STEX

Thank you for standing by. My name is Jordan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Streamex Q2 2026 business and quarterly update call. All lines have been placed on mute to prevent any background noise. If you would like to ask a web question, please type your question into the Q and A box. Thank you. I would now like to turn the call over to Adele Carey, Senior Vice President of Alliance Advisors IR. Please go ahead.

Great. Thank you so much, Jordan, and good afternoon, everyone. Welcome to Streamex Corp's second quarter 2026 earnings and corporate update call. I am joined today by Henry McPhie, Co-Founder and Chief Executive Officer, and Christine Plummer, Chief Financial Officer. Before we begin, I would like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today. Please refer to the cautionary language on slides two and three of today's presentation, as well as risk factors detailed in our most recent filings, Form 10-K and Form 10-Q, filed with the SEC. The team will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filings in the appendix to today's deck.

Now, I am more than happy to turn the call over to Henry McPhie.

Thanks, Adele, and thank you everyone for joining us. I am super excited to be able to get into it. In the first quarter, we proved the product. In the second quarter, we built the distribution around it.

Five partnerships that between them give an institution a way in, a way to verify what they own, and a way to custody it, and a way out. What has not yet followed is scale and assets. GLDY assets outstanding were broadly unchanged in the second quarter. I am going to spend real time today on why, what we are seeing from the market, and why we think the next phase looks very different from this one. I am also going to spend some time introducing GLDC because it is the most commercially significant thing that we have built. It opens up the product to everyone and adds an entirely new revenue line for the company. Before we start, I would ask you to review our disclosures, which are on the screen and in our filings.

As stated by Adele Carey, today's presentation and our remarks contain forward-looking statements.

Again, please review our disclosures here. Past performance is not indicative of future results, and any comparisons given throughout the presentation are there to explain the difference in structure, not to project a return. Okay, now getting into it. Here is the shape of the call. Christine will start by taking you through the second quarter results, the balance sheet, the liquidity, cash runway, and capital structure. Then I will come back in and cover four things. What we built this quarter, where GLDY stands and how institutional adoption happens in this category, GLDC and what it means for our revenue, and the market that we are building into. I will finish this with the specific things to hold us to over the next 90 days, and then we will take questions. We collected questions submitted ahead of this call.

Most of them are answered inside these sections, but we will also be taking live questions during the Q and A period at the end. 60 seconds of context before we get started, because some people are new to the story and because we still routinely are misfiled on some sites. First, Streamex is a financial technology company. We built and we operate a tokenization platform for commodity capital markets, and we are the issuer of the assets on it, which means the economics stay with us rather than being paid away to a third-party platform. We built the legal structure, the ecosystem, and the independent attestation framework before we scaled, not after. We are not a cryptocurrency company. We are not a gold ETF. GLDY is a tokenized security with a yield mechanism. We are not a mining or royalty company.

We take no exploration or resource risk, and we are not a single-product story. Gold is the first commercial proof of a platform designed to be repeated. We are Nasdaq listed with no debt, $41.8 million of total liquidity at June 30th, a product live and selling since February. A note on the last line on the left of this page, this is a recurring revenue platform. Revenue scales with asset growth and with trading volume. With that, over to you, Christine.

Thank you, Henry, and good afternoon, everyone. I will start with the headlines on this page, then take you through the detail. I will spend most of my time on liquidity because that is where the questions were. Four things on this page. We recognized our first income, $0.1 million of gold lease income, the first income earned under the tokenized gold platform. Operating expenses came down by $20.4 million or 57.1% against the first quarter. Net loss came down by $32.2 million or 69% on the same basis. The balance sheet stayed strong, debt-free, a $41.8 million liquidity position, $32.8 million of working capital, and a net decrease in cash of $14.7 million across the first half. Just one note on the period comparison because it runs through this whole section.

We are comparing the second quarter with the first quarter of 2026, not with the prior year quarter. We acquired Streamex Exchange Corporation on the 28th of May in 2025. The prior year periods contain only about one month of the acquired business and do not give a meaningful basis for comparison. The prior year comparatives are in the Form 10-Q for anyone who wants them. Moving on to the right of the page, the operating markers. GLDY assets under management of 3,111 ounces as of the 30th of June. External ownership of GLDY up to 9%, 27.3 ounces of dividends earned, with 19.4 ounces paid in the quarter. Our first attestation completed. The partnership ecosystem live across custody, distribution, liquidity, secondary markets, and derivatives. GLDC expected to launch in the second half. In the second quarter, we recognized 146,000 of gold lease income.

That is the first income in the company's history. I want to be precise rather than promotional about it. Approximately 12,000 relates to first quarter income recognized in the second quarter as an immaterial correction. Income earned in the quarter itself was approximately 134,000. It is a small number, but what matters is that the mechanism is proven and repeatable. Loss from operations was $15.2 million in the second quarter against $35.7 million in the first. Operating expenses came down by $20.4 million or 57.1%, driven principally by a lower stock-based compensation charge and lower consulting and platform development costs. Net loss for the quarter was $14.6 million against $46.7 million in the first quarter, a reduction of $32.2 million or 69%. Loss per share was $0.08. For the six months, net loss was $61.2 million, and the net decrease in cash was $14.7 million.

I want to be clear about what is inside that loss because at face value, it could be misleading. It includes $32.5 million of non-cash stock-based compensation, approximately $12 million of non-cash interest, and a $3.1 million loss on extinguishment. The last two both relating to the convertible debentures we settled in February, neither of which will recur. The cash cost of running this business is materially lower than the loss line suggests, and that is the bridge into the pages that follow. The balance sheet is the reason we can focus on growth rather than financing. Total assets of $159.6 million as of June 30th against $173.3 million as of March 31st. Total liabilities of $12.4 million, down from $14 million. Total stockholders' equity of $147.1 million. Working capital of $32.8 million, and no debt at either date. What moved during the quarter was deliberate.

We reduced marketable securities by $10.9 million and redeployed that capital, $6 million to USDC, $5 million of which is expected to be dispersed as the loan to Wintermute. We also funded a $2 million subscription for 2,000 non-voting shares of Metalayer Digital Fund I. We recorded a gold-denominated receivable for in-kind lease yield and contractual revenue share earned in the second quarter, but not settled in it. We entered into a non-cancelable operating lease for office space in Winter Park, Florida, which is what brings the right of use asset and the lease liability onto the page. The objective behind all of that is on the page, and it is straightforward: de-risk the balance sheet, fund growth, and reposition capital towards tokenized commodity infrastructure and the digital asset ecosystem. A number of shareholders asked us to be concrete about liquidity.

I am going to give you two numbers rather than one and tell you why they are different. Our total liquidity position at June 30th was $41.8 million. Cash and marketable securities of $18.5 million, digital assets of $6 million, physical gold carried at cost of $15.5 million, and our Metalayer investment at $1.8 million. Of that, approximately $19.5 million is immediately available today. The difference is three specific disclosed items, and I would rather you hear them from me than derive them from the filings. $5 million of our digital assets is on loan to Wintermute. It is contractually returnable, but not until 365 days after the first day of GLDY trading, which was on May 27, 2026. So we do not treat it as available. Our Metalayer investment is subject to a lock-up. The earliest redemption date available to us is September 30, 2026.

The physical gold is inventory backing the GLDY reserve. It is a real asset, and it is monetizable, but selling it is a capital decision rather than a cash balance. Alongside that, we have working capital of $32.8 million, total equity of $147.1 million, and no debt of any kind. We retired $38 million of convertible notes in February, and all related security interest and liens were released. Now moving on to the question that was actually asked, how many years? Our operating cash burn in the second quarter was approximately $1.6 million a month. Within that, we can identify roughly half a million dollars a month of items we do not expect to repeat. Accounting and other consulting services, one-time personal cost, and a marketing program that has now run its course.

Stripping those out gives us an expected run rate of approximately $1.1 million a month going into the third quarter. At that run rate, our immediately available funds alone cover approximately 18 months. The total liquidity position covers approximately three years, and it is important to note that this is assuming no revenue, which as you can see, we have begun to generate as of this quarter. To answer directly, it is years, not months, with no debt and before any of the additional levers available to us. Those levers, none of which are assumed in the figures I have just given, the Metalayer redemption becomes available at the end of September. We have a stated capital strategy of monetizing portions of the company's GLDY holdings, which we executed on during the first half.

