Disclosures - Small Capitalization Equity Research

Diamond Equity Research, LLC has created and distributed these reports. These reports are based on information we consider reliable, including the subject of the report. Various companies have paid for company sponsored equity research, which could represent a conflict of interest. We do not represent that these reports are accurate or complete, and should not be relied on as such. There are no investment recommendations provided in our sponsored research reports, we do not provide traditional buy/sell/hold recommendations. Any and all information contained within these reports is subject to change without any formal or other notice provided. Older reports may contain terminology that we no longer use under current editorial and compliance standards. Our current methodology avoids recommendation-oriented language and follows a standardized disclosure format.

Diamond Equity Research, LLC is not a FINRA registered broker/dealer or investment adviser and does not provide investment banking services. This report is not disseminated in connection with any distribution of securities and is not an offer to sell or the solicitation of an offer to buy any security.

It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual persons. Recipients should consider whether any information in this report is suitable for their circumstances and, if appropriate, seek professional advice. Investors need to be aware of the high degree of risk in small and micro capitalization securities.

It is crucial that you at least look at current SEC filings and read the latest press releases. Information contained in the company’s financial publications or displayed on their website, were extracted from current documents filed with the SEC, included on the company’s website or obtained from other publicly available sources deemed reliable.

Statements included in this report may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements”. Such statements are based on expectations, estimates and projections at the time the statements are made and involve many risks and uncertainties such as competitive factors, technological development, market demand and the company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues, which could cause actual results or events to differ materially from those presently anticipated.

Diamond Equity Research LLC has previously received compensation by these companies listed for presenting at investment conferences and/or various non research services: Tracker Ventures Corp. (CSE:TKR, OTC:TLOOF), Dyadic International Inc. (NASDAQ:DYAI),SQL Technologies Corp. (NASDAQ:SKYX), Sigma Labs Inc. (NASDAQ:SGLB),Comtech Telecommunications Corp. (NASDAQ:CMTL),Radiopharm Theranostics Limited, Amira Nature Foods (NYSE:ANFI),QuantaSing Group Ltd. (NASDAQ:QSG),Lightpath Technologies (NASDAQ:LPTH), Foothills Exploration Inc., Electrameccanica Vehicles Corp. (NASDAQ:SOLO), Chimeric Therapeutics Limited (CHM.AX),Voyager Digital Limited (OTC:VYVGF,VOYG.TO), Cootek (Cayman) Inc. (NYSE:CTK),Redchip Companies Inc. on behalf of Medigus Ltd (NASDAQ:MDGS), EV Technology Group Ltd. (OTC: EVTGF),Arovella Therapeutics Limited, Context Therapeutics Inc. (NASDAQ:CNTX), Carbon Revolution Public Limited Company(NASDAQ:CREV),Foothills Exploration, Inc. (OTC:FTXP),Prophase Labs Inc. (NASDAQ:PRPH), Genprex Inc. (NASDAQ:GNPX), Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) ,Lightwave Logic Inc. (NASDAQ:LWLG)and Marrone Bio Innovations Inc. (NASDAQ:MBII) . These companies are no longer considered active customers, for more information on Diamond Equity Research LLC previously publicly disclosed fees in accordance with SEC rule 17(b), please email Diamond Equity Research LLC at conferences@diamondequityresearch.com

