A-Mark Precious Metals Annual Report 2024

FY2024 Annual Report · A-Mark Precious Metals

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number: 001-36347
A-MARK PRECIOUS METALS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
11-2464169
(IRS Employer I.D. No.)
2121 Rosecrans Ave., Suite 6300, El Segundo, CA 90245
(Address of principal executive offices) (Zip code)
(310) 587-1477
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
AMRK
NASDAQ Global Select Market
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes. ☑ No. ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ﬁles). Yes. ☑ No. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange
Act.
Large accelerated filer
☐
Accelerated filer
☑
Non-accelerated filer
☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the
correction of an error to previously issued financial statements. 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes. ☐ No. ☑
Aggregate market value of registrant’s common stock held by non-affiliates of the registrant on December 31, 2023, based upon the closing price of Common Stock on
such date as reported by NASDAQ Global Select Market, was $523.4 million. Shares of common stock known to be beneficially owned by directors and executive
officers of the Registrant subject to Section 16 of the Securities Exchange Act of 1934 are not included in the computation. No determination has been made that such
persons are “affiliates” within the meaning of Rule 12b-2 under the Exchange Act.

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As of September 6, 2024, the registrant had 22,953,391 shares of common stock, par value $0.01 per share outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders, scheduled to be held on November 13, 2024, are incorporated into Part III.

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A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
ANNUAL REPORT ON FORM 10-K
For the Year Ended June 30, 2024
TABLE OF CONTENTS
Page
PART I
Item 1.
Description of Business
4
Item 1A. Risk Factors
13
Item 1B. Unresolved Staff Comments
30
Item 1C. Cybersecurity
30
Item 2.
Properties
32
Item 3.
Legal Proceedings
32
Item 4.
Mine Safety Disclosures
32
PART II
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
32
Item 6.
[Reserved]
34
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
35
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
62
Item 8.
Financial Statements and Supplemental Data
63
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
112
Item 9A. Controls and Procedures
112
Item 9B. Other Information
113
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
113
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
114
Item 11.
Executive Compensation
114
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
114
Item 13.
Certain Relationships and Related Transactions, and Director Independence
114
Item 14.
Principal Accountant Fees and Services
114
PART IV
Item 15.
Exhibits and Financial Statement Schedules
115
Item 16.
Form 10-K Summary
117
Signatures
118

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PART I
ITEM 1. DESCRIPTION OF BUSINESS
Overview
A-Mark, also referred to (together with its subsidiaries) as "we", "us" and the "Company", is a fully integrated precious metals
platform that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins, and related products to wholesale
and retail customers via a portfolio of channels. The Company conducts its operations through three complementary segments:
Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. A-Mark believes it has one of the largest customer
bases in each of its markets and provides one of the most comprehensive offerings of products and services in the precious metals trading
industry. Our global customer base, spanning four continents, includes mints, manufacturers and fabricators, refiners, coin and bullion
dealers, e-commerce retailers, banks and other financial institutions, commodity brokerage houses, industrial users of precious metals,
investors, collectors, and retail customers.
Specifically, A-Mark:
•
operates as a wholesaler of gold, silver, platinum, and palladium bullion and related products, including bars, wafers, grain,
and coins;
•
distributes gold and silver coins and bars from sovereign and private mints;
•
sells to and purchases from the retail community;
•
provides financing and other services relating to the purchase and sale of bullion and numismatics;
•
offers secure storage for precious metal products;
•
provides our customers a platform of turn-key logistics services; and
•
provides a variety of custom fabricated gold and silver bullion and other specialty products through sovereign and private
mint suppliers and its mint operations.
A-Mark believes its businesses largely function independently of the price movement of the underlying commodities. However,
factors such as global economic activity or uncertainty and inflationary trends, which affect market volatility, have the potential to
impact demand, supply, volumes, and margins.
History
A-Mark was founded in 1965 and has grown into a significant participant in the bullion and coin market. Over the years, A-Mark
has been steadily expanding its products and services. In 1986, A-Mark became an authorized purchaser of gold and silver bullion coins
struck by the United States Mint. Similar arrangements with other sovereign mints followed, so that by the early 1990s, A-Mark had
(and continues to have) relationships with all major sovereign mints offering bullion coins and bars internationally. The Company
became a publicly traded company in March 2014.
In 2005, the Company launched Collateral Finance Corporation ("CFC"), a wholly-owned subsidiary, for the purpose of making
secured loans primarily collateralized by bullion and numismatic material. Since then, CFC has expanded the value of its aggregate loan
portfolio and number of its customers and also makes secured loans collateralized by graded sport cards. CFC has achieved its growth
through both loan origination and acquisitions of loan portfolios from wholesale customers of A-Mark.
The Company opened an overseas office in Vienna, Austria in 2009, for the purpose of marketing A-Mark's goods and services
in the international markets. The office operates through A-Mark Trading AG ("AMTAG"), a wholly-owned subsidiary of the Company.
In 2012, the Company formed Transcontinental Depository Services, LLC. ("TDS"), a wholly-owned subsidiary, for the purpose of
providing customers with turn-key global storage solutions for their precious metal products.
In July 2015, the Company launched its Las Vegas-based logistics fulfillment center, A-M Global Logistics, LLC. ("AMGL" or
"Logistics"), a wholly-owned subsidiary, for the purpose of providing our customers a platform of complementary services, including
packaging, shipping, handling, receiving, processing, and inventorying of precious metals, custom coins, and graded sports cards on a
secure basis.

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In August 2016, the Company formed a joint venture, AM&ST Associates, LLC. ("AMST"), with SilverTowne, L.P., an Indiana-
based fabricator of silver bullion products, for the purpose of acquiring and operating SilverTowne, L.P.'s minting business unit ("Silver
Towne Mint" or the "Mint"). Since the formation of AMST, the Company has invested in minting equipment and fabrication tools to
expand output capabilities, increase production efficiencies and improve product quality, and has leveraged the Mint’s fabrication
capabilities and coin die portfolio to expand our custom coin programs, as well as to introduce new custom products for individual
customers. In April 2021, the Company purchased the 31% interest in AMST previously held by the joint venture partner and currently
owns 100% of AMST.
In August 2017, the Company acquired substantially all of the assets of Goldline, LLC, a direct retailer of precious metals to the
investor community, and now conducts those operations through its subsidiary Goldline, Inc. ("Goldline"). Goldline, LLC was formed
in 1960 and became well-known to collectors and investors for its distribution of gold, silver, and platinum bullion coins and bars, in
part, due to its television, radio, and internet marketing and customer service outreach. Since our acquisition, Goldline has expanded its
product offerings and improved its delivery times.
In August 2019, Goldline entered into a joint venture agreement with a U.S. subsidiary of Silver Gold Bull, Inc. ("SGB") to form
Precious Metals Purchasing Partners, LLC ("PMPP"), primarily for the purpose of purchasing precious metals from the partners' retail
customers for resale back into the marketplace. We currently own a controlling interest in PMPP, both through Goldline's 50% ownership
interest and through our majority ownership interest in SGB. PMPP commenced operations in fiscal 2020.
In September 2014, the Company made an initial equity investment in JM Bullion, Inc. (“JMB”), and in October 2016, we made
an additional investment in JMB, increasing our equity interest to approximately 20.5%. In March 2021, the Company acquired the
79.5% interest in JMB that we did not previously own. JMB is a leading e-commerce retailer providing access to a broad array of gold,
silver, copper, platinum, and palladium products through its own websites. In April 2022, JMB commercially launched the CyberMetals
online platform, where customers can purchase fractional ounces of digital gold, silver, platinum, and palladium in a range of
denominations, with the option to convert their digital holdings to fabricated precious metals products via an integrated redemption flow
with JMB. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including
JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com,
and Gold.com. JMB had approximately 2.4 million total customers as of June 30, 2024, and approximately 466,300 active customers
for the year ended June 30, 2024.
In April 2021, CFC Alternative Investments, LLC, a wholly-owned subsidiary of CFC, formed a joint venture with a third party
known as Collectible Card Partners, LLC, which was established for the purpose of making commercial loans collateralized by graded
sports cards.
In February 2024, AM/LPM Ventures, LLC, a consolidated subsidiary of the Company, acquired LPM Group Limited ("LPM"),
one of Asia's largest precious metals dealers. AM/LPM Ventures, LLC serves as the Company's Asia headquarters. LPM extends A-
Mark's global reach by offering its full-service precious metals products and services in Asia and internationally.
In 2014, the Company acquired its initial ownership interest in SGB. In 2018 and 2022, the Company made incremental
investments to increase its ownership interest in SGB to 47.4% as of June 2022. In June 2024, the Company acquired an additional 8%
ownership interest in SGB, increasing its ownership interest to 55.4%. Founded in 2009, SGB is a leading e-commerce precious metals
retailer in Canada focused on providing online innovation, high-quality products, competitive pricing, and enhanced customer service.
SGB had approximately 523,000 total customers as of June 30, 2024.
Through strategic relationships with its customers and suppliers and vertical integration across its markets, A-Mark seeks to grow
its business volume, expand its presence in non-U.S. markets around the globe, and enlarge its offering of complementary products and
services. A-Mark seeks to continue its expansion by building on its strengths and what it perceives to be its competitive advantages.
These include:
•
integrated operations that span trading, distribution, logistics, minting, storage, hedging, financing, and consignment
products and services;
•
an extensive and varied customer base that includes banks and other financial institutions, coin dealers, collectors, private
investors, retail customers, investment advisors, industrial manufacturers, refiners, sovereign and private mints, and mines;
•
the ability to cost effectively acquire and retain new retail customers, with approximately 466,300 active customers on the
JMB platform and approximately 15,600 active Goldline customers during the year ended June 30, 2024;
•
the ability to offer secured financing to customers;
•
our expertise in e-commerce and marketing;
•
secure storage and turn-key logistic services for precious metals products;
•
long-standing relationships with the United States Mint and other sovereign mints, including a working relationship with
the United States Mint of over 35 years;

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•
access to primary market makers, suppliers and refiners that, along with government mints, provide a dependable supply of
precious metals and precious metal products;
•
the ability to obtain more favorable pricing and financing terms due to our size;
•
minting operations and partnerships which produce silver bullion and custom coins, allowing for a ready response to
changing market demands;
•
the ability to design and fabricate proprietary silver products for customers;
•
the largest precious metals dealer network;
•
depository relationships in major financial centers around the world;
•
our global trading systems, coupled with experienced traders who also effectively manage A-Mark's exposure to commodity
price risk; and
•
a strong management team, with over 100 years of collective industry experience.
As part of our growth strategy, we are focused on:
•
Continuing to grow our consumer facing brands—We own numerous unique direct-to-consumer brands and have partial
ownership interests in four additional consumer facing brands. Each of these brands has a differentiated market positioning
and target customer demographic, which allows us to tailor our merchandising, pricing, and advertising strategies to
maximize the growth and profitability of each brand. We plan to continue to invest in the Direct-to-Consumer segment, to
facilitate both the acquisition of new customers and the retention of our existing customers.
•
Cross-selling existing A-Mark products and services to JMB customers—As of June 30, 2024, JMB had approximately 2.4
million total customers and 466,300 active customers. We believe there are continued opportunities to offer new products
and services provided by A-Mark to this customer base, including new, proprietary minted precious metals products, secure
storage and logistics.
•
Leveraging our minting capabilities to sell additional proprietary products—We have long-standing relationships with the
United States Mint and other major international sovereign mints. We also own one mint, Silver Towne, and have a
noncontrolling interest in another mint. We leverage our relationships with these mints to offer proprietary products to our
wholesale and direct-to-consumer customers. The growth in our direct-to-consumer customer base allows us to increase the
number of proprietary products we design, source, and ultimately sell.
•
Expanding our global footprint—We currently serve customers on four continents. Although the majority of our current
sales are to customers located in the United States, in addition to acquiring LPM in February 2024 and a controlling interest
in SGB in June 2024, we believe there is a meaningful opportunity to continue to expand our capabilities in order to offer
additional products and services to customers in Canada, Europe, and Asia.
•
Leveraging technology to deliver new products and increased services to customers—We are dedicating significant time
and resources to enhance our technology platform and capabilities across all aspects of our business. We intend to develop
new digital products that will allow customers to more easily buy, sell, and arrange for storage of physical metal products
through a mobile interface. We also intend to continue to improve our customer interfaces to allow more seamless order
processing, better cross-selling of products and services across our business units, to increase our new customer targeting
and acquisition strategies, and to further improve our fulfillment and inventorying capabilities.
•
Pursuing strategic investments and acquisitions—Since our initial investment in JMB in 2014, we have acquired Goldline,
made minority investments in several additional consumer facing precious metals retailers, acquired the entire equity interest
in JMB, acquired new brands which we have fully integrated into JMB, acquired the entire equity interest in Silver Towne
Mint, acquired a noncontrolling interest in a private mint, and recently acquired LPM in February 2024 and a controlling
interest in SGB in June 2024. We intend to continue to evaluate new investment and acquisition opportunities that allow us
to broaden our product offerings, allow us to better serve our existing customer base, enter new geographic regions and
target new customer demographics.
Business Segments
The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-
Consumer, and (iii) Secured Lending. See Note 19 to the Company’s consolidated financial statements for further information regarding
our reportable segments.

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Wholesale Sales & Ancillary Services
A-Mark operates through several business units that comprise the Wholesale Sales & Ancillary Services segment, including
Industrial, Coin and Bar, Trading and Finance, Storage, Logistics, and Mint.
Industrial. Our Industrial unit sells gold, silver, platinum, and palladium to industrial and commercial users. Customers include
coin fabricators such as mints and industrial manufacturers, encompassing electronics and component parts companies and refiners.
Depending on the intended usage, the metals are either investment or industrial grade and are generally in the form of bars or grains.
Coin and Bar. Our Coin and Bar unit deals in approximately 2,100 different products, including gold and silver coins from around
the world and gold, silver, platinum and palladium bars and ingots in a variety of weights, shapes, and sizes. Our customers include coin
and bullion dealers, banks and other financial institutions, commodity brokerage houses, manufacturers, investors, investment advisors,
and collectors who qualify as “eligible commercial entities” and “eligible contract participants,” as those terms are defined in the
Commodity Exchange Act.
We are an authorized distributor (and, in the case of the United States Mint, an authorized purchaser) of gold and silver coins for
all of the major sovereign mints and various private mints. The sovereign mints include the United States Mint, the Australian (Perth)
Mint, the Austrian Mint, the Royal Canadian Mint, the China Mint, Banco de Mexico, the South African Mint (Rand Refinery) and the
Royal Mint (United Kingdom). We purchase and take delivery of coins from the mints for resale to coin dealers, financial institutions,
and other qualified purchasers.
Our distribution and purchase agreements with the mints are non-exclusive and may be terminated by the mints at any time,
although in practice our relationships with the mints are long-standing, in some cases, as with the United States Mint, extending back
for over 35 years. In some cases, we have developed exclusive products with sovereign and private mints for distribution through our
dealer network.
In our Industrial and Coin and Bar units, orders are taken telephonically and on an electronic trading platform that can be accessed
by qualified wholesale customers at www.amark.com. Pricing is generally based on screen quotes for bullion transactions in the spot
market, with two-day settlement, although special pricing and extended settlement terms are also available. Almost all customers in
these units take physical delivery of the precious metal. Product is shipped upon receipt of payment, except where the purchase is
financed under credit arrangements between A-Mark and the customer. We have relationships with precious metal depositories around
the world to facilitate shipment of product from our inventory to the customer, in many cases for next day delivery. Product may either
be shipped to the customer's location or delivered to a depository or other storage facility designated by the customer. The Company
also periodically loans metals to customers on a short-term consignment basis and may charge interest fees based on the value of the
metals loaned.
Trading and Finance. Our Trading and Finance units engage in commodity hedging as well as borrowing and lending transactions
in support of our Industrial and Coin and Bar units.
The Trading unit hedges the commodity risk on A-Mark's inventory in order to protect A-Mark from market price fluctuations.
A-Mark maintains relationships with major market-makers and multiple futures brokers in order to provide a variety of alternatives for
its hedging needs. Our traders employ a combination of future and forward contracts to hedge our market exposure. Because it seeks to
substantially hedge its market exposure, A-Mark believes that its business largely functions independently of the price movements of
the underlying commodities. Through its hedging activities, A-Mark may also earn contango yields, in which futures price are higher
than the current spot prices, or backwardation yields, in which futures prices are lower than the spot prices. A-Mark also offers precious
metals price quotes in a number of foreign currencies.
Our Finance unit engages in precious metals borrowing and lending transactions and other customized financial transactions with
or on behalf of our customers and other counterparties. These arrangements range from simple hedging structures to complex inventory
finance arrangements and forward purchase and sale structures, tailored to the needs of our customers.
Storage. Our Transcontinental Depository Services, LLC ("TDS") subsidiary provides storage solutions for precious metals and
numismatic coins for financial institutions, dealers, investors, and collectors worldwide. TDS contracts on behalf of our clients with
independent secure storage facilities in the United States, Canada, Europe, Singapore, and Hong Kong, for either fully segregated or
allocated storage. We assist our clients in developing appropriate storage options for their particular requirements, and we manage the
operational aspects of the storage with the third-party facilities on our clients' behalf. TDS's marketing efforts are conducted both in
conjunction with A-Mark's trading operations and independently, including through its dedicated website www.tdsvaults.com.
Logistics. Our A-M Global Logistics, LLC ("Logistics") subsidiary, located in Las Vegas, Nevada, supports our Wholesale Sales
business by providing a significant amount of the secured storage and shipping and delivery services that had historically been
outsourced to third-party depositories in their various locations. By consolidating those operations into one central location under our
control, we reduced our dependence on third-party service providers while enhancing quality control and reducing operating costs.
Logistics also provides turn-key logistics services to our customers engaged in the retail business. We provide these customers inventory
handling, packaging, storage, and drop-shipping services.

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AMTAG. Our A-Mark Trading AG ("AMTAG") subsidiary promotes the Company's products and services to certain international
markets.
Mint. Through its AMST subsidiary, the Company owns the minting operations of the Silver Towne Mint (or the "Mint"),
providing greater product selection to our customers and greater pricing stability within the supply chain, as well as increased access to
fabricated silver products during volatile market environments. A-Mark has leveraged Silver Towne Mint’s fabrication capabilities to
introduce new custom products for individual customers.
Although the Company is the Mint’s primary customer, the Mint also markets its products at www.silvertownemint.com. In March
2023, the Mint achieved ISO 9000:2015 certification which allows all products produced by the Mint to be accepted into individual
retirement accounts ("IRA").
LPM. Based in Hong Kong, LPM serves as the Company's Asia headquarters, offering the Company's full-service precious metals
products and services in Asia and internationally. LPM has a large numismatics showroom in the heart of Hong Kong's Central Financial
District.
Direct-to-Consumer
The Company operates its Direct-to-Consumer segment through its wholly-owned subsidiaries JM Bullion, Inc. (“JMB”) and
Goldline, Inc. (“Goldline”), and through its investment in Silver Gold Bull, Inc. ("SGB"). The Company’s Direct-to-Consumer segment
expands the Company’s distribution capabilities with a retail distribution channel. It diversifies the products and services offered to the
Company’s retail customers by providing them access to the Company’s wider assortment of precious metal coins and bars, as well as
TDS’s storage and asset protection services.
JMB
JMB is a leading internet retailer of precious metal products that it sells through its proprietary websites.
Products. JMB’s products consist primarily of coins, rounds, and bars. Coins are minted by a sovereign government, are legal
currency and have a face value, although the face value is typically less than the value of their precious metal content. Rounds are coin-
like objects with thematic designs minted by private mints, have no face value and are not legal currency, and their value is solely based
upon their precious metal content. Bars are ingot-shaped precious metal objects that are usually produced by private mints. Like rounds,
bars have no face value, are not legal currency and are valued based on their precious metal content. Coins, rounds, and bars are made
from silver, gold, platinum, or palladium and in some cases copper. JMB occasionally sells jewelry products fashioned around coins or
rounds as well.
JMB offers over 6,000 different products, measured by stock keeping units or SKUs, on its websites during a fiscal year. This
number can vary over time, particularly when demand is high. As a service to its customers, JMB makes available for sale on its websites
protective accessories for precious metal products, including acrylic coin holders and capsules, coin tubes and silver bar tubes.
JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including
JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com,
and Gold.com. GoldPrice.org and SilverPrice.org publish data on precious metal and cryptocurrency pricing and generate leads for its
other websites.
Through the CyberMetals online platform, customers can purchase and sell fractional shares of digital gold, silver, platinum, and
palladium bars in a range of denominations. CyberMetals’ customers have the option to convert their digital holdings to fabricated
precious metals products via an integrated redemption flow with JMB. These products may be designated for storage by the Company
or shipped directly to the customer.
Customers may order product on each of the JMBullion.com, BGASC.com, BullionMax.com, ProvidentMetals.com and
Silver.com websites. While each of these sites appeals to a different customer clientele and may from time to time have slightly different
product offerings, all orders are processed in the same manner. Customers may place their orders online, or they may use the toll-free
telephone number available on the websites to order through a customer representative. The SilverPrice.org and GoldPrice.org websites
provide real time price information on silver, gold, and cryptocurrencies. We also own the gold.com domain, one of the most
recognizable domains in the precious metals industry. Although customers cannot order product on these websites, the websites direct
visitors to JMBullion.com for placing orders.
JMB utilizes an internally developed search engine optimization strategy to drive traffic to its websites, particularly to
JMBullion.com. JMB also pays for placement on the major search engines, including Google, Bing, Apple, and Yahoo!, employing
internally developed strategies to reach a targeted audience and to optimize the cost effectiveness of paid for searches.

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JMB's Direct-to-Consumer Purchase Program. JMB also offers to purchase precious metal products through its websites. With
this program, JMB provides collectors of precious metal products with a means to dispose of their holdings at transparent and competitive
prices. Generally, JMB will indicate on its websites the products that it is interested in purchasing, and a collector seeking to sell such
products may arrange the sale online. Alternatively, the collector may call a customer representative using the toll-free number on the
website and arrange a sale by telephone.
The Direct-to-Consumer Purchase Program is a source of inventory for JMB, which enables JMB to acquire product for resale at
a discount to dealer prices.
Logistics. The Company's main distribution facility in Las Vegas, Nevada, together with its ancillary facility in Dallas, Texas,
handle the back end logistics for the Company's Direct-to-Consumer Purchase Program and the secured storage for CyberMetals'
precious metals.
Goldline
Goldline, acquired by the Company in August 2017, is a direct retailer of precious metals to the investor community. Goldline
markets its precious metal products on television, radio, podcasts, and the internet, as well as through customer service outreach,
particularly to Goldline’s repeat customers. Online orders are taken on an electronic trading platform that can be accessed by qualified
retail customers at www.goldline.com.
Goldline customers are required to enter into an account agreement that specifies the terms and conditions of purchase and explains
the availability of certain programs and services offered by Goldline to its customers.
Products. Goldline offers a variety of products from gold, silver, and platinum bullion in the form of bars and coins, as well as
rare coins.
Goldline's and SGB's Direct-to-Consumer Purchase Program. Through Precious Metals Purchasing Partners, LLC ("PMPP"), a
joint venture between Goldline and SGB, Goldline and SGB acquire precious metals from their retail customers in order to diversify
their supply of product offerings and provide discounted pricing to their affiliates. This program provides Goldline's and SGB's
customers with a means to monetize their holdings efficiently and at competitive prices.
Intellectual Property. AM IP Assets, LLC ("AMIP"), a wholly-owned subsidiary of Goldline, manages certain intellectual
property of Goldline, including customer lists and a sales lead data base.
SGB
The Company acquired its initial ownership interest in SGB in 2014, increasing its investment to 55.4% in June 2024. SGB is a
leading e-commerce precious metals retailer in Canada. The Company's investment in SGB expands the Company's direct-to-consumer
footprint in the international market.
Through its website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins
and rounds, as well as certified coins from mints around the world.
Secured Lending
The Company operates its Secured Lending segment through its wholly-owned subsidiary, CFC, which in turn owned AM Capital
Funding, LLC (“AMCF”). CFC has been operating since fiscal year 2005; AMCF was dissolved in June 2024. CFC Alternative
Investments, LLC (“CAI”), a subsidiary of CFC, is a party to a joint venture known as Collectible Card Partners, LLC (“CCP”), which
was formed for the purpose of making commercial loans collateralized by graded sports cards.
CFC is a California licensed finance lender that, directly and through its subsidiaries, originates and acquires commercial loans
secured by bullion, numismatic coins, and graded sports cards. CFC's customers include coin and precious metal dealers, investors, and
collectors. As of June 30, 2024, the aggregate balance of CFC's secured loans was approximately $113.1 million which is comprised of
approximately 15% of loans acquired from third-parties and approximately 85% of loans originated by CFC.
AMCF was a special purpose entity whose sole activity consisted of operating, owning, and financing precious metal inventory
through the issuance of notes (the “AMCF Notes”). In December 2023, the AMCF Notes were repaid and AMCF was dissolved in June
2024. AMCF Notes were primarily payable from, and secured by, (i) precious metals obtained by AMCF, (ii) a portfolio of bullion loans
collateralized by precious metals, which loans were originated by either CFC or acquired by CFC from third parties and conveyed by
CFC to AMCF, and (iii) cash. The indenture governing the AMCF Notes required AMCF to maintain a specified level of collateral. The
indenture also provided that AMCF’s assets were not to be commingled with those of CFC or A-Mark (or any affiliate) and that AMCF
was to maintain separate books and records.

10
General. The secured loans that CFC issues consist of on-demand loans and loans with a term of three months to 364 days, with
a typical term of approximately six months. Repayment of the loans can be made at any time without penalty. Because the loans are of
relatively short duration, CFC does not have significant exposure to interest rate fluctuations, even in a rising interest rate environment.
Loans carried by CFC range in size up to approximately $14.0 million.
All loans are fully secured by bullion, numismatic coins, graded sports cards, or other eligible alternative investment assets. TDS,
on behalf of CFC, takes physical custody of the coins or bullion collateralizing the loans. CFC requires loan-to-value ("LTV") ratios of
between 50% and 85%. LTV ratio refers to the principal amount of the loan divided by the liquidation value of the collateral, as
conservatively estimated by CFC for numismatic loans and based on daily spot market prices for bullion loans. The LTV ratio varies
with the nature of the collateral, with CFC allowing, for example, a higher LTV ratio for bullion than for rare coins. If, because of
fluctuations in the market price of the pledged collateral, the LTV ratio on a loan increases above a prescribed maximum ratio, typically
85%, CFC can make a margin call on the loan. If the borrower does not meet the margin call, either by wiring payment or supplying
additional collateral, CFC is authorized to sell the collateral, which it does through its A-Mark affiliates. CFC has never experienced
losses of principal on its loans.
Origination Activity. CFC's origination activities are complementary to the Company’s coin and bullion businesses and afford our
customers a convenient means of financing their inventory or collections. CFC also attempts to leverage the worldwide storage
capabilities of its TDS affiliate by offering clients TDS’s asset protection services in connection with the loans. CFC’s marketing efforts
for its origination activity are conducted both in conjunction with A-Mark's trading operations, particularly with respect to dealers, and
independently, including though its dedicated website www.cfcgoldloans.com. Interest rates on loans originated by CFC are determined
based on current market conditions, borrower profile and type or mix of collateral. CFC also offers a variety of custom loan services to
its origination clients, including renewal options, options to increase loan size, financing arrangements tailored to facilitate participation
in numismatic auctions, and revolving loan arrangements. CFC services the loans that it originates.
Acquisition Activity. CFC also acquires portfolios of loans secured by bullion and numismatics coins from third-party originators.
The loans acquired by CFC are sold subject to customary representations and warranties for loan portfolios of this type and must comply
with CFC’s criteria for quality of collateral, LTV ratio, term and interest rate. Upon acquisition of a loan portfolio, CFC takes physical
possession of the collateral securing the loans. In the event that a loan is non-performing, we will typically liquidate the collateral on
behalf of the originator in order to retire the loan. Typically, loan portfolios acquired by CFC are serviced by the originator for a fee.
Financing Activity. CFC has historically financed its loan origination and acquisition activity primarily through A-Mark's demand
line of credit with a syndicate of several financial institutions.
Liquidity
Our business depends substantially on our ability to obtain financing for our operations. Sources of cash generated from operating
activities include receipts upon the sales of precious metals, and cash collected from interest payments on secured loans.
Sources of cash provided by financing activities are our uncommitted line of credit, fixed interest rate notes, and other structured
financing products. The Company’s line of credit provides it with the liquidity to buy and sell billions of dollars of precious metals
annually, and is used to fund a substantial portion of the operations of the Company. As of June 30, 2024, A-Mark's uncommitted line
of credit provided access up to $422.5 million. The maturity date of the credit facility is September 2025.
The Company also generates funds from other finance products that include product financing arrangements with customers,
whereby the Company sells its inventory with an option to repurchase, and through precious metal borrowing and leasing arrangements
with its suppliers.
We periodically purchase our own common stock that is traded on public markets as part of our announced stock repurchase
program. See more information regarding our share repurchase program in Part II, Item 5 of this Annual Report.
Market Making Activity
We act as a principal market maker, maintaining a two-way market for buying and selling precious metals. This means we both
sell product to and purchase product from our customers.
Material Resources
We maintain a substantial inventory of bullion and coins in order to provide our customers with selection and prompt delivery.
We acquire product for our inventory in the course of our trading activities with our customers, directly from government and private
mints, mines, and refiners, and from commodities brokers and dealers, privately and in transactions on established commodity
exchanges.

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A-Mark’s precious metals inventories are subject to market value changes created by change in the underlying commodity price,
as well as supply and demand of the individual products the Company trades. Our inventory is marked-to-market daily for accounting
and financial reporting purposes, except for a relatively insignificant amount of inventory that is accounted for at lower of cost or net
realizable value. A-Mark’s policy is to remain substantially hedged as to its inventory position and its individual sale and purchase
commitments. A-Mark seeks to minimize the effect of price changes of the underlying commodity through the use of financial derivative
instruments, such as forward and futures contracts.
Sales and Marketing
We market our products and services to our wholesale customers primarily through our offices in El Segundo, California, Hong
Kong, and Vienna, Austria, our websites, and our dealer network, which we believe is the largest of its kind. The dealer network consists
of approximately 1,200 independent precious metal and coin companies, with whom we transact on a non-exclusive basis. The
arrangements with the dealers vary, but generally the dealers acquire product from us for resale to their customers. In some instances,
we deliver bullion to the dealers on a consignment basis. We also participate from time to time in trade shows and conventions, at which
we promote our products and services. As a vertically integrated precious metals company, a key element of our marketing strategy is
being able to cross-sell our products and services to customers within our various business units.
JMB and SGB market their products over the internet through their proprietary websites, using an internally developed search
optimization strategy and paid placements with major search engines. Goldline reaches its retail customer base on television, radio, and
the internet, as well as through customer service outreach.
We market our secured loan products and services to customers primarily through our proprietary websites, print advertising, and
strategic partnerships.
Operational Support
The Wholesale Sales & Ancillary Services segment maintains administrative and operational support related to its trading,
hedging, and finance product operations at its global headquarters in El Segundo, California and regional headquarters in Hong Kong.
We believe that our existing administrative and operational support infrastructure has the capacity to scale with our business activities.
We store our inventories of bullion and numismatics at third-party depositories in major financial centers around the world and at our
secured facility in Las Vegas, Nevada.
The Direct-to-Consumer segment maintains administrative and operational support at its offices in Dallas, Texas, Los Angeles,
California, and Calgary, Canada for originating and processing its retail orders. The Company's Trading, Finance, and Logistics business
units provide supporting services such as hedging and order fulfillment.
The Secured Lending segment maintains administrative support at its headquarters in El Segundo, California for the processing
of its originated loans, including billing, managing margin calls, and tracking of precious metal collateral. For the processing and
administration of loans that are acquired from a third party (which may be a customer of A-Mark), customer invoices are typically
processed by the originating dealer of the loan portfolio through a fee-based servicing arrangement. Collateral custody and security is
managed by our Logistics business unit.
Customer Concentrations
For the year ended June 30, 2024, we had one customer that comprised more than 10% of our revenues. See Note 18 to the
Company’s consolidated financial statements. The Company's largest customers generally are engaged with us in significant forward
contract sales activity (as opposed to those customers with whom we principally have physical trading activity), which are entered into
in order to hedge the Company's commodity holding risks, and not for speculative purposes.
Competition
A-Mark's activities cover a broad spectrum of the precious metals industry, with a concentration on the physical market. We
service public, industrial, and private sector consumers of precious metals which include industrial manufacturers, refiners, minting
facilities, banks, brokerage houses, and private investors. We frequently face different competitors in each area, and it is not uncommon
for a customer and/or a supplier in one market segment to be a competitor in another.
Our Direct-to-Consumer segment competes with numerous online and other retailers of direct-to-consumer precious metal
products. The principal competitors of JMB include APMEX, SD Bullion, and Bullion Exchanges. Competition is based primarily on
price and customer service, including the ability to offer same day shipping. To a lesser extent, competition is also based on product
availability, although all major ecommerce retailers will typically stock the products that are most in demand.
Our Secured Lending segment's market is believed to have limited direct competition. We believe factors, including access to
capital, secure storage facilities, bullion and numismatic expertise, and other related services and offerings, provide us a competitive
advantage in that marketplace.

12
Seasonality and Other Factors Influencing Demand
Our business is generally not seasonal, although demand in the retail market tends to be lower in the summer months. On the other
hand, we believe our business is directly impacted by the perception of market trends and global economic activity. Historically, higher
levels of demand for precious metals are brought on during periods of macroeconomic uncertainty. Typically, factors that impact such
uncertainty and correlate with a higher level of demand for precious metals include volatility in the equity markets, increases in rates of
inflation, and the weakening of the U.S. dollar.
Compliance with Government Regulations
We are subject to a variety of domestic and foreign laws that relate particularly to our business. Because of the nature and value
of the precious metal products in which deal, we must be careful to assure compliance with the Foreign Corrupt Practices Act and a
variety of anti-money laundering and know-your-customer rules in response to the USA Patriot Act, and similar foreign statutory
regimes.
By reason of our direct-to-consumer business in particular, we collect personal data and are subject to European General Data
Protection Regulation, the California Consumer Privacy Act and similar domestic and foreign statutes that address the collection, use
and monitoring of such data. We continue to devote substantial resources to comply with these laws and regulations.
Our CFC financing subsidiary operates under a California Finance Lenders License issued by the California Department of
Financial Protection and Innovation. CFC is required to submit a finance lender law annual report to the state which summarizes certain
loan portfolio and financial information regarding CFC, which are subject to audit.
Human Capital
The efforts and expertise of our team members are critical to our success. We are devoted to the attraction, development, and
retention of our employees, which enable us to deliver a high level of service to our customers. Because we have a small number of
employees, and certain of our subsidiaries are geographically dispersed as a result of various acquisitions as well as from internal growth,
our focus is on maintaining a relationship-based and collaborative work environment within each of our geographical locations. For the
most part, our operating businesses are authorized to establish specific policies and practices concerning the attraction and retention of
person in their organizations, addressing, among other things: maintaining a safe work environment for employees, customers and other
business partners, offering competitive compensation and benefits to employees, and hiring practices intended to identify qualified
candidates and promote diversity and inclusion in the workforce.
At the same time, we recognize the importance of “Tone at the Top”, and we have adopted company-wide corporate governance
policies and procedures which emphasize accountability, transparency, fairness, and responsibility. A-Mark’s senior management is
responsible for establishing and monitoring A-Mark’s corporate governance practices, including monitoring governance efforts at each
location, and participating in the resolution of governance-related issues as needed. A-Mark’s Code of Business Conduct and Ethics
emphasizes, among other things, the commitment to ethics and compliance with the law and provides basic standards for ethical and
legal behavior of all its employees.
As of June 30, 2024, the Company had 489 employees, with 439 located in North America, 48 located in Asia, and 2 located in
Europe; all except 7 of these employees were considered full-time employees. Our overall employee retention rate for the year ended
June 30, 2024 was 83%; excluding the Mint and Logistics operations, which hire largely in response to fluctuating business demands,
our retention rate was 93%. For the companies we have owned for more than five years, the percentage of employees who have more
than five years of service was 36%. For the companies we have owned and operated for less than five years, the percentage of employees
who have continued their employment since the respective acquisition dates was 73%.
A-Mark is committed to supporting our employees’ financial, mental, and physical well-being. Across our various companies, we
offer competitive pay and benefits, including annual short-term incentive awards and long-term equity awards, an employee savings
401(k) plan and company matching contributions, health insurance, disability insurance, life insurance, health savings and flexible
spending accounts, wellness incentives, paid time off, family leave, parental leave, and employee assistance programs.
A-Mark provides equal employment opportunities to all qualified individuals without regard to race, color, religion, sex, gender
identity, sexual orientation, pregnancy, age, national origin, physical or mental disability, military or veteran status, genetic information,
or any other protected classification. Equal employment opportunity includes, but is not limited to, hiring, training, promotion, demotion,
transfer, leaves of absence, and termination. The diversity of our workforce is essential, and we are committed to diversity and inclusion
throughout the Company to ensure a wide range of experiences, perspectives, and skills to provide better solutions, drive innovation and
creativity, and enhance decision making. As of June 30, 2024, approximately 34% of our employees identified as female, and 46% of
our employees were made up of underrepresented minorities.

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Corporate Information
Our executive offices are located at 2121 Rosecrans Avenue, Suite 6300, El Segundo CA 90245. Our telephone number is (310)
587-1477, and our website is www.amark.com. Through this website, we make available, free of charge, all of our filings with the
Securities and Exchange Commission ("SEC"), including those under the Securities Exchange Act of 1934, as amended ("Exchange
Act"). Such reports are made available on the same day that they are electronically filed with, or furnished to, the SEC. In addition,
copies of our Code of Business Conduct and Ethics for Employees, Code of Business Conduct and Ethics for Senior Financial and Other
Officers, and Code of Business Conduct and Ethics for Directors are available through our website, along with other information
regarding our corporate governance policies.
Geographic Information
See Note 19 to the Company’s consolidated financial statements for information about Company's geographic operations.
ITEM 1A. RISK FACTORS
Summary of Risk Factors
The following summary provides an overview of the material risks we are exposed to in the normal course business. This risk
factor summary does not contain all of the information that may be important to you, and you should read these together with the more
detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” Additional risks beyond those summarized below, or
discussed elsewhere in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”
may apply to our activities or operations as currently conducted or as we may conduct them in the future, or to the markets in which we
currently operate or may in the future operate.
•
Preferences and perceptions regarding ownership of precious metals may change.
•
We may not be successful in responding to changing market realities, particularly in our direct-to-consumer business.
•
Our business is heavily dependent on our credit facility, and the failure to renew or replace this credit facility could limit
our ability to conduct our business and have other adverse consequences.
•
We provide a variety of financing alternatives to our customers, and there is no assurance that the methods we use to
minimize losses on the credit we extend will be sufficient.
•
Liquidity constraints may limit our ability to grow our business.
•
Interruptions to us in the supply of coin and bullion products that we sell or silver for our minting operations could result
in our inability to satisfy our customers and loss of sales.
•
We are dependent on key management, particularly our CEO, Mr. Greg Roberts.
•
We are dependent on our computer systems for executing trades and conducting our direct-to-consumer business, and
breaches, damage and malfunctions affecting these systems could interrupt our ability to conduct our business.
•
Because our business is dependent on the volatility and pricing of precious metals, we are likely to be influenced by world
events more than businesses in other economic sectors.
•
The level of growth and profitability that we experienced as a consequence of the uncertainties and volatility in the
financial markets during the last several years may not be attainable in future periods, as global circumstances change.
•
We derive a significant portion of our business outside the United States, and are subject to the risk of foreign operations,
particularly in the Peoples Republic of China as a result of our recent LPM acquisition.
•
Our Wholesale Sales and Ancillary Services segment is dependent on our relationships with government mints.
•
Our mint operations are subject to the risk of catastrophic loss and other business interruptions.
•
Our Wholesale Sales and Ancillary Services segment is dependent on a concentrated customer base.
•
Because retail investors are more vulnerable to economic loss, we may be subject to claims of unfair business practices
that could subject us to government enforcement actions.
•
Our Direct-to Consumer segment is subject to intense competition from other online retailers, traditional coin stores and
general online merchandisers.
•
Our strategy for growing our direct-to-consumer business includes acquisitions that may be unsuccessful.
•
JMB’s search engine optimization (SEO) has provided it with a competitive advantage, but its competitors are improving
their own SEO strategies which may reduce JMB’s advantage.

14
•
Our Direct-to-Consumer segment must be able to effectively respond to changes in technology and could make
technological missteps.
•
The performance of our Secured Lending Segment is subject to our ability to maintain, through origination or acquisition,
a loan portfolio of sufficient size, but we may not be able to do so.
•
The growth of Secured Lending segment is likely to require significant resources, that we may determine are better
applied elsewhere in our business.
•
Our business is heavily influenced by volatility in commodity prices, so that our results may vary considerably from
period-to-period.
•
We hedge the value of our precious metals inventory against changes in commodity prices, but the hedges may prove
ineffective, and we are at risk of default by our counterparties.
•
If commodity prices were to rise significantly, we would be able to carry less inventory, which would adversely affect our
ability to service our customers.
•
The Commodities Trading Futures Commission has in the past brought an action against us and may seek to regulate our
business activities.
•
Recently enacted rules in California and the European Union, and by the SEC, will require us to spend considerable time
and resources on environmental reporting.
•
Our direct-to-consumer business collects personal data and information, and as a consequence we are subject to a growing
number of complex data protection and privacy statutes, whose violation could subject us to sanctions.
•
Because we ship products throughout the United States, we are subject to laws requiring us to collect out-of-state sales
tax, and we could have liability if we fail to comply.
•
Our Direct-to-Consumer segment relies on lead providers and other marketing affiliates to generate sales, but these
arrangements have been subject to regulatory challenges and in some cases have been terminated.
•
Our consumer advertising and marketing materials are subject to regulation, and consistent with the retailing industry
generally are coming under increasing scrutiny.
•
Our board of directors has adopted a policy of paying regular cash dividends, but there is no assurance that dividends will
be paid in the future.
•
Our shareholders’ equity interest in the Company could be diluted by future issuances of stock, including in connection
with acquisitions and minority investments.
•
Our board and management own approximately 22% of our outstanding common stock, and acting together can exert
substantial influence over matters submitted to stockholders for their vote.
Introductory Risks
The demand for our products and our profitability ultimately depends on preferences and perceptions regarding the desirability of
owning precious metals, but those preferences and perceptions are subject to change.
While the Company operates at both the wholesale and direct-to-consumer levels, the demand for our products is dependent upon
the perceptions and preferences in the global market regarding the ownership of precious metals and numismatics. These perceptions
and preferences depend on a variety of factors, including world events (as discussed more fully below), business and economic
conditions, inflationary and other currency related trends and alternative investment opportunities. All such factors may change over
time and as a consequence the results of our operations, profitability and stock price may vary over both the short and the long term.
We regularly seek to innovate and to anticipate market changes, but there is no assurance that we will be successful in doing so.
We are alert to the special sensitivity of our business to economic, social and political trends and events, and we attempt to project
their effects on our business over the long term. For example, we have placed increasing emphasis on our direct-to-consumer business,
in anticipation that the economic uncertainties, market volatilities and global challenges that we face will continue to make investment
in precious metals and numismatics more attractive to individual consumers. There can be no assurance, however, that we will be correct
in our assessments of market trends or evolving business and consumer preferences, or that, even if our judgments are correct, our
response to projected trends and preferences will be timely or effective. Moreover, because of the sensitivity of our business to macro-
economic, social and political circumstances, there may be no effective strategy to insulate us from the adverse effects that these
circumstances could have on our business.

15
Risks Relating to our Operations
Our business is heavily dependent on our credit facility.
Our business depends substantially on our ability to obtain financing for our operations. On December 21, 2021, we entered into
a committed facility provided by a syndicate of financial institutions (the “Trading Credit Facility”), with a total current revolving
commitment of up to $422.5 million and with a termination date of September 20, 2025. The Trading Credit Facility provides the
Company with the liquidity to buy and sell billions of dollars of precious metals annually. A-Mark routinely uses funds drawn under the
Trading Credit Facility to purchase metals from its suppliers and for operating cash flow purposes. Our CFC subsidiary also uses the
funds drawn under the Trading Credit Facility to finance certain of its lending activities.
The Trading Credit Facility requires us to comply with customary affirmative and negative covenants, and with a variety of
financial covenants, including a minimum working capital requirement; a fixed charge coverage ratio; a ratio of total recourse debt to
consolidated tangible net worth; and limitations on the amount of ownership-based financings (as defined). Owing to the cyclicality of
our business, we may be required to request limited waivers of compliance with certain financial covenants under the Trading Credit
Facility. There can be no assurance that such waivers will be granted. Upon the occurrence of an event of default under the Trading
Credit Facility that was not cured or waived pursuant to the terms of the Trading Credit Facility, the lenders under the Trading Credit
Facility could elect to declare all amounts outstanding under the Trading Credit Facility to be due and payable immediately.
If we are unable to access funds under the Trading Credit Facility, we may be limited in the manner in which we conduct our
business, and we may be unable to engage in favorable business activities or finance future operations or capital needs.
We cannot assure you that our assets or cash flow would be sufficient to fully repay borrowings under our outstanding debt
instruments, including the Trading Credit Facility, upon acceleration or at maturity, or that we would be able to refinance or restructure
the payments under the Trading Credit Facility. Our failure to renew or replace the Trading Credit Facility under such circumstances
would reduce the financing available to us and could limit our ability to conduct our business, including certain lending activity of our
CFC subsidiary. There can be no assurance that we could procure replacement financing on commercially acceptable terms on a timely
basis, or at all. We have pledged a significant portion of our assets as collateral under the Trading Credit Facility, and if we were unable
to repay the amounts outstanding thereunder, the administrative agent under the Trading Credit Facility could proceed against the
collateral securing such indebtedness.
We are subject to fluctuations in interest rates based on the variable interest terms of the Trading Credit Facility, and we may not
be able to pass along to our customers and borrowers some or any part of an increase in the interest that we are required to pay under
the Trading Credit Facility.
Loans under our credit facility may bear interest based on SOFR, but experience with SOFR based loans is limited.
Revolving loans under the Trading Credit Facility are at our option either Based Rate Loans that bear interest at a base rate plus
a prescribed margin, or SOFR Loans that bear interest at rates selected by us based on the Secured Overnight Financing Rate published
by the Federal Reserve Bank of New York (SOFR) plus prescribed margins. The use of SOFR based rates replaced rates based on the
London interbank offered rate (LIBOR), and reflects the cessation of the publication of LIBOR rates by regulators in the United Kingdom
and the discontinuation of the use of LIBOR in the financial markets. The use of SOFR based rates may result in interest rates and/or
payments that are higher or lower than the rates and payments that we experienced under our prior Trading Credit Facility, where interest
rates were based on LIBOR. Also, the use of SOFR based rates is relatively new, and there could be unanticipated difficulties or
disruptions with the calculation and publication of SOFR based rates. In particular, if the agent under the Trading Credit Facility
determines that SOFR Rates cannot be determined or the agent or the lenders determine that SOFR based rates do not adequately reflect
the cost of funding the SOFR Loans, outstanding SOFR Loans will be converted into Base Rate Loans. This could result in increased
borrowing costs for the Company.
We could suffer losses with our financing operations.
We engage in a variety of financing activities with our customers:
•
Receivables from our customers with whom we trade in precious metal products are effectively short-term, non-interest
bearing extensions of credit that are, in certain cases, secured by the related products maintained in the Company’s
possession or by a letter of credit issued on behalf of the customer. On average, these receivables are outstanding up to 10
days.
•
We make advances to our customers on unrefined metals secured by materials received from the customer. These advances
are limited to a portion of the materials received.
•
The Company makes unsecured, short-term, non-interest bearing advances to wholesale metals dealers and government
mints.
•
The Company periodically extends short-term credit through the issuance of notes receivable to approved customers at
interest rates determined on a customer-by-customer basis.

