Executive Summary

We performed agreed-upon procedures to independently attest that liabilities issued by Ledger Quantum Vault (LQV) are fully backed by physical gold reserves as of the close of business on 2025-08-31. Our procedures included vault confirmations, reconciliation of bar lists to balances, and verification of on-chain reserve addresses.

• Conclusion: As of 2025-08-31, LQV liabilities were fully backed at a ratio of 100.21%.
• Variance: Minor over-collateralization due to settlement timing of inbound bars.
• Qualification: None. No exceptions were noted that would affect our conclusion.

Scope

Our scope covered the following:

• Period of review: 2025-08-01 to 2025-08-31
• Vault locations: Zurich (CH), London (UK) — insured professional vaults
• Assets tested: Good Delivery gold bars (995/9999 fineness)
• Systems: Reserve ledger, liability ledger, Proof-of-Reserves commitments and on-chain addresses

Methodology

1. Obtained independent vault confirmations of bar holdings and weights.
2. Verified bar lists (serial, refiner, fineness, weight) and matched to custody certificates.
3. Reconciled total fine troy ounces to the reserve ledger.
4. Compared circulating liabilities to the liability ledger and Merkle commitment published by LQV.
5. Validated reserve wallets/addresses and balances on-chain; matched to custody entries.

Findings

On-Chain Proof of Reserves

We reviewed public addresses under LQV reserve control and verified balances on-chain as of the attestation timestamp. We re-computed the liability Merkle root from anonymized account commitments and confirmed equivalence with the published root.

• Reserve address set hash: b7c1…9af2
• Liability Merkle root: 18de…f3a5
• On-chain timestamp: 2025-09-01T00:05:22Z

Conclusion

Based on the procedures performed, we conclude that as of 2025-08-31, the liabilities of LQV were fully backed by verified physical gold reserves, with a positive coverage variance.

Signed electronically,
Independent Auditor — Metals Assurance Group