Transcript was automatically generated.

Frank Curzio 00:00

How’s it going out there? It’s Wednesday, February 4th.

Frank Curzio 00:04

And I’m Frank Curzio, you’re watching the Wall Street Unplugged podcast, breakdown headlines, and, uh, tell you what’s really moving these markets.

Frank Curzio 00:16

So I have a fantastic interview today with Morgan Lekstrom, who is the chairman of Streamex. And this is a small company with an amazing platform that’s about to begin tokenizing gold. Tokenization. A lot of you should be familiar with that trend because I’ve been all over it saying it’s one of the greatest ideas,

Frank Curzio 00:35

one of the greatest disruptions I’ve ever seen. So much so that I believe I’m one of the first companies in the world to tokenize. You know, we tokenized Curzio Research. We traded on tZERO Exchange. Uh, unfortunately, I did it about four and a half years ago in an administration that wasn’t favorable to crypto. Now they are. Now you’ve seen tokenization really, really blow up.

Frank Curzio 00:56

Uh, it’s getting popular. Uh, New York Stock Exchange just said that they’re launching stock trading through tokenization later this year. You have Larry Frank coming out. He’s BlackRock CEO. 13 trillion, I think it’s even more than that, 14 trillion assets under management. Going all in on tokenization, saying it’s the greatest trend he’s seen since ETFs. And he’s a king of ETF.

Frank Curzio 01:17

But Streamex,right now, they’re focusing on tokenizing gold, which makes a lot of sense out of all the real-world assets. RWA, they call it, which is, you know, tens of trillions of dollars. But what gold makes a lot of sense compared to a lot of other industries is, first, gold is a massive market. It’s $28 trillion when you look at it the global market.

Frank Curzio 01:38

It has little transparency. I mean, do you really know who’s storing gold or if it’s stored? You really don’t,right? Which is crazy. Uh, they say it is, but also you have to pay big fees. Big fees to store the gold. And with tokenization, those fees are going to go down dramatically,right? That’s how you disrupt markets. Provide stuff that’s easier, that’s cheaper, and it’s better for both parties.

Frank Curzio 01:59

I don’t know if it’s better for the parties that are charging you a fortune, but this is a really good option.

Frank Curzio 02:06

You could also, when you tokenize and you put it on a blockchain, now you’re going to be able to use gold as collateral, which is, you know, collateral you could use for loans because these are assets that you actually own. It also provides fractional ownership, which means if you look at it, all retail investors, maybe $5,000 a lot to pay for gold, you know, and they could buy fractional parts of gold,right?

Frank Curzio 02:25

Small parts of gold, uh, which is good. But most importantly, and this is the game changer what Streamex is doing, they’re going to provide a yield similar to staking,right? And this whole thing about staking and, oh my God, and craziness. But that’s what a lot of people do who own Bitcoin or who own some of these cryptos. And this isn’t crypto. This is going to be a security. Okay, they’re launching a security.

Frank Curzio 02:43

Streamex is a stock. They’re launching a security behind it, which is going to be a security token. Open it to credit investors. And then you’re going to see how the entire model works because through this model, they’re going to be paying a yield on your gold for holding it in excess of 4%. I want you to think about that for a minute. If you look at the hundreds of billions, whatever it is,

Frank Curzio 03:02

I think it’s over a half a billion dollars in ETFs, in gold ETFsright now. So they’re earning what? They’re earning zero yield. So what do you think’s going to happen once this product launched?

Frank Curzio 03:17

And if you look at it in a certain way when it comes to disruption, it’s probably the same thing that happened when Uber disrupted taxis,right? Because once Uber was launched and people saw, wow, it’s cheaper, it’s faster, it makes more sense,right? It’s safety goods. You have to take out your wallet. So many different things. Good for both parties. Cheaper, faster, everything.

Frank Curzio 03:37

You’re probably going to see the same reaction where, why am I going to put money in an ETF when I could put it in this product and earn a yield the right way? And we’re going to talk about exactly how this system works because I know when you think about it, you’re like, wait a second, Frank, this sounds too good to be true. I get it. So I did a ton of research on this name.

Frank Curzio 03:53

And the biggest discovery through my research is Streamex is being backed by the GOAT in the mining industry. And by GOAT, I mean, you look at the Rick Rules. I interviewed Rick Rule plenty of times, spoke at his conferences. Doug Casey I interviewed plenty of times, Maren Catusas, Ross Beattys. All these guys bend the knee to this person.

Frank Curzio 04:13

This is the GOAT. Okay? They all say it. They all say, this guy’s the man.

Frank Curzio 04:18

And this person owns more than a 10% stake in this company. And he just bought more a few days ago. And by the way, this person that did that hates Bitcoin and not too fond of blockchain, which is when you could change someone’s perception of that stature to be able to go all in and put your name on it,

Frank Curzio 04:37

taking a 10% stake where you have to file. To me, I was like blown away. I was like, whoa, okay. Now it gets a little more serious now. Now you look under the hood, you’ve seen lots of great things. Uh, but after the full due diligence process, Streamex, one of the most fascinating small-cap stories I’ve come across in decades. And there’s a reason for that. Because if these guys get it right,

Frank Curzio 04:58

it’s going to provide life-changing returns for investors because the total addressable market, which I talk about all the time, guys, total addressable market, people focus on, you know, Palantir trading at 150 times sales, which was the case when it was in the single digits, 20s, 30s, 40s. Yes, it’s come down along with the rest of the market, still wherever it is, 140, 150. Uh, Netflix as well. When you’re looking at the total addressable market,

Frank Curzio 05:17

which is basically how much you can capture in an industry, the total addressable market for this company is in the trillions. And it’s probably why the GOAT owns not just a 10% stake and just bought more shares in it at around $3. This is a few days ago he bought some shares. Uh, it’s why he’s putting his name all over it with a couple of other very,

Frank Curzio 05:37

very high-profile names in the mining industry. So this is the reason why I went to Vancouver. I wanted to meet Morgan in person. And I did that. I think it was a week ago. I had lots of meetings set up. And someone said, listen, you got to meet this guy. It’s tokenization. I was like, okay, you got my attention. I like tokenization. Uh, and then he started talking about some of the details, saying this is the next up-and-coming person in the mining industry.

Frank Curzio 05:57

And I’m like, okay, allright, let’s see. Uh, and I really wanted to meet him. So I sat down at his headquarters in Vancouver. And, uh, he actually blew me away. This is going to be one of the first interviews that Morgan has done. It’s really, really good. It’s going to break down Streamex, tell you about the catalyst coming out for this company, his relationship with the GOAT,

Frank Curzio 06:17

why he’s chairman of this company, not CEO, which is a really funny story, actually. It’s really cool. And he’s going to explain the big opportunity for investors if this company himself is able to execute. So here’s my interview with Streamex chairman, Morgan Lextrum. Morgan, thanks so much for joining us on Wall Street Unplugged.

Morgan Lekstrom 06:38

Thanks for having me. Appreciate it.

Frank Curzio 06:40

So I have to tell this story before we start. We’re going to get into your company, which is fascinating, a company called Streamex, uh, which I learned about, uh, in the past three, four weeks. And one of our friends said, Frank, you got to meet this company. He knew I was coming down to Vancouver last week, the conference, and said, you know, definitely meet these guys. I said, why? You know, I hear that a lot.

Frank Curzio 06:59

And he’s like, you know, these guys have a platform on tokenization. He knew I knew about tokenization, one of the first companies to ever do that. And he said, look, these guys are rising stars in the industry. I’m like, okay, I’m going to meet someone with a big ego. Here we go. And he, and, uh, you know, and he had this whole, you know, introduction saying, look, also, you know, he’s part of this circle within Frank Jushtra, who’s investing in this company.

