Gold.com trades its firm bank line for freedom, leaning on Tether

Gold.com buys and sells gold, silver, platinum and palladium in huge volume. Revenue for the year to June 30 more than doubled to $25.513 billion, while gross profit rose to $453.1 million. [C20][C20] Form 10-K, MD&ARevenues for the year ended June 30, 2026 increased $14.535 billion, or 132.4%, to $25.513 billion from $10.979 billion in 2025.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C21][C21] Form 10-K, MD&AGross profit for the year ended June 30, 2026 increased $242.2 million, or 114.8%, to $453.1 million from $210.9 million in 2025.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm Margins are thin, so profit swings with how much metal it trades. Net income was $82.3 million, or $3.02 a share, up from $17.3 million. [C22][C22] Form 10-K, statement of incomeNet income attributable to the Company $ 82,341 $ 17,320 $ 68,546Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C23][C23] Form 10-K, statement of incomeDiluted $ 3.02 $ 0.71 $ 2.84Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

It pays a regular dividend of 20 cents a share each quarter. With the latest one, the board also declared a one-time special dividend of $1.00 a share. Both were paid on September 28, 2026, the day before the new bank deal. [C30][C30] Form 10-K, dividendsOur board of directors has adopted a regular quarterly cash dividend policy of $0.20 per common share ($0.80 per share on an annual basis), beginning in October 2022. The most recent cash dividend under the policy was declared on August 31, 2026.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C62][C62] Form 10-K, subsequent eventsdeclared a quarterly cash dividend of $ 0.20 per share as well as a non-recurring special dividend of $ 1.00 per share. The dividends are payable on September 28, 2026Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm At 29,121,293 shares, that $1.20 a share came to about $35 million in cash. [C51][C51] Form 10-K, cover29,121,293 and 24,639,386 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectivelyGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C62][C62] Form 10-K, subsequent eventsdeclared a quarterly cash dividend of $ 0.20 per share as well as a non-recurring special dividend of $ 1.00 per share. The dividends are payable on September 28, 2026Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Most of the year's profit came in the March quarter. EBITDA, which is profit before interest, taxes and some non-cash costs, was $103.4 million in the three months to March 31. [C87][C87] Results release, headline$103.4 Million in non-GAAP EBITDA in Q3 FY 2026GlobeNewswire · Read October 3, 2026Open source ↗https://www.globenewswire.com/news-release/2026/05/06/3289323/31746/en/gold-com-reports-fiscal-third-quarter-2026-results.html For the full year it was $179.8 million, and for the nine months to March it was $151.6 million. That leaves only about $28 million for the three months to June. [C63][C63] Form 10-K, EBITDA reconciliationEarnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 179,750Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C88][C88] Results release, nine-month highlightsEBITDA for the nine months ended March 31, 2026 increased 329% to $151.6 millionGlobeNewswire · Read October 3, 2026Open source ↗https://www.globenewswire.com/news-release/2026/05/06/3289323/31746/en/gold-com-reports-fiscal-third-quarter-2026-results.html Net income shows the same drop: about $12 million in the June quarter, against $70.2 million in the first nine months. [C22][C22] Form 10-K, statement of incomeNet income attributable to the Company $ 82,341 $ 17,320 $ 68,546Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C89][C89] Results release, nine-month highlightsNet income attributable to the Company for the nine months ended March 31, 2026 increased 903% to $70.2 millionGlobeNewswire · Read October 3, 2026Open source ↗https://www.globenewswire.com/news-release/2026/05/06/3289323/31746/en/gold-com-reports-fiscal-third-quarter-2026-results.html

Pre-tax profit was $109.5 million under standard accounting rules. The company's adjusted figure, which adds back items such as amortization from past deals, was $139.9 million. [C65][C65] Form 10-K, MD&ANet income before provision for income taxes 109,522Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C64][C64] Form 10-K, adjusted income reconciliationAdjusted net income before provision for income taxes (non-GAAP) $ 139,940Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

A dealer like this needs a lot of funding to hold metal. For years that came mainly from the bank line, a $427.5 million facility that ran to September 30, 2027. A year earlier it had $345.0 million drawn. [C10][C10] Form 10-K, risk factorsprovided for a total revolving commitment of up to $427.5 million and a termination date of September 30, 2027.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C11][C11] Form 10-K, risk factorsWhile our liquidity in recent months has been provided primarily by precious metals leases, a majority of which are from Tether, prior to this, our liquidity was generally provided by our Trading Credit Facility.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C12][C12] Form 10-K, note on financingBorrowings totaled $ 0.0 million and $ 345.0 million at June 30, 2026 and June 30, 2025, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm That changed in 2026. In February Tether paid $150.0 million for 3,371,000 new shares, about 13.3% of the company, and named a director. That is about $44.50 a share. [C18][C18] Form 10-K, risk factorsIn February 2026, we entered into a transaction with TPM, S.A. de C.V., which, together with its affiliates, we refer to as Tether, whereby Tether purchased 3,371,000 shares of our common stock, or approximately 13.3% of our then outstanding shares, for $150.0 million.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C19][C19] Form 10-K, related partiesTether obtained the right to appoint, and did appoint, a member to the Company’s board of directors.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm It now owns 3,670,787 shares, or 12.6%. [C90][C90] Proxy statement, ownership tableTether Global Investments Fund, S.I.C.A.F., S.A. (5) 3,670,787 12.6 %Gold.com proxy statement for the 2026 annual meeting, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526410500/gold-20261001.htm Tether also leases metal to Gold.com, trades metal with it and stores metal with it. Gold.com earned $1.2 billion of revenue from those dealings in the year. [C33][C33] Form 10-K, related partiesThe Company has entered into various commercial agreements with Tether whereby the Company leases precious metals from Tether, and Tether purchases and sells precious metals with the Company. Tether also utilizes the Company’s secure storage and logistics services.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C40][C40] Proxy statement, related party transactionsIn fiscal 2026, the aggregate Company revenues from these business activities with Tether was $1.2 billion and the aggregate cost of sales recorded from Tether was $31.7 million. These activities are ongoing in fiscal 2027. At June 30, 2026, the total amount of payables to and customer advances with Tether was $1.5 billion.Gold.com proxy statement for the 2026 annual meeting, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526410500/gold-20261001.htm