Diamond Equity Research LLC has previously received compensation by these companies listed for research services, payable upfront for the respective coverage period and in limited instances a termination fee in cash or stock: Amira Nature Foods (NYSE:ANFI),Ensysce Biosciences Inc. (NASDAQ:ENSC),Erayak Power Solution Group Inc. (NASDAQ:RAYA),Inspira Technologies Oxy B.H.N Ltd.,Draganfly Inc. (NASDAQ:DPRO), Yintech Investment Holdings Limited (NASDAQ:YIN), Bon Natural Life Limited (NASDAQ:BON),Taoping Inc. (NASDAQ:TAOP), Orgenesis Inc. (NASDAQ:ORGS), BioHarvest Sciences Inc. (NASDAQ:BHST), Oragenics Inc. (NYSE:OGEN), Legacy Education Alliance Inc. (OTC:LEAI), EV Technology Group Ltd. (OTC: EVTGF), Jupai Holdings Limited(NYSE:JP), QuantaSing Group Ltd. (NASDAQ:QSG), Hancock Jaffe Inc. (NASDAQ:HJLI), Focus Universal Inc. (NASDAQ:FCUV), Electrameccanica Vehicles Corp (NASDAQ:SOLO), Arovella Therapeutics Limited(ASX:ALA),Blue Star Foods Corp. (NASDAQ:BSFC),Context Therapeutics Inc. (NASDAQ:CNTX), Amazing Energy Oil and Gas, Co (OTC:AMAZ), Altamira Therapeutics Ltd.(OTC:CYTOF),Aquabounty Technologies, Inc (NASDAQ:AQB), Kiromic Biopharma Inc. (NASDAQ:KRBP),Chimeric Therapeutics Limited (CHM.AX), Cootek (Cayman) Inc. (NYSE:CTK), Hoth Therapeutics (NASDAQ:HOTH),Volition Rx (NYSE:VNRX),Prophase Labs Inc. (NASDAQ:PRPH), One Eyed Jack Enterprises LLC), on behalf of SOBR Safe, Inc.,Radiopharm Theranostics Limited,Viomi Technology Co., Ltd and Boxlight Corporation (NASDAQ:BOXL). These companies are no longer considered customers, for more information on Diamond Equity Research LLC previously publicly disclosed exact fees in accordance with SEC rule 17(b), please email Diamond Equity Research LLC at research@diamondequityresearch.com

Diamond Equity Research LLC has been paid $42,500 by Volition Rx (NYSE:VNRX) for presenting at investment conferences and $10,500 for three post conference summary notes. Diamond Equity Research LLC has been paid $2,500 by Assure Holdings Corp. (NASDAQ:IONM) for presenting at a virtual investment conference.Diamond Equity Research LLC has been paid $2,500 by Charles & Colvard Ltd. (NASDAQ:CTHR) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $3,000 by Euro Manganese Inc. (OTCQX: EUMNF) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $2,000 by Innerscope Hearing Technologies Inc. (OTC:INND) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $3,500 by Hongkong Waystar Limited on behalf of Shenzhen Semidux Chip Technology Co., Ltd. (private) for presenting at a virtual investment conference. Diamond Equity Research is being paid $1,500 per month for twelve months by a third party investor relations firm engaged by Innerscope Hearing Technologies Inc. pursuant to a referral fee arrangement between our firm and such investor relations firm. Diamond Equity Research LLC has been paid $2,500 by Lantern Pharma Inc. for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $3,000 by Marpai Inc. (NASDAQ:MRAI) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $2,500 by Vox Royalty Corp (NASDAQ:VOXR) for presenting at a virtual investment conference.Diamond Equity Research LLC has been paid $2,500 by Midwest Energy Emissions Corp. (OTC:MEEC) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $9,000 by Mamamancini’s Holdings Inc (NASDAQ:MMMB) for presenting at two virtual investment conferences and in person investment conference. Diamond Equity Research LLC has been paid $3,000 by Vicinity Motor Corp. for presenting at an investment conference. Diamond Equity Research LLC has been paid $2,500 by Trxade Group Inc. (NASDAQ:MEDS) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $4,500 by Amesite Inc. (NASDAQ:AMST) for presenting at investment conferences. Diamond Equity Research has been paid $6,000 by SKYX Platform Corp. (previously Sky Technologies) for presenting at an investment conference. Diamond Equity Research LLC has been paid $2,500 by Applied UV Inc. for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $2,500 by Redchip Companies Inc. on behalf of Medigus Ltd (NASDAQ:MDGS) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $5,500 by FLYHT Aerospace Solutions Ltd for presenting at two virtual investment conferences. Diamond Equity Research LLC has been paid $3,000 by Innovative Eyewear Inc. (NASDAQ: LUCY) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $2,500 by LifeMD Inc. for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $2,500 by Cingulate Inc. for presenting at a virtual investment conference.Diamond Equity Research LLC has been paid $2,500 by Solar Integrated Roofing Corporation for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $3,000 by EV Technology Group Ltd for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $3,000 by YS Biopharma Co., Ltd. (NASDAQ:YS) for presenting at a virtual investment conference. Diamond Equity Research LLC has been paid $2,500 by a third party affiliate on behalf of Viomi Technologies Inc. to present at our emerging growth conference, with authorization from company. Diamond Equity Research anticipates receiving $3,000 from ATRenew Inc. (NYSE:RERE) per signed agreement for a virtual conference. Various other companies may have previously paid, with specific payment disclosures available on request. Statements in these presentations may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements”. Such statements are based on expectations, estimates and projections at the time the statements are made and involve many risks and uncertainties such as competitive factors, technological development, market demand and a particular company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues, which could cause actual results or events to differ materially from those presently anticipated. The purpose of this conference and recording of event is to extend visibility for these companies and is in no way a recommendation to buy, sell or hold the respective securities. The accuracy or completeness of any material provided is not guaranteed and unless otherwise indicated, is provided by the companies themselves without Diamond Equity Research’s oversight and/or endorsement. Diamond Equity Research may have positions in various presenting companies and may change or update its position without notice and without regard to any presented material by company. Conference participants are reminded to do their own due diligence when researching any companies attending the investment conference or prior to making any investment decisions. Investing in micro capitalization and small capitalization securities is highly speculative with many risks, including a complete loss of one’s principal.

