What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-02-04 compared with 2025-08-06 · 76 added, 93 removed, 421 unchanged (29% of the section changed)

1 unchanged sentence

Combined Statements of Financial Condition

At June 30, 2025 (unaudited) and September 30, 2024

At December 31, 2025 (unaudited) and September 30, 2025

(Amounts in 000’s of US$)

Investments in Gold, at fair value (cost $ 11,033,785 and $ 6,671,768 at June 30, 2025 and September 30, 2024, respectively)

Investments in Gold, at fair value (cost $ 16,504,535 and $ 14,202,521 at December 31, 2025 and September 30, 2025, respectively)

$ 25,289,657 $ 20,855,894

10 unchanged sentences

(Amounts in 000’s except for percentages)

June 30, 2025

December 31, 2025

Ounces of gold

18 unchanged sentences

Unaudited Combined Statements of Operations

For the Three and Nine Months Ended June 30, 2025 and June 30, 2024

For the Three Months Ended December 31, 2025 and December 31, 2024

(Amounts in 000’s of US$)

1 unchanged sentence

Total expenses

3,665 1,844 8,640 4,948

Net investment loss

2 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

1,073 399 2,389 751

Net realized gain/(loss) from gold distributed for the redemption of shares

4 unchanged sentences

$ 2,691,269 $ ( 68,661 )

Net income/(loss)

Net increase/(decrease) in net assets resulting from operations

$ 2,685,290 $ ( 71,001 )

2 unchanged sentences

Unaudited Combined Statements of Cash Flows

For the Three and Nine Months Ended June 30, 2025 and June 30, 2024

For the Three Months Ended December 31, 2025 and December 31, 2024

(Amounts in 000’s of US$)

13 unchanged sentences

(Amounts in 000’s of US$)

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net income/(loss)

RECONCILIATION OF NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net increase/(decrease) in net assets resulting from operations

$ 2,685,290 $ ( 71,001 )

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities:

Proceeds from sales of gold to pay expenses

3,399 1,810 8,095 4,829

Net realized (gain)/loss from investment in gold sold to pay Sponsor fees

5 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

266 34 545 119

Net cash provided by operating activities

$ 0 $ 0 $ 0 $ 0

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Combined Statements of Changes in Net Assets

Three and Nine Months Ended June 30, 2025 and June 30, 2024

Three Months Ended December 31, 2025 and December 31, 2024

(Amounts in 000’s of US$)

6 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

1,073 399 2,389 751

Net realized gain/(loss) from gold distributed for the redemption of shares

7 unchanged sentences

Statements of Financial Condition

At June 30, 2025 (unaudited) and September 30, 2024

At December 31, 2025 (unaudited) and September 30, 2025

(Amounts in 000’s of US$ except for share and per share data)

Investments in Gold, at fair value (cost $ 11,033,785 and $ 6,671,768 at June 30, 2025 and September 30, 2024, respectively)

Investments in Gold, at fair value (cost $ 16,504,535 and $ 14,202,521 at December 31, 2025 and September 30, 2025, respectively)

$ 25,289,657 $ 20,855,894

15 unchanged sentences

(Amounts in 000 ’ s except for percentages)

June 30, 2025

December 31, 2025

Ounces of gold

20 unchanged sentences

Unaudited Statements of Operations

For the Three and Nine Months Ended June 30, 2025 and June 30, 2024

For the Three Months Ended December 31, 2025 and December 31, 2024

(Amounts in 000’s of US$, except per share data)

1 unchanged sentence

Total expenses

3,665 1,844 8,640 4,948

Net investment loss

2 unchanged sentences

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

1,073 399 2,389 751

Net realized gain/(loss) from gold distributed for the redemption of shares

4 unchanged sentences

2,691,269 ( 68,661 )

Net income/(loss)

Net increase/(decrease) in net assets resulting from operations

$ 2,685,290 $ ( 71,001 )