Frank Curzio 07:20

I’m like, whoa. And then when I heard about tokenization of Frank Jushtra, I was like, wait, Frank doesn’t like Bitcoin at all, which I think a lot of people know. If you’re not familiar with Frank Jushtra, he is the GOAT,right? He’s the guy that people talk about. We’ll get to that in a minute. Uh, I feel like he’s a Michael Jordan where you have Rick Rules and you have the Ross Beattys. Whenever you exit them, they’re always talking about him being the best of the best.

Frank Curzio 07:39

It’s almost like it’s Magic Johnson and Larry Bird, like just, you know, almost bowing the knees to Michael Jordan type of thing, if you haven’t heard of him. But, uh, I mentioned I was blown away, uh, about what you had to say about this company. How humble you are. And I want to start there. Like, you were a guy, when I looked at your background, I feel like you could go to a lot of different companies if you want. Why this company?

Frank Curzio 07:59

Why Streamex? And, uh, you know,right now it seems like things are rocking and rolling. You get everything together.

Morgan Lekstrom 08:08

Yeah, no, thanks. Thanks for that, uh, introduction. Look, no story ever starts without hardship. And I think the key to recognizing anything that is even remotely successful is starting with how you got brought up and where you were brought up and, you know, the way you were brought up.

Morgan Lekstrom 08:28

Like, I grew up in a small farming town in northern British Columbia. And, you know, too, you know, very blue-collar. And as I came through the ranks in the mining industry, you know, I startedright boots on the ground, building mines, like really down in the mine and worked my way all the way through. And,

Morgan Lekstrom 08:48

you know, over the years, learned some really good hard lessons. And when I met, uh, Frank, I had come into the capital markets a number of years ago and just got my butt kicked a whole bunch of times. Knew nothing about finance at the time. And Frank and the team pulled me aside and said, look, we’re going to teach you a bunch of fundamental skills here,

Morgan Lekstrom 09:10

but it’s not going to be fun. You know, so get that out of your mind. It’s not going to be fun. It’s not going to be great, but you’re going to learn. And the company that Frank first kind of threw me into was a small company. It was failing. It was falling apart. And, you know, I didn’t know what I was doing at the time.

Morgan Lekstrom 09:30

And Frank looks at me and goes, you got to promise me two things. I’m like, what’s that? He’s like, you know, Buzz Lightyear, never quit and never surrender,right? And it’s true. He said, whatever you do, you’re not quitting with this until it’s built. And whatever happens, you’re never surrendering.

Morgan Lekstrom 09:50

Okay? I don’t know what that means, but it sounds great. And the company went down and it went to about a $10.5 million, $12 million market cap. It wasn’t that big to start with. But Frank and all the groups were trying to fix it. And he finally looks at me and goes, you’re the CEO. It’s your turn. And I said, I’m going to go after the most ostentatious thing possible.

Morgan Lekstrom 10:11

I’m going to merge with a company that’s way bigger than us. We’re going to take them over. And then we’re going to take over another company. And we’re going to build a gold developer. And Frank kind of looked at me and goes, kind of laughed. He goes, you think you’re going to do all that, hey? I’m like, yeah. Yeah, I am. And he goes, okay, man. Let me know what I need.

Morgan Lekstrom 10:30

Like, how big is the check going to be? I’m like, no, no. I just need your house. And Frank is so humble that I think he forgets the presence he has around other people. And he kind of looked at me and goes, you need my house. I’m like, yeah. And I need like a chef. Like, it’s like, I’ll pay out. It’s like $1,000. I need all this.

Morgan Lekstrom 10:50

And so we flew in this management team from this other company. And he looked at me and he goes, what am I supposed to do? I’m like, just do what you do, Frank. Just talk to them. And we walked out of that dinner at Frank’s house with a deal to build Next Gold. And, you know, that company went from a $12.5 million company to a half a billion today.

Morgan Lekstrom 11:11

We’ve raised hundreds of millions of dollars into it. It’s about to build Canada’s next open pit mine, fully permitted. And it was a really good lesson because there were some hard times in there. And there were so many times that I thought Frank could just, you know, I’m walking away. See you later. But it wasn’t that. It was him coaching. And it was him going, look, I need to harden you up a bit.

Morgan Lekstrom 11:32

I need to make you more resilient in this space. And that’s during that time is when Streamex was born. And it was out of a need in the universe here in the commodities universe to do something different because we keep doing it the same way. And we haven’t adapted to modern technology. We haven’t adapted to blockchain and different ways of trading and tokenization.

Morgan Lekstrom 11:53

And it’s such a neat disintermediary to bring two kind of worlds together. That’s a bit of my story there from Frank’s side.

Frank Curzio 12:01

No, I love that story, Ravelyn. You told it to me because, one, it reminded me of me where, you know, my dad was tough on me, my late dad, and then going to Kramer. Kramer’s one of the toughest bosses, but he was great. He was tough,right? And, you know, he’d make mistakes. He’d give it to you, you know, like you’re supposed to. And he didn’t give credit a lot unless you really, really deserved it,right? So, and it helped me. Like, you look back at your career,

Frank Curzio 12:20

you’re like, wow, you know, it’s, you know, I wouldn’t have changed a thing. You know, you learn a lot. But I really appreciate that story when you mentioned it, especially, you know, your ties to Frank Jushtra now. I mean, being successful,right? Because he, you know, he is pretty much the GOAT in the industry. And what I was fascinated with this company is the tokenization, which Streamex is.

Frank Curzio 12:39

And, you know, you’re seeing gold rise,right? Makes sense. Central banks, you know, are buying. You have huge deficits. You have underowned by institutions. And these are secular tailwinds that are not reversing anytime soon. You could say this is a secular… And gold’s down. You know, you look at gold, gold’s down a little bit.

Frank Curzio 12:58

People are like, gold, pull back. You know, gold’s at $4,900. Just to show you, it’s up 15% for the month, still, for the last 30 days. And it’s up, you know, pretty much 5x of the S&P 500 in the past year. So, of course, it’s going to pull back a little bit, guys. But just the secular tailwinds behind this, it’s, you know, it seems like it’s going to be like this for a while.

Frank Curzio 13:17

And my biggest thing with Frank Jushtra is sometimes I would troll him because he was always destroying Bitcoin. And I felt like it was also blockchain. And I’m always like, listen to these gold bugs. This is the next generation that’s… They’re buying Bitcoin for the same reasons why you’re buying gold. But I feel like some of the big old-time gold bugs were just,

Frank Curzio 13:36

you know, beating the shit out of them, saying, hey, you know what? You guys are idiots and buying this. I’m like, they’re not too big of idiots since they were buying this asset like at $15,000. And it’s even with the pullback at $75,000. But you need to merge it because you’re going to need that retail audience. That’s the next generation of investors,right?

Frank Curzio 13:51

And I feel like when I looked at this with Streamex, this is a company that merges everything together because there’s a lot of flaws with just owning gold that I feel like people don’t talk about. Oh, I’m going to own gold. I’m going to store it forever. Okay, great. You’re buying gold, but it has no interest,right? So, high cost to store, the accessibility, fractional ownership, so more retail investors can get in.

Frank Curzio 14:11

It doesn’t have any of that stuff. Being able to use it as collateral for loans and stuff like that is also very difficult,right? So, what I saw when you were doing this and saying, hey, we’re going to tokenize gold and we have this platform and this is what we’re doing. Then I was like, wait, Frank Jushtra’s behind this. It was really exciting for me. Talk about how this all came together with Streamex.

Morgan Lekstrom 14:30

Well, like any good startup story, I can’t count. I can count on definitely one, maybe two hands, how many times we sat there and we’re like, oh, we got no money left. Or I looked at my personal bank account going, I’ve put all my money into Next Gold, into Streamex now. And I’m sitting there going, oh, I got to go see Frank.

