70% of the time it was a non-authentic offer down 1% and now gold has become more volatile than the S&P 500. But it's only the benchmark as the S&P 500 as you can see oil is two times greater on a daily basis and more than double almost three times on a 10-day basis to the S&P 500 and that impacts the JETS ETF and that impacts other assets that we may have and then Gold stocks themselves, they have a much higher volatility and Bitcoin is much higher volatility than gold bullion and high digital technology, which is a company we've invested in. It's in the AI business, tier three data centers, in addition to being the first public company in the crypto ecosystem in 2017, and it is about 2% of the global network of Bitcoin mining using only Green Energy. So, those different asset classes all have their own volatility and for investors, it's important to appreciate them. Next, please. I'd like to thank our shareholders, the top institutional shareholders. The next slide, please. And Capital Wealth Advisors and Gator Capital Management and Vanguard. Well, Vanguard, probably, I believe is their index funds. Next, please. I'm the CEO and Chief Investment Officer. My presentation will only be scoping as a Chief Investment Officer and Lisa Callicotte will get into a lot of the financial metrics to talk about. But coming back on the data, I own 21% of the company and approximately 99% of the voting control, which has to do with regulatory compliance reasons. Next, please. Strategy and tactics. Our job is, we believe, is to have a structured, disciplined investment process, which we like to call Spark Beta 2.0. And this basically creates thematic products that are sustainable using This strategy requires a rigorous backtesting of thousands of hours before we launch one. Our mission is to make people feel financially happy and secure that their wealth is consistently growing with this discipline in those thematic investments. One of the long stays has always been gold and being 10% to 15%. The largest hedge funds in the world goes between 10% and 25% Ray Dalio's fund in gold. We focus on gold stocks. and we also believe that other things are important to try to embrace new technology, such as our exposure early to the Bitcoin ecosystem, which then that knowledge of data centers led us down the path to AI for rebuilding NATO. Next, please. Marketing strategy, while it's also investment strategy, I think it's important that you cannot connect the dots looking forward. You can only connect them looking backwards, so you have to trust the dots will somehow connect to your future, is the famous quote by Steve Jobs. And I think that that is sort of the journey of how we create new products and look at the world, how well can we connect the dots looking back. Next, please. Growth Dividends. The company's been paying monthly dividends since June of 2007. The current yield is 3.36. Next, please. Why we buy back our stock. The company believes the stock is undervalued and therefore buys back shares of Grow when the price is flat or down from previous trading day using an algorithm. This is part of the company's two pillar strategy to enhance shareholder value by paying the dividend as well as the buyback amount per year. Next, please. The current share purchase program during the quarter of September 30th, 2026, the company repurchased a total of 105,457 Class A shares using cash of about 319,000. Since December of 2019, we have reduced the shares outstanding by approximately 20%. Next, please. So this is sort of a visual to help you with the growth buyback. It's the more volatile it is that we end up buying back more stock. So it's interesting that the fund flows are pretty stable, even with the meltdown in the quarter. This previous quarter had the huge carry trade in Japan, crashed the technology sector, and also the volatility in the gold sector. But our assets basically went sideways. during this turmoil in the global markets. Next, please. Matt Faber wrote a well-known book called Shareholder Yield and launched an ETF that focuses on companies that are paying dividends, buying back the stock, and debt reduction divided by its market cap. He calls the total shareholder yield. Next, please. This is the formula which he uses for picking his basket of stocks. Next, please. The U.S. Global Investor is committed to returning value to shareholders when compared to treasury yields, which are Groves' overall yield is about 8.33%, and the 10-year is 5.29%, and the 5-year is 5.01%. So on a relative GARP, as a GARP analyst, Groves' overall yield still makes it attractive. Next, please. So we've had tremendous volatility in the Russell mid-cap growth index, which we like to compare ourselves to. And now it's both corrected. We've corrected from our highs earlier in August. As you can see here, I mentioned to you that we had this run-up and then the unwind of the carry trade and then the sell-off. We're still ahead of about 10% of the Russell micro-cap growth index. Next, please. Average assets that are managed to remain stable. Next, please. But they're highly, highly leveraged. So any serious growth in assets, big substantial cash flow