美国全球投资者：2024年度报告

☒Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the Fiscal Year EndedJune 30, 2025 or ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934for the transition period from _____ to _____ Commission File Number0-13928 U.S. GLOBAL INVESTORS, INC.(Exact name of registrant as specified in its charter) Texas74-1598370(State or other jurisdiction ofincorporation or organization)(IRS EmployerIdentification No.) 7900 Callaghan RoadSan Antonio,Texas78229(Address of principal executive offices)(Zip Code) (210)308-1234(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Trading symbol(s)GROW Title of each classClass A common stock,$0.025 par value per share Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.Yes☐No☒ Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files). Yes☒No☐ Table of Contents Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ The aggregate market value of the 10,059,960 shares of nonvoting class A common stock held by nonaffiliates of the registrant was$24,546,302, based on the last sale price quoted on NASDAQ as of December 31, 2024, the last business day of the registrant’s mostrecently completed second fiscal quarter. Registrant’s only voting stock is its class C common stock, par value of $0.025 per share, forwhich there is no active market. The aggregate value of the 3,989 shares of the class C common stock held by nonaffiliates of theregistrant on December 31, 2024 (based on the last sale price of the class C common stock in a private transaction) was $997. Forpurposes of this disclosure only, the registrant has assumed that its directors, executive officers, and beneficial owners of 5 percent ormore of the registrant’s common stock are affiliates of the registrant. On August 21, 2025, there were 13,866,999 shares of Registrant’s class A nonvoting common stock issued and10,893,122shares ofRegistrant’s class A nonvoting common stock outstanding, no shares of Registrant’s class B nonvoting common stock outstanding, and2,068,549 shares of Registrant’s class C voting common stock issued and outstanding. Documents incorporated by reference: None Table of Contents Part I of Annual Report on Form 10-KItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 1C. CybersecurityItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Mine Safety DisclosuresPart II of Annual Report on Form 10-KItem 5. Mar