U.s. Global Investors, Inc. · NASDAQ:GROW
U.s. Global Investors — Q2 2026 Earnings Presentation
60 slides from U.s. Global Investors's earnings presentation, February 2026
Slide 1: Second Quarter 2026 Results Webcast
5 October 31, 2025 —- December 31, 2025 Second Quarter 2026 Results Webcast
Slide 2: Today's Presenters
Frank Holmes CEO and ClO Lisa Callicotte CFO } Nasdaq: GROW S. Global Investors Holly Schoenfeldt Director of Marketing WWW.USFUNDS.COM Today's Presenters
Slide 3: Forward-Looking Statements
Forward-Looking Statements == During this webcast we may make forward-looking statements about our relative business outlook. Any forward- looking statements and = all other statements made during this webcast that don't pertain to historical facts are subject to risks and _ uncertainties that may m
Slide 4: GOAU
.GOAU ee TE info@usfunds.com te ASEAETF i lest y 7) Nasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM
Slide 5: Smart Beta 2.0
Smart Beta 2.0 Innovative Investment Manager: U.S. Global Investors, Inc. is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create smart beta 2.0 products. Registered Investment Advisor About Us Founded as an investm
Slide 6: The DNA of Volatility
The DNA of Volatility S&P 500 +1% +3% Gold Bullion +1% +3% Oil +1% t+4% GROW 42% 45% Dow Jones U.S. Asset Managers Index +2% +5% JETS 42% 46% GOAU 12% 46% NYSE Arca Airline Index +2% +7% Bitcoin +3% +7% HIVE Digital Technologies Ltd. +5% +21% WWW.USFUNDS.COM
Slide 7: You can't connect the dots
a) |U.S. Global Investors “You can't connect the dots looking forward; you can only connect them looking backwards. So, you have to trust that tl the dots will somehow connect in your future.” — Steve Jobs, 1955-2011 Nasdaq: GROW
Slide 8: Outflows From Domestic Equity Mutual Funds Gone to ETFs
Outflows From Domestic Equity Mutual Funds Gone to ETFS Cumulative Flows to Domestic Equity Funds and Net Share Issuance of Domestic Equity ETFs, in Billions of USD, Monthly 4,000 Actively managed domestic equity ETFs 3,000 3 Index domestic equity mutual funds 3 Index domestic equity ETFs Actively m
Slide 9: Investment Industry 2025 Recap: U.S. Fund Flows Hold Strong Especially Into ETFs
Investment Industry 2025 Recap: U.S. Fund Flows Hold Strong Especially Into ETFs Data as of Dec. 31, 2025 I Long-Term US Fund Flows Organic Growth Rate 6% 7 Wh M% eal = Ey Sa 2h 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 an) Nasdaq: GROW 'U.S. Global Investors WWW.USFUNDS.COM Source: Momingst
Slide 10: Record ETF Inflows Hit Nearly $1.5 Trillion in 2025
Record ETF Inflows Hit Nearly $1.5 Trillion in 2025, Outpacing Traditional Stock Fund Flows U.S. ETFs pulled in a record $1.49 trillion in net inflows last year, highlighting a continued shift of capital toward ETF structures over direct stock fund investments. Source: ETF.com
Slide 11: Top Institutional Shareholders
Top Institutional Shareholders & 7.77% GATOR ME ie Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 12: Frank Holmes owns approximately 19% of the company
Frank Holmes CEO and CIO owns approximately 19% of the company and has approximately 99% of voting control. (a Nasdaq: GROW AUS. Global Investors
Slide 13: Strategy and Tactics
Strategy and Tactics Create thematic products that are sustainable usin smart OUS back testing fc and secure that their wealth is consistently growing. Strategically buy back stock using an algorithm on flat and down days. Manage and preserve cash for future growth ¥ opportunities and market correct
Slide 14: Why We Buy Back Our Stock
| Why We Buy Back Our Stock The Company believes its stock is undervalued and therefore buys back shares of GROW when the price is flat or down from the previous trading day using an algorithm. This is part of fhe Company's two-pillar strategy to enhance shareholder value by paying the dividend as w