We have engaged an advisor to evaluate strategic alternatives for the PURE EP patent portfolio, where we have not received a definitive offer and therefore assume nothing. One thing that is not on the slide, we are not managing this business toward the end of a runway. We are managing it toward a fee base, and the operating leverage is genuine. The cost base is largely fixed and built, and the fee streams scale with assets and with turnover. I would now like to address the items on this page. First, the share counts, which are presented as of June 30. 112 million of common shares outstanding, 69 million of exchangeable shares that convert one for one, and 182 million fully diluted, including the exchangeables. There are also three items we have been asked about. Share repurchases.

On July 1, the board authorized the repurchase up to 10 million shares at a price not exceeding $2. No shares have been repurchased to date. Timing and execution remain at the board's discretion and are subject to the trading restrictions that apply to us. I am not going to signal our intentions beyond confirming the authorization is live and the board is actively engaged with it. Internal controls. The material weaknesses disclosed in our 2025 annual report were not remediated as of the 30th of June, and accordingly, we concluded our disclosure controls and procedures were not effective as of that date. To be clear about what that does and does not mean, this did not result in any identified misstatement, and there were no changes to previously released results. Remediation is underway.

They will not be considered fully remediated until the controls have operated for a sufficient period, and we have tested them. I expect to report progress each quarter until they are closed. Our auditor. Effective July 8, the audit committee appointed EisnerAmper succeeding CBIZ. There were no disagreements on any matter of accounting principles, financial statement disclosure, or auditing scope or procedure. With that, I will hand back to Henry.

Thanks, Christine. Let me start with what we actually did this quarter. Five partnerships and initiatives done since May, and I would ask you to look at them in sequence rather than a list, because each one removes a specific reason a potential GLDY investor could not participate. On May 27, Orca, a 24/7 decentralized exchange venue for tokenized securities with GLDY as the inaugural asset. Compliance enforced automatically at the venue level and a revenue share stream back to Streamex. That is trading infrastructure. On June 29, Siebert Financial and tZERO. Brokers can now offer GLDY to their clients for trading on an SEC-registered ATS across approximately $20 billion of network assets. This is the first traditional brokerage channel into the product. On July 1, our independent reserve attestation from EisnerAmper occurred, with monthly attestations continuing at an annual audit.

This was the single most requested item in institutional due diligence, and it is now on track to grow every month. On July 21, Inspira Financial. Qualified custody for GLDY so RIAs and wealth managers can hold the asset inside of frameworks that they already operate in. $63 billion in more than 8 million accounts within Inspira. On July 23, Wintermute. Instant liquidity 24 hours a day, 365 days a year, with roughly $12 million of seed liquidity across institutional-grade venues and settlement moved from T+2 to T+0. We have the venue, then the brokerage, then verification, custody, liquidity. That is a complete institutional stack, and six months ago, we had none of it. This is what it adds up to. The strategy here is leverage. We are not trying to acquire investors one at a time.

We are enabling brokerages, custodians, and retirement platforms to offer our assets to their own clients, which takes the addressable opportunity from thousands of investors to millions without us having to reach any of them directly. Everything on this page is live except Equity Trust, which covers U.S. tax advantage requirement accounts and is in progress. There is more than 359,000 accounts and over $72 billion worth of capital. That is a very large pool of gold-allocating capital and is still a major channel that is open. With that, I want to address something directly because I think it is the most misunderstood part of our story. There is a perception that buying GLDY requires an investor to have a view on tokenization. That is not the case. It does not. And increasingly, it does not require them to interact with the technology at all.

First, through their broker or advisor, an advisor can allocate to GLDY the same way that they would allocate to anything else. Through Siebert reported in the statements their client already receives. The token is an implementation detail they never have to touch. Second, exposure through swap. Structures that now gain exposure without holding the token directly removes an operational objection that has gated the largest pools of gold capital. The allocator gets the full economics without having to onboard a new instrument at all. This is especially important for ETFs and hedge funds and is now available. Third, a path that is purely quantitative, the carry. Funds looking for a spread between GLDY and the gold futures funding are buying a return, not a thesis.

They do not need a view on tokenized gold as a category at all, which is exactly what makes that a useful entry point for us right now. The trader itself gets superpowered by GLDY, adding a 3.5% yield to the long leg of the trade and makes it better than anything before. I wrote an article on this that can be found on my X if you want more information on the trade idea. We are in active discussions for allocation across all three of those paths, and the product allocator actually buys is straightforward. A gold that pays them a yield, held by a custodian they already trust, tradable around the clock. Everything else is our problem, not theirs. Which brings me to something that we've been investing in pretty heavily and not talked about enough.

Kori Handy joined us in May as Vice President of Product and Design. He had 18 years designing fintechs and payment products at PayPal, Microsoft, and DraftKings, and he was the Founder and CEO of Kepler Savings. He owns the Streamex experience from end to end, and I want to explain why that is a priority rather than a polish item. Every additional step between interest and a funded account is a place where an investor stops. For a first-of-its-kind product, that friction compounds because the buyer is already doing something unfamiliar. Reducing it is one of the highest returns uses of engineering time that we have. Kori has rebuilt the account opening and accreditation flow with fewer steps between arriving and being verified. He simplified the funding paths, added functionality for instant liquidity to allow investors to get in and out of the asset at any time.

He's built a clear view of what you own, what it's worth, and every distribution you've received, in ounces and in dollars. And he is building purpose-built flows for advisors and custodians who have entirely different requirements from a direct investor. The distribution is built, the experience is what converts it. Now into the GLDY update. On performance, the product has done everything that we said it would. The net asset value has tracked the gold price one to one exactly as designed since launch. We have paid four yield distributions, every one on schedule, and more than 27 ounces distributed to holders in total, and we paid them in gold. The yield is funded by gold leasing, and we have independent reserve attestation by EisnerAmper every month with an annual audit.

On assets, we ended the quarter with 3,111 ounces behind GLDY and 3,096 at the end of March, broadly unchanged. I'm giving you that in ounces deliberately. You will get an ounce count every quarter from here, whichever way it moves. Here is the important point, and the one that I want you to take away. The product is not the constraint. GLDY does everything that we said it would, and we believe it remains the best gold asset available anywhere. It is the only one that pays its holders, and the work this quarter was clearing what stands between it and institutional capital. Let me tell you what we've learned about how the capital actually arrives. Institutional allocation to a new asset class does not arrive on a slope. It arrives in steps. Look at what this category actually looks like.

Comparable yield-bearing tokenized products, real products run by serious institutions, have $688 and $2.25 billion of assets, with 56 and 101 holders respectively. The largest tokenized treasury fund in the world, run by the largest asset manager in the world, has roughly 115 holders. These are products where a very small number of investors move billions of dollars. This is how the market works right now, and it is worth understanding before drawing conclusions from a holder count or quarterly change. There are three things that follow from that. First, Wall Street rewards a fast follower. Allocators are not paid to be the first into the new structure. They are paid to be early into a proven one. That is rational institutional behavior and not a verdict on the asset. Second, our partners are telling us the same thing.

The consistent message that we get back from our brokerage and custody partners, including through the Siebert network, is that a visible institutional allocation is the signal their clients are waiting for. Third, and this is the part that matters, we have spent two quarters removing every reason to wait. Custody, attestation, brokerage access, qualified custody, 24/7 liquidity. Those are precisely the things that our allocator points to when they justify going first, and they are now in place. With all that being said, we expect the first institutional allocation to be an inflection. As this page says, we expect that in the third quarter. In a market this concentrated, the second and third orders follow much faster than the first, and we are positioned for that. Now into the gate scoreboard. Here is the list.

Every gate that sits between an announced partnership and funded assets, and exactly where we stand against it. The legal wrapper, physical custody, institutional digital custody, independent attestation and secondary liquidity are complete. Brokerage access is live through Siebert and tZERO. Qualified custody for RIAs and wealth managers is live through Inspira Financial. Three rows are not marked complete. The U.S. retirement accounts for Equity Trust is in process. Our attestation track record is continuing to build and accrues one month at a time. The accreditation barrier, which is Rule 506(c), excluding most investors from buying is removed by GLDC. We are also going to republish the scoreboard with every status change at each quarterly update, adding more lines as additional partnerships and integrations go live. Importantly, this lets you measure us against the work done. Now into something that I am especially excited about, GLDC.