By June 30 the funding mix had flipped. Gold.com owed $1.688 billion in metal leases, up from $246.5 million, and nothing on the bank line. [C15][C15] Form 10-K, note on financingPrecious metals leases of $ 1.688 billion and $ 246.5 million as of June 30, 2026 and 2025, respectively, were included in deferred revenue and other advances on the consolidated balance sheet.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C12][C12] Form 10-K, note on financingBorrowings totaled $ 0.0 million and $ 345.0 million at June 30, 2026 and June 30, 2025, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm The leases sit inside a $2.14 billion balance sheet line called deferred revenue and other advances. That line includes $1.45 billion owed to related parties, and the proxy puts the total owed to Tether at $1.5 billion. So the lease figure and the Tether figure overlap and should not be added together. [C15][C15] Form 10-K, note on financingPrecious metals leases of $ 1.688 billion and $ 246.5 million as of June 30, 2026 and 2025, respectively, were included in deferred revenue and other advances on the consolidated balance sheet.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C17][C17] Form 10-K, balance sheetDeferred revenue and other advances (including amounts from related parties of $ 1,453,942 and $ 0 as of June 30, 2026 and June 30, 2025, respectively) 2,139,974 426,904Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C40][C40] Proxy statement, related party transactionsIn fiscal 2026, the aggregate Company revenues from these business activities with Tether was $1.2 billion and the aggregate cost of sales recorded from Tether was $31.7 million. These activities are ongoing in fiscal 2027. At June 30, 2026, the total amount of payables to and customer advances with Tether was $1.5 billion.Gold.com proxy statement for the 2026 annual meeting, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526410500/gold-20261001.htm

Gold.com leases metal under short-term deals, with each lease's term and rate set when it starts. Those leases cost a 2.2% average rate in the year to June 30, against 8.4% on the bank line over the same year. The bank line's rate on June 30 itself was about 6.1%. [C70][C70] Form 10-K, note on financingWe lease precious metals from our suppliers and customers under short-term arrangements, in which the lease terms and interest rates are established at lease inception.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C16][C16] Form 10-K, note on financingThe weighted-average effective interest rate related to liabilities on borrowed metals and precious metals leases was 2.2 %, 3.4 %, and 2.9 % for the years ended June 30, 2026, 2025, and 2024, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C61][C61] Form 10-K, note on financingThe Trading Credit Facility carried a daily weighted-average effective interest rate of 8.4 % , 8.7 % , and 8.5 % for the years ended June 30, 2026, 2025, and 2024, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C14][C14] Form 10-K, note on financingAs of June 30, 2026, the interest rate on our Trading Credit Facility was approximately 6.1 %Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

The leases also flatter cash flow. Operations brought in $1.22 billion in the year, but $1.58 billion came from higher advances and deferred revenue, including the money from Tether. Gold.com held $578.0 million of cash at June 30. [C26][C26] Form 10-K, cash flow statementNet cash provided by operating activities 1,222,784 152,347Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C27][C27] Form 10-K, cash flow statementDeferred revenue and other advances (including amounts from related parties of $ 1,453,942 , $ 0 , and $ 0 during the years ended June 30, 2026 2025, and 2024, respectively) 1,583,854 150,156 65,180Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C24][C24] Form 10-K, balance sheetCash $ 577,976 $ 77,741Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm Gold.com itself warns that the benefits of Tether's investment may not continue. [C28][C28] Form 10-K, risk factorsThe benefits we are currently experiencing from Tether's investment in the Company may not continue.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

