Important Disclosures


Crescat Capital LLC (“Crescat”) is pleased to offer you access to its website, social media networks, and other services provided online. Social media networks include a range of online activity, including participation on Twitter, LinkedIn, Facebook, YouTube, and other interactive blogs and websites.


CONFLICTS OF INTEREST. Crescat currently beneficially owns, and/or has an economic interest in, shares of the Issuers discussed in this presentation. Therefore, Crescat’s clients, principals and employees may stand to realize significant gains or losses if the price of the companies’ securities move. After the publication or posting of any video, Crescat, its principals and employees will continue transacting in the securities discussed, and may be long, short or neutral at any time thereafter regardless of their initial position or recommendation. While certain individuals affiliated with Crescat are current or former directors of certain of the Issuers referred to herein, none of the information contained in this presentation or otherwise provided to you is derived from non-public information of such publicly traded companies. Crescat has not sought or obtained consent from any third party to use any statements or information indicated herein that have been obtained or derived from statements made or published by such third parties.

FORWARD LOOKING STATEMENTS. Crescat’s communications, including those made on social media networks and its website, may include comments that could be deemed “forward looking statements.” Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential,” “targets,” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. ALTHOUGH CRESCAT BELIEVES THE EXPECTATIONS EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, SUCH STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS. Factors that could cause the actual results to differ materially include, but are not limited to, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. You are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Crescat on the date the statements are made. CRESCAT DOES NOT GENERALLY UPDATE OR REVIEW PREVIOUS FORWARD-LOOKING STATEMENTS, INCLUDING THOSE CONTAINED ON ITS WEBSITE AND SOCIAL MEDIA NETWORKS, WHETHER BECAUSE OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

Projected results and statements contained in this presentation that are not historical facts are based on current expectations and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results. While investing in the mining industry is inherently risk, Crescat believes that under a professionally managed portfolio approach with the guidance of Quinton Hennigh, PhD, Crescat’s full-time Geologic and Technical Director, and our proprietary exploration and mining model, we will be able to generate long-term capital appreciation.

Case studies, including those contained in videos Crescat posts on website and social media networks, enable Crescat to share macro themes and newsworthy geologic updates, good and bad, across our Issuers as they arise. The presentations represents the opinions of Crescat, as an exploration industry advocate, on the overall geologic progress of our activist strategy in creating new economic metal deposits in viable mining jurisdictions around the world. Each Issuer discussed has been selected solely for this purpose and has not been selected on the basis of performance or any performance-related criteria. The securities discussed herein do not represent an entire portfolio and in the aggregate may only represent a small percentage of a strategies holdings. The Issuers discussed may or may not be held in such portfolios at any given time. The Issuers discussed do not represent all of the investments purchased or sold by Funds managed by Crescat. It should not be assumed that any or all of these investments were or will be profitable.

This presentation is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security. The information provided in this presentation is not intended as investment advice or recommendation to buy or sell any type of investment, or as an opinion on, or a suggestion of, the merits of any particular investment strategy.

OWNERSHIP. All content posted on Crescat’s website and social media networks including graphics, logos, articles, and other materials, is the property of Crescat or others and is protected by copyright and other laws. All trademarks and logos are the property of their respective owners, who may or may not be affiliated with Crescat. Nothing contained on Crescat’s website or social media networks should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any content or trademark displayed on any site without the written permission of Crescat or such other third party that may own the content or trademark displayed on any site.

NO WARRANTY. Crescat compiles its research and case studies in good faith and while it uses reasonable efforts to include accurate and up-to-date information, Crescat’s website and social media posts are provided on an “as is” basis with no warranties of any kind. Crescat does not warrant the information on its website or social media networks is accurate, reliable, up to date or correct. In no event shall Crescat be responsible or liable for the correctness of any such information or content, or for any damage or lost opportunity resulting from use of its website or social media networks.

Crescat may retweet, link, like, share, comment on, etc., third-party social media content and websites as part of its social media activity to provide additional perspective for informational purposes only. Crescat is not responsible for the content of such third-party websites and Crescat does not endorse the products, services, or investment recommendations described or offered in third-party social media posts and websites.

You should be aware that the internet, as an open network, is not secure. If you choose to send any electronic communications to Crescat, you do so at your own risk. Crescat cannot guarantee that such communications will not be intercepted or changed or that they will reach it safely. Crescat will endeavor to use reasonable measures to ensure its website and electronic platforms are secure. However, Crescat does not guarantee that information displayed has not been interfered with by third parties without its consent. Crescat does not guarantee that its website, social media networks, or other electronic platforms or materials will be free from viruses (including, without limitation, spyware, malicious software, worms, trojan horses and harmful or contaminating code).