This is truly the most commercially significant thing that we are building right now. Each GLDC is backed one to one by GLDY or other gold assets, which are backed one to one by physical gold. It is permissionless, meaning anyone, anywhere with no minimum, no creation fees, no redemption or transfer fees, and it is issued by an independent Aureus Foundation. Streamex acts as the servicer to the foundation, is not itself the issuer. We carry monthly attestations through EisnerAmper with GLDY in an annual audit and proof of reserve oracle. There are three reasons why this matters. It is one reserve. Every GLDC minted requires a GLDY to be minted behind it. So GLDC assets are GLDY assets. This is not a second product competing with the first. Growth in GLDC is growth in the exact number that you have been watching.

It opens the product beyond accredited investors, which is the single largest constraint on our buyer base today, and the reserve behind it is productive. Because that reserve is GLDY, it accrues 3.5% through gold leasing. Paxos and Tether Gold sit on idle bullion. Structurally, they have nothing to be able to fund an ecosystem with. We do. That changes what we can build around the token. A full on-chain ecosystem with borrow/lend markets and deep liquidity. This is the most important part that I want shareholders to understand, because it is an entirely new revenue line for this company, and it is not in anyone's model. Walk through with me. First, someone buys GLDC and capital comes in. A GLDY is then minted behind it, backed one to one by physical gold. Because the reserve is GLDY, that reserve is productive. It earns 3.5% through gold leasing.

Streamex benefits because GLDC assets drive GLDY assets, which is our base as our own fee that streams are earned on. The reserve income itself accrues to the foundation and pays Streamex its servicing fee and funds the incentives that build out the ecosystem. Look what that means at scale. A 3.5% reserve rate, $100 million of GLDC is roughly $3.5 million in annual reserve income. $250 is $8.8, $500 million, $17.5 and $1 billion, $35. Those figures are obviously illustrative and they are not guidance, but are gross of costs and before any amounts are applied to holder incentives or ecosystem program, but the shape is the point. That model, if it sounds familiar, it should. A stablecoin issuer earns the yield of the reserves that are backing its token, and holders are not paid for it.

The reserve income is overwhelmingly the majority of a company like Circle's revenue, and it scales with supply at close to zero marginal cost. This is that model with gold in the place of treasuries, and through the servicing agreement with the foundation, service fees accrue on top of the three fee streams that we already earn on every GLDY token issued. The tokenization fee, the annual lease rate fee, and the transfer fee. It does not replace them. It is additive. Here is how the three sort of sit against one another. GLDC is the only gold token built on a productive reserve. GLDY is the only one paying a yield to holders. We are the only ones with a permissionless gold token backed by yield-bearing one, and the only ones with no fee to enter or exit on GLDC. Now the bottom row.

The incumbents have between 39,000 and 82,000 holders and billions in assets. They are much bigger than us today. But look at what they are, tens of thousands of holders and they pay nothing. Nobody has a yield-bearing gold token and a permissionless one. That gap is the entire opportunity, and these two products together are exactly what we built to be able to close it. Briefly on silver, because several people asked. In May, we guided to a silver launch in the third quarter. We have moved it to 2027. It was a capital allocation decision. The highest return use of our engineering capacity and our balance sheet right now is depth on gold. GLDC and the on-chain functionality around it, not breadth across metals. The reason why we can make that choice cheaply is the thing that we have been building all along.

The legal wrapper, the custody, the attestation process, and the venue all exist and are proven. Launching Silver is now a launch decision rather than a build project, weeks of work rather than quarters. That optionality is exactly what the platform was designed for. Silver is sequenced. The last line on the page is an honest summary of why gold and GLDC have more upside per dollar of effort, and we would rather be the definitive product on one commodity than an early entrant in two. Getting into the end, I want to step back for a couple of minutes because the size of what we're building into is why we're doing this at all. Tokenized real-world assets on-chain now stand at roughly $38 billion, excluding stable coins, up from $11.8 billion just two years ago, with holders past 1.7 million.

BCG and ADDX put out tokenized illiquid assets at around $16 trillion by 2030, roughly 10% of global GDP. This is no longer a category that needs defending. BlackRock, Franklin Templeton, Apollo, WisdomTree, they all have live tokenization programs. JPMorgan has tokenized the products and deposits and collateral settlements in production through Kinexys. DTCC is piloting tokenized settlements across Russell 1000 equities, index ETFs, and treasuries with more than 50 firms. The New York Stock Exchange has announced 24/7 tokenized security venue, and the Nasdaq has filed to list tokenized equities. The largest institutions in finance have decided that this is where the markets are going. Point that at commodities. Statista puts the nominal value of global commodities market at approximately $146 trillion in 2026.

Inside that, gold alone is roughly $32 trillion, $11 trillion of which is financial gold, and $560 billion sits in gold ETFs, earning nothing at all for the people who own it, actually costing them. This is one commodity. Commodity markets are among the largest assets on Earth and the least modernized part of finance. They still run on paper ledgers and trust intermediaries, and we are simply not wrapping them. We are making them better than what exists today. Physical gold and gold ETFs are non-earning assets that settle slowly and trade on a schedule. Ours pay the yield, trades around the clock, and settles instantly. Every asset we bring onto these rails inherits those properties, and we will earn three fee streams on each one for the life of every token issued.

Whoever owns the rails when commodity markets move on-chain owns the economics of that migration for decades. That is the company that we are building. Gold is the first proof of it, not the whole of it. Here's what to hold us to over the next 90 days. First, convert the first institutional allocations into GLDY. That is the priority above anything else and is what turns a proven product into a growing one. Second, onboard our first institutional partners as holders with names on the register, not just in the distribution list. Third, launch initial liquidity bootstrapping for GLDC in the third quarter, the founding holder base built before the token exists. GLDC will be launched once the initial liquidity bootstrapping is complete, and then complete the Equity Trust IRA integration and keep attesting and keep distributing monthly yield without interruptions.

A word on what initial liquidity bootstrapping is, because the mechanism matters. This is the first step onto GLDC and a way for us to secure additional capital for GLDC so that there is a robust market at launch. Think of it like a wait list where investors can subscribe to buy GLDC on launch and get incentives to be early. Overall, the multi-year opportunity is in front of this company and is real. The way we earn right into it is the next 90 days. With that, this concludes the presentation portion of the call, and I want to say thank you to everyone for attending today. I am extremely excited for the future of Streamex, and the next 90 days will be transformational. I feel truly like we are at an inflection point and can't wait to show you. Now, let us take questions.

We collected some questions ahead of the call, and you can also submit your questions live on the online link. We will work through as many as possible. If we can't get to you, please feel free to reach out to [email protected] and submit them there. A member of the team will make sure to get back to you. Okay, now into the questions. First question, I am going to give this to you, Christine. The revenue for the quarter was $146,000. When does this become a real revenue line?

Great. Thank you, Henry. Revenue scales with two things today: assets outstanding through the annual lease rate fee and turnover, and through the transfer fee. Both are functions of adoption. Henry, when you describe on GLDC as a third stream and it is a different shape, reserve income that scales with supply. What I would point to across all of them is the operating leverage. The cost base to run this platform is largely fixed and already built. We will continue to see with growth, the growth of our revenue line.

Awesome. Thank you, Christine. Next question for you as well. The 10-Q says Streamex holds 91% of GLDY. External holders are about 280 ounces. Is that true? Can you explain that?

Yes, that is true. Let me explain that head-on. We seeded the reserve with our own capital deliberately because we are not going to launch a gold product and ask other people to fund the gold behind it. That is why the split looks the way it does. It is why our balance sheet carries the $15.5 million of physical gold at cost. It also means something useful about the mechanics. With capacity in the reserve today, when an institutional order arrives, we are not starting from zero on sourcing and vaulting. This infrastructure is already carrying the weight.

Amazing. Thank you very much, Christine. Now on to some live questions, which this one, I believe both you and I, Christine, can answer this one. I will let you go first. The $1.1 million per burn going into the third quarter, where do you focus spend on as each dollar becomes incrementally more valuable? Since GLDY is a more retail-focused product, how do you grow that while remaining tighter on expenses, keeping distribution costs low, and keeping marketing spend low? Christine, I will let you start and then I will hop in there too.