falls to the bottom line. I think that that's what's really important. And we're showing you here the net income quarter over quarter. Next, please. U.S. Global Investors versus similar competition. would often get discussed regarding Wisentree, which is 100% ETFs. U.S. Global, 59% of our business, almost 60% comes from ETFs. And Invesco is about 40% with the famous QQQ ETF. So this is a way to do relative evaluation analysis, price to book. Wisentree is expensive. We're inexpensive. Return on the assets, they have a higher return. We're more attractive than Invesco. Pre-tax margins, we're more on track than Invesco. Giving yields about the same as Invesco, but better than WisdomTree. Shareholder yield, we are high, like Invesco is, and we traded a price to EBITDA roughly 15 times. Next, please. We always like to talk about our fund distribution and it's important to look at the two big comparative platforms. Robinhood, the new kid on the block in this cycle really exploded during COVID. It's interesting to see how many assets they have. Schwab has 12 trillion. Robinhood has 377 billion. Account customers, 39 million active brokerage accounts versus 30 million funded customers. But what's really interesting is that the average asset size of Schwab is substantially bigger than Robinhood. But Robinhood has all the day traders and has a lot of the voters that went blue, in particular this past election cycle, they're at Robinhood. And you can see that the day traders and the RIA asset allocators, I think their average clientele is under the age of 35 at Robinhood. Next, please. So probably one of the best analysts out there following fund flows and what's happening in the capital markets relating to ETFs is Eric Valcunas. And active ETFs now account for about 13% of overall ETFs and despite representing only 13% of assets, active ETFs generate about 30% of ETF industry revenue. because of the greater complexities that are necessary from covered writing programs to Smart Beta 2.0 and a lot of the index funds, it appears, that make most of their money with a very, very low fees on securities lending, which helps offset a lot of the costs, especially where the transfer agency owns the fund group and it's sort of mass work. and so it's interesting for me is that it's important for investors to realize that securities lending is a very big component for passive revenue, passive ETFs. Thanks, please. Defensive sectors held up best under a GOP president and Democratic Congress going back over previous cycles. And the reason why I bring this up is because we have launched 18 months ago a new ETF AI for NATO rebuilding. It's called WAR on the New York Stock Exchange to rebuild NATO. And there's a lot of AI, very critical. This policy change took place in 2018. And it really has captured significant growth of AI rebuilding in the past three, four years. So what does it mean, even though What does it mean to overall market stocks, etc.? This sort of gives you an idea of what the average return has been. Next, please. Veritria has been very positive every time, which is really quite interesting that consumer staples and healthcare rebound, especially under the blue sweep, which is very much pushing healthcare. And we can see under President Obama, The two terms that some of the best performing stocks and industry groups were hospitals and healthcare. Even though there was such a negative narrative, the offices where money flew into. And you can see what the differences are regarding what we expect more regulations in financials and communications and services. So this is sort of is looking back at history and it gives you a better flavor for life is all about managing expectations. Next, please. Government policies are precursor to change. And this is in our prospectuses and RAs are we've seen going into this election, rotating to real assets as advisor pro, precious metals, infrastructure, and equity energy because of the war in Iran. and then you also have Ukraine blowing up refineries in Russia. That puts another big dent. And I think what's really important to recognize is for the state of Texas, which is about 25% of the energy for data centers, that there's something new that's happening in that trend, and that is where you build the power station outside of the grid where there's a big natural gas field. So you have what's called electricity before the grid. It doesn't impact local energy costs and you don't have to worry about the volatility of natural gas prices and you can turn around and produce compute power from electrical power. We're seeing this phenomena happen in Canada with a mega project announced by Bell Canada in Saskatchewan. Other countries had challenges of getting pipelines going from east to west, so rather than worrying about these pipelines, Now you can turn around and you can export compute power through the telecom system and through fiber optic systems throughout North America. And so that gas field all of a sudden is converted into where a data center is beside it. These are new changes what we're seeing in this sort of build out for AI. But what's really important here is that the energy space