[Audio Gap] U.S. Global Investors Results for the quarter ended September 30, 2022. I'm Holly Schoenfeldt. As you can see 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. As always, we would love to offer anyone tuned in today one of our JETS, GOAU or SEA. In addition, we do have JETS luggage tags available, and all you have to do is send us an e-mail with your physical mailing address to info@usfunds.com. Now on Slide #4, 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-K 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 U.S. Global Investors accepts no obligation to update them in the future. Moving on to Slide #5, I will briefly review our company. U.S. Global is an innovative investment manager with vast experience in global markets and specialized sectors. It was originally founded as an investment club, becoming a registered investment adviser in 1968. The company has a long-standing history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. We are well known for expertise in gold and precious metals, natural resources, airlines and emerging markets. Now on Slide #6. I would like to hand the presentation over to CEO, Frank Holmes, to review what we believe is one of the most helpful visuals when it comes to investing, not only for GROW, but for any major asset class.

Thank you, Holly. And thank you for all the listeners and definitely share with you this is a very important visual to understand volatility. Every asset class has its own DNA of volatility. And over time, it can change. It's not dramatic by quarter-by-quarter, but over time periods of 3 years, you can see changes taking place. So what's important here is that gold bullion is really less volatile over 10 days on the S&P 500. It used to be the same. So I thought that was most interesting. And then when we look at asset managers like ourselves, our daily volatility is twice what the S&P 500 is and we're known for our gold funds, so we're also twice as volatile as gold bullion. And over 10 days, you can see once again, we're twice as volatile over 10 days. So it's a nonevent for 7% of the time, over 10 days for GROW to go up or down 9%, whereas the Dow Jones asset manager is only 6. So why is that? It's because we have other investments that also are volatile and our biggest asset class is Jets ETF. As you can see, it daily volatility is 3%, what GROW is, but over 10 days, it's 8%. And our investments in companies like high blockchain, that's much more volatile. So you get a sentiment move. But what’s really should be most important to all of us is how we're doing from our revenue and cash flow and running the business. Our investment process, we use a matrix of top-down macro models and bottom-up micro stock selection models to determine waitings in countries, sectors and individual securities. And our ETFs are smart beta 2.0. So we've done a lot of progressional work on the portfolio construction and back-testing it in addition to looking for the factors for stock picking. Also, we write and we believe that government policies are precursor to change. And as a result, we monitor and track the fiscal monetary policies are the world's largest countries, both in terms of economic stature and population. We focus on historical and socioeconomic cycles, and we apply both statistical and fundamental models, including growth at a reasonable price to identify companies with superior growth and value metrics. We overlaid these explicit knowledge models with our case knowledge obtained by domestic and global travel for first-hand observation of local and geopolitical conditions as well as specific companies and projects. We use a matrix of statistical models to monitor market volatility. As you saw, we like to talk about the DNA volatility of different asset classes and money flows. And as a result of times, we maintain may maintain higher than normal cash levels. For our company values are respect for people and teamwork initiative, responsiveness, curiosity to learn and improve performance of results-orientated people, focused work ethic, recognition of achievement is something that we're very proud of how we run this company. But what's driving growth? Well, interest rates, I'm going to talk a bit about that have been a headwind for all asset classes. Gold is an inflation hedge. Good to see that gold in the past couple of days, and particularly this week, it's back above its 50-day moving average, which is bullish for the gold stocks, and we're seeing a big lift today. But in particular, is having the only airline and focused ETF and our newest one is shipping industries. These ETFs are really important, and I'm going to highlight that GOAU is our gold ETF, and it's done what it's supposed to do. It's outperformed the peers and so we're happy about that. And high blockchain. High blockchain is a unique investment that we couldn't launch an ETF in the space for various reasons, which we've talked about before. So we launched the first crypto mining company in the world, and it's always been green only with a very strong strategy that differentiates itself from its peers. I really want to take this time to thank our shareholders, in particular, the Royce Group, Vanguard is predominantly the index that they have and Peritt Capital Management, Michael Corbet there has done a phenomenal job. And then we have a new investor as a deep value investor Keenan Wealth Management out of Florida. And then Bill Nasgovitz out of Milwaukee, the Heartland Advisors. So I want to thank all of you for staying loyal and staying with us. Next, please. So Peritt Capital Management, just did an interesting slide, and I thought it was very timely of looking at returns post-midterm elections are high. And just as they are reliable negative going into midterms, as you