Yeah. I think the key here is that, as we have said, we really have a cost basis that is foundational, that we can grow on. It is largely fixed, and with the launch of GLDC, we will be leaning on our current marketing partners. We will continue to focus on capital being attributed into our development. But overall, we will continue to maintain the way that we manage costs today. Again, as we have already laid the foundation from a cost basis, that allows us to continue to do that. Henry, I will let you—

Yeah.

—continue on that.

Yeah. No, 100%. Thank you, Christine, and thank you for the question. I think something really important to note is when thinking about GLDC and looking to keep expenses low, GLDC is obviously going to be an asset that we're going to market heavily. To get out there in the market and make sure that people know about it. I think the best part about that is as a retail asset, the most powerful marketing that you can do for a retail asset is organic. Organic marketing itself is largely cheaper than paid marketing, and it's something that our team, myself as well as our marketing team, we have a lot of experience in that space, and especially within the crypto space. The marketing firm and myself, we have been working in the digital asset space for a very long time.

Back when I was working in early-stage tokenization with NFTs especially, we launched our product, we sold out multi millions of dollars, had a $300 marketing budget. Relationships are things that really matter in that space, and also organic buzz and marketing is also very important. For us, we 100% have a budget allocated towards GLDC that is included in the burn that we are expecting for the quarter. It's also something that we can compound very much so on our expertise and relationships within the crypto and digital asset space, which allows for much wider distribution than on something like GLDY, which has to be much more targeted and is for accredited investors and institutions. I think that's something that's really important to note on that side. With that, second question here from the live call.

An update on GLDY adoption within ETFs and institutional adoption. It looks like Q3 could be catalyst rich. Are there any key dates or metrics besides asset value to look out for to gauge how adoption is progressing in the quarter? 100%, and really good question, so I'll take this one. When you look at the catalyst to look out for into the third quarter, a couple of things that we've already obviously talked about. One is the initial liquidity bootstrapping for GLDC, which will drive GLDY adoption.

When we're talking about more institutional and ETF channels, I think some things like swaps being done on GLDY, that's been something that we've been working very heavily in for quite a while, for us to give the ability for ETFs and hedge funds especially, to be able to allocate the asset through a means and an avenue that they really understand. Mitch, our CIO on our team, has really been leading up that side of things and has done an amazing job working with some really good partners and really institutional partners on that to be able to get that available. Showing that is definitely going to be something I'd look out for.

I think continuing to build out the custody relationships that we have across institutional custodians, Equity Trust being one of them, some others as well that I think are very exciting and bring more institutional credibility to the asset is definitely something to look for. I think also on the liquidity side, looking at how the liquidity that we've seeded within the market is enabling instant transactions of the asset. I think overall the biggest thing that I would look for is the first significant institutional order that we've said that we want to bring in and we'll bring in the next 90 days.

As that comes, I think the dominoes start to fall per se, and those are things that I think are. From the conversations that we've been having with allocators, it's a very important thing to get that cosign from an institutional allocator to show, "Hey, we've done our research on this asset. We support it and are allocating to it." That is what gets people comfortable. That's what allows the hundreds of millions to follow after it. Those are definitely things that I would keep an eye out for and continuing obviously as those come to watch AUM growth and as that grows into the quarter and into the next year. Looking through some other questions. Okay. Here's a good one. One question is: Is GLDY adoption really an onboarding problem, or is investor demand below what we expected?

Really good question, and have, I think, a pretty good answer. The evidence itself is that this is sequencing, not demand. The product itself, it does exactly what we said. The NAV tracks the gold, the yield, the gold price. The yield itself has been paid four times, and the asset is liquid. The distribution is built, the custody is built. When you look at similar assets in the category, they're primarily funded by large and chunky orders that get them up to that large size in essentially AUM. With that, we haven't had any sort of negative experiences with people about the asset. Primarily, it's been one, hey, how can I hold it? Two, can I trade it? Can I get out of it? And three, how can I essentially custody it and allocate it to my clients?

Those are all things that we've built this quarter. Bringing liquidity and the $12 million that we seeded across Wintermute and Metalayer, across the multiple secondary liquidity avenues, is something very important for investors. Regardless of if they do want to trade the asset, they want to know that they have the ability to get out of it. Being supported by those institutional liquidity providers is a major benefit for us. Then expanding custody to Inspira pretty soon, Equity Trust, things like that. Those are institutions that do not just custody and say that they'll custody any asset. For Equity Trust, for example, this is the first tokenized asset that they're actually going to be custodying. It's something that I think is very powerful for us to be able to lean on those levels.

It shows the quality of the asset because they wouldn't even look at it if it wasn't something that they felt comfortable putting their clients into. I think that's definitely important to note. Something with that too is GLDC itself removes a lot of the friction points that we've had with GLDY in terms of accreditation, in terms of custody of the asset, because it is a fully decentralized permissionless asset. This means that anyone can hold it all around the world barring certain jurisdictions. It's something that you can come in when we launch and buy $10 worth of GLDC if you want and hold it in your own wallet. You can trade it on a number of exchanges. We're going to build out essentially the most robust on-chain ecosystem for GLDC that exists.

That's something that will obviously grow GLDY AUM, and I'm very excited to be able to bring online. Okay. Looking through. Next question. How is the GLDC reserve income recognized, and how much of it does Streamex keep? Streamex itself, we are the servicer of the foundation. We are not the issuer. We provide services to the foundation in terms of marketing, consulting support, a number of other services, and essentially help the independent foundation issue the asset. That foundation then is invoiced by Streamex, and we make money off those services. Essentially the way to think about it is as the reserve income accrues to the foundation and as the AUM and assets grow, we will be providing more services to the foundation. Essentially revenue will flow back into Streamex as we provide more services there.

Think of it very similar to a stablecoin issuer model, like Tether, like Circle. It is a very powerful model. It is the one that the largest tokenization and stablecoin companies have built their whole model off of, where they create an asset that is valuable to people within the market. Those people buy it, the AUM of that asset grows, and then the reserve that is backing it now has the ability to flow back into the servicer of the company that issues it. I think it's something that we are very excited about. It's something that removes a lot of friction points for people to be able to participate in tokenized gold, and it's something that is going to, I think, really superpower both the ecosystem of not just GLDY, but of Streamex as a whole.

Definitely keep your eye out in terms of the announcements that will be coming out talking about GLDC. Then we're very excited to be able to be working with the Aureus Foundation to be able to bring it to life. Next question. The question is: When your assets grow, it appears that you have one of the best capital allocation models in the business because you get the money up front from the token buyer. Can you explain a little bit of the positives about not having to raise capital because the tokens are refunded, so you'll be able to raise fee income without significantly with additional capital having to be raised to fund the token growth? To rephrase the question a little bit, essentially, what you're asking is the model itself and the model of Streamex and our revenue streams is capital-light.

That is the best way to think about it. It is capital-light and with high operating leverage. What that means is that the capital provided to the fund to be able to create GLDY is provided by investors. Investors in GLDY are the ones purchasing the gold, the ones getting the asset. We take fee income from those assets that we have under management. You know the pre-fee income streams, one being the tokenization fee up front, two being the management fee that is yearly of AUM, and then the trading fees. Those fees themselves, they scale as AUM grows, especially with trading volume and trading fees themselves. It is a very capital-light model because we are not essentially providing the capital to be able to get those revenue streams. Our goal is really on growing AUM and growing assets under management.

When you think of Streamex and even with GLDC and the other assets that we create, as we grow issue in size and as we grow AUMs of these assets, the fee income and the revenue that we get grows with them, and it compounds on itself and gets very powerful. Bringing it back into GLDC, that is one of the reasons why we created the GLDC asset, is so that we can grow GLDY AUM exponentially by working with a partner to remove the restrictions that essentially GLDY has with accreditation and being a security, et cetera. It is just one example of us using the infrastructure that we have built to be able to bring this into a much wider audience and really grow distribution and grow assets under management and continue to supercharge the model itself. A couple more questions.

I think we will probably do one more. Christine, one more for you, and then we will close it out.

Okay.

Really simple question. Why did you change auditors?

We changed auditors to consolidate our fund audit and attestation work with the corporate audit. We just wanted a single accounting team, which really allows us to streamline our processes. There were no disagreements on any accounting principle matters, financial statement disclosures, or auditing scope or procedures with CBIZ. It was purely just to focus on streamlining the processes.

