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Investor Presentation November 2025 NASDAQ: AMRK A-MARK PRECIOUS METALS A LEADING FULLY INTEGRATED PRECIOUS METALS PLATFORM
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NASDAQ:AMRK Important Cautions Regarding Forward-Looking Statements and Non-GAAP Financial Measures Statements in this presentation that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to future market conditions, the ability to achieve cost efficiencies with our recent acquisitions, and the Company’s long-term growth. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results or circumstances to differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ include the following: uncertainty in the current international economic and political climate, including the impact of domestic and foreign tariffs and other trade restrictions that recently have been or are threatened to be imposed; the current inflationary and interest rate environment; the reactions, demands and preferences of wholesale and retail purchasers of and investors in precious metals in response to the current economic and political uncertainties; unforeseen costs and other difficulties in integrating our recent acquisitions with the Company’s existing businesses; volatility in the commodities markets in which the Company participates that have made projections of future performance, over both the short and long term, difficult and imprecise; and the strategic, business, economic, financial, political and governmental risks and other Risk Factors described in in the Company’s public filings with the Securities and Exchange Commission (the “SEC”). The Company undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. Use of Non-GAAP Financial Measures This presentation includes the following non-GAAP measures: “adjusted net income before provision for income taxes” and “earnings before interest, taxes, depreciation and amortization” (“EBITDA”). A reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures is included in the Company’s Report on Form 10-Q for the period ended September 30, 2025, as filed with the SEC. The items excluded from these non-GAAP measures may have a material impact on the Company’s financial results. Non-GAAP measures do not have standardized definitions and should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with U.S. GAAP , and should be read in conjunction with the financial statements included in the Company’s public filings with the SEC. Management encourages investors and others to review the Company’s financial information in its entirety and not to rely on any single financial measure. 1
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The Future Begins December 2, 2025 Read the November 6, 2025 Press Release
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NASDAQ:AMRK • One of the largest U.S. Precious Metals Retailers • One of Asia’s largest Precious Metals Dealers • 55.4% Investment in Leading Canadian Precious Metals Retailer • “White Glove” Service and Higher Margins • Leading Global Rare Coin Auction House and Dealer • Specialty Brands • Pricing Resources Company Highlights 3 Portfolio of Complementary Consumer Facing Brands Aligned Team • Insider Ownership Own Approximately 23% of Outstanding Shares as of September 30, 2025 Growth Opportunities • Expand Footprint in Asia Acquired LPM Group Limited in Asia, recently established DTC and trading office in Singapore • Grow Customer Base Further expanding on the 2.6MM** new DTC customers added since FYE 2021 and through Q1 FY26 • Collectibles Expansion Strategic M&A to adjacent luxury markets that are expected to offer higher margins • Digital Offerings CyberMetals Platform to Attract ETF & Accumulation Customers Integrated Platform • Wholesale Fully Hedged Precious Metals Trader and Distributor • Minting Long-Term Relationships with Sovereign Mints / Ownership of, and Investments in, Private Mints • Storage & Logistics Global Depository Network and Ability to Ship 100K+ Packages per Month • Secured Lending $300+ Million in Loans Since 2005 without any Principal Losses * Equity Method Investments * * Gold.com ** Includes new customers acquired from Spectrum Group International and Pinehurst Coin Exchange in February 2025 and from AMS Holding in April 2025.