On September 29 Gold.com signed a new version of its bank credit agreement, with CIBC Bank USA as agent. Some existing lenders left. [C2][C2] Form 8-K, Item 1.01On September 29, 2026, Gold.com, Inc. (the “Company”) entered into the Second Amended and Restated Uncommitted Credit Facility AgreementGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [C5][C5] Credit agreement, recitalsWHEREAS, certain Existing Lenders (each, a “ Departing Lender ”, and collectively, the “ Departing Lenders ”) will not be Lenders under and pursuant to the terms of this AgreementSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm The new line is uncommitted. Every loan is at the banks' sole discretion, and they can demand full repayment within 10 days with no reason given. [C3][C3] Credit agreement, coverTHIS AGREEMENT PROVIDES FOR AN UNCOMMITTED FACILITY THAT IS PAYABLE ON DEMAND. ALL LOANS ARE DISCRETIONARY ON THE PART OF THE LENDERS IN THEIR SOLE AND ABSOLUTE DISCRETION.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C4][C4] Credit agreement, Section 2.1(d)WITHIN TEN (10) DAYS OF DEMAND THEREFOR BY THE REQUIRED LENDERS (EACH SUCH DEMAND, A “ REQUIRED LENDERS’ DEMAND ”), THE ENTIRE OUTSTANDING PRINCIPAL AMOUNT OF ALL REVOLVING LOANS AND SWING LINE LOANSSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C6][C6] Credit agreement, Section 2.1(d)NO REASON OR CAUSE NEED BE GIVEN FOR ANY REQUIRED LENDERS’ DEMANDSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm That reverses an earlier change. The prior agreement had removed a clause that let lenders demand repayment within 10 days. [C13][C13] Form 10-K, note on financingincluding eliminating provisions whereby lenders under certain conditions could require repayment of all obligations outst anding under the Trading Credit Facility within 10 days on demandGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Here is what each side gives and gets. The banks shrink their exposure to $250 million and take back the right to walk away. [C1][C1] Form 8-K, Item 1.01converts the Existing Credit Agreement into an uncommitted revolving line of credit which is payable on demand, reduces the facility from $427,500,000 to $250,000,000 and removes a number of restrictions, caps and covenants, including caps on special and recurring dividends, caps on share repurchases, caps on acquisitions and investments, caps on precious metal repurchase arrangements, and caps on secured metals leasesGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [C4][C4] Credit agreement, Section 2.1(d)WITHIN TEN (10) DAYS OF DEMAND THEREFOR BY THE REQUIRED LENDERS (EACH SUCH DEMAND, A “ REQUIRED LENDERS’ DEMAND ”), THE ENTIRE OUTSTANDING PRINCIPAL AMOUNT OF ALL REVOLVING LOANS AND SWING LINE LOANSSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C13][C13] Form 10-K, note on financingincluding eliminating provisions whereby lenders under certain conditions could require repayment of all obligations outst anding under the Trading Credit Facility within 10 days on demandGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm Gold.com loses a firm promise of $427.5 million through September 30, 2027. The new line still ends on September 29, 2027. Its price barely moved, at 2.365% over SOFR, a benchmark short-term rate. [C10][C10] Form 10-K, risk factorsprovided for a total revolving commitment of up to $427.5 million and a termination date of September 30, 2027.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C55][C55] Credit agreement, definition of Termination Date“ Termination Date ” means the earlier to occur of (a) September 29, 2027Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C56][C56] Credit agreement, definition of Applicable Marginfor SOFR Loans bearing interest based on Daily Simple SOFR, a rate per annum equal to 2.365%Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C71][C71] Form 10-K, note on financingThe Trading Credit Facility currently bears interest at the daily SOFR rate plus an applicable margin of 236 basis points.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm It adds two tests. Debt service coverage must be at least 1.50 times. Tangible net worth, which is equity minus goodwill and other intangible assets, must be at least $300 million at every quarter end. [C52][C52] Credit agreement, Section 11.14(a)Not permit the Debt Service Coverage Ratio for any Computation Period to be less than 1.50 to 1.00.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C53][C53] Credit agreement, Section 11.14(b)Not permit Consolidated Tangible Net Worth to be less than $300,000,000 as of the last day of any Fiscal Quarter.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

At June 30, equity minus goodwill and intangible assets was about $541 million. That was before the September payout of about $35 million. The test uses its own definition, so the real room at September 30 is not yet known. [C68][C68] Form 10-K, balance sheetTotal stockholders’ equity 938,366 702,671Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C67][C67] Form 10-K, balance sheetGoodwill 250,803 228,650 Intangibles, net 146,318 137,314Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C62][C62] Form 10-K, subsequent eventsdeclared a quarterly cash dividend of $ 0.20 per share as well as a non-recurring special dividend of $ 1.00 per share. The dividends are payable on September 28, 2026Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C53][C53] Credit agreement, Section 11.14(b)Not permit Consolidated Tangible Net Worth to be less than $300,000,000 as of the last day of any Fiscal Quarter.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

In return, the caps on dividends, buybacks, deals and secured metal leases are removed, "subject to certain conditions." Each dividend or buyback needs at least $35 million of unused borrowing room left afterward, no default, and the two tests still met. [C7][C7] Form 8-K, Item 1.01caps on precious metal repurchase arrangements, and caps on secured metals leases, subject to certain conditionsGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [C8][C8] Credit agreement, Section 11.4Excess Availability, measured at the time of any such distribution and immediately after giving pro forma effect to any such distribution, is not less than $35,000,000Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C52][C52] Credit agreement, Section 11.14(a)Not permit the Debt Service Coverage Ratio for any Computation Period to be less than 1.50 to 1.00.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C53][C53] Credit agreement, Section 11.14(b)Not permit Consolidated Tangible Net Worth to be less than $300,000,000 as of the last day of any Fiscal Quarter.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm Acquisitions need the same $35 million of room. Before each payout, Gold.com must also give the agent 15 days' notice. [C86][C86] Credit agreement, definition of Permitted AcquisitionExcess Availability, measured immediately prior to and after the consummation of such Acquisition, is not less than $35,000,000Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C9][C9] Credit agreement, Section 11.4Borrower shall provide Agent with not less than fifteen (15) days’ prior written notice of any such discretionary distributionsSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