Morgan Lekstrom 14:49

But it was really boring. And I’ll start with how it was born. We were like, look, we want to use blockchain to not only take gold and commodities on-chain, but we want to do it the legal way. We want to make it a security. We want to fit within the regulations. And we want to give people access to something they’ve never had access to before,

Morgan Lekstrom 15:08

which is a liquid fractional gold market that pays a dividend or a yield. And one of the things that when I was pitching this to Frank, and trust me, it wasn’t an easy pitch for all the things you just mentioned about how Frank doesn’t like Bitcoin and stuff, it took me about a year and a half.

Morgan Lekstrom 15:27

I mean, it took us three and a half years to build the company. And the first year and a half, almost two years, Frank looked at me and he goes, I know nothing about this. It sounds like Bitcoin. I don’t like it, da da da da. And as we developed the company, I remember this very key point. We had about $50,000 on our AP due. We had $3,000 left in our bank account, roughly.

Morgan Lekstrom 15:49

And I’m sitting there going, oh, man, we need capital. And I go to Frank and we just kind of built out Next Gold. We’re really in the kind of stride of that. And I fly down to LA because he was there at a meeting. And I walk in. We have lunch. And Frank just looks at me and goes, okay. Like, the Streamex thing,

Morgan Lekstrom 16:10

I think I understand it a bit. It’s blockchain. It’s actually using the blockchain what it’s meant to be used for, which is to make things easier to access,right? It makes it an easy platform to access to trade. I’m like, oh, yeah, you got it. You got it. He’s like, what do you need? I’m like, Frank, we need $50,000. And he looked at me and goes,

Morgan Lekstrom 16:31

are you going for lunch? Like, what are you doing?

Frank Curzio 16:35

Such a crazy.

Morgan Lekstrom 16:36

And I was like, yeah, okay. Well, that’s fun. He’s like, well, what do you actually need to survive for the next little while? And keep in mind, like all our developers and everything, these are high-quality people from the US believing in what we’re doing, taking shares as payment. So this is truly… So Frank goes, okay, I’ll tell you what.

Morgan Lekstrom 16:56

I’ll write a quarter-million-dollar check-in and we’ll go from there. And he looked at me and he said, but there’s one thing I need from you. And I’m like, oh, here it comes. How much equity do you want? How much… You know, what’s the answer here? Like, are you a VC? You’re going for 50% of the company? No, nothing like that.

Morgan Lekstrom 17:15

And this was the most humbling experience I’ve had in my life. Frank looked at me and he goes, you’re a mining guy. You’re not a tech guy. You cannot be the CEO of this. And I was like, a little confused because I’m one of the founders of it, you know? Henry and I co-founded the whole thing. And he is the tech guy.

Morgan Lekstrom 17:34

And I looked at him and I was like, okay. It wasn’t a fight. It was an okay. I instantly realized that that was theright answer. He has so much knowledge and experience on how to build companies and real, real companies. And I walk out of that meeting with a $250,000 check.

Morgan Lekstrom 17:53

I get on the phone to Henry and I say, Henry, you’re now the CEO of Streamex. And I watched the company go from just developing at a kind of a pace to vertical. And knew instantly it was theright move. But boy, can I tell you, is that humbling for a company you’ve started to say,

Morgan Lekstrom 18:14

you know, for your mentor to come in and say, you’re not theright guy to be that CEO. You can do every other role, but you need the guy to come in that knows how to do it. And Henry’s done such an unbelievable job. And it was the best move I’d done in my career was taking that ego out of it and going, thank you for that mentorship.

Morgan Lekstrom 18:33

You were correct. And then we built Streamex off of that. And Frank’s been there a huge supporter. I mean, he just put $3 million on the market in the last raise. Like, he’s been there. He’s a huge shareholder, a huge supporter of us. And I think Frank… I don’t want to speak for him, but I think he sees that this is now going to provide what Bitcoin did to the world,

Morgan Lekstrom 18:53

which was access to something liquid. People haven’t had that access in gold because they didn’t want to hold it, like you said, Frank, because it was a pet rock to Warren Buffett. It did nothing. Well, we’re proving that it now can do something for you.

Frank Curzio 19:06

Okay. When you say Henry, you’re talking about Henry McPhee. And what I love about this, when I look at your management team here too, it’s Henry is a chief executive officer. Very, very outstanding when it comes to being within crypto. And even when you look along this line where you’re seeing even…

Frank Curzio 19:25

You have Damien here Simpkins. I mean, you could see a lot of the 15 yearsright here with Ferdinand. You look at Mitchell Williams. I mean, these guys with, you know, a billion-dollar hedge fund and family office experience. But you’re also merging like this Wall Street with guys who have, you know, technical backgrounds within crypto. And even here, when you’re looking at Sean Rosen and Frank Jushtra, you know, to me, this is incredible.

Frank Curzio 19:45

Even Trevor and Kellan when I was researching this company, again, backgrounds. And I love the fact that you could sit here and you’re merging these two technologies… Which I always wanted,right? I’m like, man, if these guys just got together, you have these massive markets. How hard was it to get this management team? And, you know, you talked already about, you know, Henry, but you also have a lot of other people.

Frank Curzio 20:06

We talked about Frank Jushtra. But talk about… I mean, Sean is under the radar as a strategic advisor. If you’re outside the mining industry, you probably don’t know Sean. Talk about Sean a little bit because getting this team together couldn’t have been easy.

Morgan Lekstrom 20:18

No, no, it definitely was not. I mean, Sean was one of our early investors. And look, Sean founded the Cisco Group. It’s Cisco Gold Royalties. He had Canadian Malartic that sold for $4.5 billion. Like, Sean is the… Sean, a good friend and mentor.

Morgan Lekstrom 20:36

Sean is the epitome of when you tell someone they can’t do it, he just does it. So I’ve seen so many times in Sean’s career where people are like, you’ll never build that mine, Sean. What are you doing? And then he goes, raises a billion and a half dollars, builds a mine, sells it for $4 billion. And you’re like, wait, what just happened? And he does it over and over.

Morgan Lekstrom 20:56

That’s like Frank too. You know, people say, oh, you’re never going to build a gold company. Builds it. Sean built a royalty company. Frank built a royalty company. So you have serial success there. Sean and Frank have never worked together before. And putting them on a tech company, both of them are pioneers in the space, in the royalty and in the mining space.

Morgan Lekstrom 21:17

They both saw the same thing in the technology. They’re sitting there going, hmm, this is something special. We don’t know it back at the time. They were like, we don’t know what this is going to equal to. Now we’re at a point where everything’s kind of coming together in the real-world asset space. Commodities are a very hot topic in the world.

Morgan Lekstrom 21:34

You just saw Trump and Robert Friedland talking about rare earths and critical metals. Commodities are at the forefront. Blockchain disintermediates the access to it, which is perfect. And this is where you get the Seans and the Franks of the world pioneering again,right? These guys are continually pioneering the space.

Morgan Lekstrom 21:56

And you add someone like a Henryan. But one of the people I’d love to touch on is Mitch Williams. I mean, you brought him up earlier with his impressive Wall Street. That’s the Wall Street connection,right? So Mitch was the former head of the Kuwaiti Sovereign Wealth Fund out of New York. So to put it into context,

Morgan Lekstrom 22:17

that entire fund’s about a trillion dollars. You know, Mitch was head of equities and a couple other aspects and credit in New York. But before that, he was Oppenheimer Fund. So this guy has, you know, 20 years or, as I like to say, more than two decades of experience making other people a buttload of money.

Morgan Lekstrom 22:36

And he knows how investors think and he knows how institutions think. So when we’re designing our GLDY product, which we’ll get into, I’m sure, he was critical in saying, how do we design this for institutional and retail holding?

