing more imagination and and.

Okay.

That's really based on something by these index providers, but active etfs have flourished and thats something that we are really happy about and position to capture the growth next please.

So U S. ETF assets are approaching 11 trillion next please.

What's the time for small caps to run micro gauge is well known and Piper Sandler likes to say the small caps are the unquestionable winter in August, but we saw that we've rose, but really nothing greater than the Russell 2000 small cap index.

Frank Holmes: The positive fund flows have been able to offset, but it's really been a really weird market since last year that you would experience gold taking off, profit margin of gold stocks, and gold stocks going up 40% to 80% to 100%, various names that there would be net redemptions. What was explained to me was that there's been a lot of hedge funds who were short gold stocks and long the GDX. As gold has been rising, they've been unwinding their hedge position. I don't know if that's the truth, but it really is a conundrum I've never seen before. I think that's behind us. I really do. I think U.S. Global Investors is well positioned with GOAU ETF and these other thematic products. Please, next. Record-breaking quarters for royalty companies. Franco-Nevada reported record revenue for the quarter, up 42% year over year.

It's related to what's the growth in assets and I showed you earlier that when we.

We had <unk>.

<unk> go from from 42 4 billion in assets.

Hi go from 50 cents to us too.

$10 or some number like big number those big both on our balance sheet in particular the growth in jets.

That there is lots of sophisticated investors that trade our stock around the number of creates and fund flows. So theyre looking at the total number of assets. We have every month and if they start to expand them. They want to be long if they start to fall when they want to be out.

I was told by one small group that they do it by weekly.

Frank Holmes: Wheaton also had generated record revenue and operating cash flow. Triple Flag, which came out about five years ago, basically posted a strong operating cash flow and increased their dividend. I think that that model is continuing to grow. The gold stocks that have higher expenses and that as gold trades higher, all of a sudden their cash flow is exploding. They've had better stock performance. When we look at stocks like Gold Fields, it's been on a tear. As a value gold stock picker, it's not the best for a value. As high leverage, they call it, high operating costs, when gold starts to take off, as it has been, these companies have the biggest percentage change in gross profit margin. A lot of more speculative funds and hedge funds go into those names. Next, please. The growing global reach, U.S.

What the overall asset picture is because it drives revenue.

That's not how we function we're long term investors and we believe that we have great products, we have real conviction on the on the quality of the products we offer and.

And so they've been rigorously back tested before we put them on the marketplace Jets has validated this concept up what we went out to create that was the beat the New York Stock Exchange Global airline index and even after fees has done that.

And when we look at the airline industry.

It is almost 9% of global GDP, So where can you get a one product this capturing 9% global GDP, where key capture another product get captured 80% of all global trade like C.

I think these are really unique products and what we have and in England is called trip. So it's basically jets with additional hotels and.

In cargo.

Frank Holmes: Global Investors' ETFs now, in particular, JETS ETF and GOAU ETF are listed on the Mexican Stock Exchange. I went down to Mexico, made a presentation to family offices of about 150 investors. We're seeing that also listed in Bogotá and Peru and Chile that these Colombian securities that we're getting more trading and more volume that is taking place in these particular products. It was interesting that in Peru, there was lots of more interest in SEA ETF, the C Cargo Shipping ETF. Next, please. There's another factor, and there's an intersection with military spending and AI and data centers and NVIDIA chips that's really important for investors that we're on a super cycle here for AI. There is no doubt about it, but there's also a fast spend, big spend into data centers and sourcing energy.

<unk> not cargo ships, but cruise liners, because cruise liners are having incredible growth in revenue that people are still spending.

Accretable oodles amounts of money to go on cruises.

And same thing with airline tickets, but.

Prices have not gone down when I get analysts, it's really interesting to share with you Wall Street comes out as well as the airlines are going to grow at 3%, but JFK airport grew at 15%.

So how could the airport grow of traffic, 15%, but the airlines are running at about 3%.

