Market Signal Briefing

December 10, 2025 1:45 AM EST | Source: Defiance Silver Corp.
Vancouver, British Columbia--(Newsfile Corp. - December 10, 2025) - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or the "Company") is pleased to announce the results of its 2025 Annual General and Special Meeting (the "AGM") held on Friday, December 5, 2025.

Shareholders approved all items to be acted upon, as outlined in the management information circular of the Company dated October 22, 2025, namely:

Electing all nominees to the board of directors of the Company.Appointing Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the Directors to determine the auditor's compensation.Approving, ratifying and confirming the Company's 2021 Omnibus Plan.A total of 90,698,476 common shares of the Company were voted at the meeting, representing approximately 24.918% of the issued and outstanding common shares of the Company (see below).ResolutionVotes ForVotes AgainstVotes WithheldTo set the number of directors at five98.53%1.470%n/aTo elect the following as directors:Christopher Wright97.279%n/a2.721 %Ronald Sowerby99.016%n/a0.984%James Bergin93.7536%n/a6.427%George Cavey95.502%n/a4.498%Paul A. Smith95.359%n/a4.461%Appointment of Auditor96.699%n/a3.301%Approve, ratify and confirm the 2021
Omnibus Plan93.238%6.762%n/a"We appreciate the continued support of our shareholders. Our team remains committed to creating long-term value through strategic exploration and the advancement of our key assets," stated Christopher Wright, CEO of the Company.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District, the 100% owned Tepal Gold/Copper Project in Michoacán state, Mexico and the newly acquired Green Earth Metals property portfolio in Sonora State. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing, and developing several operating mines and advanced resource projects. Defiance Silver's corporate mandate is to advance its projects through capital-efficient exploration focused on resource growth and new mineral discoveries.

Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information and statements involve known and unknown risks and uncertainties that may cause Defiance's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon... The words "believe", "expect", "anticipate", "contemplate", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule", "understand" and similar expressions identify forward-looking information.

Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from Defiance's Mexican activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Accordingly, all such factors should be considered carefully when making decisions with respect to Defiance, and prospective investors should not place undue reliance on forward-looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277489

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, /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading player in Asia's online social networking space, today announced its unaudited financial results for the third quarter of 2025.  

Third Quarter of 2025 Highlights

Net revenues decreased by 0.9% year over year to RMB2,650.1 million (US$372.3 million*) in the third quarter of 2025.
Net revenues from overseas increased by 69.0% year over year to RMB534.8 million (US$75.1 million) in the third quarter of 2025.
Net income attributable to Hello Group Inc. was RMB348.9 million (US$49.0 million) in the third quarter of 2025, compared to RMB449.4 million in the same period of 2024.
Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB404.5 million (US$56.8 million) in the third quarter of 2025, compared to RMB493.3 million in the same period of 2024.
Diluted net income per American Depositary Share ("ADS") was RMB2.06 (US$0.29) in the third quarter of 2025, compared to RMB2.46 in the same period of 2024.
Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the third quarter of 2025, compared to RMB2.70 in the same period of 2024.
For the Momo app total paying users was 3.7 million for the third quarter of 2025, compared to 6.9 million for the same period last year, and 3.5 million from last quarter. Tantan** had 0.7 million paying users for the third quarter of 2025 compared to 0.9 million from the year ago period and 0.7 million from last quarter.

First Nine Months of 2025 Highlights

Net revenues decreased by 1.7% year over year to RMB7,791.3 million (US$1,094.4 million) for the first nine months of 2025.
Net revenues from overseas increased by 71.0% year over year to RMB1,391.8 million (US$195.5 million) for the first nine months of 2025.
Net income attributable to Hello Group Inc. was RMB566.7 million (US$79.6 million) for the first nine months of 2025, compared to RMB852.3 million during the same period of 2024.
Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB712.2 million (US$100.0 million) for the first nine months of 2025, compared to RMB1,002.4 million during the same period of 2024.
Diluted net income per ADS was RMB3.32 (US$0.47) for the first nine months of 2025, compared to RMB4.51 during the same period of 2024.
Non-GAAP diluted net income per ADS (note 1) was RMB4.17 (US$0.59) for the first nine months of 2025, compared to RMB5.31 during the same period of 2024.

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.119 to US$1.00, the effective noon buying rate for September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

** In line with our strategic focus on return on investment in user acquisition and considering Tantan's diminished materiality to the Group's revenue, we will discontinue the monitoring of Tantan's MAUs. We believe that the number of Tantan's paying users represent a more meaningful metric that better aligns with our current strategy and overall performance.

"Q3 was a busy quarter. I am pleased to see that our team responded swiftly to external challenges and delivered good results in both user and financial metrics." commented Yan Tang, Chairman and CEO of Hello Group. " As one of the earliest mobile social platforms in China, Momo has maintained strong brand relevance and user stickiness over the years. Continuous product innovation and algorithm enhancements have driven steady improvement in key user metrics, laying a solid foundation for the sustained performance of our cash cow business. On the overseas front, revenue continued to grow robustly, driven by the rapid expansion of multiple social entertainment and dating brands in our portfolio. We expect the overseas business to become an increasingly important contributor to the Group's future revenue growth."

Third Quarter of 2025 Financial Results

Net revenues

Total net revenues were RMB2,650.1 million (US$372.3 million) in the third quarter of 2025, a decrease of 0.9% from RMB2,674.7 million in the third quarter of 2024.

