Core Insights - U.S. Global Investors, Inc. reported a net income of $1.5 million for the quarter ended September 30, 2025, marking a return to profitability and a 378% increase compared to the same quarter in 2024 [1][16] - The company's investment income reached $2.3 million, reflecting a nearly 300% increase from the previous quarter and a 148% increase year-over-year [1][16] - Average assets under management (AUM) were $1.4 billion, slightly up from $1.3 billion in the previous quarter but down from $1.5 billion a year earlier [2][16] Financial Performance - Total operating revenues for the first quarter of fiscal 2026 were $2.3 million, up 15% from the previous quarter and 4% higher than the same quarter last year [1][15] - The company's shareholder yield as of September 30, 2025, was 8.32%, approximately double the yield on five-year and ten-year Treasury bonds [2] Market Trends - Gold prices surged 47% year-to-date through September 2025, driven by economic and geopolitical issues, leading to significant inflows into gold mining funds [3] - The third quarter of 2025 saw inflows of $5.4 billion into gold mining funds, the highest for a single quarter since December 2009 [3] Fund Performance - The company's gold mining and natural resource funds experienced positive fund flows in the quarter ended September 30, 2025, reversing the negative trend from the same period in 2024 [4][6] - The company offers three investment vehicles for exposure to the gold mining industry: USERX, UNWPX, and GOAU [10] Strategic Outlook - The CEO highlighted that gold miners ranked as the number one investment theme for 2025 according to Bank of America, amid record global debt of $338 trillion [7][11] - The company maintains a share repurchase program, allowing for the annual purchase of up to $5 million of its outstanding common shares [12] Liquidity Position - As of September 30, 2025, the company reported net working capital of approximately $37.2 million, with $24.6 million in cash and cash equivalents, indicating strong liquidity [13]