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NASDAQ:AMRK January 2023: Acquired Minority Stake of 12% in Texas Precious Metals May 2023: Acquired a 25% Minority Interest in Atkinsons Bullion & Coins June 2023: Closed Acquisition of BullionMax February 2024: Closed Acquisition of LPM Group Limited; Investment in APS Investment, LLC (1) March 2024: Acquired Gold.com June 2024: Increased Investment to 55.4% of Silver Gold Bull February 2025: Acquired Spectrum Group International, Inc., the parent of Stack’s Bowers Galleries February 2025: Acquired Pinehurst Coin Exchange (remaining 51%) April 2025: Acquired the remaining 90% of AMS Holding, LLC 4 A-Mark’s Strategic Evolution Has Been Successful to Date 2014: A-Mark Becomes a Stand-Alone Public Company 2015: A-Mark Global Logistics Opened in Las Vegas August 2016: Acquired Majority Stake in Silver Towne Mint August 2017: Closed Acquisition of Goldline March 2021: Acquired JM Bullion (remaining 79.5%) April 2021: Silver Towne Mint Ownership Increased to 100% May 2021: Increased investment to 44.9% of Sunshine Mint October 2022: Closed Acquisition of BGASC FYE June 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 FY26 Gross Profit $ 34.5MM $ 31.3MM $ 29.4MM $ 32.0MM $ 67.0MM $ 210.2MM $ 261.8MM $ 294.7MM $ 173.3MM $210.9MM $72.9MM Gross Profit Margin 0.51% 0.45% 0.39% 0.67% 1.23% 2.76% 3.21% 3.17% 1.79% 1.92% 1.98% EPS – Diluted (2) $ 0.65 $ 0.50 $ (0.24) $ 0.16 $ 2.16 $ 8.90 $ 5.45 $ 6.34 $ 2.84 $0.71 $(0.04) Total Assets $437.1MM $478.5MM $743.0MM $705.4MM $758.0MM $1,191.6MM $1,442.7MM $1,545.6MM $1,827.8MM $2,215.4MM $2,579.4MM (1) APS Investment, LLC is a holding company that held a 10% equity interest in AMS Holding, LLC. AMS became a wholly owned subsidiary of A-Mark effective April 1, 2025 (2) Diluted EPS for fiscal years 2016-2021 is retroactively adjusted for the effect of the June 2022 two-for-one stock split in the form of a stock dividend Gold.com
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NASDAQ:AMRK Bullion Value Chain Downstream 5 Extraction & Refining Sovereign Production Constrained Private Manufacture to Demand Products 2,000+ Offerings Customers Dealers to Institutions Logistics Ship 100K+ Packages / Month Lending $300+ MM in Loans Since 2005 Online Fastest Growing Phone-Based Higher Margin Minting + Wholesale Services + = DTC Gold Primary Trading Bar: 400 oz Silver Primary Trading bar: 1,000 oz A-Mark Operates in the Downstream Market Upstream
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NASDAQ:AMRK 6 Financial & Operational Highlights A-Mark’s Recent Performance Across its Businesses Reportable SegmentsConsolidated 2024 2025Three Months Ended September 30, Gross Profit EBITDA EPS – Diluted 2024 2025Three Months Ended September 30, Wholesale Gold Ounces Sold Silver Ounces Sold Number of Tickets Secured Lending Loans at Period End Interest Income $43.4 MM $17.8 MM $0.37 $72.9 MM $14.3 MM $(0.04) 55,300 129,900 $2,967 69,400 147,300 $3,863 255,000 6,779,000 32,702 272,000 15,960,000 29,655 562 $3.0 MM 424 $2.5 MM (a) Represents the number of customers that have registered, set up a new account, or made a purchase for the first time during the period (b) Represents the number of customers that have made a purchase during any month during the period (c) Represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during the period (a) – (c) Metrics from Spectrum Group International and Pinehurst Coin Exchange are included from February 28, 2025 and metrics from AMS are included from April 1, 2025. Direct To Consumer New Customers (a) Active Customers (b) Average Order Value (c) Financial Highlights Financial and Operational Highlights 2024 2025Fiscal Year Ended June 30, Gross Profit EBITDA EPS – Diluted $173.3 MM $106.5 MM $2.84 $210.9 MM $64.4 MM $0.71