Risks of Investment Securities

The investment portfolios advised or sub-advised by Crescat are not guaranteed by any agency or program of the U.S. or any foreign government or by any other person or entity. The types of securities Crescat buys and sells for clients could lose money over any timeframe. Crescat’s investment strategies are intended primarily for long-term investors who hold their investments for substantial periods of time. Prospective clients and investors should consider their investment goals, time horizon, and risk tolerance before investing in Crescat’s strategies and should not rely on Crescat’s strategies as a complete investment program for all of their investable assets. Of note, in cases where Crescat pursues an activist investment strategy by way of control or ownership, there may be additional restrictions on resale including, for example, volume limitations on shares sold. When Crescat’s private investment funds or SMA strategies invest in the precious metals mining industry, there are particular risks related to changes in the price of gold, silver and platinum group metals. In addition, changing inflation expectations, currency fluctuations, speculation, and industrial, government and global consumer demand; disruptions in the supply chain; rising product and regulatory compliance costs; adverse effects from government and environmental regulation; world events and economic conditions; market, economic and political risks of the countries where precious metals companies are located or do business; thin capitalization and limited product lines, markets, financial resources or personnel; and the possible illiquidity of certain of the securities; each may adversely affect companies engaged in precious metals mining related businesses. Depending on market conditions, precious metals mining companies may dramatically outperform or underperform more traditional equity investments. In addition, as many of Crescat’s positions in the precious metals mining industry are made through offshore private placements in reliance on exemption from SEC registration, there may be U.S. and foreign resale restrictions applicable to such securities, including but not limited to, minimum holding periods, which can result in discounts being applied to the valuation of such securities. In addition, the fair value of Crescat’s positions in private placements cannot always be determined using readily observable inputs such as market prices, and therefore may require the use of unobservable inputs which can pose unique valuation risks. Furthermore, Crescat’s private investment funds and SMA strategies may invest in stocks of companies with smaller market capitalizations. Small- and medium-capitalization companies may be of a less seasoned nature or have securities that may be traded in the over-the-counter market. These “secondary” securities often involve significantly greater risks than the securities of larger, better-known companies. In addition to being subject to the general market risk that stock prices may decline over short or even extended periods, such companies may not be well-known to the investing public, may not have significant institutional ownership and may have cyclical, static or only moderate growth prospects. Additionally, stocks of such companies may be more volatile in price and have lower trading volumes than larger capitalized companies, which results in greater sensitivity of the market price to individual transactions. Crescat has broad discretion to alter any of the SMA or private investment fund’s investment strategies without prior approval by, or notice to, Crescat clients or fund investors, provided such changes are not material.

This presentation is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security. The information provided in this presentation is not intended as investment advice or recommendation to buy or sell any type of investment, or as an opinion on, or a suggestion of, the merits of any particular investment strategy.

This presentation is not intended to be, nor should it be construed as, a marketing or solicitation vehicle for Crescat or its Funds. The information herein does not provide a complete presentation of the investment strategies or portfolio holdings of the Funds and should not be relied upon for purposes of making an investment or divestment decision with respect to the Funds. Those who are considering an investment in the Funds should carefully review the relevant Fund’s offering memorandum and the information concerning Crescat, including its SEC Form ADV Brochure which is available at:

This presentation should not be construed as legal, tax, investment, financial or other advice. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation and should not be taken as advice on the merits of any investment decision. The views expressed in this presentation represent the opinions of Crescat and are based on publicly available information with respect to the Issuer. Crescat recognizes that there may be confidential information in the possession of the Issuer that could lead the Issuer to disagree with Crescat’s conclusions.

Investors may obtain the most current performance data and private offering memorandum for Crescat’s private funds by emailing a request to

GIPS® is a registered trademark of CFA Institute.  CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.


HFRX GLOBAL HEDGE FUND INDEX. The HFRX Global Hedge Fund Index represents a broad universe of hedge funds with the capability to trade a range of asset classes and investment strategies across the global securities markets. The index is weighted based on the distribution of assets in the global hedge fund industry. It is a tradeable index of actual hedge funds.
It is a suitable benchmark for the Crescat Global Macro private fund which has also traded in multiple asset classes and applied a multi-disciplinary investment process since inception.

HFRX EQUITY HEDGE INDEX. The HFRX Equity Hedge Index represents an investable index of hedge funds that trade both long and short in global equity securities. Managers of funds in the index employ a wide variety of investment processes. They may be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding periods, concentrations of market capitalizations and valuation ranges of typical portfolios. It is a suitable benchmark for the Crescat Long/Short private fund, which has also been predominantly composed of long and short global equities since inception.

PHILADELPHIA STOCK EXCHANGE GOLD AND SILVER INDEX. The Philadelphia Stock Exchange Gold and Silver Index is the longest running index of global precious metals mining stocks. It is a diversified, capitalization-weighted index of the leading companies involved in gold and silver mining. It is a suitable benchmark for the Crescat Precious Metals private fund and the Crescat Precious Metals SMA strategy, which have also been predominately composed of precious metals mining companies involved in gold and silver mining since inception.

S&P 500 INDEX. The S&P 500 Index is perhaps the most followed stock market index. It is considered representative of the U.S. stock market at large. It is a market cap-weighted index of the 500 largest and most liquid companies listed on the NYSE and NASDAQ exchanges. While the companies are U.S. based, most of them have broad global operations. Therefore, the index is representative of the broad global economy. It is a suitable benchmark for the Crescat Global Macro and Crescat Long/Short private funds, and the Large Cap and Precious Metals SMA strategies, which have also traded extensively in large, highly liquid global equities through U.S.-listed securities, and in companies Crescat believes are on track to achieve that status. The S&P 500 Index is also used as a supplemental benchmark for the Crescat Precious Metals private fund and Precius Metals SMA strategy because one of the long-term goals of the precious metals strategy is low correlation to the S&P 500.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the fund or separately managed account will achieve returns, volatility or other results similar to that index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking. Indixes include the reinvestment of income and do not include transaction fees, management fees or any other costs.

For additional performance-related information, please refer to Crescat’s Performance Reports page.