Slide 15: Current Share Repurchase Program
Current Share Repurchase Program For the three months ended December 31, 2025, the Company repurchased a total of 262,195 class A shares using cash of approximately $664,000. Over past 18 months we have shrunk the shares outstanding by approximately 10%. May be suspended or discontinued as deemed ne
Slide 16: GROW Buyback Recap
GROW Buyback Recap Quarterly Repurchases Through December 2025 262,195 1Be-987 178,438 159,074 Mar-2025 Jun-2025 Sep-2025 Dec-2025 Nasdaq: GROW |U.S. Global Investors WWWUSFUNDS.COM Source: U.S. Globallnvestors | 16
Slide 17: Dividends + Buybacks + Debt Reduction
A Dividends + Buybacks + Debt Reduction | Shareholder Yield =| Market Capitalization Nasdaq: GROW ! U.S. Global Investors WWW.USFUNDS.COM
Slide 18: GROW Dividends
GROW Dividends The Company has paid a monthly dividend since June 2007 Current yield at a share price of $3.17 as of 02/19/2026. 2.84% Monthly dividend payment of $0.0075 Approved through March 2026. Reviewed by the Board quarterly INDE AKO wae (GY) Nasdaq: GROW eee U.S. Global Investors WWW.USFUNDS
Slide 19: Committed To Returning Value To Shareholders
U.S. Global Investors Ils Committed To Returning Value To Shareholders When Compared To Treasury Yields Yields as of December 31, 2025 9.89% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield a) Nasdaq: GROW |U.S. Global Investors WWWUSFUNDS.COM Source: Bloomberg, U.S. Global Invest
Slide 20: Average Assets Under Management
Average Assets Under Management, in Billions of USD $1.48B $1.42B Mar-2025 Jun-2025 Sep-2025 Dec-2025 (a) Nasdaq: GROW hel U.S. Global Investors WWW.USFUNDS.COM
Slide 21: EBITDA Per Share Over Last Quarters
aUCaTEHY EBITDA Per Share Over Last 4 Quarters EBITDA Per Share Through December 31, 2025 $0.14 $0.04 -$0.02 -$0.02 Mar-2025 Jun-2025 Sep-2025 Dec-2025 an) Nasdaq: GROW - l | 2 |U.S. Global Investors WWWUSFUNDS.COM Source: Bloomberg, U.S. Global Investors 21
Slide 22: vs. The Competition
U.S. Global Investors vs. The Competition As of Quarter End December 31, 2025 ; * Returnon | Pre-Tax Dividend Price Per ENF Busmiess) | Pice/Book'!> Assess | Marin || | Yield EBITDA ia WISDOMTREE 100% ETFs 4.15 8.57 36.21% 0.98% 13.15 Hhidlus. covet investors (07 @ SHO P=atIng: | 9.75 2.83% 20.36% 2
Slide 23: Average Assets Under Management
$3.17 Nasdaq: GROW *close on 02/19/26 $1.48 Billion Average Assets Under Management 12/31/2025 $2.5 Million Quarterly Operating Revenues (a Nasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM
Slide 24: A Look At Q2 2026
A Look At Q2 2026 GROW Strengths The company has steady cashflow, despite a volatile and challenging macro market environment. The company has a strong balance sheet which includes both cash and other investments. The company continues to buy back stock on flat or down days and pay a monthly dividen
Slide 25: Smart Beta 2.0 Investing
Smart Beta 2.0 Investing Our Quantamental Investment Strategy combines cutting edge technology with robust data analysis to help optimize returns and manage risk effectively for our shareholders. We believe the use of Smart Beta 2.0 factors in our thematic fund lineup sets us apart from the competit
Slide 26: GoGold Theme: National Debt Of The U.S. Will Keep Rising
GoGold Theme: National Debt Of The U.S. Will Keep Rising United States: National Debt From 2020 to 2030E In Trillions of USD $43T $41T $39T $37T $35T $31T $33T | 2020 2021 2022 2023 2024 2025* 2026" 2027* 2028" 2029* 2030* Ry) Nasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM Source: Bloomberg, US.
