A-Mark Precious Metals, Inc.

Good afternoon, and welcome to the AMARC Precious Metals conference call for the fiscal quarter ended March 31st, 2022. My name is Ali, and I will be your operator this afternoon. Before this call, AMARC issued its results for the fiscal third quarter 2022 in a press release, which is available in the investor relations section of the company's website at www.amarc.com. you can find a link to the Investor Relations section at the top of the homepage. Joining us for today's call are AMARC's CEO, Greg Roberts, President, Thor Geerdrum, and CFO, Kathleen Simpson-Taylor. Following their remarks, we will open your call to questions. Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call has been recorded and will be made available for replay via a link available in the investor relations section of the AMARC website. Now, I would like to turn the call over to AMARC's CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, Ali, and good afternoon to everyone.

Hello, thank you, Ali, and good afternoon, everyone. Thank you for joining our call today. Our third quarter was another strong period for AMARC as we generated $54 million of adjusted pre-tax income, or $4.45 per diluted share, with an 8.5% return on equity. On a per share basis, we grew adjusted net income before provision for income taxes 11% sequentially. Macroeconomic factors continue to provide elevated demand and strong tailwinds for AMARC's business, and we remain optimistic as we finish out our final quarter of our fiscal year. As many of you saw from our press release last week, AMARC signed a definitive agreement to increase our strategic investment in Silver Gold Bull, or SGB, providing us with increased exposure to the international direct-to-consumer, or DTC, market. AMARC will acquire an additional 40% of the outstanding equity interest in SGB for approximately $44 million consisting of $34 million in cash and 126,000 shares of AMARC's common stock, implying an enterprise value of $110 million. We have participated in SGB's success and growth over the past several years and see continued growth opportunities for AMARC while leveraging our minting and wholesale sources of supply through an extended supplier agreement with SGB. We also acquired the option exercisable between 18 and 27 months after we close to purchase an additional 27.7% interest in SGB that if exercised would bring our total ownership interest to 75%. The current acquisition is expected to close in the fourth quarter of fiscal 2021. and is subject to the customary closing conditions and regulatory approval. Silver Gold Bull is one of the leading e-commerce precious metals retailers in Canada with revenue of $633 million, gross profit of $41.2 million, and pre-tax income of $26-plus million during the 12-month period ended March 31, 2022. During this same period, Silver Gold Bull's customer base grew by 48%. We are pleased to report that in just over a year since we closed the JMB acquisition, we have hit an important milestone. JM Bullion's cumulative pre-tax income before depreciation and amortization expense has surpassed the cash consideration paid for the JM Bullion acquisition. We continue to remain optimistic about the prospects ahead for JMB and our DTC business. Now, I'd like to turn over the call to our CFO, Kathleen Simpson-Taylor, to walk you through our financials in more detail. Then our President, Thor Jerdrum, will discuss our KPIs and operational metrics. Afterwards, I will provide a further update of our business and growth strategy. Kathleen, take it away.