U.s. Global Investors, Inc. · NASDAQ:GROW
U.s. Global Investors — Q3 2025 Earnings Presentation
57 slides from U.s. Global Investors's earnings presentation, May 2025
Slide 1: Third Quarter 2025 Results Webcast
NS ox! January 1, 2025 — March 31, 2025 Third Quarter 2025 Results Webcast
Slide 2: Today's Presenters
Br Holmes ' Tod ay's . Presenters Holly Schoenfeldt Director of Marketing Lisa Callicotte CFO 4 U.S. Global Investors WWW .USFUNDS.COM
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 material
Slide 4: GOAU
GOAU ARETE info@usfunds.com tc & SEAETF = 2 /U.S. Global Investors NASDAQ: GROW 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. About Us Registered Investment Advisor U.S. Global Investors
Slide 6: The DNA of Volatility
The DNA of Volatility S&P 500 +1% +3% Gold Bullion +1% +3% GROW 41% 43% Dow Jones U.S. Asset Managers Index +1% +5% Oil +2% +4% JETS 42% 15% NYSE Arca Airline Index +2% +6% GOAU 42% 46% Bitcoin +3% +8% HIVE Digital Technologies Ltd. 45% 416% WWW.USFUNDS.COM
Slide 7: @ 5.48% & WWW.USFUNDS.CO!
@ 5.48% & 5 U.S. Global Investors NASDAQ: GROW WWW.USFUNDS.CO!
Slide 8: 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. Ry U.S. Global Investors NASDAQ: GROW
Slide 9: Strategy and Tactics
aseoy and Tactics I) J 5 smart be 0 back testing for 1,000s of hours. and secure that their wealth is shnektarie 6 owing. gr Strategically buy back s using an algorithm on flat and down days. Manage and preserve cash for future growth opportunities and market corrections. M&A activity to acquire fun
Slide 10: GROW Outperforms Russell Microcap Index Over Years
GROW Outperforms Russell Microcap Index Over 5 Years March 2020 - March 2025 1,200% 4 1,000% + 800% 4 700% + 600% 4 500% 4 400% 4 300% 4 200% + 100% + 0% JETS ETF © USS. Global Investors (GROW) HIVE —— Russell Microcap Index 133% GROW 66% Russell Microcap Index MAR-2020 SEP-2020 MAR-2021 SEP-2021 MA
Slide 11: Active Travel ETF (TRIP)
Active Travel ETF (TRIP) O London Stock Exchange > permanent shift to ane: global travel: TRIP targets the shift from cycli¢ secular growth, driven by remote W digital nomadism, and a preference f experiences over possessions. —
Slide 12: The Company Is Now Adding Bitcoin Exposure
The Ka = WN sagen The Company is no Bitcoin exposure.on its balan eet YY through two strategies. — =~Yy S Lf 7 S=YF Each month, the fir m plans to —— fe purchase the equivalent of one Bitcoin ——F7-a, via a high-income Bitcoin Ecosys and invest in shares of HIV hichi views as undervalued y —/ =
Slide 13: Defense ETF Looks Positioned To Benefit Amid Rising Geopolitical Risk
Defense ETF Looks Positioned To Benefit Amid Rising Geopolitical Risk & Increased Military Spending Global Military Spending Hits New Record High | Constant 2023 USD in Trillions $3.00 5 $2.50 7 $2.00 $1.50 + $1.00 4 $0.50 + $0.00 - 2000 2002 2004 8 U.S. Global Investors ‘ NASDAQ: GROW 2006 2008 201
Slide 14: Average Annual Gold Price Has Advanced 84% of The Time This Century
Average Annual Gold Price Has Advanced 84% of The Time This Century -— Mainstream Media Does Not Cover This Story 2000 - 2024 | USD Per Ounce $1,669 $1411 Financial Crisis ‘08 i 4 N 5 9/11 . ( $1225 eS $1,572 $1160 ES $1251 ES $1 257 $1,268 $1,392 es $1770 = $279 Ml $271 es $1799 $1,800 ES $1,943 |
Slide 15: Gold Mining Stocks Outpacing Physical Gold And The Market
Gold Mining Stocks Outpacing Physical Gold And The Market Total Returns | Year-to-Date Through April 22, 2025 50% - 43.45% 35.43% 40% -| == FTSE Gold Mines Index “= Gold Price Per Ounce 30% | sep 500 20% 10% 7 0% aaa -6.18% -20% 71 JAN-08 JAN-31 FEB-07 FEB-28 MAR-07 MAR-31 APR-08 APR-22 Past perform
Slide 16: Gold Is Trading at New All-Time High!