Made it. Thank you, Christine. Now the last question before we close it out. Why invest now? What makes this the moment? Really important one, and I will touch on this. We believe truly that we are at a pivotal moment, not only for Streamex, but also for the tokenization ecosystem as a whole. When thinking about Streamex, this is what you should look for. One, we have a team and tech in place that enabled us to gain real traction against building a scalable fintech platform to tokenize real-world assets. Aside from seeing the first investments into GLDY by accredited investors, we are actively cultivating institutional interest in GLDY. We have worked to eliminate a lot of the obstacles for allocators so that they compare the asset on its merits, being a yield-bearing gold token that provides the benefits of investing in gold, plus a yield.

We also expect to benefit from a first-mover advantage. We are supporting the launch of our permissionless token, GLDC, that will drive AUM growth into GLDY very soon. Not only is Streamex really at a pivotal moment, but we really believe that the wider tokenization ecosystem is ripe for investment and adoption globally. We are at the forefront of being ready to take advantage of it, as I mentioned earlier today. Tokenized real-world assets themselves, they stand at $38 billion on change today. They were $12 billion two years ago. They are held by more than 1.7 million people, and this is growing rapidly. The institutional investors like BlackRock, Franklin Templeton, Apollo, WisdomTree, they all operate in the tokenization space right now and are educating the community on what RWA tokenization is. You see JPMorgan settling tokenized products and tokenized deposits and collateral in production.

DTCC is piloting tokenized settlements across the Russell 1000 and sit with 50 participating firms. The New York Stock Exchange has announced 24/7 tokenized securities trading, and the Nasdaq has filed to list tokenized equities. The question itself is not whether tokenization is going to exist. It is going to. It is going to be, and it already is, one of the fastest categories to grow in finance. When you couple that with commodities, which is one of the largest industries in the world, tokenization is in a very early stage with a lot of room to growth. Very few companies are in the position that Streamex is. Very few companies hold the legal wrapper, the custody, the attestation from a Tier 1 firm, and the distribution concurrently. Streamex is one of these companies really positioned to be able to benefit from the wave that we are seeing.

And so with that, in summary, I think we see a broad base of institutional adoption really across the category. By removing our own access constraints and working on what we've done over the last six months and will continue to work on beyond that, it will continue to drive growth, it will continue to drive revenue for the company, and we are positioned truly in the best spot that we can be. With that, I think that's probably a pretty good place to end this off. I really appreciate everyone joining us today and really appreciate the questions that were submitted. As I said, if you have any other questions and wish to speak with us or ask questions to the team, you can ask them, send an email to [email protected].

We'll be more than happy to get on a call or talk with you and answer those questions there. Overall, I'm very excited about everything that is to come, very excited about the spot that we're in and especially the next 90 days for where we're going to see this company go. Thank you very much for being involved and being a shareholder and continuing to support us. We're very excited about everything. Thank you very much and have a great evening. We'll talk soon.

This concludes today's meeting. You may now disconnect.

I'd now like to hand the call over to Adele Carey, Investor Relations. Please go ahead.

Thank you so much, and thank you everyone for joining. Welcome to Streamex Corp's first quarter 2026 earnings and corporate update call. I'm joined by Morgan Lekstrom, our Executive Chairman, Henry McPhie, our Chief Executive Officer, Christine Plummer, our Chief Financial Officer, and Mitch Williams, our Chief Investment Officer. A little housekeeping item before we begin. I'd like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today. Please refer to the cautionary language on slides two and three of today's presentation, as well as the risk factors detailed in our most recent Form 10-K and Form 10-Q files with the SEC. We will also reference certain non-GAAP financial measures during this call.

Reconciliations to the most directly comparable GAAP measures are available in our filings and in the appendix to today's investor presentation deck. With that, I'll turn the call over to Morgan Lekstrom.

Thank you, Adele, and good afternoon, everyone. On behalf of the board and entire Streamex team, thank you for joining us today. This was the quarter Streamex went from preparation to proof. We launched our first product, paid our first dividend, retired all of our convertible debenture, and lined up an institutional partnership ecosystem that we believe positions the company to scale meaningfully from here. Today, I'll walk us through the Streamex value proposition, the market opportunity we're attacking, and the headline highlights coming soon. Christine, our CFO, will then take you through the Q1 financial results and balance sheet position. Mitch, our CIO, will cover GLDY, the product itself, and our operational update. Last but not least, Henry, our CEO, will close us out with the partnership ecosystem we've built, the roadmap ahead, our forward outlook, and how we're thinking about the path from here.

We'll open it up to questions. Let's get into it. What is Streamex? For those new to this call and others that are familiar with Streamex, I want to recap our mission, model, and macro setup that positions Streamex as a growth stage, strong value proposition. The first question someone asks always is: What is Streamex? The answer is we are the entire tokenization ecosystem for real-world assets and securities. That is the technology front to back compliant and scalable. That is the strategic advantage coming into a time that everyone is actively moving to blockchain and tokenization. Streamex operates the technology infrastructure, issuance, custody integration, compliance, on-chain settlement, distribution, and we are the issuer of the products that run on that infrastructure. We own the full ecosystem, and during this webinar, you'll see what additions we have made to accelerate that moat.

What this means practically, every product we launch validates and strengthens the platform underneath it, and every new product on that platform compounds the value of the work that came before. We expect the marginal cost and time to launch each subsequent product to be meaningfully lower than the cost of issuing the first. Being the ecosystem that is ahead of the curve, investing in Streamex is investing in the compliant, tokenized future exposure to the ecosystem that enabled it. We are the infrastructure for not only tokenizing commodities, but the cutting edge for tokenizing of securities, real-world assets, and developing cutting-edge compliant trading avenues. Our business model is a high margin, capital light, and fee-driven model. We generate revenues from tokenization fees, technology use fees when trades occur, and management fees. We are not balance sheet intensive in the way a traditional asset manager or commodity firm would be.

As AUM scales across products, the platform scales with it. The market is moving fast, more and more into tokenization, and we're at the forefront. I want to walk you through what really is the tokenization opportunity. We speak about tokenization and what you may ask, "Well, how big is that market?" I want to remind everyone the future that we are building towards. Industry estimates from BCG and others project that tokenized real-world assets market at approximately $16 trillion by 2030. That is not a niche market. This is one of the largest infrastructure transitions underway anywhere in the financial services. The migration of settlement, custody, and distribution from legacy rails to blockchain-based rails. Commodities, a multi-trillion dollar global market on their own, and among the asset classes best suited to move on-chain. They are standardized, they are physical, they have well-understood pricing mechanics.

They're ideally suited to be wrapped in transparent, programmable tokens. Streamex was built specifically for this opportunity and is taking advantage of it. I want to jump into the Q1 2026 highlights. This is a slide I want every shareholder listening today to take away from this call. Q1 was about proving the platform and loading the catalyst on both fronts, and we delivered on those. On the financial side, we closed the quarter with a strong cash and investment position of $45.85 million. Our comprehensive loss of $48.6 million for the three months ending in March 31st looks large in isolation, but I want to be very clear, that was actually inside the number. Be very clear with that. What's actually inside that number? $25.4 million was non-cash stock-based compensation.

Another $12.2 million was non-cash acceleration of debt discount and issuing cost lives tied to the convertible debenture that we have now fully retired. Those are accounting figures. They are not cash leaving the business. Christine will also walk you through this in detail. On the product side, GLDY officially launched. The first two dividends, 10.48 ounces of gold, has been paid to holders. NAV has been tracking the gold price exactly as designed. Our first independent attestation form is in progress. The infrastructure is live, it's auditable, operating exactly as we built it to. On distribution, we have stood up an institutional partnership ecosystem across custody, distribution, liquidity, secondary markets, and derivatives. Henry will spend real time on this later. There are operational integrations with some of the most respected names in the digital asset and retirement custody space.