Gold.com had not borrowed on the line at June 30, and the filings do not say what was drawn at the September 29 closing. Usable room is less than $250 million, because the borrowing base is reduced by all secured metal lease obligations. [C12][C12] Form 10-K, note on financingBorrowings totaled $ 0.0 million and $ 345.0 million at June 30, 2026 and June 30, 2025, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C54][C54] Credit agreement, definition of Revolving Loan Availabilitythe Borrowing Base for purposes of this clause (ii) shall be reduced by the aggregate principal amount of all outstanding Secured Metals Lease ObligationsSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C1][C1] Form 8-K, Item 1.01converts the Existing Credit Agreement into an uncommitted revolving line of credit which is payable on demand, reduces the facility from $427,500,000 to $250,000,000 and removes a number of restrictions, caps and covenants, including caps on special and recurring dividends, caps on share repurchases, caps on acquisitions and investments, caps on precious metal repurchase arrangements, and caps on secured metals leasesGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm That includes a planned secured lease from Tether. So the line that backs up Tether's money shrinks as secured leases grow. [C57][C57] Credit agreement, definition of Tether Metals Leasesthat certain Master Agreement for Secured Precious Metals Leases to be dated after the Restatement Effective Date, between TG Offtakes Corp. (or an Affiliate of TG Offtakes Corp.) and BorrowerSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C54][C54] Credit agreement, definition of Revolving Loan Availabilitythe Borrowing Base for purposes of this clause (ii) shall be reduced by the aggregate principal amount of all outstanding Secured Metals Lease ObligationsSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

The line was cut by $177.5 million. That is about 14% of the company's stock market value of about $1.23 billion. It is about equal to last year's EBITDA of $179.8 million. [C1][C1] Form 8-K, Item 1.01converts the Existing Credit Agreement into an uncommitted revolving line of credit which is payable on demand, reduces the facility from $427,500,000 to $250,000,000 and removes a number of restrictions, caps and covenants, including caps on special and recurring dividends, caps on share repurchases, caps on acquisitions and investments, caps on precious metal repurchase arrangements, and caps on secured metals leasesGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [M02][M02] IEX closing pricesGOLD closed at $42.325 on October 2, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C51][C51] Form 10-K, cover29,121,293 and 24,639,386 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectivelyGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C63][C63] Form 10-K, EBITDA reconciliationEarnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 179,750Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Gold.com has no bank debt and held $578.0 million of cash, so on bank debt alone it has net cash. Its real borrowings are in metal: $1.688 billion of leases plus $776.1 million owed on borrowed metal. [C12][C12] Form 10-K, note on financingBorrowings totaled $ 0.0 million and $ 345.0 million at June 30, 2026 and June 30, 2025, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C24][C24] Form 10-K, balance sheetCash $ 577,976 $ 77,741Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C15][C15] Form 10-K, note on financingPrecious metals leases of $ 1.688 billion and $ 246.5 million as of June 30, 2026 and 2025, respectively, were included in deferred revenue and other advances on the consolidated balance sheet.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C31][C31] Form 10-K, liabilitiesLiabilities on borrowed metals $ 776,061 $ 46,051 Product financing arrangements 89,249 484,733Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm Last year's EBITDA of $179.8 million covered interest expense of $61.1 million about 2.9 times. The new coverage test uses its own definition, so this is not the covenant figure. [C63][C63] Form 10-K, EBITDA reconciliationEarnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 179,750Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C29][C29] Form 10-K, MD&AInterest expense for the year ended June 30, 2026 increased $14.9 million, or 32.3%, to $61.1 million from $46.2 million in 2025.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