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NASDAQ:AMRK 7 Benefits of e-commerce in the Precious Metals Market https://www.bamsec.com/filing/14377 4920019622/1?cik=1084869&hl=16520 3:165209&hl_id=ekwsrv0gq https://www.bamsec.com/filing/161 670720000025/1?cik=1616707&hl=1 81908:181911&hl_id=nkyvj_rxc https://www.bamsec.com/filing/155 837020002264/1?cik=1378950&hl=1 31686:131704&hl_id=v1m_joal9 AOV Sources https://www.bamsec.com/filing/156 459020006806/1?cik=1746618&hl=1 8797:18801&hl_id=nkdlx_ae5 24/7 Ordering Broad Inventory Price Transparency Secure Storage Expedited Shipping Three Months Ended September 30, 2024 2025 Revenues $307.9 $292.2 Gross Profit $16.1 $15.6 Gross Profit Margin 5.2% 5.3% Average Order Value (“AOV”) (a) $2,198 $2,544 E-Commerce has Transformed the Market ($ in millions, except AOV) A Leading Precious Metals Retailer (a) Represents the average dollar value of product orders delivered to JMB's customers during the period
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NASDAQ:AMRK 8 Customer Profile and DTC Metrics (1) Refer to slide 5 for definitions of new customers, active customers, and Average Order Value (2) Represents the aggregate number of customers that have registered, set up an account, or made a purchase in the past. SGB’s m etrics are included after the Company acquired a controlling interest on June 21, 2024. SGI’s and Pinehurst’s metrics are included after February 28, 2025 and metrics from AMS are included from April 1, 2025 (3) Represents the ounces of gold and silver product sold and delivered during the period. SGB’s metrics are included after the C ompany acquired a controlling interest on June 21, 2024. Pinehurst’s metrics are included after February 28, 2025 and metrics from AMS are included from April 1, 2025 (4) Represents the number of product orders processed by JMB, Goldline, SGB, and PMPP for new, pre -existing, and total customers dur ing the period. SGI’s and Pinehurst’s metrics are included after February 28, 2025 and metrics from AMS are included from April 1, 2025 DTC Segment Metrics Number of New Customers (1) Number of Active Customers (1) Number of Total Customers (2) Gold Ounces Sold (3) Silver Ounces Sold (3) Ticket Volume from New Customers (4) Ticket Volume from Pre-Existing Customers (4) Total Ticket Volume (4) Average Order Value (1) 1. Younger and Less Event Driven 2. Geographically More Diverse 3. Earlier in Their Investment Horizon 4. Understanding of Alternative Assets JM Bullion is Attracting New Customers Who Are… 2024 55,300 129,900 3,122,100 126,000 4,489,000 38,546 128,032 166,578 $2,967 2024 718,500 483,400 3,066,800 454,000 13,219,000 134,021 479,718 613,739 $2,407 2025 1,129,200 581,300 4,196,000 497,000 17,032,000 197,894 606,511 804,405 $2,866 2025 69,400 147,300 4,265,400 184,000 3,612,000 51,950 173,413 225,363 $3,863 “Some 75% of high-net-worth investors between the ages of 21 and 42 don’t expect ‘above average returns’ solely from traditional stocks and bonds, a study shows. As a result, 80% of young investors are turning to so-called alternative investments, which fall outside of traditional asset classes.” - CNBC (10/12/2022) Fiscal Year Ended June 30, Three Months Ended September 30,
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NASDAQ:AMRK 9 A Model for Digital Precious Metals Ownership AUM (September 30, 2025) $13.8 Million Trading Via App and Website Spreads Much “Tighter” than Physical Redemption Convert to Physical via JM Bullion Depository A-Mark Global Logistics Four Fee Opportunities Buy, Sell, Redemption, & Storage Powered by: + CyberMetals
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NASDAQ:AMRK 10 Accumulation Often Younger Beginning Investment Journey Exchange Traded Funds ETF Assets Under Management of ~ $219.8B* (as of November 2025) Attracting New Customers to Precious Metals Bullion Held By A-Mark Global Logistics Exchange into Physical Bullion via Eliminates “Small Lot” PenaltyBetter Pricing Storage Conversion CyberMetals Secure Affordable Easy Redemption Trusted Partnership Automatic Investments Enjoy the peace of mind in knowing that your precious metals are in highly secure, insured vaulted storage Invest in precious metals at the lowest premiums in the industry Through our partnership with JM Bullion, you can convert your CyberMetals position into physical precious metals at any time CyberMetals is brought to you by JM Bullion and A-Mark, two of the largest precious metals companies in the world. Build your precious metals portfolio over time with our automated scheduled investments More Mature Larger Investment Portfolio *ETF Assets Under Management (“AUM”) Calculated Using the Aggregation of AUM from iShares Silver Trust, iShares Gold Trust, and SPDR Gold Shares