Stay tuned to what he's going to say. Onboarding is restored. The KYC integration issues that slowed us, and we spoke about out of the gate is resolved, and new dedicated sales and service team is actively working through the backlog. The catalyst calendar from here is concrete. GLDC, a tokenized gold product designed to be composable in DeFi, is the next launch. Silver, SLVC, our silver product, has infrastructure ready, and we expect GLDY AUM to growth with additional functionality coming online. The three numbers I want you to anchor on are on the right-hand side, $45.85 million in cash and investments, 3,096.6 ounces of GLDY AUM at quarter end, and 10.48 ounces distributed to holders as our first dividend. We have proven the model, now we can scale it.

With the strategic context set, I'll hand over to Christine to walk through our Q1 results, then to Henry to get into the meat of the exciting new updates and developments. Thank you, Christine.

Great. Thank you, Morgan, and to everyone for joining. Starting with the top line, we did not recognize GAAP revenue in Q1 2026, and that is consistent with Q1 2025. The reason is simple. GLDY launched late in the quarter and meaningful subscription activity only began ramping in the final weeks of March. We expect product-related revenue to begin showing through in subsequent quarters as AUM scales, secondary trading infrastructure goes live, and our partnership ecosystem activities, an additional distribution channel. Near-term revenue is expected to be modest during the launch window. That reflects deliberate introductory economics designed to incentivize early adoption, distribution partner onboarding, and AUM seeding. As we move beyond launch towards steady state, we expect unit economics to step up materially. This is the same pattern you see in any successful financial product launch. Seed first, scale second.

On operating expenses, we reported total operating expense of $35.7 million in Q1 2026 versus $3 million in Q1 2025. The single largest component is $25.4 million of non-cash stock-based compensation embedded in G&A. Excluding that, cash operating expenses reflect deliberate investment in platform, compliance, and go-to-market capacity ahead of launch, not run rate spend. We also recorded $1.5 million of depreciation and amortization. On the balance sheet, we ended the quarter with approximately $45.8 million of combined cash, marketable securities, and gold assets on the GLDY SPV. Importantly, total liabilities have come down from $54.2 million at year-end 2025 to $14 million today, following the full retirement of our convertible debenture. Operating cash use was $10.2 million, consistent with where we'd expect a pre-revenue ramp business to be.

Investing and financing activity in the quarter was dominated by two strategic moves, the equity raise we completed in January and the use of proceeds plus gold sale proceeds to fully retire our convertible debt. The headline and capital position is simple. With the debentures retired, Streamex is well capitalized with a clean capital structure. Management believes we have adequate resources to meet anticipated working capital requirements, capital expenditures, and other liquidity needs for at least the next 12 months. We can jump in a bit more detail on the balance sheet here. We ended Q1 with $45.85 million in cash and investments, total assets of $173.3 million, total liabilities of $14 million, shareholders' equity of $159.3 million. I want to emphasize this, zero debt. How did we get here? Three coordinated capital actions in the quarter. First, de-leveraging.

We eliminated convertible debt with an aggregate principal of $50 million. That overhang is gone. Second, an equity-led financing strategy. We raised approximately $40.25 million in gross proceeds in our January 2026 public offering on terms that allowed us to retire debt rather than accumulate it. Third, asset monetization. We sold our remaining LBMA Good Delivery gold bullion that was held to backstop the debenture holder. Cash proceeds were approximately $26.4 million against the carrying value of $23.5 million, generating a realized gain of $2.9 million. Critically, capital was then redeployed in tokenized commodity infrastructure and the digital asset ecosystem that powers GLDY and the products that follow it. The result is a balance sheet that's led to focus on growth rather than financing. Working capital of $42.6 million, cash on hand of $6.9 million, supplemented by marketable securities.

Management expects more than 12 months of runway at current burn. That's before any revenue contribution from GLDY scaling or future products. With that, I'll hand it over to Mitch to walk through GLDY and the operational update.

Thank you, Christine, and good afternoon, everybody. I'm going to spend a few minutes on GLDY, our innovative gold with yield launch product. GLDY is a tokenized yield-bearing gold asset that tracks gold price one for one and pays a yield in addition to gold price change. As of today, we have over 3,000 ounces of gold supporting GLDY, representing about $14 million in AUM, and we've distributed over 10 ounces in dividends to holders since launch. NAV has continued to track gold price tightly, which is a helpful proof point for potential institutional holders. In our first independent attestation, verifying reserves matched outstanding tokens is in process. These are important data points because as much as Wall Street likes to talk about innovation, there can also be hesitancy to be first in for new products.

Showing that the product functions as promised is important for adoption and attracting the types of scaled flows that we have been expecting. In terms of scaled flows, these proof points help us in continuing conversations with institutional players, and proof of this is beginning to materialize in tangible ways. Later in this presentation, Henry will announce some early partnerships that are now crossing the finish line as more data on the token is available. As a reminder, important addressable markets for GLDY include IRA investors, DeFi trading venues, ETFs, TradFi commodity investors, and more. Gold with yield is simply an obviously superior product, and tokenization is a superior format. GLDY is the proof point for the entire ecosystem. This infrastructure that supports this issuance, custody, integration, compliance, settlement, distribution is live and audible and proven out.

The same infrastructure is what will support GLDC, SLVC, and every commodity-backed product launched from here. We have done much of the hard work. We expect the benefits of future scaling to be clear. Moving to slide 11, this is a reminder of how to purchase GLDY. One way to purchase it, if you're interested, is our proprietary platform on the Streamex website. You should just check it out if you're interested in the company or the token. There's a sign-up page, it's for accredited investors, and the minimum has been reduced from $200,000 to $25,000. You can sign up to have tokens minted to your wallet, or, as Henry will announce, we will soon support intraday transactions through our instant liquidity partners. Moving to slide 12, the operations update.

I'd like to welcome our new Director of Operations, Kevin Jimenez, who has been hard at work already improving the operations at GLDY. We expect the customer experience for GLDY to continue to be streamlined and improved under Kevin's leadership. On the sales side, we recognize that rapidly scaling sales and distribution is a priority. We've scaled our team to four salespeople and the head of sales is joining shortly. They're running outreach across multiple channels, targeting accredited investors, ETFs, registered investment advisors, and family offices. Additionally, we have a backlog of sign-ups that have been waiting in queue, and the sales team is taking a high-touch approach to evaluating and potentially closing on these opportunities. We anticipate this marketing and sales initiative ramping further into Q2 as the partnership launches that Henry will touch on open up lower friction distribution.

With that, I'll hand it over to Henry to walk through the partnership position portion, driving the ecosystem and our path forward.

Thank you, Mitch. This is the section of the call that I'm really the most excited to talk through because what this team has built here in a single quarter is frankly remarkable. The thesis is simple. Every buyer needs a path in, every holder needs a path out. The ecosystem has to be built so that GLDY AUM growth can scale efficiently and rapidly. We've now stitched together the entire flow, buy, hold, trade, exit, with institutional partners that are the best in class in their respective categories. On the buy side, Equity Trust, an IRA custodian integration that unlocks access to $72 billion and 359,000 tax advantage retirement accounts in the U.S. On the hold and trade side, Wintermute, instant 24/7 liquidity provided by a leading institutional market maker.

On the secondary market side, Orca, a 24/7 decentralized trading avenue for GLDY. I'm going to walk through each of these in detail because each one on its own is a major catalyst. I want to be clear, these are not aspirational. These are confirmed partnerships that are currently being integrated, and we anticipate that they'll be operating in the coming weeks, subject to some completion of technical integration and operational testing. First, Orca. We're announcing a development partnership with Orca, Solana's leading decentralized exchange and liquidity infrastructure protocol to bring live 24/7 secondary market for tokenized securities, starting with GLDY. Orca powers hundreds of billions in on-chain trading volume and through its capital efficient liquidity pools, they're a foundational partner of the Solana ecosystem. The timing of this couldn't be better.

The SEC is reportedly preparing to release clarity on the trading of tokenized securities like GLDY. Now in guidance published last month, the SEC has released guidance on how blockchain-based interfaces designed to permit transfers of tokenized securities can operate in compliance with the law. The interface that Streamex and Orca have built together is a permissioned, compliant, on-chain secondary trading avenue for all real-world assets. It's squarely aligned with this guidance. We've been building towards this moment for some time and believe we're exceptionally well-positioned as the regulatory framework around tokenized assets continues to take shape in the U.S. Building on what we believe this unlocks for GLDY, it will be transformational. Holders will have a compliant, permissioned, blockchain-powered venue where secondary trading of GLDY can occur 24 hours a day, 7 days a week instantly.

