A-Mark Precious Metals Inc 2024年度报告

☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedJune 30,2025 OR A-MARK PRECIOUS METALS, INC.(Exact name of registrant as specified in its charter) 2121 Rosecrans Ave.,Suite 6300,El Segundo,CA90245(Address of principal executive offices) (Zip code)(310)587-1477(Registrant’s telephone number, including area code) 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 Section 15(d) of the Act. Yes☐No☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 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 past90 days.Yes.☑No.☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes.☑No.☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. Accelerated filer☑Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial 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 effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe 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-based compensation received by any ofthe registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).¨ Aggregate market value of registrant’s common stock held by non-affiliates of the registrant on December 31, 2024, based upon the closing price of Common Stockon such date as reported by NASDAQ Global Select Market, was$488.7million. Sharesof common stock known to be beneficially owned by directors and executiveofficers of the Registrant subject to Section 16 of the Securities Exchange Act of 1934 are not included in the computation. No determination has been made that suchpersons are “affiliates” within the meaning of Rule 12b-2 under the Exchange Act. As of September 5, 2025, the registrant had24,639,386sharesof common stock, par value $0.01 per share outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders, scheduled to be held on November 12, 2025, are incorporated into Part III. A-MARK PRECIOUS METALS, INC. AND SUBSIDIARIES ANNUAL REPORT ON FORM 10-KFor the Year Ended June 30, 2025 TABLE OF CONTENTS PART IItem 1.Description of Business3Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments30Item 1C.Cybersecurity31Item 2.Properties33Item 3.Legal Proceedings33Item 4.Mine Safety Disclosures33 Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities34Item 6.[Reserved]36Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations36Item 7A.Quantitative and Qualitative Disclosures About Market Risk65Item 8.Financial Statements and Supplemental Data67Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure124Item 9A.Controls and Procedures124Item 9B.Other Information125Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections125 Item 10.Directors, Executive Officers and Corporate Governance126Item 11.Executive Compensation126Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters126Item 13.Certain Relationships and Related Transactions, and Director Independence126Item 14.Principal Accountant Fees and Services126 PART I ITEM 1. DESCRIPTION OF BUSINESS