Streamex Corp. Common Stock The ThinkEquity Conference

All righty. We are closing this out today with one more presentation. I am Mike Andrusko from Centri Business Consulting. We focus on accounting, consulting, non-attest, no audit. I focus on the crypto and fintech side of things, which is why you have not gotten rid of me all day in the afternoon here. I wanted to introduce Christine from Streamex.

Take it away. Great. First, I just want to start with thanking the ThinkEquity team for having us today.

I am Christine Plummer. I am the CFO here at Streamex. I am joined by Laura Kiernan, who is in the back of the room, who leads our investor relations, and with Andrew Motzkin, who is part of our business development team. I will speak for about 20 minutes, and then we will keep the last few minutes for questions. Our goal today is very simple. By the end of the next 20 minutes, you should be able to explain what Streamex does, how we make money, and what you can measure us against over the next 12 months. Our mission fits in one line: Unlock the full potential of commodity assets through tokenization. Commodities are one of the largest asset classes on Earth, and most of the value sits idle.

Gold in a vault earns nothing and costs money to store. We built a regulated platform to change that, and gold is where we started. I want to start by clearing up what we are, because the word tokenization often gets attached to a lot of different things. In one line, we are a regulated commodity tokenization platform, and we are also the issuer of assets on that platform. We are a financial technology company. We built and operate a tokenization platform for commodity capital markets. We are also the issuer of the assets on that platform, so we keep the economics rather than licensing them away. We are regulated first. We have a strong legal structure, third-party custody, independent attestations, and this all came before scale. Our revenue is recurring, scaling with assets under management and trading volume.

Before I move to this slide, I just want to highlight what we are not. We are not a cryptocurrency company, we are not a gold ETF, we are not a mining or royalty company, and we are not a single product story. Gold is the first commercial proof of a repeatable platform. Why would you invest in Streamex? There are really five reasons. First, we own the rails and we keep the economics. All the issuer economics are retained by us rather than paid way to third-party platforms, and every new commodity reuses the same infrastructure. Second, the market is enormous and has just been opened. Commodity capital markets are vast. Third, there is embedded operating leverage we have not yet exercised. Our cost basis is largely fixed, and we earn three fee streams that persist for the life of every token issued. Incremental volume drops down through margin.

Fourth, distribution is the multiplier. We have a vast access network that takes this from thousands of investors on upward. Fifth, the infrastructure is built, and the adoption is the next leg. Legal, custody, attestation, brokerage, and secondary market rails are all in place. GLDY is live. Just to get a little bit into the financials, what we are showing here is that the model has started earning. The second quarter was the quarter where we started earning our first revenue. We booked $146,000 of gold lease revenue, which is the first revenue in the company's history. Operating expenses and net loss fell significantly. On the balance sheet, we ended June with $41.8 million of total liquidity and no debt. That includes both cash and marketable securities, digital assets, and $15 million of gold. There is about $20 million of that that is immediately available.

Behind GLDY today is 3,111 ounces of physical gold, and external ownership has grown to 9%. The bigger story is that our institutional stack is now complete. Orca is our 24/7 secondary venue. CBER and tZERO give us brokerage channels across billions of assets. EisnerAmper provides monthly reserve attestation. Inspira Financial provides qualified custody across millions of accounts. Wintermute provides 24/7 liquidity with about $12 million seeded in same-day settlement. Each of these partners answers a specific institutional question: Where do I trade it? How does my broker hold it? Who verifies the gold? How does it sit in a retirement account? Who makes the market? Over the next 90 days, we are focused on four things: converting the first institution allocations into GLDY, liquidity bootstrapping for GLDC in Q3, followed by launch, completing our Equity Trust IRA integration, which opens access to tens of billions of retirement capital, and keeping monthly attestation and distributions running without interruption.

The question may be why now? Tokenization is inflecting. As you can see, tokenized asset values rose 47% in the first seven months of this year. It went from $25 billion to $37 billion, while the number of holders grew 148%, more than three times faster than value, which tells you adoption is broadening. 84% of financial service leaders call tokenization a strategic priority. 26% are already live. Yet commodities are still wide open.

