U.s. Global Investors, Inc. · NASDAQ:GROW
U.s. Global Investors — Q3 2026 Earnings Presentation
58 slides from U.s. Global Investors's earnings presentation, May 2026
Slide 1: Third Quarter 2026 Results Webcast
a January 1, 2026 — March 31, 2026 Third 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 +2% +5% Oil +2% +7% GROW 42% 48% Dow Jones U.S. Asset Managers Index +2% +5% JETS 43% 47% GOAU 13% 18% NYSE Arca Airline Index +3% +8% Bitcoin +3% +8% HIVE Digital Technologies Ltd. 46% 421% WWW.USFUNDS.COM
Slide 7: | WWW.USFUNDS.CO!
He Nasdaq: GROW |U.S. Global Investors 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. (a Nasdaq: GROW AUS. Global Investors
Slide 9: Strategy and Tactics
Strategy and Tactics Create thematic products that are sustainable "Se usin smart OUS 410 J back testing fe ‘= 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 m
Slide 10: "You can't connect the dots looking forward"
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 11: The Trend Continues: Fund Flows From Mutual Funds Into ETFs
The Trend Continues: Fund Flows From Mutual Funds Into ETFs — ICI Factbook 2026 Cumulative Flows To Domestic Equity Mutual Funds And Net Share Issuance of Domestic Equity ETFs, Billions Of Dollars, Monthly 4000 Actively managed domestic equity ETFs 000 Index domestic equity mutual funds 2,000 yo00 ~
Slide 12: The U.S. ETF Market Remained the Largest In the World
The U.S. ETF Market Remained the Largest In the World In 2025- ICI Factbook 2026 Total Net Assets of ETFs In Billions of Dollars, Year-End 2025 13,373 10,305 Total Net Assets —_ of ETFs Surpassed $13 Trillion in 2025 Commodity ETFs include funds—both registered and not registered under the Investmen
Slide 13: The Rise of Active ETFs
The Rise of Active ETFs * Active ETFs attracted ~$500 billion in net inflows in 2025 in the U.S. * More than 80% of ETF launches in 2025 were active. * In Q1 2026, active ETFs attracted | nearly as much money as passive ETFs. y.usfunds.com ; is lobal Investors Sources: Barron's S&P Global
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 March 31, 2026, the Company repurchased a total of 176,592 class A shares using cash of approximately $534,000. Since 12/31/2019 we have shrunk the shares outstanding by approximately 20% May be suspended or discontinued as deemed necess
Slide 16: GROW Buyback Recap
GROW Buyback Recap Since 12/31/2019 we have shrunk the E shares outstanding by approximately Quarterly Repurchases Through March 2026 20% 262,195 178,438 176,592 159,074 Jun-2025 Sep-2025 Dec-2025 Mar-2026 Nasdaq: GROW '|U.S. Global Investors WWW.USFUNDS.COM Source: U.S. Global Investors
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 $2.65 as of 05/01/2026. 3.40% Monthly dividend payment of $0.0075 Approved through June 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 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, 2026 9.96% 5-Year Treasury Yield 10-Year Treasury Yield GROW Shareholder Yield Gy Nasdaq: GROW |U.S. Global Investors WWWUSFUNDS.COM Source: Bloomberg, U.S. Global Investors
Slide 20: Share price, AUM and operating revenues
