Q3 2026 Gold.com Earnings Call

May 6, 2026

Speaker #1: Good afternoon and welcome to gold.com's conference call for the fiscal third quarter ended March 31, 2026. My name is Matthew, and I'll be your operator this afternoon.

Speaker #1: Before this call, gold.com issued its results for the fiscal third quarter 2026 in a press release which is available in the Investor Relations section of the company's website at www.gold.com.

Operator: Good afternoon, welcome to Gold.com's conference call for the fiscal Q3 ended 31 March 2026. My name is Matthew, I'll be your operator this afternoon. Before this call, Gold.com issued its results for the fiscal Q3 2026 in a press release, which is available in the investor relations section of the company's website at www.gold.com. You can find the link to the investor relations section at the top of the web homepage. Joining us for today's call are Gold.com CEO, Greg Roberts, President Thor Gjerdrum, and CFO Cary Dickson. Following the remarks, we'll open the call for your questions. Before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during the call.

Speaker #1: You can find the link to the Investor Relations section at the top of the web homepage. Joining us for today's call are gold.com CEO Greg Roberts, President Thor Jerdrum, and CFO Carrie Dixon.

Speaker #1: Following their remarks, we'll open the call for your questions. Then, before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during the call.

Speaker #1: If you'd like, I'd like to remind everyone that this call is being recorded and will be made available for replay via a link available on the Investor Relations section of gold.com's website.

Speaker #1: Now I'd like to turn the call over to gold.com CEO Mr. Greg Roberts. Sir, please proceed.

Speaker #2: Thank you, Matt, and good afternoon, everyone. Thanks again for joining our call today. Our third quarter results reflect the strength of our fully integrated platform and our ability to capitalize on strong market conditions.

Operator: I'd like to remind everyone that this call is being recorded and will be made available for replay via a link available on the investor relations section of Gold.com's website. Now I'd like to turn the call over to Gold.com CEO, Mr. Greg Roberts. Sir, please proceed.

Speaker #2: As I noted on our last call, we were beginning to see a meaningful shift in market dynamics in that momentum carried over favorably into this quarter.

Gregory Roberts: Thank you, Matt. Good afternoon, everyone. Thanks again for joining our call today. Our Q3 results reflect the strength of our fully integrated platform and our ability to capitalize on strong market conditions. As I noted on our last call, we were beginning to see a meaningful shift in market dynamics, and that momentum carried over favorably into this quarter. During the quarter, we experienced an unprecedented surge in activity across both our wholesale sales and our ancillary services as well as our direct-to-consumer segments. Market participants across the spectrum, from individual investors to institutional buyers, moved aggressively to increase exposure to precious metals. This environment created a highly dynamic two-way market with elevated levels of both buying and selling activity, which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities. The pace and magnitude of the movement was extraordinary.

Greg Roberts: Thank you, Matt. Good afternoon, everyone. Thanks again for joining our call today. Our Q3 results reflect the strength of our fully integrated platform and our ability to capitalize on strong market conditions. As I noted on our last call, we were beginning to see a meaningful shift in market dynamics, and that momentum carried over favorably into this quarter. During the quarter, we experienced an unprecedented surge in activity across both our wholesale sales and our ancillary services as well as our direct-to-consumer segments. Market participants across the spectrum, from individual investors to institutional buyers, moved aggressively to increase exposure to precious metals. This environment created a highly dynamic two-way market with elevated levels of both buying and selling activity, which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities. The pace and magnitude of the movement was extraordinary.

Speaker #2: During the quarter, we experienced an unprecedented surge in activity across both our wholesale sales and our ancillary services as well as our direct-to-consumer segments.

Speaker #2: Market participants across the spectrum, from individual investors to institutional buyers, moved aggressively to increase exposure to precious metals. This environment created a highly dynamic two-way market with elevated levels of both buying and selling activity.

Speaker #2: Which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities. The pace and magnitude of the movement was extraordinary. We saw one of the most volatile spot price environments in recent history, which drove significant transaction velocity across our platform.

Speaker #2: Operationally, our team's executed extremely well under these conditions. The rapid spike in demand challenged system-wide capacity and we were positioned to respond by quickly scaling inventory and production levels at our mints, as we leveraged our balance sheet.

Market participants across the Spectrum from Individual investors to institutional. Buyers moved aggressively to increase, exposure to Precious Metals this environment, created a highly Dynamic 2-way Market with elevated levels of both buying and selling activity.

Which allowed us to efficiently deploy inventory and capitalize on favorable trading opportunities?

Gregory Roberts: We saw one of the most volatile spot price environments in recent history, which drove significant transaction velocity across our platform. Operationally, our teams executed extremely well under these conditions. The rapid spike in demand challenged system-wide capacity, and we were positioned to respond by quickly scaling inventory and production levels at our mints as we leveraged our balance sheet. This resulted in record financial performance, including over $10 billion in revenue and over $175 million in gross profit, as well as $59.5 million in net income for the quarter. Our direct-to-consumer segment led the way during the quarter, reflecting strong customer engagement, higher order values, and increased transactional activity across our platforms.

Greg Roberts: We saw one of the most volatile spot price environments in recent history, which drove significant transaction velocity across our platform. Operationally, our teams executed extremely well under these conditions. The rapid spike in demand challenged system-wide capacity, and we were positioned to respond by quickly scaling inventory and production levels at our mints as we leveraged our balance sheet. This resulted in record financial performance, including over $10 billion in revenue and over $175 million in gross profit, as well as $59.5 million in net income for the quarter. Our Direct-to-Consumer segment led the way during the quarter, reflecting strong customer engagement, higher order values, and increased transactional activity across our platforms.

Speaker #2: This resulted in record financial performance including over $10 billion in revenue and over $175 million in gross profit. As well as $59.5 million in net income for the quarter.

The pace and magnitude of the movement was extraordinary. We saw 1 of the most vulnerable spot price environments in recent history,

Which drove significant transaction velocity across our platform.

Operationally, our teams executed extremely well under these conditions.

The rapid spike in demand challenged systemwide capacity.

Speaker #2: Our direct-to-consumer segment led the way during the quarter, reflecting strong customer engagement, higher order values, and increased transactional activity across our platforms. JMB outperformed and did exceptional.

And we were positioned to respond by quickly, scaling inventory and production levels at our mints.

As we leveraged our balance sheet.

Speaker #2: Reporting record levels of profitability. Our wholesale sales and ancillary services segment also delivered significant quarter-over-quarter improvement following the more challenging market conditions we experienced last fall.

This resulted in record financial performance, including over $10 billion in revenue and over $175 million in gross profit.

As well as 59.5 million in net income for the quarter.

Speaker #2: The favorable market conditions we experienced this quarter were also global. With LPM continuing to build momentum across Asia and benefiting from a heightened regional demand and increased trading activity.

Gregory Roberts: JMB outperformed and did exceptional, reporting record levels of profitability. Our wholesale sales and ancillary services segment also delivered significant quarter over quarter improvement following the more challenging market conditions we experienced last fall. The favorable market conditions we experienced this quarter were also global, with LPM continuing to build momentum across Asia and benefiting from a heightened regional demand and increased trading activity. Activity began to moderate towards the end of the quarter, as is typical following periods of heightened volatility. We are now seeing a bit more normalized environment. While geopolitical dynamics remain an important factor influencing demand, overall market conditions remain constructive, and we believe the underlying drivers for precious metals investments remain firmly in place. We've also seen an extreme benefit as last quarter's backwardation has moved more into contango.

Greg Roberts: JMB outperformed and did exceptional, reporting record levels of profitability. Our wholesale sales and ancillary services segment also delivered significant quarter over quarter improvement following the more challenging market conditions we experienced last fall. The favorable market conditions we experienced this quarter were also global, with LPM continuing to build momentum across Asia and benefiting from a heightened regional demand and increased trading activity. Activity began to moderate towards the end of the quarter, as is typical following periods of heightened volatility. We are now seeing a bit more normalized environment. While geopolitical dynamics remain an important factor influencing demand, overall market conditions remain constructive, and we believe the underlying drivers for precious metals investments remain firmly in place. We've also seen an extreme benefit as last quarter's backwardation has moved more into contango.

Our direct to Consumer segment led the way during the quarter reflecting, strong customer engagement, higher order, values and increased transactional activity across our platforms.

Jmb outperformed and did exceptional reporting record levels of of profitability.

Speaker #2: Activity began to moderate towards the end of the quarter as is typical following periods of heightened volatility. We are now seeing a bit more normalized environment.

Our Wholesale Sales and Ancillary Service Services segment also delivered significant quarter-over-quarter improvement following the more challenging market conditions we experienced last fall.

Speaker #2: While geopolitical dynamics remain an important factor influencing demand, overall market conditions remain constructive and we believe the underlying drivers for precious metals investments remain firmly in place.

The favorable market conditions. We experienced this quarter were also global

With LPM continuing to build momentum across Asia and benefiting from heightened regional demand and increased trading activity.

Speaker #2: We've also seen an extreme benefit as last quarter's backwardation has moved more into contango. We remain focused on driving synergies across our business units and maximizing efficiencies at every level.

Activity began to moderate towards the end of the quarter, as is typical following periods of heightened volatility.

We are now seeing a bit more normalized environment.

Speaker #2: Our acquisition of MONEX during the quarter is already delivering strong returns and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward.

While geopolitical dynamics remain an important factor in influencing demand, overall market conditions remain constructive, and we believe the underlying drivers for precious metals investments remain firmly in place.

Speaker #2: As previously disclosed, in February 2026, we entered into a securities purchase agreement with an affiliate of Tether Global Investment Fund, whereby Tether agreed to purchase an aggregate of $3,370,787 shares of gold.com's common stock at a price of $44.50 per share.

Gregory Roberts: We remain focused on driving synergies across our business units and maximizing efficiencies at every level. Our acquisition of Monex during the quarter is already delivering strong returns, and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward. As previously disclosed, in February 2026, we entered into a securities purchase agreement with an affiliate of Tether Global Investment Fund, whereby Tether agreed to purchase an aggregate of 3,370,787 shares of Gold.com's common stock at a price of $44.50 per share. The first tranche of the shares was purchased on 6 February 2026, corresponding to 2,840,449 shares for an aggregate purchase price of $126.4 million.

Greg Roberts: We remain focused on driving synergies across our business units and maximizing efficiencies at every level. Our acquisition of Monex during the quarter is already delivering strong returns, and the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward. As previously disclosed, in February 2026, we entered into a securities purchase agreement with an affiliate of Tether Global Investment Fund, whereby Tether agreed to purchase an aggregate of 3,370,787 shares of Gold.com's common stock at a price of $44.50 per share. The first tranche of the shares was purchased on 6 February 2026, corresponding to 2,840,449 shares for an aggregate purchase price of $126.4 million.

We've also seen an extreme uh, benefit as as last quarters. Uh, backwardation has moved more into contango.

We remain focused on driving synergies across our business units, and maximizing efficiencies at every level.

Our acquisition of Monex during the quarter is already delivering strong returns. And the addition of Sunshine Mint to our portfolio will meaningfully expand our production capabilities going forward.

Speaker #2: The first tranche of the shares was purchased on February 6, 2026, corresponding to $2,840,449 shares for an aggregate purchase price of $126.4 million. Following receipt of regulatory clearance, the second tranche of $530,338 shares was purchased on May 5, 2025, for an aggregate purchase price of $23.6 million.

As previously disclosed in February 2026, we entered into a Securities. Purchase agreement with an affiliate of te tethered. Global investment fund.

Whereby tether agreed to purchase an aggregate of 3,370,787 shares of gold.com common stock at a price of 44.

Dollars and 50 cents per per show.

Speaker #2: This strategic equity investment further enhanced our overall capital and liquidity position and is a powerful validation of our verticaly integrated model. During the quarter, we also entered into storage metal leasing and trading agreements with Tether and their affiliates, and purchased $20 million of Tether's gold-backed stablecoin XAUT, we believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems.

Gregory Roberts: Following receipt of regulatory clearance, the second tranche of 530,338 shares was purchased on 5 May 2025, for an aggregate purchase price of $23.6 million. This strategic equity investment further enhanced our overall capital and liquidity position and is a powerful validation of our vertically integrated model. During the quarter, we also entered into storage, metal leasing, and trading agreements with Tether and their affiliates and purchased $20 million of Tether's gold-backed stablecoin, XAUt. We believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems, and we are encouraged by the early progress we've made. I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance.

Greg Roberts: Following receipt of regulatory clearance, the second tranche of 530,338 shares was purchased on 5 May 2025, for an aggregate purchase price of $23.6 million. This strategic equity investment further enhanced our overall capital and liquidity position and is a powerful validation of our vertically integrated model. During the quarter, we also entered into storage, metal leasing, and trading agreements with Tether and their affiliates and purchased $20 million of Tether's gold-backed stablecoin, XAUt. We believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems, and we are encouraged by the early progress we've made. I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance.

The first trunch of the shares was purchased on February, 6th, 2026 corresponding to 2,840,449 shares for an aggregate purchase, price of 126.4 million.

Following receipt of regulatory clearance. The second tranche of 530,338 shares was purchased on May 5th, 2025 for an aggregate purchase price of 23.6 million.

