Global Strategic Management, Inc. is a Registered Investment Adviser firm established in 1991 by Adrian Day, the principal owner of the firm, and doing business under the names Global Strategic Management (“GSM”) and Adrian Day Asset Management (“ADAM”). The use of name is mainly a question of “branding” and geography and we use the names interchangeably in this document, unless the contrary is clear from the context. Our firm offers fully discretionary portfolio management services. We do not offer financial planning or separate products or services such as insurance. We are long-term global value investors, investing in securities around the world. We are primarily equity investors. The vast majority of our positions will be publicly traded securities, though we do invest from time to time in private companies, usually when there is a near-term plan to go public, and only with the client’s specific authorization. We use options (where authorized by clients and the relevant custodian), primarily the sale of puts on stocks we want to own; the sale of covered calls; and less frequently the purchase of calls or puts. We do not use margin, except in very limited circumstances and only on a short-term basis (for example, when a client wants an immediate withdrawal of funds and selling positions immediately would be deleterious to the client). But we do not invest on margin or hold positions on margin for any extended period, unless the client specifically instructs us so to do. In addition to our global accounts, we also offer accounts specializing in resources. Again, these are primarily invested in equities, including exchange traded funds (“ETFs”) that may hold the physical commodities or futures contracts on commodities. Some of the offshore custodians also hold physical metals for clients. Accounts are separate (that is, assets are not pooled, and are held in the client’s name at independent custodians). 3 | P a g e Nor do we manage to a model, wherein all client accounts with the same objective are identical. Two accounts with the same broad investment objective (such as “mid-risk global”) will not necessarily hold identical securities, largely because of the size of the accounts (smaller accounts tend to hold fewer positions), and the time when the client came on board. In addition, illiquid stocks cannot be bought for all appropriate clients at the same time. With thinly traded securities, in which the volume is not sufficient to buy for all clients at the same time, we generally buy first for clients for whom the security is deemed more appropriate (more aggressive or with a more suitable objective); or clients with larger cash holdings than other clients; or clients underweight the specific security or sector or market. In addition, two accounts with the same investment objective may be different based on a client’s overall financial circumstances. We take client circumstances into account, but at the same time do not “second-guess” clients. In addition, clients can impose restrictions or preferences in their account. These may be specific—such as, “no tobacco stocks”—or more general, such as “if you could take some tax losses this year, I’d sure appreciate it”, or “I don’t like the way the United States is going; I want more assets out of the country and not exposed to this economy.” In addition, of course, clients may change their investment objective, both in response to changing financial circumstances and to changed thoughts on the client’s part. We, of course, have the right to decline an account with conditions we cannot accept. Generally, the fewer restrictions on an account, the better it will perform because we do not have to run extra screens before buying or selling. In addition, we have found that clients who change investment objectives frequently are doing so in reaction to market moves, moves that have already occurred. A client should set the very broad objective and parameters, and let the advisor do the managing. Assets Under Management As of December 31, 2023, the total client assets we managed on a discretionary basis were $101,458,000 (rounded to the nearest $1,000). In addition, there are

assets held in client accounts on a non-discretionary basis. We do not provide management services for such unsupervised assets, including that we do not provide advice nor charge fees on their value, but hold them in accounts purely as a service for clients. Investing new accounts When a new client account opens, we do not immediately invest the funds as per other clients with the same objective. Rather we adapt our template for that objective depending on the size of the account, the client’s circumstances, and prevailing market conditions. We are not afraid to hold cash. If we see nothing suitable for buying, we do not buy. The length of time it takes to invest a new account depends largely on market circumstances. In the early days an account may be lopsided with full allocations to certain sectors and markets, and other sectors uninvested. With a gold (and to some extent resources) account, clients typically allocate a relatively small amount to this sector and want to be invested. Here, the “risk” of missing a significant move up is deemed more important by the client than a temporary decline, so we tend to both invest at least some of the funds sooner and remain more fully invested than in global accounts. As always, a new client may ask us to invest sooner. Selling stocks transferred to an account Clients may fund their accounts either with cash or with a transfer of securities (or a combination). When a client transfers securities to fund a new account, it must be realized that those securities come under our management and we may choose to hold or to sell. If a client does not want a particular security sold, he must let us know and we will 4 | P a g e FORM ADV PART 2A FIRM BROCHURE hold that security in the same account but as an “unsupervised asset”, meaning we will not sell or follow the stock; we do not charge fees on unsupervised assets; and they do not count towards account minimums. This is done as a convenience to the client, who is responsible for following such stocks. We make a determination whether to hold or sell each security transferred, based on the specific security, the client’s objectives, and market conditions, as well as the availability of cash to buy stocks we want to buy. Typically, we decide what to hold within five business days (though it could be longer depending on the number of securities transferred). It must be emphasized, however, that absent instructions to the contrary, when a stock is transferred to our management, it is subject to being sold. Account Reports The independent custodians we use send a statement of the client’s account, directly to the client, monthly for most custodians. The independent valuations on these statements can vary from our internal valuations, on which we base fees, for several reasons. First, most custodians use the “last trade” to price securities, whereas we use the bid price near the close of the trading day. The bid is clearly a more accurate reflection of what a client would realize were we to sell the security, whereas the last trade at a month end and particularly quarter end can be an anomaly. And, custodian statements sometimes do not price certain securities, including stocks received from private placements and some foreign securities with smaller market capitalizations. In addition, some custodians may utilize incorrect prices on statements. If clients have any questions or concerns about something on their statement, we ask that they reach out to our office. In addition, clients receive a quarterly report from our office, discussing economies and markets, as well as performance and outlook for account types. This report, called Portfolio Review, does not include discussion of specific securities for regulatory reasons. Additional information In addition, the firm’s principal, Adrian Day, is also president of Investment Consultants International, Ltd. (ICI) and editor of Adrian Day's Global Analyst, which is published by Investment Consultants International. Global Analyst is not published by, or affiliated with Adrian Day Asset Management. See ADV Part 2B, for additional information.