$2.65 Nasdaq: GROW *close on 05/01/26 S 1.63 Billion Average Assets Under Management 03/31/26 $ 2.8 Million Quarterly Operating Revenues 03/31/26 (a Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 21: Average Assets Under Management, in Billions of USD
Average Assets Under Management, in Billions of USD $1.63B Jun-2025 Sep-2025 Dec-2025 Mar-2026 (a) Nasdaq: GROW hela U.S. Global Investors WWW.USFUNDS.COM
Slide 22: Quarterly EBITDA Per Share Over Last Quarters
Quarterly EBITDA Per Share Over Last 4 Quarters EBITDA Per Share Through March 31, 2026 $0.16 $0.14 $0.04 -$0.02 Jun-2025 Sep-2025 Dec-2025 Mar-2026 (a) Nasdaq: GROW |U.S. Global Investors WWWUSFUNDS.COM Source: Bloomberg, U.S. Global Investors
Slide 23: vs. The Competition
U.S. Global Investors vs. The Competition As of Quarter End March 31, 2026 r * Return on Pre-Tax Dividend Price Per ETF Busmess) | Puce/Book!\ nsceis) | Margin Yield EBITDA WIsDOMTREE® 100% ETFs 4.9 8.6% 28% 0.008% 20.73 hts. cicbat iwvestors (ee eee IDEs 6.46% 40.85% ——- 3.40% 7.8 Revenue 40% of As
Slide 24: A well-diversified portfolio should have 5-15% in gold and Bitcoin
“A well-diversified /// ” portfolio should have 5-15% in gold ; and Bitcoin” — Ray Dalio, Bridgewater Associates, 2025 Total AUM $136.5B SBus. Global Investors
Slide 25: Gold's All-Time High Signals Renewed Investor Interest
Gold’s All-Time High Signals Renewed Investor Interest Gold Price per Ounce from February 24, 2023 - May 07, 2026 $5,500 4 $5,000 + $4,500 4 $4,000 + $3,500 + $3,000 + $2,500 ~ $2,000 + $1,500 4 ATH ~$5,500 — 50-Day Moving Average OCT-2024 DEC-2024 FEB-2025 APR-2025 JUN-2025 AUG-2025 OCT-2025 DEC-20
Slide 26: Total Global Debt
TOTAL GLOBAL DEBT Trillions of USD 9350 Naw $360 $320 @ @ i. soo| MODERN MONETARY THEORY $280 | F $255T $260 $247T y Fe $240 $235T al ¥ " $220 | A) | $200 J ’ | 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 oz —<— — \ . RISING DEBT. REAL CONSEQUENCES. THE FUTURE WON’T WAIT. i+) wwwustunds.c
Slide 27: Gold's Historic Rise Is a Global Phenomenon
Gold’s Historic Rise Is a Global Phenomenon Gold Performance YTD Through May 2026 30% 4 25% 4 20% 4 15% 4 10% 7 5% 7 Chindia is 40% of World’s Population — Gold In U.S. Dollar — Gold In Chinese Yuan ~~ Gold In Indian Rupee +15% i) +9% @ +™% 0% T T T T JAN-07. JAN-15 JAN-30 ~—-FEB-13 an) Nasdaq: GROW
Slide 28: A Comeback (IBD Weekly cover)
IBD \A/EEIZIN VOL. 42 NO. 50 WWW.INVESTORS.COM WEEK OF MARCH 16. 2026 $5.99 USD ee ACOMEBACK §=6 A new bull market is underway. Strong fundamentals. Rising demand. ‘S. Global Investors
Slide 29: Gold Miners' Free Cash Flow Has Surged on Higher Gold Prices
Gold Miners’ Free Cash Flow Has Surged on Higher Gold Prices $40 $35 $30 $25 $20 $15 $10 $5 $0 TM ONYSE Arca Gold Miners Index Free Cash Flow Per Share (Left Axis) =—— Gold Price Per Ounce (Right Axis) $36.49 Jun-24 Sep-24 Nasdaq: GROW 'U.S. Global Investors Mar-25 WWW.USFUNDS.COM Jun-25 Sep-25 Dec-
Slide 30: Central Banks Have Been Net Purchasers of Gold Since 2010
Central Banks Have Been Net Purchasers of Gold Since 2010 Metric Tons | 2015 — 2025 1,092 1,080 1,051 863 656 629 569 601 580 605 481 450 395 379 ff 255 79 2010 2011 2012, «2013, -2014— 2015 2016 2017 2018 = =2019 2020 2021 2022 =2023 2024 =. 2025 Nasdaq: GROW Source WGC, US. Global Investors 4.U.S.