Validation of our vertical vertically integrated model.

Speaker #2: And we are encouraged by the early progress we've made. I will now turn the call over to our CFO, Carrie Dixon, who will provide an overview of our financial performance.

During the quarter, we also entered in to storage metal Leasing and trading agreements with tether and their Affiliates and purchase million dollars of tethers. Gold backed stablecoin xaut.

Speaker #2: Then our president, Thor Jurderm, will discuss key operating metrics, after that I will provide further insights into the business, our growth strategy, and I will take questions.

We believe this partnership represents a meaningful step forward in aligning our physical precious metals platform with emerging digital asset ecosystems.

Speaker #2: Carrie? Please proceed.

And we are encouraged by the early progress, we've made.

Gregory Roberts: Our President, Thor Gjerdrum, will discuss key operating metrics. After that, I will provide further insights into the business, our growth strategy, and I will take questions. Cary, please proceed.

Greg Roberts: Our President, Thor Gjerdrum, will discuss key operating metrics. After that, I will provide further insights into the business, our growth strategy, and I will take questions. Cary, please proceed.

Speaker #1: Thank you, Greg, and good afternoon, everybody. Our revenues for fiscal Q3 '26 increased $244% to $10.3 billion, from $3 billion in Q3 of last year.

I will now turn the call over to our CFO, Cary Dickson, who will provide an overview of our financial performance. Then our President, Thor Gjerdrum, who will discuss key operating metrics.

After that, I will provide further insights into the business.

Our growth strategy and I will take questions.

Carrie.

Speaker #1: Excluding an increase of $4.3 billion of forward sales, our revenues increased $2.9 billion or $187%, which was due to higher average selling prices of gold and silver, as well as increased in gold and silver ounces sold.

Please proceed.

Cary Dickson: Thank you, Greg, and good afternoon to everybody. Our revenues for fiscal Q3 2026 increased 244% to $10.3 billion from $3 billion in Q3 of last year. Excluding an increase of $4.3 billion of forward sales, our revenues increased $2.9 billion or 187%, which was due to higher average selling prices of gold and silver, as well as increase in gold and silver ounces sold. For the 9-month period, our revenues increased 142% to $20.5 billion from $8.4 billion in the same year ago period.

Thank you, Greg and good afternoon to everybody.

Speaker #1: For the nine-month period, our revenues increased $142% to $20.5 billion, from $8.4 billion in the same year-ago period. Excluding an increase of $7.4 billion of forward sales, our revenues increased $4.6 billion or $95%, which is due to higher average selling prices of gold and silver, as well as an increase in gold and silver ounces sold.

Our revenues for fiscal Q3 26 increased. 244% to 10.3 billion from 3 billion in Q3 of last year.

Excluding an increase of 4.3 billion of forward sales, our revenues increased 2.9 billion or 187%, which was due to higher average, selling prices of gold and silver as well as increased in in gold and silver ounce of soul.

Speaker #1: Revenues also increased in both the three and nine-month periods due to acquisitions of SGI, Pinehurst, NAMS, in the last two quarters of fiscal '25, and MONEX in the third quarter of fiscal '26.

Cary Dickson: Excluding an increase of $7.4 billion of forward sales, our revenues increased $4.6 billion or 95%, which is due to higher average selling prices of gold and silver, as well as an increase in gold and silver ounces sold. Revenues also increased in both the 3 and 9-month periods due to the acquisitions of SGI, Pinehurst, and AMS in the last two quarters of fiscal 2025 and Monex in the Q3 of fiscal 2026. Gross profits for Q3 2026 increased 331% to $176 million, or 1.7% of revenue, from $41 million or 3.6% of revenue in Q3 2025.

Speaker #1: Gross profits for Q3 '26 increased $331% to $176 million, or $1.7% of revenue, from $41 million, or $1.3% of revenue in Q3 of last year.

For the 9-month period, our revenues increased 142% to 24.5 billion from 8.4 billion in the same year year ago, period excluding an increase of 7.4 billion or 4ward sales or revenues increased 4.6 billion or 95%, which is due to higher average selling prices of gold and silver as well as an increase in gold and silver Oz sold.

Speaker #1: The increase was due to an increase in gross profits earned by both our wholesale sales and silvery services segment and our direct-to-consumer segment, including the acquisition of SGI, Pinehurst, AMS, and MONEX, which are now fully included were not fully included in the same year-ago period.

revenues also increase in in in both the 3 and 9 month periods due to acquisition the Acquisitions of SGI pioneers and AMS in the last 2 quarters of fiscal 25, and Monex in the third quarter of fiscal 26,

Speaker #1: For the nine-month period, gross profit increased $165% to $342 million, or $1.6% of revenue, from $129.2 million, or $1.53% of revenue, in the same year-ago period.

Cary Dickson: The increase was due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and our direct-to-consumer segment, including the acquisition of SGI, Pinehurst, AMS, and Monex, which were not fully included in the same year-ago period. For the nine-month period, gross profit increased 165% to $342 million or 1.6% of revenue from $129.2 million or 1.53% of revenue in the same year-ago period. The increase is due to an increase in gross profits earned by both our wholesale sales and ancillary services segment and the direct-to-consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and Monex, which were not fully included in the same year-ago period.

Speaker #1: The increase was due to an increase in gross profits earned by both our wholesale sales and silvery services segment and the direct-to-consumer segment, including the acquisitions of SGI, Pinehurst, AMS, and MONEX, which were not fully included in the same year-ago period.

Gross profits for Q3 26, increase, 331% to 176 million or 1.7% of revenue from 41 million or 1.3% 3. 3.6% of Revenue in Q3 of last year. The increase was due to an increase in Gross profits earned by both our wholesale sales and and silvery Services segment and our direct consumer segments, including

The acquisition of SGI Pioneers, AMS, and Monex, which are now fully included. We're not fully included in the same year ago, period.

Speaker #1: SG&A expenses for fiscal Q3 '26 increased $134% to $78 million, from $33 million in Q3 of last year. The change was primarily due to an increase in compensation expense performance-based accruals of $27 million, higher advertising costs of $7 million increased insurance costs of $4, higher bank service and credit card fees of $1.9, and increase in facilities expense of a little over a million dollars.

Cary Dickson: SG&A expenses for fiscal Q3 2026 increased 134% to $78 million from $33 million in Q3 of last year. The change was primarily due to an increase in compensation expense, performance-based accruals of $27 million, higher advertising costs of $7 million, increased insurance costs of $4 million, higher bank service and credit card fees of $1.9 million, and an increase in facilities expense of a little over a million dollars. SG&A expense for the three months ended 31 March 2026 included $33 million of expenses from SGI, Pinehurst, AMS, and Monex, which were not included in the same year ago period as they were not consolidated subsidiaries for the full year. Excluding the increase from these newly acquired subsidiaries, SG&A increased $11.6 million.

For tonight for the 9-month period gross profit increased 165% to 342 million or 1.6% of revenue from 129.2 million or 1.53% of Revenue. In the same year ago, period, the increase was due to an increase in growth profits earned by both our wholesale sales and ancillary Services segment and the direct to Consumer segments, including the Acquisitions of SGI Pioneers, AMS, and Monex, which were not fully included in the same year ago, period.

Speaker #1: SG&A expense for the three-month ended March 31, 2026, included $33 million of expenses from SGI, Pinehurst, AMS, and MONEX, which were not included in the same year-ago period.

Speaker #1: As they were not consolidated subsidiaries for the full year. Excluding the increase from these newly acquired subsidiaries, SG&A increased $11.6 million. So in essence, 75% of our overall increase in SG&A period-over-period related to the acquisitions of our new subsidiaries that we've acquired recently.

Sgna expenses for fiscal Q3 26. Increased 134% to 78 million from 33 million in Q4 3 of last year. The change was primarily due to an increase in compensation expense performance-based. Approvals of 2, 27 million higher higher advertising, costs of 7 million increase Insurance costs of 4.

Higher bank service and credit card fees of $1.9 million, and an increase in facilities expense of a little over a million dollars.

Speaker #1: For the nine-month period, SG&A experienced increased $130% to $197 million, from $85 million in the same year-ago period. The increase was primarily driven by higher compensation expense including performance-based accruals, $68 million higher advertising costs of $17 million, and increase in consulting and professional fees to $7 million, an increase in insurance costs of $6.1, and then an increase in bank and service and credit card fees of $4.5.

STNA expense for the 3-months ended March 31, 2026, included $33 million of expenses from SGI Pioneers, AMS, and Monex, which were not included in the same year-ago period, as they were not consolidated subsidiaries for the full year.

Cary Dickson: In essence, 75% of our overall increase in SG&A period-over-period related to the acquisitions of our new subsidiaries that we've acquired recently. For the nine-month period, SG&A experienced increased 130% to $197 million from $85 million the same year ago period. The increase was primarily driven by higher compensation expense, including performance-based accruals, $68 million, or $68 million, higher advertising costs of $17 million, an increase in consulting and professional fees of $7 million, an increase of insurance costs of $6.1 million, and an increase in bank and service and credit card fees of $4.5 million.

Excluding the increase from these newly acquired subsidiaries sgna increased 11.6 million.

So in essence, 75% of our overall increase in sgna Period over period related to the Acquisitions of our new subsidiaries that we've acquired recently.

For the 9-month period sgna.

Sgna experience. Increased 130% to 197 million from 85 million the same year ago, period.

Speaker #1: SG&A expenses for the nine-month ended March 31, 2026, included $93 million of expenses from SG&I, Pinehurst, AMS, and MONEX, which were not included in the same year-ago period.

The increase of primarily driven by higher compensation expense, including performance-based approvals.

Speaker #1: As they were not consolidated for the full period. Excluding the increase from these newly acquired subsidiaries, SG&A increased $18 million year-over-year. In essence, 84% of our overall increase in SG&A period-over-period related to the acquisition of these new subsidiaries.

68 million or 68 million higher advertising costs is 17 million and increasing Consulting and professional foods to 7 million.

Cary Dickson: SG&A expenses for the nine months ended 31 March 2026 included $93 million of expenses from SGI, Pinehurst, AMS, and Monex, which were not included in the same year ago period, as they were not consolidated for the full period. Excluding the increase from these newly acquired subsidiaries, SG&A increased $18 million year over year. In essence, 84% of our overall increase in SG&A period over period related to the acquisition of these new subsidiaries. Depreciation and amortization expense for fiscal Q3 2026 increased 88% to $9.4 million from $5 million in the same year ago period.

Speaker #1: Depreciation and amortization expense for fiscal Q3 '26 increased 88% to $9.4 million, from $5 million in the same year-ago period. The change was predominantly due to $4.6 million increase in amortization expense relating to the intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and MONEX, and a $1.5 million increase in depreciation expense partially offset by $1.6 million decrease in intangible asset amortization from JMB and Silver Gold Bull.

Scna expenses for the 9-month ended, March 31, 2026 included, 93 million of expenses from SGI Pioneers, AMS, and Monex, which were not included in the same year ago period as they were not Consolidated for the full period.

excluding the increase from these new new newly acquired subsidiaries sgna increased 18 million dollars year-over-year,

In essence, 84% of our overall, increase in sgna Period over period related to the acquisition of these new subsidiaries.

Cary Dickson: The change was predominantly due to $4.6 million increase in amortization expense relating to the intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monex, and a $1.5 million increase in depreciation expense, partially offset by $1.6 million in decrease in intangible asset amortization from JNB and Silver Gold Bull. For the nine-month period, depreciation and amortization expense increased 72% to $24.6 million from $14.3 million in the same year ago period. The change was primarily due to the $10 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and Monex, and a $4.6 million increase in depreciation expense, partially offset by $5 million decrease in intangible asset amortization from JNB and SGB.

Speaker #1: For the nine-month period, depreciation and amortization expense increased 72% to $24.6 million, from $14.3 million in the same year-ago period. The change was primarily due to the $10 million increase in amortization expense related to intangible assets acquired through our acquisitions of SGI, Pinehurst, AMS, and MONEX, and a $4.6 million increase in depreciation expense partially offset by $5 million decrease in intangible asset amortization from JMB and SGB.

Depreciation and amortization expense for fiscal Q3 26 increase 88% to 9.4 million from 5 million in the same year ago, period, the change was predominantly due to 4.6 billion increase in amortization expense relating to the intangible assets. Acquired, through our Acquisitions of SGI Pioneers, AMS, and Monex, and a 15, 1. 5 6.

For the 9-month period depreciation and amortization expense increased 72%.

Speaker #1: Interest income for Q3 '26 increased 1% to $6.8 million, from $6.7 million in the same year-ago period. The aggregate increase in interest income was due to an increase in interest income earned by our secured lending segment of a half a million dollars partially offset by the same amount in our finance product income category.

Do 24.6 million from 14.3 million in the same year ago, period, the change was primarily due to the 10 million dollar increase in amortization expense related to intangible assets. Acquired through our Acquisitions in the SGI Pioneers, AMS, and Monex, and a 4.6 million increase in depreciation expense.

Speaker #1: For the nine-month period, interest income decreased 12% to $18.2 million, from $20.6 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other financing income of $2.6 million, offset by an increase in interest income earned by our secured lending segment of $0.2 million.

