Streamex (STEX) investor relations material

Executive summary

• GLDY outside ownership rose to 17.7% from 9.0% in Q2; reserves increased to 3,351 oz from 3,111 oz, and market-value AUM grew 12% to $14.0M.

• A $1M initial allocation entered an institutional gold carry strategy using GLDY as its long leg; follow-on investment and deployment remain uncertain.

• Expansion includes Cask Foundation’s USGY vault, expected Equity Trust IRA access and a new brand focused on tokenized commodities; servicing Cask products adds a potential revenue stream.

• Quarter-end liquidity was $36.5M with no debt; Q3 operating cash burn averaged ~$1.5M per month.

Financial highlights

• Q3 gold lease income was $145K; 9M income was $291K. Q2’s reported $146K included a $12K Q1 item, making underlying Q2 income $134K and Q3 growth ~8%.

• Q3 operating expenses were $18.120M, including $9.3M in non-cash stock-based compensation; expenses rose $2.8M QoQ, $2.2M of it stock compensation.

• Q3 net loss was $17.460M, or $0.09/share, versus $14.55M and $0.08/share in Q2; Adjusted EBITDA loss was $7.18M versus $6.57M.

• 9M net loss was $78.714M, or $0.44/share, including $41.8M stock compensation, $4.4M D&A and $15.2M in debenture settlement charges.

• Q3 other expense was $68K versus $10.236M a year earlier, mainly reflecting the non-recurrence of a prior-year derivative fair-value loss.

Outlook and guidance

• Target operating cash burn is $1.1M–$1.3M per month from Q4 2026 through 2027, versus Q3’s ~$1.5M; this is a target, not a forecast, and includes ~$0.3M/month of Q3 costs not expected to recur.

• Near-term priorities include growing institutional demand and carry-strategy capital, funding initial GLDY IRA accounts, completing USGY bootstrapping and public launch, and continuing attestations and monthly distributions.

• GLDC launch is anticipated in early 2027 as USGY scales; longer-term plans include tokenized silver, additional commodities, and GLDY borrowing and lending functionality.

• Operating losses and negative cash flows are expected to continue until sustained commercial scale; management’s liquidity forecast relies partly on Metalayer redemptions and repayment of the liquidity-provider loan at July 2027 maturity.