is not going away, and neither is the need for infrastructure or precious metals. Next visual really is important to recognize that MMT, Modern Monetary Theory, this century has led to huge money printing, always promises that they'll cut back on the money printing when the economy turns around, and never really does. And each time we have a real serious recession, or Crisis Financially, the money printing is exponentially bigger than the last cycle. So, MMT is $350 trillion worldwide and what really surprises many investors is that, in fact, the U.S. is more attractive when you do this against the total global debt cycle. But it's not going away. Next, please. And this is what lends itself for this century of showing gold as an asset class is, in fact, outperforming S&P 500. And having a 10% to a 15% weighting has only been a prudent asset class and rebalance each year. And we've been focused on the gold stocks that give you that growth and momentum and revenue and cash flow. Thanks, please. Gold's all-time high signals renewed investor interest, big correction, bounced back up. A lot has to do with dollar swings, but if the money is going towards social programs and welfare programs and other more far left as they like to call it programs then gold most likely will go through an acceleration and the dollar will go through a difficulty. But it doesn't really matter if it's Democrats or Republicans this century. The MMP is not going away by the G20 countries and governments will continue to print money. Next please. And that is why One of the largest hedge funds and most respected global macro money managers, Ray Dalio, says a well-diversified portfolio should have 5% to 15% in gold. And he also mentions Bitcoin. Next, please. Well, one of the things we've noticed since Putin invaded first time was Crimea under President Obama and then the second time under President Putin. and Donald Trump, Biden, going in that cycle. What you see in that time period is an apathy and a discouragement of anyone investing, Americans investing in Eastern Europe or Asia because of the China threat and the Putin threat. But more money has gone into domestic spending and investing. And one of those things has been defense spending. The world is one of the things that President Trump is held accountable is the G20 countries, the NATO countries in particular of the G20 to maintain what they said they were going to do. He's held them accountable for the 2%. And now we're seeing that spend take place in Canada, and you're seeing it take place in Europe. and now there's a greater focus in AI. So, I do not think national security is going to go away even with the sweep which just took place in this last election because Trump coming into power a lot had to do with national security and the ways of crime that were taking place in urban areas and we know this well in Texas. but I think that the concerns of Xi Jinping and Putin, we know that the Iran war was an upset and really hurt President Trump and I think that the gas pump is the outcome of that but what we have to also recognize that China's been through the one belt one road with railway going into Iran is helping fuel the battle, giving them weapons to fight against anyone else, and drones, etc. The same thing has happened in North Korea, and the same thing for Putin in Russia has been receiving Chinese technology and weapons. So this concern about AI and the race for AI is not going away. even though that there's lots of bantering and fear and there's lots of conspiracy theories around it that is funded by China. It really doesn't matter is that people now have seen that the potential of China's GPT and the additional ones like cloud coming out and perplexity and crock. I use them all. I think they're all quite remarkable especially for doing research, but I've also realized it's the quality of your prompts. You have to be able to debate and argue with these various platforms and have them drill down when you do not like the answer. The sad part is that a lot of young people just take the tip of the iceberg their answer, which seems to have a lot of biases. Next, please. The Actively Managed War ETF joins JETS and GoAU, GoGold. and C on the Lima Stock Exchange. This is all part of our platform in Latin America. We do believe that the Western Hemisphere, the Monroe Doctrine is not going away. And we also know prior to this whole Monroe Doctrine, being dusted off by the new administration. We talked about this during COVID, that the digital nomads flying north to south are quite significant for the airlines ETF of absorbing seats that were never there being used and demanded for before. So, this phenomena is here to stay. Next, please. I'm very proud of what we've been able to create our Continental Approach to Smart Beta 2.0 investing. It requires a broad and deep understanding of global economic trends, policies and geopolitical events at the same time of looking at what stocks, what factors relate to those industries that those stocks are in and you make that determination. by doing a regression analysis and detailed thousands of hours of portfolio construction and look at the factors