Market Update – A message from BullionStar’s Deputy CEO

Dear Customers,

The precious metals market has seen a surge in global retail demand in recent weeks across both gold and silver with both metals making all-time highs on a regular basis. January is shaping up to be the busiest month in BullionStar’s history.

In December 2025 and January 2026 alone, we sold more than 65 tonnes of silver, worth close to S$230 million, with silver sales exceeding gold sales in total revenue during this period, which is highly unusual for our business.

Service levels and minimum order policy

This environment, while exciting, also brings operational challenges, and we want to be fully transparent. Our team has been working extended hours to keep up with demand, but customers may experience longer than usual response times from customer support, as well as slightly extended shipping and vault storage processing times. We sincerely regret these delays and appreciate your patience as we work through unprecedented volumes.

To help manage demand and maintain service quality, we introduced a S$5,000 minimum order value. This decision was not taken lightly. BullionStar’s philosophy has always been to remain open and accessible to everyone. With the minimum order in place, we are able to manage current volumes effectively. Without it, the volume of orders would exceed what we can physically handle, even as we scale as aggressively as possible. We regret any inconvenience this causes and will continue to review this policy as conditions allow.

Supply and product availability

On the supply side, restocking has become increasingly challenging. We are seeing tightening refinery and minting capacity, along with growing shortages of physical precious metals in multiple markets. Premiums are rising, particularly for silver, where availability is becoming more constrained.

Despite this, we have worked hard to remain well stocked across a broad range of products. Customers may notice a more limited selection for immediate delivery, with some items offered on a pre order basis. All pre order products are fully secured and allocated to BullionStar. We do not speculate or take unsecured inventory positions.

Thank you for your continued trust and understanding. Your patience during this extraordinary period is genuinely appreciated, and we remain fully committed to the service, transparency, and reliability you expect from BullionStar.

Yours sincerely,

Pete Walden

Deputy CEO