Disclaimer

Last updated: 05 April 2026

Please read this Disclaimer carefully before using this Website or relying on any content published by The Shareholder Report (T$R).

1. Scope

This Disclaimer applies to The Shareholder Report (T$R), including its websites, subdomains, member areas, pages, reports, articles, emails, social-media posts, graphics, videos, downloads, and other content or communications made available by T$R (collectively, the “Website” or “Content”).

By accessing or using the Website, you acknowledge that you have read, understood, and accepted this Disclaimer, together with the Terms of Use, Privacy Policy, Disclosures, and, where applicable, Support Terms. If you do not agree, do not use the Website.

2. No Investment Advice

T$R is not registered as an investment adviser, dealer, portfolio manager, exempt market dealer, or other registrant under applicable securities laws, and does not provide personalized investment advice, managed-account services, or securities trading services. Nothing on the Website is tailored to the needs of any specific person.

All content is provided for informational, educational, and entertainment purposes only.

Nothing on the Website constitutes or should be interpreted as investment, financial, legal, tax, accounting, engineering, geological, or metallurgical advice, or as a recommendation or solicitation to buy, sell, or hold any security.

The content reflects personal opinions only and is not tailored to your personal circumstances, financial situation, investment objectives, risk tolerance, or jurisdiction. You should conduct your own independent research and consult appropriate licensed or qualified advisers before making any investment or financial decision.

3. High-Risk Nature of the Content

T$R focuses primarily on speculative, high-risk, early-stage, and junior-company opportunities, including mining and natural-resource issuers.

Investing in such securities involves substantial risk, including, without limitation:

• loss of some or all invested capital
• volatility
• illiquidity
• financing risk
• permitting and regulatory risk
• execution and operating risk
• commodity-price risk
• dilution

You should assume that any speculative investment discussed on the Website could lose value, become difficult to sell, or result in a total loss of capital.

4. Personal Opinions, Ownership, Trading, and Conflicts of Interest

The Content reflects personal opinions only.

T$R, its founder, and, in some cases, the founder’s spouse may hold securities of issuers discussed on the Website and may buy or sell such securities at any time, including without notice. Such ownership and trading activity create financial interests, conflicts of interest, and potential bias.

T$R may also have other actual or potential conflicts of interest, including compensated content, advisory or consulting relationships, sponsorship arrangements, business relationships, or other financial interests. Known material conflicts will be disclosed on the relevant page and/or on the Website’s Disclosures page.

The existence of ownership, compensation, or other financial relationships means the Content should not be considered independent or unbiased.

5. Independently Initiated Coverage and Compensated Content

T$R does not accept compensation to initiate coverage.

However, in certain cases, after coverage has been independently initiated, T$R may later accept compensation, sponsorship, or other consideration relating to an issuer or content. Where that occurs, T$R will seek to disclose the relationship clearly and prominently on the relevant page and on the Website’s Disclosures page.

Any compensated or sponsored content should be treated as content involving a material conflict of interest and should not be considered independent or unbiased.

6. Voluntary Support and Payments

T$R may accept voluntary support, gifts, or contributions from readers or users of the Website.

Unless expressly stated otherwise:

• support does not purchase goods or services
• support does not provide additional content or access
• support does not influence coverage decisions
• support does not create any client, advisory, fiduciary, partnership, agency, or similar relationship
• support does not entitle any person to favorable coverage, continued coverage, or future coverage

T$R may refuse, reject, or refund support at its discretion, including where doing so is considered necessary to protect independence or manage conflicts of interest.

Payments may be processed by third-party providers. T$R does not guarantee the availability, performance, or security of third-party payment systems and is not responsible for third-party processing failures, delays, outages, chargebacks, security incidents, or related losses. Additional terms may apply to support and payment methods.

7. Accuracy, Completeness, and No Warranties

All Content is provided “as is” and “as available.”

T$R does not represent, warrant, or guarantee that any Content is accurate, complete, current, reliable, unbiased, suitable, or error-free. Content may contain inaccuracies, omissions, estimates, assumptions, typographical errors, outdated information, or interpretive judgments.

No warranty of any kind, whether express or implied, is made regarding the Website or its Content.

8. Forward-Looking Statements; No Guarantees

The Website may contain forward-looking statements, projections, estimates, expectations, assumptions, scenarios, opinions, or commentary about future events, outcomes, prices, valuations, development milestones, financing, operations, or potential returns.

Such statements are inherently uncertain, speculative, and subject to change without notice. Actual results may differ materially from any expectations or opinions expressed.

Past performance is not indicative of future results. No guarantee is made regarding future performance, outcomes, or success.

9. Third-Party Content, Links, and Tools

The Website may reference or rely on third-party sources, links, charts, research, social-media content, market data, issuer information, technical information, public filings, or other external materials.

T$R does not control and is not responsible for third-party content, websites, or services, and references or links should not be interpreted as endorsement, verification, or adoption of any third-party statement or position.

T$R may also use third-party tools and technologies, including artificial intelligence, software, or automation tools, to assist with research, drafting, formatting, analysis, or content production. Such tools may be incomplete, inaccurate, or produce errors, and T$R does not guarantee the accuracy or completeness of AI-assisted or tool-assisted output.

10. No Duty to Update

T$R may update, revise, remove, or modify Content at any time and without notice.

T$R has no obligation to update previously published Content, correct older material, revise opinions, or notify users of subsequent developments.

11. Intellectual Property

Unless otherwise stated, all original Content published by T$R is protected by intellectual-property laws.

You may not, without prior written permission:

• copy
• reproduce
• republish
• redistribute
• modify
• create derivative works from
• commercially exploit

any member-only or protected T$R Content.

Publicly available Content may be shared only with proper attribution and, where possible, a link back to the original page. Member-only content must not be redistributed or reposted without permission.

12. Website Risks and Access

T$R does not guarantee that the Website will be uninterrupted, secure, error-free, or free from viruses, malware, harmful code, unauthorized access, or technical failures.

Use of the Website is at your own risk. You are responsible for using appropriate security, backup, and protective measures when accessing the Website or downloading any materials.

T$R reserves the right to restrict, suspend, terminate, or modify access to any part of the Website at any time and without notice.

13. Limitation of Liability

To the maximum extent permitted by law, T$R and its owner, founder, affiliates, contractors, and representatives shall not be liable for any direct, indirect, incidental, special, consequential, punitive, or other losses, damages, costs, or expenses arising from or related to:

• use of, or inability to use, the Website
• reliance on any Content
• investment or financial decisions
• trading losses
• inaccuracies or omissions
• third-party content, links, or services
• payment-processing issues
• technical failures, delays, outages, or security incidents

You assume full responsibility for your use of the Website and for any decisions you make based on the Content.

This limitation applies even if T$R has been advised of the possibility of such losses or damages.

14. Jurisdiction

T$R operates from Ontario, Canada.

If you access the Website from another jurisdiction, you do so at your own risk and are responsible for compliance with local laws.

This Disclaimer and any dispute relating to the Website or its Content shall be governed by the laws of Ontario, Canada, without regard to conflict-of-law principles.

15. Related Documents

Your use of the Website is also subject to, where applicable:

• Terms of Use
• Privacy Policy
• Disclosures
• Support Terms

16. Contact

If you have questions about this Disclaimer, please use the contact information provided on the Website.