There were 29,121,293 shares at June 30. Add 687,827 options, which cost $10.63 a share on average to use, and the count is about 29.8 million. There are no preferred shares. [C51][C51] Form 10-K, cover29,121,293 and 24,639,386 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectivelyGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C66][C66] Form 10-K, stock optionsOutstanding at June 30, 2026 687,827 $ 10.63Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C85][C85] Form 10-K, balance sheetPreferred stock, $ 0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of June 30, 2026Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm The annual report says the bank line is secured by substantially all of the company's assets on a first priority basis. Once Tether's planned secured lease starts, Tether and the banks will rank "equal in priority" on the shared collateral. Shareholders stand behind about $3.2 billion of total liabilities. [C73][C73] Form 10-K, note on financingThe Trading Credit Facility is secured by substantially all of the Company’s assets on a first priority basisGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C57][C57] Credit agreement, definition of Tether Metals Leasesthat certain Master Agreement for Secured Precious Metals Leases to be dated after the Restatement Effective Date, between TG Offtakes Corp. (or an Affiliate of TG Offtakes Corp.) and BorrowerSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C58][C58] Credit agreement, definition of Metals Lease Intercreditor Agreementas of the date that the Tether Secured Metals Lease becomes effective, Exhibit K-2 , in each case, among the Agent and each counterparty to any Secured Metals LeaseSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C59][C59] Credit agreement, Exhibit K-2is and shall remain equal in priority with the Security Interest of each other Creditor in the Collateral of the DebtorSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C84][C84] Form 10-K, balance sheetTotal assets $ 4,136,919Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C68][C68] Form 10-K, balance sheetTotal stockholders’ equity 938,366 702,671Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Other changes came in the same weeks. On September 14 the finance chief, Cary Dickson, resigned effective September 18. The company called it his planned retirement. [C47][C47] Form 8-K, Item 5.02On September 14, 2026, Cary Dickson submitted his resignation from his position as Executive Vice President and Chief Financial Officer of Gold.com, Inc. (the “Company”) effective September 18, 2026.Gold.com Form 8-K on the chief financial officer's resignation and successor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-20260914.htm [C76][C76] Press release, headlineJill Van, EVP & Controller, to succeed Cary Dickson following his planned retirementGold.com press release on its finance chief and auditor changes, Exhibit 99.1 to Form 8-K, September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-ex99_1.htm Jill Van, the controller, who joined in June 2025, took the job. She spent 20 years at Grant Thornton, including as an audit partner. [C48][C48] Form 8-K, Item 5.02Effective September 18, 2026, Jill Van, age 55, currently the Company’s Executive Vice President, Controller and Assistant Secretary, will become the Company’s Chief Financial OfficerGold.com Form 8-K on the chief financial officer's resignation and successor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-20260914.htm [C75][C75] Form 8-K, Item 5.02Ms. Van joined the Company in June 2025 as Senior Vice President and ControllerGold.com Form 8-K on the chief financial officer's resignation and successor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-20260914.htm [C74][C74] Form 8-K, Item 5.02Ms. Van worked in various capacities, including as Audit Partner, at Grant Thornton LLP for 20 yearsGold.com Form 8-K on the chief financial officer's resignation and successor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-20260914.htm Also on September 14, the audit committee fired Grant Thornton and hired KPMG. Grant Thornton's audit reports covered the 2025 and 2026 fiscal years. [C44][C44] Form 8-K, Item 4.01On September 14, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Gold.com, Inc. (the “Company”) dismissed Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered accounting firm, effective as of that date.Gold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm [C77][C77] Form 8-K, Item 4.01The reports of Grant Thornton on the Company’s financial statements for the fiscal years ended June 30, 2025 and 2026 did not contain an adverse opinion or a disclaimer of opinionGold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm [C46][C46] Form 8-K, Item 4.01On September 14, 2026, the Audit Committee approved the engagement of KPMG LLP (“KPMG”) to serve as the Company’s independent registered public accounting firm for the fiscal year ending June 30, 2027.Gold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm The filing reports no disagreements with Grant Thornton. It does not say either way whether there were "reportable events", such as control weaknesses, and gives no reason for the change. [C45][C45] Form 8-K, Item 4.01there have been no disagreements with Grant Thornton on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedureGold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm [C44][C44] Form 8-K, Item 4.01On September 14, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Gold.com, Inc. (the “Company”) dismissed Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered accounting firm, effective as of that date.Gold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm

Insiders sold stock in September, some of it in the days before the annual report was filed. The chief executive, Gregory Roberts, used 50,000 options at $3.10 a share. He then sold 50,000 shares at about $45.83 to $49.41. [C80][C80] Form 4, Table I09/08/2026 M 15,000 A $ 3.1Form 4 for Gregory N. Roberts, Gold.com chief executive, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000110803826000004/xslF345X06/form4-09102026_050900.xml [C50][C50] Form 4, Table I09/09/2026 M 25,000 A $ 3.1 53,202 D Common stock, par value $0.01 per share 09/09/2026 S 22,835 D $ 49.4066Form 4 for Gregory N. Roberts, Gold.com chief executive, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000110803826000004/xslF345X06/form4-09102026_050900.xml [C82][C82] Form 4, Table I09/10/2026 M 10,000 A $ 3.1Form 4 for Gregory N. Roberts, Gold.com chief executive, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000110803826000006/xslF345X06/form4-09142026_030914.xml [C81][C81] Form 4, Table I09/08/2026 S 15,000 D $ 46.864Form 4 for Gregory N. Roberts, Gold.com chief executive, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000110803826000004/xslF345X06/form4-09102026_050900.xml [C83][C83] Form 4, Table I09/10/2026 S 10,000 D $ 45.8338Form 4 for Gregory N. Roberts, Gold.com chief executive, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000110803826000006/xslF345X06/form4-09142026_030914.xml Chairman Jeffrey Benjamin sold 121,692 shares held in his 2012 family trust from September 14 to September 22, at prices falling from about $48.04 to about $44.00. The trust's stake fell to 261,546 shares. [C49][C49] Form 4, Table I09/14/2026 S 30,000 D $ 48.0411 (1) 353,238 I By Jeffrey D. Benjamin 2012 Family TrustForm 4 for Jeffrey D. Benjamin, Gold.com director, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119401626000004/xslF345X06/form4-09162026_070944.xml [C78][C78] Form 4, Table I09/22/2026 S 9,787 D $ 44.9154 (4) 261,546 I By Jeffrey D. Benjamin 2012 Family TrustForm 4 for Jeffrey D. Benjamin, Gold.com chairman, filed September 22, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119401626000008/xslF345X06/form4-09222026_090944.xml [C79][C79] Form 4, Table I09/22/2026 S 8,261 D $ 43.9997Form 4 for Jeffrey D. Benjamin, Gold.com chairman, filed September 22, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119401626000008/xslF345X06/form4-09222026_090944.xml [C92][C92] Form 144, remarksShares to be sold from: JEFFREY BENJAMIN 2012 FAM TRUForm 144 notice of proposed sale for Jeffrey D. Benjamin, Gold.com director, filed September 14, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000195917326006926/xsl144X01/primary_doc.xml