Frank Curzio 22:50

Yeah. And I definitely want to get into that. And before we do that, I want to talk about… So now we have your Streamex platform,right? And you’re talking about how you have people on board and advisors and stuff like that that have helped with… That know streaming, that know royalties well. What I think is really insane when I look at this market, and this number is fascinating to me, is when you’re looking at…

Frank Curzio 23:09

This is how big the global gold market is, $28 trillion. Today, only 0.011% of it, just $3 billion, has been tokenized. And remember, when you tokenize this, you know, again, it’s not just the fractional ownership. It’s the storage fees. It’s eliminate the middleman,right? And you know, you want to look how big this trend is,right?

Frank Curzio 23:29

And this is trend… People make fun of me because I tokenized my company four years ago. And that was very early to the party. But now New York Stock Exchange to launch 24/7 stock trading through on-chain tokenization. I don’t know if people have seen this as well, where you have Larry Fink, $13 trillion, $14 trillion assets under management. This is the ETF god. He’s the one who built everything,right?

Frank Curzio 23:48

BlackRock. And you know, he’s just saying, listen, tokenization is here. This is, you know, roughly where the internet was in 1996 when Amazon sold just 16 million. We were selling books still,right? The Magnificent Seven, the rest of them, you know, they haven’t even been founded yet. So he’s saying this is the next biggest trend next to ETFs. And when you look at this market and you’re tokenizing gold and saying,

Frank Curzio 24:08

okay, now I could offer interest or now I could, you know, you could use collateral. Talk about that. And I’m pretty sure it might have been… I don’t know who was instrumental in starting these partnerships, but everyone sees a company now. But I think the most important thing is building these partnerships that you had. And I don’t know if it was Henry or not, but talk about these partnerships. And I’m bringing them upright now on your presentation so people can follow along.

Frank Curzio 24:28

Because this is behind the works and how you start a company, you need to get this done. So it’s Frank Jushtra, Sean Rosen. Now you’re building this whole thing. Everyone’s on board. Now it’s like, okay, how are we going to do this? Talk about these partnerships here. Because monetary metals, people know Chainlink is massive. They know Solana is massive,right? You’re not using these, you know, garbage technologies within crypto. But also monetary metals,

Frank Curzio 24:47

if you could talk about, because that’s the partnership where they’re going to enable yield-bearing precious metals, not just gold, and earning these yields. You say up to 4%. I think when I spoke to you, it could be as high as 5% or a little bit higher. You know, talk about that partnership and what that means to your company.

Morgan Lekstrom 25:04

Yeah, no, absolutely. So what I said before about how, you know, we’re disintermediating, I want to break that down a bit. There’s real-world applications that happen in the commodity space that very few have access to. And that’s, you know, gold leasing. That’s silver leasing. And those sound like benign subjects because everyone’s like, well, what’s that mean?

Morgan Lekstrom 25:24

But there are many industrial manufacturers out there that would much rather have an operating lease where they’re not booking it on their accounting with fluctuations of prices, where they’re operating under an ounce-to-ounce basis. And this is what monetary metals has really done a great job of. We’re exclusive with them. Anything to do with tokenization and commodities,

Morgan Lekstrom 25:46

generally with the precious metals, we can do with them. They are the boots on the ground. So when you talk about real-world asset space, monetary metals is our real-world asset space there that is actually doing the work. We’re being the intermediary and we’re offering that product out to the rest of the world. And that’s into ETFs. That’s into asset managers,

Morgan Lekstrom 26:05

RAs, IRAs, all these terms in the US about a way to invest. But to simplify it down, imagine if you want to buy gold. You go out and you buy GLD, the ETFright now. That’s what you do. You pay 30 to 50 basis points to hold it. You get to ride the gold wave up and down. Hopefully, it never gets called.

Morgan Lekstrom 26:26

Probably doesn’t have enough gold in there to support it. If you buy the GLD… Well, we saw that with the silver run recently. If you buy GLDY, our gold with yield product… And I keep saying gold. We have more product suite than just gold coming out, but I will start with gold. If you buy our GLDY product, not only are you one-to-one spot and one-to-one gold,

Morgan Lekstrom 26:47

you’re backed by a fine Troy ounce, but you get up to 4% yield paid in gold. So that’s taking a real-world application that normally has not been able to be used in the finance space, using blockchain and regulation and making it a security and tokenizing it and allowing it to change on the blockchain.

Morgan Lekstrom 27:06

That’s, you know, that’s our partnership with monetary. That allows all that front-end work that is the, you know, the actual real asset on the ground working and putting it to work in something that the retail space in general has not had access to trade before.

Frank Curzio 27:23

So… Boy, talk about… Let’s talk about the dynamics. And people don’t really need to understand this, but they’re going to ask questions about it. All you need to do is either buy the stock or, you know, you’re fine. But sometimes people want to know the dynamics behind it. And we’ll get to that really quick. I don’t want to bore anyone. But you are launching a token. You know, stablecoins are massiveright now. We all know it’s a massive, massive market with Circle just, you know, IPOing as well.

Frank Curzio 27:44

You’re launching a token and it’s GLDY. And the yield’s going to flow through that. And talk about how that flows through into Streamex, which is about these streams coming into this as more and more people are buying this token. This is a security, I believe. This isn’t like, you know, your typical… This is, you know, stablecoin…

Frank Curzio 28:03

You know, talk about that process and how that works in terms of, okay, here, this token’s going to be launched very, very soon. And now how is that going to flow into the Streamex shareholders and the reason why people should buy the stock?

Morgan Lekstrom 28:15

Yeah, no, absolutely. So when you think about a way to buy gold, as I was explaining earlier, you go out and you buy it and you hold it or you, you know, you go buy an ETF and they hold it. What the ETFs are missingright now is an active use case for it. So they usually sit there and they trade futures, derivatives, all that kind of fun stuff.

Morgan Lekstrom 28:35

And that’s how they try to make money off of it. When you add a real-world application in here, like we do with monetary metals, we now have a yielding product. So again, take an ETF that doesn’t yield, that just is one-to-one gold. This is a better asset for them. We’re still one-to-one gold, but we provide a yielding product.

Morgan Lekstrom 28:54

And that yield gets paid back in gold. So as we tokenize it, people come in, there’s been an outcry from the ETFs and other asset managers saying, well, hold on. Why would I hold some ETF that I’m paying 30 basis points to hold when I can buy the GLDY or buy an ETF that is holding GLDY? Now,

Morgan Lekstrom 29:13

what’s unique about this is how that funnels into Streamex. We don’t own the gold. You do. You know, we’re the intermediary. We’re the technology that enables all of this, the provider. So as, you know, as the leases happen, we clip a fee there. There’s trading just like a stock, just like a token anywhere else.

Morgan Lekstrom 29:34

We clip fees on trading. On average, a gold token in the current industry trades about 100 times a yearright now, okay? We get a fee on that. Right now, we are very conservative. You know, I like to say we call it Mitch’s model. It’s 90% conservative and 10% with upside.

Morgan Lekstrom 29:54

As we grow on a billion dollar of issuance, and just keep in mind, gold tokens trade a billion dollars a dayright now. The only tokens out there are one-to-one back. There’s nothing with yield. So can you imagine how fast people are going to rotate to something with yield? I mean, why would you hold gold without a yield if you could hold it with a yield?

Morgan Lekstrom 30:14

Once we start trading heavily and even at the 100 times a year, the revenues are very significant. We don’t anticipate just being a billion dollars in issuance. We anticipate being critical mass. There’s $550 billion in the ETF gold space aloneright now that doesn’t pay yield.

Morgan Lekstrom 30:34

So imagine how fast that will flip over and this could grow. It grows exponentially quick once we get that flywheel turning and that’s about to start happening. That’s just gold. Silver’s next. There’s other commodities next.