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NASDAQ:AMRK 11 White Glove Service • Products Sold Exclusively Through Account Executives Strong Gross Margins • Superior Service Drives Higher Price Points Higher Income Customers than JM Bullion • Generally Older and More Affluent Custom Product Offerings • Highly Receptive to Commemorative Products Accumulation and IRA Programs • Drives Repeat Purchases A Full-Service Dealer A Trusted Precious Metals Dealer Since 1960
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NASDAQ:AMRK Portfolio of Complementary Consumer Facing Retail Brands 12 A Leading Canadian Precious Metals Retailer June 2024: Increased Ownership to 55.4% Option to Acquire Up To 70% 100% Owned 100% Owned 100% Owned A-Mark is Able to Expand Upon the “Reach” of JM Bullion and Goldline through the Direct Ownership of, and Investments In, other Retail Brands and Information Sites Specialty Brands Pricing Resources 100% Owned 12% Owned * Equity Method Investment * 25% Owned * 100% Owned Gold.com 100% Owned 100% Owned 100% Owned
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NASDAQ:AMRK 13 • Direct Relationships with Major National Mints • Lower Premiums but Important Complement to US Mint • Ensures Consistent Supply and Proprietary Products • 35+ Year Direct Relationship • Historically Received the Largest Allocations • Typically Commands Highest Premiums Minting • 100% Ownership of Silver Towne Mint – ISO 9000:2015 Certified • 44.9% Ownership of Sunshine Minting • Acquired Equipment and Customer List of Regency Mint Manufacturing • Consistent Supply and Greater Margins Customized Offerings Queen’s Beast MapleFlex Silver Bar The Gairsoppa International Sovereign Mints A-Mark Often Partners with Mints to Create Specialty Coins Owned Mints 10 Coin Series Featuring Images from Queen Elizabeth II’s 1953 Coronation Grooves Permit Bars to be “Snapped” Off Minted from Silver Recovered by Merchant Ship Sunk by U-Boat
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NASDAQ:AMRK 14 Coin & Bar (Higher Margin) Overview • Distribute and Purchase from Sovereign and Private Mints • Robust Trading Desk that Hedges Company Position Customers • Coin and Bullion Dealers • Institutions, Brokerages, Family Offices, and Collectors Products • 2,000+ Offerings of Weights, Currencies, and Denominations Industrial (Higher Volume, Lower Margin) Overview • Industrial and Commercial Users • Facilitates Hedging and Physical Settlement Customers • Sovereign and Independent Mints • Refiners, Jewelers, and Electronics Fabricators Products • Investment / Industrial Grade Bars and Grains Wholesale Sales & Ancillary Services A-Mark Operates a Fully Hedged Trading Platform
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NASDAQ:AMRK 15 Las Vegas, NV • 25,000 sq. ft. depository • 3PL leader in precious metals, processing 100k+ packages per month • Nearing completion of Las Vegas facility expansion and logistics automation initiatives • Features IRA storage and a growing custodial network • Security provided by globally recognized Loomis • Services institutions, dealers, investors and collectors • A global depository network Dallas, TX • 25,000 sq. ft. facility • Provides a strategic advantage for A-Mark’s logistics capabilities • Capable of moving 100k+ packages per month • Optimized for JMB’s DTC Purchase Program (“Sell-to- Us”)* A-MARK Third-party facilities that support A-Mark’s service footprint (JFK, SLC and Calgary) Storage & Logistics A-Mark’s Logistics Platform Provides a Core Competitive Advantage * JMB offers collectors of precious metal products with a means to dispose of their holdings at transparent and competitive prices. The DTC Purchase Program (“Sell-to-Us”) is a source of inventory for JMB, which enables JMB to acquire product for resale at a discount to dealer prices.
