Streamex Corp. (STEX) October 15, 2026 Conference Transcript

clicker for the uh is it this one oh here okay and it's this one right here right i believe so we'll try it okay perfect all set awesome all righty we are closing this out today with one more presentation um i'm mike andrusco from century business consulting we focus on accounting consulting uh non-access no audit i focus on the crypto and fintech side of things which is why you haven't gotten rid of me all day in the afternoon here, but wanted to introduce Christine from StreamX. Take it away.

Great. First, just want to start with thanking the ThinkEquity team for having us today. I'm Christine Plummer. I'm the CFO here at StreamX. I'm joined by Laura Kiernan, who's in the back of the room, who leads our investor relations, and with Andrew Motskowitz, who's part of our business development team. I'll speak for about 20 minutes, and then we'll 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. So 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 assetations, and this all came before scale. And 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 repetitive platform. So why would you invest in StreamX? 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 away to third-party platforms, and every new commodity uses 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 haven't 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. And fifth, the infrastructure is built, and the adoption is the next leg. Legal, custody, attestation, brokerage, and secondary market rails are all in place. And GLDY is live. So just to get a little bit into the financials, what we're 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 Operating expenses and let 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's 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. Seabird and T-Zero give us brokerage channels across billions of assets. Eisner Amper provides monthly reserve attestation. Inspira Financial provides qualified custody across millions of accounts. And Wintermute provides 24-7 liquidity with about 12 million seeded and 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, and how does it sit in a retirement account, and who makes the market. Over the next 90 days, we're 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. So the question may be, why now? Well, 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. And 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. And 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, very small percent of the total. And 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 a financial infrastructure meeting the largest least penetrated asset class. So 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 buon-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 buon. That gold is leased out to generate yield. So 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. So how does this all work? Well, the yield engine comes from our strategic partner, Monetary Metals. We hold exclusive rights to tokenized 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. So from an investor perspective, what does it look like when you compare GLDY to physical gold and gold ETFs? And why does this matter? Well, if you look at a simple five-year case and you assume 8% gold depreciation 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. And because this yield is paid in gold, you get more gold and it compounds along the gold price, alongside gold prices. So we often get asked who are our competitors. So if you look at comparable tokenized products, there are two yield bearing peers that holds somewhere between 700 million to 2.25 billion, but they have very small amounts of holders. They range between 50 and 100 holders. They pay lower yields at 2.9% and 3.4%, and they require a very large minimum starting at 100,000 and 5 million. And they don't have secondary markets. They really rely on the mints 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. So GLDY is designed to offer both a yield, a lower minimum investment amount, and secondary market liquidity. So 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. So maybe the question now is, how does StreamX 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. So if you use a 30-year MPV model, we estimate that the lifetime value of a single GLDY token is more than $1,500. And 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. So if you now scale that up, let's say you have a billion of GLDY outstanding outstanding, the base case revenue NPV to StreamX is roughly $400 million. Go to $5 billion outstanding, it's roughly $2 billion. And 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's 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. So 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. We'll follow that by royalties and streams, copper with yield, oil and gas. We will use the same legal, custody, and distribution rails, our technology removes any of the inefficiencies you may see, and our ambition is to become the infrastructure layer for tokenized commodities. So here is what you can measure us against in the next 12 months. In the second half of 2026, our first significant institutional GLDY order and the launch of GLDC. From the second half of this year into 2027, distribution expansion, integration, integrating GLDY as a core asset in other investment strategies through brokerages, custodians, and retirement platforms. In 2027, additional commodities, including, as I mentioned, silver, oil, gas. We're going to also continue to expand the platform functionality. And in Q4 of 2027, we plan to host an analyst and investor day. These are all indicative milestones for our planning and we'll report progress against every one of them each quarter. If we deliver on these, the story moves from an infrastructure that we built to an infrastructure that is earning at scale. Before I finish, I do want to just touch upon our executive leadership team. We bring a lot of experience to this space. Henry McPhee is our co-founder and CEO. He is a McGill-trained mining engineer and founder of Blockchain Software. Mitch Williams is our CIO, fintech analyst at Credit Suisse, sole portfolio manager of Oppenheimer Fund's flagship value fund, and global head of public markets at LAFRA. Myself, I bring more than 30 years in finance. I was a global controller at Coinbase, deputy controller at MSCI, and a managing director at Morgan Stanley for 25 years. As I mentioned today, Laura Keenan's with us. She leads our investor relations program. program, over 30 years in IR, leading award-winning programs at both Ubiquiti and WWE. We also have our head of development, Corey Handy, who joins us from PayPal, Microsoft, bringing a lot of product development experience. We also have a board of directors that adds capital markets, ETF, and accounting depth. Anthony Marciano from NYU Stern and also former exec at Morgan Stanley and Goldman Sachs. Kevin Goldpaul, former global head of ETFs and CIO at BMO Global Asset Management. Donald Brown, CPA with decades of financial and tax reporting experience. And our co-founder, Morgan Leckstrom, CEO of Next Metals Resources. So I'll leave it here. want three things for you to take away. One, the infrastructure is built, GLDY is live, and Q2 delivered our first revenue. Second, every token we issue earns fees for its whole life on a largely fixed cost base. And third, the next leg is adoption, starting with our first institutional order and new distribution channels, and you can track us against that calendar quarter by quarter. I'll end there and open up for questions. Perfectly clear.