Frank Curzio 30:49

And I think what’s important to realize when it comes to disruption,right? And you see this every place. For 30 years, I love following companies that disrupt markets because I just think it’s fascinating. But they all have the same qualities,right? It’s got to be easier. It’s got to be better for both parties. It’s got to be faster. And when you’re providing something like this, it’s amazing. Just like, you know, when you saw Uber,

Frank Curzio 31:08

Airbnb, which are now charging massive fees where, you know, it’s almost the same as a cab now to regular taxi for Ubers. But at the beginning, it just… You got in. You don’t have to worry about safety,right? There’s all checks on that person already. You don’t have to take out your wallet or anything,right? It’s very, very simple.

Frank Curzio 31:22

It’s just when you provide that process where, okay, are you going to buy something without a yield or you’re going to buy something that’s the same thing that is going to provide a yield? To me, this disruption that’s taking place, it makes so much sense. And when I see things like that with tokenization, it’s why I got into it four years. I had to deal with an administration that hated crypto. Now you have,

Frank Curzio 31:41

you know, an administration that loves crypto and, you know, blockchain technology and tokenization where now you see New York Stock Exchange, you see more real-world assets. But we’re talking about trillions. And I guess before we get to the total addressable market, which is what I… You know, which is this story, you know, which I’ve told my investors so long, is it’s, you know, forget about valuations. You want to look at the total addressable market.

Frank Curzio 32:01

Because if you’re able to disrupt and have a good company that makes sense, you have to value it based on a percentage that’s going to capture the total addressable market. So your company could be trading at 150 times sales, which… 200 times sales, which Palantir’s been doing for how long since it was 10. And it’s still like 150, 60 today, up to 200. Same with Netflix too. You know,

Frank Curzio 32:19

as soon as you understand that total addressable market wasn’t just cable, it was the whole entire industry and everyone was competing with them. You know, the market for this is absolutely huge. And I guess, you know what? Since I’m talking about, let’s go there. But what are we talking about? Because when you’re looking at your company and the disruption that could take place, we’re not talking about a $100 billion, $200 billion asset.

Frank Curzio 32:38

I mean, you have some of these markets here just with GLD. We’re talking about a total addressable market. If you get thisright, of course, there’s all risk,right? But we are looking at trillions. Silver’s trillions. Royalty and streaming is a trillion, billions,right? You know, copper, billions. You know, and then you even have oil and gas maybe later, years later. But this whole move to tokenization, if you get thisright, this is a massive market.

Frank Curzio 32:58

Talk about that. Because the disruption that takes place here, what you’re saying makes sense. You’re providing yield. I’m a believer that every asset’s going to be tokenized. You’re eliminating the middleman. You’re eliminating all the fees. That’s why Citadel’s going crazy, lobbying against it. No, you can’t do this because they’ve been front-running everyone forever. This provides more transparency, fractional ownership, you know.

Frank Curzio 33:17

Talk about the total addressable market because I’m sure that’s what got Frank Jushtra, Sean Rosen, you know, like open their eyes and be like, whoa, this thing could be bigger than the entire gold industry of anything we’ve ever invested in.

Morgan Lekstrom 33:29

Well, if you think about the gold industry in generalright now, before we go into any of the other assets, you look at a gold miner. The way a gold miner does it is, you know, they mine it. They have a cost to mine it called an ASIC, all in sustaining cost. And then they sell it. And they clip that marginal gain, whatever it is. It’s a 1x, 2x, half an x. And then they get valued on that.

Morgan Lekstrom 33:50

And then that goes to someone else and they do something else with it. And then they clip a gain on that. You look at how Apple does it, for example. They don’t own the miners. They don’t own that part of the supply chain. They’re the end product. Your iPhone is the end product and they have unlimited supply. They just push it out and market it.

Morgan Lekstrom 34:10

Our product is meant for the financial space. It is meant for everyday users. It is meant so you can have access to the end product. And Streamex is the conduit for that,right? So as you move forward into what looks like a liquid commodities market because,

Morgan Lekstrom 34:29

you know, people are rotating from Bitcoin in between, they just don’t know how to own it. Our product allows them to do that, allows them to do what they need to do to earn yield. And they’re sitting there going, okay, I’m trading on blockchain. I’m doing all the fun technology stuff. But also, this is now becoming an institutionalized product. That’s what blockchain is meant for. And that’s what we founded Streamex on,

Morgan Lekstrom 34:49

was taking a 100-year-old traded industry and modernizing it with modern technology and allowing just everyday mom and pop to not have to go down to the store, buy a piece of gold, stick it in your vault. You know, the old world is always like, oh, someone’s going to steal my gold. It’s like, well, hold on.

Morgan Lekstrom 35:10

If it’s in a giant safe with the rest of the gold and you can trade it around, you can get in and out of it easier and you’ll get in and out of it as a premium versus having to drive to your store, grab it, take it to the car, blah, blah, blah. That’s what the Streamex advantage is of, is. That’s not just gold.

Morgan Lekstrom 35:28

The total addressable market in gold is like $8 trillion that trades. Gold trades $233 billion a day. And trust me, as someone before I got into the gold space or you talk to, you know, my friends that are not in the mining space, that are not in the commodity space, they’re like, wait, what? That trades as much as the S&P 500. We’re like, yeah.

Morgan Lekstrom 35:47

They’re like, how? Why haven’t we heard of this,right?

Frank Curzio 35:50

Yeah.

Morgan Lekstrom 35:51

Because no one’s had access to it before. And that’s what we’re providing.

Frank Curzio 35:55

So talk about the GLDY token that you’re going to launch, which is pretty soon. Yeah. How much money are you going to raise for it? Because once that happens, that’s when everything gets going completely. And that’s how a lot of those fees… It’s almost like, I think, you’re generating management fees as well. You have all these fees just flowing at the stock constantly. So as this gets bigger and bigger, it’s just a stream of money that comes into your stock.

Frank Curzio 36:14

And it’s, you know, it’s almost like management. It’s almost like BlackRock, 13 trillion. If the market goes up, automatically assets are going to go higher. If gold goes up, this is going to go higher. You’re going to get more fees, you know. So talk about the token and when you’re going to launch it because that’s really exciting for investors too.

Morgan Lekstrom 36:30

Yeah, absolutely. The token will launch in the next few weeks. I mean, we’re really valued based on the technology currently and all the partnerships we were speaking about before, those exclusivities. I mean, we put a big moat around our company with those partnerships and with the years it took to develop the technology. But GLDY launches here in the next couple of weeks.

Morgan Lekstrom 36:49

And we started off with saying, oh, we’ll do $100 million. And the indication has been much more than that, as you can imagine. You know, I’m running a gold yield… Or sorry, a gold ETF. And I have to, you know, charge an AUM and I have to charge this and no one gets yield. This is a way for them to augment that and offset it.

Morgan Lekstrom 37:09

So you now have a product in the ethos in the world that’s about to launch that, you know, we are aiming for a billion in issuance as soon as possible. There is a strong case that it could be much more than that. Now, theoretically, if we trade 100 times a year on a billion dollar issuance, you know, our profits are significant.

Morgan Lekstrom 37:30

They’re in the, you know, 80 to 100 range. We profit 90% on that. We have a low burn business. So we’re asset light, low cash burn. It took us years to build all the tech in the backend. But we’re public, which is actually a really unique thing. So you’re going to get access to this by buying Streamex. You get access to this leverage that it creates with gold,

Morgan Lekstrom 37:50

with silver, launching these products, the income flow that will come from them. Soright now, we’re at that just about to take off and launch. Like Larry Fink said, 1996 internet versus where it really launched. We are a combination of all of it. The RWA space is there or the tokenization space.

Morgan Lekstrom 38:09

The commodity space is becoming forefront again. And I think, Frank, you know this and your viewers probably do, is when you get into a commodity run, it is insane. We’re not just in a technical commodity run. I think we’re in a fundamental shift in the commodity market because of the usage requirements,

Morgan Lekstrom 38:29

because silver’s required for solar, because copper’s required, because the world is falling apart and gold is a hedge. Now, imagine owning some of that and getting paid to own it. That’s really what GLDY is. You own gold and you get paid to own it. Thank you. Like, thank you for your help.