Slide 27: GoGold Theme: Total Global Debt
GoGold Theme: Total Global Debt Trillions of USD ~ M.M.T. rm *® Modern Monetary Theory $300 $280 $260 $240 $200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Nasdaq: GROW “Estimates total global debt U.S. Global Investors WWW.USFUNDS.COM Source: lIF Global Debt Monitor, @kobeisciletter. US
Slide 28: Hypothetical Gold Price Scenarios
Hypothetical Gold Price Scenarios What would gold be worth if debt and money supply were fully backed by the world's known above-ground gold supply of 8 billion ounces? The figures below reveal the extraordinary leverage of global debt relative to gold's finite stock. ie Se K $350Trillion + 8Billion
Slide 29: Gold Continues to Reach New All-Time Highs
Gold Continues to Reach New All-Time Highs Gold Price Per Ounce From February 24, 2023 - January 31, 2026 ATH! $5,500+ $5,5004 $5,000 $4,500 $4,000 $3,500} $3,000} $2,500 4 $2,000 $1,500 4 2023 2024 2025 2026 (the Glopal invests ivniwaitamnns Son Source: Bloomberg, U.S. Global Investors | 29
Slide 30: Gold Climbed Past The S&P This Century
Gold Climbed Past The S&P 500 This Century Performance From December 31, 1999 —- December 31, 2025 +1,487% 1,600% 1,400% — Gold 1,200% — S&P 500 Index 1,000% +727% 800% 600% 400% 200% 0% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Gy) Nasdaq: GROW SS U.S. Global Investors WWW.US
Slide 31: Implied Investor Allocation to Gold Is Relatively Low
Implied Investor Allocation to Gold Is Relatively Low U.S. ETF Market Share of All Gold ETF Assets 8% + 6% 4 4% 7 2006 2008 (GY) Nasdaq: GROW L U.S. Global Investors 2010 8% 2% 4 + 0% 4 : : Ee. , : : ; ; . : ‘ 2012 2014 2016 WWW.USFUNDS.COM 2018 2020 2022 2024 2025 Charts, LSEG, ICI, U.S. Global Inv
Slide 32: Silver Reached New All-Time Highs To Start 2026
Silver Reached New All-Time Highs To Start 2026 Silver Price In USD Over One Year (January 31, 2025 — January 31, 2026) $1204 $100 4 $804 $60 J $404 —— 50-Day Moving Average $114.98 ATH January 29 Silver officially added fo list of critical minerals November 2025 \ JAN-2025 MAR-2025 MAY-2025 Nasdaq:
Slide 33: Thematic Trends: Capturing Exposure Through Our Funds
Thematic Trends: Capturing Exposure Through Our Funds GOAU USERX USLUX Royalty & Senior Miners Luxury Goods Streaming Nasdaq: GROW ae U.S. Global Investors Foreside Fund Services LIC, és the Distributor of USERX and USLUX. U.S. Global Investors is the investment advisor. GOAU is distributed by Quasa
Slide 34: Greenland: Ground Zero for Early Warning
Greenland: Ground Zero for Early Warning Nasdaq: GROW U.S. Global Investors 4 WWW.USFUNDS.COM es Washington, D.C. Russian ICBM bases
Slide 35: Military Bases & Shipping Routes Around the Arctic Circle
Military Bases & Shipping Routes Around the Arctic Circle China wants to use new shipping lanes to create an Arctic “Silk Road” for its exports. At 836,000 sq. miles, Greenland is the world’s largest, non-continental island. G Nasdaq: GROW |U.S. Global Investors @ Russian bases @ NATO == Arctic Expr
Slide 36: China's BRI a Trojan Horse $1.3 Trillion
Slide 37: New Silk Road, the Belt and Road Initiative
New Silk Road, the Belt and Road Initiative (BRI), Originally the Marco Polo Route isbon Piraeus Dotan: Beying Alexandna i Me Med a ‘Shanghai J met oe ree How it started: ; How its going: onus \**0" sauna, Gat me 12 Countries 150 Countrie el ‘ U s | [oO Counties son . ) (@) UN. = 193 countries ar 75
Slide 38: AI & Defense Names Hit New 52-Week Highs In 2026
Ai & Defense Names Hit New 52-Week Highs In 2026 Innovative Solutions: Price Action Over Time RTX Is Back on Trend Share Price in USD 12-Months Through February 5, 2026 Share Price in USD 12-Months Through February 5, 2026 $22 $200 $20 — 50-Day Moving Average — 50-Day Moving Average $18 ‘$180. $16 $
Slide 39: The Key Industries Shaping The Defense Sector
THE 5 KEY INDUSTRIES SHAPING THE DEFENSE SECTOR Aerospace & Defense a 11% A Cybersecurity Information 28% Technology FP “SE @isc seed a 7) Nasdaq: GROW 4\U.S. Global Investors WWW.USFUNDS.COM
Slide 40: Connecting the Dots: Aerospace & Defense, AI and Data Centers
Connecting the Dots: Aerospace & Defense, Ai and Data Centers Nasdaq: GROW I |U.S. Global Investors WWW.USFUNDS.COM