And so there is a disconnect that theres always a negative narrative that's been going on for two years now that the airlines are going to fall apart, but they continued to defy and they're using AI to have pricing power and how they move their jets, along if theyre going to cancel routes it's done very quickly.

So it's important for you to recognize investors that AI.

As a significant component for how airlines are managing supply that which then gives them pricing power next please.

Frank Holmes: In fact, the biggest spend in America right now for infrastructure is in Sweet Abilene, Texas, where there's a $500 billion spend to build the biggest high-performance computing data center campus. What's interesting is that 70% of that demand is for Open Chat GPT. Open Chat GPT is a phenomenon. Unlike, you know, I hear these people say, oh, it's a bubble, like tech bubble, like 1999. It's just not true. That tech bubble was eyeballs. This tech bubble, if it's a bubble, is because of cash flow and revenue. Open Chat has gone from basically nothing to a billion dollars a month in revenue and continues to grow along with the other big language model companies like Perplexity, Grok, which is Elon Musk's investment. Through a special purpose fund, we have a small investment in the growth in the Grok that's in the U.S. Global Investors portfolio investments.

Both markets are plus or five times longer than bear markets on average so I watch this I see this and I listen to and I read a Twitter and Linkedin and Theres just a propensity to look for the next crisis. So people can pat themselves.

But if it happens by the dip and hold on for Dear life is basically what this suggests because it trades higher next please.

Warren Buffett highlights the value proposition of buying back one zone stock that are value accretive prices.

Benefits all shareholders is very much a democratic process democracy Democratizing capital markets is not just for the biggest holders and so he will retire at the end of 2025 at the age of $95 340 billion cash in.

To invest.

So I think it's interesting what he's done but he was a big proponent of buying back stock. So let me give you a quick recap next please.

So a positive news buyback authorizations have increased 19% year to date, so that hasn't been part about executives and board makes a decision to buy back stock next please.

Frank Holmes: The only way to get that was to go through a special purpose. It's illiquid, but it's growing. It's just important to recognize that we believe at U.S. Global Investors, we're in a super cycle. This super cycle is really important to grasp that the military spend because of what's happened in Ukraine and how the Ukraine have pushed back with creating asymmetry with drones and using GPU chips. These inexpensive drones are basically available to deter and push back against Russia. President Trump, no mention of words of telling the NATO members in Europe and Canada, you better amp up and start spending more money, or they're going to pull out of NATO. It's been a sea change. The amount of money and what's happening in Europe is very profound.

Why we buy back stock because we believe our stock is undervalued and therefore buy back shares because we're long term investors and this is part of the company's two pillar strategy to enhance shareholder value by paying dividends as well as buying back stock per year next please.

So current share repurchase program for the ended June 30, the company repurchased a total of 801000 class a shares using cash of $1 9 million of which a lot of these proceeds came from being paid back on our debenture from Hive next please.

Gross repurchases as you can see showing you that is steadily increase next please.

Frank Holmes: They're going to emulate America and create an industrial complex that parts will be made through all these different countries in Europe and basically being assembled in Germany. Tanks, special weaponry, cannons, missile launchers, et cetera, et cetera. Germany is committed to up to 5% of their GDP. That's a big number. You're talking, that's going to be, when I was doing my other calculations, up to over $300 billion. You take a look at Sweden, all of a sudden they're at 2%. Who's the strongest spender? It's been Poland. Next, please. There is a big spend of the NATO members. This is looking back, basically. These numbers are just going to grow. There's just this continuous concern. A lot of this money is going to go into satellites.

The dividends the company pays a monthly dividend of $3, 66% yield which is more attractive than any money fund next please.

Shareholder yield this is the algorithm dividends plus buybacks plus debt reduction divided by market cap is the overall shareholder yield and the next place says.

U S global a five year Treasury is $3 seven nine most dividend paying stocks were based off of the $3 79, the tenures $4 to four odds favor rates dropped this.