Partially offset by million dollar, decrease in intangible asset amortization, move from jmb and sgb.

Cary Dickson: Interest income for Q3 2026 increased 1% to $6.8 million from $6.7 million in the same year-ago period. The aggregate increase in interest income was due to an increase in interest income earned by our secured lending segment of a half a million dollars, partially offset by the same amount in our finance product income category. For the 9-month period, interest income decreased 12% to $18.2 million from $20.6 million in the same year-ago period. The aggregate decrease in interest income was due to a decrease in other financing income of $2.6 million, offset by an increase in interest income earned by our secured lending segment of $0.2 million. Interest expense for fiscal Q3 2026 increased 47% to $19 million from $13 million in Q3 2025.

Interesting. Come for Q3 2016. Increase 1% to 6.8 million from 6.7 million in the same year ago period.

Speaker #1: Interest expense for fiscal Q3 '26 increased 47% to $19 million, from $13 million in Q3 of last year. The increase was primarily due to higher interest and fees of $3 million, related product financing arrangements, an increase of $2.6 million related to precious metal leases, and an increase of $0.3 million associated with our trading credit facility.

The aggregate increase in interest income was due to an increase in interest income earned by our secured lending segment of of a half a million dollars partially offset by the same amount in our finance product income category.

For the 9-month period. Interesting income decreased 12% to 18.2 million from 20.6 million in the same year ago, period. The aggregate decrease in interest income was due to a decrease in other financing income of 2.6 million offset by an increase in interest income earned by our secure lending segment of 0.2 million.

Speaker #1: For the nine-month period, interest expense increased 44% to $47.9 million, from $33 million in the same year-ago period. The increase was primarily due to higher interest and fees of $7.2 million related to product financing arrangements, an increase of $5.8 million related to precious metal leases, and an increase of $1 million associated with our trading credit facility.

Interest expense for fiscal q3.26.

Cary Dickson: The increase is primarily due to higher interest and fees of $3 million related to product financing arrangements, an increase of $2.6 million related to precious metal leases, and an increase of $0.3 million associated with our trading credit facility. For the nine-month period, interest expense increased 44% to $47.9 million from $33 million in the same year ago period. The increase was primarily due to higher interest in fees of $7.2 million related to product financing arrangement, an increase of $5.8 million related to precious metal leases, and an increase of $1 million associated with our trading credit facility. Earnings from equity method investments in Q3 increased 1,115% to $2.3 million from a loss of $0.2 million in the same year ago quarter.

Increased 47% to 19 million from 13 million in Q3 of last year. The increase is primarily due to higher interest and fees of 3 million related product, financing arrangements and increased the 2.6 million related to precious metal leases and an increase of 3 million associated. With our trading credit facility,

Speaker #1: Earnings from equity method investments in Q3 increased $1,115% to $2.3 million, from a loss of $0.2 in the same year-ago quarter. For the nine-month period, earnings from equity method investments increased $255% to earnings of $2.4 million, from a loss of $2.1 in the same year-ago period.

for the 9-month period, interest expense increased 44% to 47.9 million from 33 million in the same year ago, period. The increase is primarily due to higher interest in fees of 7.2 million related to product financing arrangement.

Speaker #1: The increase in both periods was due to increased earnings of our equity method investees. Net income attributable to the company for the third quarter of fiscal '26 totaled $60 million, or $2.09 per diluted share, compared to a net loss of $8 million, or 36% per diluted share in the same year-ago quarter.

an increase of 5.8 million related to precious metal, leases and an increase of 1 million associated, with our trading credit facility,

Cary Dickson: For the nine-month period, earnings from equity method investments increased 25015% to earnings of $2.4 million from a loss of $2.1 million in the same year-ago period. The increase in both periods was due to increased earnings of our equity method investees. Net income attributable to the company for Q3 of fiscal 2026 totaled $60 million, or $2.09 per diluted share, compared to a net loss of $8 million or $0.36 per diluted share in the same year-ago quarter. For the nine-month period, net income attributable to the company totaled $70 million or $0.0265 per diluted share, compared to $7 million or $0.29 per diluted share in the same year-ago period.

Earnings from equity method investments in Q3 increased $1.1 million to $2.3 million, compared to a loss of $0.2 million in the same quarter last year.

For the 9-month period earnings from Equity method, Investments increase to 250505 to earnings of 2.4 million from the loss of 2.1 in the same year ago, period.

Speaker #1: For the nine-month period, net income attributable to the company totaled $70 million, or $2.65 per diluted share, compared to $7 million, or $0.29 per diluted share in the same year-ago period.

The increase in both periods was due to increase earnings of our Equity methods in Besties.

Speaker #1: Adjusted net income before provision for income tax on non-GAAP financial measure, which excludes depreciation and amortization, acquisition costs, and contingent consideration fair value adjustments for Q3 totaled $87 million, increased to $81 million, or $1,415% compared to the $5.7 in the same year-ago quarter.

Net income attributable to the company for the third quarter of fiscal 2026 totaled $60 million, or $2.09 per diluted share, compared to a net loss of $8 million, or $0.36 per diluted share, in the same year-ago quarter.

For the 9-month period, net income attributable, to the company total, 70 million or 2.65.

Cary Dickson: Adjusted net income before provision for income tax, a non-GAAP financial measure, which excludes depreciation, amortization, acquisition costs, and contingent consideration fair value adjustments for Q3 totaled $87 million, an increase of $81 million, or 1,415% compared to the $5.7 million in the same year ago quarter. Adjusted net income before provision for income taxes for the nine-month period totaled $115 million, an increase of $81 million or 240% compared to $33.9 million in the same year ago period. EBITDA, another non-GAAP liquidity measure for Q3 2026 totaled $103.4 million, an increase of $102 million or 7,939% compared to $1.3 million in the same year ago quarter.

Cents per diluted share, compared to $7 million or $0.29 per diluted share in the same year-ago period.

Speaker #1: Adjusted net income before provision for income taxes for the nine-month period totaled $115 million, an increase of $81 million, or $240% compared to $33.9 million in the same year-ago period.

Speaker #1: EBITDA another non-GAAP liquidity measure for Q3 '26 totaled $103.4 million, an increase of $102 million, or $7,939% compared to $1.3 million in the same year-ago quarter.

Adjusted net income before provision for income tax. A non-gaap financial measure which excludes depreciation and amortization acquisition costs and contingent consideration. Fair value, adjustments for Q3 total 87 million increase of 81 million or

14.15% compared to the 5.7 in the same year ago, same year ago quarter.

Adjusted net income before provision for income taxes, for the 9-month period total 115.

Speaker #1: EBIT off at the nine-month period totaled $151.6 million, an increase of $116 million, or $329% compared to the $35 million in the same year-ago period.

Million an increase of 81 million or 240% compared to 33.9 million in the same year ago, period.

Speaker #1: Now, turning to our balance sheet. We maintain a strong liquidity position supported by expanding financing capacity, including increased precious metal lease facilities and the recently completed tether equity and financing investments to date.

Cary Dickson: EBITDA for the nine-month period totaled $151.6 million, an increase of $116 million, or 329% compared to the $35 million in the same year-ago period. Now, turning to our balance sheet. We maintain a strong liquidity position supported by expanding financing capacity, including increased precious metal lease facilities and the recently completed Tether equity and financing investments to date. At quarter end, we had $143+ million of cash compared to $77.7 at the end of fiscal 2025. Our non-restricted inventories totaled $1,319 million as of March 31, compared to $794 million as of the end of fiscal 2025. Gold.com's board of directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program.

3.4 million an increase of 102 million or, or 7,939 compared to 1.3 million in the same year ago quarter.

Speaker #1: At quarter-end, we had a $143+ million of cash compared to $77.7 at the end of fiscal '25. Our non-restricted inventories totaled $1,319 million as of March 31, compared to $794 million as at the end of fiscal '25.

Even off of the 9-month period total 151.6 million an increase of 116 million, or 329% compared to the 35 million in the same year ago, period.

Now.

Turning to our balance sheet.

We made—we maintain a strong.

Speaker #1: Gold dot com's board of directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program. The dividends payable on June 1, '26 to stockholder records as of May 20, 2026.

Liquidity position supported by expanding financing capacity. Including increased precious metal lease facilities and Rec and the recently completed tether equity and financing Investments to date.

At quarter end, we had $143 million of cash, compared to $77.7 million at the end of fiscal '25.

Speaker #1: That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

Our non-restricted inventory of Total, 1 billion, 319 million as of March, 31st to 794 million as of the end of fiscal 25.

Speaker #2: Thank you, Jerry. Looking at our key operating metrics for the third quarter of fiscal 2026, we sold 538,000 ounces of gold in Q3 fiscal 2026, which is up 25% from Q3 of last year and down 1% from the prior quarter.

Cary Dickson: The dividend is payable on 1 June 2026 to stockholders of record as of 20 May 2026. That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?

Gold. The company's board of directors has declared a quarterly cash dividend of $0.20 per share, maintaining the company's current dividend program. The dividend is payable on June 26, 2026, to stockholders of record as of May 20, 2026.

Speaker #2: For the nine-month period, we sold approximately 1.5 million ounces of gold, which is up 17% from the same year-ago period. We sold 34.6 million ounces of silver in Q3 fiscal 2026, which is up 120% from Q3 of last year and up 86% from the prior quarter.

That completes my financial s summary that we will turn the call over to Thor who will provide an update on our key operating metrics Thor.

Thor Gjerdrum: Thank you, Cary. Looking at our key operating metrics for Q3 fiscal 2026, we sold 538,000 ounces of gold in Q3 fiscal 2026, which was up 25% from Q3 of last year and down 1% from the prior quarter. For the nine-month period, we sold approximately 1.5 million ounces of gold, which is up 17% from the same year ago period. We sold 34.6 million ounces of silver in Q3 fiscal 2026, which was up 120% from Q3 of last year and up 86% from the prior quarter. For the nine-month period, we sold 63.6 million ounces of silver, which is up 10% from the same year ago period.

Speaker #2: For the nine-month period, we sold 63.6 million ounces of silver, which is up 10% from the same year-ago period. The number of new customers in the DTC segment, which is defined as the number of customers that have registered, set up a new account, or made a purchase for the first time during the period, was 292,800 in Q3 fiscal 2026, which is down 68% from Q3 of last year and increased 205% from last quarter.

Thank you. Terry looking at our key operating metrics for the third quarter of fiscal 2026. We sold 538,000 oz of gold in Q3 fiscal 2026, which was up 25% from Q3 of last year. And down 1% from the prior quarter for the 9-month period we sold approximately 1.5 million ounces of gold, which is up 17% from the same year ago, period.

Speaker #2: For the three-month ended March 31, 2026, approximately 58% of the new customers were attributable to the acquisition of Monix. For the three months ended March 31, 2025, approximately 93% of the new customers were attributable to the acquisitions of Pinehurst and SGI.

Thor Gjerdrum: The number of new customers in the DTC segment, which is defined as the number of customers that have registered, set up a new account, or made a purchase for the first time during the period, was 292,800 in Q3 fiscal 2026, which was down 68% from Q3 of last year and increased 205% from last quarter. For the three months ended 31 March 2026, approximately 58% of the new customers were attributable to the acquisition of Monex. For the three months ended 31 March 2025, approximately 93% of the new customers were attributable to the acquisitions of Pinehurst and SGI.

We sold 34.6 million oz of silver in Q3 fiscal 2026, which is up 120% from Q3 of last year and up 86% from the prior quarter for the 9-month period. We sold 63.6 million oz of silver, which is up 10% from the same year ago, period.

Speaker #2: For the nine-month period, the number of new customers in the DTC segment was 458,300, which decreased 55% from 1,020,300 new customers in the same year-ago period.

Speaker #2: Approximately 37% of the new customers for the nine months ended March 31, 2026, were attributable to the acquisition of Monix. Approximately 82% of the new customers for the nine months ended March 31, 2025, were attributable to the acquisitions of SGI and Pinehurst.

The number of new customers in the DTC segment which is defined as the number of customers that have registered set up a new account, or made a purchase for the first time during the period was 292,800, and Q3 fiscal 2026, which was down 68% from Q3 of last year, and increased 205% from last quarter for the 3-month period. For the 3 months ended, March, 31st 2026, approximately 58% of the new customers were attributable to the acquisition of Monex. For the 3 months in in March 31st 2025, approximately 93% of the new customers.

Thor Gjerdrum: For the nine-month period, the number of new customers in the DTC segment was 458,300, which decreased 55% from 1,020,300 new customers in the same year ago period. Approximately 37% of the new customers for the nine months ended 31 March 2026 were attributable to the acquisition of Monex. Approximately 82% of the new customers for the nine months ended 31 March 2025 were attributable to the acquisitions of SGI and Pinehurst. The number of total customers in the DTC segment at the end of Q3 was approximately 4.7 million, which is a 14% increase from the prior year.

Or attributed to the Acquisitions of pioneers and SGI.

Speaker #2: The number of total customers in the DTC segment at the end of the third quarter was approximately 4.7 million, which is a 14% increase from the prior year.