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•
The Company operates a financing business through CFC which makes secured loans at loan-to-value ratios—principal
loan amount divided by the liquidation value, as conservatively estimated by management, of the collateral—of, in most
cases, 50% to 85%. These loans are both variable and fixed interest rate loans, with some maturities on-demand and others
from three to twelve months.
Our ability to minimize losses on the credit that we extend to our customers depends on a variety of factors, including:
•
our loan underwriting and other credit policies and controls designed to assure repayment, which may prove inadequate to
prevent losses;
•
our ability to sell collateral upon customer defaults for amounts sufficient to offset credit losses, which can be affected by
a number of factors outside of our control, including (i) changes in economic conditions, (ii) increases in market rates of
interest and (iii) changes in the condition or value of the collateral; and
•
the reserves we establish for loan losses, which may prove insufficient.
Liquidity constraints may limit our ability to grow our business.
We will require adequate sources of liquidity to fund both our existing business and our strategy for expansion, evidenced by our
acquisition of JMB and other acquisition activity. Currently, our main sources of liquidity are the cash that we generate from operations,
and our borrowing availability under the Trading Credit Facility. There can be no assurance that our sources of liquidity will be adequate
to support the growth that we are hoping to achieve or that additional sources of financing for this purpose, in the form of additional
debt or equity financing, will be available to us, on satisfactory terms or at all. Also, the Trading Credit Facility contains, and any future
debt financing is likely to contain, various financial and other restrictive covenants. The need to comply with these covenants may limit
our ability to implement our growth initiatives.
We may experience supply chain disruptions in our operations.
As a result of various macro-economic factors, businesses in a variety of industries have experienced difficulty in obtaining the
source materials required for their operations. We require coin and other bullion products, particularly products manufactured by
government mints, for resale to our customers, and silver for the productions of bullion bars and rounds by our Silver Towne Mint. We
have multiple sources for obtaining the bullion products which we resell to our customers, and our relationships with major refiners
have to date provided us with an adequate source of material for our minting operations. We also maintain a supply of metal in case we
experience a shortage of raw materials for our Silver Towne Mint. However, while we do not currently anticipate that our business will
suffer as a consequence of problems in the national and global supply chains, we cannot assure you that this will continue to be the case.
Our operations could be adversely impacted if we did not have an adequate source of supply for our Silver Towne Mint, particularly if
we expand our minting operations to meet increased demand, or if supply chain disruptions significantly interfered with our sources of
coin and bullion for resale. If significant supply chain constraints were to occur, we might be required to cut back on our minting
operations or we might be unable to timely satisfy customer requirements for coin and bullion products. This could lead to a loss of
sales and could adversely impact our reputation.
We are dependent on our key management personnel and our trading experts.
Our strategic vision and performance are dependent on Gregory Roberts, our Chief Executive Officer, other members of our senior
management and certain other key employees. We have an employment agreement with Mr. Roberts which expires in June 2027. We
also have employment agreements with Thor Gjerdrum, our President, and Brian Aquilino, our Chief Operating Officer, which expire
in June 2025, and Robert Pacelli, Chief Executive Officer and President of JMB, which expires in June 2026.
These and other employees have expertise in the trading markets, e-commerce operations and digital marketing; have industry-
wide reputations; and perform critical functions for our business. We cannot offer assurance that we will be able to negotiate acceptable
terms for the renewal of the employment agreements or otherwise retain our key employees. Also, there is significant competition for
skilled precious metals traders and other industry professionals. The loss of our current key officers and employees, without the ability
to replace them, would have a materially adverse effect on our business.
We rely extensively on computer systems to execute trades and process transactions, and we could suffer substantial damages if the
operation of these systems were interrupted.
We rely on our computer and communications hardware and software systems to execute a large volume of trading transactions
each year. Our dependence on computer and communications technology increased with the acquisition of JMB, whose sales are
conducted exclusively through the internet. It is therefore critical that we maintain uninterrupted operation of these systems, and we
have invested considerable resources to protect our systems from physical compromise and security breaches and to maintain backup
and redundancy. Nevertheless, our systems are subject to damage or interruption from power outages, computer and telecommunications
failures, computer viruses, security breaches, including breaches of our transaction processing or other systems, catastrophic events such
as fires, tornadoes and hurricanes, and usage errors by our employees. Breaches, damage or malfunctions affecting our systems may
require significant investment for repair or replacement, and could interrupt our ability to provide quotations or trading services, or to
conduct our e-commerce business.

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We are also subject to ransomware attacks, in which malicious actors seek to deprive us of access to our computer systems unless
we pay them a fee, which could be substantial. If personal data were compromised, we could be subject to costly litigation or government
fines. See also “Risk Factors of General Applicability—If our customer data were breached, we could suffer damages and loss of
reputation;” and “—New rules have recently become effective that will require the Company to provide disclosures regarding
cybersecurity management and events.”
The Company has minority investments in a number of entities engaged in precious metal marketing; as a minority investor
the Company is not able to exercise absolute control over these entities.
We hold minority interests in entities that are engaged in the business of precious metal and numismatic sales to
consumers. Although by virtue of the Company’s investment in these entities, the Company is able to exert influence, and in some cases
substantial influence, on the management of the entities, the Company does not have absolute control of these entities. As a consequence,
circumstances may arise in which action may be taken by the management of these entities which we believe is not in our best interest
and to which we object. The value of our investment in one or more of these entities may therefore decline. Also, because these
investments are illiquid, we may not be able to dispose of our ownership interests in these entities should be choose to do so, at a price
that we believe reflects its fair value or at all.
Risks Related to World Events
Our business is influenced by political conditions and world events.
The precious metals business is especially subject to global political conditions and world events. Precious metals are viewed by
some as a secure financial investment in times of political upheaval or unrest, particularly in developing economies, which may drive
up pricing. The volatility of the commodity prices for precious metals is also likely to increase in politically uncertain times. Conversely,
during periods of relative international calm precious metal volatility is likely to decrease, along with demand, and the prices of precious
metals may retreat. Because our business is dependent on the volatility and pricing of precious metals, we are likely to be influenced by
world events more than businesses in other economic sectors.
Russia is continuing to engage in its military action against Ukraine. In response, the U.S. and certain other countries imposed
significant sanctions and export controls, and could impose further sanctions and controls, against Russia, Belarus and certain individuals
and entities connected to Russian or Belarusian political, business, and financial organizations. The conflict has also created uncertainty
regarding, and potential shortages of, grain and fossil fuel supplies in Europe and elsewhere. It is not possible to predict the broader
consequences of this conflict, which could materially adversely affect global trade, currency exchange rates, regional economies and
the global economy, and its impact on us. We could benefit from the resulting uncertainty and instability, as it may encourage investors
to seek perceived safety in the ownership of precious metals. On the other hand, we have a marketing support operation in Austria and
have significant business in Germany and other parts of Europe that could be materially and adversely affected by the continuing or
expanded military activity in that region. Hamas' attack on Israel and Israel's response have the potential for further disruption of
economic markets, particularly as hostilities expand to include other state and non-state actors. The Company has no operations in the
Middle East at the current time. However, events there could result in political turmoil in Europe, which could directly affect our
operations there, and could adversely affect the business that we conduct with customers in the Middle East and other parts of the world.
Also, the turmoil in the Middle East could have global economic effects that are the same as or more severe than those of the war in the
Ukraine, with similar consequences for our business. In particular, a depressing effect on the global economy as a consequence of the
military action in Ukraine and the Middle East could dampen our business activity and reduce the demand for our products and services.
The Company experienced outsized growth in its revenues and operating profits during periods of volatility in the financial markets
over the last several years, and there can be no assurance that this level of performance will be attainable in the future.
The unprecedented growth of the business of the Company over the last several years may be attributed to a high degree of
volatility in the financial markets, resulting from various geopolitical, macroeconomic, military and global uncertainties and events. In
this environment, consumers may have sought perceived financial safety in precious coins and metals. Our stock price responded
favorably to these unprecedented circumstances as well.

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Our profits have since retreated from their all-time highs experienced during these times, and there can be no assurance that this
historically unprecedented performance of the precious metals business will be attainable in future periods. Our business in the past has
been subject to cyclical fluctuations, and we are beginning to experience to a degree a return to cyclicality in our more recent operating
results. Consumer perceptions with respect to precious coins and metals could shift, and these commodities may no longer be viewed
as secure investments. Slower precious metals markets with lower volatility and greater supply, as we have experienced more recently,
have had and could continue to have the effect of decreasing the volume of products sold and also adversely impact our product
premiums, which are a key driver of our overall performance. A sustained decline in our revenues and earnings would have adverse
effects on our operations and would likely cause our stock price to decline. It is not possible to predict with any accuracy future market
trends, and in particular whether the extremely favorable environment for our business during these volatile financial markets will return.
As a result, we cannot tell, when, if at all, our profitability will once more achieve the unprecedented levels that we experienced during
these periods. Moreover, because of the nature of the current business and financial environment, particularly in regards to the precious
metal industry, it is difficult to create with any acceptable measure of precision customary financial projections and forecasts for our
business over the next several years. This could adversely affect our ability to engage in financial and operational planning for the future.
We derive significant revenues from business outside the United States.
We derive a significant portion of our revenues from business outside the United States, including from customers in developing
countries. Business operations outside the U.S. are subject to political, economic and other risks inherent in operating in foreign
countries. These include risks of general applicability, such as the need to comply with multiple regulatory regimes; trade protection
measures and import or export licensing requirements and tariffs; and fluctuations in equity, revenues and profits due to changes in
foreign currency exchange rates. Currently, we do not conduct substantial business with customers in developing countries. However,
if our business in these areas of the world were to increase, we would also face risks that are particular to developing countries, including
the difficulty of enforcing agreements, collecting receivables, protecting inventory and other assets through foreign legal systems,
limitations on the repatriation of earnings, currency devaluation and manipulation of exchange rates, and high levels of inflation.
We try to manage these risks by monitoring current and anticipated political, economic, legal and regulatory developments in the
countries outside the United States in which we operate or have customers and adjusting operations as appropriate, but there can be no
assurance that the measures we adopt will be successful in protecting the Company’s business interests.
The Company’s recent acquisition of LPM, a precious metals business located in Hong Kong, reflects the Company’s efforts to
increase its presence in Asia, particularly the Far East. There can be no assurance that the Company’s expansion efforts in the Far East
will be successful. Moreover, there are particular regulatory and other challenges to the conduct of business in the Peoples Republic of
China, and as a result certain foreign businesses have recently been decreasing their presence there. The Company may encounter similar
challenges, which may impede the Company’s expansion efforts in the region.
The current inflationary and high interest rate environment may adversely affect our costs and expenses and the demand for our
products.
The United States and other world economies are currently experiencing high interest rates and have recently experienced high
levels of inflation, although this has eased in recent months. Certain investors, including customers of our Direct-to-Consumer segment,
may regard precious metal products as a hedge against inflation and high interest rates, which could positively affect demand for our
goods and services. However, inflation may also increase our expenses of operations, which because of the nature of our business we
cannot generally pass along to our customers. Our Trading Credit Facility bears interest at a variable rate of interest, so that higher
interest rates will also increase our cost of borrowing under that facility, and higher interest rates may also increase the costs under our
product financing arrangements. We may be unable to compensate for these increases through higher interest income and other fees and
charges received from our counterparties. Also, inflation, together with high interest rates, may reduce discretionary spending among
consumers, thereby reducing product demand in the retail sector.
Risks Related to our Wholesale Sales & Ancillary Services Segment
The loss of a government purchaser/distributorship arrangement could materially adversely affect our business.
A-Mark’s business is heavily dependent on its purchaser/distributorship arrangements with various governmental mints. Our
ability to offer numismatic coins and bars to our customers on a competitive basis is based on the ability to purchase products directly
from a government source. The arrangements with the governmental mints may be discontinued by them at any time. The loss of an
authorized purchaser/distributor relationship, including with the U.S. Mint, could have a material adverse effect on our business.

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We operate in a highly competitive industry.
The business of buying and selling precious metals is global and highly competitive. The Company competes with precious metals
firms and banks throughout North America, Europe and elsewhere in the world, some of whom have greater financial and other
resources, and greater name recognition, than the Company. We believe that, as a full-service firm devoted exclusively to precious
metals trading, we offer pricing, product availability, execution, financing alternatives and storage options that are attractive to our
customers and allow us to compete effectively. We also believe that our purchaser/distributorship arrangements with various
governmental mints give us a competitive advantage in our coin distribution business. However, given the global reach of the precious
metals business, the absence of intellectual property protections and the availability of numerous, evolving platforms for trading in
precious metals, we cannot assure you that A-Mark will be able to continue to compete successfully or that future developments in the
industry will not create additional competitive challenges.
The Company is subject to risks relating to its AMST operations.
Our AMST subsidiary, which operates our Silver Towne Mint, depends on critical pieces of equipment which may be out of
service occasionally for scheduled upgrades or maintenance or as a result of unanticipated failures or business interruptions. AMST’s
facilities are subject to equipment failures and the risk of catastrophic loss due to unanticipated events such as fires, earthquakes,
accidents or violent weather conditions. AMST has insurance to cover certain of the risks associated with equipment damage and
resulting business interruption, but there are certain events that would not be covered by insurance, and there can be no assurance that
insurance will continue to be available on acceptable terms. One such casualty event recently occurred as a result of a tornado, which
although covered by insurance, temporarily interrupted operations at the mint.
AMST's ability to continue to expand the scope of its services and customer base depends in part on its ability to increase the size
of its skilled labor force. In the past, the demand for skilled personnel has been high and the supply limited. The inability to employ or
retain skilled technical personnel could constrain AMST’s operations and its growth opportunities.
Our business is dependent on a concentrated customer base.
One of A-Mark's key assets is the customer base of its Wholesale Sales & Ancillary Services segment. This customer base provides
deep distribution of product and makes A-Mark a desirable trading partner for precious metals product manufacturers, including
sovereign mints seeking to distribute precious metals coinage or large refiners seeking to sell large volumes of physical precious metals.
In any given quarter, our sales in this segment may be derived from a small number of significant customers. If our relationships with
these customers deteriorated, or if we were to lose these customers, our business could be materially adversely affected.
We have in the past engaged, and continue to engage, in transactions with Stack’s Bowers, an affiliate of the Company, which
could be perceived as not being made at arms-length.
Stack’s-Bowers Numismatics, LLC ("Stack's Bowers"), which is primarily engaged in the business of auctions of high-value and
rare coins and in coin retailing, is a wholly-owned subsidiary of Spectrum Group International, Inc. ("SGI"), our former parent and a
related party. We have engaged in the past, and continue to engage, in transactions with Stack’s Bowers. These transactions include
secured lending transactions in which Stack’s Bowers is the borrower, and other transactions involving the purchase and sale of rare
coins, including with JMB. SGI and the Company have a common chief executive officer, and the chief executive officer and the general
counsel of the Company are board members of SGI. In addition, a majority of the board of directors of the Company have an ownership
interest in SGI that in the aggregate represents a controlling interest in SGI. Transactions between the Company and Stack’s Bowers are
approved by our Audit Committee, as appropriate, and we believe that all such transactions are on terms no less favorable to the Company
than would be obtained from an unaffiliated third-party. Nonetheless, these transactions could be perceived as being conflicted.
The materials held by A-Mark are subject to loss, damage, theft or restriction on access.
A-Mark has significant quantities of high-value precious metals at its Logistics facilities, at third-party depositories and in transit.
There is a risk that gold and other precious metals held by A-Mark, whether on its own behalf or on behalf of its customers, could be
lost, damaged or stolen. In addition, access to A-Mark’s precious metals could be restricted by natural events (such as an earthquake) or
human actions (such as a terrorist attack). Although we maintain insurance on terms and conditions that we consider appropriate, we
may not have adequate sources of recovery if our precious metals inventory is lost, damaged, stolen or destroyed, and recovery may be
limited. Among other things, our insurance policies exclude coverage in the event of loss as a result of terrorist attacks or civil unrest.
Our Logistics depository is subject to authorization by our lenders.
Our lenders under our Trading Credit Facility have approved our Logistics facilities as an authorized depository. If that approval
were to be withdrawn for any reason, we would no longer be able to keep inventory at that location, which would substantially limit our
ability to conduct business from that facility.

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Risks Related to our Direct-to Consumer Segment
Our Direct-to-Consumer businesses could be subject to accusations of improper sales practices.
Through our Direct-to-Consumer segment (JMB, Goldline, and our investment in SGB), the Company sells precious metals and
numismatics directly to the retail investor community. JMB and SGB market their products primarily over the internet. Goldline markets
its precious metal products on television, radio, and over the internet, and through customer service outreach. Prior to its acquisition by
the Company, Goldline had been accused of improper sales practices, and was the subject of a state enforcement action that was
subsequently settled. Other retailers of precious metal products have similarly been the subject of accusations regarding their sales
practices, including claims of misrepresentation, excessive product markups, pressured sales tactics and product switching. The
Company believes that the sales practices of its Goldline subsidiary conform to applicable legal and ethical standards, and that there is
no material basis for claims against Goldline in this regard. Nevertheless, given the nature of the retail precious metals business, the
possibility that investors in precious metals may lose a substantial portion of their investment as a result of adverse market trends and
the vulnerability of certain retail precious metal investors to economic loss, there can be no assurance that claims will not be made
regarding business practices of Goldline, JMB or SGB, or that, if made, such claims will not attract the attention of governmental and
private sector consumer advocates. Were this to occur, the Company could suffer adverse publicity, be subject to governmental
enforcement actions or be forced to modify the sales and marketing practices of its direct-to-consumer business.
Our Direct-to-Consumer businesses operate in a highly competitive environment.
JMB, Goldline, and SGB face competition from other specialty online precious metal and coin sites, as well as from traditional
precious metal retail brokers and coin stores. In addition, certain general online merchandisers such as eBay also offer collectible coins
and bullion for sale, and other major online retailers, with financial and marketing resources, name recognition and a customer base that
are far greater than those that are available to us, may in the future enter this market. Competition is based upon the availability of coin
and bullion product, price, delivery times, convenience and customer service. There can be no assurance that we will be able to compete
effectively with other retail sources and channels for precious coin and bullion, especially if the demand for these products were to
contract from its current record high levels.
We intend to continue to pursue selective acquisitions and investments to complement our organic growth, which may not be
successful.
As part of our Direct-to-Consumer operating strategy, we have sought, and in the future may seek, to supplement our organic
growth through strategic acquisitions of and investments in other e-commerce retailers of coins and precious metals. We may not be
able to identify suitable acquisition or investment candidates in the future. If we are unable to successfully execute on organic growth
opportunities or complete acquisitions or investments in the future, or if we incur greater than anticipated costs to execute this strategy,
our growth may be limited. To the extent that we grow through acquisitions or investments, we cannot ensure that we will be able to
adequately or profitably manage this growth.
JMB’s search engine optimization strategies have provided it with an important competitive advantage, but this may not continue.
We believe that the internally developed search engine optimization (SEO) strategies of JMB provide its business with a
competitive advantage in driving traffic to its sites over other e-commerce precious metal retailers and have been a significant factor in
the growth of JMB. The challenges of efficient SEO programming are continually evolving, and other e-commerce retailers in the
precious metal space are constantly working to improve their own SEO capabilities. If JMB does not continue to maintain its competitive
edge in SEO technology, it could lose customers and market share to its competitors.
JMB and SGB rely upon paid and unpaid internet search engines to rank their product offerings and drive traffic to their websites,
and their website traffic may suffer if their rankings decline or their relationships with these services deteriorates.
JMB and SGB rely on paid and unpaid internet search engines to attract consumer interest in their product offerings. Search engine
companies change their natural search engine algorithms periodically, and these changes may adversely affect our Direct-to-Consumer
product offerings in paid and/or unpaid searches. JMB and SGB may also at times be subject to ranking penalties if the operators of
search engines believe it is not in compliance with their guidelines. If our Direct-to-Consumer's search engine rankings decline, and we
are unable to timely regain our prior rankings, we may have to use more expensive marketing channels to sustain and grow our Direct-
to-Consumer revenues, resulting in reduced profitability.
If JMB, Goldline, and SGB do not respond effectively to technological and market changes, they will cease to be competitive with
other channels that consumers may have for the purchase of precious coins and bullion.
To remain competitive, JMB, Goldline, and SGB must continue to enhance and improve the responsiveness, functionality and
features of their online operations. The internet and the electronic commerce industry are characterized by rapid technological change,
changes in user and customer requirements and preferences, frequent new product and service introductions embodying new
technologies, and the emergence of new industry standards and practices.

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The evolving nature of the internet could render our Direct-to-Consumer Segment's existing technology and systems obsolete. Its
continuing success will depend, in part, on its ability to:
•
develop, license or acquire leading technologies useful in its business;
•
develop new features and technology that address the increasingly sophisticated preferences of its customers; and
•
respond to technological advances and emerging industry and regulatory standards and practices in a cost-effective and
timely manner.
With the growth of e-commerce, the pace of change in product offerings and consumer tastes is faster now than in years past. This
accelerated pace of change increases uncertainty and places a greater burden on management to anticipate and respond to such changes.
The increased pace of change also means that the window in which a technologically advanced or sophisticated product or service can
achieve and maintain partner and consumer interest is shrinking and, to the extent our Direct-to-Consumer Segment fails to timely
anticipate or respond to changes in their industry, the effects of such missteps may be amplified.
Future advances in technology may not be beneficial to, or compatible with, JMB’s, Goldline’s, or SGB's businesses. Furthermore,
JMB, Goldline and SGB may be unsuccessful in using new technologies effectively or adapting their technology and systems to user
requirements or emerging industry standards on a timely basis. Their ability to remain technologically competitive may require
substantial expenditures and lead time. If JMB, Goldline or SGB is unable to adapt in a timely manner and at reasonable cost to changing
market conditions or user requirements, they will cease to be competitive with other channels for the purchase of precious coins and
bullion.
If JMB fails to continuously improve its websites (on all relevant platforms, including mobile), it may not attract or retain customers.
JMB owns and operates numerous websites targeting specific niches within the precious metals retail market, including
JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com, BullionMax.com,
and Gold.com. JMB must continually update its websites (on all relevant platforms, including mobile) to improve and enhance its
content, accessibility, convenience and ease of use. Failure to do so may create a perception that the websites of JMB’s competitors are
easier to use and navigate or that they are better able to service customer needs for precious metal coins and bullion. If such a perception
were to gain currency, traffic to JMB’s websites and its revenues would suffer.
Certain of JMB’s websites publish data concerning the precious metal and cryptocurrency markets obtained from third parties,
which could be inaccurate.
JMB’s GoldPrice.org and SilverPrice.org publish data on precious metal and cryptocurrency pricing which is obtained from third
parties. While we believe that the sources of the published data are reliable, the data is not independently verified by JMB or us. If the
data that JMB receives and publishes were inaccurate, and were relied upon by consumers visiting these websites, JMB could be exposed
to liability and may suffer damage to its reputation.
JMB, Goldline, and SGB expect to profit on precious metals acquired from their customers, but that might not be the case.
Through the Direct-to-Consumer Purchase Program, JMB and, through PMPP, Goldline and SGB, offer to purchase precious
coins and bullion owned by their customers. We believe that this program encourages the purchase of coins and bullion as an investment
because it assures customers that their investment in the products offered by JMB, Goldline, and SGB will be liquid and can be monetized
if the customers have a need for cash. JMB, Goldline, and SGB offer to purchase coins and bullion from their customers at prices
designed to reflect current market valuations, but also allows JMB, Goldline, and SGB to profit on the resale of the products. There can
be no assurance, however, that JMB, Goldline, or SGB will in fact be able to resell product that they purchase at a price that will justify
the cost of purchase. In a declining market for precious metal products, JMB, Goldline, and SGB could be burdened with substantial
amounts of purchased inventory that they are unable to resell at an economic price, or at all. The suspension or discontinuance of the
Direct-to-Consumer Purchase Program because of adverse market conditions could impair the perception among JMB's, Goldline's, and
SGB's customers that precious coin and bullion is a safe and attractive investment.

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Risks Related to our Secured Lending Segment
Our lending business depends on the ability of CFC to originate or acquire loans secured principally by bullion and numismatic
coins.
The performance of our Secured Lending segment depends on having a portfolio of loans of sufficient size and quality to justify
the expenses and allocation of financial resources committed to the Company’s loan business. CFC both originates loans to customers
of our wholesale and trading business and also acquires portfolios of loans originated by other parties. The Company typically stores
the bullion and numismatics that serve as collateral for the loans. As CFC does not independently market its lending business, it is
dependent on the interest of the customers of the Company’s wholesale and trading business in financing their acquisition of bullion
and numismatics with loans made by CFC. The interest of the Company’s customers in obtaining loans from CFC is dependent on
numerous factors, including the availability of other sources of financing, the interest rate environment, other alternatives for the storage
of their bullion and numismatics, their business relationship with the Company and the level and types of businesses conducted by the
Company’s Wholesale Sales & and Ancillary Services segment. The Secured Lending segment is also dependent on CFC’s ability to
identify and acquire portfolios of loans secured by bullion and numismatics originated by third parties satisfying the Company’s standard
for quality and risk. There can be no assurance the CFC will be successful in continuing to originate and acquire secured loans in
amounts sufficient to justify the conduct of this business.
The number of loans and the size of CFC’s loan portfolio can vary significantly from period to period.
CFC’s loan portfolio can vary considerably from period to period, both as to the number of loans in the portfolio and the total size
of the portfolio in terms of dollar amount. The variation of CFCs loan portfolio is attributable to a variety of factors, including the
success of the Company in originating and acquiring loans discussed above, as well as the maturities of the loans in the portfolio and
the decisions of borrowers to prepay or extend the terms of their loans. As a consequence, the performance of the Secured Lending
segment in a particular financial reporting period may not be indicative of the how the segment will perform in any future period, either
in the short or the long term.
The growth of the Secured Lending segment is likely to require significant resources.
Historically, the Company has originated loans almost exclusively to customers of its wholesale and trading business. The
opportunity to finance purchases of bullion and numismatics with secured loans obtained from CFC is part of a suite of ancillary services
that the Company provides to its customers. The business of the Secured Lending segment, with respect to both the origination and
acquisition of loan portfolios, is constrained by the Company’s borrowing capacity under its Trading Credit Facility, on which it relies
to finance the much larger business of the Wholesale Sales & Ancillary Services segment. Any significant future growth of the Secured
Lending segment will require the application of significant additional resources to this business, and there can be no assurance that such
resources will be available or that the Company will not determine that such resources, even if available, should be applied to other
areas of the Company’s business.
Risks Relating to Commodities
A-Mark’s business is heavily influenced by volatility in commodities prices.
A primary driver of A-Mark’s profitability is volatility in commodities prices, which leads to wider bid and ask spreads. Among
the factors that can impact the price of precious metals are supply and demand of precious metals; political, economic, and global
financial events; movement of the U.S. dollar versus other currencies; and the activity of large speculators such as hedge funds. If
commodity prices were to stagnate, there would likely be a reduction in trading activity, resulting in less demand for the services A-
Mark provides, and spreads would likely decrease, which could materially adversely affect our profitability.
The period to period changes in volatility may cause our revenues to fluctuate, as a consequence of which our results for any one
period may not be indicative of the results to be expected for any future period. See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”
Our business is exposed to the risk of changes in commodity prices, and our hedging activity to protect our inventory is subject to
risks of default by our counterparties.
A-Mark’s precious metals inventory is subject to market value changes created by changes in the underlying commodity price, as
well as supply and demand of the individual products the Company trades. In addition, open sale and purchase commitments are subject
to changes in value between the date the purchase or sale is fixed (the trade date) and the date metal is delivered or received (the
settlement date). A-Mark seeks to minimize the effect of price changes of the underlying commodity through the use of financial
derivative instruments, such as forward and futures contracts. A-Mark’s policy is to remain substantially hedged as to its inventory
position and its individual sale and purchase commitments. A-Mark’s management monitors its hedged exposure daily. However, there
can be no assurance that these hedging activities will be adequate to protect the Company against commodity price risks associated with
A-Mark’s business activities.

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Furthermore, even if we are fully hedged as to any given position, there is the risk of default by our counterparties to the financial
instruments that we use to hedge our inventory. A default by a counterparty on a substantial hedge could have a material adverse effect
on our business.
Increased commodity pricing could limit the inventory that we are able to carry.
We maintain a large and varied inventory of precious metal products, including bullion and coins, in order to support our trading
and Direct-to-Consumer activities and provide our customers with superior service. The amount of inventory that we are able to carry
is constrained by the borrowing limitations and working capital covenants under the Trading Credit Facility. If commodity prices were
to rise substantially, and we were unable to modify the terms of the Trading Credit Facility to compensate for the increase, the quantity
of product that we could finance, and hence maintain in our inventory, would fall. This would likely have a material adverse effect on
our operations.
We rely on the efficient functioning of commodity exchanges around the world, and disruptions on these exchanges could adversely
affect our business.
The Company buys and sells precious metals contracts on commodity exchanges around the world, both in support of its customer
operations and to hedge its inventory and transactional exposure against fluctuations in commodity prices. The Company’s ability to
engage in these activities would be compromised if the exchanges on which the Company trades or any of their clearinghouses were to
discontinue operations or to experience disruptions in trading, due to computer problems, unsettled markets, sanctions against
commodity exporting countries or other factors. For example, if there were to be disruptions in the supply chain for gold, silver, platinum
or palladium, our ability to buy and sell these metals on the commodity exchanges would be materially and adversely affected.
The Company may also experience disruption and risk of loss if futures commission merchants or commodity brokers with whom
the Company deals were to become insolvent or bankrupt.
Our business is subject to the risk of fraud and counterfeiting.
The precious metals (particularly bullion) business is exposed to the risk of loss as a result of “materials fraud” in its various
forms. We seek to minimize our exposure to this type of fraud through a number of means, including third-party authentication and
verification, reliance on our internal experts and the establishment of procedures designed to detect fraud. However, there can be no
assurance that we will be successful in preventing or identifying this type of fraud, or in obtaining redress in the event such fraud is
detected.
Risk Related to our Regulatory Environment
The CFTC may seek to assert jurisdiction over the Company’s activities.
The Company believes that its Direct-to-Consumer operations are generally conducted in a manner that does not implicate the
jurisdiction of the Commodity Futures Trading Commission ("CFTC"), as it does not sell products to retail customers for future delivery.
The Commodity Exchange Act (the “CEA”) and the rules and regulations of the CFTC are drafted broadly, however, and practices that
the Company does not regard as futures transactions may be regarded as such by the CFTC.
During the first quarter of fiscal 2023, the Company and Goldline settled an action in which the CFTC alleged, among other
things, that certain financing arrangements that were made available to customers constituted off-exchange retail commodity
transactions. Although this matter was settled on terms satisfactory to the Company with no material financial impact, and Goldline has
discontinued these particular arrangements and practices, there can be no assurance that the CFTC will not in the future accuse us of
violating the CEA or the rules and regulations of the CFTC, or otherwise (along with other federal or state agencies) seek to assert
oversight over aspects of our operations which could adversely affect us.
Recent legislative and regulatory initiatives will require us to expend time and resources on environmental reporting.
Although our manufacturing activity is limited to the production of silver bullion products at our Silver Towne Mint, recent
California legislation and new rules of the SEC will require us to make disclosures regarding environmental matters that could entail
significant time and expense.
On October 7, 2023, California Governor Gavin Newsom signed into law Senate Bill ("SB") 261, Greenhouse Gases: Climate-
Related Financial Risk, and SB 253, the Climate Corporate Data Accountability Act, which significantly expand climate-related
disclosure requirements for companies doing business in California. As a company with operations in California, we may fall under the
jurisdiction of these new laws, which impose rigorous reporting obligations regarding our climate-related financial risks and extensive
requirements for the disclosure of greenhouse gas emissions.

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SB 253 imposes its greenhouse gas reporting obligations on companies with annual revenues exceeding $1.0 billion. Given our
current revenue levels, we are subject to the requirements of SB 253. SB 253 requires the reporting of Scope 1 greenhouse gas emissions
(direct emissions from our operations) and Scope 2 greenhouse gas emissions (indirect emissions from our operations) for the prior
fiscal year beginning in 2026. SB 253 requires reporting of Scope 3 greenhouse gas emissions (emission from third parties in our value
chain) for the prior fiscal year beginning in 2027. Although we will not know the full requirements of this law until the California Air
Resources Board issues implementing rules, the law will likely require us to report emissions from our operations in and outside of
California, including our mint operations in Winchester, Indiana, and emissions from our suppliers and customers.
Commencing on January 1, 2026, and biennially thereafter, SB 261 mandates that we publicly disclose our climate-related
financial risks, which may include risks to our own operations, the operations of our suppliers and customers and the precious metals
markets generally. This includes detailing the strategies we have adopted to mitigate and adapt to these risks. Our compliance reports
must be made publicly available on our company's website. Non-compliance with the requirements of SB 261 could expose us to a fine
of up to $50,000 per reporting year and we may also be required to pay an annual filing fee. The California climate disclosure is the
subject of ongoing litigation that could impact whether and when the Company is required to make the disclosures required by the
regime. The Company will monitor that litigation as it prepares to comply with the rule.
On March 6, 2024 the Securities and Exchange Commission (“SEC”) issued final rules requiring public companies, such as A-
Mark, to disclose both greenhouse gas emissions and climate risk. The SEC final rules overlap significantly with both the California
reporting regime discussed above and the European Corporate Sustainability Directive (“CSRD”) discussed below but there are also
material differences.
Like the California reporting regime, the SEC final rule would require the Company to measure and disclose both Scope 1 and
Scope 2 greenhouse gas emissions from its facilities including its mint operations in Winchester, Indiana. Unlike the California reporting
scheme, the final SEC rules would not require the Company to report Scope 3 greenhouse gas emissions. The SEC final rule would also
require the Company to obtain attestation reports of its Scope 1 and Scope 2 greenhouse gas emissions from an independent expert in
greenhouse gas emissions measurement.
Like the California reporting regime, the SEC final rule will also require the Company to track and disclose material climate
related financial risks and how we manage those risks. Unlike the California rule, the SEC final rule will require the Company to track
and report material capitalized costs, expenditures expensed and charged and losses incurred as a result of severe weather events and
other natural conditions and any carbon reduction goal we may have along with our use of offsets or Renewable Energy Credits to
achieve that goal.
Like the California reporting regime, the SEC final rule is the subject to ongoing litigation that could impact whether and when
the Company is required to make the disclosures required by the rule. The Company will monitor that litigation as it prepares to comply
with the rule.
The European Union adopted new disclosure standards and rules related to environmental, social, and corporate governance
("ESG") matters in the Corporate Sustainability Reporting Directive (CSRD) which became effective in 2023 and applies to both EU
and non-EU entities. Because our operations in Europe surpass the net turnover threshold in the rule and we may be deemed to have an
EU branch or subsidiary, we may be subject to CSRD reporting requirements. We will know more about the specific disclosure
requirements when the EU adopts implementing regulations for the non-EU groups that are covered by the rule.
These changing rules and regulations, and the stakeholder expectations related to ESG described in "Risk Factors of General
Applicability – Third-party expectations relating to ESG factors may impose additional costs and expose us to new risks," have resulted
in and are likely to continue to result in, increased general and administrative expenses and increased management time and attention
spent complying with or meeting such regulations and expectations.

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Compliance with new and existing data protection/privacy statutes could increase our costs and expose the Company to possible
sanctions for violation.
By reason of our Direct-to-Consumer business in particular, we collect personal data or personal information, which is broadly
defined to include all information that can be related to a consumer or household, including identification information, demographics,
usage, transactions and inquiries, preferences, and inferences drawn to create a profile about a consumer (“Personal Information”). We
are subject to numerous data privacy and protection obligations that govern our handling of Personal Information, including: various
federal, state, local and foreign laws, regulations, and guidance; industry standards; external and internal privacy notices and policies;
contracts; and other obligations that apply to the handling of Personal Information by us and on our behalf. These obligations may
change, are subject to differing interpretations, and may be inconsistent among relevant jurisdictions in which we operate or from which
we collect Personal Information. The data privacy and protection landscape continues to evolve in jurisdictions worldwide. This
evolution may create uncertainty in our business; affect us or our collaborators’, service providers’, and others’ ability to operate in
certain jurisdictions or to collect, store, transfer, use, share, and otherwise process Personal Information; necessitate the acceptance of
more onerous obligations in our contracts; cause us to modify our business operations; result in liabilities; or otherwise impose additional
compliance costs on us. Moreover, despite our efforts, we may not be successful in achieving compliance if our personnel or third parties
upon whom we rely fail to comply with such obligations. For example, any failure by a service provider to comply with applicable data
privacy or protection law, regulations, contractual, or other obligations could result in significant consequences against us. These
consequences may include: government enforcement actions (e.g., investigations, fines, penalties, audits, inspections and similar
activities); litigation (including class-related claims); additional reporting requirements and/or oversight; orders to destroy or not use
Personal Information; damage to our reputation; loss of revenue and profits; loss of goodwill; and other adverse business impacts..
In 2016, the European Union ("EU") adopted a comprehensive overhaul of its data protection regime from a national legislative
approach to a single European Economic Area Privacy Regulation, the General Data Protection Regulation (“GDPR”), which went into
effect in May 2018. The EU data protection regime expands the scope of the EU data protection law to all foreign companies processing
Personal Information of EU residents, imposes a strict data protection compliance regime with severe penalties of up to the greater of
4% of worldwide turnover or €20 million, and includes new rights such as the “portability” of Personal Information. Although the GDPR
applies across the EU without a need for local implementing legislation, EU member states have the ability to interpret the GDPR
opening clauses, which permit region-specific data protection legislation and have the potential to create inconsistencies on a country-
by-country basis. The United Kingdom passed similar legislation (the “UK GDPR”) which took effect in 2021 and provides severe
penalties of up to the greater of 4% of worldwide turnover or €17.5 million. We may also be subject to many other foreign privacy laws
that are modeled at least in part after the GDPR, including China’s Personal Information Protection Law (PIPL), Canada’s Personal
Information Protection and Electronic Documents Act (PIPEDA) and territorial Canadian privacy laws, and the Privacy Acts of Australia
and New Zealand.
Our Direct-to-Consumer business currently has limited international operations which would subject it to these foreign privacy
laws. Our Wholesale Sales and Ancillary Services segment maintains an office in Vienna, Austria that provides marketing support
services for its international customers. We have evaluated these foreign privacy laws and their requirements, and believe we are
currently in compliance in all material respects. Going forward, however, the expansion of our international operations could require us
to change our business practices and may increase the costs and complexity of compliance. Also, a violation by the Company of these
regulations could expose us to penalties and sanctions under the regulations.
California passed amendments to the California Consumer Privacy Act (“CCPA”) that took effect on January 1, 2023. This law
provides California consumers with a high level of transparency and broad rights and choices with respect to their Personal Information.
For example, CCPA grants consumers privacy rights including the rights of data correction and data portability, the right to limit the
Company’s use of a subset of Personal Information called “sensitive Personal Information” that requires heightened protections, and the
right to appeal the Company’s response to an individual’s exercise of these new or existing privacy rights. Compliance with CCPA
requires the implementation of a series of operational measures such as: preparing data maps, inventory, or other records of all Personal
Information pertaining to California residents, households and devices, as well as information sources, usage, storage, and sharing;
maintaining and updating detailed disclosures in privacy policies; conducting risk assessments for the use of sensitive Personal
Information; establishing mechanisms (including, at a minimum, a toll-free telephone number and an online channel) to respond to
consumers’ data access, deletion, portability, and opt-out requests; and providing clear and conspicuous links on the home page of the
business’ website, where applicable, allowing residents to limit or opt-out of certain data processing activities. CCPA prohibits
businesses from discriminating against consumers who have opted out of the sale of their Personal Information, subject to narrow
exceptions. Failure to comply with CCPA can result in civil penalties up to $7,500 per violation or actual damages suffered by a
consumer.

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Colorado, Virginia, Utah, and Connecticut also passed comprehensive privacy laws, modeled in part after the CCPA, that took
effect in 2023. Fifteen other states have passed similar privacy laws that have taken or will take effect between 2024 and 2026, including
Florida, Texas, Delaware, Oregon, Tennessee, Iowa, Indiana, New Hampshire, New Jersey, Montana, Kentucky, Maryland, Minnesota,
Nebraska, and Rhode Island. These U.S. privacy laws have some provisions and requirements similar to the CCPA. However, preparing
to comply with the varying requirements of these laws has already subjected the Company to costs and legal fees and will subject the
Company to additional costs and risks as they take effect. For example, these laws may limit the Company’s ability to use Personal
Information for advertising purposes, may limit the ways in which the Company may use certain categories of personal information,
may require the Company to obtain additional permissions from the consumer, and may require revision of the Company's contracts
with service providers with whom the Company shares Personal Information in the course of providing its products and services. These
laws may also limit the Company’s ability to process sensitive Personal Information, which includes financial data, account information,
identification card numbers, social security numbers, and precise geolocation. The Company will have to update is policies, notices,
procedures, and permissions in response to these new privacy laws. The Company may also have to update its advertising practices.
Failure to comply with these privacy laws can result in civil penalties ranging from $2,500 to $20,000 per violation.
All fifty U.S. states and the District of Columbia have enacted data breach notification laws that may require us to notify investors,
employees, regulators and others in the event of a security breach (for example, unauthorized access to or disclosure of Personal
Information experienced by us or our service providers). These laws may not be consistent, and compliance in the event of a widespread
data breach may be difficult and costly. We may also be contractually required or otherwise obligated to notify investors and others of
a security breach. Although we may have contractual protections against our service providers should they experience a security breach,
any actual or perceived security breach could harm our reputation and brand, expose us to potential liability and require us to expend
significant resources on data security as well as in responding to any such actual or perceived breach. Any contractual protections we
may have against relevant counterparties may not be sufficient to protect adequately us from any such liabilities and losses, and we may
be unable to enforce any such contractual protections.
Nevada law requires operators of websites and online services to post a notice on their websites regarding their privacy practices.
The law also requires operators of internet websites or online services to establish a designated request address through which a consumer
may submit a verified request directing such operators not to make any sale of covered information collected about the consumer. The
“covered information” regulated by the Nevada law is defined to include an enumerated list of items of personally identifiable
information (including names, addresses, email addresses, phone numbers, social security numbers and identifiers that allow a specific
person to be contacted).
We have evaluated these state privacy laws and their requirements, and believe we are currently in compliance in all material
respects with those that are in effect. Going forward, however, the changes introduced by state privacy laws that will soon take effect,
and other similar regulations enacted by other jurisdictions, will subject the Company to additional costs and complexity of compliance,
by requiring, among other things, changes to the Company’s security systems, policies, procedures and practices. In addition, a violation
by the Company of the new regulations could expose us to penalties and sanctions.
We are subject to other laws and regulations.
There are various federal, state, local and foreign laws, ordinances and regulations that affect our trading business. For example,
because of the nature and value of the products in which deal, we are required to comply with the Foreign Corrupt Practices Act and a
variety of anti-money laundering and know-your-customer rules in response to the USA Patriot Act.
The SEC has promulgated rules mandated by the Dodd-Frank Act regarding disclosure, on an annual basis, of the use of tin,
tantalum, tungsten and gold, known as conflict minerals, in products manufactured by public companies. These rules require due
diligence to determine whether such minerals originated from the Democratic Republic of Congo ("DRC") or an adjoining country and
whether such minerals helped finance the armed conflict in the DRC.
The Company has concluded that it is not currently subject to the conflict minerals rules because it is not a manufacturer of conflict
minerals under the definitions set forth in the rules. Depending on developments in the Company’s business, it could become subject to
the rules at some point in the future. In that event, there will be costs associated with complying with these disclosure requirements,
including costs to determine the origin of gold used in our products. In addition, the implementation of these rules could adversely affect
the sourcing, supply and pricing of gold used in our products. Also, we may face disqualification as a supplier for customers and
reputational challenges if the due diligence procedures we implement do not enable us to verify the origins for the gold used in our
products or to determine that the gold is conflict free.
CFC operates under a California Finance Lenders License issued by the California Department of Financial Protection and
Innovation. CFC is required to submit a finance lender law annual report to the state which summarizes certain loan portfolio and
financial information regarding CFC. The Department of Financial Protection and Innovation may audit the books and records of CFC
to determine whether CFC is in compliance with the terms of its lending license.
There can be no assurance that the regulation of our trading, Direct-to-Consumer, and lending businesses will not increase or that
compliance with the applicable regulations will not become more costly or require us to modify our business practices.

