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Investment Disclaimer

Last updated: December 2025

⚠️ READ THIS BEFORE USING PIXYS

Not Financial Advice

Pixys is NOT:

  • A licensed financial advisor or investment firm
  • Registered with securities regulators (SEC, FINRA, FCA, or equivalent)
  • Providing personalized investment recommendations
  • Telling you what to buy, sell, or hold

We ARE:

  • Providing educational content and analytical tools
  • Sharing analysis based on publicly available data
  • Using established investment frameworks to evaluate companies
  • Helping you understand resource stocks through research and ratings

The analysis, scores, and ratings on this platform should NOT be construed as recommendations to buy, sell, or hold any securities.

Investment Risks - Read Carefully

General Investment Risk

All investments carry risk of loss. You could lose some or all of your invested capital.

  • Past performance does not predict or guarantee future results
  • No investment strategy guarantees profits or protects against losses
  • Markets are inherently unpredictable
  • Individual stock performance can vary significantly from expectations

Resource Stock-Specific Risks

Mining stocks are particularly volatile and speculative. These companies face unique challenges:

Market & Price Risks:

  • Commodity price fluctuations (gold, silver, copper, etc.)
  • Supply and demand imbalances
  • Currency exchange rate volatility
  • Economic recession or market downturns

Operational Risks:

  • Mine development delays or cost overruns
  • Production difficulties or equipment failures
  • Resource grade variations (ore quality)
  • Labor disputes or workforce shortages
  • Technical or geological challenges

Geopolitical & Regulatory Risks:

  • Political instability in operating regions
  • Nationalization or expropriation of assets
  • Changes in mining laws or tax regimes
  • Permitting delays or denials
  • Environmental regulation changes
  • Import/export restrictions

Financial Risks:

  • Difficulty raising capital
  • High debt levels
  • Dilution from share issuances
  • Liquidity risk (inability to sell shares quickly)
  • Bankruptcy or insolvency

Environmental & Social Risks:

  • Environmental disasters or accidents
  • Community opposition or protests
  • Indigenous land claims
  • Tailings dam failures
  • Water contamination issues

Stage-Specific Risks

Explorers (Highest Risk):

  • No proven reserves or revenue
  • May never make a commercial discovery
  • Constant need for capital raising (dilution risk)

  • 90% of exploration projects fail

  • Highly speculative

Developers (High Risk):

  • Capital-intensive construction phase
  • Permitting and regulatory hurdles
  • Financing challenges
  • Delays and cost overruns common
  • No revenue until production starts

Producers (Moderate to High Risk):

  • Operational execution risks
  • Commodity price exposure
  • Declining reserves (depletion)
  • Maintenance capital requirements
  • Market and economic sensitivity

No Guarantees or Warranties

Performance Disclaimers

  • No guarantee of accuracy: While we strive for accuracy, we do not guarantee the completeness, accuracy, or timeliness of any information
  • No guarantee of results: High ratings do not guarantee positive returns; low ratings do not guarantee negative returns
  • Third-party data: We rely on data from SEC, SEDAR, financial APIs, and other sources that may contain errors or delays
  • Ratings can change: Company circumstances, market conditions, and new information can cause ratings to change rapidly
  • Analysis limitations: Our analysis is based on available information at a specific point in time and may become outdated

What We Don’t Know

We cannot predict:

  • Future commodity prices
  • Geopolitical events
  • Management decisions
  • Regulatory changes
  • Natural disasters or accidents
  • Market sentiment shifts
  • Macroeconomic conditions

Our analysis does NOT account for:

  • Your personal financial situation
  • Your risk tolerance or investment goals
  • Your tax circumstances
  • Your portfolio diversification needs
  • Your time horizon or liquidity needs

Your Responsibilities

Before Investing, You Must:

✅ Do Your Own Research:

  • Read company financial statements and filings
  • Review technical reports (NI 43-101, PEA, PFS, FS)
  • Understand the company’s business model and assets
  • Verify information from multiple sources
  • Stay updated on company news and developments

✅ Consult Qualified Professionals:

  • Licensed financial advisor for personalized advice
  • Tax professional for tax implications
  • Legal counsel for complex situations
  • Industry experts for technical due diligence

✅ Assess Your Situation:

  • Evaluate your risk tolerance honestly
  • Only invest money you can afford to lose
  • Consider your overall portfolio allocation
  • Understand your investment time horizon
  • Ensure adequate emergency savings first

✅ Understand What You’re Buying:

  • Know the company’s stage (explorer, developer, producer)
  • Understand the jurisdiction and political risks
  • Read the risk factors in company filings
  • Know the capital structure (shares outstanding, dilution risk)
  • Understand the commodity exposure

Independence & Conflicts of Interest

Our Independence

Pixys maintains strict editorial independence:

  • We do NOT accept payment from companies for coverage or ratings
  • We do NOT engage in “pay-to-play” arrangements
  • We do NOT coordinate with companies to promote their stocks
  • We do NOT front-run our analysis (we don’t trade ahead of publishing ratings)

Potential Conflicts

You should be aware:

  • Pixys employees and affiliates may own stocks we analyze (we are investors too)
  • We do not disclose specific holdings to protect privacy
  • We may have business relationships with data providers or tools
  • Our analysis may move markets (particularly for small-cap stocks)

We do NOT:

  • Trade based on non-public information
  • Coordinate pump-and-dump schemes
  • Accept compensation for biased analysis
  • Manipulate ratings for personal gain

Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW:

Pixys, its owners, officers, directors, employees, contractors, and affiliates are NOT liable for:

  • Investment losses of any kind based on information or analysis provided
  • Missed opportunities from delayed or inaccurate information
  • Third-party actions (company fraud, market manipulation by others)
  • Data errors from our sources (SEC, SEDAR, APIs, etc.)
  • Market events beyond our control or prediction
  • Technical issues preventing access to information
  • Changes in circumstances that make analysis outdated

Your use of this platform is at your own risk.

See our full Terms of Service for complete liability limitations: https://pixys.info/terms

Data Sources & Methodology

Where Our Data Comes From

We collect information from publicly available sources:

  • SEC filings (10-K, 10-Q, 8-K, etc.)
  • SEDAR+ filings (Canadian companies)
  • Technical reports (NI 43-101, PEA, PFS, FS)
  • Company press releases and presentations
  • Financial data APIs (Financial Modeling Prep, etc.)
  • Market data providers

Data may be:

  • Delayed (not real-time for free tier)
  • Incomplete (some companies file late or poorly)
  • Incorrect (source errors beyond our control)
  • Outdated (markets and companies change rapidly)

Our Methodology

Our analysis uses our proprietary Pixys methodology (the Pixys 12 criteria plus our quantitative resource calculations) and includes:

  • Jurisdiction risk assessment
  • Management track record evaluation
  • Project quality and grade analysis
  • Financial strength metrics
  • Valuation relative to peers

Important: Our methodology is proprietary and may evolve over time. We disclose our criteria transparently, but weightings and calculations may change.

Regulatory Status

Important Regulatory Disclosure:

  • Pixys is NOT registered as an investment advisor with the SEC, FINRA, FCA, or any securities regulator
  • We are NOT a broker-dealer
  • We do NOT custody assets or execute trades
  • We do NOT provide individualized investment recommendations

If you need regulated advice: Work with a licensed financial advisor or registered investment advisor (RIA) in your jurisdiction.

Specific Warnings

⚠️ Small-Cap & Micro-Cap Risks

Many resource stocks are small-cap or micro-cap companies with:

  • High volatility (price swings of 20-50%+ in days)
  • Low liquidity (difficult to buy/sell large positions)
  • Higher fraud risk
  • Less analyst coverage
  • More speculative trading

⚠️ Penny Stock Risks

Some companies trade as “penny stocks” (under $5/share in US, under $1 in Canada):

  • Extreme volatility and manipulation risk
  • Lower listing standards
  • Often used in pump-and-dump schemes
  • May be delisted or go to zero
  • High risk of total loss

⚠️ International/Emerging Market Risks

Many resource companies operate in emerging markets:

  • Political instability and corruption
  • Weak rule of law or property rights
  • Currency controls or devaluation
  • Expropriation or nationalization risk
  • Limited legal recourse

⚠️ Leverage & Margin Trading

DO NOT use leverage or margin to invest in resource stocks:

  • Amplifies both gains AND losses
  • Can result in losses exceeding your initial investment
  • Margin calls can force you to sell at the worst time
  • Particularly dangerous with volatile mining stocks

Market Manipulation Warning

Be aware of common schemes:

Pump-and-Dump:

  • Fraudsters artificially inflate stock price through false hype
  • They sell at peak, leaving others with losses
  • Common in small-cap mining stocks

Red Flags:

  • Unsolicited stock tips (emails, social media, cold calls)
  • Guaranteed returns or “can’t lose” claims
  • Pressure to buy immediately
  • Anonymous sources or promoters

Protect Yourself:

  • Research independently
  • Verify claims with official filings
  • Be skeptical of hype
  • Report suspicious activity to regulators

Special Situations

Bankruptcies & Restructurings

If a company we analyze faces bankruptcy or restructuring:

  • Equity holders often lose everything
  • Creditors get paid first
  • Stock may be delisted
  • Recovery is rare

We do NOT provide advice on bankruptcy situations.

Mergers & Acquisitions

If a company is acquired or merged:

  • Deal terms matter (all-cash vs. stock consideration)
  • Deals can fall through
  • Shareholder votes may be required
  • Tax implications vary

Consult professionals for M&A situations.

Regulatory Actions

If a company faces regulatory investigation or enforcement:

  • Stock may be halted or suspended
  • Fines and penalties possible
  • Reputational damage
  • Potential fraud or misrepresentation

We may not be aware of investigations until publicly disclosed.

Jurisdiction-Specific Disclaimers

For US Users

  • This is not a solicitation or offer to buy or sell securities
  • Resource stocks may not be suitable for all investors
  • Check if securities are registered with the SEC before investing
  • Canadian stocks may trade on US exchanges (verify regulatory compliance)

For Canadian Users

  • Many stocks we analyze are Canadian-listed (TSX, TSXV, CSE)
  • Review SEDAR+ filings for official company information
  • Be aware of different regulatory standards than US markets

For EU/EEA Users

  • GDPR rights apply to your data (see Privacy Policy: https://pixys.info/privacy)
  • MiFID II regulations may apply to your investments
  • Consult a local financial advisor familiar with EU regulations

For Other Jurisdictions

  • Verify that you are legally permitted to invest in the securities we analyze
  • Understand your local tax implications
  • Comply with local securities laws and regulations

Changes to This Disclaimer

We may update this disclaimer to reflect:

  • Changes in our services or methodology
  • New regulatory requirements
  • Feedback from users or legal counsel

Last Updated: December 20, 2025

Continued use of Pixys after changes constitutes acceptance of the updated disclaimer.

Additional Resources

Before investing in resource stocks, consider reading:

  • SEC Investor Bulletins on Mining & Resource Stocks
  • “Guide to Filing Requirements for Mining Companies” (SEC)
  • “Your Guide to Understanding Penny Stock Rules” (SEC)
  • Technical report guidelines (NI 43-101 standards)

Regulatory Resources:

Summary: Key Takeaways

Remember:

  1. ⚠️ Not financial advice - You decide, we inform
  2. ⚠️ High risk - You could lose everything
  3. ⚠️ Do your own research - Verify everything independently
  4. ⚠️ Consult professionals - Get personalized advice from licensed advisors
  5. ⚠️ We’re not perfect - Data may be wrong or outdated
  6. ⚠️ Markets are unpredictable - No guarantees of any kind
  7. ⚠️ Your responsibility - You alone bear the consequences of your investment decisions

If you don’t understand these risks, do not invest in resource stocks.

Questions or Concerns?

For questions about this disclaimer or our platform:

By using Pixys, you acknowledge that you have read, understood, and agree to this Investment Disclaimer.

Invest responsibly. Do your own research. Never invest more than you can afford to lose.