So what does that mean well that's one other factor that people look at to move stocks around but the shareholder yield is 9%. So we believe that grow as an attractive buy next please.

Wed like to compare ourselves to wisdom tree, which is 100% Etfs at invesco, 40% of their assets are <unk>.

Frank Holmes: It's going to go into the need of the use of NVIDIA chips to power these new drones or autonomous weaponry, autonomous submarines, autonomous vehicles, dogs that are autonomous that can go into high conflict zones. It goes on and on with your imagination. The spend is huge. What you realize is that it has to go into data centers. It has to go into, because if you don't have high-performance computing data centers, then the drones don't work and the satellites. All this stuff is all hyperlinked to each other. Next, please. We used to think it was just metal, iron, and steel. No, it's a very different world. This is NATO members' projected defense spending. The numbers are quite substantial. The last number, like for Canada, is actually over, it's $150 billion. It's up faster than what this was printed at.

And given the ideal for relative multiples and whats the rotations are for investors next please.

So look for 2025, the company has a steady cash flow, despite volatile and challenging macro environments and the apathy four jets is disappointing and for gold, but we believe that this turns on when it turns us very rapid and just it just happened so quickly.

And so we our assets are down from a year ago. So we end up losing money.

Still keep deploying and building our brand because we believe that it just happened so quickly fund flows and directional change.

And so we believe that will continue to buyback stock on flattened down days at paying monthly dividends and we have a strong position to do so next please.

Smart beta investing as our quantum mental investment strategy, because it combines cutting edge technology with robust data analysis too.

Optimize returns and manage risk effectively for our shareholders.

Frank Holmes: Just to give you an idea of what's taking place. Countries like Poland became big spenders because not only from refugees come from Ukraine, but from Belarus. They had to build a wall to protect illegals or spies coming in to sabotage NATO complexes within Poland. Poland's very sensitive of Russian spies coming into the country. You've seen them put up a big spend. What's interesting is that Greece is a big percentage of their GDP because they had no idea how to protect their borders when they had the Syrian crisis and they were going from Turkey over to Greece. How do they manage all of this was a game changer for them. The U.S. has projected to spend $1.5 trillion. What's the difference between what we're spending and China? China might spend 8% on soldiers and health care, et cetera. Most of it's going into armaments.

With a quad approach is back tested thousands of hours before we go and launch a product.

Just like meta medical products was supposed to be tested.

Over and over before a niche to the public and we have the same sort of discipline expertise.

Gross investment are slowly dwindling down to 8% convertible debenture of $1 5 billion and as that money comes in we're redeploying back into the crypto ecosystem.

Next please.

So.

We have $1 4 billion in assets.

We have $1 5 million in annual operating revenue.

Now the real part numbers to get through $1 9 billion.

We've seen this happen.

A month, so as I said to investors that we have seen the redemption slowdown we've seen the apathy slowdown and we think that.

With our thematic asset classes that we remained very bullish of committed to a long term secular bull market next please.

Frank Holmes: Whereas 50% of NATO and the U.S. is on soldiers and the cost for health care and continuous care for these soldiers. We are actually underspending relative to what China is spending. Next, please. The AI market is exploding. It will continue to spend. It's a 28% CAGR. Next, please. It's important to understand these big changes. That's one reason why we went out and created our WAR ETF. It's AI to rebuild the military. It has lots of cybersecurity-related investments. Next, please. What's really alarming is that ETFs have grown to be more in numbers than overall listed public companies. Talking to a retired former SEC Senior Lawyer, it's alarming that the SEC has to go and promote new IPOs, new companies coming public, the formation of capital. If that's not growing faster than M&A work, then all of a sudden, mutual funds became bigger than stock shares outstanding.

Average assets under management as you can see that shift that's really just a telling sign of apathy not having bad products, but having good quality products out there.

Sentiment, we can't control weakness control, having a good product next lease.

Quarterly earnings per share.