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NASDAQ:AMRK $3,652 $4,789 $7,739 $9,632 $10,657 $12,213 $8,159 $11,094 $11,094 $11,435 $10,668 $2,544 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 FY26 $48,666 $70,004 $91,238 $110,424 $125,298 $63,710 $112,968 $112,968 $126,217 $113,067 $94,037 $103,633 346 1,173 2,375 3,507 2,806 717 1,881 2,271 2,271 588 445 424 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 FY26 Secured Loans Portfolio Value Number of Secured Loans 16 Secured Loan Portfolio Value and Number of Loans as of FYE June 30 and September 30, 2025 ($ in thousands) Interest Income (CFC Only) for FYE June 30 and three months ended September 30, 2025 ($ in thousands) Overview Licensed lender that originates and acquires commercial loans secured by bullion and numismatic coins Portfolio $103.6 million as of September 30, 2025 Customers Coin and precious metal dealers, investors and collectors Loan Type Secured loans with collateral held in AMGL or approved third-party depositories Collateral Bullion ~75% loan-to-value (LTV) Numismatics ~65% LTV Source/Origination 92% Originated and 8% Acquired as of September 30, 2025 $300+ Million in Loans Extended Since 2005, with a History of No Principal Losses Secured Lending
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NASDAQ:AMRK Multiple Growth Initiatives 17 DTC Expansion • Organic Growth Engage New Customers with High Potential Lifetime Value • Domestic Acquisitions Identify Brands/Retailers that Serve Complementary Customer Bases • International Acquisitions Target Countries Where Gold & Silver Have Significant “Wallet Share” Cross-Sell Suite of Products • Minting Opportunistically Expand Production and Continue DTC Integration • Design Custom Offerings Expand Customer Reach and Margin Opportunities • Secured Lending Storage Customers are Ideal Loan Candidates
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NASDAQ:AMRK Consolidated Financial Performance 18 ($ in millions) Revenue Gross Profit Adjusted Net Income Before Provision for Income Taxes 1 EBITDA $80.3 $53.1 $14.8 $4.9 FY 2024 FY 2025 Q1 FY25 Q1 FY26 $106.5 $64.4 $17.8 $14.3 FY 2024 FY 2025 Q1 FY25 Q1 FY26 $173.3 $210.9 $43.4 $72.9 FY 2024 FY 2025 Q1 FY25 Q1 FY26 1.60% % Margin 1) A non-GAAP financial performance measure that excludes the following: remeasurement gains or losses related to pre-existing equity interests, contingent consideration fair value adjustments, acquisition costs, amortization expense related to intangible assets acquired, and depreciation expense Financial Performance that Reflects the Benefits of an Integrated DTC / Wholesale / Lending Platform 1.92% 2) A non-GAAP liquidity measure 2 1.98%1.79% $9,699.0 $10,978.6 $2,715.1 $3,680.8 FY 2024 FY 2025 Q1 FY25 Q1FY26
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NASDAQ:AMRK Consolidated Balance Sheet as of September 30, 2025 19 ($ in millions) Cash $89.2 Receivables, net 283.1 Derivative assets 390.2 Secured loans receivable 103.6 Inventory 1,223.1 Other 22.1 Total currentassets $2,111.3 Other long-term assets 107.3 Total assets $2,579.4 Lines of credit: $422.5 million committed Trading Credit Facility which matures in September 2027 Liabilities on borrowed metals: Borrows precious metals from suppliers and customers undershort- term arrangements Product financing arrangements: Generates liquidity through arrangements with financial institutions for the transfer and repurchase of inventory Cash: Fluctuates with business cycles Secured loans receivable: Mostly short-term in nature, providing flexibility for capital deployment strategies. Loans are fully secured by customers’ assets, which are typically held in safekeeping by the Company Receivables: Represents amounts due from customers and brokers Derivative assets and liabilities: Fair value of derivatives relating to open sale and purchase commitments, futures and forward contracts Accounts payable and other current liabilities: Represents advances from customers, deferred revenue and trade and other payables Goodwill 228.7 Intangibles, net 132.1 A-Mark Benefits from Access to Diverse Sources of Capital Liabilities on borrowedmetals $58.7 Product financingarrangements 377.0 AP and other current liabilities 893.5 Derivative liabilities 213.9 $422.5 Million Total current liabilities $1,543.1 Total liabilities and equity $2,579.4 $290 Million $132.5 Million Credit Facility Remaining Capacity Lines of credit 290.0 Other liabilities 49.2 Total stockholders’ equity 697.1
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NASDAQ:AMRK Key Takeaways 20 • A Leading Fully Integrated Precious Metals Platform • Integrated Operations Platform • Multiple Growth Initiatives • Fortune 500: #421 (2024 List) ➢ #9 “Best Investments over 5 Years” – 45.2% Annual Total Return to Shareholders between 2018–2023 ➢ “Most Bang for the Buck” • Experienced and Aligned Team ➢ Minting ➢ Logistics ➢ Secured Lending ➢ DTC ➢ Wholesale ➢ Design ➢ Bullion Adjacent Collectible Coins #1 – $22.1 Million of Revenue per Employee #2 – $6.0 Million of Revenue per Dollar of Assets
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A-MARK PRECIOUS METALS A LEADING FULLY INTEGRATED PRECIOUS METALS PLATFORM Thank You