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For other risks related to government regulation, see below this section and see “Risk Factors of General Applicability — We are
subject to other laws and regulations,” below.
One or more states or municipalities could assert that the Company is liable for sales and use, commerce, or similar type of taxes,
which could adversely affect our business.
We ship product to retail customers throughout the United States. In South Dakota v. Wayfair, Inc. et al ("Wayfair"), the U.S.
Supreme Court ruled that states may charge tax on purchases made from out-of-state sellers, even if the seller does not have a physical
presence in the taxing state. The effect of Wayfair was to uphold economic nexus principles in determining sales and use tax nexus. As
a result of the decision, most states have adopted laws that require an out-of-state retailer to register and collect sales and use or other
non-income type taxes upon meeting certain economic nexus standards regardless of whether the company has physical presence in the
state. Although the Company believes it is complying with these requirements, our interpretation and application of the newly enacted
legislation may differ from the states, which could result in the states' attempt to impose additional tax liabilities, including potential
penalties and interest. Furthermore, the requirements by state or local governments on out-of-state sellers to collect sales and use taxes
could deter futures sales, which could have an adverse impact on our business.
For other risks related to taxation, see “Risk Factors of General Applicability — Changes in tax law could adversely affect our
business,” below.
We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates
do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing
affiliates is otherwise impaired, it could adversely affect our business.
We are dependent on third parties, referred to as lead providers (or lead generators) and marketing affiliates, as a source of new
customers for our Direct-to-Consumer segment. Our marketing affiliates place our advertisements on their websites that direct potential
customers to our websites. Generally, lead providers operate, and also work with their own marketing affiliates who operate, separate
websites to attract prospective customers and then sell those “leads” to online traders and lenders. As a result, the success of our Direct-
to-Consumer business depends materially on the willingness and ability of lead providers or marketing affiliates to provide us customer
leads at acceptable prices.
If regulatory oversight of lead providers or marketing affiliates is increased, through the implementation of new laws or regulations
or the interpretation of existing laws or regulations, our ability to use lead providers or marketing affiliates could be restricted or
eliminated. For example, the Consumer Financial Protection Bureau ("CFPB") has indicated its intention to examine compliance with
federal laws and regulations by lead providers and to scrutinize the flow of non-public, private borrower information between lead
providers and lead buyers, such as us. Over the past few years, several states have taken actions that have caused us to discontinue the
use of lead providers in those states. While these discontinuations did not have a material adverse effect on us, other states may propose
or enact similar restrictions on lead providers and potentially on marketing affiliates in the future, and if other states adopt similar
restrictions, our ability to use lead providers or marketing affiliates in those states would also be interrupted.
The failure by lead providers or marketing affiliates to comply with applicable laws or regulations, or any changes in laws or
regulations applicable to lead providers or marketing affiliates or changes in the interpretation or implementation of such laws or
regulations, could have an adverse effect on our business and could increase negative perceptions of our business and industry.
Additionally, the use of lead providers and marketing affiliates could subject us to additional regulatory cost and expense. If our ability
to use lead providers or marketing affiliates were to be impaired, our business could be materially adversely affected.
Judicial decisions, CFPB rulemaking or amendments to the Federal Arbitration Act could render the arbitration agreements we use
illegal or unenforceable.
We include arbitration provisions in our loan and financing agreements. These provisions are designed to allow us to resolve any
customer disputes through individual arbitration rather than in court and explicitly provide that all arbitrations will be conducted on an
individual and not on a class basis. Thus, our arbitration agreements, if enforced, have the effect of shielding us from class action
liability. Our arbitration agreements do not generally have any impact on regulatory enforcement proceedings. We take the position that
the arbitration provisions in loan and financing agreements, including class action waivers, are valid and enforceable; however, the
enforceability of arbitration provisions is often challenged in court. If those challenges are successful, our arbitration and class action
waiver provisions could be unenforceable, which could subject us to additional litigation, including class action litigation.

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In addition, the U.S. Congress has considered legislation that would generally limit or prohibit mandatory arbitration agreements
in consumer contracts and has enacted legislation with such a prohibition with respect to certain mortgage loan agreements and also
certain consumer loan agreements to members of the military on active duty and their dependents. Further, the Dodd-Frank Act directed
the CFPB to study consumer arbitration and authorized the CFPB to adopt rules limiting or prohibiting consumer arbitration, consistent
with the results of its study. In July 2017, the CFPB issued a new rule on arbitration, which would have prohibited class action waivers
in certain consumer financial services contracts. However, in November 2017, a joint resolution passed by Congress was signed
disapproving the rule under the Congressional Review Act. Because the rule was disapproved, it cannot be reissued in substantially the
same form, and the CFPB cannot issue a substantially similar rule, unless the new rule is specifically authorized by a law enacted after
the date of the joint resolution disapproving the original rule.
Any judicial decisions, legislation or other rules or regulations that impair our ability to enter into and enforce consumer arbitration
agreements and class action waivers could increase our exposure to class action litigation as well as litigation in plaintiff-friendly
jurisdictions, which would be costly and could have a material adverse effect on our business.
Our advertising and marketing materials and disclosures related to our Direct-to-Consumer and Secured Lending segments have
been and continue to be subject to regulatory scrutiny.
In the jurisdictions where our Direct-to-Consumer and Secured Lending businesses operate, our advertising and marketing
activities and disclosures are subject to regulation under various industry standards, borrower protection laws, and other applicable laws
and regulations. As a whole, our advertising and marketing materials have come under increased scrutiny.
There can be no guarantee that we will be able to continue advertising and marketing our business units in a manner we consider
effective. Any inability to do so could have a material adverse effect on our business.
Risks Relating to Our Common Stock
We may not continue to pay any dividends in the future.
A-Mark’s board of directors has adopted a regular quarterly cash dividend policy of $0.20 per common share ($0.80 per share on
an annual basis). The initial quarterly cash dividend under the policy was paid on October 24, 2022 to stockholders of record as of
October 10, 2022. The most recent cash dividend under the policy was paid on July 31, 2024 to stockholders of record as of July 18,
2024. The declaration of regular cash dividends in the future is subject to the determination each quarter by the board of directors, based
on a number of factors, including the Company’s financial performance, available cash resources, cash requirements and alternative
uses of cash and applicable bank covenants.
There can be no assurance that the Company will pay dividends in the future on a regular basis or otherwise. If the board of
directors were to determine not to pay dividends in the future, stockholders would not receive any further return on an investment in our
capital stock in the form of dividends and may obtain an economic benefit from the common stock only after an increase in its trading
price and only by selling the common stock.
The Company has paid non-recurring special cash dividends to our stockholders as a consequence in part of the Company's
favorable performance during the preceding periods. There is no assurance that any such non-recurring special dividend will be paid in
the future, and if made, the timing or amount of any such dividend.
See Note 20 to the Company’s consolidated financial statements for more information regarding our dividends.
Your percentage ownership in the Company could be diluted in the future.
Your percentage ownership in A-Mark potentially could be diluted in the future because of additional common stock-based equity
awards that we expect will be granted to our directors, officers and employees, including through our current equity incentive plan. In
addition, we may issue equity in order to raise capital or in connection with future acquisitions and strategic investments, which could
dilute your percentage ownership. For example, in the acquisition of JMB, our increased investments in Pinehurst Coin Exchange, Inc.
and Silver Gold Bull, Inc., and our recent acquisition of LPM, we issued stock to the sellers in partial consideration for the acquired
interests. We also issued stock to the public to finance, in part, the acquisition of JMB.
Provisions in our Certificate of Incorporation and Bylaws and of Delaware law may prevent or delay an acquisition of the Company,
which could decrease the trading price of our common stock.
Our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law contain certain anti-
takeover provisions that could have the effect of making it more difficult for a third-party to acquire, or of discouraging a third-party
from attempting to acquire, control of the Company without negotiating with our board of directors. Such provisions could limit the
price that certain investors might be willing to pay in the future for the Company’s securities. Certain of such provisions allow the
Company to issue preferred stock with rights senior to those of the common stock, impose various procedural and other requirements
which could make it more difficult for stockholders to effect certain corporate actions and set forth rules regarding how stockholders
may present proposals or nominate directors for election at stockholder meetings.

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We believe these provisions protect our stockholders from coercive or otherwise unfair takeover tactics by requiring potential
acquirors to negotiate with our board of directors and by providing our board of directors with more time to assess any acquisition
proposal. However, these provisions apply even if an acquisition offer may be considered beneficial by some stockholders and could
delay or prevent an acquisition that our board of directors determines is not in the best interests of our Company and our stockholders.
Accordingly, in the event that our board determines that a potential business combination transaction is not in the best interests of our
Company and our stockholders, but certain stockholders believe that such a transaction would be beneficial to the Company and its
stockholders, such stockholders may elect to sell their shares in the Company and the trading price of our common stock could decrease.
Our board and management beneficially own a sizable percentage of our common stock and therefore have the ability to exert
substantial influence as stockholders.
Members of our board and management beneficially own approximately 22% of our outstanding common stock. Acting together
in their capacity as stockholders, the board members and management could exert substantial influence over matters on which a
stockholder vote is required, such as the approval of business combination transactions. Also because of the size of their beneficial
ownership, the board members and management may be in a position effectively to determine the outcome of the election of directors
and the vote on stockholder proposals. The concentration of beneficial ownership in the hands of our board and management may
therefore limit the ability of our public stockholders to influence the affairs of the Company.
Risk Factors of General Applicability
New rules have recently become effective that will require the Company to provide disclosures regarding cybersecurity management
and events.
The SEC recently changed its disclosure requirements regarding cybersecurity risk management, strategy, governance and
incident reporting. While the Company believes it has robust cybersecurity risk management procedures for addressing cybersecurity
events, the new rules may increase the costs of cybersecurity protection and require disclosure of cybersecurity events that the Company
might not otherwise deem to be material. The new rules require companies to investigate all cybersecurity incidents without unreasonable
delay, determine their level of materiality, and report specific details about any material cybersecurity incidents in a separate filing
within four business days. The new rules also require additional information in annual disclosures regarding the Company’s
cybersecurity risk management and reporting processes, as well as the cybersecurity expertise of relevant Company personnel and third-
party service providers or auditors.
The Company’s failure or inability to protect its intellectual property could harm its competitive position.
The Company relies on a combination of patent, trade secret, copyright and trademark laws and contractual restrictions, such as
confidentiality agreements and licenses, to protect its business, services, know-how and information. The Company’s patent, trademarks
or service marks may be challenged or found to be unenforceable, and contractual arrangements to protect our intellectual property may
be insufficient to prevent its misappropriation. If that were the case, the Company’s competitive position would suffer.
Third parties may assert violations of their intellectual property rights against the Company.
Third parties may currently have, or may be issued, patents upon which the technologies used by the Company infringe. The
Company could incur significant costs to defend infringements claims, regardless of their validity, or could be required to develop non-
infringing technology at considerable expense or be compelled to enter into expensive royalty or license agreements. For example, JMB
was compelled to expend significant resources as a consequence of litigation in which it was accused of infringement prior to its
acquisition by the Company.
We are subject to other laws and regulations.
In addition to matters discussed above, we are subject to various laws, and regulations, both domestic and foreign, as well as
responsible business, social and environmental practices, which may change from time to time. Failure to comply with applicable laws
and regulations or to implement responsible business practices could subject us to damage to our reputation, lawsuits, criminal exposure,
or increased cost of regulatory compliance.
Changes in tax law could adversely affect our business.
Changes to tax laws (which changes may have retroactive application) could adversely affect us or holders of our common stock.
It cannot be predicted whether, when, in what form, or with what effective dates, new tax laws or regulations may be enacted under
existing or new tax laws. This could result in an increase in our tax liability or require changes in our business in order to mitigate any
adverse effects of changes in tax laws.

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Third-party expectations relating to ESG factors may impose additional costs and expose us to new risks.
In recent years, there has been an increasing focus by stakeholders of public companies—including investors, employees,
customers, suppliers, and governmental and non-governmental organizations—on ESG matters. A failure, whether real or perceived, to
address ESG could adversely affect our business, including by heightening other risks that we face, such as those related to consumer
behavior and consumer perceptions of us. We may also face pressure from stakeholders to provide disclosure and establish commitments,
targets or goals, and take actions to meet them, regarding ESG. If we fail to satisfy the expectations of investors and other stakeholders
or our initiatives are not executed as planned, our reputation, results of our operations and ability to grow our business may be negatively
impacted. Additionally, new legislative or regulatory initiatives related to ESG could adversely affect our business.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Cybersecurity Risk Management and Strategy
We recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability
of company information and the personal information that we process. Cybersecurity risk management is an integral part of our overall
enterprise risk management efforts. We manage cybersecurity risks using a framework based on applicable regulations, industry
standards and recognized best practices. Through this framework, we devote significant resources to identifying, monitoring, assessing
and responding to cybersecurity threats and incidents, including those associated with our use of third-party software, applications,
services, and cloud infrastructure.
Our Cybersecurity Program includes multiple policies, procedures, and other components designed to identify, analyze, and
respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies and controls designed
to detect, mitigate, and contain cybersecurity threats. As part of our Cybersecurity Program, we maintain a Written Information Security
Plan that outline internal controls and procedures designed to protect our information systems. Our Cybersecurity Program contains a
comprehensive suite of cybersecurity policies that are commensurate with companies in our industry of similar size and sophistication,
and these policies are also informed by the sensitivity of our data processing activities. Our Cybersecurity Program also includes policies
and procedures designed to ensure adequate business continuity, disaster recovery, and incident response. We also have access through
our insurer to computer forensics firms and specialized legal counsel in case of a cybersecurity incident. While we maintain cybersecurity
insurance to assist in the cost of recovery from a cybersecurity incident, such coverage may not be sufficient to cover all costs resulting
from such incidents.
We leverage qualified third-party consultants, advisors, counsel, and other experts to inform, audit, and update our Cybersecurity
Program throughout each year. We engage security assessors to identify vulnerabilities through both internal and external penetration
tests and to perform cybersecurity maturity assessments. We perform risk assessments annually, or more frequently if circumstances
require, using both internal and external resources. We may also be subject to examinations by applicable regulators. We conduct annual
cybersecurity training for employees to enhance awareness of how to detect and respond to cybersecurity threats, as well as periodic
phishing training and testing campaigns. We also conduct table-top exercises annually to simulate a response to a cybersecurity incident.
Our designated IT team members monitor cybersecurity threats in real time for the Company at the enterprise level, with the
assistance of third-party threat detection and monitoring software. Cybersecurity threats at the subsidiary level are also monitored in
real time by experienced IT professionals at those subsidiaries, including our Vice President of Digital and Technology at JM Bullion.
These individuals report cybersecurity incidents immediately to our Chief Information Officer (CIO), who in turn follows approved
reporting protocols, as more fully described below.
Our Cybersecurity Compliance and Disclosure Committee (CCDC), which is further described below, is chaired by our CIO and
includes the General Counsel of A-Mark and other representatives from the Company and our subsidiaries, including top-level
management, to ensure enterprise-wide implementation and consistent application of the Company’s data security policies and
procedures. The CCDC regularly enlists subject matter experts to assist where necessary.
We also maintain a formal Vendor Management Program that provides oversight of cybersecurity risks related to our vendor and
supplier relationships. During vendor onboarding, we perform risk-based due diligence on these third-parties, with heightened
requirements for vendors that have access to confidential or personal information or that require access to our information systems. This
Vendor Management Program includes specific cybersecurity requirements for our vendors, as well as ongoing monitoring, assessment,
and contract review. Members of the CCDC are involved in and review the Vendor Management Program at least annually.

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To date, we have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents,
that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or
financial condition. However, the sophistication of and risks from cybersecurity threats and incidents continue to increase, and the
preventative actions that we have taken and continue to take to reduce the risk of cybersecurity threats and incidents may not successfully
protect against all cybersecurity threats and incidents. For more information on the risks that we face from cybersecurity threats, see
“Risk Factors – Risk Factors of General Applicability—New rules have recently become effective that will require the Company to
provide disclosures regarding cybersecurity management and events.” in Part 1, Item 1A of this report.
Cybersecurity Governance
The Board has overall responsibility for risk oversight and has delegated oversight of our Cybersecurity Program, including
enterprise-wide risk assessment and management, to the CCDC. The CCDC’s charter requires it to monitor Company efforts to prevent,
detect, mitigate, and remediate cybersecurity incidents, and to comply with cybersecurity laws and regulations. The CCDC oversees and
approves all Company policies and procedures related to cybersecurity. The CCDC also ensures that significant cybersecurity issues or
concerns are reported to the Board and A-Mark’s CEO, and disclosed to the public, individuals, or regulators where required by law.
The CCDC directly oversees information technology and information security risks through regular meetings, reports from
management on information technology, cybersecurity, and related risk assessments, and incidents disclosed by third-party service
providers as applicable. If a cybersecurity threat is identified, our Vice President of IT or other reporting individuals will immediately
inform our IT service desk and notify our CIO. Once the threat has been analyzed, our CIO will inform our General Counsel of any
security incidents. The General Counsel will report on the incident, as appropriate, to the CCDC, our CEO, President and CFO, and to
the Board, either at the next scheduled meeting or on a current basis, depending on the severity of the incident.
The CCDC reports at least quarterly to the Board and A-Mark’s CEO on the following topics, among possible others: our current
risk posture and threat landscape; new material cybersecurity threats and high-risk exposures; risk mitigations and controls; incident
response readiness; and updates to cybersecurity policies and procedures. The CCDC is also authorized and directed to report to the
Board and A-Mark’s CEO promptly in the event of a significant cybersecurity incident, as appropriate.
A-Mark’s Chief Information Officer (CIO) chairs the CCDC. Our CIO brings over 14 years of IT experience to A-Mark. Since
joining A-Mark in 2019, he has been pivotal in enhancing our data privacy compliance program, significantly strengthening our data
protection and privacy measures, particularly ensuring protection of sensitive data. The co-vice chairs of the CCDC are A-Mark’s Vice
President of IT and JM Bullion’s Vice President of Digital and Technology. Our Vice President of IT has over 25 years of experience
in IT working in various industries including ecommerce, health care, and financial industries focusing on IT operations, cybersecurity
and compliance. Since joining the company in 2014, he has been instrumental in the creation and growth of our cybersecurity program.
Our Vice President of Digital and Technology at JM Bullion has comprehensive experience in the cybersecurity field. He successfully
established a 24/7 security operation center (SOC) to continuously detect and respond to security incidents, as well as implemented
various advanced services to proactively detect vulnerabilities on potential attack surfaces with high accuracy spanning across assets,
applications, data, endpoints and network. He also centralized the workforce identity and access management (IAM) of the various
systems for improved administration and control at the subsidiary level. He joined JM Bullion in 2015 and has served in his current role
as Vice President of Digital and Technology since 2021.
Other members of the CCDC include top executives and management from the Company and its subsidiaries, including A-Mark’s
General Counsel, President, Chief Financial Officer, Chief Operating Officer, Senior Director of Financial Reporting, Director of
Internal Audit, and Director of Enterprise Development and Administration, as well as JM Bullion’s President and Chief Executive
Officer and its Chief Financial Officer. Finally, the CCDC is assisted by an external compliance consultant with over twenty years of
IT experience, and A-Mark’s outside legal counsel for privacy and data security.

32
ITEM 2. PROPERTIES
As of June 30, 2024, the Company owned or leased properties as described below:
Location
General Use of Facility
Square
Footage
Ownership
Lease-term
Expiration
Wholesale Sales and Ancillary Services Segment
El Segundo, California (1)
Corporate headquarters, trading desk, secured
lending, marketing, and back-office operations
9,000
Leased
March-2026
Las Vegas, Nevada
Storage and fulfillment logistics operations
24,743
Leased
April-2030
Winchester, Indiana
Minting operations
17,000
Owned
not applicable
Winchester, Indiana
Minting operations
5,000
Owned
not applicable
Winchester, Indiana
Fabrication facility
17,000
Leased
May-2025
Carson City, Nevada
Die-cutting and engraving facility
2,000
Leased
June-2025
Vienna, Austria
International marketing support operations
248
Leased
every three months
Hong Kong
Regional headquarters and back-office
operations
4,599
Leased
June-2026
Hong Kong
Numismatics showroom
3,500
Leased
January-2026

Direct-to-Consumer Segment
Los Angeles, California
Corporate office and support center
11,468
Leased
January-2028
Dallas, Texas
Corporate office and support center
3,093
Leased
December-2024
Dallas, Texas
Corporate office and support center
10,586
Leased
November-2028
Irving, Texas
Distribution hub
24,640
Leased
April-2031
Calgary, Canada
Corporate office and support center
22,650
Leased
August-2028
Calgary, Canada
Corporate office and support center
4,176
Leased
August-2025
(1) The Secured Lending segment shares office space at this facility.
ITEM 3. LEGAL PROCEEDINGS
We are from time to time involved in legal proceedings, claims, or investigations that are incidental to the conduct of our business.
Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including our
assessment of the merits of the particular claim, we do not expect that these legal proceedings or claims will have any material adverse
impact on our future consolidated financial position, results of operations, or cash flows.
ITEM 4. MINE SAFETY DISCLOSURES
None.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Information
A-Mark's shares of common stock are traded on the NASDAQ Global Select Market under the symbol "AMRK". As of September
6, 2024, there were 104 registered stockholders of record of our common stock.
Stock Performance Graph
Set forth below is a graph comparing the cumulative total stockholder return on shares of A-Mark common stock against the
cumulative total return of (i) the Nasdaq Composite Index and (ii) a group of companies that are in lines of business reasonably
comparable to A-Mark's businesses ("peer companies") for the five-year period from June 30, 2019 to June 30, 2024. The graph assumes
that $100 was invested on June 30, 2019 in our common stock, in the Nasdaq Composite Index companies and in the peer group
companies (on a market-capitalization-weighted basis), and that all dividends were reinvested in the same class of stock.

Below are the companies which comprise the peer group in the graph above, in the indicated lines of business:
Alternative Brokerage Firms
Alternative Financial Services
E-Commerce
BGC Group, Inc. (BGC)
Enova International, Inc. (ENVA)
Carvana Co. (CVNA)
IG Group Holdings plc (IGG.L)
EZCORP, Inc. (EZPW)
Stitch Fix, Inc. (SFIX)
StoneX Group Inc. (SNEX)
FirstCash Holdings, Inc. (FCFS)
The Lovesac Company (LOVE)
Swissquote Group Holding Ltd (SQN.SW)
Regional Management Corp. (RM)
Liquidity Services, Inc. (LQDT)
B. Riley Financial, Inc. (RILY)
World Acceptance Corporation (WRLD)
Beyond, Inc. (BYON)
Oppenheimer Holdings Inc. (OPY)
GreenDot Corporation (GDOT)
PC Connection, Inc. (CNXN)
Dividend Policy
The Company's board of directors has adopted a regular quarterly cash dividend policy of $0.20 per common share ($0.80 per
share on an annual basis). While we currently intend to continue paying quarterly dividends, any future determination regarding the
payment of dividends will be subject to the discretion of our board of directors and will be dependent on a number of factors, including
the Company’s financial performance, available cash resources, cash requirements and alternative uses of cash and applicable bank
covenants.
In fiscal 2023, the Company paid the following dividends.
•
On August 18, 2022, the Company's board of directors declared a non-recurring special dividend of $1.00 per common
share to stockholders of record at the close of business on September 12, 2022. The dividend was paid on September 26,
2022 and totaled $23.4 million.
•
On August 18, 2022, the Company's board of directors also declared the initial quarterly regular cash dividend under its
dividend policy of $0.20 per common share to stockholders of record at the close of business on October 10, 2022. The
dividend was paid on October 24, 2022 and totaled $4.7 million.
•
On January 4, 2023, the Company's board of directors declared a quarterly regular cash dividend of $0.20 per common share
to stockholders of record at the close of business on January 16, 2023. The dividend totaling $4.7 million was paid on
January 27, 2023.
•
On April 5, 2023, our board of directors declared a regular dividend of $0.20 per share to shareholders of record at the close
of business on April 17, 2023. The dividend totaling $4.7 million was paid on April 28, 2023.
In fiscal 2024, the Company paid the following dividends:
•
On July 5, 2023, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on July 17, 2023. The dividend was paid on July 28, 2023 and totaled $4.7
million.

34
•
On August 17, 2023, the Company's board of directors declared a non-recurring special dividend of $1.00 per share of
common stock to stockholders of record at the close of business on September 12, 2023. The dividend was paid on
September 26, 2023 and totaled $23.4 million.
•
On August 17, 2023, the Company's board of directors also declared a regular cash dividend of $0.20 per share of common
stock to stockholders of record at the close of business on October 10, 2023. The dividend was paid on October 24, 2023
and totaled $4.6 million.
•
On January 4, 2024, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on January 16, 2024. The dividend was paid on January 29, 2024 and totaled
$4.6 million.
•
On April 4, 2024, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on April 16, 2024. The dividend was paid on April 29, 2024 and totaled $4.6
million.
See Note 20 to the Company’s consolidated financial statements for more information regarding our dividends.
Equity Compensation Plan Information
The following table provides information as of June 30, 2024 with respect to the shares of our common stock that may be issued
under existing equity compensation plans:
Plan category
(a)
Number of securities
to be issued upon
exercise of
outstanding options,
warrants, and
restricted stock units
(b)
Weighted-average
exercise price of
outstanding options,
warrants, and
restricted stock units
(c)
Number of securities
remaining available for
future issuance under
equity compensation
plans
(excluding securities
reflected in column (a))
Equity compensation plans approved by security holders
1,261,794
$
6.52
(1)
1,692,891
(2)
Equity compensation plans not approved by security holders
—
—
—
1,261,794
$
6.52
(1)
1,692,891
(2)
(1)
The weighted-average exercise prices are calculated including the restricted stock units ("RSUs") as rights to acquire shares with an exercise price assumed to be
zero. The weighted-average exercise price of stock options for all outstanding stock options excluding RSUs was $7.10.
(2)
Represents shares that are available for future issuance under the Company's amended and restated 2014 Stock Award and Incentive Plan (the "2014 Plan"). All of
the 2014 Plan shares that are available for future issuance include the following award types: stock options, stock appreciation rights, restricted stock units, restricted
stock, and other "full-value" awards.
Share Repurchase Program
In April 2018, the Company's board of directors approved a share repurchase program which authorized the Company to purchase
up to 1.0 million shares (as adjusted for the two-for-one split of A-Mark’s common stock in the form of a stock dividend in fiscal 2022)
of its common stock. Prior to fiscal 2023, no shares were repurchased under our share repurchase program. In fiscal 2023, we repurchased
a total of 335,735 shares under the program for $9.8 million. In the fourth quarter of fiscal 2023, the board revised the repurchase
program to authorize the purchase of up to 1.0 million shares of our common stock, in addition to the shares previously repurchased,
and extended the expiration date from June 30, 2023 to June 30, 2028. In November 2023, the Company's board of directors further
amended the share repurchase program to authorize an additional 1.2 million shares to be repurchased under the program, resulting in a
total of 2.0 million shares authorized for repurchase, after taking into account the shares previously purchased at that date. As of June 30,
2024, 1,151,491 shares had been repurchased and 848,509 shares remain authorized for repurchase under the program.
Under the share repurchase program, we may repurchase shares of our common stock from time to time at prevailing market
prices, depending on market conditions, through open market or privately negotiated transactions. Subject to applicable corporate
securities laws, repurchases may be made at such times and in amounts as management deems appropriate. We are not obligated to
repurchase any shares under the program, and repurchases under the program may be discontinued if management determines that
additional repurchases are not warranted.
We did not repurchase any shares during the quarter ended June 30, 2024.
Recent Sales of Unregistered Equity Securities
We did not sell any unregistered equity securities during the period covered by this report.
ITEM 6. [RESERVED]

35
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Annual Report on Form 10-K ("Form 10-K") contains statements that are considered forward-looking statements. Forward-
looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of
current or historical fact contained in this Annual Report, including statements regarding the Company's future financial position,
business strategy, budgets, projected costs and plans, and objectives of management for future operations, are forward-looking
statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” and similar expressions, as
they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current
plans, estimates and beliefs, and the Company's actual future activities and results of operations may be materially different from those
set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made. Any or all of the forward-looking statements in this Annual Report may
turn out to be inaccurate. The Company has based these forward-looking statements largely on its current expectations and projections
about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and
financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and
uncertainties. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events occurring
after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-K.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the
consolidated financial statements and notes contained elsewhere in this Form 10-K. This discussion contains forward-looking statements
that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking
statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual
Report, particularly in “Risk Factors.”
INTRODUCTION
Management's discussion and analysis of financial condition and results of operations is provided as a supplement to the
accompanying consolidated financial statements and related notes to aid in the understanding of our results of operations and financial
condition. We have omitted discussion of our fiscal year 2022 results where it would be redundant to the discussion previously included
in Item 7 of our fiscal year 2023 Annual Report on Form 10-K. Our discussion is organized as follows:
•
Executive overview. This section provides a general description of our business, as well as significant transactions and events
that we believe are important in understanding the results of operations.
•
Results of operations. This section provides an analysis of our results of operations presented in the accompanying
consolidated statements of income by comparing the results for the respective periods presented. Included in our analysis is
a discussion of seven performance metrics:

(i) ounces of gold and silver sold,

(ii) Wholesale Sales ticket volume,

(iii) Direct-to-Consumer ticket volume:
•
(a) Direct-to-Consumer ticket volume from new customers,
•
(b) Direct-to-Consumer ticket volume from pre-existing customers,
•
(c) Direct-to-Consumer total ticket volume,

(iv) Direct-to-Consumer and JMB average order value,

(v) number of Direct-to-Consumer customers:
•
(a) Direct-to-Consumer number of new customers,
•
(b) Direct-to-Consumer number of active customers,
•
(c) Direct-to-Consumer total customers,

(vi) inventory turnover ratio, and

(vii) number of secured loans at period-end.

36
•
Segment results of operations. This section provides an analysis of our results of operations presented for our three segments:
o
Wholesale Sales & Ancillary Services,
o
Direct-to-Consumer, and
o
Secured Lending
comparing results for the periods presented.
•
Non-GAAP Measures. This section provides an analysis of our non-GAAP measures with a reconciliation to the most
directly comparable U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) measure reported on the consolidated
financial statements. The Company uses the following two non-GAAP measures:

"adjusted net income before provision for income taxes", and

"earnings before interest, taxes, depreciation, and amortization", or "EBITDA".
•
Liquidity and financial condition. This section provides an analysis of our cash flows, as well as a discussion of our
outstanding debt as of June 30, 2024, sources of liquidity and the amount of financial capacity available to fund our future
commitments and other financing arrangements.
•
Critical accounting policies and estimates. This section discusses critical accounting policies that are considered both
important to our financial condition and results of operations and require management to make significant judgment and
estimates. All of our significant accounting policies, including the critical accounting policies, are summarized in Note 2 to
the Company’s consolidated financial statements.
•
Recent accounting pronouncements. This section discusses new accounting pronouncements, dates of implementation, and
their expected impact on our accompanying consolidated financial statements.
EXECUTIVE OVERVIEW
Our Business
The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-
Consumer, and (iii) Secured Lending.
Wholesale Sales & Ancillary Services Segment
The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-
Mark Trading AG (“AMTAG”), Transcontinental Depository Services, LLC ("TDS" or “Storage”), A-M Global Logistics, LLC
(“AMGL” or "Logistics"), AM&ST Associates, LLC ("AMST" or the “Silver Towne Mint"), and AM/LPM Ventures, LLC, which we
formed in February 2024 to acquire LPM Group Limited ("LPM").
The Wholesale Sales & Ancillary Services segment operates as a full-service precious metals company. We offer gold, silver,
platinum, and palladium in the form of bars, plates, powder, wafers, grain, ingots, and coins. Our Industrial unit services manufacturers
and fabricators of products utilizing or incorporating precious metals. Our Coin and Bar unit deals in approximately 2,100 coin and bar
products in a variety of weights, shapes, and sizes for distribution to dealers and other qualified purchasers. We have a marketing support
office in Vienna, Austria, a numismatics showroom in Hong Kong, and a trading center in El Segundo, California. The trading center,
for buying and selling precious metals, is available to receive orders 24 hours every day, even when many major world commodity
markets are closed. In addition to Wholesale Sales activity, A-Mark offers its customers a variety of ancillary services, including
financing, storage, consignment, logistics, and various customized financial programs. As a U.S. Mint-authorized purchaser of gold,
silver, platinum, and palladium coins, A-Mark purchases product directly from the U.S. Mint, and it also purchases product from other
sovereign mints, for sale to its customers.
Through its wholly-owned subsidiary AMTAG, the Company promotes its products and services to certain international markets.
Through our wholly-owned subsidiary TDS, we offer a variety of managed storage options for precious metals products to financial
institutions, dealers, investors, and collectors around the world.
The Company's wholly-owned subsidiary AMGL is based in Las Vegas, Nevada, and provides our customers an array of
complementary services, including receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom
coins on a secure basis.
Through its wholly-owned subsidiary AMST, the Company designs and produces minted silver products. Our Silver Towne Mint
operations allow us to provide greater product selection to our customers and greater pricing stability within the supply chain, as well
as to gain increased access to fabricated silver products during volatile market environments, which have historically created higher
demand for precious metals products.

37
In February 2024, the Company acquired LPM, one of Asia's largest precious metals dealers. Headquartered in Hong Kong, LPM
extends A-Mark's global reach by offering its full-service precious metals products and services in Asia and internationally.
Direct-to-Consumer
The Company operates its Direct-to-Consumer segment through its wholly-owned subsidiaries JM Bullion, Inc. (“JMB”) and
Goldline, Inc. (“Goldline”), and through its investment in Silver Gold Bull, Inc. ("SGB"). JMB currently has six wholly-owned
subsidiaries: Buy Gold and Silver Corp. ("BGASC"), BX Corporation ("BullionMax"), Gold Price Group, Inc. (“GPG”), Silver.com,
Inc. (“Silver.com”), Provident Metals Corp. (“PMC”), and CyberMetals Corp. ("CyberMetals"). Goldline owns 100% of AMIP, LLC
("AMIP"). SGB and Goldline each have a 50% ownership interest in Precious Metals Purchasing Partners, LLC ("PMPP"). As the
context requires, references to JMB may include BGASC, BullionMax, GPG, Silver.com, PMC, and CyberMetals and references to
Goldline may include AMIP and PMPP.
JMB is a leading e-commerce retailer providing access to a broad array of gold, silver, copper, platinum, and palladium products
through its websites. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market,
including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com,
BullionMax.com, and Gold.com.
In April 2022, JMB commercially launched the CyberMetals online platform, where customers can purchase and sell fractional
shares of digital gold, silver, platinum, and palladium bars in a range of denominations. CyberMetals’ customers have the option to
convert their digital holdings to fabricated precious metals products via an integrated redemption flow with JMB. These products may
be designated for storage by the Company or shipped directly to the customer.
The Company acquired Goldline in August 2017 through an asset purchase transaction with Goldline, LLC, which had been in
operation since 1960. Goldline is a direct retailer of precious metals to the investor community, and markets its precious metal products
on television, radio, and the internet, as well as through customer service outreach. AMIP manages Goldline’s intellectual property.
PMPP was formed in fiscal 2019 pursuant to terms of a joint venture agreement between Goldline and SGB, for the purpose of
purchasing precious metals from the partners' retail customers, and then reselling the acquired products back to affiliates of the partners.
PMPP commenced operations in fiscal 2020.
In 2014, the Company acquired its initial ownership interest in SGB, a leading e-commerce precious metals retailer in Canada,
increasing its ownership to 55.4% in June 2024. Our investment in SGB expands our direct-to-consumer footprint in the international
market. SGB's financial results and performance metrics have been included in our consolidated financial results from June 21, 2024,
the date we obtained a controlling ownership interest in SGB, and SGB became a consolidated subsidiary of the Company. Through its
website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins and rounds, as
well as certified coins from mints around the world.
Secured Lending
The Company operates its Secured Lending segment through its wholly-owned subsidiary, Collateral Finance Corporation, LLC,
including its wholly-owned subsidiary, CFC Alternative Investments (“CAI”) (collectively “CFC”).
CFC is a California licensed finance lender that originates and acquires commercial loans secured primarily by bullion and
numismatic coins. CFC's customers include coin and precious metal dealers, investors, and collectors. As of June 30, 2024, CFC had
approximately $113.1 million in secured loans outstanding, of which approximately 14.6% were acquired from third parties (some of
which may be customers of A-Mark) and approximately 85.4% were originated by CFC.
CAI is a holding company that has an equity method interest in Collectible Card Partners, LLC (“CCP”). CCP originates
commercial loans secured by graded sports cards. CCP commenced operations in fiscal 2022.
AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of CFC, was formed for the purpose of securitizing
eligible secured loans of CFC. AMCF issued and administered Secured Senior Term Notes: Series 2018-1, Class A, with an aggregate
principal amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B in the aggregate principal amount of
$28.0 million (collectively referred to as the "AMCF Notes"). The AMCF Notes were repaid in full in December 2023. AMCF was
dissolved in June 2024. See Note 15 to the Company’s consolidated financial statements for additional information.

38
Our Strategy
The Company was formed in 1965 and has grown into a significant participant in the bullion and coin markets, with $9.7 billion
in revenues for fiscal year 2024. We have remained active in seeking investment opportunities to strategically enhance our business,
and also continue to focus on growth in the volume of our business, our geographic presence, and the scope of complementary products,
services, and technological tools that we offer to our customers. In doing so, we seek to leverage off the strengths of our existing
integrated operations, which span trading, distribution, logistics, minting, storage, hedging, financing, and consignment products and
services, including:
•
our expertise in e-commerce and marketing;
•
the depth of our customer relationships and our ability to acquire and retain new customers;
•
our long-standing relationships with the United States Mint and other sovereign and private mints;
•
our access to market makers and suppliers;
•
our global trading systems;
•
our network of precious metals dealers;
•
our depository relationships around the world;
•
our design and production of minted silver products;
•
our ability to obtain more favorable pricing and financing terms due to our size;
•
our ability to manage exposure to commodity price risk through our experienced traders;
•
our distribution, storage and logistics capabilities;
•
our knowledge of secured lending; and
•
the quality and experience of our management team.
Our Customers
Our customers include financial institutions, bullion retailers, industrial manufacturers and fabricators, sovereign mints, refiners,
coin and metal dealers, investors, collectors, and e-commerce and other retail customers. The Company makes a two-way market in its
wholesale operations, which results in many customers also operating as our suppliers in that segment. This diverse base of wholesale
customers purchases a variety of products from the Company in a multitude of grades, primarily in the form of coins and bars. Our
Direct-to-Consumer segment sells to (and, through JMB and PMPP, buys from) retail customers, with JMB and SGB focusing on e-
commerce operations and Goldline marketing through various traditional and e-commerce channels to the investor community. The
Direct-to-Consumer segment offers these customers a variety of gold, silver, copper, platinum, and palladium products.
Factors Affecting Revenues, Gross Profit, Interest Income, and Interest Expense
Set forth below are the key factors affecting the Company’s revenues, gross profit, interest income, and interest expense. These
factors may be attributable to both the Company’s ongoing business activities as well as from Company acquisitions.
Revenues. The Company enters into transactions to sell and deliver gold, silver, platinum, and palladium to industrial and
commercial users, coin and bullion dealers, mints, and financial institutions. The metals are investment or industrial grade and are sold
in a variety of shapes and sizes.
The Company also sells and delivers gold, silver, platinum, palladium, and copper products directly to customers and the investor
community through its Direct-to Consumer segment. Customers may place orders online at one of the Company's websites or over the
phone.
The Company sells precious metals on forward contracts at a fixed price based on current prevailing precious metal spot prices
with a certain delivery date in the future (up to six months from inception date of the forward contract). The Company also uses other
derivative products (primarily futures contracts) or combinations thereof to hedge commodity risks. We enter into these forward and
futures contracts as part of our hedging strategy to mitigate our price risk of holding inventory; they are not entered into for speculative
purposes.
Forward sales contracts by their nature are required to be included in revenues, unlike futures contracts which do not impact the
Company’s revenue. The decision to use a forward contract versus another derivative type of product (e.g., a futures contract) for
hedging purposes is based on the economics of the transaction. Since the volume of hedging can be significant, the movement in and
out of forwards can substantially impact revenues, either positively or negatively, from period to period. For this reason, the Company
believes ounces sold (excluding ounces sold on forward sales contracts) is a meaningful metric to assess our top line performance.

39
In addition, the Company earns revenue by providing storage solutions for precious metals and numismatic coins for financial
institutions, dealers, investors, and collectors worldwide and by providing storage and order-fulfillment services to our retail customers.
The Company also earns revenue from advertisements placed on our Direct-to-Consumer websites. These revenue streams represent
less than 1% of the Company’s consolidated revenues.
The Company operates in a high volume/low margin industry. Revenues are impacted by three primary factors: product volume,
market prices, and market volatility. A material change in any one or more of these factors may result in a significant change in the
Company’s revenues. A significant increase or decrease in revenues can occur simply based on changes in the underlying commodity
prices and may not be reflective of an increase or decrease in the volume of products sold.
Gross Profit. Gross profit is the difference between our revenues and the cost of our products sold. Since we quote prices based
on the current commodity market prices for precious metals, we enter into a combination of forward and futures contracts to effect a
hedge position equal to the underlying precious metal commodity value, which substantially represents inventory subject to price risk.
We enter into these derivative transactions solely for the purpose of hedging our inventory, and not for speculative purposes. Our gross
profit includes the gains and losses resulting from these derivative instruments. However, the gains and losses on the derivative
instruments are substantially offset by the gains and losses on the corresponding changes in the market value of our precious metals
inventory. As a result, our results of operations generally are not materially impacted by changes in commodity prices.
Interest Income. The Company enters into secured loans and secured financing structures with its customers under which it charges
interest. CFC originates loans and acquires loan portfolios that are secured by precious metal bullion and numismatic material owned
by the borrowers and held by the Company for the term of the loan. Also, the Company offers a number of secured financing options to
its customers to finance their precious metals purchases including consignments and other structured inventory finance products whereby
the Company earns a fee based on the underlying value of the precious metal ("repurchase arrangements with customers").
Interest Expense. The Company incurs interest expense associated with its lines of credit, notes payable, product financing
agreements for the transfer and subsequent re-acquisition of gold, silver, and platinum at a fixed price with a third-party finance company
("product financing arrangements"), and short-term precious metal borrowing arrangements with our suppliers ("liabilities on borrowed
metals").
Performance Metrics
In addition to financial statement indicators, management also utilizes key operational metrics to assess the performance of our
business. SGB's performance metrics have been included in our consolidated financial results from June 21, 2024, the date we obtained
a controlling ownership interest in SGB, and SGB became a consolidated subsidiary of the Company.
Gold and Silver Ounces Sold and Delivered to Customers. A key performance metric we utilize is the number of ounces of gold
and silver sold and delivered to our customers (excluding ounces recorded on forward contracts). These metrics reflect our business
volume without regard to changes in commodity pricing, which also impacts revenue, but can mask actual business trends.
The primary purpose of entering into forward sales transactions is to hedge commodity price risk. Although the revenues realized
from these forward sales transactions are often significant, they generally have negligible impact on gross margins. As a result, the
Company excludes the ounces recorded on forward contracts from its performance metrics, as the Company does not enter into forward
sales transactions for speculative purposes.
Wholesale Sales Ticket Volume. Another measure of our business that is unaffected by changes in commodity pricing is ticket
volume (or number of orders processed). Ticket volume for the Wholesale Sales & Ancillary Services segment measures the total
number of wholesale orders processed during the period. In periods of higher volatility, there is generally increased trading in the
commodity markets, causing increased demand for our products, resulting in higher business volume. During periods of heightened
demand, order size per ticket may increase.
Direct-to-Consumer Customers. We are focused on attracting new customers and retaining existing customers to drive revenue
growth. We use the following three metrics as revenue growth indicators when assessing our customer base:
•
New Direct-to-Consumer Customers means the number of customers that have registered or set up a new account, made a
purchase for the first time during the period, or acquired through investment activity.
•
Active Direct-to-Consumer Customers means the number of customers that have made a purchase during any month during
the period.
•
Total Direct-to-Consumer Customers means the aggregate number of customers that have registered or set up an account
or have made a purchase in the past.
Direct-to-Consumer Ticket Volume. Ticket volume for the Direct-to-Consumer segment measures the number of product orders
processed during the period. In periods of higher volatility, there is generally increased consumer demand for our products, resulting in
higher business volume. We use the following three metrics indicators when assessing our ticket volume:

40
•
Ticket Volume from New Direct-to-Consumer Customers means the number of product orders from new customers (refer to
the definition of new customers above) processed by JMB, Goldline, SGB, and PMPP during the period.
•
Ticket Volume from Pre-existing Direct-to-Consumer Customers means the number of product orders from pre-existing
customers, processed by JMB, Goldline, SGB, and PMPP during the period.
•
Total Ticket Volume from Direct-to-Consumer Customers means the aggregate number of product orders processed by JMB,
Goldline, SGB, and PMPP during the period.
Average Order Value. Average order value for the Direct-to-Consumer segment and JMB measures the average dollar value of
product orders (excluding accumulation program orders) delivered to the customer during the period.
Inventory Turnover. Inventory turnover is another performance measure on which we are focused and is calculated as the cost of
sales divided by the average inventory during the relevant period. Inventory turnover is a measure of how quickly inventory has moved
during the period. A higher inventory turnover ratio, which we typically experience during periods of higher volatility when trading is
more robust, typically reflects a more efficient use of our capital.
The period of time that inventory is held by the Company varies depending upon the nature of our inventory commitments with
customers and suppliers. See Note 6 to the Company’s consolidated financial statements for a description of our classifications of
inventory by type. When management analyzes inventory turnover on a period over period basis, consideration is given to each inventory
type and its corresponding impact on the inventory turnover calculation. For example:
•
The Company enters into various structured borrowing arrangements that commit the Company's inventory (such as product
financing arrangements or liabilities on borrowed metals) for an unspecified period of time. While the Company is able to
obtain access to this inventory on demand, this type of inventory tends not to turn over as quickly as other types of inventory.
•
The Company enters into repurchase arrangements with customers under which it holds precious metals which are subject
to repurchase for an unspecified period of time. While the Company has legal title to this inventory, the Company is required
to hold this inventory (or like-kind inventory) for the customer until the arrangement is terminated or the material is
repurchased by the customer. As a result, this type of inventory tends not to turn over as quickly as other types of inventory.
Additionally, our inventory turnover ratio can be affected by hedging activity, as the period over period change of the inventory
turnover ratio may be significantly impacted by a period over period change in hedging volume. For example, if trading activity were
to remain constant over two periods, but there were significantly higher forward sales in the current period compared to a prior period,
the calculated inventory turnover ratio would increase notwithstanding the constancy of the trading volume.
Number of Secured Loans. Finally, as a measure of the size of our Secured Lending segment, we utilize the number of outstanding
secured loans to customers that are primarily collateralized by precious metals at the end of each quarter.
The Company calculates a loan-to-value ("LTV") ratio for each loan as the principal amount of the loan divided by the liquidation
value of the collateral, which is based on daily spot market prices of precious metal bullion. When the market price of the pledged
collateral decreases and thereby increases the LTV ratio of a loan above a prescribed maximum ratio, usually 85%, the Company has
the option to make a margin call on the loan. As a result, a decline of precious metal market prices may cause a decrease in the number
of loans outstanding in a period.
Non-GAAP Measures
In addition to key operational metrics that are used to assess the performance of our business, management also uses non-GAAP
financial performance and liquidity measures. We believe "adjusted net income before provision for income taxes” and "EBITDA" can
provide useful information to evaluate our financial performance and liquidity position. Non-GAAP measures do not have standardized
definitions and should not be a substitute for measures that are prepared in accordance with U.S. GAAP. For a reconciliation of these
non-GAAP measures to the most directly comparable U.S. GAAP measure reported in our consolidated statements of income and
consolidated statements of cash flows and a discussion of certain limitations inherent in such measures, refer to the “Non-GAAP
Measures” section below.
Fiscal Year
Our fiscal year end is June 30 each year.