Gold Is Trading at New All-Time High! Price Per Ounce, Year-to-Date Through April 29, 2025 All-Time High $3,500/oz $3,500 $3,400 4 $3,300 4 $3,200 $3,100 5 $3,000 7 $2,900 $2,800 7 $2,700 4 $2,600 4 JAN-07 JAN-15 JAN-22 JAN-31 FEB-07 FEB-14 FEB-21 FEB-28 MAR-07 MAR-14 MAR-24 MAR-31 APR-08 APR-15 APR
Slide 17: Gold Stock Conundrum: Redemptions In Gold ETFs Even As Prices Soar
Gold Stock Conundrum: Redemptions In Gold ETFs Even As Prices Soar... Van Eck Gold Miners ETF - Current Shares Outstanding 370+ 360+ 3504 3407 3307 3207 31074 3007 JAN-08 JAN-15 FEB-14 FEB-28 MAR-14 MAR-31 APR-15 APR-30 MAY-07 U.S. Global Investors XH NASDAQ: GROW WWW.USFUNDS.COM Source: Bloomberg,
Slide 18: Market Disconnect: Gold Prices Surge While ETF Investors Exit
Market Disconnect: Gold Prices Surge While ETF Investors Exit $3,500 4 $3,400 4 wor GDX ETF Current Shares Outstanding (Right Axis) “Gold Price Per Ounce (Left Axis) 370 3,3004 $3,300 +360 $3,200 4 +350 $3,100 4 +340 $3,000 $2,900 7 +330 $2,800 4 +320 $2,700 7 t 310 $2,600 7 +300 JAN-07 JAN-15 JAN-2
Slide 19: Gold Mining Stocks Trading at Multiyear Highs
Gold Mining Stocks Trading at Multiyear Highs... NYSE Arca Gold Miners Index | 30-Year Period Through Apr. 2025 $1,572 2,000 4 Still 1,800 4 1,600 + 1,400 4 1,200 4 1,000 + 800 + 600 400 + 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fa {U.
Slide 20: Still Highly Undervalued Relative To The S&P Index
...But Are Still Highly Undervalued Relative To The S&P 500 Index NYSE Arca Gold Miners Index / S&P 500 | 30-Year Period Through Apr. 2025 1.6 4 1.4 4 1.2 4 iar Deeply Undervalued! 0.8 + 0.6 4 0.4 4 0.2 4 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 21: IBD Adds Gold Stocks for the First Time Since 2003
IBD 50 Adds Gold Stocks for the First Time Since 2003 Names Owned In U.S. Global Funds, As of April 11, 2025 Company Alamos Gold Triple Flag Precious Metals Royal Gold DRDGOLD Eldorado Gold Osisko Gold Royalties Newmont Wheaton Precious Meta Is Gold Fields Agnico Eagle Mines Harmony Gold Mining U.S.