can see here. So it looks after these election results, it's historically having a Democratic President and a Republican Congress and Senate or split between them is usually the best for the stock market. And microcaps, in particular, going into this year of taking it on the chin. So I think we're going to get a reset button here that we have for shareholders, a lot of upside as an industry category. And I'll give you an update of how we're performing within that group. Next, please. Well, we're really happy with Stone Gig Capitals finally get this report off. They're a great group out of Dallas. They do unique research and they cover GROW and they cover many microcap stocks. And so I thought it was helpful for you to see that they finally came out with this report, and we're thrilled about it and timing couldn't be better, especially after the big corrections took place in September. The valuation multiples and types and methods, there's equity multiples, this comparable company analysis. There's precedent M&A work and transactions. And then there's the enterprise value multiples. So there's many different ways of looking for valuations and what makes us thought so unique and special. But what we find with U.S. Global is a lot of times we get a sentiment premium and it could be positive or negative. I myself own 17% of the company and approximately 99% of the voting control. Next, please. So we increased the dividend last year by 200%. The stock did come off in September with a big sell-off that we've been paying dividends since 2007. Our yield is close to about 3%. The monthly dividend payment has been consistent and its approved going into your yet and reviewed by the board on a quarterly basis. In February of this year, earlier, the Board of Directors of the company approved over an 80% increase in the limit of its annual share buy-back program from $2.75 million to $5 million -- for the quarter end of September, the company repurchased a total of 39,965 Class A shares using 133,000. This may be suspended discontinued as deemed necessary, but we are buying back and it's an algorithm that buys back on down days, and that's what's important we believe it's a good time. It looks very attractive. But let's take a look at the first quarter of 2023, the company remains profitable despite challenging macro market environment. The company continues to buy back stock in down days and pay a dividend and the company has a strong balance sheet, which includes both cash and other investments. So understanding assets under management versus average account size. What we want -- the reason why we put this to share with you is that one of the things that U.S. Global has always been is to have this called the ABC plan, where we make it, that's only $100 down originally it was a couple of dollars a day for people to save and invest. And I was really interested when we had Terry Savage called me and tell me during COVID crisis that her gardener had been doing it for something close to 20 years the ABC plan, and he was so thrilled to realize how much money he had saved. And that during COVID, you had a lot of capital, say that he was able to live from during that terrific time period in the first half of 2020. But I just think that we've maintained that level, but it's a problem because it drives up your expense ratios. And otherwise, you have to subsidize those expense ratios to be price competitive. And so we'll try to give you an occasional slide here to show you that if the average account size is $40,000, and you have assets here, you're seeing assets under management are $60 million, then you can get to a breakeven depending on what fees are charging. We know for the ETFs, they're breakeven to pay at 60 basis points. You need at least $40 million to breakeven on paying your legal bills and your audit bills, but not your fund investment advisory, you need over $100 million to start to pay those expenses. And so that -- when you're dealing in ETF, there's no transfer agency fee or expense, and that expense can really drive up the expense ratio -- and when we advocated 10% winning in gold, and if someone has a $100,000 portfolio, that means it's only $10,000 invested in the gold funds. And that basically means it's going to have a higher expense ratio unless we guarantee and cap the expenses. So we have created caps on the funds, but still they're high on a relative basis because we do have a very strong program for that retail investor in addition to the institutional investor. Next, please. So GROW as of '07, you can see $ 317.9 billion quarterly average assets, $4.4 million in quarterly operating revenues. So how do you figure out what the value is on an asset management company? It's really quite simple and easy to do. I know people that are downloading every day your assets and doing a rough estimation, but this is a simple of looking at the ETFS. So if we have $100 million at 60 basis points is going to throw off $600,000 to U.S. Global. At $2 billion, it's going to throw up $12 million, at $3 billion is going to throw up $18 million. So what's your expenses deducted from $18 million, and that's roughly which your cash flow as the gross margin is going to be. That's the easiest way and how this asset management business is valued on a daily basis, you can see the reset button is taking place. I'm going to give you some more granularity on U.S. Global in the next couple of visuals. But the GROW assets declined with the broader markets, as you saw in March of this year of $4.1 billion in June and then in September, we had that big sell-off in all asset classes and redemptions across the board for the fund industry, both global, domestic. The only asset class that saw fund flows going into were money market funds Well, how do