Speaker #2: These changes in customer-based metrics were primarily due to the acquisitions of AMS and Monix, which were not included in the same year-ago period, as well as organic growth of our JMB customer base.

Speaker #2: Finally, the number of secured loans at the end of March totaled $337, a decrease of 31% from March 31, 2025, and a decrease of 5% from the end of December.

The 9-month period, the number of new customers in the DTC segment was 458300 which decreased 55% from 1,020,300,000 new customers in the same year ago, period, approximately 37% of the new customers for the 9 months ended March 31 2026 were attributable to the acquisition of Monex, approximately 82% of the new customers, for the 9 months. And in March 3122 were attributable to the Acquisitions of SGI and Pioneers.

Thor Gjerdrum: These changes in customer base metrics were primarily due to the acquisitions of AMS and Monex, which were not included in the same year ago period, as well as organic growth of our JMB customer base. Finally, the number of secured loans at the end of March totaled 337, a decrease of 31% from 31 March 2025, and a decrease of 5% from the end of December. The dollar value of our loan portfolio as of 31 March 2026 totaled $126 million, an increase of 46% from 31 March 2025, and an increase of 5% from 31 December 2025. That concludes my prepared remarks. I'll now turn it over to Greg for closing remarks. Greg? Greg, you may be muted. Apologies.

Speaker #2: The dollar value of our loan portfolio as of March 31, 2026, totaled $126 million, an increase of 46% from March 31, 2025, and an increase of 5% from December 31, 2025.

The number of total customers in the DTC segment at the end of the third quarter was approximately 4.7 million, which is a 14% increase from the prior year. These changes in customer base metrics were primarily due to the acquisitions of AMS and Monex, which were not included in the same year-ago period, as well as organic growth of our JMB customer base.

Speaker #2: That concludes my prepared remarks. I'll now turn it over to Greg for closing remarks. Greg? Greg, you may be muted. Apologies.

Finally, the number of secured loans at the end of March, total 337, a decrease of 31% for March, 31st, 2025, and a decrease of 5%. From the end of December, the dollar value of our loan portfolio. As of March 3112, total of 126 million and increase of 46% for March, 31st 2025 and an increase of 5% from December 31st 2025 that concludes my prepared remarks. I'll now turn it over to Greg for closing remarks. Greg

Speaker #3: Great.

Speaker #4: Thanks, Thor and Kerry. This quarter was a clear demonstration of the strength and scalability of our fully integrated platform. We capitalized on a highly dynamic market environment, delivered solid financial results, and further strengthened our strategic and financial positioning.

Speaker #4: Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions. Expanding both our domestic and geographic reach as well as further diversifying our customer base.

Greg, you made me muted.

Cary Dickson: Great.

Apologies.

Gregory Roberts: Thanks, Thor and Cary. This quarter was a clear demonstration of the strength and scalability of our fully integrated platform. We capitalized on a highly dynamic market environment, delivered solid financial results, and further strengthened our strategic and financial positioning. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach, as well as further diversifying our customer base. With an expanded portfolio of category-leading brands and improved operational leverage, we believe Gold.com is positioned to capture growth across multiple markets and continue to deliver long-term value for our shareholders. This concludes my prepared remarks. Operator, we can now open the line for questions.

Greg Roberts: Thanks, Thor and Cary. This quarter was a clear demonstration of the strength and scalability of our fully integrated platform. We capitalized on a highly dynamic market environment, delivered solid financial results, and further strengthened our strategic and financial positioning. Our strategic focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and geographic reach, as well as further diversifying our customer base. With an expanded portfolio of category-leading brands and improved operational leverage, we believe Gold.com is positioned to capture growth across multiple markets and continue to deliver long-term value for our shareholders. This concludes my prepared remarks. Operator, we can now open the line for questions.

Great.

Speaker #4: With an expanded portfolio of category-leading brands and improved operational leverage, we believe Gold dot com is positioned to capture growth across multiple markets and continue to deliver long-term value for our shareholders.

Thanks Lauren Carrie. This quarter was a clear demonstration of the strength and scalability of our fully integrated platform. We capitalize on a highly Dynamic Market, environment, delivered solid Financial results, and further, strengthened our strategic and financial positioning,

Speaker #4: This concludes my prepared remarks. Operator, we can now open the line for questions.

Speaker #5: Certainly. Everyone at this time will be conducting a question-and-answer session. If you have any questions or comments, please press star one on your phone at this time.

Speaker #5: We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press star one on your phone.

Operator: Certainly. Everyone at this time will be conducting a question-and-answer session. If you have any questions or comments, please press star one on your phone at this time. We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press star one on your phone. Your first question's coming from Michael Baker from D.A. Davidson. Your line is live.

Our strategic Focus remains on integrating and realizing cost savings and the synergies from our recent acquisitions, expanding both our domestic and Geographic reach as well. As further diversifying our customer base with an expanded portfolio of category leading Brands and improved operational. Leverage We Believe, gold.com is positioned to capture growth across multiple markets and continue to deliver long-term value for our shareholders. This concludes my prepared remarks operator, we can now open the line for questions.

Speaker #5: Your first question is coming from Michael Baker from DA Davidson. Your line is live.

Speaker #2: questions. Unbelievable quarter. But Greg, you said something about businesses "normalized." What does normalized mean to you? I mean, we Great. Thanks. A couple of track spreads and, sure, we see they've come down so far in the June quarter versus the March quarter, but still way above where they were for much of calendar 2025.

Certainly everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press star 1 on your phone at this time.

We do ask that while posing your question. Please, pick up your handset if you're listening on speakerphone to provide Optimum sound quality

Once again, if you have any questions or comments, please press star 1 on your phone.

Your first question is coming from Michael Baker with D.A. Davidson. Your line is live.

Michael Baker: Great. Thanks. A couple questions. You know, unbelievable quarter. Greg, you said something about businesses quote, "normalized." What does normalized mean to you? I mean, we track spreads, and sure, we see they've come down so far in the Q2 versus the Q1, but still way above where they were for much of calendar 2025. We wouldn't consider 2025 to be normal, I guess, or I'm asking you if you would consider that normal. You know, sort of related to that, put it all in the context of there's a much Because of all the acquisitions, even a normal, quote-unquote, "normal earnings power" for the company should be a lot higher than it was in the past.

Speaker #2: we wouldn't consider 2025 to be normal. I guess, or I'm asking you if that if you would consider that normal. And then sort of related to that, put it all in the context of there's a much because of all the acquisitions, even a normal "normal" earnings power for the company should be a lot higher than it was in the past.

Great thanks. Uh,

Speaker #2: Is there any way to sort power would be? Thanks.

Speaker #4: Yeah, that's a lot. I think that, first and foremost, as we've always said, the environment is going to drive the profitability. And combine that with the acquisitions that we do.

Michael Baker: Is there any way to sort of quantify what normal earnings power would be? Thanks.

Speaker #4: Clearly, we're going to get different revenue streams and the revenue streams are going to vary a bit. Between the different divisions and the different parts of the company.

Gregory Roberts: That's a lot. I think that first and foremost, as we've always said, the environment is gonna drive the profitability. Combine that with the acquisitions that we do, clearly, we're going to get different revenue streams, and the revenue streams are gonna vary a bit between the different divisions and the different parts of the company. I think last year was below par, was below normalized, for most of calendar 2025. As we talked about on our last call, things really started to improve towards the end of October, the early part of November, and December was pretty strong.

Reporter. Uh, but Greg you said something about uh, businesses quote, normalized. Uh, what is normalized mean to you? I mean, we we track spreads and sure we see that come down so far in the June quarter versus the March quarter, but still way above where they were for much of 20 calendar 2025. So we would consider 2025 to be normal. Uh, I, I guess or I'm asking you if that if you would consider that normal and then you know, sort of related to that, put it all on the context of there's a much because of all the Acquisitions. The, the even a normal quote, unquote, normal earnings power for the company should be a lot higher than it was in the past. Is there any way to sort of quantify? What normal earnings power would be. Thanks,

Greg Roberts: That's a lot. I think that first and foremost, as we've always said, the environment is gonna drive the profitability. Combine that with the acquisitions that we do, clearly, we're going to get different revenue streams, and the revenue streams are gonna vary a bit between the different divisions and the different parts of the company. I think last year was below par, was below normalized, for most of calendar 2025. As we talked about on our last call, things really started to improve towards the end of October, the early part of November, and December was pretty strong.

um,

Speaker #4: I think last year, below par, was below normalized, as for most of calendar '25, as we talked about on our last call. Things really started to improve towards the end of October, the early part of November.

yeah, that's a lot, um, I I, I think that first and foremost, as we've always said, the environment is going to drive the profitability and, and

Speaker #4: In December was pretty strong. I think when I said normalized, what I meant was just reflecting on how crazy and active January and February was and how March became what I would call a bit more normalized for the environment.

Combine that with the acquisitions that we do; clearly, we're going to get, um, you know, different revenue streams, and the revenue streams are going to vary a bit.

Speaker #4: I think January and February of this quarter, we significantly outperformed what I would call normalized. And I think that there was a question on the last call.

Gregory Roberts: I think when I said normalized, what I meant was just reflecting on how crazy and active January and February was and how March became what I would call a bit more normalized for the environment. I think January and February of this quarter, we significantly outperformed what I would call normalized. I think that, you know, there was a question on the last call, you know, if these conditions continue, what's gonna happen? I said, you know, If these conditions continue, we're gonna have a great quarter. Clearly, we had a great quarter.

Greg Roberts: I think when I said normalized, what I meant was just reflecting on how crazy and active January and February was and how March became what I would call a bit more normalized for the environment. I think January and February of this quarter, we significantly outperformed what I would call normalized. I think that, you know, there was a question on the last call, you know, if these conditions continue, what's gonna happen? I said, you know, If these conditions continue, we're gonna have a great quarter. Clearly, we had a great quarter.

Speaker #4: If these conditions continue, what's going to happen? And I said, if these conditions continue, we're going to have a great quarter. And clearly, we had a great quarter.

Speaker #4: I would say that a lot of the headwinds that we had through the fall of last year that were attributed to the backwardation issues that we had and I think we highlighted that quite a bit, that that was a major headwind on performance, as it related to our cost of financing.

Gregory Roberts: I would say that, you know, a lot of the headwinds that we had, you know, through the fall of last year that were attributed to the backwardation issues that we had, I think we highlighted that quite a bit, that that was a major headwind on performance as it related to our cost of financing and our, you know, our ability to collect contango, which collecting contango is a more normalized environment. Backwardation is highly unusual. What we saw this quarter was a more normalized, a more normalized contango environment, which did help some of our other businesses, and that has continued in what I would call normalized, you know, the first month of our Q4 in March. I think we're still very active.

Greg Roberts: I would say that, you know, a lot of the headwinds that we had, you know, through the fall of last year that were attributed to the backwardation issues that we had, I think we highlighted that quite a bit, that that was a major headwind on performance as it related to our cost of financing and our, you know, our ability to collect contango, which collecting contango is a more normalized environment. Backwardation is highly unusual. What we saw this quarter was a more normalized, a more normalized contango environment, which did help some of our other businesses, and that has continued in what I would call normalized, you know, the first month of our Q4 in March. I think we're still very active.

Speaker #4: And our ability to collect contango, which collecting contango is a more normalized environment. Backwardation is highly unusual. And what we saw this quarter was a more normalized contango environment, which did help some of our other businesses.

Between the different divisions and the different parts of the company. I I think last year was, you know, below par was, was below normalized as you as for most of calendar 25. As we talked about on our last call, things really started to improve towards the end of October, the early part of November and December was was was pretty strong. I think when I said normalized, what I meant was just reflecting on how crazy and active January, and February was and how march, um, be, you know, became what I would call a bit more normalized for the environment. I think, January, and February of this quarter. We, we, we significantly outperformed, what I would call normalized and I think that, you know, there was a question on the last call, you know, if if these conditions continue what's going to happen and I said, you know, if these conditions continue, we're going to have a great quarter and clearly we had a great quarter. Um, I I would

say that, you know, a lot of the headwinds that we had

you know, through the fall of last year, there were

Speaker #4: And that has continued in what I would call normalized the first month of our Q4 and in March. So I think we're still very active.

Were attributed to the backwardation issues that we had. Um, and and I think we highlighted that quite a bit that that was a a major headwind on performance as it related to our cost of financing and our

Speaker #4: I think that certainly the war in Iran has caused a lot of change and disruption in the overall volumes in the financial markets. And I think there has been although our premiums are still quite nice, we have had a bit of volume retreat from where we were in January and February.

Gregory Roberts: I think that, certainly the war in Iran has caused a lot of change and disruption in the overall volumes in the financial markets. I think there has been, you know, although our premiums are still quite nice, you know, we have had a bit of volume retreat from where we were in January and February.

Greg Roberts: I think that, certainly the war in Iran has caused a lot of change and disruption in the overall volumes in the financial markets. I think there has been, you know, although our premiums are still quite nice, you know, we have had a bit of volume retreat from where we were in January and February.

Speaker #2: Okay. That's very clear. Thanks. I'll let someone else ask the question.

Speaker #5: Thank you. Your next question is coming from Thomas Forte from Maxim Group. Your line is live.

