Good morning, everyone, and thank you for joining us today for our webcast announcing U.S. Global Investors' Results for the Third Quarter of Fiscal Year 2025. As seen on Slide #2, the presenters for today's program are Frank Holmes, U.S. Global Investors' CEO and Chief Investment Officer; Lisa Callicotte, Chief Financial Officer; and myself, Holly Schoenfeldt, Director of Marketing. Moving on to Slide #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 and in forward-looking statements. Any such statements are made as of today and U. S. Global accepts no obligation to update them in the future. Let move on to Slide #4. As always, we appreciate our loyal shareholders. If you'd like one of our signature USGI hats featured here on the slide simply email us at info@usfunds.com with your mailing address and we would be more than happy to send a little USGI swag your way. All right. Moving on to the next slide. I will briefly review our company for anyone new here. U. S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantum mental strategy to create thematic smart beta 2.0 products. The company was originally founded as an investment club becoming a registered investment advisor in 1968 and has a long-standing history of global investing and launching first of their kind investment products, including the first no load gold fund. Finally, we are experts in thematic investing, in particular gold and precious metals, natural resources, airlines and luxury goods, all using a quantum mental approach that includes both macro and micro factors. Let's move on to the next slide. This is a graphic we often start all of our presentations with titled the DNA of volatility. It serves as a helpful reminder for investors that market fluctuations are a natural part of asset behavior over time. At this point, I do want to hand things over to our CEO and CIO, Frank Holmes, who can dive deeper into the macro-overview of the past quarter. Frank, over to you.

Thank you, Holly, and thank you for all of our loyal investors during a challenging time in this realm of capital markets, which is so different than in the crypto world. And I'm going to give you some more color on that in the presentation. But let's just talk about now this DNA of volatility. What's important here is that 70% of the time approximately is a nonevent for gold and the S&P to go up or down 1% and over 10 days plus or minus 3%. We update this data because if we go back to prior 2008, the volatility daily of gold was greater than the S&P and 10 years even much more so. So we also found that GROW’s volatility was much more with gold stocks, and that volatility was using 3:1, but capital markets change over time and ETFs and arbitrage between shorts and shorting individual names going along with ETF, all of us these arbitraging out information, well changes the volatility. But what I want to point out here is that our volatility and GROW is pretty well, what the S&P 500 and bullion is. It's less than the Dow Jones U.S. Asset Managers Index over 10 days. And I found that most interesting why that's evolved this way because if I go back a few years ago when stock ran up to $12 a lot of it was in 2021 was Bitcoin being early adopters into the Bitcoin ecosystem by the co-founding accretion of HIVE Digital and HIVE's DNA volatility back then was plus or minus like 7%. And, and so our big holding, we were moving now with whatever Bitcoin was doing in the crypto mining space. But that's changed. And so that's why it's important that when you look at holdings and…

Thank you, Frank. Good morning. First, I'll start with our financial highlights. Our assets under management were $1.4 billion for the quarter, and our operating revenues were $2.1 million, and we had a quarterly net loss of 382,000. The next slide talks about our breakdown of our earnings. We have operational earnings, which consists of our advisory services, and so we also have other earnings that consist mainly of realized and unrealized gains and losses on our investment holdings. So both of these are dependent on the market and will fluctuate as the market does. On the next slide, we'll see more detail about our operations in quarter ending March 31, 2025. Here, we see that the operating revenues were $2.1 million for the quarter, and this is a decrease of 490,000 or 19% from the $2.6 million in the same quarter last year. The decrease is primarily due to decreases in assets under management, as Frank discussed, and especially in our JET ETF. Operating expense for the current quarter was $3 million. This was a decrease of 85,000 or 3%, primarily due to a decrease in general and administrative expenses of $281,000 or 16% due to lower fund expenses. G&A decrease was somewhat offset by an increase in advertising of a $146,000, primarily attributable to increasing efforts to grow our assets under management. On the next slide, we see our operating loss for the quarter was $893,000 or an unfavorable change of $405,000 compared to the same quarter last year. Other income increased $120,000, and that was due to net realized and unrealized losses on equity securities of $50,000 in the current quarter versus $231 in the same quarter in the prior year, which was a favorable change of $180,000. Net loss after taxes for the quarter is $832,000 or $0.03 per share, which is an unfavorable change of $347,000 compared to our net loss of $75,000 the same quarter for fiscal 2024. And then on the next couple of slides, you see our balance sheet. We have a strong balance sheet with high levels of cash and securities. Then on slide 45, we see we still don't have any long-term debt. And on slide 46, you can see our stockholder balance sheet. The company has a net working capital of $37.5 million and a current ratio of 21.7:1. With that, I will turn it over to Holly to discuss marketing and distribution.

Thank you, Lisa. Okay. The first slide in my section highlights our continued commitment to sharing original, timely market insight on YouTube as well as TikTok. Videos are one of the most effective ways to educate and engage both new and existing shareholders. So if you haven't yet, we highly recommend checking out our YouTube channel. And on the next slide, this is our latest in-house video, which we think shareholders will find both insightful and timely. It ties in well with our WAR ETF and the ongoing focus on the defense sector right now. This video actually covers president Reagan's strategic defense initiative or better known as Star Wars. So check that out when you have some time. Then on the next slide, these are just a few of the upcoming conferences where the U.S. Global Investors Team will be participating. First up is Wealth Management Edge that happens in June where we'll be engaging with RIA, getting some media exposure and connecting with potential shareholders. And then in July, we will be at the Rural Natural Resource Symposium, which is hosted by Rick Rule. And while we are there, we are going to have a modest booth presence, and we're especially excited that our Gold Fund Manager, Ralph Aldis, will be speaking on the investing legends panel alongside industry leaders like Frank Giustra from Fiore Group, Rob McEwen from McEwen Mining, and Jonathan Goodman from Dundee. Moving on to the next slide, I want to point out that the Frank Talk blog continues to expand its third-party distribution, and now you can sign up to receive it on Substack. And this platform has around 20 million monthly active subscribers. On the next slide, we always like to recap the most read Frank Talk blog post during the quarter. So as you can see here, the top themes focus on tariffs, trade wars and then gold. And honestly, all of those are still incredibly timely as we head into the next quarter. Finally, on my last slide, I do encourage you all to follow U.S. Local Investors on social media. We're on Twitter, LinkedIn, YouTube, Instagram, and Facebook. So wherever you prefer to get your news, be sure to check us out. This way, you're up to date with everything that's going on, not only with GROW, but with our funds and just the broader market insights. Alright. As a reminder to our audience, if you have any questions today, please e-mail those to info@usfunds.com, and we will gladly follow up with you to get anything clarified that you may need more information on. So thank you so much for tuning in today. That concludes our webcast.