Frank Curzio 38:44

And just gold going higher, guys. I mean, there’s some people out there, you know, de-dollarization. The dollar’s not going to disappear. A lot of the central bank buying is their way of saying, hey, we have to go off the dollar a little bit here,right? You know, because everything is going on with Donald Trump and very, you know, isolated with America First,right? And the tariffs. You can throw tariffs whenever you want.

Frank Curzio 39:03

So they’re like, okay, we got to diversify a little bit here. And then you have the rare earths part,right? Which is massive. As you could see, we’re taking stakes. We’re trying to get that production because we’re so reliant on China. So, you know, when you look at all these dynamics in a deficit, it doesn’t matter which president is going to be there for us for the United States of America. It’s going to continue, go up. It’s going to hit 40 trillion soon. And if you look at those dynamics and what’s taken place,

Frank Curzio 39:22

I’m not saying that this is secular, you know, because this is normally a cyclical industry. But it seemsright now, when you’re looking at those dynamics, what changes the cycles when you see, you know, the supply-demand imbalances and stuff like that, you can’t really see that for many years, what’s going on. I mean, these trends are not going to reverse.

Frank Curzio 39:40

And that’s why I love this. And the GLDY, like, is similar to our token where, you know, it’s unfortunate, but this is a real token,right? So we had it… It was available to accredited investors, I believe, only,right? At leastright now,right?

Morgan Lekstrom 39:53

Currently,right now, yeah.

Frank Curzio 39:53

And this is going to be a security,right?

Morgan Lekstrom 39:56

It is a security. Yeah. It is a security. It’s got a QSEP. It was designed for asset managers, ETFs, everyone to hold it. Again, that is a huge total addressable market that we’re disintermediatingright now.

Frank Curzio 40:07

Yeah. So even with our token, you know, if we get bought out as a company, it’s just like as you own any company that’s gotten bought now,right? Compared to other tokens, utility tokens, if people don’t know this, you know, you’re not getting an equity stake. Microsoft comes over and says, Solana’s the greatest thing ever and pays $50 billion. You get nothing. You don’t have an equity stake in that. It’s only tied to the utility. This is totally different,right?

Frank Curzio 40:26

So you have this token, raise all the money. People get the yield. Institutions get the yield. And then the flow of these fees and everything else flows into the stock. And again, I don’t want to get too technical. I just wanted to explain it because I know we’ll probably get questions on it. But learning this is what we do. And I try to explain it in an easy way to everyone. But just the fascination to me here, Morgan, is you’re able to merge two markets of people that hate each other.

Frank Curzio 40:47

And I never understood why the F they hate each other for. When they’re buying Bitcoin and they’re buying gold for the same freaking reason,right? And then I understand getting… You know, I’ve had older mentors. And it’s one of the things I learned. Don’t be stubborn in your ways. Always be willing to change. I just feel like, you know, if you keep poking those young investors saying your idiots are idiots, they’re going to be saying, you know what?

Frank Curzio 41:07

You’re an idiot for buying gold. And then out of spite, they’re just not going to buy it. But when you have the membership that you have, you focus on tokenization. I just feel like this is early, mid-90s disruption where I remember talking to my dad, who’s managing money at the time, saying, you know what? We need a website. He’s like, we don’t need a website. I’m like, we kind of need a website. You know, only a few companies have them.

Frank Curzio 41:26

And now it’s like, you know, of course, it’s a website. But back then, you were like, I don’t… But it’s digital. You have to get on board or you’re going to lose out. When I see this tokenization trend, you’reright in the middle of this. You have theright banking with theright people involved. You’re doing it theright way with the security. I mean, it checked off so many boxes that when I left your office after seeing you, I was like really, really impressed.

Frank Curzio 41:46

And I don’t… You know, I get impressed sometimes. I’ve been doing this for 30 years. I was like, holy shit. You know, what I’m looking at small caps real quick, Morgan. I look as, if these people get itright, where could this stock go? And you always want to have that grand slam. And this is a grand slam if you get itright. Not saying you get itright. Maybe you don’t. Maybe there’s always execution risk.

Frank Curzio 42:04

I’m going to say there’s always risk to everything. But I’ve been part of things where I gotright and I got like a 30, 40% gain. And I’m like, shit. You know what I mean? This is something if you getright with the amount of money in gold, you know, nearly a $30 trillion marketright here. I mean, it’s got to fascinate you. And also, I guess I’ll ask you, is there competition here?

Frank Curzio 42:24

You worry about competition because you have theright management team. You have backers that are huge. You have everything coming together. Are you worried about anything? And I know I feel like you’re ahead of everyone else. But maybe if you could say, how does this differ from maybe a Tether, which people might say, well, that’s a stablecoin. And now they’re buying gold and stuff like that. So, you know, talk about the competition and why you guys are ahead of that.

Morgan Lekstrom 42:43

Yeah, absolutely. A, being publicly traded. I mean, we’re publicly audited. We have auditors and management and corporate governance and all the fun things that come with being public. B, you know, Tether and Paxos have done an amazing job in the gold space and bringing gold on chain,right? I’m never going to discredit them.

Morgan Lekstrom 43:02

They’ve done a great job. But you hold that. You’re going to pay a slight premium to gold. And you’re not going to get a… You’re not going to get a yield on it. And our yield pays back in gold. So it’s great that it’s there. And it is a very nice way to hold it. But again, being public, you get the kind of trust behind that. Also, our technology that took three years to build.

Morgan Lekstrom 43:23

Again, like I said earlier, we put a moat around this. What I mean by that is the agreements that we have are very specific to our technology. And the reason we’ve built the way we have and the way we’ve worked with the ETFs, like you saw Simplify on there, really outstanding. A lot of great ETFs out there. And then you look at someone that we just added to our board, Kevin Gopal.

Morgan Lekstrom 43:43

Kevin built the entire ETF division of Bank of Montreal, $100 billion. This guy’s like a little god in the ETF world. But he’s in here because he saw something. And he goes, hold on. This is going to disrupt the ETFs. And they’re going to clamor for these products because now you’re providing yield on something they’ve traditionally never seen it on.

Morgan Lekstrom 44:02

But again, back to the fundamentals, this takes a real-world application and an asset, puts it on blockchain, and it allows it to be a security to be traded. So you’re getting the benefit of the technology. You’re getting the benefit of the actual real world that is happening. It’s not just we’re tokenizing this phone and hoping for the best.

Morgan Lekstrom 44:24

You know, you’re actually taking stuff that has never been able to be accessed by and traded in a retail sense and an institutional sense. So that’s why for us, we think we’re in a very strong position. We also don’t have an execution risk of building a mine. You know, we don’t have an execution risk of saying, hey,

Morgan Lekstrom 44:44

we’re going to build an AI platform and hope for the best. And, you know, there’s 80,000 people trying to do that. The RWA space and tokenization has really been the private space. Everyone’s kind of private. They’re, you know, they’re hoping for the best. And maybe one day it’ll work. We’re like, we’re going to take it head-on. We’re going to deal with regulators.

Morgan Lekstrom 45:03

We’re going to do this within the regulation. Regulation is changing in favor, which is a positive. But we’re going to do this so that it works. And that’s why it took so long to build the technology and the agreements because we did it lock and step. We didn’t just kind of go out and try to put a coin out and hope for the best.

Frank Curzio 45:20

Now, that’s cool. So once a investor in your token, they have to be a credit investor. How could they do that? Is that they’re reaching out to you or…

Morgan Lekstrom 45:26

Yeah, just KYCAML. It’ll be available through our website, through the PPM, which is a private placement memorandum. Typical kind of like buying a private placement in a stock. It will be available in the future to just a general retail investor as well. But that’s, again, that’s a future us thing.