The stock fell about 11% from $47.82 on September 15 to $42.325 on October 2. The SPDR Gold Shares fund, which tracks gold, fell about 3% over the same days. [M01][M01] IEX closing pricesGOLD closed at $47.82 on September 15, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M02][M02] IEX closing pricesGOLD closed at $42.325 on October 2, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M03][M03] IEX closing pricesGLD closed at $393.59 on September 15, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [M04][M04] IEX closing pricesGLD closed at $380.18 on October 2, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ Most of that drop came before the deal was filed on October 2, so the market's reaction to it may not show yet. At $42.325 the stock is below the roughly $44.50 a share Tether paid in February. It is about 14 times last year's earnings of $3.02 a share. [M02][M02] IEX closing pricesGOLD closed at $42.325 on October 2, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C18][C18] Form 10-K, risk factorsIn February 2026, we entered into a transaction with TPM, S.A. de C.V., which, together with its affiliates, we refer to as Tether, whereby Tether purchased 3,371,000 shares of our common stock, or approximately 13.3% of our then outstanding shares, for $150.0 million.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C23][C23] Form 10-K, statement of incomeDiluted $ 3.02 $ 0.71 $ 2.84Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Gold.com's own view is in its annual report. It says its funding sources "will provide us with sufficient liquidity to satisfy our working capital needs, capital expenditures, investment requirements, and commitments through at least the next twelve months." [C69][C69] Form 10-K, liquiditywill provide us with sufficient liquidity to satisfy our working capital needs, capital expenditures, investment requirements, and commitments through at least the next twelve monthsGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm It said that before the line was cut and made callable. That is the company's goal, not a promise. [C3][C3] Credit agreement, coverTHIS AGREEMENT PROVIDES FOR AN UNCOMMITTED FACILITY THAT IS PAYABLE ON DEMAND. ALL LOANS ARE DISCRETIONARY ON THE PART OF THE LENDERS IN THEIR SOLE AND ABSOLUTE DISCRETION.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C69][C69] Form 10-K, liquiditywill provide us with sufficient liquidity to satisfy our working capital needs, capital expenditures, investment requirements, and commitments through at least the next twelve monthsGold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

The bull case is cheaper money and fewer limits. Metal leases cost about 2.2% against 8.4% on the bank line, and the company earned $3.02 a share last year. [C16][C16] Form 10-K, note on financingThe weighted-average effective interest rate related to liabilities on borrowed metals and precious metals leases was 2.2 %, 3.4 %, and 2.9 % for the years ended June 30, 2026, 2025, and 2024, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C61][C61] Form 10-K, note on financingThe Trading Credit Facility carried a daily weighted-average effective interest rate of 8.4 % , 8.7 % , and 8.5 % for the years ended June 30, 2026, 2025, and 2024, respectively.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C23][C23] Form 10-K, statement of incomeDiluted $ 3.02 $ 0.71 $ 2.84Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm It can now pay dividends or buy back stock with no fixed caps, as long as $35 million of borrowing room remains after each payout. It has already paid $1.20 a share on September 28. The line's price barely moved, and the stock trades below Tether's entry price. [C1][C1] Form 8-K, Item 1.01converts the Existing Credit Agreement into an uncommitted revolving line of credit which is payable on demand, reduces the facility from $427,500,000 to $250,000,000 and removes a number of restrictions, caps and covenants, including caps on special and recurring dividends, caps on share repurchases, caps on acquisitions and investments, caps on precious metal repurchase arrangements, and caps on secured metals leasesGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [C8][C8] Credit agreement, Section 11.4Excess Availability, measured at the time of any such distribution and immediately after giving pro forma effect to any such distribution, is not less than $35,000,000Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C62][C62] Form 10-K, subsequent eventsdeclared a quarterly cash dividend of $ 0.20 per share as well as a non-recurring special dividend of $ 1.00 per share. The dividends are payable on September 28, 2026Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C56][C56] Credit agreement, definition of Applicable Marginfor SOFR Loans bearing interest based on Daily Simple SOFR, a rate per annum equal to 2.365%Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C71][C71] Form 10-K, note on financingThe Trading Credit Facility currently bears interest at the daily SOFR rate plus an applicable margin of 236 basis points.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [M02][M02] IEX closing pricesGOLD closed at $42.325 on October 2, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/ [C18][C18] Form 10-K, risk factorsIn February 2026, we entered into a transaction with TPM, S.A. de C.V., which, together with its affiliates, we refer to as Tether, whereby Tether purchased 3,371,000 shares of our common stock, or approximately 13.3% of our then outstanding shares, for $150.0 million.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