41
Macroeconomic Volatility
Continued macroeconomic uncertainty and the volatility in the financial markets in recent years have positively affected the
Company’s trading revenues and gross profit as the volatility of the price of precious metals and numismatics typically results in an
increase in the spread between bid and ask prices on these products. Although conditions may fluctuate from period to period, when
volatility is high, we historically experience increased demand for products in each of our coin and bar, industrial, and retail businesses.
While macroeconomic uncertainty continues to impact our business, its effects have been less pronounced in the current fiscal year. The
Company cannot predict the periods during which such increased volatility will occur or the level of such increased volatility, the effect
of such volatility and macroeconomic uncertainty on the Company, or whether other effects on the Company and its businesses will
materialize in the short or long term.

42
RESULTS OF OPERATIONS
Overview of Results of Operations
Consolidated Results of Operations for the Years Ended June 30, 2024 and 2023
The operating results of our business were as follows (in thousands, except per share and performance metrics data):
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Revenues
$
9,699,039
100.000%
$
9,286,561
100.000%
$
412,478
4.4%
Gross profit
173,255
1.786%
294,669
3.173%
$
(121,414)
(41.2%)
Selling, general, and administrative expenses
(89,800)
(0.926%)
(85,282)
(0.918%)
$
4,518
5.3%
Depreciation and amortization expense
(11,397)
(0.118%)
(12,525)
(0.135%)
$
(1,128)
(9.0%)
Interest income
27,168
0.280%
22,231
0.239%
$
4,937
22.2%
Interest expense
(39,531)
(0.408%)
(31,528)
(0.340%)
$
8,003
25.4%
Earnings from equity method investments
4,044
0.042%
12,576
0.135%
$
(8,532)
(67.8%)
Other income, net
2,071
0.021%
2,663
0.029%
$
(592)
(22.2%)
Remeasurement gain on pre-existing equity
interest
16,669
0.172%
—
—%
$
16,669
—%
Unrealized gains on foreign exchange
299
0.003%
366
0.004%
$
(67)
(18.3%)
Net income before provision for income taxes
82,778
0.853%
203,170
2.188%
$
(120,392)
(59.3%)
Income tax expense
(13,745)
(0.142%)
(46,401)
(0.500%)
$
(32,656)
(70.4%)
Net income
69,033
0.712%
156,769
1.688%
$
(87,736)
(56.0%)
Net income attributable to
noncontrolling interests
487
0.005%
409
0.004%
$
78
19.1%
Net income attributable to the Company
$
68,546
0.707%
$
156,360
1.684%
$
(87,814)
(56.2%)

Basic and diluted net income per share attributable to
A-Mark Precious Metals, Inc.:

Per Share Data:
Basic
$
2.97
$
6.68
$
(3.71)
(55.5%)
Diluted
$
2.84
$
6.34
$
(3.50)
(55.2%)

Performance Metrics:(1)
Gold ounces sold(2)
1,839,000
2,667,000
(828,000)
(31.0%)
Silver ounces sold(3)
108,096,000
156,233,000
(48,137,000)
(30.8%)
Inventory turnover ratio(4)
9.2
10.5
(1.3)
(12.4%)
Number of secured loans at period end(5)
588
882
(294)
(33.3%)
(1)
See "Results of Segments" for a description of additional metrics not listed above.
(2)
Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward
contracts.
(3)
Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward
contracts.
(4)
Inventory turnover ratio is the cost of sales divided by average inventory for the period presented above. This calculation excludes precious metals held under
financing arrangements, which are not classified as inventory on the consolidated balance sheets.
(5)
Number of outstanding secured loans to customers that are primarily collateralized by precious metals at the end of the period.

43
Revenues
in thousands, except performance metrics
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Revenues
$
9,699,039
100.000%
$
9,286,561
100.000%
$
412,478
4.4%
Performance Metrics
Gold ounces sold
1,839,000
2,667,000
(828,000)
(31.0%)
Silver ounces sold
108,096,000
156,233,000
(48,137,000)
(30.8%)
Revenues for the year ended June 30, 2024 increased $412.5 million, or 4.4%, to $9.699 billion from $9.287 billion in 2023.
Excluding an increase of $1.561 billion of forward sales, our revenues decreased $1.148 billion, or 16.7%, which was due to a decrease
in gold and silver ounces sold, partially offset by higher average selling prices of gold and silver.
Gold ounces sold for the year ended June 30, 2024 decreased 828,000 ounces, or 31.0%, to 1,839,000 ounces from 2,667,000
ounces in 2023. Silver ounces sold for the year ended June 30, 2024 decreased 48,137,000 ounces, or 30.8%, to 108,096,000 ounces
from 156,233,000 ounces in 2023. On average, the selling prices for gold increased by 11.4% and selling prices for silver increased by
11.0% during the year ended June 30, 2024 as compared to the prior year.
JMB's revenue represented 13.6% and 19.4% of the Company's consolidated revenue for the years ended June 30, 2024 and 2023,
respectively.
Gross Profit
in thousands, except performance metric
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Gross profit
$
173,255
1.786%
$
294,669
3.173%
$
(121,414)
(41.2%)
Performance Metric
Inventory turnover ratio
9.2
10.5
(1.3)
(12.4%)
Gross profit for the year ended June 30, 2024 decreased $121.4 million, or 41.2%, to $173.3 million from $294.7 million in 2023.
The overall gross profit decrease was due to lower gross profits earned from both the Wholesale Sales & Ancillary Services and Direct-
to-Consumer segments.
The Company’s overall gross margin percentage for the year ended June 30, 2024 decreased by 138.7 basis points to 1.786% from
3.173% in 2023. Excluding an increase of $1.561 billion of forward sales that had a negligible impact to the amount of gross profit, our
gross margin percentage for the year ended June 30, 2024 decreased by 126.2 basis points to 3.029% from 4.291%, which was primarily
due to lower premium spreads, partially offset by higher trading profits. JMB’s retail market activity represented 40.6% and 48.5%,
respectively, of the Company’s consolidated gross profit for the years ended June 30, 2024 and 2023.
Our inventory turnover ratio for the year ended June 30, 2024 decreased by 12.4% to 9.2 from 10.5 in 2023. The decrease in our
inventory turnover ratio was primarily due to higher average inventory balances held under product financing arrangements, partially
offset by higher forward sales.
Selling, General, and Administrative Expense
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Selling, general, and administrative expenses
$
(89,800)
(0.926%)
$
(85,282)
(0.918%)
$
4,518
5.3%
Selling, general, and administrative expenses for the year ended June 30, 2024 increased $4.5 million, or 5.3%, to $89.8 million
from $85.3 million in 2023. The change was primarily due to: (i) an increase in consulting and professional fees of $5.3 million and (ii)
an increase in information technology costs of $1.0 million, partially offset by (iii) a decrease in insurance costs of $0.9 million, (iv) a
decrease in compensation expense (including performance-based accruals) of $0.7 million, and (v) a decrease in advertising costs of
$0.7 million.
Depreciation and Amortization Expense
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Depreciation and amortization expense
$
(11,397)
(0.118%)
$
(12,525)
(0.135%)
$
(1,128)
(9.0%)
Depreciation and amortization expense for the year ended June 30, 2024 decreased $1.1 million, or 9.0%, to $11.4 million from
$12.5 million in 2023 primarily due to (i) a $2.2 million decrease in JMB’s intangible asset amortization expense, partially offset by (ii)
a $0.6 million increase in depreciation expense related to our property, plant and equipment and (iii) $0.5 million of amortization expense
relating to intangible assets acquired through our acquisition of LPM and acquisition of a controlling interest in SGB.

44
Interest Income
in thousands, except performance metric
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Interest income
$
27,168
0.280%
$
22,231
0.239%
$
4,937
22.2%
Performance Metric
Number of secured loans at period-end
588
882
(294)
(33.3%)
Interest income for the year ended June 30, 2024 increased $4.9 million, or 22.2%, to $27.2 million from $22.2 million in 2023.
The aggregate increase in interest income 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.
The interest income from our Secured Lending segment increased by $1.7 million, or 17.8%, compared with the prior year period.
The increase in interest income earned from the segment’s secured loan portfolio was primarily due to an increase in interest rates and
higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased
by 33.3% to 588 as of June 30, 2024, from 882 as of June 30, 2023.
Interest Expense
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Interest expense
$
(39,531)
(0.408%)
$
(31,528)
(0.340%)
$
8,003
25.4%
Interest expense for the year ended June 30, 2024 increased $8.0 million, or 25.4%, to $39.5 million from $31.5 million in 2023.
The increase in interest expense was primarily driven by each of the following components: (i) an increase of $8.4 million associated
with our Trading Credit Facility due to an increase in interest rates as well as increased borrowings and (ii) an increase of $3.0 million
related to product financing arrangements, partially offset by (iii) a decrease of $3.2 million related to the AMCF Notes (including
amortization of debt issuance costs) due to the repayment in December 2023 and (iv) a $0.5 million decrease in loan servicing fees.
Earnings from Equity Method Investments
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Earnings from equity method investments
$
4,044
0.042%
$
12,576
0.135%
$
(8,532)
(67.8%)
Earnings from equity method investments for the year ended June 30, 2024 decreased $8.5 million, or 67.8%, to $4.0 million from
$12.6 million in 2023 due to decreased earnings of our equity method investees.
Other Income, Net
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Other income, net
$
2,071
0.021%
$
2,663
0.029%
$
(592)
(22.2%)
Other income, net for the year ended June 30, 2024 decreased $0.6 million, or 22.2%, to $2.1 million from $2.7 million in 2023.
The decrease in other income, net was not significant.
Remeasurement Gain on Pre-Existing Equity Interest
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Remeasurement gain on pre-existing equity
interest
$
16,669
0.172%
$
—
—%
$
16,669
—%
The remeasurement gain on pre-existing equity interest was recognized in connection with the acquisition of a controlling interest
in SGB in June 2024. The Company’s estimated fair value of its 47.4% pre-existing equity interest in SGB was determined to be
approximately $56.8 million at the acquisition date. Based on the total consideration paid of $128.8 million, as well as adjustments to
our option to acquire additional equity interest in SGB and the derecognition of our cumulative translation balances related to SGB, the
remeasurement resulted in a gain of $16.7 million. For additional information about our most recent acquisition see Note 1 to the
Company’s consolidated financial statements.

45
Income Tax Expense
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Income tax expense
$
(13,745)
(0.142%)
$
(46,401)
(0.500%)
$
(32,656)
(70.4%)
Our income tax expense was $13.7 million and $46.4 million for the years ended June 30, 2024 and 2023, respectively. Our
effective tax rate was approximately 16.6% and 22.8% for the years ended June 30, 2024 and 2023, respectively. For the year ended
June 30, 2024, our effective tax rate differed from the federal statutory rate primarily due to a one-time adjustment related to the SGB
step acquisition, the excess tax benefit from share-based compensation, foreign derived intangible income special deduction and partially
offset by state taxes (net of federal tax benefit), Section 162(m) executive compensation disallowance, and other normal course non-
deductible expenditures. For the year ended June 30, 2023, our effective tax rate differed from the federal statutory rate primarily due
to the excess tax benefit from share-based compensation, foreign derived intangible income special deduction, offset by state taxes (net
of federal tax benefit), Section 162(m) executive compensation disallowance, and other normal course non-deductible expenditures.

46
SEGMENT RESULTS OF OPERATIONS
The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-
Consumer, and (iii) Secured Lending.
Results of Operations — Wholesale Sales & Ancillary Services Segment
The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-
Mark Trading AG (“AMTAG”), Transcontinental Depository Services ("TDS"), A-M Global Logistics, LLC ("Logistics"), AM&ST
Associates, LLC ("AMST" or "Silver Towne" or the "Mint"), and AM/LPM Ventures, LLC, which we formed in February 2024 to
acquire LPM Group Limited ("LPM"). The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of
inter-segment transactions and unallocated segment adjustments.
Overview of Results of Operations for the Years Ended June 30, 2024 and 2023
— Wholesale Sales & Ancillary Services Segment
The operating results of our Wholesale Sales & Ancillary Services segment were as follows (in thousands, except performance
metrics data):
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Revenues
$
8,247,370
(a)
100.000%
$
7,289,139
(b)
100.000%
$
958,231
13.1%
Gross profit
90,209
1.094% (c)
125,678
1.724% (d) $
(35,469)
(28.2%)
Selling, general, and administrative expenses
(45,968)
(0.557%)
(40,181)
(0.551%)
$
5,787
14.4%
Depreciation and amortization expense
(1,860)
(0.023%)
(970)
(0.013%)
$
890
91.8%
Interest income
15,730
0.191%
12,523
0.172%
$
3,207
25.6%
Interest expense
(28,252)
(0.343%)
(19,660)
(0.270%)
$
8,592
43.7%
Earnings from equity method investments
3,998
0.048%
12,575
0.173%
$
(8,577)
(68.2%)
Other income, net
1,064
0.013%
161
0.002%
$
903
560.9%
Remeasurement gain on pre-existing equity
interest
16,669
0.202%
—
—%
$
16,669
—%
Unrealized gains on foreign exchange
261
0.003%
366
0.005%
$
(105)
(28.7%)
Net income before provision for income
taxes
$
51,851
0.629%
$
90,492
1.241%
$
(38,641)
(42.7%)

Performance Metrics:
Gold ounces sold(1)
1,385,000
2,038,000
(653,000)
(32.0%)
Silver ounces sold(2)
94,877,000
132,582,000
(37,705,000)
(28.4%)
Wholesale Sales ticket volume(3)
104,833
101,488
3,345
3.3%
(a)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.006 billion. This segment’s gross sales before
eliminations of inter-segment activity totaled $9.253 billion.
(b)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.464 billion. This segment’s gross sales before
eliminations of inter-segment activity totaled $8.754 billion.
(c)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.916% for the period.
(d)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 1.449% for the period.
(1)
Gold ounces sold represents the ounces of gold product sold and delivered to the customer during the period, excluding ounces of gold recorded on forward
contracts.
(2)
Silver ounces sold represents the ounces of silver product sold and delivered to the customer during the period, excluding ounces of silver recorded on forward
contracts.
(3)
Wholesales Sales ticket volume represents the total number of product orders processed.
Revenues — Wholesale Sales & Ancillary Services
in thousands, except performance metrics
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Revenues
$
8,247,370
(a)
100.000%
$
7,289,139
(b)
100.000%
$
958,231
13.1%
Performance Metrics
Gold ounces sold
1,385,000
2,038,000
(653,000)
(32.0%)
Silver ounces sold
94,877,000
132,582,000
(37,705,000)
(28.4%)
Wholesale Sales ticket volume
104,833
101,488
3,345
3.3%
(a)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.006 billion. This segment’s gross sales before
eliminations of inter-segment activity totaled $9.253 billion.
(b)
Revenues are presented net of inter-segment transactions with the Direct-to-Consumer segment that totaled $1.464 billion. This segment’s gross sales before
eliminations of inter-segment activity totaled $8.754 billion.

47
Revenues for the year ended June 30, 2024 increased $958.2 million, or 13.1%, to $8.247 billion from $7.289 billion in 2023.
Excluding an increase in forward sales of $1.561 billion, our revenues decreased $602.6 million, which was due to a decrease in gold
and silver ounces sold, partially offset by higher average selling prices of gold and silver.
Gold ounces sold for the year ended June 30, 2024 decreased 653,000 ounces, or 32.0%, to 1,385,000 ounces from 2,038,000
ounces in 2023. Silver ounces sold for the year ended June 30, 2024 decreased 37,705,000 ounces, or 28.4%, to 94,877,000 ounces from
132,582,000 ounces in 2023. On average, the selling prices for gold increased by 11.6% and selling prices for silver increased by 11.6%
during the year ended June 30, 2024 as compared to the prior year.
The Wholesale Sales ticket volume for the year ended June 30, 2024 increased by 3,345 tickets, or 3.3% to 104,833 tickets from
101,488 tickets in 2023.
Gross Profit — Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Gross profit
$
90,209
1.094% (c) $
125,678
1.724% (d) $
(35,469)
(28.2%)
(c)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 0.916% for the period.
(d)
Gross profit percentage before elimination of inter-segment sales to the Direct-to-Consumer segment was 1.449% for the period.
Gross profit for the year ended June 30, 2024 decreased $35.5 million, or 28.2%, to $90.2 million from $125.7 million in 2023.
The gross profit decrease was primarily due to lower premium spreads, partially offset by higher trading profits.
This segment’s profit margin percentage decreased by 63.0 basis points to 1.094% from 1.724% in 2023. The decrease in gross
margin percentage was mainly attributable to the impact of increased forward sales and lower premium spreads, partially offset by
higher trading profits.
Excluding an increase of $1.561 billion of forward sales that had a negligible impact to the amount of gross profit, this segment's
gross margin percentage for the year ended June 30, 2024 decreased by 46.7 basis points to 2.114% from 2.581% in the prior year.
Forward sales increase revenues but are associated with negligible gross profit. The Company enters into forward contracts to hedge its
precious metals price risk exposure and not for speculative purposes.
Selling, General, and Administrative Expenses — Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Selling, general, and administrative expenses
$
(45,968)
(0.557%)
$
(40,181)
(0.551%)
$
5,787
14.4%
Selling, general, and administrative expenses for the year ended June 30, 2024 increased $5.8 million, or 14.4%, to $46.0 million
from $40.2 million in 2023. The change was primarily due to: (i) an increase in consulting and professional fees of $5.7 million, (ii) an
increase in advertising costs of $0.8 million, and (iii) an increase in information technology costs of $0.4 million, partially offset by (iv)
a decrease in insurance costs of $1.0 million.
Interest Income — Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Interest income
$
15,730
0.191%
$
12,523
0.172%
$
3,207
25.6%
Interest income for the year ended June 30, 2024 increased $3.2 million, or 25.6%, to $15.7 million from $12.5 million in 2023.
The overall increase was primarily due to (i) an increase in interest earned from repurchase arrangements with customers of $2.3 million,
(ii) a $0.4 million increase in interest income earned from spot deferred trade orders, and (iii) a $0.4 million increase in interest and fees
earned related to margin orders.

48
Interest Expense — Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Interest expense
$
(28,252)
(0.343%)
$
(19,660)
(0.270%)
$
8,592
43.7%
Interest expense for the year ended June 30, 2024 increased $8.6 million, or 43.7%, to $28.3 million from $19.7 million in 2023.
The overall increase was primarily due to (i) an increase of $5.0 million in connection with our Trading Credit Facility due to an increase
in interest rates as well as increased borrowings, (ii) higher interest and fees from product financing arrangements of $3.0 million, and
(iii) an increase in inter-segment eliminations related to JMB’s product financing activity with A-Mark of $1.3 million, partially offset
by (iv) a decrease of $0.8 million related to the AMCF Notes (including amortization of debt issuance costs) due to the repayment in
December 2023.
Earnings from Equity Method Investments — Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Earnings from equity method investments
$
3,998
0.048%
$
12,575
0.173%
$
(8,577)
(68.2%)
Earnings from equity method investments for the year ended June 30, 2024 decreased $8.6 million, or 68.2%, to $4.0 million from
$12.6 million in 2023 due to decreased earnings of our equity method investees.
Other Income, Net — Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Other income, net
$
1,064
0.013%
$
161
0.002%
$
903
560.9%
Other income, net for the year ended June 30, 2024 increased by $0.9 million primarily due to an increase in gains on other
investments of $0.6 million as well as an increase in gains related to fair value adjustments to our acquisition-related contingent
consideration liability of $0.4 million.
Remeasurement Gain on Pre-Existing Equity Interest - Wholesale Sales & Ancillary Services
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Remeasurement gain on pre-existing equity
interest
$
16,669
0.202%
$
—
—%
$
16,669
—%
The remeasurement gain on pre-existing equity interest was recognized in connection with the acquisition of a controlling interest
in SGB in June 2024. The Company’s estimated fair value of its 47.4% pre-existing equity interest in SGB was determined to be
approximately $56.8 million at the acquisition date. Based on the total consideration paid of $128.8 million, as well as adjustments to
our option to acquire additional equity interest in SGB and the derecognition of our cumulative translation balances related to SGB, the
remeasurement resulted in a gain of $16.7 million. For additional information about our most recent acquisition see Note 1 to the
Company’s consolidated financial statements.

49
Results of Operations — Direct-to-Consumer Segment
The Company operates its Direct-to-Consumer segment through our wholly-owned subsidiaries: JM Bullion, Inc. (“JMB”),
Goldline, Inc. (“Goldline”), through our investment in Silver Gold Bull, Inc. ("SGB"), and through our subsidiary Precious Metals
Purchasing Partners, LLC ("PMPP").
Overview of Results of Operations for the Years Ended June 30, 2024 and 2023
— Direct-to-Consumer Segment
The operating results of our Direct-to-Consumer ("DTC") segment were as follows (in thousands, except performance metrics
data):
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Revenues
$
1,451,669
(a)
100.000%
$
1,997,422
(b)
100.000%
$
(545,753)
(27.3%)
Gross profit
83,046
5.721% (c)
168,991
8.460% (d) $
(85,945)
(50.9%)
Selling, general, and administrative expenses
(42,456)
(2.925%)
(42,976)
(2.152%)
$
(520)
(1.2%)
Depreciation and amortization expense
(9,273)
(0.639%)
(11,204)
(0.561%)
$
(1,931)
(17.2%)
Interest income
3
0.000%
—
—%
$
3
—%
Interest expense
(2,838)
(0.195%)
(4,098)
(0.205%)
$
(1,260)
(30.7%)
Earnings from equity method investments
14
0.001%
—
—%
$
14
—%
Other income, net
5
0.000%
142
0.007%
$
(137)
(96.5%)
Unrealized gains on foreign exchange
38
0.003%
—
—%
$
38
—%
Net income before provision for income taxes
$
28,539
1.966%
$
110,855
5.550%
$
(82,316)
(74.3%)

Performance Metrics:
Gold ounces sold(1)
454,000
629,000
(175,000)
(27.8%)
Silver ounces sold(2)
13,219,000
23,651,000
(10,432,000)
(44.1%)
Number of new customers(3)
718,500
335,300
383,200
114.3%
Number of active customers(4)
483,400
476,300
7,100
1.5%
Number of total customers(5)
3,066,800
2,348,300
718,500
30.6%
DTC ticket volume from new customers(6)
134,021
152,592
(18,571)
(12.2%)
DTC ticket volume from pre-existing
customers(7)
479,718
626,248
(146,530)
(23.4%)
DTC total ticket volume(8)
613,739
778,840
(165,101)
(21.2%)
DTC average order value(9)
$
2,407
$
2,606
$
(199)
(7.6%)
JMB average order value(9)
$
2,223
$
2,390
$
(167)
(7.0%)
(a)
Includes $14.3 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $3.5 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(c)
Gross profit percentage, excluding inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment, was 5.758%
for the period.
(d)
Gross profit percentage, excluding inter-segment company sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment, was
8.468% for the period.
(1)
Gold ounces sold represents the ounces of gold product sold and delivered during the period. SGB's metrics are included after the Company acquired a controlling
interest on June 21, 2024.
(2)
Silver ounces sold represents the ounces of silver product sold and delivered during the period. SGB's metrics are included after the Company acquired a controlling
interest on June 21, 2024.
(3)
Number of new customers represents the number of customers that have registered or set up a new account or made a purchase for the first time during the period.
SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(4)
Number of active customers represents the number of customers that have made a purchase during any month during the period. SGB's metrics are included after
the Company acquired a controlling interest on June 21, 2024.
(5)
Number of total customers represents the aggregate number of customers that have registered or set up an account or have made a purchase in the past. SGB's
metrics are included after the Company acquired a controlling interest on June 21, 2024.
(6)
Ticket volume from new customers represents the number of product orders from new customers processed by JMB, Goldline, SGB, and PMPP during the period.
SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(7)
Ticket volume from pre-existing customers represents the total number of product orders from pre-existing customers processed by JMB, Goldline, SGB, and
PMPP during the period. SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.
(8)
Total ticket volume represents the total number of product orders processed by JMB, Goldline, SGB, and PMPP during the period. SGB's metrics are included
after the Company acquired a controlling interest on June 21, 2024.
(9)
Average Order Value ("AOV") represents the average dollar value of product orders (excluding accumulation program orders) delivered to the customer during
the period.
SGB's metrics are included after the Company acquired a controlling interest on June 21, 2024.

50
Revenues — Direct-to-Consumer
in thousands, except performance metrics
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Revenues
$
1,451,669
100.000%
$
1,997,422
100.000%
$
(545,753)
(27.3%)
Performance Metrics:
Gold ounces sold
454,000
629,000
(175,000)
(27.8%)
Silver ounces sold
13,219,000
23,651,000
(10,432,000)
(44.1%)
Number of new customers
718,500
335,300
383,200
114.3%
Number of active customers
483,400
476,300
7,100
1.5%
Number of total customers
3,066,800
2,348,300
718,500
30.6%
DTC ticket volume from new customers
134,021
152,592
(18,571)
(12.2%)
DTC ticket volume from pre-existing
customers
479,718
626,248
(146,530)
(23.4%)
DTC total ticket volume
613,739
778,840
(165,101)
(21.2%)
DTC average order value
$
2,407
$
2,606
$
(199)
(7.6%)
JMB average order value
$
2,223
$
2,390
$
(167)
(7.0%)
Revenues for the year ended June 30, 2024 decreased $545.8 million, or 27.3%, to $1.452 billion from $1.997 billion in 2023.
The decrease in revenue was due to a decrease in gold and silver ounces sold, partially offset by higher average selling prices of gold
and silver. For the year ended June 30, 2024, JMB's revenue decreased $487.1 million and revenue of Goldline, SGB and PMPP, in the
aggregate, decreased by $58.7 million as compared to the prior year.
Gold ounces sold for the year ended June 30, 2024 decreased 175,000 ounces, or 27.8%, to 454,000 ounces from 629,000 ounces
in 2023. Silver ounces sold for the year ended June 30, 2024 decreased 10,432,000 ounces, or 44.1%, to 13,219,000 ounces from
23,651,000 ounces in 2023.
Gold ounces sold by JMB decreased 159,000 ounces for the year ended June 30, 2024 compared to 2023. Gold ounces sold by
Goldline, SGB and PMPP, in the aggregate, decreased 16,000 ounces compared to 2023. Silver ounces sold by JMB decreased 9,586,000
ounces for the year ended June 30, 2024 compared to 2023. Silver ounces sold by Goldline, SGB and PMPP, in the aggregate, decreased
846,000 ounces compared to 2023.
On average, selling prices for gold increased by 9.9% and selling prices for silver increased by 10.5% during the year ended
June 30, 2024 as compared to the prior year.
The number of new customers for the year ended June 30, 2024 increased 383,200, or 114.3%, to 718,500 from 335,300 in 2023.
The number of active customers for the year ended June 30, 2024 increased 7,100, or 1.5% to 483,400 from 476,300 in 2023. The
number of total customers as of June 30, 2024 increased 718,500, or 30.6% to 3,066,800 from 2,348,300 as of June 30, 2023. These
changes in customer-based metrics were primarily due the acquisition of SGB's 523,000 total customers as of June 30, 2024, as well as
JMB's activity.
As of June 30, 2024, the number of total CyberMetals customers was 29,600, and CyberMetals customer assets under management
were $7.3 million.
For the year ended June 30, 2024, the Direct-to-Consumer ticket volume related to new customers decreased by 18,571 tickets, or
12.2%, to 134,021 tickets from 152,592 tickets in 2023. For the year ended June 30, 2024, Direct-to-Consumer ticket volume related to
pre-existing customers decreased by 146,530 tickets, or 23.4%, to 479,718 tickets from 626,248 tickets in 2023. For the year ended
June 30, 2024, the Direct-to-Consumer total ticket volume decreased by 165,101 tickets, or 21.2%, to 613,739 tickets from 778,840
tickets in 2023.
For the year ended June 30, 2024, the Direct-to-Consumer average order value decreased by $199, or 7.6%, to $2,407 from $2,606
in 2023.
Gross Profit — Direct-to-Consumer
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Gross profit
$
83,046
5.721%
$
168,991
8.460%
$
(85,945)
(50.9%)
Gross profit for the year ended June 30, 2024 decreased by $85.9 million, or 50.9%, to $83.0 million from $169.0 million in 2023.
The decrease in gross profit was mainly due to a decreased gross profit margin percentage as well as a lower ticket volume during the
period.
For the year ended June 30, 2024, the Direct-to-Consumer segment's profit margin percentage decreased by 273.9 basis points to
5.721% from 8.460% in 2023. The decrease in the gross profit margin percentage was primarily due to the lower gross profit percentages
of JMB, but also to lower gross profit percentages of Goldline and PMPP.

51
Selling, General, and Administrative Expense — Direct-to-Consumer
in thousands
Year Ended June 30,
2024
2023
Change
$
% of
revenue
$
% of
revenue
$
%
Selling, general, and administrative expenses
$
(42,456)
(2.925%)
$
(42,976)
(2.152%)
$
(520)
(1.2%)
Selling, general, and administrative expenses for the year ended June 30, 2024 decreased $0.5 million, or 1.2%, to $42.5 million
from $43.0 million in 2023. The change in selling, general, and administrative expense was not significant.
Depreciation and Amortization Expense — Direct-to-Consumer
in thousands
Year Ended June 30,
2024
2023
Change
$
% of revenue
$
% of revenue
$
%
Depreciation and amortization expense
$
(9,273)
(0.639%)
$
(11,204)
(0.561%)
$
(1,931)
(17.2%)
Depreciation and amortization expense for the year ended June 30, 2024, decreased $1.9 million, or 17.2%, to $9.3 million from
$11.2 million in 2023 primarily due to a $2.2 million decrease in JMB’s intangible asset amortization expense.
Interest expense — Direct-to-Consumer
in thousands
Year Ended June 30,
2024
2023
Change
$
% of
revenue
$
% of
revenue
$
%
Interest expense
$
(2,838)
(0.195%)
$
(4,098)
(0.205%)
$
(1,260)
(30.7%)
Interest expense for the year ended June 30, 2024 decreased $1.3 million to $2.8 million from $4.1 million in 2023. The decrease
is related to JMB’s reduced product financing activity with A-Mark.
Results of Operations — Secured Lending Segment
The Company operates its Secured Lending segment through its wholly-owned subsidiaries, Collateral Finance Corporation, LLC
("CFC") and CFC Alternative Investments (“CAI”). AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of
CFC, was formed for the issuance of certain notes, which were repaid in December 2023. AMCF was dissolved in June 2024.
Overview of Results of Operations for the Years Ended June 30, 2024 and 2023
— Secured Lending Segment
The operating results of our Secured Lending segment were as follows (in thousands, except performance metrics data):
Year Ended June 30,
2024
2023
Change
$
% of interest
income
$
% of interest
income
$
%
Interest income
$
11,435
100.000%
$
9,708
100.000%
$
1,727
17.8%
Interest expense
(8,441)
(73.817%)
(7,770)
(80.037%)
$
671
8.6%
Selling, general, and administrative expenses
(1,376)
(12.033%)
(2,125)
(21.889%)
$
(749)
(35.2%)
Depreciation and amortization expense
(264)
(2.309%)
(351)
(3.616%)
$
(87)
(24.8%)
Earnings from equity method investments
32
0.280%
1
0.010%
$
31
3,100.0%
Other income, net
1,002
8.763%
2,360
24.310%
$
(1,358)
(57.5%)
Net income before provision for income taxes
$
2,388
20.883%
$
1,823
18.778%
$
565
31.0%

Performance Metric:
Number of secured loans at period end(1)
588
882
(294)
(33.3%)
(1)
Number of outstanding secured loans to customers at the end of the period.
Interest Income — Secured Lending
in thousands, except performance metric
Year Ended June 30,
2024
2023
Change
$
% of interest
income
$
% of interest
income
$
%
Interest income
$
11,435
100.000%
$
9,708
100.000%
$
1,727
17.8%
Performance Metric
Number of secured loans at period-end
588
882
(294)
(33.3%)

52
Interest income for the year ended June 30, 2024 increased $1.7 million, or 17.8%, to $11.4 million from $9.7 million in 2023.
The increase in interest income earned from the segment’s secured loan portfolio was primarily due to an increase in interest rates and
higher average monthly loan balances, partially offset by fewer loans outstanding. The number of secured loans outstanding decreased
by 294, or 33.3% to 588 from 882 as of June 30, 2023.
Interest Expense — Secured Lending
in thousands
Year Ended June 30,
2024
2023
Change
$
% of interest
income
$
% of interest
income
$
%
Interest expense
$
(8,441)
(73.817%)
$
(7,770)
(80.037%)
$
671
8.6%
Interest expense for the year ended June 30, 2024 increased $0.7 million, or 8.6%, to $8.4 million from $7.8 million in 2023. The
increase in interest expense was primarily due to (i) an increase of $3.4 million associated with our Trading Credit Facility due to an
increase in interest rates as well as increased borrowings, partially offset by (ii) a decrease of $2.3 million related to the AMCF Notes
(including amortization of debt issuance costs) due to the repayment in December 2023 and (iii) a $0.5 million decrease in loan servicing
fees.
Selling, General, and Administrative Expenses — Secured Lending
in thousands
Year Ended June 30,
2024
2023
Change
$
% of interest
income
$
% of interest
income
$
%
Selling, general, and administrative expenses
$
(1,376)
(12.033%)
$
(2,125)
(21.889%)
$
(749)
(35.2%)
Selling, general, and administrative expenses for the year ended June 30, 2024 decreased $0.7 million, or 35.2%, to $1.4 million
from $2.1 million in 2023. The change was primarily due to a decrease in consulting and professional fees of $0.3 million and a decrease
in compensation expense (including performance-based accruals) of $0.2 million.
Other Income, Net — Secured Lending
in thousands
Year Ended June 30,
2024
2023
Change
$
% of interest
income
$
% of interest
income
$
%
Other income, net
$
1,002
8.763%
$
2,360
24.310%
$
(1,358)
(57.5%)
Other income, net for the year ended June 30, 2024 decreased $1.4 million, or 57.5%, to $1.0 million from $2.4 million in 2023
primarily due to lower royalties earned.
NON-GAAP MEASURES
Adjusted net income before provision for income taxes
Overview
In addition to our results determined in accordance with U.S. GAAP, we believe the non-GAAP measure of “adjusted net income
before provision for income taxes” is useful in evaluating our operating performance. We use this financial measure to present our pre-
tax earnings from core business operations. This measure does not have standardized definitions and is not prepared in accordance with
U.S. GAAP. The items excluded from this financial measure may have a material impact on our financial results. Certain of those items
are non-recurring, while others are non-cash in nature. Accordingly, this non-GAAP financial performance measure 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.
Reconciliation
We calculate this non-GAAP financial performance measure by eliminating from net income before provision for income taxes
the impact of items we do not consider indicative of our core operating performance. We eliminate the impact of the following items:
(i) remeasurement gains or losses related to pre-existing equity interests, (ii) contingent consideration fair value adjustments, (iii)
acquisition costs, (iv) amortization expenses related to intangible assets acquired, and (v) depreciation expense.

53
See below for the reconciliation of this non-GAAP financial performance measure to its most closely comparable U.S. GAAP
measure on our financial statements (in thousands):
Year Ended June 30,
2024
2023
Change
$
$
$
%
Net income before provision for income taxes
$
82,778
$
203,170
$
(120,392)
(59.3%)
Adjustments:
Remeasurement gain on pre-existing equity interest
(16,669)
—
$
16,669
—%
Contingent consideration fair value adjustment
(370)
—
$
370
—%
Acquisition costs
3,126
285
$
2,841
996.8%
Amortization of acquired intangibles
8,594
10,343
$
(1,749)
(16.9%)
Depreciation expense
2,803
2,182
$
621
28.5%
Adjusted net income before provision for income taxes (non-GAAP)
$
80,262
$
215,980
$
(135,718)
(62.8%)
Adjustments
Remeasurement gains or losses. When we acquired a controlling interest in SGB in June 2024, we had previously owned a
noncontrolling equity interest. We are required to estimate the fair value of our pre-existing equity investment as well as our option to
acquire additional equity interests in SGB and record the change in the value as a remeasurement gain or loss in our consolidated
statements of income. We exclude these remeasurement gains and losses when we evaluate our on-going operational performance and
to facilitate comparison of period-to-period operational performance. For additional information, see Note 1 to the Company’s
consolidated financial statements.
Contingent consideration fair value adjustments. Upon our acquisition of LPM, we recognized a contingent consideration liability
representing the amount we expect to pay in connection with the achievement of certain EBITDA targets. We remeasure this liability
each reporting period, with the resulting changes recorded as other income and expense in the Company’s condensed consolidated
statements of income. We exclude these fair value adjustments when we evaluate our core operating performance and to facilitate
comparison of period-to-period operating performance. See Note 1 to the Company’s consolidated financial statements for additional
information about our acquisition of LPM.
Acquisition costs. We incur expenses for professional services rendered in connection with business combinations, which are
included as a component of selling, general, and administrative expenses in the Company’s consolidated statements of income.
Acquisition expenses are recorded in the periods in which the costs are incurred, and the services are received. We exclude acquisition
expenses when we evaluate our core operating performance and to facilitate comparison of period-to-period operating performance.
Amortization of purchased intangibles. Amortization expense of purchased intangibles varies in amount and frequency and is
significantly impacted by the timing and size of our acquisitions. Due to amortization expense being non-cash in nature, management
finds it useful to exclude these charges from our operating expenses to assist in the review of a measure that more closely corresponds
to cash operating income generated from our business. Amortization of purchased intangible assets will recur in future periods. For
additional information about the amortization of our purchased intangibles. See Note 9 to the Company’s consolidated financial
statements.
Depreciation expense. Depreciation expense is calculated using a straight-line method based on the estimated useful lives of the
related assets, ranging from three years to twenty-five years. Due to depreciation expense being non-cash in nature, management finds
it useful to exclude these charges from our operating expenses to assist in the review of a measure that more closely corresponds to cash
operating income generated from our business. See Note 8 to the Company’s consolidated financial statements.
Earnings Before Interest, Taxes, Depreciation, and Amortization
Overview
In addition to the non-GAAP financial performance measure discussed in the section above, we use the non-GAAP liquidity
measure “earnings before interest, taxes, depreciation, and amortization” or "EBITDA" to evaluate our business operations before
investing activities, interest, and income taxes. Management and external users of our consolidated financial statements, such as industry
analysts and investors, may use EBITDA to compare business operations with other publicly traded companies.
Reconciliation
We calculate EBITDA by eliminating from net income the following five items: (i) interest income, (ii) interest expense, (iii)
amortization expenses related to intangible assets acquired, (iv) depreciation expense, and (v) income tax expense.

54
Management believes the most directly comparable GAAP financial measure is “net cash provided by or used in operating
activities” presented in the consolidated statement of cash flows. Below is the reconciliation of net cash provided by or used in operating
activities to EBITDA (in thousands):
Year Ended June 30,
2024
2023
Change
$
$
$
%
Net income
$
69,033
$
156,769
$
(87,736)
(56.0%)
Adjustments:
Interest income
(27,168)
(22,231)
$
4,937
22.2%
Interest expense
39,531
31,528
$
8,003
25.4%
Amortization of acquired intangibles
8,594
10,343
$
(1,749)
(16.9%)
Depreciation expense
2,803
2,182
$
621
28.5%
Income tax expense
13,745
46,401
$
(32,656)
(70.4%)

37,505
68,223
$
(30,718)
(45.0%)

Earnings before interest, taxes, depreciation, and amortization (non-GAAP)
$
106,538
$
224,992
$
(118,454)
(52.6%)
Reconciliation of Operating Cash Flows to EBITDA:
Net cash provided by (used in) operating activities
$
60,934
$
(30,323)
$
91,257
300.9%
Changes in operating working capital
939
193,738
$
(192,799)
(99.5%)
Interest expense
39,531
31,528
$
8,003
25.4%
Interest income
(27,168)
(22,231)
$
4,937
22.2%
Income tax expense
13,745
46,401
$
(32,656)
(70.4%)
Dividends and distributions received from equity method investees
(642)
(978)
$
(336)
(34.4%)
Earnings from equity method investments
4,044
12,576
$
(8,532)
(67.8%)
Remeasurement gain on pre-existing equity interest
16,669
—
$
16,669
—%
Share-based compensation
(1,923)
(2,176)
$
(253)
(11.6%)
Deferred income taxes
2,690
(1,585)
$
4,275
269.7%
Amortization of loan cost
(2,447)
(2,113)
$
334
15.8%
Other
166
155
$
11
7.1%
Earnings before interest, taxes, depreciation, and amortization (non-GAAP)
$
106,538
$
224,992
$
(118,454)
(52.6%)

Cash Flow Data:
Net cash provided by (used in) operating activities
$
60,934
$
(30,323)
$
91,257
300.9%
Net cash (used in) provided by investing activities
$
(63,597)
$
6,839
$
(70,436)
(1,029.9%)
Net cash provided by financing activities
$
11,981
$
25,019
$
(13,038)
(52.1%)
LIQUIDITY AND FINANCIAL CONDITION
Primary Sources and Uses of Cash
Overview
Liquidity refers to the availability to the Company of amounts of cash to meet all of our cash needs. Our sources of liquidity
principally include cash from operations, Trading Credit Facility (see “Lines of Credit” below), and product financing arrangements.
A substantial portion of our assets are liquid. As of June 30, 2024, approximately 78.4% of our assets consisted of cash,
receivables, derivative assets, secured loans receivables, precious metals held under financing arrangements, and inventories, measured
at fair value. Cash generated from the sales or financing of our precious metals products is our primary source of operating liquidity.
Among other things, these include our product financing arrangements and liabilities on borrowed metals. Typically, the Company
acquires its inventory by: (i) purchasing inventory from its suppliers by utilizing our own capital and lines of credit; (ii) borrowing
precious metals from its suppliers under short-term arrangements which may bear interest at a designated rate, and (iii) repurchasing
inventory at an agreed-upon price based on the spot price on the specified repurchase date.
In addition to selling inventory, the Company generates cash from earning interest income. The Company enters into secured
loans and secured financing structures with its customers under which it charges interest. The loans are secured by precious metals and
numismatic material, and graded sports cards owned by the borrowers and held by the Company as security for the term of the loan.
The Company also offers a number of secured financing options to its customers to finance their precious metals purchases including
consignments and other structured inventory finance products. Furthermore, our customers may enter into agreements whereby the
customer agrees to repurchase our precious metals at the prevailing spot price for delivery of the product at a specific point in time in
the future; interest income is earned from the contract date until the material is delivered and paid for in full.
We may also raise funds through the public or private offering of equity or debt securities, although there is no assurance that we
will be able to do so at the times and in the amounts required.

55
We continually review our overall credit and capital needs to ensure that our capital base, both stockholders’ equity and available
credit facilities, can appropriately support our anticipated financing needs. The Company also continually monitors its current and
forecasted cash requirements and draws upon and pays down its lines of credit so as to minimize interest expense. See Note 15 to the
Company’s consolidated financial statements.
Lines of Credit
in thousands
June 30, 2024
June 30, 2023
Change
Lines of credit - short term
$
—
$
235,000
$
(235,000)
Lines of credit - long-term
245,000
—
245,000
$
245,000
$
235,000
$
10,000

Effective December 21, 2021, A-Mark entered into a committed borrowing facility (the "Trading Credit Facility") with CIBC
Bank USA, as agent and joint lead arranger, and a syndicate of banks. As of June 30, 2024, the Trading Credit Facility provided the
Company with access up to $422.5 million and has a maturity date of September 20, 2025. The Trading Credit Facility was reclassified
to long-term during the three months ended September 30, 2023 due to the elimination of provisions whereby lenders under certain
conditions could require repayment of all obligations outstanding under the Trading Credit Facility within 10 days on demand. (See
Note 15.)
A-Mark routinely uses funds drawn under the Trading Credit Facility to purchase metals from its suppliers and for other operating
cash flow purposes. Our CFC subsidiary also uses the funds drawn under the Trading Credit Facility to finance certain of its lending
activities.
Notes Payable
in thousands

June 30, 2024
June 30, 2023
Change
Notes payable — short-term
$
8,367
$
95,308
$
(86,941)
Notes payable — long-term
3,994
—
3,994
$
12,361
$
95,308
$
(82,947)
In September 2018, AMCF, previously a wholly-owned subsidiary of CFC, completed an issuance of Secured Senior Term Notes,
Series 2018-1, Class A in the aggregate principal amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class
B in the aggregate principal amount of $28.0 million (collectively, the "AMCF Notes".) The AMCF Notes were repaid in full in
December 2023 and AMCF was dissolved in June 2024.
In April 2021, CCP entered into a loan agreement ("CCP Note") with CFC, which provides CFC with up to $4.0 million to fund
commercial loans secured by graded sports cards to its borrowers. All loans to be funded using the proceeds from the CCP Note are
subject to CCP’s prior written approval. In March 2024, the expiration date for the CCP Note was amended to expire on April 1, 2026
and may be extended by mutual agreement. As of June 30, 2024 and June 30, 2023 the outstanding principal balance of the CCP Note
was $4.0 million and $0.5 million. See Note 14 to the Company’s consolidated financial statements.
In June 2024, SGB declared a $15.9 million dividend to existing shareholders based on certain levels of working capital. The
dividend was paid on September 9, 2024. The dividend paid to the Company from SGB was $7.5 million which was recorded as a
dividend receivable to A-Mark from SGB as of June 30, 2024 and has been eliminated upon consolidation. The remaining $8.4 million
due to the other shareholders was recorded as a note payable by SGB as of June 30, 2024.
Liabilities on Borrowed Metals
in thousands
June 30, 2024
June 30, 2023
Change
Liabilities on borrowed metals
$
31,993
$
21,642
$
10,351
We borrow precious metals from our suppliers and customers under short-term arrangements using other precious metal from our
inventory or precious metals held under financing arrangements as collateral. Amounts under these arrangements require repayment
either in the form of precious metals or cash. Liabilities also arise from unallocated metal positions held by customers in our inventory.
Typically, these positions are due on demand, in a specified physical form, based on the total ounces of metal held in the position.