Speaker #6: Great. So first off, Greg, Kerry, Thor, and Steve, wow. Three questions, one at a time. So Greg, high level, how did the M&A enable you to capitalize on demand versus previous spikes?

And, and I think there has been, you know, Although our premiums are still quite nice. You know, we, we have had a bit of a volume uh, Retreat from where we were in January and February.

Michael Baker: Okay. That's very clear. Thanks. I'll let someone else ask a question.

Operator: Thank you. Your next question's coming from Thomas Forte from Maxim Group. Your line is live.

Okay, that's uh, very clear. Thanks. I'll I'll let someone else asked the question.

Speaker #2: I mean, in what we saw in January and February, we saw an environment where the tide rose for all of our businesses. So that was really quite nice to see.

Thomas Forte: Great. First off, Greg, Cary, Thor, and Steve, wow. Three questions, one at a time. Greg, high level, how did the M&A enable you to capitalize on demand versus previous spikes?

Thank you. Your next question is coming from Thomas Forte from Maxim group. Your line is live.

Great. So, first off Greg, Carrie Thor and Steve. Wow.

Speaker #2: I would say that within our within DTC, we had a couple of overachievers and, as I mentioned earlier, JM had a great quarter. Great customer counts.

Um, 3 questions 1 at a time. So, Greg high level, how did the m&a enable you to capitalize on Demand versus previous spikes?

Gregory Roberts: I mean, you know, in what we saw in January and February, we saw an environment where the tide rose for all of our businesses. That was really, you know, really quite nice to see. You know, I would say that within our, you know, within DTC, we had, you know, we had a couple of overachievers. Then, as I mentioned earlier, JM, you know, had a great quarter, great customer counts, great premium spreads. That was great. I think the other thing that I highlighted was we saw a big uptick in our LPM business in Hong Kong and Singapore. Again, it was new for us.

Greg Roberts: I mean, you know, in what we saw in January and February, we saw an environment where the tide rose for all of our businesses. That was really, you know, really quite nice to see. You know, I would say that within our, you know, within DTC, we had, you know, we had a couple of overachievers. Then, as I mentioned earlier, JM, you know, had a great quarter, great customer counts, great premium spreads. That was great. I think the other thing that I highlighted was we saw a big uptick in our LPM business in Hong Kong and Singapore. Again, it was new for us.

Speaker #2: Great premium spreads. So that was great. I think the other thing that I highlighted was we saw a big uptick in our LPM business in Hong Kong and Singapore.

Speaker #2: And again, it was new for that was new for us because we were able to see what customers in an area of the market that geographically that we hadn't been able to experience what they were capable of before.

Speaker #2: So we were able we were able to benefit from that this quarter. And what we saw were there were days or weeks where China in particular seemed to over outperform our domestic businesses.

Gregory Roberts: That was new for us because we were able to see what customers in an area of the market that, you know, geographically, that we hadn't been able to experience what they were capable of before. We were able to benefit from that this quarter. What we saw were there were, you know, there were days or weeks where, you know, China in particular, seemed to outperform our domestic businesses and a little bit vice versa. It was great data for us to see. We're just very enthusiastic about, you know, about what we were able to accomplish down there with that new acquisition. On the other side of things, you know, certainly the bullion business, you know, would be an overachiever.

Greg Roberts: That was new for us because we were able to see what customers in an area of the market that, you know, geographically, that we hadn't been able to experience what they were capable of before. We were able to benefit from that this quarter. What we saw were there were, you know, there were days or weeks where, you know, China in particular, seemed to outperform our domestic businesses and a little bit vice versa. It was great data for us to see. We're just very enthusiastic about, you know, about what we were able to accomplish down there with that new acquisition. On the other side of things, you know, certainly the bullion business, you know, would be an overachiever.

Um, I mean, the, you know, in in what we saw in January and February, we saw an environment where the tide Rose for all of our businesses. So that was, that was really, you know, really quite nice to see. Um, you know, I I I would say that within our, you know, within DTC we had, you know, we had a couple of overachievers and and, and as I mentioned earlier, JM, you know, had a had a great quarter. Uh great customer counts. Great, great premium spreads. Um, so so that was great. Um, I think the other thing that I highlighted was we saw a big uptick uh, in our LPM business, in Hong, Kong and Singapore. And again, it was it was new for that was new for us because we were able to see what customers

Speaker #2: And a little bit vice versa. But it was great data for us to see. And we're just very enthusiastic about what we were able to accomplish down there with that new acquisition.

Speaker #2: On the other side, of things, certainly the bullion business would be an overachiever. I think collectibles were strong in the quarter. But they didn't because of just the nature of the collectibles business and it didn't benefit as much as the bullion business did.

In in in a in an area of the market that you know, geographically that we hadn't been able to experience what they were capable of before. So we we were able you know we were able to benefit from that this quarter and what we saw were there were you know, there were days or weeks where you know, China in particular um,

Speaker #6: Excellent. All right. And second of three questions, how, if at all, did your strategic partnership with Tether contribute to your performance?

Seemed to over, outperform our domestic businesses and, and a little bit vice versa, but it was great data for us to see. And, um, we're just very enthusiastic about, you know, about what, what, what we were able to accomplish down there with that, with that new acquisition. Um, you know, on the other side, uh, of things, you know, certainly the bullion business

Gregory Roberts: I think collectibles were strong in the quarter, because of just the nature of the collectibles business and it didn't benefit as much, you know, as the bullion business did.

Greg Roberts: I think collectibles were strong in the quarter, because of just the nature of the collectibles business and it didn't benefit as much, you know, as the bullion business did.

Speaker #2: Well, in this particular quarter, I think it had it did contribute. I wouldn't say it was greatly significant. But as we've onboarded Tether as a trading partner, I think one of the most exciting things that you'll see in our numbers is just one part of our business that I've highlighted that is super important for us right now is our storage business.

You know, would be an overachiever, I think Collectibles were strong in the quarter, but they didn't because of the, just the nature of the Collectibles business and and it it didn't benefit as much, uh, you know, as the bullion business did.

Thomas Forte: Excellent. All right, second of three questions. How, if at all, did your strategic partnership with Tether contribute to your performance?

Excellent. All right and then second of 3 questions how if at all did your strategic partnership with tether contribute to your performance?

Gregory Roberts: Well, in this particular quarter, you know, I think it did contribute. I wouldn't say it was greatly significant. But as we've onboarded Tether as a trading partner, I think one of the, you know, one of the most exciting things that you'll see in our numbers is just one part of our business that I've highlighted that is super important for us right now is our storage business. You know, with Tether's help as well as Monex, from 31 December 2025 to 31 March 2026, we've gone from $1.1 billion in storage, and we've doubled that, you know, where I think we are today in May of $2.2 billion.

Greg Roberts: Well, in this particular quarter, you know, I think it did contribute. I wouldn't say it was greatly significant. But as we've onboarded Tether as a trading partner, I think one of the, you know, one of the most exciting things that you'll see in our numbers is just one part of our business that I've highlighted that is super important for us right now is our storage business. You know, with Tether's help as well as Monex, from 31 December 2025 to 31 March 2026, we've gone from $1.1 billion in storage, and we've doubled that, you know, where I think we are today in May of $2.2 billion.

um, well in in, in this particular quarter, um,

Speaker #2: And with Tether's help as well as MONEX, from 12/31/25 to 3/31/26, we've gone from 1.1 billion in storage and we've doubled that where I think we are today in May of 2.2 billion dollars.

Speaker #2: So and as we said in the in our release as it related to Tether, storage is a big part of our strategic relationship with them, along with our the leasing arrangements, the gold leasing arrangements we have with them, which are now currently above what we had projected in the release.

You know, I think, I think it it had it, did contribute. Um, I I wouldn't say it was greatly significant. Um, but as as we've onboarded tether, uh, as a trading partner, um, I I think 1 of the, you know, 1 of the most exciting things that you'll see in our numbers, um, is just 1, what 1 part of our business that I've highlighted that is super important for us. Right now, is our storage business.

Gregory Roberts: You know, and as we said in our release as it related to Tether, storage is a big part of our strategic relationship with them, along with our, you know, the leasing arrangements, the gold leasing arrangements we have with them, which are now currently above what we had projected in the release. You know, we're getting those benefits now and, you know, in this quarter, in the current quarter.

Speaker #2: So we're getting those benefits now. And in this quarter. In the current quarter.

Greg Roberts: You know, and as we said in our release as it related to Tether, storage is a big part of our strategic relationship with them, along with our, you know, the leasing arrangements, the gold leasing arrangements we have with them, which are now currently above what we had projected in the release. You know, we're getting those benefits now and, you know, in this quarter, in the current quarter.

Speaker #6: Excellent. All right. Last one, Greg. So can you give us your current thoughts on your one-time dividend philosophy?

Speaker #2: Sure. I think we have explored the special dividend in the past. We have rewarded I guess shareholders when we've had a great year. I think that we have we're very active right now.

Thomas Forte: Excellent. All right, last one, Greg. Can you give us your current thoughts on your one-time dividends philosophy?

And, um, you know, with with tethers help as well as Monex. Um, from from 123125 to 331.26. We've gone from 1.1 billion in storage. And we've doubled that, you know, where I think we are today. Uh, uh, you know, in May of 2.2 billion dollars. So, um, you know, and and and as we said in the in our release, as it related to tether storage is a big part of of our strategic relationship with them along with our, um, you know, the leasing Arrangements, the gold leasing Arrangements, we have with them, which are now, uh, currently above, uh, what what we had projected in the release. So, you know, we're getting those benefits now. And, um, you know, in this quarter

Actually. All right. Last 1 Gregorian philosophy.

Speaker #2: And we have a lot of opportunities still in front of us. So as I have said before, there's five things that I really look at as it relates to deployment of capital.

Gregory Roberts: Sure. You know, I think we have explored the special dividend in the past. We have rewarded, you know, I guess, shareholders when we've had a great year. You know, I think that we're very active right now, and we have a lot of, you know, opportunities still in front of us. As I have said before, you know, there's 5 things that I really look at as it relates to deployment of capital. You know, paying down debt, strategic inventory increases, acquisitions, share buyback, and dividends. Based on the performance that we are seeing from our acquisitions right now, you know, I would continue to probably put that near the top of the list, as things we're looking at.

Greg Roberts: Sure. You know, I think we have explored the special dividend in the past. We have rewarded, you know, I guess, shareholders when we've had a great year. You know, I think that we're very active right now, and we have a lot of, you know, opportunities still in front of us. As I have said before, you know, there's 5 things that I really look at as it relates to deployment of capital. You know, paying down debt, strategic inventory increases, acquisitions, share buyback, and dividends. Based on the performance that we are seeing from our acquisitions right now, you know, I would continue to probably put that near the top of the list, as things we're looking at.

Speaker #2: Paying down debt. Strategic inventory increases. Acquisitions. Share buyback. And dividends. And based on the performance that we are seeing from our acquisitions right now, I would continue to probably put that near the top of the list as things that we're looking at.

Uh, sure. Um, you know, I think we, we have, um, explored the special dividend in the past. Uh, we have um, rewarded, uh, you know, I guess shareholders, when we've had a great year. Um,

You know, I think that we have, we're very active right now. We have a lot of, you know, opportunity still in front of us. So, as I have said before, um, you know, there's 5 5, things that I really look at, as it relates to deployment of capital, um,

Speaker #2: And I think we're doing a good job right now on in a number of ways cutting down paying down debt and lowering our interest expense.

You know, paying down debt, um,

Speaker #2: And then dividends and share buyback will continue. But I like to see I'd like to see how the fourth quarter shapes up here before we get too far down the road on a special dividend.

Acquisitions, share buyback and dividends. Uh, and um, you know, based on the performance that we are seeing from our Acquisitions right now. Um, you know, I would continue to probably

Gregory Roberts: You know, I think we're doing a good job right now on, in a number of ways, cutting debt, you know, paying down debt and lowering our interest expense. You know, dividends and share buyback will continue. I'd like to see how the Q4 shapes up here before we get too far down the road on a special dividend.

Greg Roberts: You know, I think we're doing a good job right now on, in a number of ways, cutting debt, you know, paying down debt and lowering our interest expense. You know, dividends and share buyback will continue. I'd like to see how the Q4 shapes up here before we get too far down the road on a special dividend.

Put that near the top of the list, uh, as as things that things were looking at. And, um,

Speaker #6: Thank you, Greg.

Speaker #5: Thank you. Your next question is coming from Andrew Scott from Roth Capital Partners. Your line is live.

You know, I think we're doing a good job right now on on, uh, in a number of ways cutting down, you know, paying down debt and and, and lowering our interest expense.

Speaker #7: Hey, guys. Congrats on the really strong results and thanks for taking my questions. First one for me, can you just help us understand the a little bit of our billion-dollar increase in restricted inventory?

Uh and and then you know, dividends and share buyback will continue. But I I like to see, I'd like to see how the fourth quarter shapes up here. Before we we get too far down the road on a special dividend.

Thomas Forte: Thank you, Greg.

Thank you, Greg.

Speaker #7: And then kind vein, with the addition of Sunshine Mint, kind of how that'll help you manage your inventory moving forward?