Slide 31: Silver Becomes A Critical Mineral
Silver Becomes A Critical Mineral “Government policies are a precursor to change” Silver Price Per Ounce USD | November 2025 Through May 2026 — Frank Holmes Bearish Catalyst $1204 CME increases margin 64% $110 4 -Feb. 2026 $100 — 50-Day Moving Average $90 4 $80. suis Catalyst Silver named U.S. $704
Slide 32: A Quantamental Approach to Smart Beta Investing
A Quantamental Approach to Smart Beta 0 Investing | ~@ ££. e use a Baeicainental mabe to eating, — requiring a broad and deep unders 0° f global ’ economic trends, policies Tt oer it i vents. Z ae SA - Fr . Ls i Our smart beta 2.0 inv eS ighiseo integrates advanced’ analytics wi -driven decisions, d
Slide 33: Building a Smarter Thematic ETF Platform
Building a Smarter Thematic ETF Platform a Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 34: WAR & SEA
ar In WAR & SEA ~ Amid International Conflict isfunds. BYU. Global investors
Slide 35: World Military Expenditure Has Hit a New All-Time High
World Military Expenditure Has Hit a New All-Time High of $2.9 Trillion Since 9/11 Terrorist Attack Trillions of USD | Data as of April 2026 es — Africa — Middle $2.5 East $2.0 = —F $1.5 $1.0 $0.5 2000 2005 2010 2015 2020 2025 —Asia and Oceania — Europe ~ Americas 7 Nasdaq: GROW Source: SIPRI Milita
Slide 36: Americans Killed Before Venezuela
% ¢ 23 AMERICANS KILLED BEFORE VENEZUELA, THERE WAS PANAMA AND THE FIRST U.S. CAPTURE OF ALATIN AMERICAN LEADER. aml www.usfunds.com Kauss. Global Investors
Slide 37: Connecting the Dots: Aerospace & Defense, AI and Data Centers
CONNECTING THE DOTS: AEROSPACE & DEFENSE, Al AND DATA CENTERS Nasdaq: GROW I |U.S. Global Investors WWW.USFUNDS.COM
Slide 38: Recognizing the future
Recognizing the future demand for accelerated computing and graphics processing, Nvidiabegan ~ designing GPUs specifically tailored to meet these needs. z ZN = z y i ay / : aaa = . | 3 ( www.usfunds.com = jk . = ( U.S. Global Investors i / 1 ™ : \
Slide 39: InvestX Series (XAI-U1)
InvestX Series (XAI-U1), which invests in Musk’s Al company. Since the initial invest nent tie v www.usfunds.com “Value reflects the alternate measurement method under US. GAAP and may not represent Burent market value. U.S. Global Investors image: Colossus, the world’s largest Al supercomputer, dev
Slide 40: Income Statement - Financial Analysis
Income Statement - Financial Analysis Lisa Callicotte CEO a Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 41: Third Quarter 2026 Financial Highlights
Third Quarter 2026 Financial Highlights € 4 » Average assets under management q raed of $1.63 billion y ZN V4) Operating revenues of $2.8 million &)) Pre-Tax Income of $1.8 million ~ Nasdaq: GROW fh |U.S. Global Investors WWW.USFUNDS.COM
Slide 42: Operational Earnings
Operational Earnings (Cash Flow) Investment Earnings Realized (Cash Flow) == Unrealized Earnings (GJ) Nasdaq: GROW \A US. Global Investors
Slide 43: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended March 31, 2026 2025 Operating Revenues Advisory fees $ 2,697 $ 2,072 Administrative services fees 65 31 Total Operating Revenues 2,762 2,103 Operating Expenses Employee compensation and benefits 1,
Slide 44: Consolidated Statements of Operations
Consolidated Statements of Operations (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Operating Income (Loss) Other Income (Loss) Net investment income (loss) Other Income (loss) Total Other Income (Loss) Income (Loss) Before Income Taxes Provision for Income Taxes Tax expense (benefit) Net Income (Lo
Slide 45: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) March 31, 2026 sica'sb aes (unaudited) Current Assets Cash and cash equivalents $ 24,575 $ 24,552 Restricted cash 1,000 1,000 Investments in trading securities at fair value, curent 9,197 9,692 Investments in held-to-maturity debt securities at amor
Slide 46: 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: $0, and $3,993, respectively) (net of allowance for credit losses of $0, and
Slide 47: 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 48: Consolidated Balance Sheets
Consolidated Balance Sheets (DOLLARS IN THOUSANDS) Shareholders’ Equity Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 shares issued at March 31,2026, and June 30, 2025; 10,405,542 and 10,982,687 shares outstanding at March 31, 2026, and June 30, 2025,
Slide 49: Marketing Highlights
Marketing Highlights Holly Schoenfeladt Director Of Marketing (a Nasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM
Slide 50: A Quick Look: 2026 Events
April 2026: . May 2026: A Quick Look: _ Wp WEISS INVESTMENT SU 2026 Events June 2026: an} Nasdaq: GROW |U.S. Global Investors WWW.USFUNDS.COM
Slide 51: U.S. Global Team Attends Nasdaq Texas Ceremony in San Antonio
U.S: Global Team Attends Nasdaq Texas Ceremony In San Antonio/ gate “ae
Slide 52: 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 53: Top Content From Our Investor Alert
TOP CONTENT FROM OUR The World's Largest Oil Why Gold Could Be the Periodic Table of Why the Real Oil Shock Is Greenland Really Worth Reserves Is Now Under U.S. _ Biggest Winner of the Oil Commodities Returns: Silver Hasn't Hit America Yet the Gamble? Management Crisis Took the Gold in 2025 Nasdaq:
Slide 54: Peeling: al one
Peeling: al one DFEaEY A Bat: lasdaq: GROW U.S. Global Investors WWW.USFUNDS.COM
Slide 55: Thank You
Thank You Nasdaq: GROW t U.S. Global Investors WWW.USFUNDS.COM
Slide 56: 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 57: 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 58: 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 2026 Earnings Presentation on 6ix