56
Product Financing Arrangements
in thousands
June 30, 2024
June 30, 2023
Change
Product financing arrangements
$
517,744
$
335,831
$
181,913
The Company has agreements with financial institutions and other third parties that allow the Company to transfer its gold and
silver inventory to the third-party at an agreed-upon price based on the spot price, which provides alternative sources of liquidity. During
the term of the agreement both parties intend for inventory to be returned at an agreed-upon price based on the spot price on the
repurchase date. The third parties charge monthly interest as a percentage of the market value of the outstanding obligation; such monthly
charges are classified as interest expense. These transactions do not qualify as sales and therefore are accounted for as financing
arrangements and reflected in the Company’s consolidated balance sheets as product financing arrangements. The obligation is stated
at the amount required to repurchase the outstanding inventory. Both the product financing arrangements and the underlying inventory
(which is entirely restricted) are carried at fair value, with changes in fair value included as a component of cost of sales.
Secured Loans Receivable
in thousands
June 30, 2024
June 30, 2023
Change
Secured loans receivable
$
113,067
$
100,620
$
12,447
CFC is a California licensed finance lender that makes and acquires commercial loans secured by bullion and numismatic coins,
and graded sports cards that affords our customers a convenient means of financing their inventory or collections. See Note 5 to the
Company’s consolidated financial statements. Prior to the repayment of the AMCF Notes, AMCF also purchased and held secured loans
from CFC to meet its collateral requirements related to the AMCF Notes. See Note 15 to Company’s consolidated financial statements.
Most of the Company's secured loans are short-term in nature. The renewal of these secured loans is at the discretion of the Company
and, as such, provides us with some flexibility in regard to our capital deployment strategies.
Dividends
The Company’s board of directors has adopted a regular quarterly cash dividend policy of $0.20 per common share ($0.80 per
share on an annual basis). The declaration of regular cash dividends in the future is subject to the determination each quarter by the
board of directors. Below is a summary of dividends paid to stockholders in the year ended June 30, 2024.
•
On July 5, 2023, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on July 17, 2023. The dividend was paid to stockholders on July 28, 2023
and totaled $4.7 million.
•
On August 17, 2023, the Company's board of directors declared a non-recurring special dividend of $1.00 per share of
common stock to share to stockholders of record at the close of business on September 12, 2023. The dividend to
stockholders was paid on September 26, 2023 and totaled $23.4 million. On the same date, the Company's board of directors
declared a regular dividend of $0.20 per share of common stock to stockholders of record at the close of business on October
10, 2023. The dividend was paid to stockholders on October 24, 2023 and totaled $4.6 million.
•
On January 4, 2024, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on January 16, 2024. The dividend was paid to stockholders on January 29,
2024 and totaled $4.6 million.
•
On April 4, 2024, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on April 16, 2024. The dividend was paid on April 29, 2024 and totaled $4.6
million.
See Note 20 to the Company's consolidated financial statements for more information regarding our dividends.
Cash Flows
The majority of the Company’s trading activities involve two-day value trades under which payment is received in advance of
delivery or product is received in advance of payment. The combination of sales volume, inventory turnover, and precious metals price
volatility can cause material changes in the sources of cash used in or provided by operating activities on a daily basis. The Company
manages these variances through its liquidity forecasts and counterparty limits by maintaining a liquidity reserve to meet the Company’s
cash needs. The Company uses various short-term financial instruments to manage the cycle of our trading activities from customer
purchase order to cash collections and product delivery, which can cause material changes in the amount of cash used in or provided by
financing activities on a daily basis.

57
The following summarizes components of our consolidated statements of cash flows (in thousands):
Year Ended
June 30, 2024
June 30, 2023
Change
Net cash provided by (used in) operating activities
$
60,934
$
(30,323)
$
91,257
Net cash (used in) provided by investing activities
$
(63,597)
$
6,839
$
(70,436)
Net cash provided by financing activities
$
11,981
$
25,019
$
(13,038)
For the periods presented, our principal capital requirements have been to fund (i) working capital and (ii) financing activity. Our
working capital requirements fluctuated with market conditions, the availability of precious metals, and the volatility of precious metals
commodity pricing.
Net Cash Flows From Operating Activities
Operating activities provided $60.9 million and used $30.3 million in cash for the years ended June 30, 2024 and 2023,
respectively, representing a $91.3 million change compared to the year ended June 30, 2023. The period over period change was
primarily due to net changes in working capital, which includes inventories, derivative liabilities, deferred revenue and other advances,
liabilities on borrowed metals, accounts payable and other payables, precious metals held under financing arrangements, and receivables,
net, as well as a decrease in net income adjusted for noncash items, which includes a remeasurement gain of $16.7 million related to our
acquisition of a controlling interest in SGB in June 2024.
Net Cash Flows From Investing Activities
Investing activities used $63.6 million and provided $6.8 million in cash for the years ended June 30, 2024 and 2023, respectively,
representing a $70.4 million change compared to the year ended June 30, 2023. This period over period change was primarily due to (i)
higher outflows of $37.1 million associated with the net originations of secured loans in the current period and (ii) $32.2 million of net
cash paid to acquire LPM in February 2024 and SGB in June 2024, (iii) an increase in purchases of intangible assets of $3.5 million,
and (iv) a $2.5 million increase in capital expenditures for property, plant and equipment, partially offset by (v) a decrease in purchases
of long-term investments of $5.8 million.
Net Cash Flows From Financing Activities
Financing activities provided $12.0 million and provided $25.0 million in cash for the years ended June 30, 2024 and 2023,
respectively, representing a $13.0 million change compared to the year ended June 30, 2023. This period over period change was
primarily due to (i) the $95.0 million repayment of our AMCF Notes in December 2023, (ii) an increase of $12.5 million cash used to
repurchase of our common stock under our share repurchase program, (iii) a decrease in cash provided from our net borrowings and
repayments of $10.0 million under our Trading Credit Facility, (iv) an increase in cash paid for dividends of $4.4 million, and (v) an
increase in debt issuance costs paid in the current year of $2.8 million primarily related to our Trading Credit Facility. These were
partially offset by (i) an increase in cash provided of $104.4 million related to our product financing arrangements, (ii) an increase of
$2.9 million on net borrowings on related party notes, (iii) an increase in cash provided of $1.4 million related to the exercise and taxes
related to share-based awards, and (iv) a $1.0 million decrease in distributions paid to PMPP's noncontrolling interest holder.
Capital Resources
We believe that our current cash availability under the Trading Credit Facility, product financing arrangements, financing derived
from borrowed metals and the cash we anticipate generating from operating activities will provide us with sufficient liquidity to satisfy
our working capital needs, capital expenditures, investment requirements, and commitments through at least the next twelve months.
CONTRACTUAL OBLIGATIONS, CONTINGENT LIABILITIES AND COMMITMENTS
Counterparty Risk
We face counterparty risks in our Wholesale Sales and Ancillary Services segment. We manage these risks by setting credit and
position risk limits with our trading counterparties, including gross position limits for counterparties engaged in sales and purchase
transactions and inventory consignment transactions with us, as well as collateral limits for different types of sale and purchase
transactions that counterparties may engage in from time to time.
Commodities Risk and Derivatives
We use a variety of strategies to manage our risk including fluctuations in commodity prices for precious metals. Our inventory
consists of, and our trading activities involve, precious metals and precious metal products, for which prices are linked to the
corresponding precious metal commodity prices. The Company's precious metals inventory is subject to fluctuations in market value,
resulting from changes in the underlying commodity prices. Inventory purchased or borrowed by us is subject to price changes. Inventory
borrowed is a natural hedge, since changes in value of the metal held are offset by the obligation to return the metal to the supplier or
deliver metals to the customer.

58
Open sale and purchase commitments in our trading activities are subject to changes in value between the date the purchase or
sale price is fixed (the trade date) and the date the metal is received or delivered (the settlement date). We seek to minimize the effect
of price changes of the underlying commodity through the use of forward and futures contracts. Our open sale and purchase commitments
generally settle within 2 business days, and for those commitments that do not have stated settlement dates, we have the right to settle
the positions upon demand.
Our policy is to substantially hedge our inventory position, net of open sale and purchase commitments that are subject to price
risk. We regularly enter into precious metals commodity forward and futures contracts with financial institutions to hedge against this
risk. We use futures contracts, which typically settle within 30 days, for our shorter-term hedge positions, and forward contracts, which
may remain open for up to six months, for our longer-term hedge positions. We have access to all of the precious metals markets,
allowing us to place hedges. We also maintain relationships with major market makers in every major precious metals dealing center.
The Company enters into these derivative transactions solely for the purpose of hedging our inventory holding risk, and not for
speculative market purposes. Due to the nature of our hedging strategy, we are not using hedge accounting as defined under Derivatives
and Hedging Topic 815 of the ASC ("ASC 815"). Unrealized gains or losses resulting from our forward and futures contracts are
reported as cost of sales with the related amounts due from or to counterparties reflected as derivative assets or liabilities. The Company
adjusts the derivatives to fair value on a daily basis until the transactions are settled. When these contracts are net settled, the unrealized
gains and losses are reversed and the realized gains and losses for forward contracts are recorded in revenue and cost of sales and the
net realized gains and losses for futures are recorded in cost of sales.
The Company’s net gains and losses on derivative instruments totaled gains of $1.7 million and gains of $97.1 million for the
years ended June 30, 2024 and 2023, respectively. These were substantially offset by the changes in fair market value of the underlying
precious metals inventory and open sale and purchase commitments, which is also recorded in cost of sales in the consolidated statements
of income.
The purpose of the Company's hedging policy is to substantially match the change in the value of the derivative financial
instrument to the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities,
showing the precious metal commodity inventory position, net of open sale and purchase commitments, which is subject to price risk,
compared to change in the value of the derivative instruments (in thousands):
June 30, 2024
June 30, 2023
Inventories
$
1,097,144
$
981,643
Precious metals held under financing arrangements
22,066
25,530
1,119,210
1,007,173
Less unhedgeable inventories:
Commemorative coin inventory, held at lower of cost or net realizable value
(3,236)
(948)
Premium on metals position
(34,175)
(29,358)
Precious metal value not hedged
(37,411)
(30,306)

Commitments at market:
Open inventory purchase commitments
817,900
921,108
Open inventory sales commitments
(388,184)
(587,392)
Margin sale commitments
(22,316)
(17,682)
In-transit inventory no longer subject to market risk
(21,715)
(5,505)
Unhedgeable premiums on open commitment positions
10,986
11,224
Borrowed precious metals
(31,993)
(21,642)
Product financing arrangements
(517,744)
(335,831)
Advances on industrial metals
394
698
(152,672)
(35,022)
Precious metal subject to price risk
929,127
941,845
Precious metal subject to derivative financial instruments:
Precious metals forward contracts at market values
843,439
767,767
Precious metals futures contracts at market values
83,214
170,466
Total market value of derivative financial instruments
926,653
938,233
Net precious metals subject to commodity price risk
$
2,474
$
3,612
We are exposed to the risk of default of the counterparties to our derivative contracts. Significant judgment is applied by us when
evaluating the fair value implications. We regularly review the creditworthiness of our major counterparties and monitor our exposure
to concentrations. As of June 30, 2024, we believe our risk of counterparty default is mitigated based on our evaluation of the
creditworthiness of our major counterparties, the strong financial condition of our counterparties, and the short-term duration of these
arrangements.

59
We had the following outstanding sale and purchase commitments and open forward and futures contracts, which are normal and
recurring, in nature (in thousands):
June 30, 2024
June 30, 2023
Purchase commitments
$
817,900
$
921,108
Sales commitments
$
(388,184)
$
(587,392)
Margin sales commitments
$
(22,316)
$
(17,682)
Open forward contracts
$
843,439
$
767,767
Open futures contracts
$
83,214
$
170,466
Foreign exchange forward contracts
$
4,793
$
7,101
The notional amounts of the commodity forward and futures contracts and the open sales and purchase orders, as shown in the
table above, are not reflected at the notional amounts in the consolidated balance sheets. The Company records commodity forward and
futures contracts at the fair value, which is the difference between the market price of the underlying metal or contract measured on the
reporting date and the trade amount measured on the date the contract was transacted. The fair value of the open derivative contracts is
shown as a component of derivative assets or derivative liabilities in the accompanying consolidated balance sheets.
The Company enters into the derivative forward and future transactions solely for the purpose of hedging its inventory holding
risk, and not for speculative market purposes. The Company’s gains and losses on derivative instruments are substantially offset by the
changes in fair market value of the underlying precious metals inventory position, including our open sale and purchase commitments.
The Company records the derivatives at the trade date, and any corresponding unrealized gains or losses are shown as a component of
cost of sales in the consolidated statements of income. We adjust the carrying value of the derivatives to fair value on a daily basis until
the transactions are physically settled. See Note 12 to the Company’s consolidated financial statements.
Commitments and Contingencies
Refer to Note 16 to the Company’s consolidated financial statements for information relating Company's commitments and
contingencies.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the
United States (“U.S. GAAP”). In connection with the preparation of our financial statements, we are required to make estimates and
assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related
disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that we believe
to be relevant at the time the Company’s consolidated financial statements are prepared. On a regular basis, we review our accounting
policies, assumptions, estimates and judgments to ensure that the Company’s consolidated financial statements are presented fairly and
in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results
could materially differ from our estimates.
Our significant accounting policies are discussed in Note 2 to the Company’s consolidated financial statements. We believe that
the following accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results, and
they require our most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters
that are inherently uncertain. We have reviewed these critical accounting estimates and related disclosures with the Audit Committee of
our board of directors.
Revenue Recognition
The Company accounts for its metals and sales contracts using settlement date accounting. Pursuant to such accounting, the
Company recognizes the sale or purchase of the metals at settlement date. During the period between the trade and settlement dates, the
Company enters into forward contracts that meet the definition of a derivative in accordance with the Derivatives and Hedging Topic
815 of the ASC (“ASC 815”). The Company records the derivative at the trade date with any corresponding unrealized gain (loss),
shown as component of cost of sales in the consolidated statements of income. The Company adjusts the derivatives to fair value on a
daily basis until the transactions are settled. When these contracts are settled, the unrealized gains and losses are reversed, and revenue
is recognized for contracts that are physically settled. For contracts that are net settled, the realized gains and losses are recorded in cost
of sales, with the exception of forward contracts, where their associated realized gains and losses are recorded in revenue and cost of
sales, respectively.
Also, the Company recognizes its storage, logistics, licensing, advertising revenue, and other services revenues in accordance with
ASC 606, Revenue from Contracts with Customers, which follows five basic steps to determine whether revenue can be recognized: (i)
identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv)
allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies
a performance obligation.

60
Inventories
The Company's inventory, which primarily consists of bullion and bullion coins, is acquired and initially recorded at cost and then
marked to fair market value. The fair market value of the bullion and bullion coins comprises two components: (i) published market
values attributable to the cost of the raw precious metal, and (ii) the market value of the premium, which is attributable to the incremental
value of the product in its finished goods form. The market value attributable solely to such premium is readily determinable by reference
to multiple sources. The precious metal component of the inventory may be hedged through the use of precious metal commodity
positions, while the premium component of our inventory is not a commodity that may be hedged.
The Company’s inventory, except for certain lower of cost or net realizable value basis products (as described below), is
subsequently recorded at their fair market values. The daily changes in the fair market value of our inventory are offset by daily changes
in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market
value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the
consolidated statements of income.
While the premium component included in inventory is marked-to-market, our commemorative coin inventory, including its
premium component, is held at the lower of cost or net realizable value, because the value of commemorative coins is influenced more
by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike
our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our
commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Additionally, neither
the commemorative coin inventory nor the premium component of our inventory is hedged.
Inventory includes amounts borrowed from suppliers and customers arising from various arrangements including unallocated
metal positions held by customers in the Company’s inventory, amounts due to suppliers for the use of consigned inventory, metals held
by suppliers as collateral on advanced pool metals, as well as shortages in unallocated metal positions held by the Company in the
supplier’s inventory. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified
physical form, based on the total ounces of metal held in the position. Amounts under these arrangements require delivery either in the
form of precious metals or cash. The Company mitigates market risk of its physical inventory and open commitments through
commodity hedge transactions. See Note 12 to the Company’s consolidated financial statements.
The Company enters into product financing agreements for the transfer and subsequent option or obligation to reacquire its gold
and silver inventory at an agreed-upon price based on the spot price with a third-party finance company. This inventory is restricted and
is held at a custodial storage facility in exchange for a financing fee, charged by the third-party finance company. During the term of
the financing agreement, the third-party company holds the inventory as collateral, and both parties intend for the inventory to be
returned to the Company at an agreed-upon price based on the spot price on the repurchase date. The third-party charges a monthly fee
as a percentage of the market value of the outstanding obligation; such monthly charge is classified as interest expense. These
transactions do not qualify as sales and have been accounted for as financing arrangements in accordance with ASC 470-40 Product
Financing Arrangements, and are reflected in the Company’s consolidated balance sheets as product financing arrangements. The
obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing and the underlying
inventory (which is restricted) are carried at fair value, with changes in fair value included in cost of sales in the Company’s consolidated
statements of income.
The Company periodically loans metals to customers on a short-term consignment basis. Such inventory is removed at the time
the customer elects to price and purchase the metals, and the Company records a corresponding sale and receivable.
The Company enters into financing arrangements with certain customers under which A-Mark purchases precious metals products
that are subject to repurchase by the customer at the fair value of the product on the repurchase date. The Company or the counterparty
may typically terminate any such arrangement with 14 days' notice. Upon termination the customer’s rights to repurchase any remaining
inventory is forfeited.
Business Combinations
The accounting for a business combination requires tangible and intangible assets acquired and liabilities assumed to be recorded
at estimated fair value. We value intangible assets at their estimated fair values at the acquisition date based upon assumptions related
to the future cash flows and discount rates utilizing the then currently available information, and in some cases, valuation results from
independent valuation specialists. The use of a discounted cash flow analysis requires significant judgment to estimate the future cash
flows derived from the asset and the expected period of time over which those cash flows will occur and to determine an appropriate
discount rate.

61
We make certain judgments and estimates when determining the fair value of assets acquired and liabilities assumed in a business
combination. Those judgments and estimates also include determining the lives assigned to acquired intangibles, the resulting
amortization period, what indicators will trigger an impairment, whether those indicators are other than temporary, what economic or
competitive factors affect valuation, valuation methodology, and key assumptions including discount rates and cash flow estimates. In
circumstances where an acquisition involves a contingent consideration arrangement, we recognize a liability equal to the fair value of
the expected contingent payments as of the acquisition date. We remeasure this liability each reporting period, with the resulting changes
recorded in earnings. The assumptions used in estimating fair value of contingent consideration liabilities require significant judgment;
the use of different assumptions and judgments could result in a materially different estimate of fair value which may have a material
impact on our results from operations and financial position.
Goodwill and Other Purchased Intangible Assets
We evaluate goodwill and other indefinite-lived intangibles for impairment annually in the fourth quarter of the fiscal year (or
more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the
ASC (“ASC 350”). Other finite-lived intangible assets are evaluated for impairment when events or changes in business circumstances
indicate that the carrying amount of the assets may not be recoverable. We may first qualitatively assess whether relevant events and
circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. If, based on
this qualitative assessment, we determine that goodwill is more likely than not to be impaired, a quantitative impairment test is
performed. This step requires us to determine the fair value of the business and compare the calculated fair value of a reporting unit with
its carrying amount, including goodwill. If through this quantitative analysis the Company determines the fair value of a reporting unit
exceeds its carrying amount, the goodwill of the reporting unit is considered not to be impaired. If the Company concludes that the fair
value of the reporting unit is less than its carrying value, a goodwill impairment will be recognized for the amount by which the carrying
amount exceeds the reporting unit’s fair value.
The Company also performs impairment reviews on its indefinite-lived intangible assets (i.e., trade names, trademarks and domain
names). In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative
assessment to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair
value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is not more likely than
not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any
additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the
qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible
asset is less than its carrying value. If through a quantitative analysis the Company determines the fair value of an indefinite-lived
intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company
concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment will be recognized for
the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value.
Income Taxes
As part of the process of preparing the Company’s consolidated financial statements, the Company is required to estimate its
provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with Income Taxes Topic 740 of
the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities
available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's
annual tax rate and in evaluating uncertainty in its tax positions. The Company has adopted the provisions of ASC 740-10, which clarifies
the accounting for uncertain tax positions. ASC 740-10 requires that the Company recognizes the impact of a tax position in the financial
statements if the position is not more likely than not to be sustained upon examination based on the technical merits of the position. The
Company recognizes interest and penalties related to certain uncertain tax positions as a component of income tax expense and the
accrued interest and penalties are included in deferred and income taxes payable in the Company’s consolidated balance sheets. See
Note 13 to the Company’s consolidated financial statements for more information on the Company’s accounting for income taxes.
Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method,
deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and
liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax
rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance
is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to
assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income, and
available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable
income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the
Company's effective tax rate on future earnings. Based on our assessment, it appears more likely than not that all of the net deferred tax
assets will be realized through future taxable income.

62
RECENT ACCOUNTING PRONOUNCEMENTS
For a description of accounting changes and recent accounting standards, including the expected dates of adoption and estimated
effects, if any, on our financial position or results of operations, see Note 2 to the Company’s consolidated financial statements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk
Market risk is the risk that changes in market conditions may adversely impact the value of assets or liabilities, or otherwise
negatively impact earnings. The Company is exposed to market risk related to changes in commodity prices.
The Company's precious metals inventory is subject to fluctuations in market value, resulting from changes in the underlying
commodity prices. Inventory purchased or borrowed by the Company is subject to price changes. Open sale and purchase commitments
are subject to changes in value between the date the purchase or sale price is fixed (the trade date) and the date the metal is received or
delivered (the settlement date).
To manage the volatility related to this exposure, the Company enters into precious metals commodity forward and futures
contracts. Our policy is to substantially hedge our inventory position, net of open sale and purchase commitments that are subject to
price risk. We similarly seek to minimize the effect of price changes on our open sale and purchase commitments through hedging
activity. Inventory borrowed is considered a natural hedge, since changes in value of the metal held are offset by the obligation to return
the metal to the supplier.
We generally use futures contracts for our shorter-term hedge positions, and forward contracts, which may remain open for up to
six months, for our longer-term hedge positions. We have access to all of the precious metals markets, allowing us to place hedges. We
also maintain relationships with major market makers in every major precious metals dealing center. We enter into these derivative
contracts for the purpose of hedging substantially all of our market exposure to precious metals prices, and not for speculative purposes.
As a result of these hedging strategies, we do not believe we have a material exposure to market risk.
The Company is exposed to the risk of failure of the counterparties to its derivative contracts. The Company regularly reviews the
creditworthiness of its major counterparties and monitors its exposure to concentrations. The Company believes its risk of counterparty
default is mitigated as a result of such evaluation and the short-term duration of these arrangements.
See Note 12 to the Company's consolidated financial statements, “Derivative Instruments and Hedging Transactions”.
Foreign Exchange Risk
Foreign exchange risk represents exposures to changes in the values of current holdings and future cash flows denominated in
currencies other than the U.S. dollar. The types of instruments exposed to this risk include foreign currency denominated receivables
and payables and future cash flows in foreign currencies arising from foreign exchange transactions.
The functional currencies of our recent acquisitions LPM and SGB are U.S. dollars and therefore, we do not believe our exposure
to foreign exchange risk related to these entities is material.
To manage the effect of foreign currency exchange fluctuations on its sale and purchase transactions, the Company utilizes foreign
currency forward contracts with maturities of generally less than one week. Because of these hedging policies, we do not believe our
exposure to foreign exchange risk is material.
See Note 12 to the Company’s consolidated financial statements, “Derivative Instruments and Hedging Transactions—Foreign
Currency Exchange Rate Management.”
Interest Rate Risk
Our exposure to market risk for changes in interest rates relates primarily to our product financing arrangements and Trading
Credit Facility. We are subject to fluctuations in interest rates based on the variable interest terms of these arrangements, and we do not
utilize derivative contracts to hedge the interest rate fluctuation. See Note 15 to the Company's consolidated financial statements,
"Financing Agreements".
We manage the interest rate risks related to our interest income generating activities by increasing our secured loan interest rates
and finance product pricing in response to rising interest rates. While our weighted-average effective interest rates on these products
increased during the year, the rate increases only partially mitigated the effect of higher interest rates related to our product financing
arrangements and Trading Credit Facility. We do not believe our exposure to interest rate risk is material.

63
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
Index to the Consolidated Financial Statements and Notes thereof
Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)
64
Consolidated Balance Sheets as of June 30, 2024 and June 30, 2023
66
Consolidated Statements of Income for the Years Ended June 30, 2024, 2023, and 2022
68
Consolidated Statements of Stockholders' Equity for the Years Ended June 30, 2024, 2023, and 2022
69
Consolidated Statements of Cash Flows for the Years Ended June 30, 2024, 2023, and 2022
70
Notes to the Consolidated Financial Statements
71
Note 1. Description of Business
71
Note 2. Summary of Significant Accounting Policies
75
Note 3. Assets and Liabilities, at Fair Value
86
Note 4. Receivables, Net
89
Note 5. Secured Loans Receivable
89
Note 6. Inventories
91
Note 7. Leases
92
Note 8. Property, Plant, and Equipment
93
Note 9. Goodwill and Intangible Assets
93
Note 10. Long-Term Investments
95
Note 11. Accounts Payable and Other Current Liabilities
95
Note 12. Derivative Instruments and Hedging Transactions
95
Note 13. Income Taxes
98
Note 14. Related Party Transactions
100
Note 15. Financing Agreements
102
Note 16. Commitments and Contingencies
104
Note 17. Stockholders' Equity
105
Note 18. Customer and Supplier Concentrations
108
Note 19. Segments and Geographic Information
109
Note 20. Subsequent Events
112

64
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
A-Mark Precious Metals, Inc.
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of A-Mark Precious Metals, Inc. (a Delaware corporation) and
subsidiaries (the “Company”) as of June 30, 2024 and 2023, the related consolidated statements of income, stockholders’ equity and
cash flows for each of the three years in the period ended June 30, 2024, and the related notes (collectively referred to as the “financial
statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of
June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2024,
in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(“PCAOB”), the Company’s internal control over financial reporting as of June 30, 2024, based on criteria established in the 2013
Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(“COSO”), and our report dated September 13, 2024 expressed an unqualified opinion.
Basis for opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or
fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
Critical audit matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or
required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit
matters.
/s/ GRANT THORNTON LLP
We have served as the Company’s auditor since 2015.
Newport Beach, California
September 13, 2024

65
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
A-Mark Precious Metals, Inc.
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of A-Mark Precious Metals, Inc. (a Delaware corporation) and
subsidiaries (the “Company”) as of June 30, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company
maintained, in all material respects, effective internal control over financial reporting as of June 30, 2024, based on criteria established
in the 2013 Internal Control—Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(“PCAOB”), the consolidated financial statements of the Company as of and for the year ended June 30, 2024, and our report dated
September 13, 2024 expressed an unqualified opinion on those financial statements.
Basis for opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report
on Internal Control Over Financial Reporting (“Management’s Report”). Our responsibility is to express an opinion on the Company’s
internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion.
Our audit of, and opinion on, the Company’s internal control over financial reporting does not include the internal control over
financial reporting of LPM Group Limited, a wholly-owned subsidiary, and Silver Gold Bull, Inc., a majority-owned consolidated
subsidiary. LPM Group Limited comprised approximately 3% of total assets and less than 1% of total revenues of the related
consolidated financial statement amounts as of and for the year ended June 30, 2024. Silver Gold Bull, Inc. comprised approximately
10% of total assets and less than 1% of total revenue of the related consolidated financial statement amounts as of and for the year ended
June 30, 2024. As indicated in Management’s Report, LPM Group Limited and Silver Gold Bull, Inc. were both acquired during 2024.
Management’s assertion on the effectiveness of the Company’s internal control over financial reporting excluded internal control over
financial reporting of LPM Group Limited and Silver Gold Bull, Inc.
Definition and limitations of internal control over financial reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ GRANT THORNTON LLP
Newport Beach, California
September 13, 2024

66
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)
June 30, 2024
June 30, 2023
ASSETS
Current assets
Cash(1)
$
48,636
$
39,318
Receivables, net
36,596
35,243
Derivative assets
114,720
77,881
Secured loans receivable(1)
113,067
100,620
Precious metals held under financing arrangements(1)
22,066
25,530
Inventories:
Inventories(1)
579,400
645,812
Restricted inventories
517,744
335,831

1,097,144
981,643
Income tax receivable
1,562
—
Prepaid expenses and other assets(1)
8,412
6,956
Total current assets
1,442,203
1,267,191
Operating lease right of use assets
9,543
5,119
Property, plant, and equipment, net
20,263
12,513
Goodwill
199,937
100,943
Intangibles, net
101,663
62,630
Long-term investments
50,458
88,535
Other long-term assets
3,753
8,640
Total assets
$
1,827,820
$
1,545,571
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Lines of credit
$
—
$
235,000
Liabilities on borrowed metals
31,993
21,642
Product financing arrangements
517,744
335,831
Accounts payable and other payables
18,831
25,465
Deferred revenue and other advances
263,286
181,363
Derivative liabilities
26,751
8,076
Accrued liabilities(1)
16,798
20,418
Income tax payable
—
958
Notes payable (1)
8,367
95,308
Total current liabilities
883,770
924,061
Lines of credit
245,000
—
Notes payable
3,994
—
Deferred tax liabilities
22,187
16,677
Other liabilities
11,013
4,440
Total liabilities
1,165,964
945,178
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of
June 30, 2024 or June 30, 2023
—
—
Common stock, par value $0.01; 40,000,000 shares authorized; 23,965,427 and 23,672,122 shares
issued and 22,953,391 and 23,336,387 shares outstanding as of June 30, 2024 and June 30, 2023,
respectively
240
237
Treasury stock, 1,012,036 and 335,735 shares at cost as of June 30, 2024 and June 30, 2023,
respectively
(28,277)
(9,762)
Additional paid-in capital
168,771
169,034
Accumulated other comprehensive income (loss)
61
(1,025)
Retained earnings
466,838
440,639
Total A-Mark Precious Metals, Inc. stockholders’ equity
607,633
599,123
Noncontrolling interests
54,223
1,270
Total stockholders’ equity
661,856
600,393
Total liabilities and stockholders’ equity
$
1,827,820
$
1,545,571
(1)
Includes amounts of the consolidated variable interest entity as of June 30, 2023, which are presented separately in the table below.
See accompanying Notes to the Consolidated Financial Statements

67
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
In September 2018, AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of Collateral Finance
Corporation ("CFC”), completed an issuance of Secured Senior Term Notes, Series 2018-1, Class A in the aggregate principal amount
of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B in the aggregate principal amount of $28.0 million
(collectively, the "AMCF Notes"). In December 2023, the AMCF Notes were repaid in full; AMCF was dissolved in June 2024.
The Company consolidates a variable interest entity ("VIE") if the Company is considered to be the primary beneficiary. Prior to
dissolution, AMCF was a VIE because its initial equity investment may have been insufficient to maintain its ongoing collateral
requirements without additional financial support from the Company. The Company was the primary beneficiary of this VIE because
the Company had the right to determine the type of collateral (i.e., cash, secured loans, or precious metals), had the right to receive (and
has received) the proceeds from the securitization transaction, earn ongoing interest income from the secured loans (subject to collateral
requirements), and had the obligation to absorb losses should AMCF's interest expense and other costs have exceeded its interest income.
The following table presents the assets and liabilities of this VIE, which are included in the consolidated balance sheets above.
Due to the repayment of the AMCF Notes in December 2023, the VIE did not have assets or liabilities as of June 30, 2024. When
outstanding, the holders of the AMCF Notes had a first priority security interest in the assets as shown in the table below, which were
in excess of the AMCF Notes' aggregate principal amount. Additionally, the liabilities of the VIE included intercompany balances,
which were eliminated in consolidation. (See Note 15.)
June 30, 2024
June 30, 2023
ASSETS OF THE CONSOLIDATED VIE
Cash
$
—
$
1,915
Secured loans receivable
—
46,368
Precious metals held under financing arrangements
—
14,950
Inventories
—
56,841
Prepaid expenses and other assets
—
7
Total assets of the consolidated variable interest entity
$
—
$
120,081
LIABILITIES OF THE CONSOLIDATED VIE
Deferred payment obligations(1)
$
—
$
30,083
Accrued liabilities
—
551
Notes payable(2)
—
99,762
Total liabilities of the consolidated variable interest entity
$
—
$
130,396
(1)
This is an intercompany balance which is eliminated in consolidation and not shown on the consolidated balance sheets.
(2)
As of June 30, 2023, $5.0 million of the AMCF Notes were held by the Company which were eliminated in consolidation and not shown on the consolidated
balance sheets.
See accompanying Notes to the Consolidated Financial Statements

68
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except for share and per share data)
Year Ended June 30,
2024
2023
2022
Revenues
$
9,699,039
$
9,286,561
$
8,159,254
Cost of sales
9,525,784
8,991,892
7,897,489
Gross profit
173,255
294,669
261,765
Selling, general, and administrative expenses
(89,800)
(85,282)
(76,618)
Depreciation and amortization expense
(11,397)
(12,525)
(27,300)
Interest income
27,168
22,231
21,800
Interest expense
(39,531)
(31,528)
(21,992)
Earnings from equity method investments
4,044
12,576
6,907
Other income, net
2,071
2,663
1,953
Remeasurement gain on pre-existing equity interest
16,669
—
—
Unrealized gains (losses) on foreign exchange
299
366
(98)
Net income before provision for income taxes
82,778
203,170
166,417
Income tax expense
(13,745)
(46,401)
(33,338)
Net income
69,033
156,769
133,079
Net income attributable to noncontrolling interests
487
409
543
Net income attributable to the Company
$
68,546
$
156,360
$
132,536
Basic and diluted net income per share attributable
to A-Mark Precious Metals, Inc.:
Basic
$
2.97
$
6.68
$
5.81
Diluted
$
2.84
$
6.34
$
5.45
Weighted-average shares outstanding:
Basic
23,091,700
23,400,300
22,805,600
Diluted
24,120,800
24,648,600
24,329,500
See accompanying Notes to the Consolidated Financial Statements

69
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, except for share data)
Common Stock
Additional
Paid-in
Retained
Accumulated
other
comprehensive
Treasury Stock
Total A-Mark
Precious Metals,
Inc.
Stockholders'
Non-
controlling
Total
Stockholders’
Shares
Amount
Capital
Earnings
income (loss)
Shares
Amount
Equity
Interest
Equity
Balance, June 30, 2021
22,459,314
113
150,420
212,090
—
—
—
362,623
1,319
363,942
Net income
—
—
—
132,536
—
—
—
132,536
543
133,079
Share-based compensation
—
—
2,140
—
—
—
—
2,140
—
2,140
Exercise of share-based awards
329,598
2
2,321
—
—
—
—
2,323
—
2,323
Net settlement of share-based awards
213,868
—
(35)
—
—
—
—
(35)
—
(35)
Common stock issued for increase in long-term
investments
377,108
3
11,680
—
—
—
—
11,683
—
11,683
Dividends declared
—
116
—
(22,777)
—
—
—
(22,661)
—
(22,661)
Balance, June 30, 2022
23,379,888
234
166,526
321,849
—
—
—
488,609
1,862
490,471
Net income
—
—
—
156,360
—
—
—
156,360
409
156,769
Share-based compensation
—
—
2,176
—
—
—
—
2,176
—
2,176
Earnings distribution paid to noncontrolling
interest
—
—
—
—
—
—
—
—
(1,001)
(1,001)
Cumulative translation adjustment, net of tax
—
—
—
—
(1,025)
—
—
(1,025)
—
(1,025)
Common stock issued as employee compensation
10,500
—
293
—
—
—
—
293
—
293
Exercise of share-based awards
210,999
2
1,882
—
—
—
—
1,884
—
1,884
Net settlement of share-based awards
70,735
1
(1,855)
—
—
—
—
(1,854)
—
(1,854)
Repurchases of common stock
—
—
—
—
—
(335,735)
(9,762)
(9,762)
—
(9,762)
Dividends declared
—
—
12
(37,570)
—
—
—
(37,558)
—
(37,558)
Balance, June 30, 2023
23,672,122
237
169,034
440,639
(1,025)
(335,735)
(9,762)
599,123
1,270
600,393
Net income
—
—
—
68,546
—
—
—
68,546
487
69,033
Share-based compensation
—
—
1,923
—
—
—
—
1,923
—
1,923
Common stock issued for acquisition
—
—
—
(367)
—
139,455
3,881
3,514
—
3,514
Noncontrolling ownership contributions and
adjustments
—
—
(3,613)
—
—
—
—
(3,613)
52,466
48,853
Cumulative translation adjustment, net of tax
—
—
—
—
1,086
—
—
1,086
—
1,086
Exercise of share-based awards
269,601
2
1,960
—
—
—
—
1,962
—
1,962
Net settlement of share-based awards
23,704
1
(547)
—
—
—
—
(546)
—
(546)
Repurchases of common stock
—
—
—
—
—
(815,756)
(22,396)
(22,396)
—
(22,396)
Dividends declared
—
—
14
(41,980)
—
—
—
(41,966)
—
(41,966)
Balance, June 30, 2024
23,965,427
$
240
$
168,771
$ 466,838
$
61
(1,012,036)
$ (28,277)
$
607,633
$
54,223
$
661,856
See accompanying Notes to the Consolidated Financial Statements

70
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2024
2023
2022
Cash flows from operating activities:
Net income
$
69,033
$
156,769
$
133,079
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization
11,397
12,525
27,300
Amortization of loan cost
2,447
2,113
2,651
Deferred income taxes
(2,690)
1,585
(4,106)
Share-based compensation
1,923
2,176
2,140
Remeasurement gain on pre-existing equity interest
(16,669)
—
—
Earnings from equity method investments
(4,044)
(12,576)
(6,907)
Dividends and distributions received from equity method investees
642
978
1,678
Other
(166)
(155)
215
Changes in assets and liabilities:
Receivables, net
16,754
61,797
(8,040)
Secured loans receivable
—
1,012
757
Secured loans made to affiliates
56
—
3,042
Derivative assets
(36,243)
13,862
(47,207)
Precious metals held under financing arrangements
3,464
54,236
74,976
Inventories
(52,758)
(240,625)
(282,999)
Prepaid expenses and other assets
(1,168)
(3,336)
(649)
Accounts payable and other payables
(16,285)
19,338
192
Deferred revenue and other advances
65,180
5,818
(18,871)
Derivative liabilities
18,265
(67,704)
68,241
Liabilities on borrowed metals
9,878
(37,775)
(32,449)
Accrued liabilities
(7,097)
(937)
2,425
Income tax payable
(985)
576
(4,634)
Net cash provided by (used in) operating activities
60,934
(30,323)
(89,166)
Cash flows from investing activities:
Capital expenditures for property, plant, and equipment
(7,256)
(4,783)
(2,879)
Acquisition of businesses, net of cash acquired
(31,871)
—
—
Purchase of long-term investments
(2,113)
(7,950)
(34,950)
Purchase of an option to acquire long-term investments
—
(340)
(5,300)
Purchase of intangible assets
(8,515)
(5,000)
—
Secured loans receivable, net
(12,489)
24,599
(17,034)
Other
(1,353)
313
(400)
Net cash (used in) provided by investing activities
(63,597)
6,839
(60,563)
Cash flows from financing activities:
Product financing arrangements, net
157,541
53,160
81,643
Dividends paid
(41,845)
(37,468)
(22,645)
Noncontrolling interest contributions (distributions)
2,051
(1,001)
Net borrowings and repayments under lines of credit
10,000
20,000
30,000
Repayment of notes
(95,000)
—
—
Proceeds from notes payable to related party
3,448
3,500
—
Repayments on notes payable to related party
—
(2,955)
—
Repurchases of common stock
(22,307)
(9,762)
—
Debt funding issuance costs
(3,323)
(485)
(5,179)
Proceeds from the exercise of share-based awards
1,962
1,884
2,323
Payments for tax withholding related to net settlement of share-based awards
(546)
(1,854)
(35)
Net cash provided by financing activities
11,981
25,019
86,107
Net increase (decrease) in cash
9,318
1,535
(63,622)
Cash, beginning of period
39,318
37,783
101,405
Cash, end of period
$
48,636
$
39,318
$
37,783
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest paid
$
34,244
$
28,787
$
20,576
Income taxes paid
$
17,926
$
44,337
$
42,548
Income taxes refunded
$
520
$
124
$
122
Non-cash investing and financing activities:
Declared distributions and unpaid dividends
$
121
$
90
$
—
Property, plant, and equipment acquired on account
$
—
$
76
$
—
Interest added to principal of secured loans
$
14
$
14
$
14
Common stock issued for acquisitions
$
3,514
$
—
$
—
Loss on reissuance of treasury stock
$
367
$
—
$
—
Fair value of shares exchanged for increase in long-term investment
$
—
$
—
$
11,683
Addition of right of use assets under lease obligations
$
5,773
$
—
$
2,013
See accompanying Notes to the Consolidated Financial Statements

71
A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS
Basis of Presentation
The consolidated financial statements comprise those of A-Mark Precious Metals, Inc. ("A-Mark", also referred to as "we", "us",
and the "Company"), its consolidated subsidiaries, and its joint venture in which the Company has a controlling interest.
Business Segments
The Company conducts its operations in three reportable segments: (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-
Consumer, and (iii) Secured Lending. See Note 19 for further information regarding our reportable segments.
Wholesale Sales & Ancillary Services
The Company operates its Wholesale Sales & Ancillary Services segment directly and through its consolidated subsidiaries, A-
Mark Trading AG (“AMTAG”), Transcontinental Depository Services, LLC ("TDS" or “Storage”), A-M Global Logistics, LLC
(“AMGL” or "Logistics"), AM&ST Associates, LLC ("AMST" or the "Silver Towne Mint"), and AM/LPM Ventures, LLC, which we
formed in February 2024 to acquire LPM Group Limited ("LPM").
The Wholesale Sales & Ancillary Services segment operates as a full-service precious metals company. We offer gold, silver,
platinum, and palladium in the form of bars, plates, powder, wafers, grain, ingots, and coins. Our Industrial unit services manufacturers
and fabricators of products utilizing or incorporating precious metals. Our Coin and Bar unit deals in approximately 2,100 coin and bar
products in a variety of weights, shapes, and sizes for distribution to dealers and other qualified purchasers. We have a marketing support
office in Vienna, Austria, a numismatics showroom in Hong Kong, and a trading center in El Segundo, California. The trading center,
for buying and selling precious metals, is available to receive orders 24 hours every day, even when many major world commodity
markets are closed. In addition to Wholesale Sales activity, A-Mark offers its customers a variety of ancillary services, including
financing, storage, consignment, logistics, and various customized financial programs. As a U.S. Mint-authorized purchaser of gold,
silver, platinum, and palladium coins, A-Mark purchases product directly from the U.S. Mint, and it also purchases product from other
sovereign mints, for sale to its customers.
Through its wholly-owned subsidiary AMTAG, the Company promotes its products and services to certain international markets.
Through our wholly-owned subsidiary TDS, we offer a variety of managed storage options for precious metals products to financial
institutions, dealers, investors, and collectors around the world.
The Company's wholly-owned subsidiary AMGL is based in Las Vegas, Nevada, and provides our customers an array of
complementary services, including receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom
coins on a secure basis.
Through its wholly-owned subsidiary AMST, the Company designs and produces minted silver products. Our Silver Towne Mint
operations allow us to provide greater product selection to our customers as well as to gain increased access to silver during volatile
market environments, which have historically created higher demand for precious metals products.
LPM
On February 26, 2024 (the "Acquisition Date"), through our subsidiary AM/LPM Ventures, LLC, we acquired 100% of the issued
and outstanding equity interests of LPM, a precious metals dealer with primary operations in Asia, for total upfront consideration of
$41.4 million, consisting of $37.5 million in cash, 139,455 shares of A-Mark common stock that had a fair value of $3.5 million on the
date of transfer, and $0.4 million related to the settlement of pre-existing payables due to A-Mark. On the Acquisition Date, we entered
into a number of related agreements, including (i) a consulting agreement with Cerberus Limited to provide consulting services to LPM
through 2028, subject to earlier termination under certain circumstances, and (ii) a lock-up agreement with the selling stockholder of
LPM that restricts the sale or transfer of the A-Mark common stock for 270 days after the Acquisition Date, subject to customary
exceptions.
Effective as of the Acquisition Date, Aquila Holding LLC, a company affiliated with Cerberus Limited, purchased a 5% interest
in AM/LPM Ventures, LLC for $2.1 million.
We incurred $2.8 million of transaction costs related to the acquisition of LPM, which are shown as a component of selling,
general, and administrative expenses in our consolidated statements of income. The financial results of LPM were included in our
consolidated financial statements as of the Acquisition Date.