Net income/(loss) per share

Net increase/(decrease) in net assets per Share

$ 9.30 $ ( 0.40 )

4 unchanged sentences

Unaudited Statements of Cash Flows

For the Three and Nine Months Ended June 30, 2025 and June 30, 2024

For the Three Months Ended December 31, 2025 and December 31, 2024

(Amounts in 000’s of US$)

13 unchanged sentences

(Amounts in 000’s of US$)

RECONCILIATION OF NET INCOME/(LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net income/(loss)

RECONCILIATION OF NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES

Net increase/(decrease) in net assets resulting from operations

$ 2,685,290 $ ( 71,001 )

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities:

Proceeds from sales of gold to pay expenses

3,399 1,810 8,095 4,829

Net realized (gain)/loss from investment in gold sold to pay Sponsor fees

5 unchanged sentences

Increase/(Decrease) in accounts payable to Sponsor

266 34 545 119

Net cash provided by operating activities

$ 0 $ 0 $ 0 $ 0

See notes to the unaudited financial statements.

1 unchanged sentence

Unaudited Statements of Changes in Net Assets

For the Three and Nine Months Ended June 30, 2025 and June 30, 2024

For the Three Months Ended December 31, 2025 and December 31, 2024

(Amounts in 000’s of US$)

Net Assets - Opening Balance

$ 13,226,685 $ 6,987,627 $ 9,108,169 $ 5,764,461

2,164,466 751,832 5,400,172 1,454,404

( 419,841 ) ( 714,278 ) ( 1,364,045 ) ( 1,249,711 )

Net investment loss

( 3,665 ) ( 1,844 ) ( 8,640 ) ( 4,948 )

Net realized gain/(loss) from investment in gold sold to pay Sponsor fees

1,073 399 2,389 751

Net realized gain/(loss) from gold distributed for the redemption of shares

127,783 157,765 383,717 214,919

Net change in unrealized gain/(loss) on investment in gold

583,779 213,703 2,158,518 1,215,329

Net Assets - Closing Balance

$ 15,680,280 $ 7,395,205 $ 15,680,280 $ 7,395,205

See notes to the unaudited financial statements.

3 unchanged sentences

The Trust is authorized to issue an unlimited number of shares of beneficial interest.

The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of June 30, 2025.

The beneficial interest in the Trust may be divided into one or more series, one of which is operational as of December 31, 2025.

The accompanying financial statements relate to the Trust and its one operational series, SPDR ® Gold MiniShares ® Trust (“GLDM”).

8 unchanged sentences

BNY also serves as the custodian of GLDM’s cash, if any.

ICBC Standard Bank Plc ("ICBC") and JPMorgan Chase Bank, N.A.

("JPMorgan") are the custodians of GLDM's gold (each a "Custodian" and together, the “Custodians”).

JPMorgan Chase Bank, N.A.

("JPMorgan") is the custodian of GLDM's gold (the "Custodian").

State Street Global Advisors Funds Distributors, LLC is the marketing agent (the “Marketing Agent”).

The Trust had no operations with respect to GLDM prior to June 26, 2018, other than matters relating to GLDM's organization and the registration of the offer and sale of the Shares under the Securities Act of 1933, as amended.

The Statements of Financial Condition and Schedules of Investment at June 30, 2025, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three and nine months ended June 30, 2025 and 2024 have been prepared without audit.

In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2025 and for all periods presented have been made.

The Statements of Financial Condition and Schedules of Investment at December 31, 2025, and the Statements of Operations, Changes in Net Assets and Cash Flows for the three months ended December 31, 2025 and 2024 have been prepared without audit.

In the opinion of management of the Sponsor, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three months ended December 31, 2025 and for all periods presented have been made.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

The results of operations for the three and nine months ended June 30, 2025 are not necessarily indicative of the operating results for the full fiscal year.

The results of operations for the three months ended December 31, 2025 are not necessarily indicative of the operating results for the full fiscal year.