Operator: Thank you. Your next question is coming from Andrew Scutt from Roth Capital Partners. Your line is live.

Thank you. Your next question is coming from, Andrew, Scott from Roth Capital Partners. Your line is live.

Andrew Scutt: Hey, guys. Congrats on the really strong results, thanks for taking my questions. First one from me. Can you just help us understand the, you know, a little bit of our billion-dollar increase in restricted inventory? Kind of in the same vein, with the addition of Sunshine Mint, kind of how that'll help you manage your inventory moving forward?

Speaker #2: Yeah. I think there are two different things. I think the inventory as we've talked about before you had a situation in January and February as we've talked about where you had record spot prices.

Speaker #2: So you had days where silver was 120 dollars and gold was 5,500 dollars. That is going to just naturally increase our restricted inventory or our total inventory because the spot price affects if we have the same amount of ounces we're going to have higher inventories.

Hey guys, congrats on the uh, really strong results in that. Thanks for taking my questions. Um, first 1 for me, uh, can you just help us understand the uh, you know, the a little bit of our billion dollar increase in restricted inventory. And then kind of in the same vein um with the uh edition of sunshine mint. Um kind of have that that'll help you manage your your inventory moving forward.

Gregory Roberts: Yeah. I think they're two different things. You know, I think the inventory, as we've talked about before, you had a situation in January and February, as we've talked about, where you had record spot prices. You had days where silver was $120 and, you know, gold was $5,500. That is going to just naturally increase our restricted inventory or our total inventory because the spot price affects if we have the same amount of ounces, we're gonna have higher inventories. I think, as I said earlier, we pivoted very quickly from November, early December, where we were, you know, we had some headwinds, and holding more inventory cost us a significant amount more because of the backwardation issue.

Greg Roberts: Yeah. I think they're two different things. You know, I think the inventory, as we've talked about before, you had a situation in January and February, as we've talked about, where you had record spot prices. You had days where silver was $120 and, you know, gold was $5,500. That is going to just naturally increase our restricted inventory or our total inventory because the spot price affects if we have the same amount of ounces, we're gonna have higher inventories. I think, as I said earlier, we pivoted very quickly from November, early December, where we were, you know, we had some headwinds, and holding more inventory cost us a significant amount more because of the backwardation issue.

Speaker #2: I think as I said earlier, we pivoted very quickly from November, early December where we were we had some headwinds and holding more inventory cost us a significant amount more because of the backwardation issue.

Speaker #2: By the time we got to mid-December or January, we could see the environment was demanding more inventory from us to accomplish these numbers that we're reporting.

Yeah, I think there are 2 different things. Um, you know, I think the inventory as we've talked about before. You, you had a situation in January and February, as we've talked about where you had records spot prices. So you had days where silver was $120 and you know, gold was 5,500. That is going to just naturally, increase our restricted inventory, or, or our total inventory because the the, the spot price effects if we have the same amount of ounces, uh, we're going to have higher inventories.

Speaker #2: So we were able to pivot very quickly. I think that our Silver Town Mint first and foremost was able to ramp up and get us product again when there was periods where our competition didn't have product.

I think, as I said earlier, we pivoted very quickly from November, early December, where we were

Gregory Roberts: You know, by the time we got to mid-December or January, we could see the environment was demanding more inventory from us to accomplish these numbers that we're reporting. We were able to pivot very quickly. I think that, you know, our SilverTowne Mint, first and foremost, was able to ramp up and get us product, again, when there was periods where our competition didn't have product, and we were able to satisfy that demand. As it relates to Sunshine, you know, we've announced that we've gone from a 45% approximate ownership interest to a 100%. We thank Tom Power, the founder, for all that he did.

Greg Roberts: You know, by the time we got to mid-December or January, we could see the environment was demanding more inventory from us to accomplish these numbers that we're reporting. We were able to pivot very quickly. I think that, you know, our SilverTowne Mint, first and foremost, was able to ramp up and get us product, again, when there was periods where our competition didn't have product, and we were able to satisfy that demand. As it relates to Sunshine, you know, we've announced that we've gone from a 45% approximate ownership interest to a 100%. We thank Tom Power, the founder, for all that he did.

Speaker #2: And we were able to satisfy that demand. As it relates to Sunshine, we've announced that we've gone from a 45% approximate ownership interest to 100%.

Speaker #2: And we thank Tom Power, the founder, for all that he did. And we made the decision which the process started towards the end of calendar '25.

You know we had some headwinds and and holding more inventory cost us a significant amount more because of the backwardation issue. Um you know by the time we got to mid December or January, um, we could see the environment was demanding more inventory from us to to, to accomplish these numbers that were reported. So we, we were able to Pivot very quickly, um, I think that, you know, our silvertowne mint.

Speaker #2: But that Tom was ready to retire. And it was great timing for us as we moved into the very active period. And I think we did benefit we benefited from our minority interest in Sunshine.

Gregory Roberts: We, you know, made the decision, which, you know, the process started towards the end of calendar 2025, but that Tom Power was ready to retire. It was great timing for us as we moved into the very active period. I think we did benefit. You know, we benefited from our minority interest in Sunshine. Then, you know, today, you know, now owning 100%, we will be able to even have greater control over what products Sunshine is making. I just wanna shout out to Jamie Meadows, you know, our new president of Minting, and Jason, the president of Sunshine.

Greg Roberts: We, you know, made the decision, which, you know, the process started towards the end of calendar 2025, but that Tom Power was ready to retire. It was great timing for us as we moved into the very active period. I think we did benefit. You know, we benefited from our minority interest in Sunshine. Then, you know, today, you know, now owning 100%, we will be able to even have greater control over what products Sunshine is making. I just wanna shout out to Jamie Meadows, you know, our new president of Minting, and Jason, the president of Sunshine.

Speaker #2: And then today, now owning 100%, we will be able to even have greater control over what product Sunshine is making and I just want to shout out to Jamie Meadows our new president of minting.

First and foremost was able to ramp up and get us product again when there was periods where our competition didn't have product and and we were able to satisfy that demand um as it relates to Sunshine. Um, you know, we we've announced that we've gone from a 45%, approximate ownership interest to 100%, uh, and we thank Tom power, the founder for all that he did. And, um, we, you know, made the decision uh, which which, you know

Speaker #2: And Jason, the president of Sunshine, as Tom has retired, those two are going to really lead our minting operations. And I'm very confident and very much looking forward to what they're going to be able to do together having Silver Town and Sunshine with a slightly closer relationship.

Speaker #7: Great. Well, I appreciate the call there. And second one for me, you guys have kind of demonstrated an ability in the past to extract some SG&A synergies from JMB.

Gregory Roberts: As Tom has retired, those two are going to really lead our minting operations. I'm very confident and very much looking forward to what they're going to be able to do together, having SilverTowne and Sunshine with a slightly closer relationship.

Greg Roberts: As Tom has retired, those two are going to really lead our minting operations. I'm very confident and very much looking forward to what they're going to be able to do together, having SilverTowne and Sunshine with a slightly closer relationship.

Speaker #7: And other acquisitions. So as we look at recent acquisitions like Monex, the rest of Atkinson's, Sunshine, can you just kind of help us understand if there's some SG&A synergies you guys can reap over the next couple of quarters?

The process started towards the end of of calendar, 25, uh, but that Tom was ready to retire and it was great. Timing for us, uh, as we moved into the very active period, And I think we did benefit, um, you know, we benefited from from our mind minority interest in sunshine. Uhh, and then, you know, today, you know, now owning a 100%, um, we we, we will be able to even have greater control over what products Sunshine is making. And, and I just want to a shout out to Jamie Meadows, uh, uh, you know, the what our new president of minting and um, Jason the president of sunshine, uhh, as Tom has retired, those 2 are going to really lead our minting operations and I'm and I'm I'm very confident and very much looking forward to what they're they're going to be able to do together um having silver tone and sunshine with a slightly closer relation.

Andrew Scutt: Great. Well, appreciate the color there. Second one from me. You know, you guys have kind of demonstrated an ability in the past to extract some SG&A synergies from JMB and other acquisitions. As we look at recent acquisitions like Monex, the rest of the AMS's, Sunshine, can you just kind of help us understand if there's, you know, some SG&A synergies you guys can reap over the next couple quarters?

Speaker #2: Yeah. I mean, I think everybody on our side and on our team are looking for synergies from an SG&A perspective. I think we also are looking for synergies where we can create more gross profit between all the companies.

Speaker #2: A quarter like this really throws a lot of the comparison numbers a little bit out of whack because to do 10 billion in sales, we're going to spend more money doing it.

Gregory Roberts: I mean, I think everybody on our side and, you know, on our team are looking for synergies from an SG&A perspective. You know, I think we also are looking for synergies where we can create more gross profit between all the companies. You know, a Q like this really throws, you know, a lot of the, you know, comparison numbers a little bit out of whack because to do $10 billion in sales, we're gonna spend more money doing it.

Greg Roberts: I mean, I think everybody on our side and, you know, on our team are looking for synergies from an SG&A perspective. You know, I think we also are looking for synergies where we can create more gross profit between all the companies. You know, a Q like this really throws, you know, a lot of the, you know, comparison numbers a little bit out of whack because to do $10 billion in sales, we're gonna spend more money doing it.

Great. Well, appreciate the caller there and uh, second 1 for me. Um, you know, you guys, it's kind of demonstrated an ability in the past uh to to extract some sgna synergies from jmb and and other Acquisitions. So as we look um at recent acquisitions like Monex the rest of the Athens. Um, Sunshine. Can you just, uh, kind of help us understand if there's um, you know, some sgna synergies. You guys can uh, can reap over the next couple quarters.

Speaker #2: And I mean, this number is quite astounding to really think that we had it wasn't that long ago where a 5 billion dollar year was good for us.

Yeah. I mean, I think everybody on on our side and, you know, on our team as are looking for synergies, uh, from an sgna perspective. Um,

Speaker #2: And now we've achieved a 10 billion dollar quarter which I think is it's going to cause the variable parts of our SG&A are going to increase.

Gregory Roberts: I mean, this number is quite astounding to really think that, you know, we had It wasn't that long ago where a $5 billion a year was good for us, and now we've, you know, we've achieved a $10 billion quarter, which I think is, you know, it's going to cause, you know, the variable parts of our SG&A are going to increase. You know, the market environment the next six months is really going to dictate, you know, where we can find those cost savings and where we can, you know, look at our overall SG&A and find places where we can work on it. We're focused on it, so we're, you know, we're always looking at it.

Greg Roberts: I mean, this number is quite astounding to really think that, you know, we had It wasn't that long ago where a $5 billion a year was good for us, and now we've, you know, we've achieved a $10 billion quarter, which I think is, you know, it's going to cause, you know, the variable parts of our SG&A are going to increase. You know, the market environment the next six months is really going to dictate, you know, where we can find those cost savings and where we can, you know, look at our overall SG&A and find places where we can work on it. We're focused on it, so we're, you know, we're always looking at it.

Speaker #2: The market environment the next six months is really going to dictate where we can find those cost savings and where we can look at our overall SG&A and find places where we can work on it.

Speaker #2: We're focused on it. So we're always looking at it. But I do think that investors should recognize and I think we're very proud of our ability that when the market shifts to what was a very strong tailwind in this quarter, we were able to pivot and our earnings potential which is a question I get asked a lot, what is that earning potential?

A a quarter like this really throws, you know, a lot of the, you know, comparison numbers a little bit out of whack because to do 10 billion in sales, we're we're going to spend more money doing it. And I mean this this number is quite astounding to to really think that, you know, we we had it wasn't that long ago where a 5 billion year was good for us. And and now we've, you know, we've achieved a 10 billion quarter, which I I think is

you know, it's going to cause um,

Speaker #2: Well, this was one of those examples of in the current environment with our acquisitions and with our ability to access capital very quickly. This was a this really illustrated what that earning potential is.

Gregory Roberts: I do think that, you know, investors should recognize, and I think we're very proud of our ability that when the market shifts to, what was a very strong tailwind in this quarter, we were able to pivot and our earnings potential, which is a question I get asked a lot, what is that earning potential? Well, you know, this was one of those examples of in the current environment with our acquisitions and with our ability to access capital very quickly, you know, this was a, you know, this really illustrated what that earning potential is.

Greg Roberts: I do think that, you know, investors should recognize, and I think we're very proud of our ability that when the market shifts to, what was a very strong tailwind in this quarter, we were able to pivot and our earnings potential, which is a question I get asked a lot, what is that earning potential? Well, you know, this was one of those examples of in the current environment with our acquisitions and with our ability to access capital very quickly, you know, this was a, you know, this really illustrated what that earning potential is.

You know, the variable parts of our sgna are going to increase um, you know, the the market environment. The next 6 months is really going to dictate, you know, where we can find those cost savings and where we can, you know, look at our overall sgna and find places where we can we can work on it, we're focused on it. So we're, you know, we're always looking at it, but I I do think that, you know, investors should recognize and and I think we're very proud of our ability that when the market

Speaker #7: Understood. And once again, kudos on the great quarter.

Speaker #2: Thank you.