Diamond Equity Research LLC has received previous compensation from Color Star Technology Co., Ltd (NASDAQ:CSCW) for producing research materials regarding Color Star Technology Co., Ltd and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. Diamond Equity Research has been paid an additional referral fee by a third party investor relations firm engaged by the Color Star Technology Co Limited pursuant to a referral fee arrangement between our firm and such investor relations firm, which has since terminated. Diamond Equity Research has also been paid by Color Star Technology for presenting at three investment conferences. CSCW is no longer considered a customer, for more information on Diamond Equity Research LLC previously disclosed fees in accordance with SEC rule 17(b), please email Diamond Equity Research LLC at conferences@diamondequityresearch.com

Diamond Equity Research LLC is being compensated by uCloudlink Group Inc. for producing research materials regarding uCloudlink Group Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 5/21/25 the issuer had paid us $175,000 for our research services, consisting of $20,000 for an initiation report and $15,000 for six update notes and $35,000 in the second, third, fourth year and fifth year of coverage for update notes during the term, which commenced 06/01/2021. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 05/21/25. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC (“DER”) is being compensated by Optimi Health Corp. (the “Company”) for producing research materials regarding the Company and its securities, which is intended to subsidize the costs associated with the preparation of the report and the ongoing monitoring of the security; however, the views
expressed in the report reflect those of Diamond Equity Research. As of 05/27/26 the issuer has paid us US$25,000 for our annual company sponsored research services, which commenced 01/12/26 and is billed semiannually upfront, consisting of US$25,000 paid for the first six-month period and US$25,000 to be paid for the second six-month period starting 07/12/26, due upfront in each period for respective research services as part of a US$50,000 annual research term fee. Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed US$5,000. The issuer has not paid us for non-research related services as of 05/27/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Imugene Limited for producing research materials
regarding Imugene Limited and its securities, which is meant to subsidize the high cost of creating the report and
monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual research engagement. As of 06/18/26, Imugene Limited has paid us $137,000 in cash compensation for our research services, which commenced 08/19/22 and is billed annually consisting of $33,000 in first year, $34,000 ($33,980 post bank charges) in the second year, and $35,000 ($34,980 post bank charges) in the third year ending 08/19/25. The fourth year of coverage started 03/17/26 with Imugene Limited paying $35,000. Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Imugene Limited has not paid us for non-research related services as of 06/18/26. Issuers are not required to engage us for these additional services.

