Euro Pacific Asset Management LLC

Fees and Compensation.

Investing Involves Risk

Prior to entering into an agreement with EPAM, the client should carefully consider the following:

     1. Investing in securities involves risk of loss which clients should be prepared to bear;
     2. Securities markets experience varying degrees of volatility;
     3. Over time the value of the client’s assets may fluctuate and at any time may be worth more or
        less than the original amount invested; and
     4. Clients should only commit assets that they feel are available for investment on a long-term
        basis. This is typically a minimum of five to seven years.

EPAM primarily invests in foreign securities and certain domestic securities with exposure to
international markets. Our strategies may not be appropriate for clients seeking exposure to the U.S.
domestic securities markets.

Investing in foreign securities involves risks, including but not limited to currency controls and fluctuation,
political risk, economic changes, and market risks, as well as different legal standards governing
accounting, auditing, financial reporting, disclosure, and regulatory practices. Various administrative
difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of
dividends, can also lead to additional risk. Investments in developing countries can further heighten
these risks. The prices of securities and the income they generate (such as dividends) may fluctuate
based on events specific to the company that issued the shares, conditions affecting the general
economy and overall market changes, changes or weakness in the company’s relevant business sector,
and other factors. Further, prices of these securities can be affected by financial contracts held by the
issuer or third parties (such as derivatives) relating to the security or other assets or indices. There may
be little trading in the secondary market for particular equity securities, which may adversely affect the
ability to value accurately or dispose of those equity securities. Adverse publicity and investor
perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of
equity securities. As with all investments, an investor should carefully consider his investment objectives

Euro Pacific Asset Management Brochure             15                                    July 31, 2026

and risk tolerance as well as any fees and/or expenses associated with such an investment before
investing. International investing may not be suitable for all investors.

In addition to the risks of investing in foreign securities in general, the risks of investing in the securities
of companies domiciled in emerging market countries include increased political and/or social instability,
economies based on only a few industries, unstable currencies, runaway inflation, highly-volatile
securities markets, unpredictable shifts in policies relating to foreign investments, lack of investor
protection against parties who fail to complete transactions, and the potential for government seizure
of assets or nationalization of companies.

Dividend yields change as stock prices change, and companies may change or cancel dividend
payments in the future. The fluctuation of foreign currency exchange rates will impact your investment
returns if measured in U.S. dollars.

As a result of our buy-and-hold strategy, during those time periods when the U.S. dollar is rising in value,
or when global stock markets are in decline, our portfolios may lose value, priced in U.S. dollars. Though
such declines may be partially offset by dividends, investors unwilling to assume short-term volatility as a
trade-off for potential absolute long-term performance should not implement this strategy.

Risks of using margin include “margin calls.” Margin calls occur when account values decrease below
minimum maintenance levels established by the broker-dealer that holds the securities in the client’s
account, requiring the investor to sell securities and/or deposit additional money or securities into the
account. While the use of margin borrowing can increase returns, it can also magnify losses.

Exposure to gold and other precious metals may subject a portfolio to greater volatility than investments
in traditional securities. Client accounts may be invested in physical gold and the securities of
companies in the gold and other precious metals mining sectors. Prices of gold and other precious
metals are susceptible to changes to U.S. and non-U.S. taxes, currency, mining laws, inflation, and
various other market conditions.

The purchaser of a put or call option runs the risk of losing the entire investment in a relatively short
period of time. The writer of an uncovered call option is subject to a risk of loss should the price of the
underlying security increase, and the writer of an uncovered put option is subject to a risk of loss should
the price of the underlying security decrease.

Markets may be volatile, and values of individual securities and other investments, including those of a
particular type, may decline significantly in response to adverse issuer, political, regulatory, market,
economic, or other developments that may cause broad changes in market value, public perceptions
concerning these developments, and adverse investor sentiment or publicity. Events like hurricanes,
floods, earthquakes, forest fires and similar natural disturbances, war, terrorism or threats of terrorism,
civil disorder, public health crises, and similar “Act of God” events have led, and may in the future lead,
to increased short-term market volatility and may have adverse long-term and wide-spread effects on
the world economies and markets generally. Clients may have exposure to countries and markets
impacted by such events, which could result in material losses.

Operational Systems/Information Security Risks

Cybersecurity
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ITEM 7 - TYPES OF CLIENTS
EPAM provides services to registered investment companies (Euro Pacific Funds) and to other investment
advisers. Through our separately managed accounts, we also offer services to individuals, high net worth
individuals, individual retirement accounts, trusts and estates, and businesses.