Significant Accounting Policies

26 unchanged sentences

(Amounts in 000’s of US$)

June 30, 2025

December 31, 2025

Investment in Gold

6 unchanged sentences

$ 20,855,894 $ - $ -

There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2025 or for the year ended September 30, 2024.

There were no transfers between Level 1 and other Levels for the three months ended December 31, 2025 or for the year ended September 30, 2025.

The Administrator values the gold held by GLDM on the basis of the price of an ounce of gold as determined by ICE Benchmark Administration Limited (the “IBA”), a benchmark administrator, which provides an independently administered auction process, as well as the overall administration and governance for the London Bullion Market Association (the “LBMA”).

4 unchanged sentences

Custody of Gold

Gold is held by the Custodians on behalf of GLDM, 100 % of which is allocated gold in the form of good delivery gold bars.

A current list of all gold held by each Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.

Gold is held by the Custodian on behalf of GLDM, 100 % of which is allocated gold in the form of good delivery gold bars.

A current list of all gold held by the Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.

Gold Receivable

12 unchanged sentences

As the Shares are redeemable in Creation Units at the option of the Authorized Participants, GLDM has classified the Shares as Net Assets for financial reporting purposes.

Changes in the Shares for the nine months ended June 30, 2025 and 2024 are as follows:

Changes in the Shares for the three months ended December 31, 2025 and 2024 are as follows:

(Amounts are in 000’s)

12 unchanged sentences

When selling gold to pay expenses, the Administrator will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold.

Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodians at the LBMA Gold Price PM following the sell order.

Unless otherwise directed by the Sponsor, the Administrator will give a sell order and sell gold to the Custodian at the LBMA Gold Price PM following the sell order.

A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay Sponsor expenses on the Statement of Operations.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2025 of $ 712,635 and $ 2,544,624 , respectively, is made up of a realized gain/(loss) of $ 1,073 and $ 2,389 , respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 127,783 and $ 383,717 , respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $ 583,779 and $ 2,158,518 , respectively, on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2024 of $ 371,867 and $ 1,430,999 , respectively, is made up of a realized gain/(loss) of $ 399 and $ 751 , respectively, from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 157,765 and $ 214,919 , respectively, from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $ 213,703 and $ 1,215,329 , respectively, on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2025 of $ 2,691,269 is made up of a realized gain/(loss) of $ 1,905 from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 557,615 from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $ 2,131,749 on investment in gold.

GLDM’s net realized and change in unrealized gain/(loss) on investment in gold for the three months ended December 31, 2024 of $( 68,661 ) is made up of a realized gain/(loss) of $ 616 from the sale of gold to pay Sponsor fees, a realized gain/(loss) of $ 221,085 from gold distributed for the redemption of shares, and a change in unrealized gain/(loss) of $( 290,362 ) on investment in gold.

GLDM is classified as a “grantor trust” for U.S.

3 unchanged sentences

Instead, its income and expenses “flow through” to the shareholders, and the Administrator will report GLDM’s proceeds, income, deductions, gains and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2025.

As of June 30, 2025, the 2024, 2023 and 2022 tax years remain open for examination.

As of December 31, 2025, the 2024, 2023 and 2022 tax years remain open for examination.

There were no examinations in progress at period end.

Segment Reporting

The Principal Financial and Accounting Officer of the Sponsor performs the functions of GLDM's chief operating decision maker (“CODM”).

The CODM monitors the operating results of GLDM as a whole, and GLDM's asset allocation is managed in accordance with its Prospectus.

GLDM operates as a single operating and reporting segment pursuant to its investment objective.

GLDM's prospectus describes GLDM's fees, investment objective, and principal risks, among other items.

GLDM's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within GLDM's financial statements.