Morgan Lekstrom 45:45

But the general interestright now has really stemmed from the institutions and the ETF space and the asset managers and people that are saying, hey, I’m supposed to hold 10% commodities or gold on my book. But yeah, I got to pay this ETF to do it for me. Or I got to go buy something weird. Or now, hold on.

Morgan Lekstrom 46:04

I can buy your token. And it’s one-to-one. And you get yield. Like, think about the downside protection that comes with that, whether it’s gold, whether it’s silver. We’re offering you yield. You know, over a 20-year period, gold goes up 8.3% on average. It’s been a freak in nature recently. But you add the 4% on that.

Morgan Lekstrom 46:23

You’re hitting your 12% plus cap,right? Gold goes up even more. Now you’re downside protecting yourself as well. So there’s the ups and the downsides. So you get the good up. You get the downside protection by having yield that pays in gold. It’s not in cash. So for Streamex, that’s just revenue for us.

Frank Curzio 46:40

So last thing here. How many shares do you own? How many shares does Henry own, you know,right now for your company?

Morgan Lekstrom 46:49

So Henry and myself each own about 21 million shares. Frank recently bought more. I bought more as well. I bought another half a million dollars in the market, roughly. Frank bought another $3 million in the market. So he owns, what, $18 million. Sean Rosen owns a bunch. We’re still about… The core insider group is still about 50, just over 50% held.

Morgan Lekstrom 47:11

And between, you know, very close people that we know and the people that were investors in Streamex originally that are very long our stock, we still hold about 70% of the company. We have a really amazing RIA in there called Legacy Wealth. The gentleman that runs it is just an unbelievable supporter. He runs probably one of the best RIAs I’ve ever seen.

Morgan Lekstrom 47:30

Like, he’s just about $7 billion under management and continues to grow it because he builds trust. He’s based out of Idaho. We’re really close with him. So that’s another 17, 18 million shares. So it’s still very tightly held. Everyone is looking at this as a long-term. We’re going to change how finance and how commodities interact with the world.

Morgan Lekstrom 47:50

And we’re proving that with our launch here very shortly. So it’s going to get spicy.

Frank Curzio 47:55

Now, this is great. And what I just showed you guys too, if you want to see it again, I mean, this is just recent,right? So you’re looking at Frank Drušča is a 10% owner. And, you know, you’re more than 10% owner. If you lookright here, again, I got a website, unfortunately, that’s going to have a couple of ads and stuff on it. But, you know, this is… Look at the date on this. This is just a couple of days ago,right, adding to his position.

Frank Curzio 48:14

So, you know, these guys are in. When I saw Frank, one of the things that I loved the most is having Frank Drušča as an investor in anything is always great with his contacts. But the fact that he’s a 10% owner, I know a lot of big investors that do not like to put their name on things and their owners through different ways, you know, less than 10%. With 10%, you got to file,right?

Frank Curzio 48:33

So, you know, for him to have his name on this, I think is really exciting. And you could see him because sometimes, again, sometimes I’m against him because he’s ripping the Bitcoin. And I’ll troll a little bit. I like Frank a lot. But you can go and follow him on Twitter. But, you know, when you see a name like this really change and being able for you or whoever your management team to explain and say, look, this is bigger than anything we’ve ever seen.

Frank Curzio 48:54

We’re talking about something bigger than the entire gold market. We’re talking about trillions of dollars that could be flowing into this thing, not just through gold, but other commodities. If, you know, now that you launch and you get thisright, it’s… To me, this is an incredible opportunity because of if you get itright, this is game-changing. This is life-changing for people. And I think when you invest in small caps, you need names like this,right?

Frank Curzio 49:15

That’s what you want. Yeah, if you’re investing in large caps, you get your yield. You get whatever, you know, fine. Consumer staples, whatever. You can invest in technology. But investing in small caps, you want to make sure that reward is worth the risk you’re taking. You know, when you see a total addressable market like this, I covered small caps for 30 years. I don’t think I’ve ever seen a bigger total addressable market than this if you get thisright. So I’m rooting for you.

Frank Curzio 49:34

I’m going to be buying sharesright after this, like I always do personally on the market here at this price. But I’m really excited for you, man. I really am. I was glad to meet you. Just the humbleness surprised me. And just, you know, it’s also you got to be humble and confident. And you tell me stories. I really enjoyed our conversation there. So, you know, I wish you good luck.

Frank Curzio 49:51

And I think after this, you’re going to see a lot of people buy it because of the risk-reward and because of the interview,right? I think they’re going to like you like I like you and know that you’re all in behind this idea.

Morgan Lekstrom 49:59

Frank, thanks, man. I appreciate that. Look, there’s learning you do growing up in different industries and then coming into the finance space. And, you know, the first win you have or the first little win you have, you get a bit of an ego. And then you have another failure. And you get beat down a bit. And I’ve gone through that over and over and over.

Morgan Lekstrom 50:19

But the one thing, you know, Frank and others have really taught me is it doesn’t matter what watch you wear. It doesn’t matter what clothes you wear. It’s the kind of person you are. It’s that you’re actually trying to change things. And you’re willing to put in the time. And that, you know, I’ve had many times where Frank and I were just sitting around having a cigar.

Morgan Lekstrom 50:37

And, like, he’s wearing torn jeans. And you’re like, you’re a billionaire. Like, you could wear, like, anything in the world. You could do… You could be on anywhere in the world. And he’s just spitting life advice. But I love it. And look, as far as a funny little quick story here is I have a seven-year-old. And I gave him a silver coin recently.

Morgan Lekstrom 50:58

And he kind of looked at me. And I asked… And I just wanted to do this little hypothesis test I had. I’m like, my son’s name’s Gabriel. He’s this cool little kid. And I’m like, hey, Gabe, here’s this coin, this little silver coin. And I want you to look at this phone. Which one would you rather have?

Morgan Lekstrom 51:17

Would you rather see it on your phone or would you rather see it and hold it in person? He goes and sets it on his desk. He’s like, whatever, give me the phone. And that’s the culture we’re dealing with,right? Sir, it’s somewhere. I know it’s somewhere. But I want to see it on my phone. I want to see it in my account. It’s like money,right? Great. You have a big pile of money at home.

Morgan Lekstrom 51:35

Who cares? What are you going to do with it? But I want to see it in my account. That was kind of a cool little moment for me. So, look, I really loved meeting you too. And I think we’re going to have a lot of stories to share over time. And thank you again for all your support.

Frank Curzio 51:49

Oh, thank you. And last picture here is this is Frank in the best with a T-shirt. And that’s him, which is really cool.

Morgan Lekstrom 51:56

Exactly.

Frank Curzio 51:57

He just said it too. And I’m like, wait, that’sright on his website too. No suit, no like, hey, I’ve been invested, you know, founder of Liongate. Just an amazing track record of how many companies he started and even the gold industry. It’s just amazing. So, listen, thank you so much for coming on. Good luck with Streamex. I’m looking forward to, you know, seeing you progress and seeing everything, the token launch.

Frank Curzio 52:16

And I’m sure you’re going to get lots of emails. If someone wants to learn more, how could they do that?

Morgan Lekstrom 52:20

They can go www.streamex.com. They can get a hold of you and talk to me directly or Henry directly. We love taking phone calls. We take emails, phone calls all the time, video calls. We are very interactive with our shareholders. And we’ll always be that way. Doesn’t matter who you are, if you have 10 shares or a million.

Frank Curzio 52:39

Now, it sounds great. Allright. So, listen, thank you so much for coming on. And hopefully, we’ll get you on in a couple of months and see the progress and stuff like that. But I really appreciate you taking time.

Morgan Lekstrom 52:47

Thanks, Frank. Talk to you later.

Frank Curzio 52:51

So, guys, it’s not often you see such a small company have the chance to be an industry leader in one of the fastest and biggest trends in the world, which is tokenization, which is still early. But now you’re seeing a lot more money. You have administration that’s favorable to tokenization. It makes a lot of sense. Everybody knows it’s disruptive.