72
We may be required to pay contingent consideration up to $37.5 million in cash in connection with the acquisition of LPM if
certain earnings before interest, taxes, depreciation, and amortization ("EBITDA") targets are met for 2024, 2025, and 2026. As of the
Acquisition Date, the fair value of this contingent consideration was $2.8 million. The material factors that may impact the fair value of
the contingent consideration, and therefore, this liability, are the probabilities and timing of achieving the related targets, which are
estimated at each reporting date with changes reflected as selling, general, and administrative expense. As of June 30, 2024, the fair
value of the contingent consideration was $2.4 million, which was classified as other liabilities on our consolidated balance sheet.
Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessment and
assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different
estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the
resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and
liabilities assumed through our acquisition of LPM as of the Acquisition Date (in thousands):
Cash
$
37,506
Contingent consideration
2,800
Common stock
3,514
Settlement of pre-existing payables due to A-Mark
398
Total purchase price
$
44,218
Cash
$
5,033
Receivables, net
4,105
Inventories
16,807
Other current assets
515
Property, plant, and equipment, net
1,306
Trade names
3,500
Existing customer relationships
6,800
Other long-term assets
956
Total identifiable assets acquired
39,022
Accounts payable and other payables
(526)
Deferred revenue and other advances
(11,361)
Accrued liabilities
(1,729)
Other liabilities
(2,222)
Net identifiable assets acquired
23,184
Goodwill
21,034
Total purchase price
$
44,218
Based on the guidance provided in Accounting Standards Codification ("ASC") 805, Business Combinations, we accounted for
the acquisition of LPM as a business combination and determined that (i) LPM was a business which combines inputs and processes to
create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or
group of similar identifiable assets.
During the fourth fiscal quarter of 2024, we recorded adjustments to the assets acquired and liabilities assumed from the acquisition
of LPM that resulted in a change in working capital balances and an increase in goodwill by $1.0 million.
We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through
the acquisition of LPM, we acquired intangible assets representing existing customer relationships and trade names. The existing
customer relationships acquired were determined to have a weighted-average useful life of 7.2 years. The fair value of the customer
relationships was estimated using an attrition methodology which considers the estimated future discounted cash flows to be derived
from the existing customers as of the Acquisition Date. The fair value of the trade names was estimated using a relief-from-royalty
approach.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The
acquisition of LPM resulted in the recognition of $21.0 million of goodwill, which we believe relates primarily to the resulting synergies
of utilizing A-Mark's established integrated precious metals platform with LPM's underlying customer base and our ability to expand
operations within the region. The goodwill created as a result of the acquisition of LPM is deductible for U.S. tax purposes.
The following unaudited pro forma consolidated results of operations for the years ended June 30, 2024 and 2023 assumes that
the acquisition of LPM occurred as of July 1, 2022 (in thousands):
Year Ended June 30,
2024
2023
Revenues
$
9,788,941
$
9,674,149
Net income
$
68,469
$
158,658

73
The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have
been had these transactions occurred on July 1, 2022, and should not be considered indicative of future operating results. The Company
believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the
acquisition of LPM. The unaudited pro forma information accounts for: (i) the elimination of transactions between the Company and
LPM, and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired finite-lived intangible
assets, acquisition costs, consulting fees, share-based compensation expense, and the resulting impact to the income tax provision.
Direct-to-Consumer
The Company operates its Direct-to-Consumer segment through its wholly-owned subsidiaries JM Bullion, Inc. (“JMB”) and
Goldline, Inc. (“Goldline”), and through its investment in Silver Gold Bull, Inc. ("SGB"). As of June 30, 2024, JMB had six wholly-
owned subsidiaries: Buy Gold and Silver Corp. ("BGASC"), BX Corporation ("BullionMax"), Gold Price Group, Inc. (“GPG”),
Silver.com, Inc. (“Silver.com”), Provident Metals Corp. (“PMC”), and CyberMetals Corp. ("CyberMetals"). Goldline, Inc. owns 100%
of AMIP, LLC ("AMIP"). SGB and Goldline each have a 50% ownership interest in Precious Metals Purchasing Partners, LLC
("PMPP"). As the context requires, references in these Notes to JMB may include BGASC, BullionMax, GPG, Silver.com, PMC, and
CyberMetals, and references to Goldline may include AMIP and PMPP.
JM Bullion, Inc.
JMB is a leading e-commerce retailer providing access to a broad array of gold, silver, copper, platinum, and palladium products
through its websites. JMB owns and operates numerous websites targeting specific niches within the precious metals retail market,
including JMBullion.com, ProvidentMetals.com, Silver.com, CyberMetals.com, GoldPrice.org, SilverPrice.org, BGASC.com,
BullionMax.com, and Gold.com. Typically, JMB offers approximately 6,200 different products during a fiscal year, measured by stock
keeping units or SKUs, on its websites. This number can vary over time, particularly when demand is high and certain SKUs may be
out of stock.
In April 2022, JMB commercially launched the CyberMetals online platform, where customers can purchase and sell fractional
shares of digital gold, silver, platinum, and palladium bars in a range of denominations. CyberMetals’ customers have the option to
convert their digital holdings to fabricated precious metals products via an integrated redemption flow with JMB. These products may
be designated by the customer for storage by the Company or shipped directly to the customer.
Goldline, Inc.
The Company acquired Goldline in August 2017 through an asset purchase transaction with Goldline, LLC, which had been in
operation since 1960. Goldline is a direct retailer of precious metals to the investor community, and markets its precious metal products
on television, radio, and the internet, as well as through customer service outreach. Goldline’s subsidiary AMIP manages its intellectual
property. PMPP was formed in fiscal 2019 pursuant to terms of a joint venture agreement with SGB, for the purpose of purchasing
precious metals from the partners' retail customers, and then reselling the acquired products back to affiliates of the partners. PMPP
commenced its operations in fiscal 2020.
Silver Gold Bull, Inc.
In 2014, the Company acquired its initial ownership interest in SGB, a leading e-commerce precious metals retailer in Canada.
Through its website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins and
rounds, as well as certified coins from mints around the world. In 2018 and 2022, the Company made incremental investments to increase
its ownership interest in SGB to 47.4% as of June 2022. Also in June 2022, the Company acquired an option to purchase an additional
27.6% of the outstanding equity of SGB to bring the Company's ownership interest up to 75%. On June 21, 2024, the Company exercised
part of its option and acquired an additional 8% ownership interest in SGB for $9.6 million, increasing its ownership interest to 55.4%,
at which point SGB became a consolidated subsidiary of the Company. The increased investment in SGB allows the Company to
continue its strategy to further expand internationally, particularly in Canada.
In connection with the exercise of its option in June 2024, the Company modified certain terms and conditions of its option to
acquire additional ownership interest in SGB, including extending the term of the remaining unexercised option to September 2025 as
well as reducing the option to increase its ownership from 75% to 70%. The Company recorded a $3.0 million adjustment to reduce the
fair value of the option to purchase additional ownership in SGB to $2.3 million immediately before modification and partial exercise.
This was recorded to remeasurement gain on pre-existing equity interest in our consolidated statements of income. In accordance with
ASC 480, Distinguishing Liabilities from Equity, the resulting modified option was not determined to be separately exercisable from
the remaining shares of SGB, and therefore the value is embedded within the noncontrolling interest of SGB.

74
In June 2024, SGB declared a $15.9 million dividend to existing shareholders based on certain levels of working capital. The
dividend was paid on September 9, 2024. The dividend paid to the Company from SGB was $7.5 million which was recorded as a
dividend receivable to A-Mark from SGB as of June 30, 2024 and has been eliminated upon consolidation. The dividend receivable of
$7.5 million is included in the settlement of pre-existing payables in the table below; the remaining $8.4 million due to the other
shareholders was recorded as a note payable by SGB.
We also entered into employment agreements with and granted equity awards to key SGB management.
The acquisition of the controlling interest in SGB was accounted for as a business combination achieved in stages. As a result of
the change in control, the Company was required to remeasure its pre-existing equity investment in SGB at fair value prior to
consolidation. We estimated the fair value of our 47.4% pre-existing ownership interest in SGB to be approximately $56.8 million and
the fair value of the noncontrolling interest to be $50.7 million. The remeasurement resulted in a net pretax gain of $16.7 million, which
is presented in the Company's consolidated statements of income as remeasurement gain on pre-existing equity interest. The net
remeasurement gain also reflects the $1.3 million derecognition of accumulated other comprehensive income, net of tax, related to the
currency translation adjustment of SGB upon gaining a controlling ownership interest.
The value of the pre-existing equity and noncontrolling interests as of the acquisition date were based on valuations derived from
estimated fair value assessments and assumptions made by us. These fair value assessments were determined using a market approach.
We incurred $0.2 million of transaction costs related to the acquisition of a controlling interest in SGB, which are shown as a
component of selling, general, and administrative expenses in our consolidated statements of income. The financial results of SGB after
obtaining a controlling interest were included in our consolidated financial statements as of the acquisition date.
Assets acquired and liabilities assumed were recorded based on valuations derived from estimated fair value assessments and
assumptions used by us. While we believe that our estimates and assumptions underlying the valuations are reasonable, different
estimates or assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the
resulting amount of goodwill. The following table summarizes the purchase price recorded and fair values of assets acquired and
liabilities assumed through our acquisition of a controlling interest in SGB as of the acquisition date (in thousands):
Cash
$
9,600
Pre-existing equity method investment
56,848
Option to acquire additional equity interest
2,300
Noncontrolling interests
50,652
Settlement of pre-existing payables due to A-Mark
9,418
Total purchase price
$
128,818
Cash
$
10,203
Receivables, net
10,968
Inventories
45,936
Other current assets
2,246
Property, plant, and equipment, net
2,071
Trade names
6,512
Existing customer relationships
13,000
Developed technology
9,300
Other long-term assets
5,809
Total identifiable assets acquired
106,045
Product financing arrangements
(24,372)
Accounts payable and other payables
(7,205)
Deferred revenue and other advances
(5,085)
Accrued liabilities
(1,231)
Notes payable
(8,367)
Deferred tax liability
(6,624)
Other liabilities
(2,303)
Net identifiable assets acquired
50,858
Goodwill
77,960
Total purchase price
$
128,818
Based on the guidance provided in ASC 805, Business Combinations, we accounted for the acquisition of a controlling interest in
SGB as a business combination achieved in stages and determined that (i) SGB was a business which combines inputs and processes to
create outputs, and (ii) substantially all of the fair value of gross assets acquired was not concentrated in a single identifiable asset or
group of similar identifiable assets.
Our purchase price allocation is preliminary and subject to revision as additional information about fair value of assets and
liabilities becomes available, primarily related to information pertaining to working capital and tax balances. Additional information
that existed as of the acquisition date but at the time was unknown to us may become known to us during the remainder of the
remeasurement period, a period not to exceed 12 months from the acquisition date.

75
We measured the identifiable assets and liabilities assumed at their acquisition date fair values separately from goodwill. Through
the acquisition of a controlling interest in SGB, we acquired intangible assets representing existing customer relationships, developed
technology, and trade names. The existing customer relationships and developed technology acquired were determined to have a useful
life of 4.0 years. The fair value of the customer relationships was estimated using an attrition methodology which considers the estimated
future discounted cash flows to be derived from the existing customers as of the acquisition date. The fair value of the developed
technology was estimated using the cost to recreate method. The fair value of the trade names was estimated using a relief-from-royalty
approach.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The
acquisition of a controlling interest in SGB resulted in the recognition of $78.0 million of goodwill, which we believe relates primarily
to the resulting synergies of utilizing A-Mark's established integrated precious metals platform with SGB's underlying customer base.
The goodwill created as a result of the acquisition of a controlling interest in SGB is not deductible for tax purposes.
The following unaudited pro forma consolidated results of operations for the years ended June 30, 2024 and 2023 assumes that
the acquisition of a controlling interest in SGB occurred as of July 1, 2022 (in thousands):
Year Ended June 30,
2024
2023
Revenues
$
9,765,669
$
9,417,104
Net income
$
46,052
$
181,458
The above pro forma supplemental information does not purport to be indicative of what the Company's operations would have
been had the transaction occurred on July 1, 2022, and should not be considered indicative of future operating results. The Company
believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the
acquisition of a controlling interest in SGB. The unaudited pro forma information accounts for: (i) the elimination of transactions
between the Company and SGB and (ii) adjustments to the amortization expense resulting from the estimated fair value of the acquired
finite-lived intangible assets, acquisition costs, cash and share-based compensation expense, remeasurement gains, and the resulting
impact to the income tax provision.
Secured Lending
The Company operates its Secured Lending segment through its wholly-owned subsidiary, Collateral Finance Corporation, LLC,
including its wholly-owned subsidiary, CFC Alternative Investments (“CAI”) (collectively “CFC”).
CFC is a California licensed finance lender that originates and acquires commercial loans secured primarily by bullion and
numismatic coins. CFC's customers include coin and precious metal dealers, investors, and collectors.
CAI is a holding company that has a 50%-ownership stake in Collectible Card Partners, LLC ("CCP"). CCP provides capital to
fund commercial loans secured by graded sports cards. (See Note 14.)
AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of CFC, was formed for the purpose of securitizing
eligible secured loans of CFC. AMCF issued and administered the AMCF Notes; the AMCF Notes were repaid in full in December
2023. AMCF was dissolved in June 2024. (See Note 15.)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The consolidated financial statements reflect the financial condition, results of operations, statements of stockholders’ equity, and
cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). The
Company consolidates its subsidiaries that are wholly-owned, and majority owned, and entities that are variable interest entities where
the Company is determined to be the primary beneficiary. In addition to A-Mark, our consolidated financial statements include the
accounts of: AMTAG, TDS, AMGL, AMST, AM/LPM Ventures, JMB, Goldline, SGB, and CFC. Intercompany accounts and
transactions are eliminated.
Comprehensive Income
Our other comprehensive income and losses are comprised of unrealized gains and losses associated with the translation of foreign-
based equity method investments which are shown in our consolidated statements of stockholders' equity.

76
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the
consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates
include, among others, determination of fair value (primarily, with respect to precious metal inventory, derivatives, assets and liabilities
acquired in business combinations, certain financial instruments, and certain investments); impairment assessments of property, plant
and equipment, long-term investments, and intangible assets; valuation allowance determination on deferred tax assets; determining the
incremental borrowing rate for calculating right of use assets and lease liabilities; and revenue recognition judgments. Actual results
could materially differ from these estimates.
Stock Split in the Form of a Dividend
On April 28, 2022, the Company’s board of directors declared a two-for-one split of A-Mark’s common stock in the form of a
stock dividend. Each stockholder of record at the close of business on May 23, 2022 received a dividend of one additional share of
common stock for every share held on the record date, which was distributed on June 6, 2022. All share and per share amounts (except
par value) have been retroactively adjusted to reflect the stock split in the form of a stock dividend for all periods presented.
Dividends are recorded if and when they are declared by the board of directors. (See Note 17.)
Fair Value Measurement
The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820") creates a single definition of fair value for
financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income
approach, and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques,
depends on the nature of the asset or liability being valued, as well as the availability of data. (See Note 3.)
Concentration of Credit Risk
Cash is maintained at financial institutions, and, at times, balances exceed federally insured limits. The Company has not
experienced any losses related to these balances.
Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory
to customers, and inventory hedging transactions. Based on an assessment of credit risk, the Company typically grants collateralized
credit to its customers. Credit risk with respect to loans of inventory to customers is minimal. The Company enters into inventory
hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts
with credit worthy financial institutions. All of our commodity derivative contracts are under master netting arrangements and include
both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions.
Foreign Currency
The functional currency of the Company is the United States dollar ("USD"). All transactions in foreign currencies are recorded
in USD at the then-current exchange rate(s). Upon settlement of the underlying transaction, all amounts are remeasured to USD at the
current exchange rate on date of settlement. All unsettled foreign currency transactions that remain in accounts receivable and trade
account payables are remeasured to USD at the period end exchange rates. All foreign currency remeasurement gains and losses are
recorded in the current period net income.
The Company has three foreign subsidiaries that generate foreign currency remeasurement gains and losses: AMTAG, LPM and
SGB. Because these entities have a functional currency of USD, foreign currency remeasurement gains and losses from these foreign
subsidiaries are recorded in net income.
For the Company’s foreign-based equity method investments, the proportionate share of the investee’s income is translated into
USD at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the reporting
period. The unrealized gains and losses associated with the translation of the investment are deferred in accumulated other
comprehensive income on the Company’s consolidated balance sheets.
To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These
derivatives generate gains and losses when settled and/or marked-to-market.

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Business Combinations
The Company accounts for business combinations by applying the acquisition method in accordance with Business Combinations
Topic 805 of the ASC (“ASC 805”). The Company evaluates each purchase transaction to determine whether the acquired assets meet
the definition of a business. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the
fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests, if any, in an
acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over
the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests, if any, in an acquired entity is recorded
as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible
assets and liabilities. Net cash paid to acquire a business is classified as investing activities on the accompanying consolidated statements
of cash flows.
In circumstances where an acquisition involves a contingent consideration arrangement that meets the definition of a liability
under ASC Topic 480, Distinguishing Liabilities from Equity, we recognize a liability equal to the fair value of the expected contingent
payments as of the acquisition date. We remeasure this liability each reporting period, with the resulting changes recorded as selling,
general, and administrative expenses. The assumptions used in estimating fair value of contingent consideration liabilities require
significant judgment; the use of different assumptions and judgments could result in a materially different estimate of fair value which
may have a material impact on our results from operations and financial position.
Variable Interest Entity
A variable interest entity ("VIE") is a legal entity that has either (i) a total equity investment that is insufficient to finance its
activities without additional subordinated financial support or (ii) whose equity investors as a group lack the ability to control the entity’s
activities or lack the ability to receive expected benefits or absorb obligations in a manner that is consistent with their investment in the
entity.
A VIE is consolidated for accounting purposes by its primary beneficiary, which is the party that has both the power to direct the
activities that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive
benefits of the VIE that could potentially be significant to the VIE. The Company consolidates VIEs when it is deemed to be the primary
beneficiary. Management regularly reviews and re-evaluates its previous determinations regarding whether it holds a variable interest
in potential VIEs, the status of an entity as a VIE, and whether the Company is required to consolidate such VIEs in its consolidated
financial statements.
AMCF, previously a wholly-owned subsidiary of CFC, was a special purpose entity ("SPE") formed as part of a securitization
transaction in order to isolate certain assets and distribute the cash flows from those assets to investors. AMCF was structured to insulate
investors from claims on AMCF’s assets by creditors of other entities. Prior to the repayment of the AMCF Notes in December 2023,
the Company had various forms of involvement with AMCF, which included (i) holding senior or subordinated interests in AMCF; (ii)
acting as loan servicer for a portfolio of loans held by AMCF; and (iii) providing administrative services to AMCF. AMCF was required
to maintain separate books and records. The assets and liabilities of this VIE as of June 30, 2024 and June 30, 2023 are indicated on the
table that follows the consolidated balance sheets. AMCF was dissolved in June 2024.
AMCF was a VIE because its initial equity investment may have been insufficient to maintain its ongoing collateral requirements
without additional financial support from the Company. The Company was the primary beneficiary of this VIE because the Company
had the right to determine the type of collateral (i.e., cash, secured loans, or precious metals), had the right to receive (and has received)
the proceeds from the securitization transaction, earn ongoing interest income from the secured loans (subject to collateral requirements),
and had the obligation to absorb losses should AMCF's interest expense and other costs exceed its interest income. (See Note 15.)
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash
equivalents. The Company did not have any cash equivalents as of June 30, 2024 and June 30, 2023.
Allowance for Credit Losses
On July 1, 2022, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses Topic
326: Measurement of Credit Losses on Financial Instruments ("ASC 326"), which introduced a new credit reserving methodology known
as the Current Expected Credit Loss ("CECL") model. The CECL model applies to financial assets measured at amortized cost, including
accounts receivable, contract assets and held-to-maturity loan receivables. Under the CECL model, we identify allowances for credit
losses based on future expected losses when accounts receivable, contract assets or held-to-maturity loan receivables are created rather
than when losses are probable.

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The Company sets credit and position risk limits based on management's judgments of the customer's creditworthiness and
regularly monitors its credit arrangements. These limits include gross position limits for counterparties engaged in sales and purchase
transactions with the Company. They also include collateral limits for different types of sale and purchase transactions that counterparties
may engage in from time to time.
ASC 326 provides a practical expedient for assets secured by collateral when repayment is expected to be provided substantially
through the sale of the collateral in the event of the borrower's financial difficulty. In these arrangements, a reporting entity may estimate
the expected credit losses by comparing the fair value of the collateral as of the balance sheet date to the asset’s amortized cost basis. In
situations when the fair value of the collateral is equal to or greater than the amortized cost, a reporting entity may determine that there
are no expected credit losses. The Company applies the practical expedient based on collateral maintenance provisions in estimating an
allowance for credit losses for its secured loan receivables activity. The Company has not historically experienced credit losses related
to its lending activity, and since it does not expect any future losses, no allowance has been recorded for this asset class. We expect
trends and business practices to continue in a manner consistent with historical activity.
The Company has not historically experienced credit losses related to its other receivables activity; including (i) customer trade
receivables, (ii) wholesale trade advances, and (iii) due from brokers, and, accordingly, no allowance has been recorded for these asset
classes.
Precious Metals Held Under Financing Arrangements
The Company enters into arrangements with certain customers under which it purchases precious metals from the customers which
are subject to repurchase by the customer at the spot value of the product on the repurchase date. The precious metals purchased under
these arrangements consist of rare and unique items, and therefore the Company accounts for these transactions as precious metals held
under financing arrangements, which generate financing income rather than revenue earned from precious metals inventory sales. In
these repurchase arrangements, the Company holds legal title to the metals and earns financing income for the duration of the agreement.
These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer’s right to
repurchase any remaining precious metal is forfeited, and the related precious metals are reclassified as inventory held for sale. The
Company’s precious metals held under financing arrangements are marked-to-market.
Inventories
The Company's inventory, which consists primarily of bullion and bullion coins, is acquired and initially recorded at cost and then
marked to fair market value. The fair market value of the bullion and bullion coins comprises two components: (i) published market
values attributable to the cost of the raw precious metal, and (ii) the market value of the premium, which is attributable to the incremental
value of the product in its finished goods form. The market value attributable solely to such premium is readily determinable by reference
to multiple sources.
The Company’s inventory, except for certain lower of cost or net realizable value basis products (as discussed below), are
subsequently recorded at their fair market values, that is, "marked-to-market." The daily changes in the fair market value of our inventory
are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both
the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded
in cost of sales in the consolidated statements of income.
While the premium component of our bullion coins included in inventory is marked-to-market, our commemorative coin
inventory, including its premium component, is held at the lower of cost or net realizable value, because the value of commemorative
coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the
commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as
bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion
coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged. (See Note 6.)
Leased Right of Use Assets
We lease warehouse space, office facilities, and equipment. Our operating leases with terms longer than twelve months are
recorded at the sum of the present value of the lease's fixed minimum payments as operating lease right of use assets ("ROU assets") in
the Company’s consolidated balance sheets. Lease terms include all periods covered by renewal and termination options where the
Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Our lease agreements do not
contain any significant residual value guarantees or material restrictive covenants. Our finance leases are another type of ROU asset,
but are classified in the Company’s consolidated balance sheets as a component of property, plant, and equipment at the present value
of the lease payments. Finance leases were not material during any period presented.

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The ROU asset amounts include any initial direct costs incurred and lease payments made at or before the commencement date
and are reduced by lease incentives. We use our incremental borrowing rate as the discount rate to determine the present value of the
lease payments for leases, as our leases do not have readily determinable implicit discount rates. Our incremental borrowing rate is the
rate of interest that we would incur to borrow on a collateralized basis over a similar term and amount in a similar economic environment.
Operating lease cost is recognized on a straight-line basis over the lease term. The depreciable life of ROU assets is limited by the
expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. (See Note 7.)
For a lease modification, an evaluation is performed to determine if it should be treated as either a separate lease or a change in
the accounting of an existing lease. Any amounts related to a modified lease are reflected as an operating lease ROU asset or related
operating lease liability in our consolidated balance sheet.
Property, Plant, and Equipment
Property, plant, and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization
are calculated using a straight-line method based on the estimated useful lives of the related assets, ranging from three years to twenty-
five years. Depreciation and amortization commence when the related assets are placed into service. Internal-use software development
costs are capitalized during the application development stage. Internal-use software costs incurred during the preliminary project stage
are expensed as incurred. Land is recorded at historical cost and is not depreciated. Repair and maintenance costs are expensed as
incurred. We have no major planned maintenance activities related to our plant assets associated with our minting operations.
The Company reviews the carrying value of these assets for impairment whenever events and circumstances indicate that the
carrying value of the asset may not be recoverable. In evaluating for impairment, the carrying value of each asset or group of assets is
compared to the undiscounted estimated future cash flows expected to result from its use and eventual disposition. An impairment loss
is recognized for the difference when the carrying value exceeds the discounted estimated future cash flows. The factors considered by
the Company in performing this assessment include current and projected operating results, trends and prospects, the manner in which
these assets are used, and the effects of obsolescence, demand and competition, as well as other economic factors.
Finite-lived Intangible Assets
Finite-lived intangible assets consist primarily of customer relationships, developed technology, and non-compete agreements.
Certain existing customer relationships intangible assets are amortized in a non-linear manner which best reflects our estimate of the
pattern in which the economic benefits of the assets are consumed. All other intangible assets subject to amortization are amortized
using the straight-line method over their useful lives, which are estimated to be one year to fifteen years. We review our finite-lived
intangible assets for impairment under the same policy described above for property, plant, and equipment; that is, whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
Goodwill and Indefinite-lived Intangible Assets
Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible
and intangible assets acquired. Goodwill and other indefinite-lived intangibles (such as trade names, trademarks, and domain names)
are not subject to amortization, but are evaluated for impairment at least annually. For tax purposes, goodwill acquired in connection
with a taxable asset acquisition is generally deductible.
The Company evaluates its goodwill and other indefinite-lived intangibles for impairment in the fourth quarter of the fiscal year
(or more frequently if indicators of potential impairment exist) in accordance with ASC 350. Goodwill is reviewed for impairment at a
reporting unit level, which for the Company, corresponds to the Company’s operating segments.
Evaluation of goodwill for impairment
The Company has the option to first qualitatively assess whether relevant events and circumstances make it more likely than not
that the fair value of the reporting unit's goodwill is less than its carrying value. A qualitative assessment includes analyzing current
economic indicators associated with a particular reporting unit such as changes in economic, market and industry conditions, business
strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of
a particular reporting unit. If the qualitative assessment indicates it is not more likely than not that goodwill is impaired, no further
testing is required.

80
If, based on this qualitative assessment, management concludes that goodwill is more likely than not to be impaired, or elects not
to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine the fair value of the business,
and compare the calculated fair value of the reporting unit with its carrying amount, including goodwill. If through this quantitative
analysis the Company determines the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is
considered not to be impaired. If the Company concludes that the fair value of the reporting unit is less than its carrying value, a goodwill
impairment loss will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. (See Note 9.)
Evaluation of indefinite-lived intangible assets for impairment
The Company evaluates its indefinite-lived intangible assets (i.e., trade names, trademarks, and domain names) for impairment.
In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment
to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-
lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-
lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset
for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to
perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If
through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying
amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an
indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the
carrying amount exceeds the indefinite-lived intangible asset’s fair value.
The methods used to estimate the fair value measurements of the Company’s reporting units and indefinite-lived intangible assets
include those based on the income approach (including the discounted cash flow and relief-from-royalty methods) and those based on
the market approach (primarily the guideline transaction and guideline public company methods). (See Note 9.)
Long-Term Investments
Investments in privately-held entities are accounted for using the equity method when the Company has significant influence, but
not control, over the investee. Significant influence is generally deemed to exist if the Company’s ownership interest in the voting stock
of the investee ranges between 20% and 50%, although other factors are considered in determining whether the equity method of
accounting is appropriate. Under the equity method, the carrying values of these investments are adjusted to reflect our proportionate
share of the investee's net income or loss, any unrealized gain or loss resulting from the translation of foreign-denominated financial
statements into U.S. dollars, and dividends received. We use the cumulative earnings approach for classifying dividends received in the
statements of cash flows. Under the cumulative earnings approach, we compare the distributions received to cumulative equity method
earnings since inception. Any distributions received up to the amount of cumulative equity earnings are considered a return on
investment and classified in operating activities. Any excess distributions are considered a return of capital and classified in investing
activities. The basis difference between the carrying value and our proportionate share of the equity method investment's book value is
primarily related to consideration paid in excess of the stepped-up basis of assets and liabilities on the date of purchase.
Investments in privately-held entities for which the Company has little or no influence over the investee are initially recorded at
cost. Because the investments do not have a readily determinable fair value, the Company has elected to measure the investments at cost
minus impairments, if any, with changes recognized in net income. If the Company identifies observable price changes in orderly
transactions for an identical or a similar investment, the Company’s investment will be measured at fair value as of the date the
observable transaction occurs.
We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that a
decline in the fair value of these assets is determined to be other-than-temporary. Additionally, the Company performs an ongoing
evaluation of the investments with which the Company has variable interests to determine if any of these entities are VIEs that are
required to be consolidated. None of the Company’s long-term investments were VIEs as of June 30, 2024 and June 30, 2023.
Other Long-Term Assets
On June 27, 2022, the Company acquired an additional 40% interest in SGB. Also included in this acquisition was an option,
which was exercisable between December 2023 and September 2024, to purchase an additional 27.6% of the outstanding equity of SGB
to bring the Company's ownership interest up to 75.0%. In June 2024, the Company exercised a portion of its option and acquired an
additional 8% ownership interest in SGB (see Note 1). At the same time, the Company modified certain terms and conditions of its
option to acquire additional ownership interest in SGB, including extending the term of the remaining unexercised option to September
2025 as well as reducing the available option to increase the Company's ownership from 75% to 70%. In accordance with ASC 480,
Distinguishing Liabilities from Equity, the resulting modified option was not determined to be separately exercisable from the remaining
shares of SGB, and therefore the value is embedded within the noncontrolling interest of SGB. As of June 30, 2023, the fair value of the
unexercised options was $5.3 million.

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Accumulated Other Comprehensive Income
For the Company’s foreign-based equity method investments, the proportionate share of the investee’s income is translated into
U.S. dollars at the average exchange rate for the period and the investment is translated using the exchange rate as of the end of the
reporting period. Foreign currency translation gains and losses associated with this activity are deferred and included as a component of
accumulated other comprehensive income in the accompanying consolidated balance sheets.
Treasury Stock
The Company periodically purchases its own common stock that is traded on public markets as part of announced stock repurchase
programs. The repurchased common stock is classified as treasury stock on the consolidated balance sheets and held at cost. The direct
costs incurred to acquire treasury stock are treated like stock issue costs and added to the cost of the treasury stock, which includes
applicable fees and taxes. Other than the shares issued to acquire LPM in February 2024 (see Note 1), there have been no reissuances
of treasury stock.
Noncontrolling Interests
The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest.
Noncontrolling interest is the portion of equity (net assets) in an entity in which the Company has a controlling financial interest that is
not attributable, directly or indirectly, to the Company. Such noncontrolling interest is reported on the consolidated balance sheets within
equity, separately from the Company’s equity. On the consolidated statements of income, revenues, expenses and net income or loss
from the less-than-wholly owned subsidiary are reported at their consolidated amounts, including both the amounts attributable to the
Company and the noncontrolling interest. Income or loss is allocated to the noncontrolling interest based on its weighted-average
ownership percentage for the applicable period. The consolidated statements of equity include beginning balances, activity for the period
and ending balances for each component of stockholders’ equity, noncontrolling interest and total equity.
The table below presents the reconciliation of changes in noncontrolling interests (in thousands):
Balance as of June 30, 2021
$
1,319
Net income attributable to noncontrolling interest
543
Balance as of June 30, 2022
1,862
(1)
Net income attributable to noncontrolling interest
409
Distributions paid to noncontrolling interest
(1,001)
Balance as of June 30, 2023
1,270
(1)
Net income attributable to noncontrolling interests
487
Noncontrolling ownership interest contribution - AM/LPM Ventures, LLC
2,051
(2)
Noncontrolling ownership interests - SGB
50,652
(3)
Change in ownership of consolidated subsidiary
(237)
Balance as of June 30, 2024
$
54,223
(4)
________________________________
(1)
Balance represents the noncontrolling interests associated with the PMPP joint venture.
(2)
In February 2024, Aquila Holding LLC purchased a 5% interest in AM/LPM Ventures, LLC for $2.1 million.
(3)
In June 2024, the Company obtained a controlling interest in SGB (see Note 1).
(4)
Balance represents the noncontrolling interests of PMPP, AM/LPM Ventures, LLC, and SGB.
Revenue Recognition
Settlement Date Accounting
Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of
derivative instruments in accordance with Derivatives and Hedging Topic 815 of the ASC ("ASC 815"). The contract underlying the
Company's commitment to deliver precious metals is referred to as a “fixed-price forward commodity contract” because the price of the
commodity is fixed at the time the order is placed. Revenue is recognized on the settlement date, which is defined as the date on which:
(i) the quantity, price, and specific items being purchased have been established, (ii) metals have been delivered to the customer, and
(iii) payment has been received or is covered by the customer’s established credit limit with the Company.
All derivative instruments are marked-to-market during the interval between the order date and the settlement date, with the
changes in the fair value charged to cost of sales. The Company’s hedging strategy to mitigate the market risk associated with its sales
commitments is described separately below under the caption “Hedging Activities.”

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Types of Orders that are Physically Delivered
The Company’s contracts to sell precious metals to customers are usually settled with the physical delivery of metals to the
customer, although net settlement (i.e., settlement at an amount equal to the difference between the contract value and the market price
of the metal on the settlement date) is permitted. Below is a summary of the Company’s major order types and the key factors that
determine when settlement occurs and when revenue is recognized for each type:
•
Traditional physical orders — The quantity, specific product, and price are determined on the order date. Payment or
sufficient credit is verified prior to delivery of the metals on the settlement date.
•
Consignment orders — The Company delivers the items requested by the customer prior to establishing a firm order with
a price. Settlement occurs and revenue is recognized once the customer confirms its order (quantity, specific product, and
price) and remits full payment for the sale.
•
Provisional orders — The quantity and type of metal is established at the order date, but the price is not set. The customer
commits to purchasing the metals within a specified time period, usually within one year, at the then-current market price.
The Company delivers the metal to the customer after receiving the customer’s deposit, which is typically based on 110%
of the prevailing current spot price. The unpriced metal is subject to a margin call if the deposit falls below 105% of the
value of the unpriced metal. The purchase price is established, and revenue is recognized at the time the customer notifies
the Company that it desires to purchase the metal.
•
Margin orders — The quantity, specific product, and price are determined at the order date; however, the customer is
allowed to finance the transaction through the Company and to defer delivery by committing to remit a partial payment
(approximately 20%) of the total order price. With the remittance of the partial payment, the customer locks in the purchase
price for a specified time period (usually up to two years from the order date). Revenue on margin orders is recognized
when the order is paid in full and delivered to the customer.
•
Borrowed precious metals orders for unallocated positions — Customers may purchase unallocated metal positions in the
Company's inventory, which includes precious metals held for CyberMetals' customers. The quantity and type of metal is
established at the order date, but the specific product is not yet determined. Revenue is not recognized until the customer
selects the specific precious metal product it wishes to purchase, full payment is received, and the product is delivered to
the customer.
In general, unshipped orders for which a customer advance has been received by the Company are classified as advances from
customers. Orders that have been paid for and shipped, but not yet delivered to the customer are classified as deferred revenue. Both
customer advances and deferred revenue are shown, in the aggregate, as deferred revenue and other advances in the consolidated
financial statements. (See Note 11.)
Hedging Activities
The value of our inventory and our purchase and sale commitments are linked to the prevailing price of the underlying precious
metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory
hedging transactions, principally utilizing metals commodity forward contracts with credit worthy financial institutions or futures
contracts traded on national futures exchanges. The Company hedges by each commodity type (gold, silver, platinum, and palladium).
All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions.
Commodity forward and futures contracts entered into for hedging purposes are recorded at fair value on the trade date and are
marked-to-market each period. The difference between the original contract values and the market values of these contracts are reflected
as derivative assets or derivative liabilities in the consolidated balance sheets at fair value, with the corresponding unrealized gains or
losses included as a component of cost of sales. When these contracts are net settled, the unrealized gains and losses are reversed and
the realized gains and losses for forward contracts are recorded in revenue and cost of sales, and the net realized gains and losses for
futures are recorded in cost of sales.
The Company enters into forward and futures contracts solely for the purpose of hedging our inventory holding risk, and not for
speculative market purposes. The Company’s gains and losses on derivative instruments are substantially offset by the changes in the
fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the consolidated statements of
income. (See Note 12.)
Other Sources of Revenue
The Company recognizes its storage, logistics, licensing, and other services revenues in accordance with ASC 606, Revenue from
Contracts with Customers, which follows five basic steps to determine whether revenue can be recognized: (i) identify the contract with
a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction
price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

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The Company recognizes revenue when (or as) it satisfies its obligation by transferring control of the good or service to the
customer. This is either satisfied over time or at a point in time. A performance obligation is satisfied over time if one of the following
criteria are met: (i) the customer simultaneously receives and consumes the benefits as the Company performs, (ii) the Company's
performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (iii) the Company's
performance does not create an asset with an alternative use to the Company, and the Company has an enforceable right for payment of
performance completed-to-date. When none of those is met, a performance obligation is satisfied at a point-in-time.
The Company recognizes storage revenue as the customer simultaneously receives and consumes the storage services (e.g., fixed
storage fees based on the passage of time). The Company recognizes logistics (i.e., fulfillment) revenue when the customer receives the
benefit of the services. The Company recognizes advertising and consulting revenues when the service is performed, and the benefit of
the service is received by the customer. In aggregate, these types of service revenues account for less than 1% of the Company's
consolidated revenues.
Interest Income
In accordance with Interest Topic 835 of the ASC ("ASC 835"), the following are interest income generating activities of the
Company:
•
Secured Loans — The Company uses the effective interest method to recognize interest income on its secured loans
transactions. The Company maintains a security interest in the precious metals and records interest income over the terms
of the secured loan receivable. Recognition of interest income is suspended, and the loan is placed on non-accrual status
when management determines that collection of future interest income is not probable. The interest income accrual is
resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or
collection doubts are resolved. Cash receipts on impaired loans are recorded first against the principal and then to any
unrecognized interest income. (See Note 5.)
•
Margin accounts — The Company earns a fee (interest income) under financing arrangements related to margin orders
over the period during which customers have opted to defer making full payment on the purchase of metals.
•
Repurchase agreements — Repurchase agreements represent a form of secured financing whereby the Company sets aside
specific metals for a customer and charges a fee on the outstanding value of these metals. The customer is granted the option
(but not the obligation) to repurchase these metals at any time during the open reacquisition period. This fee is earned over
the duration of the open reacquisition period and is classified as interest income.
•
Spot deferred orders — Spot deferred orders are a special type of forward delivery order that enable customers to purchase
or sell certain precious metals from/to the Company at an agreed upon price but, are allowed to delay remitting or taking
delivery up to a maximum of two years from the date of order. Even though the contract allows for physical delivery, it
rarely occurs for this type of order. As a result, revenue is not recorded from these transactions. Spot deferred orders are
considered a type of financing transaction, where the Company earns a fee (interest income) under spot deferred
arrangements over the period in which the order is open.
Interest Expense
The Company accounts for interest expense on the following arrangements in accordance with ASC 835:
•
Borrowings — The Company incurs interest expense from its lines of credit, its debt obligations, and notes payable using
the effective interest method. (See Note 15.) Additionally, the Company amortizes capitalized loan costs to interest expense
over the period of the loan agreement.
•
Loan servicing fees — When the Company purchases loan portfolios, the Company may have the seller service the loans
that were purchased. The Company incurs a fee based on total interest charged to borrowers over the period the loans are
outstanding. The servicing fee incurred by the Company is charged to interest expense.
•
Product financing arrangements — The Company incurs financing fees (classified as interest expense) from its product
financing arrangements (also referred to as reverse-repurchase arrangements) with third-party finance companies for the
transfer and subsequent option to reacquire its precious metal inventory at a later date. These arrangements are accounted
for as secured borrowings. During the term of this type of agreement, the third-party charges a monthly fee as a percentage
of the market value of the designated inventory, which the Company intends to reacquire in the future. No revenue is
generated from these arrangements. The Company enters this type of transaction for additional liquidity.

84
•
Borrowed and leased metals fees — The Company may incur financing costs from its borrowed metal arrangements. The
Company borrows precious metals (usually in the form of pool metals) from its suppliers and customers under short-term
arrangements using other precious metals as collateral. Typically, during the term of these arrangements, the third-party
charges a monthly fee as a percentage of the market value of the metals borrowed (determined at the spot price) plus certain
processing and other fees.
Leased metal transactions are a similar type of transaction, except the Company is not required to pledge other precious
metal as collateral for the precious metal received. The fees charged by the third-party are based on the spot value of the
pool metal received.
Both borrowed and leased metal transactions provide an additional source of liquidity, as the Company usually monetizes
the metals received under such arrangements. Repayment is usually in the same form as the metals advanced, but may be
settled in cash.
Amortization of Debt Issuance Costs
Debt issuance costs incurred in connection with the issuance of the AMCF Notes have been included as a component of the
carrying amount of the debt, and Trading Credit Facility debt issuance costs are included in prepaid expenses and other assets in the
Company's consolidated balance sheets. Debt issuance costs are amortized to interest expense over the contractual term of the debt. Debt
issuance costs of the Trading Credit Facility are amortized on a straight-line basis, while all other debt issuance costs are amortized
using the effective interest method. Amortization of debt issuance costs included in interest expense was $2.4 million, $2.1 million, and
$2.7 million for the years ended June 30, 2024, 2023, and 2022, respectively.
Earnings from Equity Method Investments
The Company's proportional interest in the reported earnings from equity method investments is shown on the consolidated
statements of income as earnings from equity method investments.
Other Income, Net
The Company's other income, net is comprised of royalty and consulting income, which is recognized when earned, gains on other
investments, and fair value adjustments to our acquisition-related contingent consideration liability.
Advertising
Advertising and marketing costs consist primarily of internet advertising, online marketing, direct mail, print media, and television
commercials and are expensed when incurred. Advertising costs totaled $15.3 million, $15.9 million, and $12.2 million for the years
ended June 30, 2024, 2023, and 2022, respectively. Costs associated with the marketing and promotion of the Company's products are
included within selling, general, and administrative expenses. Advertising costs associated with the operation of our SilverPrice.org and
GoldPrice.org websites, which provide price information on silver, gold, and cryptocurrencies, are not included within selling, general,
and administrative expenses, but are included in cost of sales in the consolidated statements of income.
Shipping and Handling Costs
Shipping and handling costs represent costs associated with shipping product to customers and receiving product from vendors
and are included in cost of sales in the consolidated statements of income. Shipping and handling costs totaled $21.9 million, $28.4
million, and $25.6 million for the years ended June 30, 2024, 2023, and 2022, respectively.
Share-Based Compensation
Equity-based awards
The Company accounts for equity awards under the provisions of Compensation - Stock Compensation Topic 718 of the ASC
("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires
the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense
over the service period in the Company's consolidated financial statements. The expense is adjusted (excluding awards settleable in
cash) for actual forfeitures of unvested awards as they occur. For equity awards that contain a performance condition other than market
condition, when the outcome of the performance condition is determined to be not probable, no compensation expense is recognized,
and any previously recognized compensation expense is reversed. (See Note 17.)

85
Liability-based awards
The Company has granted a cash-incentive award based on the total shareholder return of the Company's common stock
determined at the end of the award's performance period. Because the award will be settled in cash, the Company accounts for it as a
liability-based award and, as such, expense relating to this award is required to be measured at fair value at each reporting date until the
date of settlement. (See Note 17.)
Income Taxes
As part of the process of preparing its consolidated financial statements, the Company is required to estimate its provision for
income taxes in each of the tax jurisdictions in which it conducts business, in accordance with Income Taxes Topic 740 of the ASC
("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it
in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and
in evaluating uncertainty in its tax positions. The Company has adopted the provisions of ASC 740-10, which clarifies the accounting
for uncertain tax positions. ASC 740-10 requires that the Company recognizes the impact of a tax position in the financial statements if
the position is not more likely than not to be sustained upon examination based on the technical merits of the position. The Company
recognizes interest and penalties related to certain uncertain tax positions as a component of income tax expense and the accrued interest
and penalties are included in deferred and income taxes payable in the Company’s consolidated balance sheets. See Note 13 for more
information on the Company’s accounting for income taxes.
Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method,
deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and
liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax
rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance
is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to
assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income, and
available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable
income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the
Company's effective tax rate on future earnings. Based on our assessment, it appears more likely than not that all of the net deferred tax
assets will be realized through future taxable income.
Earnings per Share ("EPS")
The Company calculates basic EPS by dividing net income by the weighted-average number of common shares outstanding during
the year. Diluted EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the
year, adjusted for the potentially dilutive effect of stock options, restricted stock units (“RSUs"), and deferred stock units (“DSUs")
using the treasury stock method.
The Company considers participating securities in its calculation of EPS. Under the two-class method of calculating EPS, earnings
are allocated to both common shares and participating securities. The Company’s participating securities include vested RSU and DSU
awards. Unvested RSU and DSU awards are not considered participating securities as they are forfeitable until the vesting date.
A reconciliation of shares used in calculating basic and diluted earnings per common share is presented below (in thousands):
Year Ended June 30,
2024
2023
2022
Basic weighted-average shares of common stock outstanding
23,092
23,400
22,806
Effect of common stock equivalents
1,029
1,249
1,524
Diluted weighted-average shares outstanding
24,121
24,649
24,330
The anti-dilutive shares excluded from the table above were 23,000, 29,000, and 43,000 for the years ended June 30, 2024, 2023,
and 2022, respectively. Actual common shares outstanding totaled 22,953,391, 23,336,387, and 23,379,888 as of June 30, 2024, 2023,
and 2022, respectively.
Recent Accounting Pronouncements
From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting
pronouncements. Updates to the FASB ASC are communicated through issuance of an Accounting Standards Update ("ASU").

86
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures, which updates the guidance on segment disclosures to require entities to disclose significant segment expenses and other
segment items, as well as the title and position of its chief operating decision maker. This update will be applied retrospectively and is
effective for the Company for its fiscal year beginning on July 1, 2024; early adoption is permitted. We are currently evaluating the
impact of the adoption of this standard on our consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,
which updates the guidance on income tax disclosures to require entities to disclose specific categories within the rate reconciliation,
provide additional information for reconciling items that meet certain quantitative thresholds, and provide additional information
about income taxes paid. This update is effective for the Company for its fiscal year beginning on July 1, 2025; early adoption is
permitted. We are currently evaluating the impact of the adoption of this standard on our consolidated financial statements.
Management does not believe that any other recently issued, but not yet effective, accounting pronouncement if currently adopted
would have a material effect on the Company's consolidated financial statements.
3. ASSETS AND LIABILITIES, AT FAIR VALUE
Fair Value of Financial Instruments
A financial instrument is defined as cash, evidence of an ownership interest in an entity, or a contract that creates a contractual
obligation or right to deliver or receive cash or another financial instrument from a second entity. The fair value of financial instruments
represents amounts that would be received upon the sale of those assets or that would be paid to transfer those liabilities in an orderly
transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However,
in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement
reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those
judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows
and appropriately risk adjusted discount rates, and available observable and unobservable inputs.
For most of the Company's financial instruments, the carrying amount approximates fair value. The carrying amounts of cash,
receivables, secured loans receivable, accounts payable and other current liabilities, accrued liabilities, and income taxes payable
approximate fair value due to their short-term nature. The carrying amounts of derivative assets and derivative liabilities, liabilities on
borrowed metals and product financing arrangements are marked-to-market on a daily basis to fair value. The carrying amounts of lines
of credit approximate fair value based on the borrowing rates currently available to the Company for bank loans with similar terms and
average maturities.
Valuation Hierarchy
In determining the fair value of its financial instruments, the Company employs a fair value hierarchy that prioritizes the inputs
for the valuation techniques used to measure fair value. ASC 820 established a three-level valuation hierarchy for disclosure of fair
value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the
measurement date. The three levels are defined as follows:
•
Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active
markets.
•
Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and
inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial
instrument.
•
Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The significant assumptions used to determine the carrying value and the related fair value of the assets and liabilities measured
at fair value on a recurring basis are described below:
Inventories. The Company's inventory, which consists primarily of bullion and bullion coins, is acquired and initially recorded at
cost and then marked to fair market value. The fair market value of the bullion and bullion coins comprises two components: (i) published
market values attributable to the cost of the raw precious metal, and (ii) the market value of the premium, which is attributable to the
incremental value of the product in its finished goods form. The market value attributable solely to such premium is readily determinable
by reference to multiple sources. Except for commemorative coin inventory, which are included in inventory at the lower of cost or net
realizable value, the Company’s inventory is subsequently recorded at their fair market values on a daily basis. The fair value for
commodities inventory (i.e., inventory excluding commemorative coins) is determined using pricing data derived from the markets on
which the underlying commodities are traded. Precious metals commodities inventory is classified in Level 1 of the valuation hierarchy.