we determine earnings? So we showed you 60 basis points of your assets to give you your operational cash flow and earnings. But then we make investments, and we've had some great wins over the time period, and it can have a big swing positively negatively with mark-to-market or investment earnings. And each quarter, your public holdings, they go up or down and you have to do an analysis of that and they can have a great volatility to your earnings. So Warren Buffett says you should just focus on a company's operational earnings. Their investments are long-term investments, and it just creates short-term noise. But I think it's important for you to understand at U.S. Global, we have healthy operational earnings, and we also have investment earnings. So how do this mark-to-market of investments and how it could impact the investments and we make disclosure to this. And this is giving you an idea at the end of September, the equity value -- the fair value was $16 million and hypothetical up 25% or down 25%. What can it do? It can have a swing of plus or minus $3 million, which would then have an overall impact -- and then we have options on warrants, which is basically an option on high blockchain. And so that can also impact up or down for simplicity here, showing $1 million. So this is important for investors to recognize. It does create shorter-term noise, but it's better to focus on the health and growth of our operational business model. So, this is another visual to highlight to you that we saw in March. We started the big sell-out taking place in April, May and June and in July, and there was an uptick in August and then a big plunge again in September with rising interest rates globally. So this is -- we have experienced that too, with our funds. And therefore, if our funds go down with the overall market, our 60 basis points of revenue is going to go down, and we're going to have less operational income, and that makes it so simple to understand what drives U.S. Global. Next, please. Domestic and [ Global ] equity mutual funds saw redemptions. I mentioned this earlier, as you can see, and there was money market funds that had a positive flow operating income on $2.9 billion, as you can see, how this had an impact on our business model, which our CFO, Lisa Callicotte is going to give you more granularity on. Earnings per share quarterly, $0.24, minus $0.06 with the sell-off then up $0.03, and then we made a $0.01 for this last quarter. What I'm really thrilled about because it was a very difficult quarter for many reasons. This is to give you another idea that what drives the performance. It's gross stock versus JETS. At times, we follow the price of gold, the gold funds. At other times, we follow JETS. And other times, we have followed the crypto space, in particular, the performance of high blockchain. But since most of our investment in high blockchain has been a convertible note, which we've been getting back about $750,000 in principal every quarter. It used to be $15 million. It's now just under $10 million, plus we get 8% on the principal. And each quarter, it's being down -- being paid off. So it doesn't have the movement. We do have actions through the warrants on a high, but it's not as significant as it was several years ago. So the big driver here is JETS. And we can see here that JETS, you can see the decline in JETS was a U.S. Global, the difference here. But what's interesting is those numbers is that JETS start to do better and our rebound coming out of September hasn't been so great. And I was questioning I wonder why. Why is that not sold? So what really is when you look to drive that, we compare ourselves to the iShares Transportation ETF. Now that ETF, it has trains and trucks and airlines also. So the trains and trucks, as you can see, they had a lot of redemptions much earlier in April, and they've basically been going sideways since July. We held our ground much stronger and only recently did we see the sell-off. And this is basically saying the number of shares outstanding. The ETF fell down to just around the $15 range, but now it's pushing back up towards 20% and has had a pop, but the big inflows have not come in. We've had some creates, but not the big inflows. So it appears to me that that's one reason that GROW has not had this big bump and we also had the big sell-off in crypto and the psychology around that. There's an audience of negative sentiment could have impacted us here in the past sort while, but we just continue to buy back stock in down days. That's all we'll continue to do. So our capital strategy is managed expectations for new product launches, manage to preserve cash for future growth opportunities and market corrections and also the potential for acquisitions and strategically buy back stock is in our algorithm, as I've mentioned several lines and down days and discuss review with the board on a regular basis is how we run the business. So this is showing you the number of buy-backs. As you can see, it went up going into June. And in September, it's over a decline, but it was up substantially from the previous year. So the compensation structure, employees base salaries historically have been modest. Employee bonuses are tied directly to individual teams, individuals and team results. My compensation as CEO is based on cash flow, free cash flow, realized gains from investments, nothing this potential or paper. It has to be something that's been crystallized and as investments to decline, and there's no realized gains than any kind of compensation for myself has always declined during those time periods, vice versa in a surging market and surging capital gains and searching cash flow, I've gotten bigger bonuses for that. Now I'm going to turn it over to Lisa Callicotte.

