SUN VALLEY GOLD LLC

The Adviser provides investment advisory services on a discretionary basis to its clients (the “Advisory Clients”), which include institutions with separately managed accounts (the “Managed Accounts”) and pooled investment vehicles intended for sophisticated investors and institutional investors (the “Funds”). As of December 31, 2024, the Adviser had approximately $86,999,908 Advisory Clients’ regulatory assets under management, all managed on a discretionary basis. The Adviser is currently in the process of winding down its business and is participating in sell transactions only. In winding down Advisory Client accounts, the Adviser may consider factors such as investment objectives and strategies, risk profiles, tax status and restrictions, account size, security liquidity, market conditions, and account liquidity requirements. Because of the differences in the Advisory Clients’ investment objectives, strategies, and other criteria, there may be differences in the Advisory Clients’ invested positions and securities held.

Historically, the Adviser generally invested in gold, precious metals, mining securities, rights, warrants, and options relating to gold and precious metals, and engaged in all activities incidental and related thereto. The primary investment process was security selection in the precious metals asset class on a global basis. The Advisory Clients’ accounts are generally not diversified and, accordingly, the accounts may be subject to more rapid changes in value than would be the case if the accounts were required to maintain a wide diversification among investment areas, securities and types of securities. Performance may be more volatile if an Advisory Client’s account employs leverage. The Adviser’s investment program included short selling.

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