87
Precious Metals Held Under Financing Arrangements. The Company enters into arrangements with certain customers under
which A-Mark purchases precious metals from the customers which are subject to repurchase by the customer at the spot value of the
product on the repurchase date. The precious metals purchased under these arrangements consist of rare and unique items, and therefore
the Company accounts for these transactions as precious metals held under financing arrangements, which generate financing income
rather than revenue earned from precious metals inventory sales. In these repurchase arrangements, the Company holds legal title to the
metals and earns financing income for the duration of the agreement. The fair value for precious metals held under financing
arrangements (a commodity, like inventory above) is determined using pricing data derived from the markets on which the underlying
commodities are traded. Precious metals held under financing arrangements are classified in Level 1 of the valuation hierarchy.
Derivatives. Futures contracts, forward contracts, and open sale and purchase commitments are valued at their fair values, based
on the difference between the quoted market price and the contractual price (i.e., intrinsic value) and are included within Level 1 of the
valuation hierarchy.
Margin and Borrowed Metals Liabilities. Margin and borrowed metals liabilities consist of the Company's commodity obligations
to margin customers and suppliers, respectively. Margin liabilities and borrowed metals liabilities are carried at fair value, which is
determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Margin
and borrowed metals liabilities are classified in Level 1 of the valuation hierarchy.
Product Financing Arrangements. Product financing arrangements consist of financing agreements for the transfer and subsequent
re-acquisition of the sale of gold and silver at an agreed-upon price based on the spot price with a third-party. Such transactions allow
the Company to repurchase this inventory upon demand. The third-party charges monthly interest as a percentage of the market value
of the outstanding obligation, which is carried at fair value. The obligation is stated at the amount required to repurchase the outstanding
inventory. Fair value is determined using quoted market pricing and data derived from the markets on which the underlying commodities
are traded. Product financing arrangements are classified in Level 1 of the valuation hierarchy.
Option to Purchase Interests in a Long-term Investment. The fair value of the option to purchase additional ownership interest in
SGB was determined by an independent third-party valuation firm and was recorded as a component of other long-term assets on the
consolidated balance sheets.
The value of the option as of June 30, 2023 was determined using a Monte Carlo Simulation model ("MCS model"). The MCS
model includes inputs based on significant assumptions related to management’s forecasts of the investee’s earnings before interest,
taxes, depreciation, and amortization ("EBITDA") and corresponding future total equity simulations, where an early exercise multiple
is calibrated to maximize the fair value of the option during the exercise period. For each simulation path, option payoffs are calculated
based on the contractual terms, and then discounted at the term-matched risk-free rate, where the value of the option is calculated as the
average present value over all simulated paths. We used the historical volatility of comparable companies to make certain assumptions
in the MCS model, which resulted in an expected EBITDA volatility of 70.0% and an equity volatility of 70.0%, with these two inputs
having a correlation factor of 70.0%. A 4.1% risk-free interest rate was used, which was based on U.S. treasury yields for a time period
corresponding to the remaining contractual life of the option. Lastly, the MCS model assumed an EBITDA risk premium of 12.4%. As
of June 30, 2023, this option was classified in Level 3 of the valuation hierarchy. As of June 30, 2024, the value is embedded within the
noncontrolling interest of SGB. During the year ended June 30, 2024, the Company recorded a $3.0 million adjustment to reduce the
fair value of the option to purchase additional ownership in SGB to $2.3 million immediately before modification and partial exercise.
This was recorded to remeasurement gain on pre-existing equity interest in our consolidated statements of income. The remaining $2.3
million option was recorded as purchase consideration to obtain a controlling interest in SGB during June 2024. See more details in
Note 1.
Acquisition-related Contingent Consideration. The contingent consideration liability related to our acquisition of LPM is
measured at fair value at each reporting period using a MCS model with Level 3 unobservable inputs including estimated future cash
flows generated by LPM, discount rates, and earnings volatility. Key assumptions used in the MCS model as of June 30, 2024 were an
EBITDA risk premium of 10.7%, an EBITDA volatility of 65.0%, and a risk-free rate based on the USD yield curve between 4.6% and
5.3%. During the year ended June 30, 2024, we recorded a $0.4 million reduction to our contingent consideration reflected in selling,
general, and administrative expenses. See Note 1 for more further information regarding our contingent consideration.

88
The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis,
aggregated by each fair value hierarchy level (in thousands):
June 30, 2024
Quoted Price in
Active Markets
for Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Inventories(1)
$
1,093,908
$
—
$
—
$
1,093,908
Precious metals held under financing arrangements
22,066
—
—
22,066
Derivative assets — open sale and purchase commitments, net
98,012
—
—
98,012
Derivative assets — futures contracts
1,557
—
—
1,557
Derivative assets — forward contracts
15,151
—
—
15,151
Total assets, valued at fair value
$
1,230,694
$
—
$
—
$
1,230,694
Liabilities:
Liabilities on borrowed metals
$
31,993
$
—
$
—
$
31,993
Product financing arrangements
517,744
—
—
517,744
Derivative liabilities — open sale and purchase commitments, net
7,690
—
—
7,690
Derivative liabilities — margin accounts
4,766
—
—
4,766
Derivative liabilities — futures contracts
39
—
—
39
Derivative liabilities — forward contracts
14,256
—
—
14,256
Acquisition-related contingent consideration
—
—
2,430
2,430
Total liabilities, valued at fair value
$
576,488
$
—
$
2,430
$
578,918
(1)
Commemorative coin inventory totaling $3.2 million was held at lower of cost or realizable value, and thus is excluded from the inventories balance shown in this
table.
June 30, 2023
Quoted Price in
Active Markets
for Identical
Instruments
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Inventories(1)
$
980,695
$
—
$
—
$
980,695
Precious metals held under financing arrangements
25,530
—
—
25,530
Derivative assets — open sale and purchase commitments, net
37,957
—
—
37,957
Derivative assets — futures contracts
832
—
—
832
Derivative assets — forward contracts
39,092
—
—
39,092
Option to purchase interest in a long-term investment
—
—
5,300
5,300
Total assets, valued at fair value
$
1,084,106
$
—
$
5,300
$
1,089,406
Liabilities:
Liabilities on borrowed metals
$
21,642
$
—
$
—
$
21,642
Product financing arrangements
335,831
—
—
335,831
Derivative liabilities — open sale and purchase commitments, net
853
—
—
853
Derivative liabilities — margin accounts
4,441
—
—
4,441
Derivative liabilities — futures contracts
1,161
—
—
1,161
Derivative liabilities — forward contracts
1,621
—
—
1,621
Total liabilities, valued at fair value
$
365,549
$
—
$
—
$
365,549
(1)
Commemorative coin inventory totaling $0.9 million was held at lower of cost or net realizable value, and thus is excluded from the inventories balance shown in
this table.
There were no transfers in or out of Level 2 or 3 from other levels within the fair value hierarchy during the reported periods.
Assets Measured at Fair Value on a Non-Recurring Basis
Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis,
but are subject to fair value adjustments only under certain circumstances. These include (i) investments in private companies when
there are identifiable events or changes in circumstances that may have a significant adverse impact on the fair value of these assets, (ii)
equity method investments that are remeasured to the acquisition-date fair value upon the Company obtaining a controlling interest in
the investee during a step acquisition, (iii) property, plant, and equipment and definite-lived intangibles, (iv) goodwill, and (v) indefinite-
lived intangibles, all of which are written down to fair value when they are held for sale or determined to be impaired.

89
Our non-recurring valuations use significant unobservable inputs and significant judgments and therefore fall under Level 3 of
the fair value hierarchy. The valuation inputs include assumptions on the appropriate discount rates, long-term growth rates, relevant
comparable company earnings multiples, and the amount and timing of expected future cash flows. The cash flows employed in the
analyses are based on the Company’s estimated outlook and various growth rates. Discount rate assumptions are based on an assessment
of the risk inherent in the future cash flows of the respective equity method investment, asset group, or reporting unit. In assessing the
reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable
transactions and comparable public company trading values.
4. RECEIVABLES, NET
Receivables, net consisted of the following (in thousands):
June 30, 2024
June 30, 2023
Customer trade receivables
$
12,373
$
5,031
Wholesale trade advances
11,033
13,679
Due from brokers and other
13,190
16,533
$
36,596
$
35,243
Customer Trade Receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious
metal sales, advances related to financing products, and other secured interests in assets of the customer.
Wholesale Trade Advances. Wholesale trade advances represent advances of various bullion products and cash advances for
purchase commitments of precious metal inventory. Typically, these advances are unsecured, short-term, and non-interest bearing, and
are made to wholesale metals dealers and government mints.
Due from Brokers and Other. Due from brokers and other consists of the margin requirements held at brokers related to open
futures contracts (see Note 12) and other receivables.
5. SECURED LOANS RECEIVABLE
Below is a summary of the carrying value of our secured loans (in thousands):
June 30, 2024
June 30, 2023
Secured loans originated
$
96,573
$
68,630
Secured loans originated - with a related party
15
—
96,588
68,630
Secured loans acquired
16,479
31,990
$
113,067
$
100,620
Secured Loans - Originated: Secured loans include short-term loans, which include a combination of on-demand lines and short-
term facilities. These loans are fully secured by the customer's assets, which predominantly include bullion, numismatic, and semi-
numismatic material, and are typically held in safekeeping by the Company. See Note 14 for further information regarding our secured
loans made to related parties.
Secured Loans - Acquired: Secured loans also include short-term loans, which include a combination of on-demand lines and
short-term facilities that are purchased from our customers. The Company acquires a portfolio of their loan receivables at a price that
approximates the outstanding balance of each loan in the portfolio, as determined on the effective transaction date. Each loan in the
portfolio is fully secured by the borrower's assets, which could include bullion, numismatic or semi-numismatic material, and are
typically held in safekeeping by the Company. The seller of the loan portfolio generally retains the responsibility for the servicing and
administration of the loans.
As of June 30, 2024 and June 30, 2023, our secured loans carried weighted-average effective interest rates of 10.5% and 10.4%,
respectively, and mature in periods ranging typically from on-demand to one year.
The secured loans that the Company generates with its active customers are reflected as an operating activity on the consolidated
statements of cash flows. The secured loans that the Company generates with borrowers that are not active customers are reflected as
an investing activity on the consolidated statements of cash flows as secured loans receivables, net. For the secured loans that (i) are
reflected as an investing activity and have terms that allow the borrowers to increase their loan balance (at the discretion of the Company)
based on the excess value of their collateral compared to their aggregate principal balance of loan, and (ii) are repayable on demand or
in the short-term, the borrowings and repayments are netted on the consolidated statements of cash flows.

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Credit Quality of Secured Loans Receivables and Allowance for Credit Losses
General
The Company's secured loan receivables portfolio comprises loans with similar credit risk profiles, which enables the Company
to apply a standard methodology to determine the credit quality for each loan and the allowance for credit losses, if any.
The credit quality of each loan is generally determined by the collateral value assessment, loan-to-value (“LTV”) ratio (that is,
the principal amount of the loan divided by the estimated value of the collateral) and the type (or class) of secured material. All loans
are fully secured by precious metal bullion, numismatic and semi-numismatic collateral, or graded sports cards, which remains in the
physical custody of the Company for the duration of the loan. The term of the loans is generally 180 days, however loans are typically
renewed prior to maturity and therefore remain outstanding for a longer period of time. Interest earned on a loan is billed monthly and
is typically due and payable within 20 days and, if not paid after all applicable grace periods, is added to the outstanding principal
balance, and late fees and default interest rates are assessed.
When an account is in default or if a margin call has not been met on a timely basis, the loan is considered non-performing and
the Company has the right to liquidate the borrower's collateral in order to satisfy the unpaid balance of the outstanding loans, including
accrued and unpaid interest.
Class and Credit Quality of Loans
The three classes of secured loan receivables are defined by collateral type: (i) bullion, (ii) numismatic and semi-numismatic and
(iii) graded sports cards. The Company required LTV ratios vary with the class of loans. Typically, the Company requires an LTV ratio
of approximately 75% for bullion, 65% for numismatic and semi-numismatic collateral, and 50% for graded sports cards. The LTV ratio
for loans collateralized by numismatic and semi-numismatic collateral is typically lower on a percentage basis than bullion collateralized
loans because a higher value of the numismatic and semi-numismatic collateral relates to its premium value, rather than its underlying
commodity value. The LTV ratio for loans collateralized by graded sports cards is lower because the underlying collateral is not as
liquid as bullion and numismatic and semi-numismatic collateral.
The Company's secured loans by portfolio class, which align with internal management reporting, were as follows (in thousands):
June 30, 2024
June 30, 2023
Bullion
$
64,764
57.3% $
52,165
51.8%
Numismatic and semi-numismatic
42,588
37.7%
47,856
47.6%
Graded sports cards
5,715
5.0%
599
0.6%
$
113,067
100.0% $
100,620
100.0%
Due to the nature of market fluctuations of precious metal commodity prices, the Company monitors the bullion collateral value
of each loan on a daily basis, based on spot price of precious metals. Numismatic and graded sports cards collateral values are updated
by numismatic and graded sports cards specialists typically within every 90 days and when loan terms are renewed.
Generally, we initiate the margin call process when the outstanding loan balance is in excess of 85% of the current value of the
underlying collateral. In the event that a borrower fails to meet a margin call to reestablish the required LTV ratio, the loan is considered
in default. The collateral material (either bullion, numismatic or graded sports cards) underlying such loans is then sold by the Company
to satisfy all amounts due under the loan.
Loans with LTV ratios of less than 75% are generally considered to be higher quality loans. Below is summary of aggregate
outstanding secured loan balances bifurcated into (i) loans with an LTV ratio of less than 75% and (ii) loans with an LTV ratio of 75%
or more (in thousands):
June 30, 2024
June 30, 2023
Loan-to-value of less than 75%
$
101,197
89.5% $
90,378
89.8%
Loan-to-value of 75% or more
11,870
10.5%
10,242
10.2%
$
113,067
100.0% $
100,620
100.0%
The Company had no loans with an LTV ratio in excess of 100% as of June 30, 2024 and June 30, 2023.
Non-Performing Loans/Impaired Loans
Historically, the Company has not established an allowance for any credit losses because the Company maintains sufficient
collateral to satisfy amounts due.

91
Non-performing loans have the highest probability for credit loss. If needed, an allowance for secured loan credit losses
attributable to non-performing loans is recorded based on the most probable source of repayment, which is normally the liquidation of
collateral. Due to the accelerated liquidation terms of the Company's loan portfolio, past due loans are generally liquidated within 90
days of default. In the event a loan were to become non-performing and the collateral is not sufficient to satisfy amounts due, the
Company would determine a reserve to reduce the carrying balance to its estimated net realizable value. As of June 30, 2024 and June 30,
2023, the Company had no allowance for secured loan losses or loans classified as non-performing.
A loan is considered impaired if it is probable, based on current information and events, that the Company will be unable to collect
all amounts due according to the contractual terms of the loan. Customer loans are reviewed for impairment and include loans that are
non-performing, or if the customer is in bankruptcy. In the event of an impairment, recognition of interest income would be suspended,
and the loan would be placed on non-accrual status at the time. Accrual would be resumed, and previously suspended interest income
would be recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired
loans are recorded first against the principal and then to any unrecognized interest income. For the years ended June 30, 2024, 2023,
and 2022, the Company incurred no loan impairment costs and no loans were placed on a non-accrual status.
6. INVENTORIES
Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties,
which, at the Company's option, it may or may not receive. The following table summarizes the components of our inventory (in
thousands):
June 30, 2024
June 30, 2023
Inventory held for sale
$
342,196
$
437,670
Repurchase arrangements with customers
199,559
181,751
Consignment arrangements with customers
2,416
3,801
Commemorative coins, held at lower of cost or net realizable value
3,236
948
Borrowed precious metals
31,993
21,642
Product financing arrangements
517,744
335,831
$
1,097,144
$
981,643
Inventory Held for Sale. Inventory held for sale represents precious metals, excluding commemorative coin inventory, that have
been received by the Company and are not subject to repurchase by or consignment arrangements with third parties, borrowed precious
metals, or product financing arrangements. As of June 30, 2024 and June 30, 2023, inventory held for sale totaled $342.2 million and
$437.7 million, respectively.
Repurchase Arrangements with Customers. The Company enters into arrangements with certain customers under which A-Mark
sells and then purchases precious metals from the customer which are subject to repurchase by the customer at the fair value of the
product on the repurchase date. These initial transactions with the customer do not qualify as sales and are excluded from revenue.
Under these arrangements, the Company, which holds legal title to the metals, earns financing income until the time the arrangement is
terminated, or the material is repurchased by the customer. In the event of a repurchase by the customer, the Company records a sale.
These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer’s rights to
repurchase any remaining inventory is forfeited. As of June 30, 2024 and June 30, 2023, included within inventories is $199.6 million
and $181.8 million, respectively, of precious metals products subject to repurchase arrangements with customers.
Consignment Arrangements with Customers. The Company periodically loans metals to customers on a short-term consignment
basis. Inventory loaned under consignment arrangements to customers as of June 30, 2024 and June 30, 2023 totaled $2.4 million and
$3.8 million, respectively. Such transactions are recorded as sales and are removed from the Company's inventory at the time the
customer elects to price and purchase the precious metals.
Commemorative Coins. Our commemorative coin inventory, including its premium component, is held at the lower of cost or net
realizable value, because the value of commemorative coins is influenced more by supply and demand determinants than on the
underlying spot price of the precious metal content of the commemorative coins. The value of commemorative coins is not subject to
the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the
spot metal price than bullion coins. Our commemorative coins are not hedged and totaled $3.2 million and $0.9 million as of June 30,
2024 and June 30, 2023, respectively.

92
Borrowed Precious Metals. Borrowed precious metals inventory include: (i) metals held by suppliers as collateral on advanced
pool metals, (ii) metals due to suppliers for the use of their consigned inventory, (iii) unallocated metal positions held by customers in
the Company’s inventory, and (iv) shortages in unallocated metal positions held by the Company in the supplier’s inventory. Unallocated
or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total
ounces of metal held in the position. Amounts due under these arrangements require delivery either in the form of precious metals or
cash. The Company's inventory included borrowed precious metals with market values totaling $32.0 million and $21.6 million as of
June 30, 2024 and June 30, 2023, respectively, with a corresponding offsetting obligation reflected as liabilities on borrowed metals on
the consolidated balance sheets.
Product Financing Arrangements. This inventory represents amounts held as security by lenders for obligations under product
financing arrangements. The Company enters into a product financing agreement for the transfer and subsequent re-acquisition of gold
and silver at an agreed-upon price based on the spot price with a third-party finance company. This inventory is restricted and is held at
a custodial storage facility in exchange for a financing fee, paid to the third-party finance company. During the term of the financing,
the third-party finance company holds the inventory as collateral, and both parties intend for the inventory to be returned to the Company
at an agreed-upon price based on the spot price on the finance arrangement repurchase date. These transactions do not qualify as sales
and have been accounted for as financing arrangements in accordance with ASC 470-40 Product Financing Arrangements. The
obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing arrangements and the
underlying inventory are carried at fair value, with changes in fair value included in cost of sales in the consolidated statements of
income. Such obligations totaled $517.7 million and $335.8 million as of June 30, 2024 and June 30, 2023, respectively.
The Company mitigates market risk of its physical inventory and open commitments through commodity hedge transactions. (See
Note 12.) As of June 30, 2024 and June 30, 2023, the unrealized gains or losses resulting from the difference between market value and
cost of physical inventory were gains of $55.5 million and losses of $4.6 million, respectively.
Premium Component of Inventory
The premium component, at market value, included in the inventory as of June 30, 2024 and June 30, 2023 totaled $34.2 million
and $29.4 million, respectively.
7. LEASES
Components of operating lease expense were as follows (in thousands):
Year Ended June 30,
2024
2023
2022
Operating lease costs
$
1,616
$
1,460
$
1,403
Variable lease costs
545
469
627
Short term lease costs
73
108
94
Finance lease costs
15
—
16

$
2,249
$
2,037
$
2,140
For the year ended June 30, 2024, we made cash payments of $1.8 million for operating lease obligations. These payments are
included in operating cash flows. As of June 30, 2024, the weighted-average remaining lease term under our capitalized operating leases
was 4.5 years, while the weighted-average discount rate for our operating leases was approximately 6.0%. As of June 30, 2023, the
weighted-average remaining lease term under our capitalized operating leases was 4.7 years, while the weighted-average discount rate
for our operating leases was approximately 4.9%.

93
The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of
June 30, 2024 for our operating leases were as follows (in thousands):
Year ending June 30,
Operating Leases
2025
$
2,898
2026
2,740
2027
2,047
2028
1,946
2029
1,086
Thereafter
936
Total lease payments
11,653
Imputed interest
(1,551)
Total operating lease liability
$
10,102
(1)
Operating lease liability - current
$
2,370
(2)
Operating lease liability - long-term
7,732
(3)
$
10,102
(1)
(1)
Represents the present value of the operating lease liabilities as of June 30, 2024.
(2)
Current operating lease liabilities are presented within accrued liabilities on our consolidated balance sheets.
(3)
Long-term operating lease liabilities are presented within other liabilities on our consolidated balance sheets.
For information regarding the Company's related party leases, refer to Note 14.
8. PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment consisted of the following (in thousands):
June 30, 2024
June 30, 2023
Computer software
$
9,300
$
7,442
Plant equipment
10,566
8,477
Leasehold improvements
4,196
3,969
Office furniture, and fixtures
4,042
2,960
Computer equipment
2,337
1,713
Building and other
2,571
857
Total depreciable assets
33,012
25,418
Less: Accumulated depreciation and amortization
(16,356)
(13,553)
Property and equipment not placed in service
3,201
242
Land
406
406
Property, plant, and equipment, net
$
20,263
$
12,513
Property, plant and equipment depreciation and amortization expense was $2.8 million, $2.2 million, and $1.6 million for the
years ended June 30, 2024, 2023, and 2022, respectively. For the periods presented, depreciation and amortization expense allocable to
cost of sales was not significant.
9. GOODWILL AND INTANGIBLE ASSETS
Goodwill is an intangible asset that arises when a company acquires an existing business or assets (net of assumed liabilities)
which comprise a business. In general, the amount of goodwill recorded in an acquisition is calculated as the purchase price of the
business minus the fair market value of the tangible assets and the identifiable intangible assets, net of the assumed liabilities. Goodwill
and intangibles can also be established by push-down accounting. Below is a summary of the significant transactions that generated our
goodwill and intangible assets:
•
In connection with the Company's formation of AMST in August 2016, the Company recorded $2.5 million and $4.3 million
of identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal and
represent their fair values at the acquisition date.
•
In connection with the Company's acquisition of Goldline in August 2017, the Company recorded $5.0 million and $1.4
million of additional identifiable intangible assets and goodwill, respectively; these values were based upon an independent
appraisal and represent their fair values at the acquisition date.
•
In March 2021, the Company acquired 100% ownership of JMB, in which we previously held a 20.5% equity interest. At
the acquisition date we measured the value of identifiable intangible assets and goodwill at $98.0 million and $92.1 million,
respectively. These values represent their fair values at the acquisition date.
•
In October 2022, JMB acquired $4.5 million of intangible assets that included: BGASC’s website, domain name,
trademarks, logos, customer list, and all intellectual property.

94
•
In connection with the Company's acquisition of LPM in February 2024, we recorded $10.3 million and $21.0 million of
identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.
•
In March 2024, JMB acquired $8.5 million of intangible assets that included Gold.com's domain name.
•
In June 2024, we obtained a controlling interest in SGB, at which point SGB became a consolidated subsidiary of the
company. We measured the value of identifiable intangible assets and goodwill at $28.8 million and $78.0 million,
respectively. These values represent their fair values as of the acquisition date.
Carrying Value
The carrying value of goodwill and other purchased intangibles are described below (dollar amounts in thousands):
June 30, 2024
June 30, 2023
Estimated
Useful Lives
(Years)
Remaining
Weighted-
Average
Amortization
Period
(Years)
Gross
Carrying
Amount
Accumulated
Amortization
Accumulated
Impairment
Net Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Accumulated
Impairment
Net Book
Value
Identifiable intangible assets:
Existing customer
relationships
4 - 15
4.4
$
75,568
$
(52,203)
$
—
$
23,365
$
55,768
$
(46,465)
$
—
$
9,303
Developed technology
4
3.4
20,336
(8,933)
—
11,403
11,036
(6,077)
—
4,959
Non-compete and other
3 - 5
3.3
2,310
(2,300)
—
10
2,310
(2,300)
—
10
Employment agreement
1 - 3
0.0
295
(295)
—
—
295
(295)
—
—
Intangibles subject to amortization
98,509
(63,731)
—
34,778
69,409
(55,137)
—
14,272
Trade names and
trademarks
Indefinite
Indefinite
59,660
—
(1,290)
58,370
49,648
—
(1,290)
48,358
Domain name
Indefinite
Indefinite
8,515
—
—
8,515
—
—
—
—
Identifiable intangible assets
$ 166,684
$
(63,731)
$
(1,290)
$ 101,663
$ 119,057
$
(55,137)
$
(1,290)
$
62,630
Goodwill
Indefinite
Indefinite
$ 201,301
$
—
$
(1,364)
$ 199,937
$ 102,307
$
—
$
(1,364)
$
100,943
The Company's intangible assets are subject to amortization except for trade names, trademarks, and domain names, which have
indefinite lives. Amortization expense related to the Company's intangible assets was $8.6 million, $10.3 million, and $25.7 million for
the years ended June 30, 2024, 2023, and 2022, respectively. For the presented periods, amortization expense allocable to cost of sales
was not significant.
The changes in the carrying amounts of goodwill were as follows (in thousands):
Balance as of June 30, 2023
$
100,943
Goodwill acquired - LPM
21,034
Goodwill acquired - SGB
77,960
Balance as of June 30, 2024
$
199,937
Impairment
We recorded a non-recurring impairment charge of $2.7 million (goodwill and indefinite-lived intangible assets) in fiscal 2018
related to Goldline. Other than the impairment charge related to Goldline, we have not recorded any impairment of goodwill or
indefinite-lived intangible assets.
Estimated Amortization
Estimated annual amortization expense related to definite-lived intangible assets for the succeeding five years is as follows (in
thousands):
Fiscal Year Ending June 30,
Amount
2025
13,458
2026
7,798
2027
6,059
2028
4,866
2029
734
Thereafter
1,863
$
34,778

95
10. LONG-TERM INVESTMENTS
The following table shows the carrying value and ownership percentage of the Company's investment in each privately-held entity
accounted for either under the equity or cost method (in thousands):
June 30, 2024
June 30, 2023
Investee
Carrying Value
Ownership
Percentage
Carrying Value
Ownership
Percentage
Silver Gold Bull, Inc.
$
—
—% (1)
$
44,699
47.4%
Pinehurst Coin Exchange, Inc.
17,503
49.0%
15,999
49.0%
Sunshine Minting, Inc.
18,603
44.9%
17,719
44.9%
Company A
283
33.3%
233
33.3%
Company B
2,036
50.0%
2,005
50.0%
Texas Precious Metals, LLC
7,236
12.0%
5,465
12.0%
Atkinsons Bullion & Coins
2,783
25.0%
2,415
25.0%
APS Investment, LLC
2,014
33.3% (2)
—
—%
$
50,458
$
88,535
(1)
In June 2024, the Company acquired a controlling interest in SGB; see Note 1 for further information.
(2)
APS Investment, LLC is a holding company that owns a 10% equity interest in AMS Holding, LLC. Pinehurst Coin Exchange, Inc. and Stack's Bowers
Numismatics, LLC also each own a one-third equity interest in APS Investment, LLC.
We consider all of our equity method investees to be related parties. See Note 14 for a summary of the Company's aggregate
balances and activity with these related party entities. All of the Company's investees are accounted for using the equity method, with
the exception of Company A, which is accounted for using the cost method and is not considered a related party.
For equity method investments with greater than 20% ownership, the carrying value at June 30, 2024 exceeded our share of the
investees' book value by $10.4 million which is primarily attributable to goodwill and intangible assets.
11. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES
Accounts payable and other current liabilities consisted of the following (in thousands):
June 30, 2024
June 30, 2023
Trade payables to customers
$
12,005
$
20,512
Other accounts payable
6,826
4,953
Accounts payable and other payables
$
18,831
$
25,465
Deferred revenue
$
22,354
$
7,419
Advances from customers
240,932
173,944
Deferred revenue and other advances
$
263,286
$
181,363
As of June 30, 2024 and June 30, 2023, advances from customers included $99.6 million and $79.8 million, respectively, of
advances related to precious metals leases.
12. DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS
The Company is exposed to market risk, such as changes in commodity prices and foreign exchange rates. To manage the volatility
related to these exposures, the Company enters into various derivative products, such as forward and futures contracts. By policy, the
Company historically has entered into derivative financial instruments for the purpose of hedging substantially all of Company's market
exposure to precious metals prices, and not for speculative purposes. The Company’s gains (losses) on derivative instruments are
substantially offset by the changes in the fair market value of the underlying precious metals inventory, both of which are recorded in
cost of sales in the consolidated statements of income.
Commodity Price Management
The Company manages the value of certain assets and liabilities of its trading business, including trading inventory, by employing
a variety of hedging strategies. These strategies include the management of exposure to changes in the market values of the Company's
trading inventory through the purchase and sale of a variety of derivative instruments, such as forward and futures contracts.

96
The Company enters into derivative transactions solely for the purpose of hedging its inventory subject to price risk, and not for
speculative market purposes. Due to the nature of the Company's global hedging strategy, the Company is not using hedge accounting
as defined under ASC 815, whereby the gains or losses would be deferred and included as a component of other comprehensive income.
Instead, gains or losses resulting from the Company's forward and futures contracts and open sale and purchase commitments are
reported in the consolidated statements of income as unrealized gains or losses on commodity contracts (a component of cost of sales),
with the related unrealized amounts due from or to counterparties reflected as derivative assets or liabilities on the consolidated balance
sheets.
The Company's trading inventory and purchase and sale transactions consist primarily of precious metal products. The value of
these assets and liabilities are marked-to-market daily to the prevailing closing price of the underlying precious metals. The Company's
precious metals inventory is subject to fluctuations in market value, resulting from changes in the underlying commodity prices.
Inventory purchased or borrowed by the Company is subject to price changes. Inventory borrowed is considered a natural hedge, since
changes in value of the metal held are offset by the obligation to return the metal to the supplier.
Open sale and purchase commitments are subject to changes in value between the date the purchase or sale price is fixed (the trade
date) and the date the metal is received or delivered (the settlement date). The Company seeks to minimize the effect of price changes
of the underlying commodity through the use of forward and futures contracts. The Company’s open sale and purchase commitments
typically settle within 2 business days, and for those commitments that do not have stated settlement dates, the Company has the right
to settle the positions upon demand.
The Company's policy is to substantially hedge its inventory position, net of open sale and purchase commitments that are subject
to price risk, and regularly enters into precious metals commodity forward and futures contracts with financial institutions to hedge
against this risk. The Company uses futures contracts, which typically settle within 30 days, for its shorter-term hedge positions, and
forward contracts, which may remain open for up to 6 months, for its longer-term hedge positions. The Company has access to all of
the precious metals markets, allowing it to place hedges. The Company also maintains relationships with major market makers in every
major precious metal dealing center.
The Company’s management sets credit and position risk limits. These limits include gross position limits for counterparties
engaged in sales and purchase transactions with the Company. They also include collateral limits for different types of sale and purchase
transactions that counterparties may engage in from time to time.
Derivative Assets and Liabilities
The Company's derivative assets and liabilities represent the net fair value of the difference (or intrinsic value) between market
values and trade values at the trade date for open precious metals sale and purchase contracts, as adjusted on a daily basis for changes
in market values of the underlying metals, until settled. The Company's derivative assets and liabilities also include the net fair value of
open precious metals forward and futures contracts. The precious metals forward and futures contracts are settled at the contract
settlement date.
All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions
(i.e., offsetting derivative instruments). As such, for the Company's derivative contracts with the same counterparty, the receivables and
payables have been netted on the consolidated balance sheets. Such derivative contracts include open sale and purchase commitments,
futures, forward and margin accounts. The aggregate gross and net derivative receivables and payables balances by contract type and
type of hedge, were as follows (in thousands):
June 30, 2024
June 30, 2023
Gross
Derivative
Amounts
Netted
Cash
Collateral
Pledge
Net
Derivative
Gross
Derivative
Amounts
Netted
Cash
Collateral
Pledge
Net
Derivative
Nettable derivative assets:
Open sale and purchase commitments
$
102,091
$
(4,079)
$
—
$
98,012
$
53,924
$
(15,967)
$
—
$
37,957
Futures contracts
1,557
—
—
1,557
832
—
—
832
Forward contracts
15,151
—
—
15,151
39,092
—
—
39,092
$
118,799
$
(4,079)
$
—
$
114,720
$
93,848
$
(15,967)
$
—
$
77,881
Nettable derivative liabilities:
Open sale and purchase commitments
$
8,724
$
(1,034)
$
—
$
7,690
$
2,271
$
(1,418)
$
—
$
853
Margin accounts
22,316
—
(17,550)
4,766
17,681
—
(13,240)
4,441
Futures contracts
39
—
—
39
1,161
—
—
1,161
Forward contracts
14,256
—
—
14,256
1,621
—
—
1,621
$
45,335
$
(1,034)
$
(17,550)
$
26,751
$
22,734
$
(1,418)
$
(13,240)
$
8,076

97
Gains or Losses on Derivative Instruments
The Company records the derivative at the trade date with corresponding unrealized gains or losses shown as a component of cost
of sales in the consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transactions
are settled. When these contracts are net settled, the unrealized gains and losses are reversed, and the realized gains and losses for
forward contracts are recorded in revenue and cost of sales, and the net realized gains and losses for futures contracts are recorded in
cost of sales.
Below is a summary of the net gains (losses) on derivative instruments (in thousands):
Year Ended June 30,
2024
2023
2022
Gains (losses) on derivative instruments:
Unrealized gains (losses) on open futures commodity and forward contracts and open sale and
purchase commitments, net
$
18,225
$
53,453
$
(18,799)
Realized (losses) gains on futures commodity contracts, net
(16,563)
43,630
66,624
$
1,662
$
97,083
$
47,825
The Company’s net gains (losses) on derivative instruments, as shown in the table above, were substantially offset by the changes
in the fair market value of the underlying precious metals inventory, which were also recorded in cost of sales in the consolidated
statements of income.
Summary of Hedging Positions
In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in
the value of the underlying hedged item. The following table summarizes the results of our hedging activities, which shows the precious
metal commodity inventory position, net of open sale and purchase commitments, that was subject to price risk (in thousands):
June 30, 2024
June 30, 2023
Inventories
$
1,097,144
$
981,643
Precious metals held under financing arrangements
22,066
25,530
1,119,210
1,007,173
Less unhedgeable inventories:
Commemorative coin inventory, held at lower of cost or net realizable value
(3,236)
(948)
Premium on metals position
(34,175)
(29,358)
Precious metal value not hedged
(37,411)
(30,306)

98
Notional Balances of Derivatives
The notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current
spot prices of the underlying precious metal commodity. As of June 30, 2024 and June 30, 2023, the Company had the following
outstanding commitments and open forward and futures contracts (in thousands):
June 30, 2024
June 30, 2023
Purchase commitments
$
817,900
$
921,108
Sales commitments
$
(388,184)
$
(587,392)
Margin sales commitments
$
(22,316)
$
(17,682)
Open forward contracts
$
843,439
$
767,767
Open futures contracts
$
83,214
$
170,466
The contract amounts (i.e., notional balances) of the Company's forward and futures contracts and the open sales and purchase
commitments are not reflected in the accompanying consolidated balance sheets. The Company records the difference between the
market price of the underlying metal or contract and the trade amount at fair value.
The Company is exposed to the risk of failure of the counterparties to its derivative contracts. Significant judgment is applied by
the Company when evaluating the fair value implications. The Company regularly reviews the creditworthiness of its major
counterparties and monitors its exposure to concentrations. As of June 30, 2024, the Company believes its risk of counterparty default
is mitigated as a result of such evaluation and the short-term duration of these arrangements.
Foreign Currency Exchange Rate Management
The Company utilizes foreign currency forward contracts to manage the effect of foreign currency exchange fluctuations on its
sale and purchase transactions. These contracts generally have maturities of less than one week. The market values (fair values) of the
Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign
currencies, outstanding were as follows (in thousands):
June 30, 2024
June 30, 2023
Foreign exchange forward contracts
$
4,793
$
7,101
Open sale and purchase commitment transactions, net
$
4,705
$
5,611
13. INCOME TAXES
Net income from operations before provision for income taxes is shown below (in thousands):
Year Ended June 30,
2024
2023
2022
U.S.
$
83,317
$
203,139
$
166,379
Foreign
(539)
31
38
$
82,778
$
203,170
$
166,417
The Company files a consolidated federal income tax return based on a June 30 tax year end. The provision for income tax expense
by jurisdiction and the effective tax rate are shown below (in thousands):
Year Ended June 30,
2024
2023
2022
Current:
Federal
$
14,177
$
39,408
$
32,518
State and local
1,847
5,371
4,701
Foreign
419
37
225
16,443
44,816
37,444
Deferred:
Federal
(2,000)
178
(3,281)
State and local
(608)
1,407
(825)
Foreign
(90)
(2,698)
1,585
(4,106)
Income tax expense
$
13,745
$
46,401
$
33,338
Effective income tax rate
16.6%
22.8%
20.0%

99
Our provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rates for the years ended
June 30, 2024, 2023, and 2022 primarily due to the excess tax benefit from share-based compensation and the foreign derived intangible
income special deduction, partially offset by state taxes (net of federal tax benefit), Section 162(m) executive compensation
disallowance, and other normal course non-deductible expenditures. In addition, for the year ended June 30, 2024, our effective tax rate
differed from the federal statutory rate due to a one-time adjustment related to our acquisition of a controlling interest in SGB.
A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to income
before tax are set forth below (in thousands):
Year Ended June 30,
2024
2023
2022
Federal income tax provision at statutory rate
$
17,383
$
42,666
$
34,947
State and local tax, net of federal benefit
1,188
5,083
3,236
Adjustment related to acquisition of a controlling interest in SGB
(4,544)
—
—
Foreign derived intangible income
(93)
(791)
(1,476)
Stock-based compensation
(1,095)
(1,171)
(3,075)
State rate change
(231)
202
(171)
Permanent adjustments
509
311
(252)
Foreign rate differential
66
30
217
Foreign withholding taxes
377
—
—
Other
185
71
(88)
$
13,745
$
46,401
$
33,338
Income Taxes Receivable and Payable
As of June 30, 2024 and June 30, 2023, we had an income tax receivable of $1.6 million and payable of $1.0 million, respectively.
Deferred Tax Assets and Liabilities
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or
all of the deferred tax assets will be realized by evaluating both positive and negative evidence. The ultimate realization of deferred tax
assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become
deductible. As of June 30, 2024 and June 30, 2023, management concluded that it was more likely than not that the Company would be
able to realize the benefit of the U.S. federal and state deferred tax assets. We based this conclusion on historical and projected operating
performance, as well as our expectation that our operations will generate sufficient taxable income in future periods to realize the tax
benefits associated with the deferred tax assets. A tax valuation allowance was considered unnecessary, as management concluded that
it was more likely than not that the Company would be able to realize the benefit of the U.S. federal and state deferred tax assets.
As of June 30, 2024, the consolidated balance sheet reflects the deferred tax items for each tax-paying component (i.e., federal,
state and foreign), resulting in a federal deferred tax liability of $12.5 million, a state deferred tax liability of $1.7 million, and a foreign
deferred tax liability of $8.1 million. As of June 30, 2023, the consolidated balance sheet reflects the deferred tax items for each tax-
paying component (i.e., federal and state), resulting in a federal deferred tax liability of $14.4 million and a state deferred tax liability
of $2.3 million.
As a result of the acquisition of LPM and a controlling interest in SGB in fiscal year 2024, the Company recorded $8.1 million of
net deferred tax liabilities primarily on the excess of book basis over the tax basis of the acquired intangible assets. As of June 30, 2024,
the Company intends to indefinitely reinvest the cumulative undistributed earnings held by its foreign subsidiaries.

100
The schedule of deferred taxes presented below summarizes the components of deferred taxes that have been classified as deferred
tax assets and liabilities related to taxable and deductible temporary differences (in thousands):

June 30,
2024
June 30,
2023
Accrued compensation
$
196
$
195
Lease liabilities
1,737
1,800
Stock-based compensation
1,398
1,409
State tax accrual
134
422
Net operating loss carryforwards
12
2
Other
51
39
Deferred tax assets
3,528
3,867
Intangible assets
(18,657)
(13,111)
Fixed assets
(1,056)
(1,036)
Earnings from equity method investment
(3,879)
(4,534)
Investment in partnership
(442)
(204)
Right of use assets
(1,614)
(1,637)
Other
(67)
(22)
Deferred tax liabilities
(25,715)
(20,544)
Net deferred tax liability
$
(22,187)
$
(16,677)
Unrecognized Tax Benefits
The Company has taken or expects to take certain tax benefits on its income tax return filings that it has not recognized as a tax
benefit (i.e., an unrecognized tax benefit) on its consolidated statements of income. The Company's measurement of its uncertain tax
positions is based on management's assessment of all relevant information, including, but not limited to prior audit experience, audit
settlement, or lapse of the applicable statute of limitations. Below is a reconciliation of net unrecognized tax benefits (in thousands):
Year Ended June 30,
2024
2023
2022
Beginning balance
$
146
$
146
$
277
Decreases in tax positions for prior year
—
—
(93)
Reductions due to lapse of statute of limitations
(8)
—
(38)
Additions as a result of acquired tax positions
85
—
—
$
223
$
146
$
146
In addition to the $0.2 million of accrued tax expense as shown in the table above, the Company has $0.2 million of interest and
penalties accrued to date related to its uncertain tax positions. As of June 30, 2024, the amount of this accrued liability (inclusive of the
uncertain tax deductions and the associated interest and penalty accrual) totaled $0.4 million, and, if recognized, would reduce the
Company's effective tax rate.
Tax Examinations
The Company files income tax returns in the United States, and various state, local, and foreign jurisdictions. The Company is
currently subject to a three year statute of limitations for federal income tax purposes and, in general, three to six year statutes of
limitations for state and foreign tax purposes.
14. RELATED PARTY TRANSACTIONS
Related parties include entities which the Company controls or has the ability to significantly influence, and entities which are
under common control with the Company. Related parties also include persons who are affiliated with related entities or the Company
who are in a position to influence corporate decisions (such as owners, executives, board members and their families). In the normal
course of business, we enter into transactions with our related parties. Below is a list of related parties with whom we have had significant
transactions during the presented periods:
1)
Stack’s Bowers Numismatics, LLC ("Stack's Bowers Galleries"). Stack's Bowers Galleries is a wholly-owned subsidiary of
Spectrum Group International, Inc. ("SGI"). SGI and the Company have a common chief executive officer, and the chief
executive officer and the general counsel of the Company are board members of SGI.
2)
Solid Crossing Inc. ("Solid Crossing"). SGB's corporate office space is leased from Solid Crossing, whose owners are
affiliates of SGB.
3)
Equity method investees. As of June 30, 2024, the Company had six investments in privately-held entities which have been
determined to be equity method investees and related parties.

101
Our related party transactions primarily include (i) sales and purchases of precious metals, (ii) financing activities, (iii) repurchase
arrangements, (iv) hedging transactions, and (v) related party lease arrangements. Below is a summary of our related party transactions.
The amounts presented for each period reflect each entity’s related party status for that period.
Balances with Related Parties
Receivables and Payables, Net
Our related party net receivables and payables balances were as shown below (in thousands):
June 30, 2024
June 30, 2023
Receivables
Payables
Receivables
Payables
Stack's Bowers Galleries
$
729
(1)
$
—
$
534
(2)
$
—
Equity method investees
—
12,986
(3)
737
(2)
2,977
(3)
Other
—
8,449
(3)
—
—
$
729
$
21,435
$
1,271
$
2,977
(1)
Balance includes trade receivables, secured loans receivables, and other receivables, net
(2)
Balance includes trade receivables and other receivables, net
(3)
Balance includes note payables, trade payables, and other payables, net
Secured Loans Receivable
On March 1, 2018, CFC entered into a loan agreement with Stack's Bowers Galleries providing a secured line of credit on the
wholesale value (i.e., the excess over the spot value of the metal), of numismatic products bearing interest at a competitive rate per
annum, with a maximum borrowing line (subject to temporary increases) of $10.0 million. In addition to the annual rate of interest, the
Company is entitled to receive a participation interest (or "royalty income") equal to 10% of the net profits realized by Stack's Bowers
Galleries on the ultimate sale of the products. The initial term of the loan was 180 days; thereafter, the line of credit has been extended
by additional consecutive 30-day periods by mutual agreement. As of June 30, 2024 and June 30, 2023, the outstanding principal balance
of this loan was $0.0 million and $0.0 million, respectively.
On March 4, 2022, CFC entered into a loan agreement with Stack's Bowers Galleries providing a secured line of credit based on
the collateral value of Stack's Bowers Galleries' secured customers' notes. The loan bears interest at a competitive rate per annum, with
a maximum borrowing line of $3.0 million. The initial term of the loan was 180 days; thereafter, the line of credit has been extended by
additional consecutive 180-day periods by mutual agreement. As of June 30, 2024 and June 30, 2023, the outstanding principal balance
of this loan was $0.0 million and $0.0 million, respectively.
Operating Lease Right of Use Assets
As of June 30, 2024 and June 30, 2023, we recorded related party right of use assets of $2.0 million and $0.0 million, respectively.
Long-term Investments
As of June 30, 2024 and June 30, 2023, the aggregate carrying balance of the equity method investments was $50.2 million and
$88.3 million, respectively. (See Note 10.)
Other Long-term Assets
In June 2022, in conjunction with the Company’s acquisition of an additional 40% ownership interest in SGB, the Company
acquired an option to purchase additional ownership interest in SGB. This option was partially exercised and modified in June 2024.
The option is exercisable through September 2025. (See Note 1 and Note 3.)
Notes Payable
On April 1, 2021, CCP entered into a loan agreement ("CCP Note") with CFC, which provides CFC with up to $4.0 million to
fund commercial loans secured by graded sports cards to its borrowers. All loans to be funded using the proceeds from the CCP Note
are subject to CCP’s prior written approval. In March 2024, the expiration date for the CCP Note was amended to expire on April 1,
2026; the CCP Note may be further extended by mutual agreement. As of June 30, 2024 and June 30, 2023, the outstanding principal
balance of the CCP Note was $4.0 million and $0.5 million, respectively.
In June 2024, SGB declared a $15.9 million dividend to existing shareholders based on certain levels of working capital. The
dividend was paid on September 9, 2024. The dividend paid to the Company from SGB was $7.5 million which was recorded as a
dividend receivable to A-Mark from SGB as of June 30, 2024 and has been eliminated upon consolidation. The remaining $8.4 million
due to the other shareholders was recorded as a note payable by SGB as of June 30, 2024.