The accompanying financial statements detail GLDM's segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the GLDM's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

Related Parties – Sponsor

2 unchanged sentences

The Sponsor is responsible for the payment of all GLDM’s ordinary fees and expenses, including but not limited to the following:

fees charged by GLDM’s Administrator, Custodians, Marketing Agent and Trustee;

fees charged by GLDM’s Administrator, Custodian, Marketing Agent and Trustee;

exchange listing fees;

12 unchanged sentences

Various factors could affect the price of gold including:

(i) global gold supply and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, South Africa and the United States;

(i) global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, Canada and the United States;

(ii) investors’ expectations with respect to the rate of inflation;

3 unchanged sentences

(vi) other economic variables such as income growth, economic output, and monetary policies;

and (vii) global or regional political, economic or financial events and situations.

and (vii) global or regional political, economic or financial events and situations, especially those that are unexpected in nature.

In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.

5 unchanged sentences

Such indemnity includes payment from the Trust of the costs and expenses incurred in defending against any indemnified claim or liability under the Declaration of Trust.

Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust's maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.

The Trustee and each of its officers, affiliates, directors, employees, and agents will be indemnified by the Trust from and against any losses, claims, taxes, damages, reasonable expenses, and liabilities incurred with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Declaration of Trust or the transactions contemplated thereby;

3 unchanged sentences

Financial Highlights

The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three and nine months ended June 30, 2025 and 2024, respectively.

The following presentation includes financial highlights related to investment performance and operations of a Share outstanding for the three months ended December 31, 2025 and 2024, respectively.

The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on NYSE Arca during the period.

1 unchanged sentence

Financial Highlights (Unaudited)

For the three and nine months ended June 30, 2025 and 2024

For the three and three months ended December 31, 2025 and 2024

Net Asset Value

4 unchanged sentences

Net Realized and Change in Unrealized Gain/(Loss)

3.41 $ 2.31 13.02 9.13

Net Income/(Loss)

3.39 $ 2.30 12.98 9.10

Net increase/(decrease) in net assets resulting from operations

Net Asset Value per Share, end of period

18 unchanged sentences

Subsequent Events

There are no known events that have occurred subsequent to June 30, 2025 that require additional disclosure in these financial statements.

New Accounting Pronouncement

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which introduced new annual and interim disclosure requirements for all public entities and modified some existing disclosures.

The ASU was issued in response to investor requests for more detailed segment expense information and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Trust is currently evaluating the impact the ASU will have on its financial statements.

There are no known events that have occurred subsequent to December 31, 2025 that require additional disclosure in these financial statements.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations

12 unchanged sentences

The Trust is sponsored by WGC USA Asset Management Company, LLC (the “Sponsor”).

The Trust established six separate series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of June 30, 2025.

The beneficial interest in the Trust may be divided into one or more series, of which only SPDR ® Gold MiniShares ® Trust (“GLDM”) is operational as of December 31, 2025.

GLDM commenced operations on June 26, 2018.

GLDM’s investment objective is for its shares (the “Shares”) to reflect the performance of the price of gold, less its expenses.

Gold is held by ICBC Standard Bank Plc ("ICBC") and JPMorgan Chase Bank, N.A.

("JPMorgan" and each of ICBC and JPMorgan, a "Custodian" and together, the “Custodians”) on behalf of GLDM.

Gold is held by JPMorgan Chase Bank, N.A.

("JPMorgan" or the "Custodian") on behalf of GLDM.

As of the date of this quarterly report, Goldman Sachs & Co.

6 unchanged sentences

Share price & NAV v.

gold price - June 26, 2018 to June 30, 2025

gold price - June 26, 2018 to December 31, 2025

Critical Accounting Policy

11 unchanged sentences

Bureau Veritas Commodities UK Ltd.

(formerly Inspectorate International Limited) ("Bureau Veritas") conducts two counts each year of the gold bullion held on behalf of GLDM at the vaults of the Custodians.