Definitely impacted March by the tariff war for the quarter. It's improved this quarter ended June and hopefully it improves this next quarter historically in the fourth quarter Airlines have a huge run and.

Usually in September is usually a good buying and they have big run along with gold stocks. So we remain very positive going into year end.

I'll now turn over to hard working our CFO, Lisa <unk> to give you a granular detail analysis I know I've been long window to talk about.

Macro theme and where we are and she'll give you the bottom up analysis of our financial analysis. Thank you everyone for being loyal shareholders.

Lisa.

Thank you Frank.

First I'll start with slide 43.

Financial highlights for the our 2025 fiscal year average assets under management were $1 4 billion for the year ending June 32025.

Frank Holmes: What you do see is that there are lots of mergers and there's lots of private equity coming in and buying companies. Therefore, eventually, it starts impacting liquidity. The new administration is very pro turning up IPOs and creating capital for more public companies, which is positive. The ETF is really fascinating. What's happening there is that thematic ETFs are capturing more imagination. Not just an index that's really based on something by these index providers, but active ETFs have flourished. That's something that we are really happy about and positioned to capture the growth. Next, please. U.S. ETF assets are approaching $11 trillion. Next, please. Now, what's the time for small caps to run? Michael Gates is well known. Piper Sandler likes to say that small caps are the unquestionable winner in August. We saw that we've rose, but really nothing greater than the Russell 2000 Small Cap Index.

Operating revenues were $8 5 million and we had a net loss of 334000 or <unk> <unk> per share.

Slide.

44 notes or break out of earnings. So we have operational earnings that consists of our advisory services and then we have other earnings which mainly consist of realized and unrealized gains and losses on our investment holdings, but both of these are dependent and will fluctuate based on stock market forces.

The next slides talk about more of our details of our operations for the fiscal year ending June 32025 or.

Our operating revenues were $8 5 million for the year, which was a decrease of $2 5 million or 23% from the $11 million in the prior year. The decrease is primarily due to a decrease in assets under management, especially in our Jets ETF.

Operating expenses for the current quarter were $11 4 million relatively flat compared to the prior year on the next site, we see our operating loss for the year ending June 32025 is 319.

Frank Holmes: It's related to what's the growth in assets. I showed you earlier that when we had JETS go from $40 million to $4 billion in assets and Hive go from $0.50 to $10 or some number, like big number, those big moves on our balance sheet, in particular the growth in JETS, that there are lots of sophisticated investors that trade our stock around the number of creates and fund flows. They're looking at the total number of assets we have every month. If they start to expand, then they want to be long. If they start to fall, then they want to be out. I was told by one small group that they do it biweekly, what the overall asset picture is because it drives revenue. That's not how we function. We're long-term investors. We believe that we have great products.

And we had other income.

For June 32025 of $2 7 million compared to $22 4 million in the prior year. This was an increase of approximately 329000, mainly due to higher investment income in the current year and the current year, we had lower realized and unrealized losses.

Versus the prior year.

Net loss after taxes for the year was 334000 or a loss of <unk> <unk> per share, which is an unfavorable change of $1 7 million compared to net income of $1 3 million a nine cents per share for fiscal year 2024.

If we move on to the balance sheet.

Slide 47, and 48, we see that we have a strong balance sheet and our hotline at high levels of cash and securities.

And then if we go to slide 49 that notes our total liabilities and these are consistent with prior year.

Frank Holmes: We have real conviction on the quality of the products we offer. They've been rigorously backtested before we put them in the marketplace. JETS has validated this concept of what we went out to create. That was to be the New York Stock Exchange Global Airline Index. Even after fees, it's done that. When we look at the airline industry, it is almost 9% of global GDP. Where can you get one product that's capturing 9% of the global GDP? Where can you capture another product that captures 80% of all global trade, like SEA? I think these are really unique products. What we have in England is called Trip. It's basically JETS with additional hotels and cargo, and not cargo ships, but cruise liners. Cruise liners are having incredible growth in revenue. People are still spending incredible oodles amounts of money to go on cruises.