Yeah, go ahead. So it's backed by gold.

Yeah, like physical gold.

Yeah, physical gold.

Mm-hmm. Yes.

So let's get $2,000 cashed to all.

No, our revenue is $1,500. Our revenue, yes.

That's the lifetime value for all of us. From our revenue. Yes, the token is equated to . Yeah. Our token is equivalent to that price. Yeah, so one-troy. It's cashed to the .

So once a token is minted, we work through Monetary Metals, our partner. They secure the gold. The gold is then put in a vault at Asahi, tagged, et cetera. And then it is leased out through Monetary Metals. They have an extensive leasing program, and that's where we generate the yield Yeah, yes you're going to us because we're going to create that yield for you.

I said, in a hypothetical scenario, if you were to want to lease, I mean, if you were to want to redeem the gold, there is leverage in place for that to occur, because we're technically going to the gold. But the ideal scenario is you're coming to us because we want to have gold exposure. The product analysis gives you more gold, and yet we're dealing with it. So that's the idea. You can have other leverage on that gold. No, no, no, I meant lever not in the sense of leverage. Yeah, sorry.

And then you can sell the token.

Yeah, and if you want instant liquidity, let's just say you don't want the physical volume, you can sell it in real time and you get your liquidity.

Say that again. Oh, the new distribution you get out?

Yeah, so CMB, you also have Wintermute. So Wintermute gives you 24-7 secondary trading, ORCA. So that was important to us to have the venues where you could get instant liquidity enabling you to trade it. And CMB was our newest partnership that we just announced.

Right. So if clients want to change from having custody of gold bars to having broken when they come back.

Who wants custody of the public policy?

So Eisner Ampert does monthly attestations. They make sure the gold's there, custody, etc. Yeah, and they do an annual, yeah. Mm-hmm.

Mm-hmm.

Yes. Isner Amper. Of StreamX, of the company? I'm going to point that to you, Lauren.

I mean, there are investors that are published, you know, that they've been filing. But otherwise it's mostly retail, management, and other insiders are about 52% of the company. And otherwise it's like legacy, wealth, but it's mostly retail. So, we're working on adding and there's a lot of paths as well. Sure.

Yeah. So, what comes first? How do you sell? Do you market the tokenization first?

No, so it's the tokenization kicks off. So when someone wants to buy a token, that kicks off our process. We don't hold gold on our balance sheet. We don't have any exposure to gold.

We're not like our gold at all. We can source it from monetary metals. So when a buyer comes in, real time, get the price, get the price, go to monetary metals, and start the tokenization process. You get your token on the balance sheet. And we send you all those documentations, things, discipline, and .

What amount shall we talk about? Will you go out next? Get on the . What are we talking about?

Well, the minimum right now is $25,000 that you could invest for accredited investors only, or GLDY.

But GLDY is an institutional product. GLDC would be the permission of this non-institutional product .

So monetary metals, they do all the leasing. It's their normal program. So they run, they're the largest lesser program around gold. And they lease to 20 something or so lessees. Yeah.

And who are these?

They're big like jewelers, big users of gold. So the purpose, how the leasing works for them is that normally they would buy gold, put it on their balance sheet. They'd have to hedge that gold with the price market until they use it. Now they lease it from monetary metals, what they need. And then when they are done, they pay it back in gold, so they don't have that fluctuation. It's a well that monetary metals has been in this business for, yeah. Yeah, the gold is insured, it's all the, yeah.

Where do you buy the token?

So you can buy it either on our website, yeah, or you can go through our partners, our secondary providers. So you can buy it through WinterMute, you can buy it through CBIRT. So, I mean, we're at very low levels of actual AUM, but we can handle whatever order comes through. You can, so you can either you can redeem it against us or we have market makers that you can actually just sell the token to Through yeah It's done at the yes, so the spot price of gold at the when you actually put the order in exactly yeah I mean, they don't, I mean, I guess it would benefit from the price of gold going up because there'd be more demand for gold, but you're not going to, you don't really make money in the price of gold going up.

