A-Mark Precious Metals, Inc.

My name is John, and I will be your operator this afternoon. Before this call, AMARC issued its preliminary results for the fiscal fourth quarter and full year 2024 in a press release, which is available in the investor relations section of the company's website at www.amarc.com. You can find the link to the investor relations section at the top of the homepage. The company's results are preliminary because the company has not yet concluded its review of the valuation and related purchase accounting surrounding the increase in its investment in Silver Gold Bull, Inc. The results presented include an estimate, which management believes is reasonable, of the amount of the remeasurement gain associated with the SGB transaction. The remeasurement gain may be adjusted once the company finalizes its review, but management does not expect any such adjustment to exceed $5 million. Such adjustment, if it occurs, would be reflected in the company's income statement and corresponding balance sheet items. The remeasurement gain is a non-cash item, relates solely to the accounting treatment for the acquisition of a controlling interest in SGB, has no impact on taxes, and is not related to the company's operating results. Joining us for today's call are AMARC CEO, Greg Roberts, President, Thor Gergerum, and CFO, Kathleen Simpson-Taylor. Following their remarks, we will open the call to your 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 is being recorded and will be made available for replay via a link available in the investor relations section of AMARC's website. Now, I would like to turn the call over to AMARC's CEO, Mr. Greg Roberts. Sir, please proceed.

Thank you, John, and good afternoon to everyone. Thank you for joining our call today. As we reported in our earnings release today, our fiscal year 2024 results demonstrate the continued strength and adaptability of our fully integrated platform to generate profitable results even during slower market conditions. Despite facing headwinds from less favorable macroeconomic environment and the softened demand compared with last fiscal year, we still reported 66.2 of net income and diluted EPS of $2.75 per share. Excluding an estimated preliminary $14.4 million reimbursement gain from our incremental investment in Silver Gold Bull, our diluted EPS was $2.15. We also generated $89.9 million in non-GAAP EBITDA, excluding the remeasurement gain, and ended the fiscal year with over $3 million direct to consumer customers, reflecting the benefits of our strategic investments. Our fourth quarter results improved from the previous quarter with a 23% increase in gross profit and diluted EPS of $0.60 per share, excluding the remeasurement gain, compared with $0.21 last quarter. Looking beyond the numbers, our fiscal year was highlighted by numerous strategic accomplishments, including broadening our international footprint by both our expansion into Asia through our acquisition of LPM, and our increased investment in Silver Gold Bull Canada. In line with our growth strategy, we continue to enhance our asset portfolio through JMB's acquisition of gold.com, strengthening our precious metals digital presence. Turning to our capital structure, during the year, we repaid our notes payable from our $100 million asset-backed securitization and amended our trading credit facility resulting in increased liquidity. We also repurchased 22.4 million of our common stock. Now, I'd like to hand the call over to our CFO, Kathleen Simpson-Taylor, who will provide a more detailed financial overview of our preliminary results. Then, AMARC's President, Thor Gjerdrum, will discuss our key operating metrics. Afterwards, I will provide a further update on our business and growth strategy and take questions. Kathleen?