We expect the Orca venue to go live to give GLDY option and holders for an option for liquidity in a way that simply does not exist for traditional gold products. There's also a bigger strategic point I want shareholders to understand. The infrastructure Streamex and Orca have built together is bigger than GLDY. It is the foundation for an entirely new market, a regulated, compliant, on-chain secondary trading venue for tokenized commodities at scale. GLDY is just the first asset to trade on it. This partnership creates a new ongoing revenue stream for Streamex through revenue share with Orca, in addition to the inherent transfer fee of GLDY, and we are excited to be able to be working with the Orca team and believe this is a defining piece of infrastructure for the category.

More information on this partnership and the date of launch of the exchange is to come very shortly. Second, Wintermute. Wintermute is one of the world's largest leading crypto-native algorithmic trading and market-making firms. They provide deep liquidity, OTC trading, and infrastructure services across centralized and decentralized digital asset markets. They're a firm that institutions trust to scale global crypto trading activity, and they are not new to the digital asset space. They're a firm that has been doing this at the highest end of the market for years. What Wintermute unlocks for GLDY is the ability to mint and redeem instantly 24/7. We expect this to reduce the purchase and redemption time from currently T+2 to T+0, subject to certain limits in availability. Once the partnership with Wintermute is live, GLDY holders will be able to purchase or redeem their positions instantly.

We believe this will meaningfully reduce any friction for prospective investors in GLDY and increase comfort in relation to liquidity for the asset. Wintermute brings credibility, depth, and 24/7 operational capability for a product designed to be digital, programmable, and an always-on version of gold. More information on this initiative and go-live date will be in the coming weeks. Third, this one I think is possibly the single largest unlock of the three, Equity Trust. Equity Trust Company is a leading self-directed IRA custodian. They enable individuals and institutions to hold alternative assets, private equity, real estate, precious metals, cryptocurrency, and now tokenized commodities with tax-advantaged retirement accounts. What this integration unlocks for GLDY is access to $72 billion of U.S. tax-advantaged retirement capital across over 359,000 accounts that previously could not access tokenized commodity products. Let me say that again.

359,000 accounts and over $72 billion of capital now have a path to GLDY. U.S. investors who want exposure to gold inside their IRA have historically had two real options, a gold ETF or physical bullion held by an IRA custodian. GLDY now joins that menu. Unlike those which cost money to hold, GLDY provides these investors with a yield with on-chain transparency and with the liquidity infrastructure that we've just discussed with Wintermute and Orca. This is exactly the kind of distribution channel we said that we would open up, and Equity Trust is the gold standard partner for this category. Again, more information on this will follow in the coming weeks. Moving on to the roadmap and product pipeline. With GLDY proving the platform and the partnership ecosystem is operational, let me talk to you about what's coming next.

In Q2 2026, there's been a slight adjustment from our last call. Rather than launching SLVC first, we are focusing on scaling GLDY functionality and allocating all resources towards GLDY growth. With the partnerships coming live and closing in on existing indications of interest in the pipeline, even though the silver infrastructure is ready to go, it's the best decision for the company at this time. We expect Q3 2026 to include the launch of GLDC and SLVC. GLDC is the one that I want shareholders really to focus on. It will be a non-security, retail-accessible tokenized gold product backed by GLDY. It's designed for wide distribution, including DeFi integrations, RWA vault infrastructure, and every dollar of GLDC issued will be collateralized by GLDY, which means that as GLDC scales, GLDY also scales. SLVC is silver. It is the same playbook.

The infrastructure is already set up and the smart contract is ready. We want to sequence this after additional GLDY functionality is growing and live and in steady state. In Q4, we will expand the functionality on GLDY, GLDC, SLVC, scale our platform usage, and launch an initial pilot on royalties and streams, a category we believe is uniquely well-suited to tokenization. Looking into 2027 and beyond, we are setting the stage for additional commodity asset launches across copper, oil, gas, and other industrial energy commodities, as well as expanding into additional jurisdictions. Every one of these products runs on the same platform that GLDY proved. That is the compounding model. On the market activity and the path forward. I want to address the recent market activity directly. STEX has experienced somewhat of a downward pressure in the recent months.

We are aware that the shareholders expect the GLDY AUM to grow on a faster timeline, and I hear that, and I want to address it head-on. What we've proven is that the model works. The product works. NAV tracks the gold price. The first couple of dividends have been paid. The first attestation is in progress. The infrastructure is live, auditable, and is operating exactly as designed. We hit some early operational hiccups, primarily with the KYC vendor that delayed onboarding. That issue has now been resolved. The backlog sign-ups are now being actively worked on by a dedicated sales and service team. The path forward, the pipeline continues to grow. We expect steady growth in GLDY’s AUM in the coming months. Indications of interest are moving towards closing, and the catalyst calendar ahead is concrete. GLDC launch, SLVC launch, the partnerships, roll-outs going live, and continued AUM growth.

The platform pieces intact, the platform proof points are landing, the calendar is loaded, and we are heads down executing. Looking forward, here are the four catalysts I want every shareholder to track. First, the partnerships going live. Equity Trust, Wintermute, and Orca are all rolling out now, with the additional partnerships anticipated in Q2 and Q3 of 2026. Second, the GLDC launch. Retail-accessible tokenized gold backed by GLDY, designed to grow GLDY AUM. The target is early Q3. Third, the SLVC launch, the retail and institutionally available tokenized silver product with wide distribution potential sequenced after the GLDY functionality scales. Fourth, GLDY AUM growth combined with increased functionality and steady growth is expected as the backlogged onboarding clears the sales and marketing ramp and the partnership and distribution channels open in earnest. A final note on the capital structure.

As of April 2026, our shares outstanding and ownership breakdown are detailed on the slide. Insider ownership, directors, officers, employees, and advisors stands at 51.26%. That alignment is intentional, and we are proud of it. Morgan and I, as co-founders, continue to forgo our equity grants for the year to reduce dilution and demonstrate alignment with the shareholders. We are listed on the Nasdaq under the ticker STEX. Our January 2026 financing raised $40.25 million in gross proceeds, which capitalized the company through this build-out phase, and we have initiated analyst coverage from Needham and Siebert, both well-respected names in the sector. Our capital structure is clear, our balance sheet is strong, our team is aligned, and our product is live and our roadmap is concrete. Now, let me close out with this. Q1 2026 was the quarter Streamex went from theory to proof.

We launched GLDY, we paid out our first two dividends, we retired our convertible debt, we resolved the early operational issues, and we put a concrete catalyst calendar together. Now this month, we are standing up an institutional partnership ecosystem with Orca, Wintermute, Equity Trust, with additional partnerships coming live over the next quarters. The market for tokenized real-world assets is projected at $16 trillion by 2030. Commodities are among the asset class best suited to lead that migration on-chain. Streamex is built specifically for this opportunity, and we believe we are positioned to lead the category. Thank you for the continued support. We are extremely excited about what's ahead. With that, I will now open the line for questions. Amazing. Well, thank you very much for everyone for tuning in to the call. Now we will go through a few questions.

I will see the questions that are here posted, and I will direct them at certain individuals to the team who just presented. For now, for the first question, we will start with Mitch. The question is, GLDY is at $14 million AUM. What milestones signal the company to be on track for sustained growth? Mitch, I'll let you answer.

Thanks, Henry. Look, the milestones that are within our control are operational, right? They're the ones we talked about already. It's important to see that the GLDY price tracks gold price. The way GLDY is designed, fees do not come out of your 1 ounce of gold. Your 1 ounce of gold is maintained at all times. Fees only come out of the lease side. That's unique in the industry to the best of our knowledge. The fact that the dividends are being paid shows that the gold with yield is real, right? When we were first raising capital, people were skeptical you could even do gold with yield. I think we've proven that out.

I think watching these partnerships come on board, you have to understand the amount of work that goes into these, the due diligence, the lawyer calls, the hundreds of hours of work on both sides. I think those are the key milestones. I know your question referenced AUM. AUM is what follows those things, right? These things have to happen first, and then AUM follows.

Amazing. No, thank you very much, Mitch. Morgan, the tokenized real asset market is projected at $16 trillion by 2030. What is your view on the realistic shape of that ramp? Is it linear, or do you expect a step function once regulatory clarity lands?