(formerly Inspectorate International Limited) ("Bureau Veritas") conducts two counts each year of the gold bullion held on behalf of GLDM at the vaults of the Custodian.

A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30th.

On September 30, 2025, Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by JPMorgan at its London vault.

During the period in which the annual full count took place, ICBC did not hold any gold on behalf of GLDM and JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations.

During the period in which the annual full count took place, JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations.

The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 14, 2025.

During the period in which the second count took place, ICBC did not hold any gold on behalf of GLDM and JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations.

During the period in which the second count took place, JPMorgan did not hold any gold on behalf of GLDM at its New York or Zurich vaults and, as a result, counts were not conducted at those vault locations.

The results can be found on www.spdrgoldshares.com .

The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures.

The Sponsor generally visits the vaults of the Custodian twice a year as part of its due diligence procedures.

Results of Operations

In the three months ended June 30, 2025, 33,200,000 Shares (332 Creation Units) were created in exchange for 657,568.0 ounces of gold, 6,700,000 Shares (67 Creation Units) were redeemed in exchange for 132,709.8 ounces of gold and 1,045.3 ounces of gold were sold to pay Sponsor fees.

In the three months ended December 31, 2025, 39,900,000 Shares (399 Creation Units) were created in exchange for 789,881.1 ounces of gold, 18,700,000 Shares (187 Creation Units) were redeemed in exchange for 370,179.6 ounces of gold and 1,333.1 ounces of gold were sold to pay Sponsor fees.

For accounting purposes, GLDM reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received.

1 unchanged sentence

These creations and redemptions were completed in the normal course of business.

At June 30, 2025, the amount of gold owned by GLDM and held by the Custodians was 4,770,128.1 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $15,681,557,612 based on the LBMA Gold Price PM on June 30, 2025 (cost —$11,033,784,675).

At September 30, 2024, the amount of gold owned by GLDM and held by the Custodians was 3,483,344.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $9,161,022,521.0 based on the LBMA Gold Price PM on September 30, 2024 (cost — $6,671,767,835).

At December 31, 2025, the amount of gold owned by GLDM and held by the Custodian was 5,870,462.1 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $25,289,657,174 based on the LBMA Gold Price PM on December 31, 2025 (cost —$16,504,535,326).

At September 30, 2025, the amount of gold owned by GLDM and held by the Custodian was 5,452,093.6 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $20,855,893,744 based on the LBMA Gold Price PM on September 30, 2025 (cost — $14,202,521,382).

Cash Resources and Liquidity

At June 30, 2025, GLDM did not have any cash balances.

At December 31, 2025, GLDM did not have any cash balances.

When selling gold to pay expenses, GLDM endeavors to sell the exact amount of gold needed to pay expenses in order to minimize GLDM’s holdings of assets other than gold or any gold receivable.

4 unchanged sentences

The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S.

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to June 30, 2025.

Daily Gold Price - June 26, 2018 to June 30, 2025

dollars per ounce over the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) to December 31, 2025.

Daily Gold Price - June 26, 2018 to December 31, 2025

LBMA Gold Price PM USD

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through June 30, 2025, based on the LBMA Gold Price PM, were:

Three months ended September 30, 2022

Three months ended December 31, 2022

The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from June 26, 2018 (the first date the Shares began trading on the NYSE Arca) through December 31, 2025, based on the LBMA Gold Price PM, were:

Three months ended March 31, 2023

8 unchanged sentences

Three months ended June 30, 2025

Twelve months ended June 30, 2023

Twelve months ended June 30, 2024

June 28, 2024

Twelve months ended June 30, 2025

June 30, 2025

June 26, 2018 to June 30, 2025

Three months ended September 30, 2025

Three months ended December 31, 2025

Twelve months ended December 31, 2023

Twelve months ended December 31, 2024

Twelve months ended December 31, 2025

June 26, 2018 to December 31, 2025

The end of period gold price is the LBMA Gold Price PM on the last business day of the period.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements