D.A. Davidson Advises Leading Precious Metals Platform A-Mark on Its Investment in Silver Gold Bull

This marks the third transaction for A-Mark with D.A. Davidson, as the company expands its international DTC footprint with an investment in Silver Gold Bull, a leading Canadian precious metals eCommerce platform

D.A. Davidson announced today that it served as financial advisor to leading precious metals platform A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark) on its recently closed acquisition of an additional 40% of the outstanding equity interest in Calgary-based Silver Gold Bull Inc. (SGB). This transaction valued SGB at approximately $110 million and will increase A-Mark’s ownership in SGB to 47.4%. The transaction also provides A-Mark with an option to increase its ownership to 75% in the future.

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This marks the third transaction D.A. Davidson has helped A-Mark close, as the company continues to expand its direct-to-consumer (DTC) footprint. Founded in 1965, A-Mark offers an array of precious metal bullion, coins and related products to wholesale and retail customers via a portfolio of brands and channels. The company’s global customer base spans sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, and eCommerce and other retail customers.

“Since our initial investment in SGB and throughout my time on their Board, the A-Mark team and I have been continually impressed with SGB’s track record of growth and profitability within their DTC markets,” said A-Mark Chief Executive Officer Greg Roberts. “With this investment, SGB’s success in Canada and emerging growth opportunities in other international markets will provide A-Mark with additional international presence. We really appreciate the work D.A. Davidson’s Consumer Group put into helping us close this transaction. This marks our third transaction with the D.A. Davidson team and we view them as partners that have been there every step of the way as we execute on our strategy for future growth.”

“We are thrilled to have had the opportunity to continue our partnership with A-Mark as they remain focused on growing their team, capabilities, and achieving positive results for their clients and shareholders,” said Dan Friedman, Managing Director in the Consumer Group at D.A. Davidson. “We believe that the A-Mark and SGB partnership is based on a collaborative mindset and unified vision. We wish them continued success and are excited to see what they are able to achieve together over the coming years.”

Investment Summary

• The transaction valued SGB at approximately $110 million. In accordance with the definitive agreement the total consideration paid at closing consisted of $34 million in cash and 253,938 shares of A-Mark common stock.
• A-Mark and SGB entered into a four-year extension to the current supplier agreement, extending its expiration to December 2026.
• A-Mark has the right to purchase an additional 27.7% of the outstanding equity of SGB to bring its ownership interest to 75%. The option is exercisable between months 18 and 27 following closing.
• As a condition to closing, SGB was required to have at least $15 million in net tangible assets.

Deal Team Contacts

Joe Schimmelpfennig, Head of the Consumer Group, Managing Director | jschim@dadco.com

Dan Friedman, Managing Director | dfriedman@dadco.com

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha, and Seattle, the company has approximately 1,475 employees and offices in 28 states.

Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.

For more information, visit dadavidson.com.

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