Tokenized commodities total about $5 billion on-chain against a physical commodity market of roughly $146 trillion, where Treasuries and money market funds, by comparison, are already above $16 billion. We started with gold for a reason. There is roughly $32 trillion of above-ground gold, and $11 trillion is held as physical gold bars, coins, and central bank reserves. Gold ETFs also own hundreds of billions, and tokenized gold is about $3 billion, which is a very small percent of the total. Beyond gold, you have silver, copper, oil, gas, royalties, and streams, which also represent hundreds of billions to trillions of addressable market. If you put this slide and the prior slide together, you have the fastest-growing corner of our financial infrastructure meeting the largest, least penetrated asset class. A little bit about the product, how it works, and why it wins.

This is our inaugural product, and it's live. In one sentence, GLDY is a physical gold bullion-backed security that delivers roughly 3.5% annualized yield paid in additional gold. The mechanics are really straightforward. One GLDY equals one fine troy ounce of gold bullion. That gold is leased out to generate yield. A holder's total return is the gold price change plus the yield payments. There's no future options carry costs that go along with that. The token is tradable and redeemable upon issuance, and it's eligible to be held by ETFs. In other words, holders keep the spot gold exposure they have today and add a yield on top of it. How does this all work? The yield engine comes from our strategic partner, Monetary Metals.

We hold exclusive rights to tokenize yield-bearing gold products with them, and they give us access to their precious metals lending program. This is the foundation for institutional-grade instruments that can scale to billions of dollars. In the appendix, we've included how the money and the metals move. There's lots of details behind those flows. From an investor perspective, what does it look like when you compare GLDY to physical gold and gold ETFs? Why does this matter? If you look at a simple five-year case and you assume 8% gold appreciation and 3.5% yield, GLDY returns about 72%. This is versus 46% for physical gold after storage fees and about 44% for a gold ETF after its expense ratio. There's a very large pool that's out there for ETFs, and you earn no yield, and they cost you money to hold.

Because this yield is paid in gold, you get more gold, and it compounds along the gold price, alongside gold prices. We often get asked, who are our competitors? If you look at comparable tokenized products, there are two yield-bearing peers that hold somewhere between 700 million to 2.25 billion, but they have very small amount of holders. They range between 50 and 100 holders. They pay lower yields at 2.9% and 3.4%, and they require very large minimums starting at $100,000 and $5 million. They don't have secondary markets. They really rely on the mint and redeem for liquidity. The two largest tokenized gold products, which have tens of thousands of holders, they do trade on secondary markets, but they do not pay a yield. GLDY is designed to offer both a yield, a lower minimum investment amount, and secondary market liquidity.

How do we do all of this? This runs all with our tier-one partners and service providers. As you can see on this slide, we have a large network of partnerships that help us move this product forward. Maybe the question now is: How does Streamex make money? We earn three fee streams for the life of every token, a one-time tokenization fee, a recurring lease fee, and recurring transfer fees on trading. Think of it as three meters, one that ticks once when the token is created, one that runs for as long as the gold is on lease, and one that ticks every time the token changes hands. If you use a 30-year NPV model, we estimate that the lifetime value of a single GLDY token is more than $1,500. Of course, there's upside as trading volumes increase.

They require very little permanent capital from us, and obviously, this results in a very attractive return on capital model. If you now scale that up, let's say you have 1 billion of GLDY outstanding. The base case revenue NPV to Streamex is roughly $400 million. Go to 5 billion outstanding, it's roughly $2 billion. Then you layer in trading, which is really the upside lever. As you trade, every additional trade earns us a fee without any additional capital. That is why our partnerships with Orca and Wintermute matter so much to the model. They are the ones that turn a held asset into traded ones. Just to talk now about our strategic roadmap. GLDY proves the platform, and the roadmap is really around reusing it. We launched GLDY. Next is tokenized silver, targeted for sometime next year into 2028.