The bear case, which we rank as the bigger risk, is concentration. Gold.com owed Tether about $1.5 billion at June 30, and the bank line behind it is smaller, can be called on 10 days' notice and shrinks as secured leases grow. [C40][C40] Proxy statement, related party transactionsIn fiscal 2026, the aggregate Company revenues from these business activities with Tether was $1.2 billion and the aggregate cost of sales recorded from Tether was $31.7 million. These activities are ongoing in fiscal 2027. At June 30, 2026, the total amount of payables to and customer advances with Tether was $1.5 billion.Gold.com proxy statement for the 2026 annual meeting, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526410500/gold-20261001.htm [C1][C1] Form 8-K, Item 1.01converts the Existing Credit Agreement into an uncommitted revolving line of credit which is payable on demand, reduces the facility from $427,500,000 to $250,000,000 and removes a number of restrictions, caps and covenants, including caps on special and recurring dividends, caps on share repurchases, caps on acquisitions and investments, caps on precious metal repurchase arrangements, and caps on secured metals leasesGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [C4][C4] Credit agreement, Section 2.1(d)WITHIN TEN (10) DAYS OF DEMAND THEREFOR BY THE REQUIRED LENDERS (EACH SUCH DEMAND, A “ REQUIRED LENDERS’ DEMAND ”), THE ENTIRE OUTSTANDING PRINCIPAL AMOUNT OF ALL REVOLVING LOANS AND SWING LINE LOANSSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C54][C54] Credit agreement, definition of Revolving Loan Availabilitythe Borrowing Base for purposes of this clause (ii) shall be reduced by the aggregate principal amount of all outstanding Secured Metals Lease ObligationsSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm Profit has also slowed: the June quarter's EBITDA was about $28 million, after $103.4 million in the March quarter. And a new finance chief and a new auditor took over in the same weeks. [C63][C63] Form 10-K, EBITDA reconciliationEarnings before interest, taxes, depreciation, and amortization (non-GAAP) $ 179,750Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C87][C87] Results release, headline$103.4 Million in non-GAAP EBITDA in Q3 FY 2026GlobeNewswire · Read October 3, 2026Open source ↗https://www.globenewswire.com/news-release/2026/05/06/3289323/31746/en/gold-com-reports-fiscal-third-quarter-2026-results.html [C88][C88] Results release, nine-month highlightsEBITDA for the nine months ended March 31, 2026 increased 329% to $151.6 millionGlobeNewswire · Read October 3, 2026Open source ↗https://www.globenewswire.com/news-release/2026/05/06/3289323/31746/en/gold-com-reports-fiscal-third-quarter-2026-results.html [C48][C48] Form 8-K, Item 5.02Effective September 18, 2026, Jill Van, age 55, currently the Company’s Executive Vice President, Controller and Assistant Secretary, will become the Company’s Chief Financial OfficerGold.com Form 8-K on the chief financial officer's resignation and successor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-20260914.htm [C46][C46] Form 8-K, Item 4.01On September 14, 2026, the Audit Committee approved the engagement of KPMG LLP (“KPMG”) to serve as the Company’s independent registered public accounting firm for the fiscal year ending June 30, 2027.Gold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm

Shareholders meet on November 12, 2026. The chief executive's contract ends in June 2027. The bank line ends on September 29, 2027. [C42][C42] Proxy statement, noticewill be held at 9:00 a.m. Pacific Time on Thursday, November 12, 2026.Gold.com proxy statement for the 2026 annual meeting, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526410500/gold-20261001.htm [C72][C72] Form 10-K, risk factorsWe have an employment agreement with Mr. Roberts which expires in June 2027.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm [C55][C55] Credit agreement, definition of Termination Date“ Termination Date ” means the earlier to occur of (a) September 29, 2027Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm The next quarterly report will show the first quarter end under the new net worth test, and how much Gold.com owes Tether. [C53][C53] Credit agreement, Section 11.14(b)Not permit Consolidated Tangible Net Worth to be less than $300,000,000 as of the last day of any Fiscal Quarter.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C17][C17] Form 10-K, balance sheetDeferred revenue and other advances (including amounts from related parties of $ 1,453,942 and $ 0 as of June 30, 2026 and June 30, 2025, respectively) 2,139,974 426,904Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm We think Gold.com will still owe related parties, mainly Tether, more than $1 billion at September 30. We are wrong if the next quarterly report shows less than that in the related-party part of deferred revenue and other advances. [C40][C40] Proxy statement, related party transactionsIn fiscal 2026, the aggregate Company revenues from these business activities with Tether was $1.2 billion and the aggregate cost of sales recorded from Tether was $31.7 million. These activities are ongoing in fiscal 2027. At June 30, 2026, the total amount of payables to and customer advances with Tether was $1.5 billion.Gold.com proxy statement for the 2026 annual meeting, filed October 1, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526410500/gold-20261001.htm [C17][C17] Form 10-K, balance sheetDeferred revenue and other advances (including amounts from related parties of $ 1,453,942 and $ 0 as of June 30, 2026 and June 30, 2025, respectively) 2,139,974 426,904Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Why Gold.com and its banks made the line uncommitted and smaller, and which lenders left. The filing does not say. [C1][C1] Form 8-K, Item 1.01converts the Existing Credit Agreement into an uncommitted revolving line of credit which is payable on demand, reduces the facility from $427,500,000 to $250,000,000 and removes a number of restrictions, caps and covenants, including caps on special and recurring dividends, caps on share repurchases, caps on acquisitions and investments, caps on precious metal repurchase arrangements, and caps on secured metals leasesGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm [C5][C5] Credit agreement, recitalsWHEREAS, certain Existing Lenders (each, a “ Departing Lender ”, and collectively, the “ Departing Lenders ”) will not be Lenders under and pursuant to the terms of this AgreementSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