The next slide is a detail of our stockholders equity.

At June 32025, the company has a networking capital of $37 2 million and a current ratio of 29 to one.

With that I'd like to turn it over to Holly So she can discuss marketing and distribution initiatives.

Thank you Mary Beth.

Alright.

First slide in my section.

Okay.

Ongoing dedication to delivering original.

Timely market insights through our Youtube and Tic Toc channels video content remains one of the most powerful tools for educating and engaging both new and existing shareholders, but if you haven't already we strongly encourage you to explore our Youtube channel.

Alright on the next slide I'd like to spotlight several recent enhanced feature.

Featuring Frank Holmes from the past quarter, including appearances on the seeking alpha podcast pre market prep.

Frank Holmes: Same thing with airline tickets. The prices have not gone down. When I get analysts saying, oh, it's really interesting to share with you, Wall Street comes out and says the airlines are going to grow at 3%. JFK Airport grew at 15%. How could the airport grow in traffic 15%, but the airlines are only going to grow at 3%? There is a disconnect. There is always a negative narrative that's been going on for two years now that the airlines are going to fall apart, but they continue to defy. They're using AI to have pricing power and how they move their jets along. If they're going to cancel routes, it's done very quickly. It's important for you to recognize, investors, that AI is a significant component for how airlines are managing supply, which then gives them pricing power. Next, please.

<unk> business TV and other major platform.

Earned media remains a cornerstone of our marketing strategy, giving us the opportunity to share timely insights and thought leadership across a range of genetic sector.

We regularly amplify these appearances on our social media channels, such as X and Lincoln and we feature them throughout our website content to you.

Alright on the next slide.

Our war ETF launched about nine months ago, and we continue our outreach and marketing efforts for this unique product.

And we actually just published a white paper this week on defense spending and the ETF itself and that can be found on U S. Global ETF Dotcom argue email that infill at U S Bank Dotcom, Iowa and do that.

Alright on the next slide I also want to quickly announce a few webcast we had in September both of them.

What you will be able to access a replay for one is September 10th where we will be teaming up with an ETF team out of Europe.

Frank Holmes: Bull markets have lasted five times longer than bear markets on average. I watch this, I see this, and I listen to and read Twitter and LinkedIn. There is just this propensity to look for the next crisis so people can pat themselves when they call the crisis. If it happens, buy the dip and hold on for dear life. That's basically what this suggests because it trades higher. Next, please. Warren Buffett highlights the value proposition of buying back one's own stock at a value accretive prices. It benefits all shareholders. It's very much a democratic process. Democracy democratizing capital markets is not just for the biggest holders. He will retire at the end of 2025 at the age of 95 with $340 billion cash to invest. I think it's interesting what he's done. He was a big proponent of buying back stock.

Travel ETF ticker symbol G. R R.

Our trip.

Secondly on September 20 <unk>.

Frank Holmes will do with virtual webcast, highlighting fear trade in the market right now and specifically by now can be a good time to look at exposure to deepen and coal.

Alright on the next slide we all we'd like to recap the most read Frank talk blog posts during the most recent quarter.

And you can see here the top being focused on defense spending and tariff wars, along with the attractiveness of gold. So again not perfectly aligns with our webcast on September 20 bps that we hope you'll tune in and we hope you'll keep reading the Frank talk blog. Thank you.

Alright finally on my last slide I do encourage all of you to follow U S global investors on social media or on Twitter or ex Linkedin, Youtube Instagram and Facebook. So 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 not only with <unk>.

Frank Holmes: Let me give you a quick recap. Next, please. Positive news. Buyback authorizations have increased 19% year to date. That has been another part about executives and boards making the decision to buy back their stock. Next, please. Why we buy back stock is because we believe a stock is undervalued and therefore buy back shares because we're long-term investors. This is part of the company's two-pillar strategy to enhance shareholder value by paying dividends as well as buying back stock per year. Next, please. The current share repurchase program for the end of June 30, the company repurchased a total of 801,000 Class A shares using cash of $1.9 million, of which a lot of these proceeds came from being paid back on our debenture from Hive. Next, please. Growth repurchases, as you can see, showing you that it's steadily increased. Next, please.