Diamond Equity Research LLC is being compensated by MAIA Biotechnology, Inc. for producing research materials regarding MAIA Biotechnology, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 11/10/25, the issuer paid us $118,000 for research services, structured as follows: $20,000 for an initiation report and $15,000 for update notes in the first year; $20,000 for one update note and $11,500 for three follow-on notes in the second year; $20,000 for one update note and $11,500 for three follow-on notes in the third year; and $20,000 for one update note and $11,500 for three follow-on notes in the fourth year ($11,500 not received as of this report date). Research services commenced and initiation payment was made on 11/10/22. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/10/25. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC (“DER”) is being compensated by The Metals Royalty Company (the “Company”) for producing research materials regarding the Company and its securities, which is intended to subsidize the costs associated with the preparation of the report and the ongoing monitoring of the security; however, the views expressed in the report reflect those of Diamond Equity Research. As of 06/02/26 the issuer had paid us $50,000 for our company sponsored research services, which commenced 02/13/26 and is billed annually upfront.Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 06/02/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC (“DER”) is being compensated by Idaho Copper Corporation (NYSE American: COPR, COPR WS) (the “Company”) for producing research materials regarding the Company and its securities, which is intended to subsidize the costs associated with the preparation of the report and the ongoing monitoring of the security; however, the views expressed in the report reflect those of Diamond Equity Research. As of 07/08/26 the issuer had paid us $50,000 for our company sponsored research services, which commenced 04/16/26 and is billed annually upfront.Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 07/08/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Allied Critical Metals, Inc. for producing research materials regarding Allied Critical Metals, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 06/22/26 Allied Critical Metals, Inc. has paid us $50,000 for our company sponsored research services, which commenced 04/30/2026 and is billed annually, which could present a conflict of interest. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Allied Critical Metals, Inc. has not paid us for non-research related services as of 06/22/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Zhibao Technology Inc. for producing research materials regarding Zhibao Technology Inc. and its securities. This compensation is meant to subsidize the high cost of creating the report and monitoring the security. However, the views in the report reflect those of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 04/17/25, the issuer had paid us $57,500 consisting of $22,500 ($22,480 after bank fees) for the initiation report and a minimum of one update note as part of the $35,000 annual contract (first six‑month installment, commenced April 10, 2024); $12,500 for the second six‑month installment of the first‑year term, paid October 10, 2024, covering a minimum of two additional update notes; and $22,500 for the first six‑month installment of the second‑year term. Diamond Equity Research LLC may also be compensated for non-research-related services, including presenting at Diamond Equity Research investment conferences, issuing press releases, and providing other additional services. The non-research-related service cost is dependent on the company but usually does not exceed $5,000. The issuer has not paid us for non-research-related services as of 02/10/2025. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by BrilliA, Inc. for producing research materials regarding BrilliA, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 04/09/25 the issuer had paid us $30,000 for our company sponsored research services, which commenced 12/30/2024 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 04/09/2025. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by ConnectM Technology Solutions, Inc. for producing research materials regarding ConnectM Technology Solutions, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for the respective period of research engagement. As of 02/26/25 the issuer had paid us $17,500 for the first six months of coverage (as part of $35,000 annual contract payable in three upfront installment payments for the first year of coverage), which commenced on 01/30/25 with the second and third installment of $8,750 due upfront in the following two three-months periods. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually does not exceed $5,000. The issuer has not paid us for non-research related services as of 02/26/2025. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by EUDA Health Holdings Ltd. for producing research materials regarding EUDA Health and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 09/18/24 the issuer had paid us $50,000 for our company sponsored research services, which commenced 05/16/24 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 09/18/24. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Solowin Holdings for producing research materials regarding Solowin Holdings and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 10/21/24 the issuer paid us $50,000 for our company sponsored research services, which commenced 05/15/24 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 10/21/24. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Enveric Biosciences, Inc. (NASDAQ:ENVB) for producing research materials regarding Enveric Biosciences, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 10/01/23, the issuer had paid us $40,000 for our services, which commenced 07/01/23 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 10/01/23. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 04/07/25 the issuer had paid us $50,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 04/07/2025. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Genius Group Limited for producing research materials regarding Genius Group Limited, and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 06/09/2025, the issuer paid us $94,500 for our research services, which commenced on 04/16/2022. The first year was billed annually for $27,000. Thereafter, payments were made in equal installments of $13,500 for six-month semi-annual periods, with $13,500 received in April 2023 for the April–October 2023 period. A payment of $27,000 was made in May 2024 to cover two outstanding six-month terms corresponding to October 2023 and April 2024. An additional $13,500 was received in November 2024 for the October 2024–April 2025 period, followed by another $13,500 payment received in June 2025 for the April 2025–October 2025 coverage period. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has paid us for non-research related services as of 05/29/2025 consisting of $3,000 for presenting at a virtual investment conference and $2,000 for organizing an investment dinner. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by 8i Enterprises Acquisition Corp. for producing research materials regarding 8i Enterprises Acquisition Corp. and its securities and the securities of its surviving entity post SPAC transaction Diginex Limited, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 09/14/2021 8i Enterprises Acquisition Corp has paid us $50,000 for our company sponsored research services, which commenced 07/30/2020 and is billed annually. As of 09/14/2021, the surviving entity of SPAC transaction Diginex Limited (NASDAQ:EQOS) has paid us $64,750 for producing research materials regarding Diginex Limited (NASDAQ:EQOS) and its securities which commenced 08/11/2021, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual terms. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The surviving entity of SPAC transaction Diginex Limited now EQONEX Limited (NASDAQ:EQOS) has paid us $10,500 for non-research related services as of 05/21/22 consisting of presenting at four virtual investment conference. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by YS Biopharma Co., Ltd. for producing research materials regarding YS Biopharma Co., Ltd. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 08/15/23 the issuer had paid us $20,000 for our company sponsored research services, which commenced 07/01/23 and is billed annually, consisting of $20,000 for an initiation and update note and $20,000 for a minimum of two follow on notes, due upfront in each period for respective services as part of a $40,000 annual research term fee. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has paid us for non-research related services as of 10/09/23 consisting of $3,000 for a virtual investment conference. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by Salarius Pharmaceuticals for producing research materials regarding Salarius Pharmaceuticals and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 04/04/23 the issuer had paid us $125,727 for our company sponsored research services, which commenced 10/28/2019 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has paid us for non-research related services as of 04/04/23 consisting of $10,000 for presenting at investment conferences. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC is being compensated by DeFi Technologies Inc. for producing research materials regarding DeFi Technologies Inc., and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however, the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for an annual or semi-annual research engagement. As of 03/15/2022, the issuer had paid us $35,000 for our services, which commenced 02/17/22 and is billed annually. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 03/15/2022. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then.

Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000.

Diamond Equity Research, LLC is not a registered broker dealer and does not conduct investment banking or receive commission sharing revenue arrangements related to the subject company of the report. Our professionals may provide oral or written market commentary that reflects opinions that are contrary to the opinions expressed in this report. The price per share and trading volume of subject company and companies referenced in this report may fluctuate and Diamond Equity Research, LLC is not liable for these inherent market fluctuations.

Although our company sponsored reports are only based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the micro capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged.

Diamond Equity Research Trading Policy and Procedure (June 2026)
This Trading Policy and Procedure (“Policy”) is in addition to all other relevant Diamond Equity Research LLC (“Diamond Equity”) policies. This Policy is applicable to Diamond Equity’s officers, directors, research analysts (i.e., persons primarily responsible for preparation or publication of the content of research reports; or providing research reports, whether or not such person has the job title of ‘research analyst’), employees, contractors, interns (collectively, “Diamond Equity Employees”), and the immediate family members of Diamond Equity Employees (For purposes of this policy, “immediate family” members refers solely to persons living in the same household).
Although Diamond Equity’s sponsored research reports are based solely on publicly available information and no investment recommendations are provided within these research reports, Diamond Equity has adopted this Policy in light of the micro capitalization nature of the companies it covers and are engaged by for sponsored research. Diamond Equity is committed to maintaining high ethical standards and complying fully with its regulatory and legal obligations. Compliance with this Policy is a requirement of Diamond Equity Employees, and any breach may lead to disciplinary proceedings, up to and including dismissal.
Limitations on Trading by Diamond Equity Employees
Diamond Equity restricts Diamond Equity Employees from performing activities which could prejudice, or appear to prejudice, the independence of its research. All security trading by Diamond Equity Employees shall be governed by the following key aspects of this Policy:
i. Personal trading activities of Diamond Equity Employees, and their immediate family members, shall be monitored, and wherever necessary, shall be subject to a formal approval process.
ii. Diamond Equity Employees shall not trade any security that they follow or cover within during the preparation of a report or update for a subject company and continuing for 2 trading days after the publication of a research report or update on the subject company.
iii. Diamond Equity Employees may conduct transactions in and/or hold long or short positions in securities (or options or warrants related to those securities) of companies that are the subject of Diamond Equity research reports or that are publicly discussed by Diamond Equity.
iv. To the extent Diamond provides trading recommendations in any report or update, Diamond Equity Employees shall not trade directly or indirectly any securities of a subject company in a manner contrary to information published in Diamond Equity research reports on subject companies or discussed publicly by Diamond Equity.
v. Diamond Equity Employees are prohibited from trading securities of issuer sponsored research companies on Diamond Equity’s restricted list.
vi. Diamond Equity Employees shall not trade in any security of any company for which they are in possession of confidential, non-public information.
vii. The above trade restrictions shall not be applicable in case of significant news or events concerning the subject company or based upon an unanticipated change in the personal financial circumstances of Diamond Equity Employees, subject to prior written approval from Management .

Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Our report is disseminated primarily electronically, and, in some cases, in printed form. Electronic reports are simultaneously available to all recipients in any form. Copyright 2026 Diamond Equity Research, LLC.