[Starts Abruptly] Officer; Lisa Callicotte, Chief Financial Officer; and myself, Holly Schoenfeldt, Director of Marketing. On slide number 3, 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 materially affect actual results. Please refer to our press release and corresponding Form 10-Q filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today and US Global Investors accepts no obligation to update them in the future. On slide number 4, this is another slide we like to highlight that kind of goes along with our disclosure or our safe harbor slide. I'll speak about it briefly and if, Frank, you want to jump in, please feel free. But this is what we call the DNA of volatility graphic. What it does is allows investors to manage their expectations of various asset classes. So if you see, what it's showing is the standard deviation over here for our various industries, from large caps to gold airlines and then, of course, the growth stocks. And so, what's most important is to realize that over a one day and a 10 day period, it's essentially a non-event for our GROW stock to go up or down 2% and then subsequently up or down 4%. But then, if you look at more volatile assets, for example, if you look like at a company like Hive, which deals directly with Bitcoin, that fluctuation has historically seen bigger swings. Frank, I don't know if you want to add any other color on this slide.

No, I think it's very helpful. And the derivative of this is that we're in the fund business and a lot of our funds are in the gold business. So as you can see from this visual, our biggest fund is airlines. And so, it's a non-event for those assets to go up or down 6% over a 10 day rolling period. And gold is plus or minus 6%. We are less than that over a 10 day period, but it's just helpful to put that in context, that each asset class has its own unique DNA of volatility. And to manage those expectations, as Holly said, it's important to understand them. We update this on a regular basis because government policies over time can change an industry or category. And so it's helpful. I'd further like to point out to investors is that we used to trade. And when I first bought U.S. Global, moved here off of money market funds, rates were very, very high and we had big growth in our government agency fund. And it went from basically nothing to a billion dollars in assets. And that was the sort of the correlation, but we were known for gold. And then our gold assets took off and we started to trade as a stock highly correlated around what gold was doing and what the fund flows were in and out of our gold funds. And then it became predominantly off of Bitcoin and Hive when we made the initial investment in Hive in 2017 because we realized they weren't going to allow an ETF in the crypto industry. And it was only this year that it was allowed. And now this week we've elected a future president who is pro the Bitcoin ecosystem. So I think we were way ahead of our times. But with that, Hive was at one time a unique investment. We were early and we caught that wave and we were having this tremendous volatility around Bitcoin. That's not happened today because we have a Hive structured note. And so, that is a very different composition of our key investments. And I'm happy to see that all these other ETFs have enjoyed success and grown, but it's taken them something like seven years before this event took place. I think that the industry now follows what the airline index is doing, what the fund flows are, which is moving around. And I hope during this presentation to give you some color on the airline industry and gold because gold is making all-time highs also. Next please.

I can take it back briefly. On this slide, as always to our loyal shareholders that are tuning in, we invite you to email us at info@usfunds.com and we would love to send you one of our hats seen here and we actually have some new go gold hats on the way. So, like I said, shoot us a message with your mailing address. We're happy to get you some USGI swag. On the next slide, before I hand this over to Frank, I will briefly review our company. U.S. Global Investors is an innovative investment manager specializing in smart beta 2.0 thematic products. We have vast experience in global markets and specialized sectors, and we use a quantimental strategy to create these smart beta 2.0 funds. The company was originally founded as an investment club, becoming a registered investment advisor in 1968. The company has a longstanding history of global investing and launching first of their kind investment products, including the first no load gold fund. We're well known for our thematic investing in gold and precious metals, natural resources, airlines and luxury goods. Now slide number 7. I would like to hand the presentation over to CEO, Frank Holmes. Frank?

Thank you, Holly. We have over 30 years' experience, unique global footprint, particularly that grew out of gold – in the world of gold and looking for gold mining assets and the big growth in the past 30 years has been in Africa and Latin America and in certain little regions of North America, particularly Canada. The two states was Nevada and we saw success in pockets from Quebec and Ontario and British Columbia, but the big growth in the gold mining industry was in emerging countries. And with the rise of GDP per capita, with China embracing capitalism and having a cultural affinity for gold, it led to a new world, especially this century, year 2000. And we look after the great tech bubble, commodities, in particular gold, started to get this, I call, the love trade. And that led us to open up a China region fund, which we had incredible success with. And then there's this sort of anti-China concerns, and rightly so. So we've shut that down. There's just no interest. And it led us into other emerging countries. And with that, in that journey, we have created three ETFs, because that's the new technology in the Mutual Fund 40 Act industry. And they've been related to our global travels. But as always, as Holly said, a smart beta 2.0, which means that you have very quantitative regressional work. That's a minimum of 10,000 hours of studies going back over a decade to look at what is the ideal portfolio construction for up and down cycles in the economy and what are the industry specific factors that are best for stock picking and you try to create a portfolio that recalibrates every quarter. And so, we've been very successful in creating sustainable products. And with that,…

Thank you, Frank. Good morning. First off, start with our financial highlights on the next slide. Our quarterly average assets under management were $1.5 billion and our operating revenues were $2.16 million and net income $315,000. The next slide shows a breakout of our earnings. We have operating earnings that consist of our advisory fees and services, and we have other earnings, which mainly consist of both realized and unrealized gains and losses on our investment holdings. So both our advisory earnings and our investment earnings fluctuate based on stock market forces. On the next slide, we see how these two components impact our earnings per share. Our operating earnings are based on average assets under management for the period, and our investment earnings are based on the change in the market value of our investments. So both can fluctuate based on market forces, including investor sentiment, and our earnings per share also fluctuates. Next, we see the effect of the decrease of our average assets under management. That decreased revenue had an impact on our operating income. Our challenge is to raise our average assets under management, which Frank discussed, and how he is positive that we'll be able to work on that going forward. But at our current expenses, we estimate that at about $1.9 billion in average assets, our operating income would be positive. The next slide show more information about our quarter ending September 30th, 2024. We see that our quarterly operating revenues were $2.2 million for the quarter, which was a decrease of $976,000 or 31% from the $3.1 million in the same quarter last year. The decrease is primarily due to a decrease in our average assets under management in our Jets ETF. And our operating decreased $202,000 or 7%, mainly due to a…

Thank you, Lisa. All right, on the first slide of my section, I want to point out a quick stat about our website traffic during the first quarter of 2025, which is actually quarter ending September 30th of 2024. So as you can see on this map, we had over 407,000 readers from around the world visit usfunds.com on a year-over-year basis. Many repeat visitors, but even more new visitors, which is great, who find our content from third party syndication. On the next slide, we're proud to report that we continue to provide original, timely market insight through our YouTube channel. We know one of the best ways to reach new and existing shareholders is through education, and we find this as one of the best ways to do so. So if you haven't had a chance to watch some of these, I invite you to find our YouTube channel, check them out and be sure to hit subscribe. On the next slide, I want to highlight some of our most popular Frank Talk blogs so far in the quarter ending September 30th. As you can see here, the topics of gold and commodities, as well as anything having to do with the global markets and the recent election were some of the most popular topics. And as a reminder, and something we are very proud of, the Frank Talk blog is actually one of the very first financial blogs out there. And this year, it celebrated its 17th year in publication. All right, on the next slide, this was another one of the topics of a recent Frank Talk blog that we put out, which you may have read. And the topic had to do with hedge fund manager, Paul Tudor Jones' recent comment about decentralized assets. So…