You just make money. More people.

It's volume, it's volume based, right? So AUM goes up. We make money. Trades. If trades, we make money.

What's the next one?

Mm-hmm. The revenue for StreamX is a transaction, exactly. I mean, you'll always earn the three and a half percent on GLDY and then obviously the the future is it's how the market moves but but you're delta neutral from we're express perfect but yeah Mitch could walk through yeah we don't we don't take any view on the price of gold like the uh the leasing the goal has been around 40 years but as you go into other all right maybe there's silver where you can generate a deal but how do you know what other money

companies or a market where you can just generate a deal it's different every market so as we are so it has to be Yeah, we're specifically tailored to a very niche aspect of a commodity that most of us don't come in.

It's not something that you probably should have come in. Yeah, yeah, it's been teasing out by both. So this is specifically designed to kind of democratize that, you know, our platform.

It's designed to make you a commodity that has been a part of it.

So the GLDY as a holder, you own. You own. It's the behind the scenes to get the yield. It goes through a leasing program that does not touch the owner of GLDY. You own your asset. users of gold. So monetary metals has a network of users of gold, and for them this is a benefit because they they lease it instead of holding on their balance sheet. So you have a big jeweler somewhere, I'm just using it as an example, they need gold, they'll actually lease it from monetary metals. Yeah.

Yeah, that's what we've proven.

Oh, I don't know.

That's off my head. I don't know if you know that, Laura.

I guess my point is, in terms of the size of the market that you, like, if you were to convert those assets, it's in the deck, but I can't remember. I can't remember.

Yeah, I was going to say five.

People pay investment fees, too. That's, like, the difference between those assets and us. We're taking a lot of time for a second. It's a simple number. So there's things on the same thing.

So the gross fee on the lease is 6%. And so from the 6%, we take a percentage, and then the other percentage is paid to monetary metals, insurance, cost, et cetera. And so we net the 3.5% to the investor.

So is the total fee of insurer to be a political plan of insurance? I mean, we have insurance on our, yeah, but if there's ever something that goes right with the wood, it would be that, like, you've got to work with the former CIDRs, but the point is, like, you don't really need to ensure that you're free, but if we were to ask you to do a re-audit, can we upgrade our contract and re-upload and calibrate, like, what type so I don't want to play with this much the audit comes and the bar is missing and my token is attached to that bar is gone but I'm insured in the spark yeah so then we would just restructure the bullying on the spark and then the bullying And the distinction between monetary metals and you besides the lease rate, is their customers or owners of the physical gold?

No, you own the physical gold.

You own the physical gold.

That's why I said earlier, if I'm actually clever, I just want to remember that library. I mean, let's say you actually want to retain physical gold at a big enough size, you can actually keep your big enough gold. That's a stupid thing.

Yeah, and you don't get the three and a half, like, so we're structured as, well, they're not, like, they couldn't structure it as a security, like, they don't, they're not structured as a security, like, they don't, yeah, they're just running the, the leasing program.

They run a leasing program, it doesn't work exactly well. So the way they're structured is not a security, they run the goal. But by running the goal themselves, you can't actually sell that. The customers, they have to come in large, sizable apps.

That's exactly.

What's a goal that's tokenized? Does it still have to, is it still under the same compliance rule as a physical goal? In other words, can I take my tokenized, I guess, coupon, and sell it separately? Because, like, with physical gold, there's a lot of supply, which is what you can and cannot do.

I mean, there is this maclutis, like, they're selling a percentage of it, and they're more than welcome to do so.

Because it's trading with security. that's exactly that's exactly and you earn a yield on it yeah that is some total that's why we're here we're here to educate everyone about yeah So that people are like, wait, this is actually a real option.

Yeah, I remember in 2004, after the trial was written in there, I went, oh, 30 asset products.

Yeah. Exactly.

Obviously, comes out since you don't apply. So let's say, you don't apply, it's 100 or whatever it is. So we'd be very happy to keep the question. We're working our way in the last year, so people understand it's like, we will pass that time.

Yes, that's exactly. It's making it accessible to the broader markets and giving you a yield The adoption of Real World Assets organization has really ramped in the last couple months.

It seems like Coinbase and Robinhood listing these organized Real World Assets out there, exchanges, has contributed to that. So I want to know where you're looking at the project. That ultimately, potentially could be an exchange source for you, if you don't think why. We're definitely open to all the options. I'm just asking if you can't turn it into a really good thing.

Yes, yeah like a coinbase couldn't do a GLD why because it's a security Because it's a security and then the wall guard One for one tracking that's it exactly any other questions Well, we're always available. Laura's email is up there, but you can reach any of us anytime. Thank you, everyone. Thank you, everyone.