Thank you, Greg, and good afternoon, everyone. Our revenues for Q4 fiscal 2024 decreased 19% to $2.52 billion from $3.12 billion in Q4 of last year. Excluding an increase of $47 million of forward sales, our revenues decreased $641.4 million, or 28%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver. The direct-to-consumer or DTC segment contributed 17% and 19% of the consolidated revenue in the fiscal fourth quarter of 2024 and 2023, respectively. JMB's revenue represented 15% of the consolidated revenues for the fiscal fourth quarter of 2024, compared with 17% for the prior year fiscal fourth quarter. For the full fiscal year, our revenues increased 4% to $9.7 billion from $9.29 billion in the prior fiscal year, excluding an increase of $1.6 billion of forward sales our revenues decreased 1.1 billion or 17%, which was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver. The GTC segment contributed 15% and 22% of the consolidated revenue in the fiscal year ended 2024 and 2023, respectively. J&B's revenue represented 14% and 19% of the company's consolidated revenue for the fiscal years ended June 30, 2024 and 2023, respectively. Gross profit for Q4 fiscal 2024 decreased 45% to $43 million or 1.7% of revenue from $78.6 million or 2.52% of revenue in Q4 of last year The decrease in gross profit was due to lower gross profits earned from both the wholesale sales and ancillary services and DTC segments. Gross profit contributed by the DTC segment represented 51% of the consolidated gross profit in Q4 fiscal 2024 compared to 60% in the same year-ago period. Gross profit contributed by JMB represented 42% of the consolidated gross profit in Q4 2024 compared to 49% in Q4 of last year. For the full fiscal year, gross profit decreased 41% to $173.3 million or 1.79% of revenue from $294.7 million or 3.17% of revenue in the prior fiscal year. The decrease in gross profit was due to lower gross profits earned from both the wholesale sales and ancillary services and DTC segments. The DTC segment contributed 48% and 57% of the consolidated gross profit in fiscal year 2024 and 2023, respectively. Gross profit contributed by JMB represented 41% and 49% of the consolidated gross profit during fiscal year 2024 and 2023, respectively. SG&A expenses for Q4 fiscal 2024 decreased 1% to $22.7 million from $22.8 million in Q4 of last year. The overall decrease was primarily due to a decrease in compensation expense, including performance-based accruals of $1.1 million and a decrease in advertising costs of 0.3 million, partially offset by an increase in insurance costs of 0.6 million, an increase in consulting and professional fees of 0.5 million, and an increase in information technology costs of 0.2 million. SG&A expenses for the quarter also include 1.8 million of expenses incurred by LPM and SGB. For the full fiscal year, SG&A expenses increased 5% to $89.8 million from $85.3 million in the prior fiscal year. The increase was primarily due to an increase in consulting and professional fees of $5.3 million, an increase in information technology costs of $1.0 million, partially offset by a decrease in insurance costs of $0.9 million a decrease in compensation expense, including performance-based accruals, of $0.7 million, and a decrease in advertising costs of $0.7 million. Fiscal year 2024 SG&A expenses include $2.3 million of expenses incurred by LPM and SGB. Depreciation and amortization expense for Q4 fiscal 2024 increased 4%, to $2.8 million from $2.7 million in Q4 of last year. The increase was primarily due to $0.4 million of amortization expense related to intangible assets acquired through our acquisitions of LPM and a controlling interest in SGB, a $0.2 million increase in depreciation expense related to our property plant and equipment, and these were partially offset by a $0.5 million decrease in JMV's intangible asset amortization expense. For the full fiscal year, depreciation and amortization expense decreased 9% to $11.4 million from $12.5 million last fiscal year. The decrease was primarily due to a $2.2 million decrease in JMV's intangible asset amortization expense This was partially offset by a $0.6 million increase in depreciation expense related to property, plant, and equipment, and a $0.5 million increase in amortization expense related to intangible assets acquired through our acquisition of LPM and our increased investment, which resulted in a controlling interest in SGB. Interest income for Q4 fiscal 2024 increased 33% to $8.1 million from $6.1 million in Q4 of last year. The increase in interest income was primarily due to an increase in other finance product income of $1.6 million and an increase in interest income earned by our secured lending segment of $0.4 million. For the full fiscal year, interest income increased 22%. to $27.2 million from $22.2 million in the prior fiscal year. The increase was primarily due to an increase in other finance product income of $3.2 million and an increase in interest income earned by our secured