Slide 41: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CEO a Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 42: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights € 4 » Average assets under management q Wy of $1.48 billion y ZN V4) Operating revenues of $2.5 million &)) Pre-Tax Income of $535 thousand ~ Nasdaq: GROW fh |U.S. Global Investors WWW.USFUNDS.COM
Slide 43: Operational Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) == Unrealized Earnings (GJ) Nasdaq: GROW \A US. Global Investors
Slide 44: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Operating Revenues Advisory fees Administrative services fees Total Operating Revenues Operating Expenses Employee compensation and benefits General and administrative Advertising Depreciation Interest Total Operatin
Slide 45: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, 2025 2024 Operating Income (Loss) $ (88) $ (539) Other Income (Loss) Net investment income (loss) 541 354 Other Income (loss) 82 69 Total Other Income (Loss) 623 423 Income (Loss) Befo
Slide 46: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) December 31, 2025 sica'sb aes (unaudited) Current Assets Cash and cash equivalents $ 25,227 $ 24,552 Restricted cash 1,000 1,000 Investments in trading securities at fair value, curent 9,215 9,692 Investments in held-to-maturity debt securities at a
Slide 47: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) December 31, 2025 June 30, 2025 (unaudited) is Other Assets Deferred tax asset $ 650 $ 1,268 Investments in trading securities at fair value, non-current 3,702 2,496 Investments in available-forsale debt securities at fair value (amortized cost: $0,
Slide 48: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Current Liabilities Accounts payable Accrued compensation and related costs Dividends payable Financing lease liability, short-term Other accrued expenses Total Current Liabilities Long-Term Liabilities Deferred tax liability Reserve for uncertain t
Slide 49: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) December 31, 2025 June 30, 2025 (unaudited) Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at December 31, 2025, and June 30, 2025; $ 347 $ 347 10,576,156 and 10,982,
Slide 50: Marketing Highlights
Marketing Highlights Holly Schoenfeladt Director Of Marketing (a Nasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM
Slide 51: Explore Our Educational Videos
Explore Our Educational Videos S a Nasdaq: GROW |U.S. Global Investors TRUMP’S NEW WAR DOCTRINE lee ‘ Cee Next mole - Sy is. tfolio Ready? WWW.USFUNDS.COM THE MONROE MOMENT
Slide 52: Recent Media Appearances
Recent Media Appearances ———s PREMARHETPREP. J; UPCOMING Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 53: Interactive Periodic Table of Commodities 2025
Check out our Interactive Periodic Table of Commodities 2025 ~~) Nasdaq: GROW 4\U.S. Global Investors 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 187.05% || 103.67% | 56.25% 18.59% 54.20% AT BI% 442.80% | 72.49% 13.10% 26.62% 145.54% Li i} Pd || Pd || Pd | Ag Li Li |_Au || Au || Ag [-250%
Slide 54: Top Content From Our Blog
TOP CONTENT FROM OUR cg Am \ x a The Gold Miners Crushing Gold Funds See Record The Diesel Shock NoOnels = Copper Rally Is Why Housing Looks Expensive Bullion Inflows as SocialismComes Talking About Accelerating as Al Data in Dollars but Cheap in Gold to New York Centers Push Global Supply Toward Cr
Slide 55: Peeling: al one
Peeling: al one DFEaEY A Bat: lasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM
Slide 56: Thank You
Thank You Nasdaq: GROW t U.S. Global Investors WWW.USFUNDS.COM
Slide 57: Disclosures
Disclosures All opinions expressed and data provided are sUbject to change without notice. Some of these opinions may not be appropriate to every investor. The NYSE Arca Gold BUGS (Basket of Unhedged Gold Stocks) index (HUI) is a modified equal dollar weighted index of companies Involved in gold min
Slide 58: Disclosures
Disclosures Please consider carefully a fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory and summary prospectus for JETS, GOAU and SEA by Visiting www.usglobalets.com. Read it carefully before investing. Distributed by Quasar Dis
Slide 59: Disclosures
Disclosures Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance
Slide 60: Thank You
Thank You Nasdaq: GROW t U.S. Global Investors WWW.USFUNDS.COM
U.S. Global Investors — Q2 2026 Earnings Presentation on 6ix