Shifts to what was a very strong tailwind in this quarter, we were able to pivot, and our earnings potential—which is a question I get asked a lot: what is that earning potential? Well,

Speaker #8: Thank you. And once again, everyone, if you have any questions or comments, please press star then one on your phone. Your next questions coming from Sai Jacobs from Jam Partners.

Speaker #8: Your line is live.

Speaker #5: Hey, Greg.

you know, this, this was 1 of those examples of of in the current environment with our Acquisitions and with our ability to access Capital very quickly, um, you know, this was a, you know, this really Illustrated, what that earning potential is

Andrew Scutt: Understood. Once again, kudos on the great quarter.

Speaker #2: Hi, Sai.

Speaker #5: I just wanted to ask two questions. First, just digging down into the discussion earlier, we discussed the last quarter. The shift in hedging costs from negative to positive.

Gregory Roberts: Thank you.

Greg Roberts: Thank you.

Understood and uh, once again, Kudos on the uh, the great quarter.

Thank you.

Operator: Thank you. Once again, everyone, if you have any questions or comments, please press Star then one on your phone. Your next question's coming from Sy Jacobs from JAM Partners. Your line is live.

Speaker #5: And especially silver went from backwardation to contango. The way I remember it is that it was still really bad at the end of the year and January.

Thank you. And once again, everyone if you have any questions or comments, please press star, then 1 on your phone.

Your next question is coming from Psy Jacobs. From Jam Partners, your line is live.

Sy Jacobs: Hey, Greg.

Gregory Roberts: Hi, Cy.

Greg Roberts: Hi, Cy.

Hey, Greg.

Sy Jacobs: Just wanted to ask two questions.

Hi.

Speaker #5: Badly in backwardation and costing you money. And I think on the last call you quantified exactly not exactly, but generally how much it was costing you and hedging costs.

Sy Jacobs: Just digging down into the discussion earlier, when we discussed the last quarter, this shift in hedging costs from negative to positive.

Speaker #5: Was this quarter you seem to be talking about this quarter on this call as if it really benefited from return to contango. But it seems to me that happened during the quarter, maybe like halfway through the quarter.

Gregory Roberts: Yep

Sy Jacobs: Especially silver went from backwardation to contango. The way I remember it is that it was still really bad at the end of the year and January.

first I'm just digging down into the discussion earlier um and we discussed the last quarter um this the shift in hedging costs from negative to positive and

Sy Jacobs: badly in backwardation and costing you money. I think on the last call you quantified exactly, not exactly, but generally how much it was costing you in hedging costs.

Speaker #5: So is this coming quarter the April through June quarter effectively going to be the first full quarter where you're benefiting? Or did you see the full benefit in the first quarter in the first quarter?

Gregory Roberts: Yep.

Sy Jacobs: With this quarter, you know, you seem to be talking about this quarter on this call as if it really benefited, from return to contango, but it seems to me that happened during the quarter, maybe like halfway through the quarter. Is this coming Q2, you know, the April through June Q2, effectively gonna be the first full quarter where you're benefiting or did you see the full benefit in Q1 now?

Speaker #2: Definitely not. You are correct. That we experienced backwardation and higher lease costs and higher repo costs. Those definitely continued. Through the first half of the quarter, I would say.

Especially silver went from backwardation to contango. The way. I remember it is that it was still really bad at the end of the year and and January, um, you know, badly and backwardation and costing you money and I think on the last call you Quantified exactly. Uh, not exactly. But generally how much it was costing you and hedging costs was this quarter. Um you know, you you you seem to be talking about this quarter on this call as this as if it really benefited, um, from Return to contango. But it seems to me that happened during the quarter.

Gregory Roberts: Yep.

Sy Jacobs: Is this coming Q2, you know, the April through June Q2, effectively gonna be the first full quarter where you're benefiting or did you see the full benefit in Q1 now?

Speaker #2: And when we hit the record spot prices, our transactional business was extraordinary. But we still had higher than what we higher expense and we still had the backwardation issue.

Gregory Roberts: No. Definitely not. You are correct that we experienced backwardation and higher lease costs and higher repo costs. Those definitely continued through the first half of the quarter, I would say. When we hit the record spot prices, our transactional business was extraordinary, but we still had, you know, higher than what we, you know, higher expense and we still had the backwardation issue. I would say you are correct that things have normalized in March and definitely in April.

Greg Roberts: No. Definitely not. You are correct that we experienced backwardation and higher lease costs and higher repo costs. Those definitely continued through the first half of the quarter, I would say. When we hit the record spot prices, our transactional business was extraordinary, but we still had, you know, higher than what we, you know, higher expense and we still had the backwardation issue. I would say you are correct that things have normalized in March and definitely in April.

Speaker #2: I would say you are correct. That things have normalized. In March. And definitely in April. And then obviously the investment from Tether both in the stock purchase as well as the leases that we are currently transacting with them those have had a positive effect on our interest expense, our carry costs, and our ability to pay down our dollar lines.

Or maybe like halfway through the quarter. So is this coming quarter? Um you know, the April through June quarter uh the fact that we going to be the first full quarter where you're benefiting or or did you see the full benefit in the in the F in the first quarter in the first half? Definitely not, you are correct that that we we experienced backwardation and and higher lease costs and higher repo costs. Those those definitely continued uh through the first

Speaker #2: So yeah, this current Q4 will be the full first full quarter in a while that we've we haven't had those headwinds.

Gregory Roberts: You know, obviously the investment from Tether, both in the stock purchase as well as the leases that we are currently transacting with them, those have had a positive effect on our interest expense, our carry costs, and, you know, our ability to pay down our dollar lines. Yeah, this current Q4 will be the first full quarter in a while that, you know, we haven't had those headwinds.

Greg Roberts: You know, obviously the investment from Tether, both in the stock purchase as well as the leases that we are currently transacting with them, those have had a positive effect on our interest expense, our carry costs, and, you know, our ability to pay down our dollar lines. Yeah, this current Q4 will be the first full quarter in a while that, you know, we haven't had those headwinds.

Speaker #5: Okay. Great. And then I wanted to shift gears you mentioned earlier and in the release this as part of the Tether transaction you bought 20 million dollars of XAUT.

First half of the quarter, I would say. And when we hit the record spot prices, um, our transactional business was it was extraordinary but we, we still have, um, you know, you know, ex higher than what we, you know, higher expense and, and we still had the backwardation issue. I, I would say you are correct that things have normalized, uh, in March, uh, and and definitely in April. Um, and then, you know, obviously the um, investment from tether, uh, both in the stock purchase, as well as the, um, leases that that we are are currently transacting with them. Those have had a positive effect on our interest expense, our carry costs and, you know, our ability to pay down our dollar lines.

Speaker #5: Stablecoin. I'd love to know what the strategy is there, what that lays the groundwork for. I think you mentioned or I heard elsewhere XAUT or Tether gold stablecoin is not fully tradable or it's not it's really an overseas offshore thing.

Sy Jacobs: Okay, great. I wanted to shift gears. You mentioned earlier and in the release, you know, this as part of the Tether transaction, you bought $20 million of XAUt stablecoin. You know, I'd love to know what the strategy is there, what that lays the groundwork for. I think you mentioned or I heard elsewhere, you know, XAUt or Tether Gold stablecoin is not fully tradable or it's not, you know, it's really an overseas offshore thing.

So so yeah. This this this current Q4 will be the full full first full quarter in a while that, you know that we've we haven't had those headwinds

Speaker #5: And there are restrictions in owning it or redeeming it in the United States. So I'm guessing the 20 million dollar investment is not because you want to be 20 million dollars more long gold.

Speaker #5: There's some sort of business laying the groundwork to be able to do something in the future that you're not able to do now. Can you just expand on what the strategy is?

Sy Jacobs: There are restrictions in owning it or redeeming it in the United States. I'm guessing the $20 million investment is not because you wanna be $20 million more long gold. It's there's some sort of business, you know, laying the groundwork to be able to do something in the future that you're not able to do now. Can you just expand on what the strategy is?

Speaker #2: Yeah. I'll expand a little bit. But I'm not trying to give away all of our launch codes here. I think that to start, we invested 20 million US dollars in XAUT.

Really uh, an overseas offshore thing. Uh, and there are restrictions in owning it or redeeming it in the United States. So I'm guessing

the 20 million dollar investment is not because you want to be 20 million dollars, more long gold.

Um, it's there's some sort of business.

Speaker #2: I believe our average cost is around 4,700 dollars spot so about where it is right now. We are unhedged on that as we have disclosed before.

You know, laying the groundwork to be able to do something in the future that you're not able to do now, can you just expand on what the strategy is?

Gregory Roberts: Yeah, I'll expand a little bit, but, you know, I'm not trying to give away all of our launch codes here. You know, I think that, you know, to start, we invested $20 million in XAUt. I believe our average cost is around $4,700 spot, so about where it is right now. We are unhedged on that as we have disclosed before. We're long $20 million worth of gold.

Greg Roberts: Yeah, I'll expand a little bit, but, you know, I'm not trying to give away all of our launch codes here. You know, I think that, you know, to start, we invested $20 million in XAUt. I believe our average cost is around $4,700 spot, so about where it is right now. We are unhedged on that as we have disclosed before. We're long $20 million worth of gold.

Speaker #2: So we're long 20 million dollars worth of gold. The exercise of opening account that we have now opened and the kind of the plumbing or the way that we've handled these transactions and understanding what it really means to buy XAUT and hold it in a wallet we're now familiar with that.

Gregory Roberts: The exercise of opening an account that we have now opened and the kind of the plumbing or the way that we've handled these transactions and understanding what it really means to buy XAUt and hold it in a wallet, we're now familiar with that and we've completed the onboarding process that we needed to. You know, there's onboarding with a digital bank as well as we're working on some onboarding with Tether directly. I do believe there is an opportunity for us to get further, you know, get further involved in XAUt as part of our DTC network. I think there's probably going to be some trading opportunities for us.

Speaker #2: And we've completed the onboarding process that we needed to. And there's onboarding with a digital bank as well as we're working on some onboarding with Tether directly.

Greg Roberts: The exercise of opening an account that we have now opened and the kind of the plumbing or the way that we've handled these transactions and understanding what it really means to buy XAUt and hold it in a wallet, we're now familiar with that and we've completed the onboarding process that we needed to. You know, there's onboarding with a digital bank as well as we're working on some onboarding with Tether directly. I do believe there is an opportunity for us to get further, you know, get further involved in XAUt as part of our DTC network. I think there's probably going to be some trading opportunities for us.

Uh, yeah, I I'll expand a little bit but, you know, I'm not trying to give give away all of our, uh, launch codes here. Um, you know, I I I think that, you know, to start we, we invested 20 million US dollars in xaut. Uh, I believe our average cost is around 4,700 spot. So about where it is right now, uh, we are unhedged on that as we have have disclosed before, so uh we're long 20 million dollars worth of gold, um, the exercise of opening the account that that, uh, we have now opened and the kind of the

Speaker #2: I do believe there is an opportunity for us to get further get further involved in XAUT. As part of our DTC network, I think there's probably going to be some trading opportunities for us.

The plumbing or the way that that we, we've handled these transactions and understanding what it really means to buy xaut and hold it in a wallet. Um, we we we're now familiar with that and and we've completed the onboarding process that we needed to. Um, and you know, there's there's

Speaker #2: The ability to trade Tether truly 24/7 at some pretty good volumes and trade XAUT and Tether I think is going to be valuable for us.

Onboarding with uh with a digital Bank as well as as we're we're working on some onboarding with with tether directly. Um I do believe there is an opportunity for us.

To.

um,

Speaker #2: We've seen the volumes and what we can expect in XAUT over the weekend. I think there could be some opportunities there. I think we're going to go down the path of a gold.com wallet is something that we're working on.

Gregory Roberts: The ability to trade Tether truly 24/7 at some pretty good volumes, and trade XAUT and Tether, I think is going to be valuable for us. We've seen, you know, the volumes and what we can expect in XAUT over the weekend. I think there could be some opportunities there. I think we're going to go down the path of, you know, a Gold.com wallet is something that we're working on. I believe that, you know, giving our customers the ability to have access to XAUT and the ability to redeem XAUT for physical, as I said on the last call, I think that redemption feature, which is not currently in place for XAUT holders, I think is going to be a good opportunity for Gold.com.

Greg Roberts: The ability to trade Tether truly 24/7 at some pretty good volumes, and trade XAUT and Tether, I think is going to be valuable for us. We've seen, you know, the volumes and what we can expect in XAUT over the weekend. I think there could be some opportunities there. I think we're going to go down the path of, you know, a Gold.com wallet is something that we're working on. I believe that, you know, giving our customers the ability to have access to XAUT and the ability to redeem XAUT for physical, as I said on the last call, I think that redemption feature, which is not currently in place for XAUT holders, I think is going to be a good opportunity for Gold.com.

get further, you know, get further involved in in xaut uh as part of our DTC Network. I I think there's probably going to be some trading opportunities for us.

Speaker #2: And I believe that giving our customers the ability to have access to XAUT and the ability to redeem XAUT for physical as I said on the last call I think that redemption feature which is not currently in place for XAUT holders I think is going to be a good opportunity for gold.com.

uh, the ability to trade tether truly 24/7 at some pretty good, um, volumes uh, and trade xaut and tether I think is um

Speaker #2: As it relates to whether it's outside the US or inside the US as it relates to holders of XAUT we're still researching that. I mean at the moment it looks like that will be more of an international opportunity for us than it is a domestic opportunity.