lending segment of $1.7 million. Interest expense for Q4 fiscal 2024 increased 8% to $9.6 million from $8.9 million in Q4 of last year. The increase in interest expense was primarily driven by an increase of $1.5 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowing, an increase of $0.6 million related to product financing arrangements, and this was partially offset by a decrease of $1.4 million related to the AMCF notes, including amortization of debt issuance costs due to their repayment in December 2023. For the full fiscal year, interest expense increased 25% to $39.5 million from $31.5 million last fiscal year. The increase was primarily driven by an increase of $8.4 million associated with our trading credit facility due to an increase in interest rates as well as increased borrowings An increase of $3 million related to product financing arrangements. This was partially offset by a decrease of $3.2 million related to the AMCF notes, including amortization of debt issuance costs due to their repayment in December 2023, and also a $0.5 million decrease in loan servicing fees. Earnings from equity method investments in Q4 fiscal 2024 decreased 86% to $0.8 million from $5.3 million in Q4 of last year. For the full fiscal year, earnings from equity method investments decreased 68% to $4 million from $12.6 million last fiscal year. The decrease in both periods was due to decreased earnings of our equity method investees. Net income attributable to the company for the fourth quarter of fiscal 2024 totaled $28.6 million, or $1.20 per diluted share. This compares to net income attributable to the company of $41.8 million, or $1.71 per diluted share in Q4 of last year. Net income for the fiscal fourth quarter of 2024 included an estimated $14.4 million remeasurement gain, in connection with the acquisition of a controlling interest in SGB. This is preliminary and subject to change. Excluding the impact of the estimated preliminary remeasurement gain, diluted earnings per share was $0.60. For the full fiscal year, net income attributable to the company totaled $66.2 million or $2.75 per diluted share, which compares to net income attributable to the company of $156.4 million or $6.34 per diluted share last fiscal year. Net income attributable to the company for fiscal year 2024 included an estimated $14.4 million remeasurement gain in connection with the increased investment resulting in a controlling interest in SGB. This is preliminary and subject to change. Excluding the impact of the estimated preliminary remeasurement gain, diluted earnings per share for fiscal year 2024 was $2.15. Adjusted net income before provision for income taxes, a non-GAAP financial performance measure which excludes depreciation, amortization, acquisition costs, remeasurement gains or losses, and contingent consideration fair value adjustments, for Q4 fiscal 2024 totaled $20.1 million, a decrease of 66 percent compared to $59.1 million in the same year-ago quarter. The decrease was principally due to lower net for income taxes. EBITDA, a non-GAAP liquidity measure for Q4 fiscal 2024, totaled $36.1 million, a 42% decrease compared to $61.8 million in Q4 2023. The decrease was principally due to lower net income of $13.3 million, lower income tax expense of $11.3 million, and higher interest income of $2 million. Excluding the impact of the estimated preliminary remeasurement gain, preliminary EBITDA for the three months ended June 30th, 2024 was 21.7 million. EBITDA for the full fiscal year totaled 104.2 million, a 54% decrease compared to 225 million last fiscal year. The decrease was principally due to lower net income of 90 million, lower income tax expense of 32.7 million, higher interest expense of $8 million, and higher interest income of $4.9 million. Excluding the impact of the estimated preliminary remeasurement gain, preliminary EBITDA for the fiscal year ended June 30, 2024 with $89.9 million. Turning to our balance sheet, at fiscal year end, we had $48.6 million of cash compared to $39.3 million of cash at the end of fiscal year 2023. Our non-restricted inventories totaled $579.4 million down $66.4 million from $645.8 million at the end of fiscal year 2023. Our tangible net worth excluding non-controlling interest at the end of the fiscal year was $304.8 million down from $435.5 million at the end of the prior fiscal year. The reduction is due to share repurchase activity and dividends paid combined with higher intangible assets and goodwill in connection with the acquisition of LPM and our increased investments resulting in a controlling interest of SGB. AMARC's Board of Directors has continued to maintain the company's regular quarterly cash dividend program of 20 cents per common share. The most recent quarterly cash dividend was paid in July, and it is expected that the next quarterly dividend will be paid in October 2024. That completes my financial summary. Now I will turn the call over to Thor, who will provide an update on our key operating metrics. Thor?