that worked out the best before you launch a product. And some of the products' momentum and revenue cash flow are dominant for the gold royalty and a lot has to do with the royalty model itself and income per employee. It's one of those special factors that allow you to look at this industry in a different frame. Next, please. Building a smart beta thematic ETF platform is what we're doing at U.S. Global. Please look and explore. See, I think that's one of the most fascinating to me. Pulse is the arteries of global trade. As a money manager, I love it because it tells you what is the real cost and is trade around the world rising or falling. and since Trump came out with his Liberation Day on April the 2nd, 2025, you would have thought that cargo travel, everything would have, cargo would have collapsed and nothing but go up. And then you have the crisis in the streets of Ramos just this year and then we had other problems in other areas and the cost for cargo goes up dramatically. and the cargo ships which carry all the commodities and also carry the bulk finished product like cars or Samsung refrigerators. They are predominantly shipped by cargo shipping. And then we have WAR, which is AI. It's really a technology-focused fund for the rebuilding of military. And it's done a great job. And JETS continues to show you the smart beta as its longest-standing smart beta product that we can outperform an index both short-term and long-term and then go gold. Next, please. Being seen across the thematic fund lineup. Let's look next, please. War ETF has outperformed the market year-to-date up 35%, markets up 12%. And this has been more volatile, but it does capture... where money is going by the deficits by governance or spending and going into national security. Next, please. See ETFs even though performed in a more significant fashion and it's up 40%. And one of the interesting parts about that also is PMI, which we write about every month. And if you're not a subscriber to InvestAlert, I highly recommend you do because when PMI is above 50, it means the global economy is expanding. That's very bullish. six months old for commodity demand and we update that every month and we have found going also regressional studies that when one month is above three months and above 50 it's very bullish overall for global trade. So that's another factor why the performance is doing well. Next please. Jet ETF is open for the New York ARCA airline. That's really the ARCA airline global index and And I think what's important there is the percentage-wise, it's really quite significant when you look at short-term or long-term, even after 60 basis points. And remember that the index itself has no drag of 60 basis points. We still outperform it. And that is the whole idea behind creating this Smart Beta 2.0. Next, please. Go, go. Go, AU. ETF has outperformed the market since inception by a significant. And all this really does is substantiate the thought process of having a 10% weighting in a product like this against a diversified portfolio and rebalancing once a year. It has done its job when the dollar is weak. and Gold Prices Are Stronger, It Trades Higher. We cover a lot of research on why that's been going on and the different stocks. So please subscribe to Frank Talk and Invest Alert if you're not so that you keep in touch with us on a weekly recap of what we're doing and going. And we've also covered like what happened in the presidential election cycle when the president will be a Republican in the Senate and Congress or Democrat, what happens to the market. What happens to these various, various, various themes? And what's important is going back to 1950, the market is up. And sometimes it's up more and other times it's less. But overall, it's up. And so I don't want to The only difference really is to recognize that the Democratic Socialists of America, the DSA they like to call it, backed candidates and they scored significant victories across the country. And we'll see what happens between now and January, what will be the rhetoric and what will they really do for maintaining job growth because the research is pretty strong of showing with this sort of socialist mindset that Canada had is if you're a lawyer and you're going to law school, well, you're going to study case studies. And you go to Harvard Business School, it's all case studies. And Canada is a great, great case study over a decade under former Prime Minister Justin Trudeau with his expanded definition of DEI and ESG policies and regulations and and many more. Mark Carney, he is also with the Liberal Party, like Justin Trudeau, but he's reversing a lot of those ideas because they didn't work. And those ideas did not work in England, and they have not worked in the EU, especially countries like France. And so I believe that it's a positive and optimistic with a growth mindset that the new election body will recognize that you have to have growth. to maintain this drive that we're going through in this global arena that we function in. So stay tuned. Now I want to turn it over to Lisa Callicotte, our CFO, to get into the granularity of the financials. Thank you.