Slide 22: Fear of Tariffs: Money Market Funds See Increased Inflows
Fear of Tariffs: Money Market Funds See Increased Inflows Vanguard Money Market Fund [as proxy] - Total Assets In Billions USD Valentine’s Day to YTD Inflows March Inflows +5.50% +3.66% JUN-2024 JUL-2024 AUG-2024 SEP-2024 OCT-2024 NOV-2024 DEC-2024 JAN-2025 FEB-2025 MAR-2025 APR-2025 U.S. Global Inv
Slide 23: Warren Buffett highlights the value of buying back stock
Warren Buffett highlights the value proposition of buying back one’s own stock at ‘value- accretive prices.’ Doing so, Buffett says... Benefits all shareholders, not just the biggest holders.” Warren Buffett He will retire at the en i ; . : $345 Billion In Ca ~ = — ™ (> Photo by-Stvor bett/Foruune M
Slide 24: Positive News: Buyback Authorizations Have Increased 19% Year-To-Date
Positive News: Buyback PSVOTAnSTS Have Increased 19% Year-To-Date $. Share Buyback Authorization Announcements Through April 17 ($ Billions) $400 $372 $377 $350 $308 $318 $300 250 $250 $231 S24 S $213 Si ba $163 S1t2 $150 $136 $100 $50 $o 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 25: Why We Buy Back Our Stock
wy Why We Buy Back ™ = Our Stock oF ; Ma The Company believes its stock is l # undervalued and therefore buys back shares of GROW when the price is flat or down from the previous trading day using an algorithm. 2 This is part of the Company's two-pillar strategy to enhance shareholder value by payin
Slide 26: Current Share Repurchase Program
Current Share Repurchase Program For the three months ended March 31, 2025, the Company repurchased a total of 187,987 class A shares using cash of approximately $454,000. May be suspended or discontinued as deemed necessary. = U.S. Global Investors ) NASDAQ: GROW WWW.WUSFUNDS.COM
Slide 27: GROW Shares Repurchased
GROW Shares Repurchased 12-Month Period Through March 31 of Each Year 697,635 366,108 2023 2024 i ,U.S. Global Investors INASDAQ: GROW WWW.USFUNDS.COM 784,466 2025 Source: U.S. Global Investors
Slide 28: GROW Dividends
GROW Dividends The Company has paid a monthly dividend since June 2007 Current yield at a share price of $2.18 as of 04/25/2025. 4.13% Monthly dividend payment of $0.0075 Approved through June 2025 Reviewed by the Board quarterly i U.S. Global Investors NASDAQ: GROW WWW.USFUNDS.COM
Slide 29: Dividends + Buybacks + Debt Reduction
: Dividends + Buybacks + Debt Reduction | Shareholder Yield =| Market Capitalization U.S. Global Investors |“) NASDAQ: GROW WWW.USFUNDS.COM
Slide 30: Committed To Returning Value To Shareholders When Compared To Treasury Yields
U.S. Global Investors Ils Committed To Returning Value To Shareholders When Compared To Treasury Yields Yields as of March 31, 2025 10.53% 3.96% 4.23% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield Ei _/U.S. Global Investors Source: Bloomberg, U.S. Global Investors 30 ~|NASDAQ:
Slide 31: vs. The Competition
U.S. Global Investors vs. The Competition As of Quarter End March 31, 2025 ETF Business Price /Book arg ees Selah WISDOMTREF 100% ETFs 3.18 6.7% 22.0% 1.38% Whiddis. cscnattevesters ee ean 0.64 0.32% 5.9% 3.98% Revenue & Invesco “7% oe tos 0.43 2.9% 16.6% 6.03% a _{U.S. Global Investors Source: Bloo
Slide 32: A Look At Q3 2025
A Look At Q3 2025 GROW Strengths The company has steady cashflow, despite 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 dividend. 60 0 U Z U.S
Slide 33: 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 34: GROW's Investment in HIVE Digital Technologies
GROW’'s Investment in HIVE Digital Technologies 8% Convertible Debenture $2,302,000 (includes debenture and conversion feature) Redirect & Repurpose into Bitcoin Ecosystem. heer et Investors WWW.USFUNDS.COM
Slide 35: Quarterly Average AUM
$2.18 Nasdaq: GROW “close on 04/25/2025 $1.4 Billion Quarterly Average AUM 03/31/2025 $2.1 Million Quarterly Operating Revenues 03/3 eo/vs. Global Investors NASDAQ: GROW 1/2025 WWW.USFUNDS.COM
Slide 36: Quarterly Earnings Per Share: Impacted by Tariff War
Quarterly Earnings Per Share: Impacted by Tariff War $0.02 $0.02 -$0.01 -$0.03 Jun-2024 Sep-2024 Dec-2024 Mar-2025 U.S. Global Investors Source: Bloomberg, U.S. Global Investors 36 Z| NASDAQ: GROW WWW.USFUNDS.COM
