Azarias Capital Management L.P. (“Azarias”) is a value-oriented investment management firm. Azarias was formed in 2014 by Daren Heitman who serves as the Managing Partner and Chief Investment Officer of the firm. Azarias is organized as a Delaware limited partnership. Azarias Capital Management, LLC serves as the general partner to Azarias Capital Management L.P. Mr. Heitman is the Managing Member and sole owner of Azarias Capital Management, LLC. Azarias is under common control with ACM, LLC, the general partner of the Azarias Focused Small Cap Value Fund L.P. and the Azarias Uranium Opportunity Fund, L.P. each a private investment fund (“Private Fund(s)”). Azarias’ business consists of managing private investment funds (“Private Funds”) and separate accounts (“Separately Managed Accounts”). Azarias offers advice on exchange-listed securities, securities traded over-the-counter, foreign issuers, options contracts on securities, and Exchange Traded Funds. Azarias engages in fundamental securities analysis focused on a value discipline and employs strategies in furtherance of its analysis including long-term and short-term purchases, short- term trading, margin transactions and option writing. Separately Managed Account clients may impose restrictions or prohibitions on investing in certain securities or types of securities, however, all client guidelines and/or restrictions are reviewed and must be approved to ensure that Azarias is not prevented from managing the portfolio according to its investment strategy. Many sources of information are utilized by Azarias to achieve its investment goals. Sources of information include, but are not limited to inspections of corporate activities , annual reports, prospectuses, filings with the Securities and Exchange Commission, company press releases, research materials prepared by others and financial

newspapers and magazines. Azarias serves as the investment manager and provides discretionary advisory service to certain private investment funds, (each referred to as a “Private Fund”) that are organized as Delaware limited partnerships. Each Private Fund operates under an exclusion from registration as an investment company under Section 3(c)(1) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). As of the date of this brochure, Azarias serves as the investment manager of the Azarias Focused Small Cap Value Fund L.P. and the Azarias Uranium Opportunity Fund, L.P. In addition, Azarias has the right to enter into, and has entered into, agreements such as side letters, with certain underlying limited partners (“Investors”) of the Private Funds which provide for terms that are more favorable than terms provided to other Investors. Examples include co-investment rights, the provision for additional information or reports, rights related to specific regulatory requests of certain clients, or more favorable fees, and transfer and liquidity rights. Investors cannot impose investment guidelines or other additional restrictions on investments in a Private Fund. Azarias delivers to each prospective client or Investor its current form Part 2A (“Disclosure Brochure”) and ADV Part 2B supplement for each investment adviser representative who will provide advisory services to the client. If a client does not receive a copy of the Part 2A-Form ADV and ADV supplement at least forty-eight (48) hours prior to execution of an investment adviser agreement with Azarias, the client shall have the right to terminate the investment adviser agreement without penalty within five (5) business days of the execution of the agreement. Discretionary assets under management as of December 31, 2023, were $252,869,043.