Speaker #2: But we're still vetting that.

Gregory Roberts: As it relates to, you know, whether it's outside the US or inside the US as it relates to holders of XAUT, you know, we're still researching that. I mean, at the moment, you know, it looks like that will be more of an international opportunity for us than it is a domestic opportunity. We're still vetting that.

Greg Roberts: As it relates to, you know, whether it's outside the US or inside the US as it relates to holders of XAUT, you know, we're still researching that. I mean, at the moment, you know, it looks like that will be more of an international opportunity for us than it is a domestic opportunity. We're still vetting that.

Going to be valuable for us. Um, we we, we've seen, you know, the volumes and, and what we can expect in xaut over the weekend, I think there could be some opportunities there. Um, I I think we're going to go down the path of, you know, a gold.com wallet, uh, is something that we're working on. And I, I, I believe that, you know, giving our customers the ability to, to, to have access to, to xaut, uh, and the ability to redeem, uh, xaut for physical as we've, as I said on the last call. Um, I I think that Redemption feature, which is not currently in place for XA, xaut holders. I think is, is going to be a good opportunity for gold.com.

Speaker #5: Okay. And then last question on the rebranding to gold.com. We saw the launch of the kind of unified website that feeds into all your different brands.

Speaker #5: Can you just talk a little bit about what benefits you've seen so far on the marketing front? I think there was discussion about offering sort of gold.com branded services, financial services, all that stuff.

Um as it relates to, you know, whether it's it's outside the US or inside the us as it relates to Holders of of of xaut, um, you know, we're still researching that. I mean at the moment you know it looks like that will be more of a an international opportunity for us than it is a domestic opportunity uh but but we're still vetting that

Sy Jacobs: Okay. Last question on the rebranding to Gold.com. You know, we saw the launch of the kind of unified website that feeds into all your different brands. Can you just talk a little bit about, you know, what benefits you've seen so far on the marketing front? You know, I think there was discussion about, you know, offering, you know, sort of Gold.com branded services, financial services, all that stuff. What's the update on the rebranding and the benefits you see and what's maybe some that are still on the come?

Speaker #5: What's the update on the rebranding and the benefits you see and what's maybe some that are still on the come?

Speaker #2: Yeah. I mean so far the rebranding has gone great. I'm speaking to new shareholders all the time. I think that in hindsight it was an exceptional move and I think it's been good for the company to kind of get everything under one umbrella brand.

Speaker #2: As we go forward we continue to work on a gold.com credit card. Which is something that we feel like is important to give our DTC customers an opportunity to connect even better with gold.com.

Gregory Roberts: Yeah. I mean, so far the rebranding has gone great. I'm speaking to new shareholders all the time. I think that, you know, in hindsight, it was a, you know, an exceptional move and I think it's been good for the company to kinda get everything under one umbrella brand. You know, as we go forward, you know, we continue to work on a Gold.com credit card, which is something that, you know, we feel like is important to give our DTC customers an opportunity to connect even better with Gold.com. That is on the to-do list. I won't say we're in the red zone yet, but, you know, we're probably on the other side of the 50.

Greg Roberts: Yeah. I mean, so far the rebranding has gone great. I'm speaking to new shareholders all the time. I think that, you know, in hindsight, it was a, you know, an exceptional move and I think it's been good for the company to kinda get everything under one umbrella brand. You know, as we go forward, you know, we continue to work on a Gold.com credit card, which is something that, you know, we feel like is important to give our DTC customers an opportunity to connect even better with Gold.com. That is on the to-do list. I won't say we're in the red zone yet, but, you know, we're probably on the other side of the 50.

Okay. And then last question on the rebranding to gold.com, you know, we saw the launch of the kind of unified website that feeds into all your different brands. Um, can you just talk a little bit about, you know, what benefits you've seen so far? Uh, on the marketing front, you know, I think there was discussion about, you know, offering you know, sort of gold.com branded um, services financial services, all that stuff. What's um, the update on on the rebranding and the the benefits you see and the what's maybe some that are still on the come?

Yeah, I, um, I mean so far the rebranding has gone great. Uh, we're I'm speaking to to new shareholders all the time. Um, I I think that

Speaker #2: So that is on the to-do list. I won't say we're in the red zone yet but we're probably on the other side of the 50.

You know, in hindsight it was a you know, an exceptional move and and I think it's been good for the company to kind of get everything under 1 umbrella brand. Um,

Speaker #2: So I'm looking forward to that and then exploring how that gold.com credit card may connect with other opportunities on the digital

You know as as as we go forward. Um you know we continue to work on a gold.com credit card uh which is something that

You know, we feel like is important uh, to give our our DTC customers.

Speaker #5: Okay. Great. Thanks for all of that, Greg.

Speaker #2: All right. All right. Thank you.

Gregory Roberts: You know, I'm looking forward to that and then, you know, exploring how that Gold.com credit card may connect with, you know, other opportunities on the digital side.

Greg Roberts: You know, I'm looking forward to that and then, you know, exploring how that Gold.com credit card may connect with, you know, other opportunities on the digital side.

Speaker #3: Thank you, Scott.

An opportunity to connect to connect even better with with gold.com. So I I, that is on the, uh, the to-do list. Um, I I won't say we're in the Red Zone yet, but you know, we're, we're, we're probably on the other side of the 50. So, um,

Speaker #1: At this time, this concludes our question and answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

So, is it exploring, exploring? How's that?

Speaker #2: Thank you, Matt. Once again, as I do every quarter, I'd like to thank our many shareholders, and our employees, and we look forward to keeping you updated on our future progress and everybody's dedication and commitment to gold.com success.

That goal.com credit card May connect with, you know, other opportunities on the digital side.

Sy Jacobs: Okay, great. Thanks for all of that, Greg.

Gregory Roberts: All right. All right. Thank you.

Greg Roberts: All right. All right. Thank you.

Okay, great. Thanks for all of that. Greg

All right.

Sy Jacobs: Thank you, sir.

All right. Thank you.

Operator: At this time, this concludes our question and answer session. I'd now like to turn the call back over to Mr. Roberts for his closing remarks.

Speaker #2: I thank everybody very much, so. Thank you all for joining today.

Gregory Roberts: Thank you, Matt. once again, as I do every quarter, I'd like to thank our many shareholders, and our employees and, you know, we look forward to keeping you updated on our future progress and everybody's dedication and commitment to Gold.com's success. I thank everybody very much. Thank you all for joining today.

Greg Roberts: Thank you, Matt. once again, as I do every quarter, I'd like to thank our many shareholders, and our employees and, you know, we look forward to keeping you updated on our future progress and everybody's dedication and commitment to Gold.com's success. I thank everybody very much. Thank you all for joining today.

At this time, this concludes our question and answer session. I’d now like to turn the call back over to Mr. Roberts for his closing remarks.

Speaker #1: Thank you. Before we conclude today's call, I'd like to provide gold.com's safe harbor statement that includes important cautions regarding forward-looking statements made during this call.

Thank you, Matt. Uh, once again, as I do every quarter, I'd like to thank our many shareholders, uh, and our employees and

and,

um,

Speaker #1: During today's call, there were forward-looking statements made regarding future events. Statements that relate to gold.com's future plans, objectives, expectations, performance, events and the like, are forward-looking statements within the meaning of the private securities litigation reform act of 1995 and the securities exchange act of 1934.

you know, we look forward to keeping you updated on our, our, our future progress and everybody's dedication and commitment to gold.com success. I thank everybody very much. So thank you all for joining today.

Operator: Thank you. Before we conclude today's call, I'd like to provide Gold.com's safe harbor statement that includes important cautions regarding forward-looking statements made during this call. During today's call, there were forward-looking statements made regarding future events. Statements that relate to Gold.com's future plans, objectives, expectations, performance, events, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements, and the amount or timing of any future dividends. Future events, risks, and uncertainties, individual or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements.

Speaker #1: These include statements regarding expectations with respect to future profitability and growth, international expansion, operational enhancements, and the amount or timing of any future dividends.

Thank you before we conclude today's call, I'd like to provide gold.com Safe Harbor statement that includes important, cautions regarding forward-looking statements made during this call.

During today's call, there are forward-looking statements made regarding future events.

Speaker #1: Future events, risks, and uncertainties, individual or in the aggregate, could cause acts or results to differ materially from those expressed or implied in these statements.

Speaker #1: These include the following with respect to proposed transactions with Spectrum Group International. The failure of parties to agree on definitive transaction documents, the failure of parties to complete the contemplated transactions within the currently expected timeline or at all, the failure to obtain necessary third-party consent or approvals, and greater than anticipated costs incurred to consummate the transactions.

Statements that relate to gold.com future plans objectives expectations performance events in the like our forward-looking statements within the meaning of the private Securities. Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.

these include statements regarding expectations, with respect to Future profitability and growth International expansion, operational enhancements and the amount or timing of any future dividends

Operator: These include the following, with respect to proposed transactions with Spectrum Group International, the failure of parties to agree on definitive transaction documents, the failure of parties to complete the contemplated transactions within the currently expected timeline or at all, the failure to obtain necessary third-party consent or approvals, and greater than anticipated costs incurred to consummate the transactions.

Future events risks, and uncertainties individual, or in the aggregate could cause acts results to different material from those expressed or implied. In these statements.

Speaker #1: Other factors that could cause acts or results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute the strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate, which historically has favorably contributed to the demand and volatility and the precious metals market but has also posed certain risks and uncertainties for the company particularly in recent periods, potential adverse effects of the current problems in the national and global supply chains, increased competition for the company's higher margin services which could depress pricing, the failure of the company's business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metal products generally, potentially negative effects that inflationary price pressures may have on our business, the inability of the company to expand capacity at Silver Town Mint, the failure of our investee companies to maintain our addressed preferences of our customer bases, general risks of doing business in the commodity markets, and the strategic business, economic, financial, political, and government risks and other risk factors described in the company's public filings with the securities and exchange commission.

These include the following with respect to proposed transactions with Spectrum Group International.

The failure of parties to agree on definitive transaction documents. The failure of parties to complete the contemplated transactions within the currently expected timeline or at all.

The failure to obtain necessary third-party consents or approvals, and greater-than-anticipated costs incurred to consummate the transactions.

Operator: Other factors that could cause actual results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities, greater than anticipated costs incurred to execute the strategy, government regulations that might impede growth, particularly in Asia, the inability to successfully integrate recently acquired businesses, changes in the current international political climate, which historically has favorably contributed to the demand and volatility in the precious metals market, but has also posed certain risks and uncertainties for the company, particularly in recent periods.

Other factors that could cause tax results to differ include the failure to execute the company's growth strategy, including the inability to identify suitable or available acquisition or investment opportunities.

Greater than anticipated costs. Incurred to execute the strategy.

Government regulations. That might impede growth particularly in Asia.

The inability to successfully integrate recently acquired businesses.

Operator: Potential adverse effects of the current problems in the national and global supply chains, increased competition for the company's higher margin services which could depress pricing, the failure of the company's business model to respond to changes in the market environment as anticipated, changes in consumer demand and preferences for precious metal products generally, potentially negative effects that inflationary price pressures may have on our business, the inability of the company to expand capacity at SilverTowne Mint, the failure of our investee companies to maintain our address preferences of our customer bases, general risks of doing business in the commodity markets, and the strategic business, economic, financial, political, and government risks and other risk factors described in the company's public filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements.

Changes in the current International political climate, which historically has favorably contributed to the demand and volatility and the precious metals Market, but is also posed certain risks and uncertainties for the company particularly in recent periods.

Potential adverse effects of the current problems in the National and Global Supply chains.

Increased competition for the company's higher margin Services, which could depress pricing.

The failure of the company's business model to respond to changes in the market environment, such as anticipated changes in consumer demand and preferences for precious metal products.

Speaker #1: The company undertakes no obligation to publicly update or revise any forward-looking statements. Listeners are cautioned not to place undue reliance on these forward-looking statements.

Potentially negative effects that inflationary price pressures may have on our business, the inability of the company to expand capacity at silvertowne mint.

Speaker #1: Finally, I'd like to remind everyone that a recording of today's call will be available for replay via a link in the investor section of the company's website.

The failure of our investee companies to maintain our address preferences of our customer bases, general risks of doing business in the commodity markets, and the strategic business, economic, financial, political, and government risks, and other risk factors described in the company's public filings with the Securities and Exchange Commission.

Operator: Listeners are cautioned not to place undue reliance on these forward-looking statements. Finally, I'd like to remind everyone that a recording of today's call will be available for replay via a link in the investor section of the company's website. Thank you for joining us today for Gold.com's earnings call. You may now disconnect.

The company undertakes, no obligation to publicly update, or revise, any forward-looking statements.

Listeners are cautioned not to place undue Reliance on these forward-looking statements.

Finally, I'd like to remind everyone that a recording of today's call will be available for replay via a link in the investor section of the company's website.

Thank you for joining us today for gold.com earnings call. You may now disconnect