So by our funds and of course, the broader market insight.

Alright, and the reminder to our audience. If you have any questions today, please feel free to email those to us.

So at <unk> Dot Com and we will gladly follow up with you.

<unk> clarified that you may need more information on.

Thank you so much for tuning in today that concludes our webcast summarizing fiscal year 2025.

Frank Holmes: The dividends, the company pays a monthly dividend. That's a 3.66% yield, which is more attractive than any money fund. Next, please. Shareholder yield. This is the algorithm. Dividends plus buybacks plus debt reduction divided by market cap is the overall shareholder yield. The next, please, says that at U.S. Global, the five-year treasury is 3.79%. Most dividend-paying stocks are based on the 3.79%. The 10-year is 4.24%. Odds favor rates to drop this month. That is one other factor that people look at to move stocks around. The shareholder yield is 9%. We believe that GROW is an attractive buy. Next, please. We like to compare ourselves to WisdomTree, which is 100% ETFs, and Invesco. 40% of their assets are QQQ and give an idea for relative multiples and what the rotations are for investors. Next, please.

Frank Holmes: Looking forward at 2025, the company has a steady cash flow despite volatile and challenging macro environments. The apathy for JETS is disappointing and for gold. We believe that this turns, and when it turns, it's very rapid. It just happens so quickly. Our assets are down from a year ago, so we end up losing money. We still keep deploying and building our brand because we believe that it just happens so quickly, fund flows and directional change. We believe that we'll continue to buy back stock on flat and down days and pay monthly dividends. We have a strong position to do so. Next, please. Smart Beta Investing is our quantamental investment strategy because it combines cutting-edge technology with robust data analysis to help optimize returns and manage risk effectively for our shareholders. It's a quant approach.

Frank Holmes: It's backtested thousands of hours before we go and launch a product. It's just like medical products are supposed to be tested over and over before unleashed to the public. We have the same sort of discipline. Next, please. Growth investment is slowly dwindling down the 8% convertible debenture of $1.5 million. As that money comes in, we're redeploying back into the crypto ecosystem. Next, please. We have $1.4 billion in assets. We have $1.5 million in annual operating revenue. The real important number is to get through $1.9 billion. We have seen this happen in a month. As I said to investors, we've seen the redemption slow down, we've seen the apathy slow down. We think that with our thematic asset classes, we remain very bullish and committed to a long-term secular bull market. Next, please. Average assets under management.

Frank Holmes: As you can see, that shift is really just a telling sign of apathy, not having bad products, but having good quality products out there. Sentiment we can't control. We just can't control having a good product. Next, please. Quarterly earnings per share. We're definitely impacted by the tariff war for the quarter. It's improved this quarter into June, and hopefully, it improves this next quarter. Historically, in the fourth quarter, airlines have a huge run. Usually in September, it's usually a good buying, and they have a big run along with gold stocks. We remain very positive going into year end. Next, please. Now I'm going to turn it over to hardworking, our CFO, Lisa Callicotte, to give you a granular detailed analysis. I know I've been long-winded to talk about macro theme and where we are, and she'll give you the bottom-up analysis of financial analysis.

Frank Holmes: Thank you, everyone, for being loyal shareholders. Lisa.

Holly Schoenfeldt: Thank you, Frank. Good morning. First, I'll start with our slide 43 that notes our financial highlights for our 2025 fiscal year. Average assets under management were $1.4 billion for the year ending June 30, 2025. Operating revenues were $8.5 million, and we had a net loss of $334,003, or $0.03 per share. Slide 44 notes our breakout of earnings. We have operational earnings that consist of our advisory services, and then we have other earnings, which mainly consist of realized and unrealized gains and losses on our investment holdings. Both of these are dependent and will fluctuate based on stock market forces. The next slides talk about more of our detail of our operations for the fiscal year ending June 30, 2025. Our operating revenues were $8.5 million for the year, which was a decrease of $2.5 million, or 23%, from the $11 million in the prior year.