Slide 37: JETS ETF Turns 10
JETS cares a0 U.S. Global ETFs sen \ NYSE Ag: JETS NYSE 10 YEAR ANNIVERSARY CELEBRATION THE JETS ETF TURNS 10! Sm veww.ustund: Is.com 4U.S. Global Investors
Slide 38: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CFO {U.S. Global Investors NASDAQ: GROW WWW .USFUNDS.COM
Slide 39: Third Quarter 2025 Financial Highlights
Third Quarter 2025 Financial Highlights Se r 4 \ Average assets under management q ed of $1.4 billion > t 2 ) Operating revenues of $2.1 million ao ] Net income (loss) of ($382) Thousand {U.S. Global Investors |. NASDAQ: GROW WWW.USFUNDS.COM
Slide 40: Operational Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) == Unrealized Earnings gous. Global Investors IASDAQ: GROW
Slide 41: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended March 2025, 2025 2024 Operating Revenues Advisory fees $ 2,072 $ Administrative services fees 31 Total Operating Revenues 2,103 Operating Expenses Employee compensation and benefits 1,290 General a
Slide 42: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended March 31, 2025 2024 Operating Income (Loss) $ (893) $ (488) Other Income (Loss) Net investment income (loss) 548 460 Other Income (loss) 100 68 Total Other Income (Loss) 648 528 Income (Loss) Befor
Slide 43: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Current Assets Cash and cash equivalents Restricted cash Investments in trading securities at fair value, curent Accounts and other receivables (net of allowance for credit losses of $0, and $0, respectively) Tax receivable Prepaid expenses Total Cu
Slide 44: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Other Assets Deferred tax asset Investments in trading securities at fair value, non-current Investments in available-forsale debt securities at fair value (amortized cost: $4,611, and $6,204, respectively) (net of allowance for credit losses of $0,
Slide 45: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) March 31, 2025 (unaudited) June 30, 2024 Current Liabilities Accounts payable $ ] $ 14 Accrued compensation and related costs 328 609 Dividends payable 300 313 Financing lease liability, short-term 7 31 Other accrued expenses 1,166 1,197 Total Curre
Slide 46: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) March 31, 2025 June 30, 2024 (unaudited) s Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at March 31, 2025, and June 30, 2024; $ 347 $ 347 11,153,193 and 11,753,483
Slide 47: Marketing Highlights
Marketing Highlights Holly Schoenfeldt Director Of Marketing 2 /U.S. Global Investors NASDAQ: GROW WWW .USFUNDS.COM
Slide 48: Explore Our Educational Videos
Explore Our Educational Videos S i U.S. Global Investors NASDAQ: GROW STAR WARS IN THE | REAGAN'S SPACE DEFENSE GAMBLE DECODING THE BITCOIN jects WWW.USFUNDS.COM HOW MUCH IS iy | SPENDING ON DEFENSE? @:THE BATTLE FOR GLOBAL POWER
Slide 49: In the Cold War: Reagan's Space Defense Gamble
IN THE.COLD WAR REAGAN’S SPACE DEFENSE GAMBLE We Sa)
Slide 50: Upcoming Conferences In 2025
Upcoming Conferences In 2025 Wealth Management.com EDGE June — Wealth Management EDGE RULE “ ine July — Rule Symposium RESOURCE INVESTING NATURAL E iesrteg ang tinvestors WWW.USFUNDS.COM 50
Slide 51: The Frank Talk Blog Is Now on Substack
= sSubstack THE FRANK TALK BLOG™ IS NOW ON SUBSTAGK /- / (2 _/U.S. Global Investors awe NASDAQ: GROW —
Slide 52: Top Content From Our Blog
TOP CONTENT FROM OUR The Surprising History of The Surprising History of Surge in War Spending Trade Wars Come with a Is It Time for the U.S. to Tariffs and Their Role in U.S. Tariffs and Their Role in U.S. | Sends European Defense Price, and Investors May Revalue Its Gold Reserves? Economic Policy
Slide 53: peeling: eal uly
peeling: eal uly Dre y Ff BoAv:- .S. Global Investors IASDAQ: GROW WWW.USFUNDS.COM
Slide 54: Thank You
Thank You i jJ.S. Global Investors WWW.USFUNDS.COM
Slide 55: 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 56: 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, usglobaletis.com. Read it carefully before investing. Distributed by Quasar D
Slide 57: 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
U.S. Global Investors — Q3 2025 Earnings Presentation on 6ix