102
Activity with Related Parties
Sales and Purchases
Our sales and purchases with companies deemed to be related parties were as follows (in thousands):
Year Ended June 30,
2024
2023
2022
Sales
Purchases
Sales
Purchases
Sales
Purchases
Stack's Bowers Galleries
$
157,917
$
67,173
$
153,409
$
49,460
$
95,271
$
51,220
Equity method investees(1)
1,397,906
74,405
1,212,936
45,651
756,583
48,529
$
1,555,823
$
141,578
$
1,366,345
$
95,111
$
851,854
$
99,749
(1)
Includes sales and purchases activity with SGB prior to the Company acquiring a majority ownership interest in SGB in June 2024.
Interest Income
We earned interest income from related parties as set forth below (in thousands):
Year Ended June 30,
2024
2023
2022
Interest income from secured loans receivables
$
78
$
—
$
155
Interest income from finance products and repurchase arrangements
10,345
7,839
6,668
$
10,423
$
7,839
$
6,823
Selling, General, and Administrative
The Company incurred selling, general, and administrative expense related to its leasing agreements with Solid Crossing and
Stack's Bowers Galleries and consulting agreement with Cerberus Limited of $285,000, $34,000, and $0 during the years ended June 30,
2024, 2023, and 2022, respectively.
Interest Expense
The Company incurred interest expense related to its note with CCP of $78,000, $38,000, and $0 during the years ended June 30,
2024, 2023, and 2022, respectively.
Equity Method Investments — Earnings, Dividends and Distributions Received
The Company's proportional share of our equity method investee's earnings was $4.0 million, $12.6 million, and $6.9 million
during the years ended June 30, 2024, 2023, and 2022, respectively.
The Company received dividend and distribution payments from our equity method investees that totaled, in the aggregate, $0.6
million, $1.0 million, and $1.7 million during the years ended June 30, 2024, 2023, and 2022, respectively.
Other Income
The Company earned royalty and consulting services income from related parties that totaled $1.2 million, $2.6 million, and $2.2
million during the years ended June 30, 2024, 2023, and 2022, respectively.
Foreign Currency Exchange Transactions with Related Person
Jeffrey D. Benjamin, A-Mark's Chairman of the Board, engaged in foreign currency transactions through A-Mark for an aggregate
dollar value of $3.1 million, $2.1 million, and $1.3 million during the years ended June 30, 2024, 2023, and 2022, respectively. The
Company believes that all transactions were on an arms' length basis and on terms and conditions applicable to unaffiliated third parties.
15. FINANCING AGREEMENTS
Lines of Credit - Trading Credit Facility
On December 21, 2021, the Company entered into a three-year committed facility provided by a syndicate of financial institutions
(the “Trading Credit Facility”), with a total revolving commitment of up to $350.0 million and with a termination date of December 21,
2024. In September 2023, this Trading Credit Facility was amended to add a new lender, a new subsidiary loan party and guarantor and
modify certain terms and conditions of the Trading Credit Facility, including increasing the incremental facility feature to $190 million,
eliminating provisions whereby lenders under certain conditions could require repayment of all obligations outstanding under the
Trading Credit Facility within 10 days on demand, and updating the maturity date to September 20, 2025. As a result, the Trading Credit
Facility was reclassified to long-term during the three months ended September 30, 2023. In June 2024, we amended the Trading Credit
Facility to increase the total facility feature to $422.5 million as well as other terms and conditions.

103
The Trading Credit Facility is secured by substantially all of the Company’s assets on a first priority basis and is guaranteed by
all of the Company's subsidiaries. The Trading Credit Facility currently bears interest at the daily SOFR rate plus an applicable margin
of 236 basis points. As of June 30, 2024, the interest rate on our Trading Credit Facility was approximately 7.7% and the daily SOFR
rate was approximately 5.3%.
The Trading Credit Facility provides the Company with the liquidity to buy and sell billions of dollars of precious metals annually.
We routinely use funds drawn under the Trading Credit Facility to purchase metals from our suppliers and for operating cash flow
purposes. Our CFC subsidiary also uses the funds drawn under the Trading Credit Facility to finance certain of its lending activities.
Borrowings totaled $245.0 million and $235.0 million at June 30, 2024 and June 30, 2023, respectively. The amounts available
under the respective lines of credit are determined at the end of each week and at each month end following a specified borrowing base
formula. The Company is able to access additional credit as needed to finance operations, subject to the overall limits of the borrowing
facilities and lender approval of the borrowing base calculation. Based on the month end borrowing bases in effect, the availability under
the Trading Credit Facility, after taking into account current borrowings, totaled $145.5 million and $115.0 million as determined on
June 30, 2024 and June 30, 2023, respectively. As of June 30, 2024 and June 30, 2023, the remaining unamortized balance of loan costs
was approximately $3.4 million and $2.4 million, respectively.
The Trading Credit Facility contains various covenants, all of which the Company was in compliance with as of June 30, 2024.
Interest expense related to the Company’s Trading Credit Facility totaled $24.3 million, $15.9 million, and $8.5 million, which
represents 61.4%, 50.3%, and 38.6% of the total interest expense recognized for the years ended June 30, 2024, 2023, and 2022,
respectively. The Trading Credit Facility carried a daily weighted-average effective interest rate of 8.50%, 7.15%, and 4.47% for the
years ended June 30, 2024, 2023, and 2022, respectively.
Notes Payable - AMCF Notes
In September 2018, AM Capital Funding, LLC (“AMCF”), previously a wholly-owned subsidiary of CFC, completed an issuance
of Secured Senior Term Notes (collectively, the "AMCF Notes"): Series 2018-1, Class A (the “Class A Notes”) in the aggregate principal
amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B (the “Class B Notes”) in the aggregate principal
amount of $28.0 million. The Class A Notes bore interest at a rate of 4.98% and the Class B Notes bore interest at a rate of 5.98%. The
AMCF Notes were repaid in full in December 2023; AMCF was dissolved in June 2024.
For the years ended June 30, 2024, 2023, and 2022, interest expense related to the AMCF Notes (including loan amortization
costs) totaled $2.5 million, $5.7 million, and $5.8 million which represents 6.3%, 17.9%, and 26.3% of the total interest expense
recognized by the Company, respectively. For the years ended June 30, 2024, 2023, and 2022, the AMCF Notes' weighted-average
effective interest rate was 5.88%, 5.88%, and 5.88%, respectively.
Notes Payable — Related Party
See Note 14.
Liabilities on Borrowed Metals
The Company recorded liabilities on borrowed metals with market values totaling $32.0 million and $21.6 million as of June 30,
2024 and June 30, 2023, respectively, which was included in inventories on the consolidated balance sheet.
For the years ended June 30, 2024, 2023, and 2022, the interest expense related to liabilities on borrowed metals totaled $2.0
million, $1.9 million, and $1.3 million which represents 5.0%, 5.9%, and 6.0% of the total interest expense recognized by the Company,
respectively.
Advanced Pool Metals
The Company borrows precious metals from its suppliers and customers under short-term agreements using other precious metals
from its inventory as collateral. The Company has the ability to sell the metals advanced. These arrangements can be settled by repayment
in similar metals or in cash. Once the obligation is settled, the metals held as collateral are released back to the Company.
Liabilities on Borrowed Metals — Other
Liabilities may also arise from: (i) unallocated metal positions held by customers in the Company’s inventory, (ii) amounts due
to suppliers for the use of their consigned inventory, and (iii) shortages in unallocated metal positions held by the Company in the
supplier’s inventory. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified
physical form, based on the total ounces of metal held in the position. Amounts due under these arrangements require delivery either in
the form of precious metals or in cash.

104
Product Financing Arrangements
The Company has agreements with third-party financial institutions which allow the Company to transfer its gold and silver
inventory at an agreed-upon price, which is based on the spot price. Such agreements allow the Company to repurchase this inventory
upon demand at an agreed-upon price based on the spot price on the repurchase date. The third-party charges a monthly fee as a
percentage of the market value of the outstanding obligation; such monthly charges are classified in interest expense. These transactions
do not qualify as sales, and therefore have been accounted for as financing arrangements and are reflected in the consolidated balance
sheet as product financing arrangements. The obligation is stated at the amount required to repurchase the outstanding inventory. Both
the product financing obligation and the underlying inventory (which is entirely restricted) are carried at fair value, with changes in fair
value recorded as a component of cost of sales in the consolidated statements of income. Such obligations totaled $517.7 million and
$335.8 million as of June 30, 2024 and June 30, 2023, respectively.
For the years ended June 30, 2024, 2023, and 2022, the interest expense related to product financing arrangements totaled $9.9
million, $6.9 million, and $4.3 million, which represents 25.0%, 21.7%, and 19.4% of the total interest expense recognized by the
Company, respectively.
16. COMMITMENTS AND CONTINGENCIES
Legal Matters
The Company is from time-to-time party to various lawsuits, claims and other proceedings, that arise in the ordinary course of
its business.
Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including our
assessment of the merits of the particular claim, we do not expect that these legal proceedings or claims will have any material adverse
impact on our future consolidated financial position, results of operations, or cash flows.
In accordance with U.S. GAAP, we review the need to accrue for any loss contingency and establish a liability when, in the
opinion of management, it is probable that a matter would result in a liability and the amount of loss, if any, can be reasonably estimated.
We do not believe that the resolution of any currently pending lawsuits, claims and proceedings, either individually or in the aggregate,
will have a material adverse effect on financial position, results of operations or liquidity. However, the outcomes of any currently
pending lawsuits, claims and proceedings cannot be predicted, and therefore, there can be no assurance that this will be the case.
Additionally, we record receivables for insurance recoveries relating to litigation-related losses and expenses if and when such
amounts are covered by insurance and recovery of such losses or expenses are due.
Employment and Non-Compete Agreements
As of June 30, 2024, the Company was a party to various employment agreements and non-compete and/or non-solicitation
agreements with its employees, including employment agreements with (a) Greg Roberts, our Chief Executive Officer, which expires
in June 2027, and (b) Thor Gjerdrum, our President, and (c) Brian Aquilino, our Chief Operating Officer, which expire in June 2025.
The Company's employment agreement with Michael Wittmeyer, formerly Chief Executive Officer of JMB, was terminated as of June
30, 2023, at which time the Company and Mr. Wittmeyer entered into a consulting agreement, which expires in June 2025. The
employment agreements provide for minimum salary levels, incentive compensation and severance benefits, among other items, and the
employment agreements and the consulting agreement contain various non-compete and non-solicitation provisions.
Employee Benefit Plan
The Company maintains an employee retirement savings plan for United States employees under the Internal Revenue Code
section 401(k). There is an automatic default contribution for newly eligible employees in which 3% will be deducted pre-tax from the
employee’s pay and invested in their default fund unless directed otherwise. Employees are eligible to participate in the plan after three
complete calendar months of service by the next plan entry date and are 21 years of age. All contributions are immediately vested.
Employees' contributions are discretionary to a maximum of 90% of compensation. For all plan members, the Company contributes
100% of the eligible employees' contributions on the first 3% of the participants' contribution, plus 50% of the next 3% of the participants
contribution up to the IRS' maximum annual contribution. The Company's matching 401(k) contributions totaled $1.2 million, $1.0
million, and $0.7 million for the years ended June 30, 2024, 2023, and 2022, respectively.

105
17. STOCKHOLDERS’ EQUITY
Dividends
On July 5, 2023, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to stockholders
of record at the close of business on July 17, 2023. The dividend was paid on July 28, 2023 and totaled $4.7 million.
On August 17, 2023, the Company's board of directors declared a non-recurring special dividend of $1.00 per share of common
stock to stockholders of record at the close of business on September 12, 2023. The dividend was paid on September 26, 2023 and
totaled $23.4 million.
On August 17, 2023, the Company's board of directors also declared a regular cash dividend of $0.20 per share of common stock
to stockholders of record at the close of business on October 10, 2023. The dividend was paid on October 24, 2023 and totaled $4.6
million.
On January 4, 2024, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to
stockholders of record at the close of business on January 16, 2024. The dividend was paid on January 29, 2024 and totaled $4.6 million.
On April 4, 2024, the Company's board of directors declared a regular dividend of $0.20 per share of common stock to stockholders
of record at the close of business on April 16, 2024. The dividend was paid on April 29, 2024 and totaled $4.6 million.
Share Repurchase Program
In April 2018, the Company's board of directors approved a share repurchase program which authorized the Company to purchase
up to 1.0 million shares (as adjusted for the two-for-one split of A-Mark’s common stock in the form of a stock dividend in fiscal 2022)
of its common stock. Prior to fiscal 2023, no shares were repurchased under our share repurchase program. In fiscal 2023, we repurchased
a total of 335,735 shares under the program for $9.8 million. In the fourth quarter of fiscal 2023, the board revised the repurchase
program to authorize the purchase of up to 1.0 million shares of our common stock, in addition to the shares previously repurchased,
and extended the expiration date from June 30, 2023 to June 30, 2028. In November 2023, the Company's board of directors further
amended the share repurchase program to authorize an additional 1.2 million shares to be repurchased under the program, resulting in a
total of 2.0 million shares authorized for repurchase, after taking into account the shares previously purchased at that date. As of June 30,
2024, 848,509 shares remain authorized for repurchase under the program.
During the year ended June 30, 2024, we repurchased 815,756 shares under the program for $22.4 million. From inception of the
program through June 30, 2024, we repurchased a total of 1,151,491 shares for $32.2 million.
Under the share repurchase program, we may repurchase shares of our common stock from time to time at prevailing market
prices, depending on market conditions, through open market or privately negotiated transactions. Subject to applicable corporate
securities laws, repurchases may be made at such times and prices and in amounts as management deems appropriate. We are not
obligated to repurchase any shares under the program, and repurchases under the program may be discontinued if management
determines that additional repurchases are not warranted.
2014 Stock Award and Incentive Plan
The Company's amended and restated 2014 Stock Award and Incentive Plan (the "2014 Plan") was approved most recently on
October 27, 2022 by the Company's stockholders. As of June 30, 2024, 1,692,891 shares were available for issuance of new awards
under the 2014 Plan.
Under the 2014 Plan, the Company may grant options and other equity awards as a means of attracting and retaining officers,
employees, non-employee directors and consultants, to provide incentives to such persons, and to align the interests of such persons
with the interests of stockholders by providing compensation based on the value of the Company's stock. Awards under the 2014 Plan
may be granted in the form of incentive or non-qualified stock options, stock appreciation rights ("SARs"), restricted stock, RSUs,
dividend equivalent rights, other stock-based awards (which may include outright grants of shares) and cash incentive awards. The 2014
Plan also authorizes grants of awards with performance-based conditions and market-based conditions. The 2014 Plan is administered
by the Compensation Committee of the board of directors, which, in its discretion, may select officers and other employees, directors
(including non-employee directors) and consultants to the Company and its subsidiaries to receive grants of awards. The board of
directors itself may perform any of the functions of the Compensation Committee under the 2014 Plan.

106
Under the 2014 Plan, the exercise price of options and base price of SARs, as set by the Compensation Committee, generally may
not be less than the fair market value of the shares on the date of grant, and the maximum term of stock options and SARs is ten years.
The 2014 Plan limits the number of share-denominated awards that may be granted to any one eligible person in any fiscal year to
500,000 shares plus the participant's unused annual limit at the close of the previous year. Also, in the case of non-employee directors,
the 2014 Plan limits the maximum grant-date fair value at $300,000 of stock-denominated awards granted to a director in a given fiscal
year, except for a non-employee Chairman of the Board whose grant-date fair value maximum is $600,000 per fiscal year. The 2014
Plan will terminate when no shares remain available for issuance and no awards remain outstanding; however, the authority to grant
new awards will terminate on October 27, 2032.
Stock Options
The Company measures the compensation cost of stock options using the Black-Scholes option pricing model, which uses various
inputs such as the market price per share of common stock and estimates that include the risk-free interest rate, volatility, expected life
and dividend yield. The weighted-averages for key assumptions used in determining the fair value of options granted were as follows:
Year Ended June 30,
2024
2023
2022
Average volatility
n/a (1)
47.96%
n/a (1)
Risk-free interest rate
n/a (1)
3.76%
n/a (1)
Weighted-average expected life in years
n/a (1)
6.0
n/a (1)
Dividend yield rate annual
n/a (1)
2.10%
n/a (1)
(1) Not applicable; no employee stock options were issued.
The Company incurred compensation expense related to stock options of $0.7 million, $1.2 million and $1.4 million during the
years ended June 30, 2024, 2023, and 2022, respectively. As of June 30, 2024, there was total remaining compensation expense of $0.1
million related to employee stock options, which will be recorded over a weighted-average vesting period of approximately 1.0 years.
The following table summarizes stock option activity:
Options
Weighted-
Average Exercise
Price Per Share
Aggregate
Intrinsic Value
(in thousands)
Weighted-
Average Grant
Date Fair Value
Per Award
Fiscal 2022
Outstanding at June 30, 2021
2,318,056
$
8.01
$
35,343
$
3.44
Exercises
(538,596)
$
4.32
$
15,874
$
3.22
Outstanding at June 30, 2022
1,779,460
$
7.84
$
43,433
$
3.51
Exercisable at June 30, 2022
1,147,972
$
6.28
$
29,811
$
2.65
Fiscal 2023
Outstanding at June 30, 2022
1,779,460
$
7.84
$
43,433
$
3.51
Granted
10,000
$
39.69
$
—
(1) $
16.56
Exercised
(343,200)
$
6.68
$
8,562
$
3.57
Outstanding at June 30, 2023
1,446,260
$
7.11
$
43,882
$
3.58
Exercisable at June 30, 2023
1,175,591
$
5.02
$
38,505
$
2.53
Fiscal 2024
Outstanding at June 30, 2023
1,446,260
$
7.11
$
43,882
$
3.58
Exercises
(287,730)
$
7.17
$
7,720
$
3.82
Outstanding at June 30, 2024
1,158,530
$
7.10
$
29,354
$
3.53
Exercisable at June 30, 2024
1,116,866
$
6.60
$
28,822
$
3.32
(1) The Company issued the options with an exercise price per share not less than the closing market price of common stock on the grant date.
The following table summarizes information about stock options as of June 30, 2024:
Exercise Price Ranges
Options Outstanding
Options Exercisable
From
To
Number of
Underlying
Shares
Weighted-Average
Remaining Contractual
Life
(Years)
Weighted-
Average
Exercise Price
Number of
Underlying
Shares
Weighted-Average
Remaining
Contractual Life
(Years)
Weighted-
Average
Exercise Price
$
—
$
5.00
584,862
5.16
$
2.00
584,862
5.16
$
2.00
$
5.01
$
7.50
15,000
2.28
$
6.33
15,000
2.28
$
6.33
$
7.51
$
12.50
350,000
1.64
$
8.89
350,000
1.64
$
8.89
$
12.51
$
30.00
198,668
6.68
$
17.26
162,004
6.67
$
17.37
$
30.01
$
50.00
10,000
8.60
$
39.69
5,000
8.60
$
39.69
1,158,530
4.35
$
7.10
1,116,866
4.25
$
6.60

107
The following table summarizes nonvested stock option activity:
Options
Weighted-Average
Grant Date Fair Value
Per Award
Nonvested outstanding at June 30, 2023
270,669
$
8.14
Vested
(229,005)
$
7.94
Nonvested outstanding at June 30, 2024
41,664
$
9.23
Restricted Stock Units
RSUs granted by the Company are not transferable and automatically convert to shares of common stock on a one-for-one basis
as the awards vest or at a specified date after vesting. RSUs granted to a non-US citizen are referred to as "deferred stock units" or
"DSUs". The Company measures the compensation cost of RSUs based on the closing price of the underlying shares at the grant date.
The Company incurred compensation expense related to RSUs of $1.2 million, $0.9 million, and $0.8 million during the years
ended June 30, 2024, 2023, and 2022, respectively. As of June 30, 2024, there was $1.4 million remaining compensation expense related
to RSUs, which will be recorded over a weighted-average vesting period of approximately 2.0 years.
The following table summarizes RSU activity:
Awards
Outstanding
Weighted-Average
Fair Value per Unit at
Grant Date
Fiscal 2022
Nonvested outstanding at June 30, 2021
25,442
$
18.86
Granted
56,205
$
32.51
Vested & delivered
(6,360)
$
18.86
Vested & deferred (1)
(19,194)
$
18.75
Nonvested outstanding at June 30, 2022
56,093
$
32.58
Vested but subject to deferred settlement at June 30, 2022 (1)
19,194
$
18.75
Outstanding at June 30, 2022
75,287
$
29.05
Fiscal 2023
Nonvested outstanding at June 30, 2022
56,093
$
32.58
Granted (2)
35,269
$
32.90
Vested & delivered
(17,599)
$
32.34
Vested & deferred (1)
(10,176)
$
35.36
Nonvested outstanding at June 30, 2023
63,587
$
32.37
Vested but subject to deferred settlement at June 30, 2023 (1)
29,370
$
24.50
Outstanding at June 30, 2023
92,957
$
29.89
Fiscal 2024
Nonvested outstanding at June 30, 2023 (2)
63,587
$
32.37
Granted
38,135
$
28.18
Vested & delivered
(24,696)
$
31.69
Vested & deferred (1)
(12,577)
$
29.69
Forfeited
(3,132)
$
36.19
Nonvested outstanding at June 30, 2024 (2)
61,317
$
30.61
Vested but subject to deferred settlement at June 30, 2024 (1)
41,947
$
26.06
Outstanding at June 30, 2024 (2)
103,264
$
28.76
(1) Certain RSU holders elected to defer settlement of the RSUs to a specified date. The DSU holder is contractually obligated to defer settlement of the DSUs to a
specified date following the holder’s termination of service.
(2) Includes 6,265 RSUs that vest based on continuous employment and achievement of non-market performance goals through June 30, 2025, and 2026.

108
Cash Incentive Bonus Award
Effective in the first quarter of fiscal 2024, a cash incentive bonus is payable at the end of the fiscal 2024-2027 employment term
of our chief executive officer ("CEO") (subject to acceleration in the event of certain terminations of employment or a change in control)
equal to two percent of the total stockholder return on the outstanding shares at June 30, 2023, including dividends paid during the
employment term, minus the total salary and annual cash bonuses that were paid to our CEO for services during the employment term.
This award is analogous to a cash-settled stock appreciation right with a base price that is at a premium over the market price of our
shares at the grant date, such premium being measured by the direct cash compensation paid to the CEO during the four-year term. The
award is generally equivalent to stock appreciation rights on 466,728 shares with a base price of $36.32, including dividend equivalents
but subject to adjustment for the specified compensation offsets.
The fair value of this liability award is estimated with a Black-Scholes valuation model that uses certain assumptions, such as
expected volatility, risk-free interest rate, life of the award, dividend rate and strike price. The Company also estimates the most probable
aggregate total of the performance bonus to be paid over the performance period in determining the strike price of the award. The grant
date fair value of this liability award was $5.7 million. The fair value of this liability award was $3.2 million as of June 30, 2024 resulting
from the following assumptions: a performance bonus estimate of $4.0 million to be paid over the four-year term, a risk-free rate of
4.5%, and an equity volatility of 50.0%.
Compensation expense is recognized on a straight-line basis over the performance period, with the amount recognized fluctuating
due to remeasurement of fair value at the end of each reporting period because the award is classified as a liability. During the year
ended June 30, 2024, the Company recognized $0.8 million of compensation expense related to this cash incentive bonus award.
Certain Anti-Takeover Provisions
The Company’s certificate of incorporation and by-laws contain certain anti-takeover provisions that could have the effect of
making it more difficult for a third-party to acquire, or of discouraging a third-party from attempting to acquire, control of the Company
without negotiating with its board of directors. Such provisions could limit the price that investors might be willing to pay in the future
for the Company’s securities. Certain of such provisions allow the Company to issue preferred stock with rights senior to those of the
common stock or impose various procedural and other requirements which could make it more difficult for stockholders to effect certain
corporate actions.
18. CUSTOMER AND SUPPLIER CONCENTRATIONS
Customer Concentrations
The following customer provided 10 percent or more of the Company's revenues (in thousands):
Year Ended June 30,
2024
2023
2022
Amount
Percent
Amount
Percent
Amount
Percent
Total revenue
$
9,699,039
100.0%
$
9,286,561
100.0% $
8,159,254
100.0%
Customer concentrations
HSBC Bank (1)
$
2,114,253
21.8%
$
1,191,436
12.8%
492,390
6.0%
(1) Sales with this trading partner include sales on forward contracts that are entered into for hedging purposes rather than sales characterized with the physical delivery
of precious metal product. This sales activity has been reported within the Wholesale Sales and Ancillary Services segment.
No single customer provided 10 percent or more of the Company's accounts receivable balances as of June 30, 2024.
The following customers accounted for 10 percent or more of the Company's secured loans receivable (in thousands):
June 30, 2024
June 30, 2023
Amount
Percent
Amount
Percent
Total secured loans
$
113,067
100.0%
$
100,620
100.0%
Customer concentrations
Customer A
$
13,500
11.9%
$
13,500
13.4%
Customer B
$
17,724
15.7%
$
-
0.0%
Supplier Concentrations
The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private
mints, from refiners and directly from customers. The Company believes that no one supplier or small group of suppliers is critical to
its business, since other sources of supply are available that provide similar products on comparable terms.

109
19. SEGMENTS AND GEOGRAPHIC INFORMATION
The Company evaluates segment reporting in accordance with Segment Reporting Topic 280 of the ASC (“ASC 280”), each
reporting period, including evaluating the organizational structure and the reporting package that is reviewed by the chief operating
decision makers. The Company's operations are organized under three business segments (i) Wholesale Sales & Ancillary Services, (ii)
Direct-to-Consumer, and (iii) Secured Lending. The Wholesale Sales & Ancillary Services segment includes the consolidating
eliminations of inter-segment transactions and unallocated segment adjustments. See Note 1 for a description of the types of products
and services from which each reportable segment derives its revenues.
Revenue
in thousands
Year Ended June 30,
2024
2023
2022
Revenue by segment (1)
Wholesale Sales & Ancillary Services
$
9,253,473
$
8,753,549
$
7,647,950
Eliminations of inter-segment sales
(1,006,103)
(1,464,410)
(1,623,208)
Wholesale Sales & Ancillary Services, net of eliminations (2)
8,247,370
7,289,139
6,024,742
Direct-to-Consumer
1,451,669
(a)
1,997,422
(b)
2,134,512
(c)
$
9,699,039
$
9,286,561
$
8,159,254
(1)
The Secured Lending segment earns interest income from its lending activity and earns no revenue from the sales of precious metals. Therefore, no amounts are
shown for the Secured Lending segment in the above table.
(2)
The eliminations of inter-segment sales are reflected in the Wholesale Sales & Ancillary Services segment.
(a)
Includes $14.3 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(b)
Includes $3.5 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
(c)
Includes $2.4 million of inter-segment sales from the Direct-to-Consumer segment to the Wholesale Sales & Ancillary Services segment.
in thousands
Year Ended June 30,
2024
2023
2022
Revenue by geographic region
United States
$
4,722,191
$
5,634,423
$
5,215,858
Europe
4,290,701
2,780,015
1,998,105
North America, excluding United States
599,873
837,504
893,575
Asia Pacific
80,997
26,891
39,863
Africa
12
—
17
Australia
5,265
7,728
11,836
$
9,699,039
$
9,286,561
$
8,159,254
Gross Profit and Gross Margin Percentage
in thousands
Year Ended June 30,
2024
2023
2022
Gross profit by segment(1)
Wholesale Sales & Ancillary Services
$
84,773
$
126,816
$
113,316
Eliminations and adjustments
5,436
(1,138)
777
Wholesale Sales & Ancillary Services, net of eliminations and adjustments
90,209
125,678
114,093
Direct-to-Consumer, net of eliminations
83,046
168,991
147,672

$
173,255
$
294,669
$
261,765
Gross margin percentage by segment
Wholesale Sales & Ancillary Services
0.916%
1.449%
1.482%
Wholesale Sales & Ancillary Services, net of eliminations and adjustments
1.094%
1.724%
1.894%
Direct-to-Consumer
5.721%
8.460%
6.918%
Consolidated gross margin percentage
1.786%
3.173%
3.208%
(1)
The Secured Lending segment earns interest income from its lending activity and earns no gross profit from the sales of precious metals. Therefore, no amounts
are shown for the Secured Lending segment in the above table.

110
Operating Income and (Expenses)
in thousands
Year Ended June 30,
2024
2023
2022
Operating income (expenses) by segment
Wholesale Sales & Ancillary Services
$
(38,235)
$
(34,939)
$
(34,004)
Eliminations
(123)
(247)
(254)
Wholesale Sales & Ancillary Services, net of eliminations
$
(38,358)
$
(35,186)
$
(34,258)

Wholesale Sales & Ancillary Services, net of eliminations
Selling, general, and administrative expenses
$
(45,968)
$
(40,181)
$
(40,844)
Depreciation and amortization expense
(1,860)
(970)
(891)
Interest income
15,730
12,523
10,706
Interest expense
(28,252)
(19,660)
(10,034)
Earnings from equity method investments
3,998
12,575
6,903
Other income, net
1,064
161
—
Remeasurement gain on pre-existing equity interest
16,669
—
—
Unrealized gains (losses) on foreign exchange
261
366
(98)

$
(38,358)
$
(35,186)
$
(34,258)
Direct-to-Consumer
Selling, general, and administrative expenses
$
(42,456)
$
(42,976)
$
(34,152)
Depreciation and amortization expense
(9,273)
(11,204)
(26,057)
Interest income
3
—
—
Interest expense
(2,838)
(4,098)
(2,958)
Earnings from equity method investments
14
—
—
Other income (expense), net
5
142
(229)
Unrealized gains on foreign exchange
38
—
—

$
(54,507)
$
(58,136)
$
(63,396)
Secured Lending
Selling, general, and administrative expenses
$
(1,376)
$
(2,125)
$
(1,622)
Depreciation and amortization expense
(264)
(351)
(352)
Interest income
11,435
9,708
11,094
Interest expense
(8,441)
(7,770)
(9,000)
Earnings from equity method investments
32
1
4
Other income, net
1,002
2,360
2,182

$
2,388
$
1,823
$
2,306
Net Income Before Provision for Income Taxes
in thousands
Year Ended June 30,
2024
2023
2022
Net income before provision for income taxes by segment
Wholesale Sales & Ancillary Services
$
51,851
$
90,492
$
79,835
Direct-to-Consumer
28,539
110,855
84,276
Secured Lending
2,388
1,823
2,306
$
82,778
$
203,170
$
166,417
Advertising Expense
in thousands
Year Ended June 30,
2024
2023
2022
Advertising expense by segment
Wholesale Sales & Ancillary Services
$
(2,402)
$
(1,639)
$
(627)
Direct-to-Consumer
(12,620)
(14,001)
(11,353)
Secured Lending
(231)
(237)
(198)
$
(15,253)
$
(15,877)
$
(12,178)
Capital Expenditures for Long-Lived Assets
in thousands
Year Ended June 30,
2024
2023
2022
Capital expenditures for long-lived assets by segment
Wholesale Sales & Ancillary Services
$
(6,522)
$
(3,173)
$
(1,048)
Direct-to-Consumer
(9,249)
(6,610)
(1,831)
$
(15,771)
$
(9,783)
$
(2,879)

111
Precious Metals Held Under Financing Arrangements
in thousands
June 30, 2024
June 30, 2023
Precious metals held under financing arrangements by segment
Wholesale Sales & Ancillary Services
$
22,066
$
10,580
Secured Lending
—
14,950
$
22,066
$
25,530
Inventories
in thousands
June 30, 2024
June 30, 2023
Inventories by segment
Wholesale Sales & Ancillary Services
$
924,804
$
815,576
Direct-to-Consumer
172,340
109,226
Secured Lending
—
56,841
$
1,097,144
$
981,643

in thousands
June 30, 2024
June 30, 2023
Inventories by geographic region
United States
$
989,272
$
938,177
North America, excluding United States
53,648
20,787
Europe
18,519
18,454
Asia
35,705
4,139
Australia
—
86
$
1,097,144
$
981,643
Total Assets
in thousands
June 30, 2024
June 30, 2023
Total assets by segment
Wholesale Sales & Ancillary Services (1)
$
1,262,385
$
1,110,615
Eliminations
(240,380)
(214,009)
Wholesale Sales & Ancillary Services, net of eliminations
1,022,005
896,606
Direct-to-Consumer
690,547
471,796
Secured Lending
115,268
177,169
$
1,827,820
$
1,545,571
(1)
Our equity method investments are primarily recorded within our Wholesale Sales & Ancillary Services segment.
in thousands
June 30, 2024
June 30, 2023
Total assets by geographic region
United States
$
1,539,395
$
1,500,555
North America, excluding United States
188,100
20,787
Europe
20,512
20,004
Asia
79,813
4,139
Australia
—
86
$
1,827,820
$
1,545,571
Long-term Assets
in thousands
June 30, 2024
June 30, 2023
Long-term assets by segment
Wholesale Sales & Ancillary Services
$
109,643
$
116,189
Direct-to-Consumer
273,933
159,918
Secured Lending
2,041
2,273
$
385,617
$
278,380

112
in thousands
June 30, 2024
June 30, 2023
Long-term assets by geographic region
United States
$
238,169
$
278,378
North America, excluding United States
114,475
$
—
Europe
2
2
Asia
32,971
—
$
385,617
$
278,380
Goodwill
in thousands
June 30, 2024
June 30, 2023
Goodwill by segment
Wholesale Sales & Ancillary Services
$
29,915
$
8,881
Direct-to-Consumer(1)
170,022
92,062
$
199,937
$
100,943
(1)
Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses.
Intangible assets
in thousands
June 30, 2024
June 30, 2023
Intangible assets by segment
Wholesale Sales & Ancillary Services
$
12,586
$
2,687
Direct-to-Consumer(1)
89,077
59,943
$
101,663
$
62,630
(1)
Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses.
20. SUBSEQUENT EVENTS
On July 31, 2024, the Company paid a regular cash dividend of $0.20 per share to stockholders of record as of July 18, 2024.
On August 20, 2024, our board of directors declared a regular dividend of $0.20 per share, which is payable on October 22, 2024
to stockholders of record as of October 8, 2024.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer (our "Certifying Officers"), we carried out an evaluation of the effectiveness of the design and operation of our disclosure
controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”).
Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of the end of
the period covered by this Annual Report.
Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed
to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and
communicated to management, including our Certifying Officers, or persons performing similar functions, as appropriate, to allow
timely decisions regarding required disclosure.
Management’s Annual Report on Internal Control Over Financial Reporting
The financial statements were prepared by management, which is responsible for their integrity and objectivity and for establishing
and maintaining adequate internal control over financial reporting.

113
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. The Company’s internal control over financial reporting includes those policies and procedures that:

i.
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the Company;

ii.
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the Company are being made only in accordance with authorizations of management and directors of the
Company; and

iii.
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company’s assets that could have a material effect on the financial statements.
There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the
circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurances with
respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal controls may vary over
time.
Management assessed the design and effectiveness of the Company’s internal control over financial reporting as of June 30, 2024.
In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway
Commission (“COSO”) in Internal Control—Integrated Framework ("2013 framework"). Based on this evaluation, management
concluded that our internal control over financial reporting was effective as of June 30, 2024 based on criteria in Internal Control –
Integrated Framework issued by the COSO.
Management's evaluation of the effectiveness of the Company's internal control over financial reporting as of June 30, 2024 did
not include internal controls over financial reporting for LPM that we acquired in February 2024 or SGB for which we acquired a
controlling interest in June 2024. LPM comprised approximately 3% of our total assets as of June 30, 2024 and less than 1% of our total
revenues for the year ended June 30, 2024. SGB comprised approximately 10% of our total assets as of June 30, 2024 and less than 1%
of our total revenues for the year ended June 30, 2024.
Grant Thornton LLP, an independent registered public accounting firm, has issued its report on the Company’s internal control
over financial reporting as of June 30, 2024, which appears elsewhere in this Form 10-K.
Changes in Internal Control over Financial Reporting
During our most recent fiscal quarter, there has not been any change in the Company’s internal control over financial reporting
(as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely
to materially affect, the Company’s internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.

114
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Incorporated by reference to the Company’s Proxy Statement, to be filed within 120 days following June 30, 2024.
ITEM 11. EXECUTIVE COMPENSATION
Incorporated by reference to the Company’s Proxy Statement, to be filed within 120 days following June 30, 2024.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
Incorporated by reference to the Company’s Proxy Statement, to be filed within 120 days following June 30, 2024.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Incorporated by reference to the Company’s Proxy Statement, to be filed within 120 days following June 30, 2024.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Incorporated by reference to the Company’s Proxy Statement, to be filed within 120 days following June 30, 2024.

115
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)
The following documents are filed as part of this report:
1.
Financial Statements
Index to Consolidated Financial Statements
Page
Reports of Independent Registered Public Accounting Firm
64
Consolidated Balance Sheets
66
Consolidated Statements of Income
68
Consolidated Statements of Stockholders' Equity
69
Consolidated Statements of Cash Flows
70
Notes to Consolidated Financial Statements
71
2.
Financial Statements Schedules:
None.
3.
Exhibits required to be filed by Item 601 of Regulation S-K:
Exhibit Index
Exhibit No.
Description of Exhibit
3.1**
Amended and Restated Certificate of Incorporation of A-Mark Precious Metals, Inc. Incorporated by reference to Exhibit 3.2 to the
Registration Statement on Form S-1/A; Registration No. 333-192260.
3.2**
Bylaws, as Amended and Restated on October 27, 2022. Incorporated by reference to Exhibit 3.2 to the Report on Form 8-K filed on
November 1, 2022.
4.1**
Description of Securities of Registrant. Incorporated by reference to Exhibit 4.1 to the Report on Form 10-K filed on September 12,
2023.
10.04**
Lease Agreement, dated as of July 7, 2016, between The Plaza CP LLP and A-Mark Precious Metals, Inc. Incorporated by reference
to Exhibit 10.6 to the Report on Form 10-K for the year ended June 30, 2016.
10.05**
Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as of November 21, 2014.
Incorporated by reference to Exhibit 10.23 to the Report on Form 10-K for the year ended June 30, 2015.
10.06**
First Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as
of August 28, 2015. Incorporated by reference to Exhibit 10.24 to the Report on Form 10-K for the year ended June 30, 2015.
10.07**
Joinder and Third Amendment to Credit Agreement, effective as of September 30, 2022, by and among A-Mark Precious Metals, Inc.,
the Lenders party thereto, CIBC Bank USA, as administrative agent for the Lenders, and certain other parties thereto. Incorporated by
reference to Exhibit 10.1 to the Report on Form 8-K filed on November 8, 2022.
10.09*^
Non-Employee Director Compensation Policy, as amended and restated on November 15, 2023.

10.10*
Stock Ownership Guidelines for Directors, effective April 29, 2021, as amended on August 20, 2024.
10.11**
Form of Restricted Stock Units Agreement for Non-Employee Directors. Incorporated by reference to Exhibit 10.3 to the Report on
Form 10-Q filed on May 14, 2021.
10.12**
Form of Deferred Stock Units Agreement for Non-Employee Directors. Incorporated by reference to Exhibit 10.4 to the Report on
Form 10-Q filed on May 14, 2021.

116
10.13**
Amended and Restated 2014 Stock Award And Incentive Plan. Incorporated by reference to Exhibit 10.2 to the Report on Form 10-Q
filed on May 9, 2022.
10.14**
Employment Agreement, executed May 18, 2022, between A-Mark Precious Metals, Inc. and Thor Gjerdrum. Incorporated by
reference to Exhibit 10.1 to the Report on Form 8-K dated May 20, 2022.
10.15**
Credit Agreement (the “Credit Agreement”), dated December 21, 2021, among the Company, the other loan parties party thereto,
CIBC Bank USA, as agent and joint lead arranger, Coöperatieve Rabobank U.A., Axos Bank, Brown Brothers Harriman, California
Bank & Trust and First Foundation Bank as joint lead arrangers, and the various financial institutions party thereto as lenders.
Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on December 27, 2021.
10.16**
First Amendment to Credit Agreement (the “Credit Agreement”), effective as of April 22, 2022, among the Company, the other loan
parties party thereto, CIBC Bank USA, as agent and joint lead arranger, Coöperatieve Rabobank U.A., Axos Bank, Brown Brothers
Harriman, California Bank & Trust and First Foundation Bank as joint lead arrangers, and the various financial institutions party
thereto as lenders. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on May 9, 2022.
10.17**^
Amended and Restated Employment Agreement, dated February 14, 2023, between the Company and Gregory N. Roberts.
Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on February 17, 2023.
10.18**
Fourth Amendment to Credit Agreement, effective as of December 8, 2022, by and among A-Mark Precious Metals, Inc., the Lenders
party thereto, CIBC Bank USA, as administrative agent for the Lenders, and certain other parties thereto. Incorporated by reference to
Exhibit 10.1 to the Report on Form 10-Q filed on February 8, 2023.
10.19**^
Consulting Agreement, dated June 5, 2023, between A-Mark Precious Metals, Inc. and Michael R. Wittmeyer. Incorporated by
reference to Exhibit 10.1 to the Report on Form 8-K filed on June 7, 2023.
10.20**^
Employment Agreement, dated February 1, 2023, between A-Mark Precious Metals, Inc. and Brian Aquilino. Incorporated by
reference to Exhibit 10.1 to the Report on Form 8-K filed on February 7, 2023.
10.21**
Form of Indemnification Agreement. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on May 10, 2023.
10.22**
Waiver and Fifth Amendment to Credit Agreement. Incorporated by reference to Exhibit 10.2 to the Report on Form 10-Q filed on
May 10, 2023.
10.23**
Eighth Amendment to Credit Agreement. Incorporated by reference to Exhibit 10.1 to the Report on Form 10-Q filed on February 8,
2024.
10.24**
Joinder, Incremental Assumption Agreement and Ninth Amendment to Credit Agreement, effective as of June 24, 2024, by and
among A-Mark Precious Metals, Inc., the other Loan Parties party thereto, the Lenders party hereto, and CIBC BANK USA, as
administrative agent for the Lenders. Incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed on June 26, 2024.
10.25*
Second Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated
as of November 20, 2015.
10.26*
Third Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as
of April 20, 2018.
10.27*
Fourth Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as
of November 17, 2023.
10.28*
Fifth Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as
of March 3, 2024.
10.29*
Sixth Amendment to Air Cargo Lease between MCP CARGO, LLC as Landlord, and A-M Global Logistics, LLC as tenant, dated as
of June 20, 2024.
14.1**
Code of Business Conduct and Ethics, effective as of May 6, 2024. Incorporated by reference to Exhibit 14.1 to the Report on Form
10-Q filed on May 9, 2024.
19*
A-Mark Precious Metals, Inc. Insider Trading Policy, as amended May 10, 2024.
21*
List of Subsidiaries of A-Mark Precious Metals, Inc.
23.1*
Consent of Grant Thornton LLP, independent registered public accounting firm.

117
31.1*
Certification Under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*
Certification Under Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*
Certification Under Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*
Certification Under Section 906 of the Sarbanes-Oxley Act of 2002.
97**^
Incentive-Based Compensation Recovery Policy, adopted October 27, 2023. Incorporated by reference to Exhibit 10.1 to the Report
on Form 10-Q filed November 8, 2023.
101.INS*
Inline XBRL Instance Document.
101.SCH*
Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104*
Cover Page interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Filed herewith
** Previously filed
^ Indicates management contract or compensatory plan or arrangement.
ITEM 16. FORM 10-K SUMMARY
None.

118
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized.
A-MARK PRECIOUS METALS, INC.
Date:
September 13, 2024
By:
/s/ Gregory N. Roberts
Gregory N. Roberts
Chief Executive Officer
(Principal Executive Officer)
Date:
September 13, 2024
By:
/s/ Kathleen Simpson-Taylor
Kathleen Simpson-Taylor
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
Signatures
Title(s)
Date
/s/ Jeffrey D. Benjamin
Director
September 13, 2024
Jeffrey D. Benjamin
(Chairman of the board of directors)
/s/ Gregory N. Roberts
Chief Executive Officer and Director
September 13, 2024
Gregory N. Roberts
(Principal Executive Officer)
/s/ Kathleen Simpson-Taylor
Chief Financial Officer
September 13, 2024
Kathleen Simpson-Taylor
(Principal Financial Officer and Principal Accounting Officer)
/s/ Ellis Landau
Director
September 13, 2024
Ellis Landau
/s/ Beverley Lepine
Director
September 13, 2024
Beverley Lepine
/s/ Carol Meltzer
Director
September 13, 2024
Carol Meltzer
/s/ John U. Moorhead
Director
September 13, 2024
John U. Moorhead
/s/ Jess M. Ravich
Director
September 13, 2024
Jess M. Ravich
/s/ Monique Sanchez
Director
September 13, 2024
Monique Sanchez
/s/ Kendall Saville
Director
September 13, 2024
Kendall Saville
/s/ Michael R. Wittmeyer
Director
September 13, 2024
Michael R. Wittmeyer