Holly Schoenfeldt: The decrease is primarily due to a decrease in assets under management, especially in our JETS ETF. Operating expenses for the current quarter were $11.4 million, relatively flat compared to the prior year. On the next slide, we see our operating loss for the year ending June 30, 2025 is $3 million. We had other income for June 30, 2025 of $2.7 million compared to $2.4 million in the prior year. This was an increase of approximately $329,000, mainly due to higher investment income in the current year. In the current year, we had lower realized and unrealized losses versus the prior year. Net loss after taxes for the year was $334,000, or a loss of $0.03 per share, which is an unfavorable change of $1.7 million compared to the net income of $1.3 million, or $0.09 per share for fiscal year 2024.

Holly Schoenfeldt: If we move on to the balance sheet on slide 47 and 48, we see that we have a strong balance sheet, and it has high levels of cash and securities. If we go to slide 49, that notes our total liabilities, and these are consistent with the prior year. The next slide is a detail of our stockholders' equity. At June 30, 2025, the company had a net working capital of $37.2 million and a current ratio of 20.9 to 1. With that, I'd like to turn it over to Holly so she can discuss marketing and distribution initiatives.

Frank Holmes: Thank you, Lisa. All right. This first slide in my section showcases our ongoing dedication to delivering original, timely market insights to our YouTube and TikTok channels. Video content remains one of the most powerful tools for educating and engaging both new and existing shareholders. If you haven't already, we strongly encourage you to explore our YouTube channel. All right. On the next slide, I'd like to spotlight several recent interviews featuring Frank Holmes from the past quarter, including appearances on the Seeking Alpha podcast, Pre-Market Prep, Fox Business Television, and other major platforms. Earned media remains a cornerstone of our marketing strategy, giving us the opportunity to share timely insights and thought leadership across a range of thematic sectors. We regularly amplify these appearances on our social media channels, such as X and LinkedIn, and we feature them throughout our website content too. All right.

Frank Holmes: On the next slide, our WAR ETF launched about nine months ago, and we continue our outreach and marketing efforts for this unique product. We actually just published a white paper this week on defense spending and the ETF itself, and that can be found on usglobaletf.com. If you email us at info@usfunds.com, I will send you that link. All right. On the next slide, I also want to quickly announce a few webcasts we have in September, both of which you will be able to access a replay for. One is September 10, where we will be teaming up with the HANetf team out of Europe to discuss our U.S. Global Investors travel ETF, ticker symbol TRIP, or Trip.

Frank Holmes: Secondly, on September 25, Frank Holmes will do a virtual webcast highlighting fear trade in the markets right now, and specifically, why now could be a good time to look at exposure to defense and gold. All right. On the next slide, we always like to recap the most read Frank Talk blog posts during the most recent quarter. As you can see here, the top themes focused on defense spending and tariff wars, along with the attractiveness of gold. That perfectly aligns with our webcast on September 25. We hope you'll tune in, and we hope you'll keep reading the Frank Talk blog. Thank you. All right. Finally, on my last slide, I do encourage all of you to follow U.S. Global Investors on social media. We're on X, LinkedIn, YouTube, Instagram, and Facebook. Wherever you prefer to get your news, be sure to check us out.

Frank Holmes: This way, you're up to date with what's going on, not only with U.S. Global Investors, Inc., but our funds and, of course, the broader market insights. All right. As a reminder to our audience, if you have any questions today, please feel free to email those to us at info@usfunds.com. We will gladly follow up with you and get anything clarified that you may need more information on. Thank you so much for tuning in today. That concludes our webcast summarizing fiscal year.