Good morning everyone, and thank you for joining us today for our webcast announcing U.S. Global Investors results for the second quarter of 2026. On the next slide, I'd like to Introduce the presenters for today's program, which are Frank Holmes, U.S. Global Investors' CEO and Chief Investment Officer; Lisa Callicotte, Chief Financial Officer; and myself, Holly Schoenfeldt, Director of Marketing. On the next slide, during this webcast, we may make forward-looking statements about 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 statements are made as of today, and U.S. Global accepts no obligation to update them in the future. All right. On to the next slide. We're always grateful for our continued support of our valued shareholders. So if you'd like to receive one of our signature USGI hats featured here, just send us your mailing address to info@usfunds.com and we'll gladly ship one out to you. All right. On to the next slide. I want to briefly review the company. U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantamental strategy to create thematic smart beta 2.0 products. The company was originally founded as an investment club, becoming a registered investment adviser 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 quantamental approach that includes both macro and micro factors. All right. Moving on to the next slide. We often open up our presentations with this slide known as the DNA of volatility. It's a helpful reminder that market fluctuations are a natural part of long-term investing. And with that perspective in mind, I do want to hand it now over to our CEO, Frank Holmes. Frank?

Thank you, Holly, and thank you, everyone, for listening to our presentation. And yes, there's no doubt it's important to recognize the DNA of volatility and managing life is about managing expectations. And it's a nonevent for gold, as you can see, and that's an important part of our assets to go up the same as the S&P 500. And I can share with you 10 years ago, that number was 2%. And 25 years ago, the daily volatility for gold was 3%. And for stocks, it was more like 9%. So the volatility has come down, but we do see gold stocks still exhibit 2x the volatility of the S&P and as you can see over 10 days, it's 6% volatility. And that's really important. And when you look at Arca Airline, which is our biggest ETF, the volatility is also quite large. It's plus or minus 2% a day. And a lot of that has to come from the oil market, the volatility of oil because it's the biggest line item expense. And then 10 days is 7%. And Bitcoin is the same as the airline index when you look over 10 days, which is amazing to me. And HIVE Digital was a company we launched and created and cofounded in 2017 because it was -- we were unable to launch a Bitcoin ETF and it's been our proxy in that whole space. Next, please. You can't connect the dots looking forward. You can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. In my storytelling today, I'm going to try to weave through the dots and connect them for you because I love that quote, and it's also really helpful when you go back and you use…

Thank you, Frank. Good morning. On the next slide, I'll start with kind of an overview of our financial highlights. Average assets under management were $1.48 billion, and our operating revenues were $2.5 million. Pretax income was $535,000. We move on to the next slide. This talks about the breakout of our earnings. We have operational earnings, which is made up of our advisory services. And then we have other earnings, and this is mainly made up of realized and unrealized gains and losses on our investments. Both our advisory earnings and our investment gains and losses fluctuate based on market forces. As we travel to the next slide, we'll get into more details of our financial statements for the quarter. Our total operating revenues was $2.5 million for the quarter. This is an increase of $279,000 or 13% from the $2.2 million in the same quarter last year. The increase is primarily due to increases in the US GIF assets under management, especially in our equity mutual funds. And this was partially offset by a decrease in our Jets ETF assets under management. Operating expenses for the current quarter were $2.6 million, a decrease of $172,000 or 6%, primarily due to decreases in general and administrative expenses of $207,000 or 15%, mainly due to lower ETF-related costs and was partially offset by an increase in employee compensation benefits of $45,000 or 4%, mainly due to higher bonuses based on performance. On the next slide, you can see our operating loss for the quarter was $88,000, but it was a favorable change of $451,000 compared to the same quarter for fiscal year 2025. Other income increased $200,000 compared to prior year, mainly due to unrealized gains and losses on investment securities in the current year being $28,000 compared to unrealized…

Thank you, Lisa. All right. On the next slide, this highlights our commitment to delivering timely original market insights through YouTube and TikTok, which both are powerful platforms for engaging both new and long-time shareholders. Some of the recent highlights include our popular videos on gold, what's driving it and what could come next, along with 2 global market updates featuring retired Lieutenant General, John Evans, who shared valuable geopolitical insights with us just recently. So if you have not seen those, we encourage you to visit and subscribe to our YouTube channel to stay current with our latest content. On the next slide, I'd like to spotlight several recent interviews featuring Frank Holmes from the past quarter, including appearances on Money Metals Exchange, PreMarket Prep, which streams live on YouTube and X. We have Investing News Network and finally, Financial Fox. And all of these can be found on their respective websites or channels, but also we share them across our social media channels as well. All right. Moving to the next slide. You can see here that it's our updated 2025 periodic table of commodity returns. So this is one of our most popular annual pieces, and it is fully interactive on our website. So you can click on any individual commodity to track its highs and lows over time, making it an engaging way to visualize the leaders and laggards. It also offers helpful perspective on what drove results last year and which areas may be poised for a correction or a rebound this year in 2026. All right. On the next slide, we always like to recap the most read Frank Talk blog post during the recent quarter. So as you can see here, the top theme that remained in focus for another quarter was gold for sure. We hosted a webcast at the start of the year also about a month ago, covering precious metals and the commodity space and commodity moves are definitely another area of the market where investors are focused and really paying attention to. All right. Finally, on my last slide, I want to encourage you all to follow U.S. Global on social media. We're on X, formerly Twitter, LinkedIn, YouTube, Instagram and Facebook. So wherever you prefer to get your news, be sure to check us out. That way, you're up to date on everything that's going on. All right. As a reminder to our audience, if you have any questions today, please e-mail us to info@usfunds.com, and we will gladly follow up with you to get anything clarified that you may need more information on. Thank you so much for tuning in today.