That's a good question. Much like any type of financial change that happens, you see it through a J-curve. It's slow to go at the start, much like what Mitch was explaining about our GLDY asset. It's slow to go, then when the adoption happens, it moves very quick. It's really positive that not only the SEC, but a lot of major banks in the world, and a lot of the major institutions are coming out saying, "We want to be on-chain, we want it tokenized, we want 24/7 trading." That's truly what positions Streamex ahead of the curve. When you ask about the whole side of the industry and size of it, I think $16 trillion is actually could be an underestimation. If you look at the commodities market alone, it is well, significantly more than that in size.

If you start overlaying the ETF markets and overlaying other parts of the real-world asset space, look, everything will be on-chain at some point in the next 10 years. That's not a $16 trillion market. That's a 300+ trillion-dollar market. That's what we are ahead of on the curve.

Great. Thank you. Thank you, Morgan. The next question, I'll take this one. What does instant liquidity mean with Wintermute, and how does that benefit the company? This is a really good question, and to explain it very simply, currently for investors to purchase GLDY, it is a T+2 process. An investor submits their order. We then go take that cash and buy physical gold, credit the GLDY tokens to the user when the physical gold has been purchased. That is inherently a T+2 process, and it is not necessarily the best for investors because they want to be able to know the gold price that they're getting right away. By putting in this instant liquidity facility with Wintermute, it allows us to reduce that timeline down from T+2 essentially to instantly.

Holders are people who are investing in GLDY, both for purchase and for sale of the asset will know exactly what price they're getting and be able to get in and out of the asset instantly. That is something as a market develops and for especially user functionality, it is very important and very beneficial for people to know. Even when we think about ETF clients who want to be able to have that quote, unquote, sufficient liquidity for the asset, it provides them with a very strong backstop to be able to have that.

It's something that for the company, it really is additional functionality for the asset and something that makes it a lot easier for people to participate in, one, because they know that they can buy it very quickly, but two, because they know that there is liquidity if they ever do want to exit the asset itself. The next question that we'll go through, and I'll read it here and then hand it over. How have conversations evolved with RIAs, ETF providers, and other asset managers since the launch of GLDY? Are traditional asset managers waiting for additional regulatory clarity before investing? Should we expect additional inflows if a positive outcome were to occur from the Clarity Act? I'll answer this one quickly, and then I'll actually hand it over to Mitch to round out the answer.

What I'll say, just speaking on the Clarity Act specifically, I think the Clarity Act itself will provide a lot of clarity for investors. GLDY, the way that it's set up, is not actually necessarily impacted by Clarity. It is a fully compliant and regulatory safe asset from the way that it is set up, and especially within the U.S. I think Clarity for the general market is going to be very important, and it's going to open up a lot of avenues for GLDY in terms of trading venues, like centralized exchanges, et cetera. It's something that definitely the market is excited about, but it doesn't necessarily impact GLDY specifically. Mitch, I'll let you touch on the conversations with RIAs and ETF providers and how those have sort of been going.

Thanks, Henry. Yeah, look, I think when we talk to those providers, the value proposition of the product is clear, and they're eager to have it because any investor that has something that has a better return for their clients knows that it gives them an advantage. I'd say the biggest problem solved for this being a new product is typically on the custody side. It takes some time for these providers to get comfortable with the custodians for tokenized assets. We do have solutions in process for that, so we're confident that we'll have some movement there. On the ETF side, as an example, I think one of the last-minute things we saw come up was some ETF providers said they're more comfortable holding the token on swap instead of directly.

If you just look at how 33 Act and 40 Act regs work for ETFs, there's some reasons for them to want to hold the asset on swap. What that means practically for timelines is we had to go to swap dealers and start conversations to get the token approved for swap, and those have been going well, and we expect some announcements in the very short term in terms of providers and asset levels for swap agreements.

Thank you, Mitch. The next question is, you've cited $14 million in current AUM against a stated target of capturing 1% of the ETF market, implying a $5 billion AUM goal. Can you walk us through the specific milestones, channel integrations, ETF listings, RIA, IRA onboarding that you expect to drive the inflection point, and what's the realistic 12-18-month AUM target range given your current pipeline? I will touch on the first part of that and then hand it over to Morgan to expand. A couple things that I think are really important to look at. One is our recent announcement that we just did on this call with Equity Trust. That's a company that has billions, $70 billion in assets under management, and 400,000, 330,000 accounts that are within the sort of Equity Trust platform.

That is an example of an institutional distribution channel that GLDY, because of the way that it's set up, and because of what we have done to be able to get to this point, that we are able to get into. That is one that it's proof that the institutional distribution conversations are rapidly expanding and rapidly increasing. On the ETF side, I think Mitch just touched on that. The IRA and IRA onboarding, beyond Equity Trust and especially looking at wealth managers and brokers, there's the ability through different integrations that we're working on that I anticipate coming out in the coming weeks, the ability for people to purchase GLDY through their sort of traditional avenues and making it feel as if it's an asset that is as easy as buying a stock or a bond or a traditional ETF.

When we think of these different channels and the ability for us to continue in those integrations, one, we've proved it already now with Equity Trust and you will see that as that goes live. All the conversations that are continuing to be onboarding with the more institutional channels are all progressing rapidly. I'll let Morgan touch if he has any other points that he wants to talk about there.

Yeah, thanks, Henry. I think one of the things to stay focused on as investors and even as a management team is all these items that we just touched on, Wintermute, Orca, Equity Trust, this is a part of the ecosystem. When we talk about GLDY scaling, this allows us to scale all assets in the future in different channels. That fundamental base, that base of the floor of the base of your house, that's the foundation for building up. Now that we've got those foundations in place and we'll be launching on each one of those, the scale will happen quick. You will see a J-curve type action. One of the key points to that is going forward, we now have that infrastructure set up. Again, I can't reiterate that enough.

The ecosystem that Streamex is and what the investors get from buying in Streamex is you get access to the years and years of work to set all that up, the technology, the backbone for all that tokenization infrastructure. That's what puts us ahead, and that's what makes a difference. That's where you see the AUM scale quick.

Thank you, Morgan. The last question that I think we're going to answer here is, can you walk through the GLDC mechanics? How does every GLDC result in increased GLDY AUM? I will take this one. This is actually a very exciting process that we're developing here and bringing to market now or will be bringing to market now with GLDC. How we have set up GLDC is to be a tokenized gold asset that is a non-security. It is fully permissionless, which means that it can trade anywhere and can trade essentially through all of the different crypto channels that give the ability for worldwide trading 24/7 settlement, that tokenization gives us the ability to have, while also giving us the ability to have an accredited investor non-security product that still benefits GLDY. With GLDC, it will be backed by GLDY inherently.

Every time someone buys $1 of GLDC, $1 of GLDY will be minted. If you can think of that, a product that can be distributed widely all around the world and giving people exposure to tokenized gold while still being backed by yield-bearing gold asset and increasing GLDY AUM for us, it becomes very powerful. This is really just another step in increasing GLDY functionality and increasing the AUM growth of GLDY specifically. On top of that, there's different integrations that we'll be rolling out and putting out more information on as we bring GLDC to the market, but the ability to get yield on GLDC through different avenues that is not inherent to the asset.

These are things that you will see materializing in the coming months and things that I am very excited for in terms of the growth of the Streamex ecosystem as a whole, the growth of GLDY, and the benefit of the company. With that, I think we will end it there. We won't take any more questions now. If anyone has any additional questions that they might not have been able to ask on the call, please reach out to our team. Adele's email is up on the screen right now. We would be more than happy to speak with you and answer any of those questions. In closing, I want to leave you just a reiteration of what we said at the end of the call.

This truly is a transformative month, and this second quarter now that we're going into will be a transformative quarter for Streamex and for GLDY and the ecosystem as a whole. There is a number of additional partnerships that are going to be coming online. The ones that we've announced today are extremely important for what we've been doing and opening up distribution for the assets that we create. There will be more information on these coming out in the coming weeks, and overall, I'm very excited about the growth of the company. We are in a very good spot financially. We're in a very good spot from an operations and implementation standpoint, and now it's time to scale. Thank you very much, everyone, for joining. Excited to continue this quarter and through the rest of the year.

Like I said, if you have any questions, please feel free to reach out to Adele, and we'd be more than happy to speak with you. Thank you.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.