How much Gold.com had borrowed on the line at the September 29 closing, and how much room is left once secured metal leases are subtracted. The filings give neither number. [C54][C54] Credit agreement, definition of Revolving Loan Availabilitythe Borrowing Base for purposes of this clause (ii) shall be reduced by the aggregate principal amount of all outstanding Secured Metals Lease ObligationsSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C2][C2] Form 8-K, Item 1.01On September 29, 2026, Gold.com, Inc. (the “Company”) entered into the Second Amended and Restated Uncommitted Credit Facility AgreementGold.com Form 8-K on its amended and restated uncommitted credit agreement, filed October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-20260929.htm

Gold.com's debt service coverage and tangible net worth under the new tests at September 30. They are not yet disclosed. [C52][C52] Credit agreement, Section 11.14(a)Not permit the Debt Service Coverage Ratio for any Computation Period to be less than 1.50 to 1.00.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C53][C53] Credit agreement, Section 11.14(b)Not permit Consolidated Tangible Net Worth to be less than $300,000,000 as of the last day of any Fiscal Quarter.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

Why the audit committee replaced Grant Thornton. The company calls the finance chief's exit a planned retirement but gives no reason for the auditor change. [C44][C44] Form 8-K, Item 4.01On September 14, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Gold.com, Inc. (the “Company”) dismissed Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered accounting firm, effective as of that date.Gold.com Form 8-K on the change of auditor, filed September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395292/gold-20260914.htm [C76][C76] Press release, headlineJill Van, EVP & Controller, to succeed Cary Dickson following his planned retirementGold.com press release on its finance chief and auditor changes, Exhibit 99.1 to Form 8-K, September 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526395284/gold-ex99_1.htm

Whether Gold.com can keep paying its dividend of 20 cents a share, and add buybacks. It must keep $35 million of room on a line the banks can shrink at will. [C8][C8] Credit agreement, Section 11.4Excess Availability, measured at the time of any such distribution and immediately after giving pro forma effect to any such distribution, is not less than $35,000,000Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C3][C3] Credit agreement, coverTHIS AGREEMENT PROVIDES FOR AN UNCOMMITTED FACILITY THAT IS PAYABLE ON DEMAND. ALL LOANS ARE DISCRETIONARY ON THE PART OF THE LENDERS IN THEIR SOLE AND ABSOLUTE DISCRETION.Second Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm [C30][C30] Form 10-K, dividendsOur board of directors has adopted a regular quarterly cash dividend policy of $0.20 per common share ($0.80 per share on an annual basis), beginning in October 2022. The most recent cash dividend under the policy was declared on August 31, 2026.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

How much Gold.com may invest each year in a separate "unrestricted" subsidiary. The filed agreement leaves that dollar figure blank. [C60][C60] Credit agreement, Section 11.11Investments in the Unrestricted Subsidiary in an amount not to exceed $[●] in any Fiscal YearSecond Amended and Restated Uncommitted Credit Agreement with CIBC Bank USA as agent, Exhibit 10.1 to Form 8-K, October 2, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526412530/gold-ex10_1.htm

How much Gold.com owes Tether today. The latest figure is for June 30. [C17][C17] Form 10-K, balance sheetDeferred revenue and other advances (including amounts from related parties of $ 1,453,942 and $ 0 as of June 30, 2026 and June 30, 2025, respectively) 2,139,974 426,904Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

How trading went in the quarter to September 30. The latest reported results are for the year to June 30. [C20][C20] Form 10-K, MD&ARevenues for the year ended June 30, 2026 increased $14.535 billion, or 132.4%, to $25.513 billion from $10.979 billion in 2025.Gold.com annual report on Form 10-K for the year ended June 30, 2026, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119312526386799/gold-20260630.htm

Where the stock's October 2 close of $42.325 sits against its high and low of the past year, which are not in our sources. [M02][M02] IEX closing pricesGOLD closed at $42.325 on October 2, 2026 (IEX)IEX closing prices for GOLD and GLD, September 15 to October 2, 2026Open source ↗https://iextrading.com/trading/market-data/

Whether the September insider sales were under preset trading plans. [C49][C49] Form 4, Table I09/14/2026 S 30,000 D $ 48.0411 (1) 353,238 I By Jeffrey D. Benjamin 2012 Family TrustForm 4 for Jeffrey D. Benjamin, Gold.com director, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000119401626000004/xslF345X06/form4-09162026_070944.xml [C50][C50] Form 4, Table I09/09/2026 M 25,000 A $ 3.1 53,202 D Common stock, par value $0.01 per share 09/09/2026 S 22,835 D $ 49.4066Form 4 for Gregory N. Roberts, Gold.com chief executive, filed September 10, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1591588/000110803826000004/xslF345X06/form4-09102026_050900.xml