Thank you, Frank. Good morning. First, I'll start with our financial highlights on Slide 34. Our quarterly average assets under management was $2.9 billion, and our operating revenues were $4.4 million. Our operating margin was 36%. Beginning on page 35, we see our quarterly operating revenues and expenses. Total operating revenues were $4.4 million for the quarter, which was a decrease of $2.1 million or 32% from the $6.5 million in the same quarter last year. The decrease, as Frank discussed, is primarily due to a decrease in average assets under management. As you can see, our operating expenses decreased 23%, mainly due to employee compensation decreasing $749,000 or 39%, primarily due to decrease in bonuses and the amortization of employee stock options in the prior period. General and administrative expenses decreased $94,000 or 6% due to lower director fees related to amortization of stock options in the prior period. On Slide 36, we see our operating income for the quarter ending September 30, 2022, is $1.6 million compared to $2.9 million in the same quarter last year. Other loss for the quarter was $1.4 million compared to other operating income of $37,000 prior year. The change was due to no realized gains in the current period versus realized gains in the prior period, somewhat offset by a decrease in unrealized losses in the current period. Net income after taxes for the quarter was $118,000 or $0.01 per share, which is a decrease of $2.3 million compared to the net income of $2.4 million or $0.16 per share for the same quarter for fiscal year 2022. Moving to page 37, We see we still have a strong balance sheet that includes a high level of cash and investments. Cash and cash equivalents was approximately $23.3 million at September 30, 2022, it was an increase of approximately $1 million or 4% since June 2022. Slide 38, you can see the value of our noncurrent investments is approximately $18.7 million. Slide 39, notes our liabilities decreased from June by approximately $543,000. And on Slide 40, you can see our stockholders' equity detail. At September 30, 2022, the company had a net working capital of $34.6 million, an increase of $737,000 or 2% since June and a current ratio of 10.6:1. With that, I'll turn it over to Holly.

Thank you, Lisa. All right. On the first slide in my section, we always like to do a breakdown of our mutual fund assets. So as you can see here, a majority of those are in emerging markets and natural resources, while 32% are in international equity and fixed income. And similarly, if you look at assets by distribution channel, you can see that 85% comes from retail, while 15% are institutional. On the next slide, I would like to point out that our Jets ETF, we're very happy about how it's doing and particularly about the TSA numbers that we track. They have finally recovered to pre-pandemic levels. And on top of that, many of the top carriers in jets have posted positive numbers for the last quarter. Also, for those who are not aware, the Jets ETF is indeed listed on various other exchanges, which includes Mexico and Peru. And also, we have come out with a usage product for JETS, and we work hand-in-hand to sell that product with the on ETF group out of Europe. Moving on to the next slide. We're happy to report that we just attended the annual IMEA Summit in New York just last week, where our marketing team was awarded with 2 more star awards for investor education, bringing our total to 92 over the years. This year, in particular, we were awarded for investor digital experience, and that was due to the redesign of our website, usfunds.com, as well as for overall investor education, and that was for all of our cryptocurrency content from blog post to infographics and YouTube videos. On the next slide, I want to remind everyone that we will be hosting a webinar pretty soon after Thanksgiving. It's going to be on Monday, December 12, and this webinar we’ll focus on the gold markets and in particular, our GOAU ETF. So if you're interested in signing up for that just shoot us an e-mail at info@usfunds.com and I can get you the appropriate registration link. On the next slide, don't forget that our educational content does not only come in the form of the Frank Talk blog. [Audio Gap]