Frank Curzio 53:07

That’s why banks were trying to stop it, lobbying hard against it in the previous administration where a lot of this shit got shut down. Now it’s bigger than ever. It’s not coming. It’s here. And it took long enough. I know, believe me. So my investors know, believe me. But this small company is targeting multi-trillion dollar industries.

Frank Curzio 53:28

And I get it when you have companies. And I researched tons of small companies over my, you know, decades-long career. I see with some companies and even entrepreneurs that they want to reach for the stars. And I get it. We’re going to own this industry. We’re going to go crazy. But few have the backing of a Sean Rosen or Frank Drušča. And when you look at this company, is it risky?

Frank Curzio 53:47

Of course, it is. Every small cap is,right? But for someone who has been doing this for literally over 30 years, when I look at Streamex, it’s worth putting a few grand into. And this is what I said about crypto. And crypto has got annihilated the past six months. We know that. But cryptos provide gains that you can’t really see in the stock market. You really can’t because a lot of these big names that are, you know,

Frank Curzio 54:05

high profile, you’re going to look at Elon Musk’s company launching IPO. You’re going to see OpenAI launching an IPO. I mean, they’re going to be launching at prices where 95% of the growth already took place. Okay, so it’s hard to get those big gains because the good companies wait long to go public. And they go, you know, the liquidity event. And deciders are selling to you. It’s harder. When you’re looking at small cap companies and targeting a multi-trillion dollar industry,

Frank Curzio 54:27

having the backing of Frank Drušča, Sean Rosen, and superstars, merging these industries together, which I get the chills because I always said, man, if these guys just freaking, like, just worked with each other, I mean, and you combine these industries, that’s what they’re looking to do here. And it makes sense for everyone involved, especially investors. Imagine just…

Frank Curzio 54:46

A lot of you own gold. I own gold. I own gold coins. You know, I’ve owned gold for a long time. Sometimes I shit on gold when I didn’t think it was the right time to buy when the market’s being flooded, when interest rate is zero, doesn’t pay interest. I’m like, why would you own gold? You didn’t want to own risky assets across the board for 10 years. And a lot of my friends in this industry got pissed at me and said, Frank, you know what? You know, you shit on gold. I’m like, I’m not shitting on it now.

Frank Curzio 55:05

It’s going to be good at another time. But right now, it just doesn’t make sense. Today, it makes sense. I mean, gold is going to go incredibly higher from here because of dynamics, which I talked about early, even in an interview with Morgan. They’re not going away anytime soon. They’re just not. But for Streamex, this is a company that’s worth putting a little bit of money into, depending on where you are.

Frank Curzio 55:25

Because if these guys get it right, we’re not talking about a $3 stock that’s going to go to $6 and, yeah, you’re happy, 100% return. And now it’s not going to go to $10, to $20, to $30. It has a shot to go to $100 in, say, 5 to 10 years from now because the total addressable market is absolutely massive. And this is why you have some of the biggest people in the industry,

Frank Curzio 55:46

Frank Drušča, Sean Rosen, I mean, guys from the crypto industry going into this,right? For Frank to actually say, hey, you know, you’re reporting over 10%, like you just said, it’s when you’re reporting, you have to report when you have over a 10% stake. He’s put his name all over this, even though you go on Twitter now and you look at the past two years of him absolutely trashing Bitcoin, going after Michael Saylor and everything.

Frank Curzio 56:04

But to change the mind of someone like this is fantastic. I’m going to try to get him on the podcast as well. But after this interview, look, I like Morgan a lot. Everyone says he’s the next superstar in Vancouver. I didn’t care about that. I don’t care what other people say. I want to do my research by myself. And, you know, but when I look at Frank Drušča,

Frank Curzio 56:23

looking at him, he obviously agrees as this is a person that runs dozens and dozens and dozens of companies,right, throughout all his career, 40, 50 year plus. And he’s done more due diligence than anyone when it comes to picking leaders to run his companies. Doesn’t mess around with that.

Frank Curzio 56:38

And this company, Streamex, by far probably bigger than every company he’s founded or been a part of combined when it comes to the total addressable market, including Lionsgate, founded, Gold Corp, founded, Wheaton Precious Metals. That’s who you’re dealing with here,

Frank Curzio 56:56

who’s going all in putting his name all over this company. So, again, I was surprised to see him take a 10% stake because someone that hates it, he’s going to get a lot of feedback or whatever. But it just shows… I love that conviction. It’s something that I learned that from my mentors, I learned that they didn’t do is the ability to change your mind when the facts change. And being able to merge these two industries, Frank’s looking at it and saying, wow, this isn’t just like your typical mining company,

Frank Curzio 57:16

which, you know, one out of every thousand becomes an operating mine. This could be like bigger than the entire industry worldwide if they get this right. So, I love the interview. Morgan’s humble. He’s confident. He’s a hard worker, no BS type of guy, perfect leader. I’m happy to bring this name to you because it’s under the radar.

Frank Curzio 57:35

Nobody really heard of it. It’s getting hit a little bit because it’s linked to, you know, it was linked to maybe gold. And it’s not really, you know, a little bit, but still gold’s going down a little bit. Also linked to crypto, which has gotten killed. So, you’re getting a stock that has come down because it’s kind of linked to that. But it really isn’t. And they have lots of catalysts coming up.

Frank Curzio 57:50

But my job on this podcast and my job, I think, is why we have so many subscribers and people subscribe to me for 30 years, is we try to bring you stocks before everyone starts talking to them. Everyone hears about them. We dealt with Celestica. No one knew what Celestica was. We bought at $40, sold it for over 300, 500% gain. That’s recent. We did with DGXX,right, in, you know, dollar, dollar change.

Frank Curzio 58:09

You know, recommend that stock went to $6. And now it’s a little bit below $3. Still, you know, sitting on 400 megawatts of power with a company probably worth about 3X just in assets,right, on a balance sheet. Bloom Energy at $20. It’s $140,right? So, yes, we’ve had, you know, stocks that we stopped out and losers. But our job as small caps is you want to make sure if you’re buying it,

Frank Curzio 58:29

you get the opportunity to hit a grand slam. You don’t just want to hit a single. You don’t want to take on all this risk and make 30% or 40% or 50%. You want to get a 20X, 30X, 50X. And when a total addressable market is that big with a company that has this kind of backing of someone who’s funded so many of the greatest freaking mining companies in the world, now he’s starting this.

Frank Curzio 58:48

It’s not going to be difficult. You’re taking, like, execution. You’re lowering the risk of execution. And also, you’re lowering the risk where a lot of these companies need to be funded. Frank Drušča snaps his finger. And you’re going to have massive funding as this thing grows. And that’s what you want. You know, funding might end up in dilution. Dilution’s not a bad thing if you’re diluting and you’re raising money to grow your company even faster and faster and faster,right?

Frank Curzio 59:08

Microsoft, you look at Nvidia, all these companies raise money along the way. Look how big they are, trillion-dollar companies, right? It’s using dilution. If you use it to pay lawyer fees or you’re using it to… because you’re, you know, you’re having trouble paying the bills,right? That’s different.

Frank Curzio 59:21

You know, in the future, if they need money to really grow this platform and get bigger and bigger and bigger and bigger, you have the number one financer in the world right there that can snap his fingers and do it,right? So, you remove a lot of risk from this stock. If these guys get it right, look out because it will be life-changing for you. And if they do get it right, beers are on you. Just saying. If I see you,

Frank Curzio 59:40

wherever I see you, I travel a lot, beers are on you. So, guys, that’s it for me. I’ll see you tomorrow on Wall Street Unplugged Premium. We’ll have the ultimate rain on Disney as they just hired the worst person possible to be their next CEO. I’ll see you tomorrow.

Announcer 59:51

Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decisions solely on this broadcast. Remember, it’s your money, and your responsibility.