Disclosures

Last updated: 05 April 2026

These disclosures are provided for transparency purposes only and should not be interpreted as investment advice, a recommendation, or an endorsement of any security.

These disclosures apply to The Shareholder Report (T$R) and its founder (“D4”), including any interests, relationships, or activities that may be relevant to companies discussed on the Website.

T$R seeks to provide transparent disclosure of any financial interests, compensation, or potential conflicts of interest that may reasonably affect the content presented.

This page should be read together with the Website’s Disclaimer, Terms of Use, Privacy Policy, and, where applicable, Support Terms.

1. Coverage and Compensation Policy

T$R does not accept compensation to initiate coverage.

T$R independently selects the companies it covers. In certain cases, after coverage has been independently initiated, T$R may later accept compensation, sponsorship, or other consideration relating to a company or specific content. Where that occurs, T$R will seek to disclose the relationship clearly and prominently on the relevant page and on this Disclosures page.

T$R, D4, and, in some cases, D4’s spouse may hold securities of companies discussed on the Website and may buy or sell such securities at any time without notice. Such positions create financial interests, conflicts of interest, and potential bias.

2. General Disclosure

D4 is the founder and sole operator of T$R.
D4 is not a licensed investment adviser, portfolio manager, geologist, engineer, metallurgist, accountant, or legal professional.
The Content reflects personal opinions only.
T$R, D4, and D4’s spouse may hold securities of companies discussed on the Website and may buy or sell such securities at any time without notice.
T$R may receive compensation, sponsorship, or other consideration only after coverage has been independently initiated, where applicable.
Known material conflicts are disclosed on the relevant page and on this Disclosures page.

3. Doubleview Gold

Ownership and Conflict of Interest

D4 and D4’s spouse hold shares of Doubleview Gold. This ownership represents a financial interest and a potential conflict of interest, and the views expressed by T$R may be biased.

Coverage Initiation

T$R independently initiated coverage of Doubleview Gold on 14 June 2020.

Compensation

T$R has not received any compensation from Doubleview Gold.

Financing Participation

T$R: None.

D4 personally: None.

Promotional Items / Non-Cash Items

In ~July 2020, D4 and his spouse received a promotional Doubleview Gold baseball hat. This item was of nominal value and not material.

4. ESGold

Ownership and Conflict of Interest

T$R, D4, and D4’s spouse hold shares of ESGold. This ownership represents a financial interest and a potential conflict of interest, and the views expressed by T$R may be biased.

Coverage Initiation

T$R independently initiated coverage of ESGold on 1 February 2022.

Compensation History

T$R has received compensation from ESGold after coverage had already been independently initiated. The following items should be read together with any issuer-specific disclosures appearing on the relevant page:

August 2024 — ESGold compensated T$R after the publication of a research report on 2 July 2024.
- 23 August 2024 — In lieu of cash compensation, T$R received 250,000 ESGold shares via Computershare (DRS).
March 2025 — T$R received C$50,000 (amount before sales tax) for the creation and publication of research reports published on 8 March 2025 and 16 March 2025.

Unless expressly stated otherwise on the relevant page, compensated content should not be considered independent or unbiased.

Promotional Items / Non-Cash Items

In July 2022, D4 received a promotional ESGold hat of nominal value and not material.

5. Consulting Relationship (Non-T$R Business)

D4 operates a separate consulting business that is not affiliated with T$R.

Through that separate business, D4 has provided consulting or advisory services to ESGold as a Strategic Corporate Business Advisor. This relationship represents an additional material conflict of interest and may reasonably affect the perspectives presented in T$R content relating to ESGold.

Status: Services began at the start of January 2026 and is ongoing unless otherwise stated.

6. Finder’s Fees, Warrants, and Financing Participation (D4 Personally — Not T$R)

The following items, if applicable, were received or participated in by D4 personally and not by T$R:

ESGold Finder’s Fees and Warrants

October 2024 — Due to a private placement that closed on 30 September 2024, D4 received a finder’s fee of C$19,000 and 195,121 warrants at an exercise price of C$0.15 expiring on 27 September 2025. All warrants were exercised on 16 September 2025.
April 2025 — Due to a financing that closed on 16 April 2025, D4 received a finder’s fee of C$99,534.60 + US$12,600 and 568,000 warrants at an exercise price of C$0.30 expiring on 11 April 2027.
July 2025 — Due to a private placement that closed on 25 June 2025, D4 received a finder’s fee of C$28,995.37 and 39,720 warrants at an exercise price of C$0.91 expiring on 25 December 2026.

ESGold Financing Participation

July 2022 — D4 participated in a private placement and acquired 300,000 shares at C$0.05 per share and 150,000 warrants at an exercise price of C$0.10 expiring 12 months from closing. Warrants expired without being exercised.
April 2025 — D4 participated in a private placement and acquired 300,806 shares at C$0.215 per share and 300,806 warrants at an exercise price of C$0.30 expiring 11 April 2027.
November 2025 — D4 participated in a private placement and acquired 50,000 shares at C$0.73 per share and 50,000 warrants at an exercise price of C$0.91 expiring 25 December 2026.

7. Ongoing Relationship Disclosure

Unless otherwise stated, you should assume that:

T$R, D4, and/or D4’s spouse may continue to hold securities of companies discussed on the Website.
D4 may continue to have a consulting or advisory relationship with ESGold through a separate business outside of T$R.
Conflicts of interest may exist.
Additional material conflicts may arise and will be disclosed where reasonably practicable.

8. Additional Disclosure

All information is subject to change without notice.
T$R may update this page at any time.
Page-level and article-level disclosures should be read together with this page.
Issuer-specific paid content disclosures, where applicable, will appear on the relevant page.

9. Contact

If you have questions about these disclosures, please use the contact information provided on the Website.