Thank you, Frank. Good morning. First, I'll start with our financial highlights on slide 41. Our quarterly average assets in the niche were $1.6 billion and operating revenues were $2.7 million. and Net Income $171,000 for a penny per share. Slide 42 is a reminder of the different components of our earnings. We have operational earnings that consist of our advisory fees and we have other earnings, mainly consisting of realized and unrealized gains and losses of our investment holdings. Our operational earnings are based on our average assets under management for the period and our investment earnings are primarily based on change in market value process. The next slides provide more detail of our results from operations for the quarter ended September 30th, 2026. We see that quarterly operating revenues were $2.7 million for the quarter, which is an increase of $406,000 or 18% from the $2.3 million in the same quarter last year. The increase is primarily due to increase in advisory fees and our gold and natural resource mutual funds in each gap. and our operating expenses decreased 164,000 or 6%, mainly due to decreases in general administrative expenses of 117,000 or 8%, primarily due to lower ETF costs and a decrease in advertising expenses of 37,000 or 23% related to expanding ETF marketing efforts in the prior year. On slide 44, we see our operating income for the quarter ending September 30th, 2026 is 55,000 and this is compared to an operating loss in the prior year of $515,000. Other income for the quarter was $193,000 compared to $2.4 million in the prior year. The decrease of $2.2 million was primarily due to lower net investment income in the current period versus the prior and it was mainly due to a $1.3 million unrealized gain recognized in the prior period. and $185,000 unrealized losses in equity and debt securities in the current period. Net income after taxes for the quarter was $171,000 or a penny per share, which is a decrease of $1.3 million compared to the net income of $1.5 or $0.12 per share of the same quarter fiscal year 2026. Moving on to page 45, we see we still have strong balance sheets. It includes high levels of cash and investment. Cash and cash equivalents was approximately $24.3 million at September 30th, 2026 and current investments totaled $9.89. On slide 46, we see a detail of our other assets that total approximately $9.1 million. Slide 47 notes our liabilities decreased from June 30th, 2026 by approximately $310,000. On slide 48, You can see our stockholders' equity details. And at September 30th, 2026, the company had a net working capital of 35.4 million and a current ratio of 23.1 to 1. With that, I'll turn it over to Holly.

Thank you, Lisa. All right. On the first slide in my section, I want to highlight our new podcast that's called Return on Ideas that we launched back in September. And it's we explore the people, innovations, and ideas that are shaping the world we live in and the markets we invest in. The show comes out twice a month and can be found on our YouTube channel or wherever you get your podcasts. And we hope you'll check it out if you haven't already and become a subscriber. All right. Moving on to the next slide, we can see some of our latest interactive research pieces that if you haven't checked out yet, I highly recommend that you do. They can all be found on the Resources tab of our website. We have slideshows and infographics on everything from AI, what's driving gold and energy prices, the top 10 travel destinations, and much more. On the next slide, we take a look back at the most read FrankTalk posts from the past quarter. The topics reflect many of the themes making headlines today, from home and diesel prices to the risks and opportunities emerging in AI, the data center boom, and the technology stocks capturing investors' attention. Frank Talk is one of the longest-running financial blogs offering timely market insights and investment perspectives. And best of all, it is free to subscribe. Moving on, this next slide highlights some events that we'll be participating in during the final months of 2026, First, CEO Frank Holmes will deliver a keynote address at the Swiss Mining Institute in Zurich, sharing his outlook on gold and commodities. And then later in the month, in collaboration with the Lima Stock Exchange, where our WAR ETF recently dual listed, we will host a virtual webinar for Latin American investors. The session will introduce investors to the WAR ETF and provide a closer look at our Smart Beta 2.0 approach. Finally, on my last slide, I do encourage you all to follow us on social media. We're on Twitter or X, LinkedIn, YouTube, Instagram, and Facebook, so wherever you prefer to get your news, be sure to check us out, and that way you're up to date with what's going on with Grow, our funds, and just broader market insights. All right, to wrap up, as a reminder to our audience, if you have any questions today, please email those to us at info at usfunds.com. and we will gladly follow up with you to get anything clarified that you need some more information on. With that, thank you for tuning in today. That concludes our webcast summarizing the first quarter of 2027.