Value-added service revenues mainly include virtual gift revenues from various audio, video and text- based scenarios, and membership subscription revenues. Total value-added service revenues were RMB2,611.4 million (US$366.8 million) in the third quarter of 2025, a decrease of 1.2% from RMB2,642.7 million during the same period of 2024. The decrease was primarily due to external factors that influenced the operational focus of certain broadcasters and agencies as well as the weak consumer sentiment on Momo app, and to a lesser extent, the decline in Tantan's paying resulting from a decline in user base. The decrease was largely offset by the revenue growth from our overseas apps, driven by the rapid expansion from multiple social entertainment and dating brands across our rich portfolio.

Other services revenues were RMB38.8 million (US$5.4 million) in the third quarter of 2025, compared to RMB32.0 million during the same period of 2024.

Net revenues from Chinese mainland decreased from RMB2,358.3 million in the third quarter of 2024 to RMB2,115.4 million (US$297.1 million) in the third quarter of 2025, primarily due to the decrease in net revenues from Momo app and Tantan app. Net revenues from overseas increased from RMB316.4 million in the third quarter of 2024 to RMB534.8 million (US$75.1 million) in the third quarter of 2025, driven by the growth of audio- and video-based products in the MENA region, primarily by the new apps, along with incremental revenue from other emerging brands.

Cost and expenses

Cost and expenses were RMB2,309.4 million (US$324.4 million) in the third quarter of 2025, an increase of 1.0% from RMB2,286.2 million in the third quarter of 2024. The increase was primarily attributable to: (a) an increase in revenue sharing with virtual gift recipients for overseas apps, partially offset by a decrease in revenue sharing with broadcasters on Momo apps; (b) an increase in commission fees paid to payment channels for overseas apps; and (c) an increase in amortization of intangible assets from business acquisitions.

Non-GAAP cost and expenses (note 1) were RMB2,250.0 million (US$316.1 million) in the third quarter of 2025, compared to RMB2,242.2 million during the same period of 2024.

Income from operations

Income from operations was RMB344.5 million (US$48.4 million) in the third quarter of 2025, compared to RMB410.7 million during the same period of 2024.

Non-GAAP income from operations (note 1) was RMB404.0 million (US$56.7 million) in the third quarter of 2025, compared to RMB454.7 million during the same period of 2024.  

Income tax expenses

Income tax expenses were RMB65.1 million (US$9.1 million) in the third quarter of 2025, compared to RMB95.3 million in the third quarter of 2024. The decrease in income tax expenses was primarily due to the lower profit in the third quarter of 2025.

Net income

Net income was RMB349.6 million (US$49.1 million) in the third quarter of 2025, compared to RMB449.4 million during the same period of 2024.

Non-GAAP net income (note 1) was RMB405.2 million (US$56.9 million) in the third quarter of 2025, compared to RMB493.3 million during the same period of 2024.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB348.9 million (US$49.0 million) in the third quarter of 2025, compared to RMB449.4 million during the same period of 2024.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB404.5 million (US$56.8 million) in the third quarter of 2025, compared to RMB493.3 million during the same period of 2024.

Net income per ADS

Diluted net income per ADS was RMB2.06 (US$0.29) in the third quarter of 2025, compared to RMB2.46 in the third quarter of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the third quarter of 2025, compared to RMB2.70 in the third quarter of 2024.

Cash and cash flow

As of September 30, 2025, the Company's cash, cash equivalents, short-term deposits, long-term deposits, short-term investments, short-term restricted cash and long-term restricted cash totaled RMB8,861.9 million (US$1,244.8 million), compared to RMB14,728.5 million as of December 31, 2024.

Net cash provided by operating activities in the third quarter of 2025 was RMB143.5 million (US$20.2 million), compared to RMB341.0 million in the third quarter of 2024.

First Nine Months of 2025 Financial Results

Net revenues for the first nine months of 2025 were RMB7,791.3 million (US$1,094.4 million), a decrease of 1.7% from RMB7,926.5 million in the same period of 2024.

Net income attributable to Hello Group Inc. was RMB566.7 million (US$79.6 million) for the first nine months of 2025, compared to RMB852.3 million during the same period of 2024.

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB712.2 million (US$100.0 million) for the first nine months of 2025, compared to RMB1,002.4 million during the same period of 2024.

Diluted net income per ADS was RMB3.32 (US$0.47) during the first nine months of 2025, compared to RMB4.51 in the same period of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB4.17 (US$0.59) during the first nine months of 2025, compared to RMB5.31 in the same period of 2024.

Net cash provided by operating activities was RMB633.4 million (US$89.0 million) during the first nine months of 2025, compared to RMB1,216.4 million in the same period of 2024.

Recent Development

Share repurchase program

As of December 10, 2025, the Company has repurchased 54.7 million ADSs for US$341.6 million on the open market under the Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024 and March 12, 2025, at an average purchase price of US$6.23 per ADS. The remaining size of the program is US$144.5 million.

Business Outlook

For the fourth quarter of 2025, the Company expects total net revenues to be between RMB2.52 billion to RMB2.62 billion, representing a decrease of 4.4% to 0.6% year over year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Our non-GAAP information (including non-GAAP cost and operating expenses, income from operations, net income, net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions.  A limitation of using these non-GAAP financial measures is that share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions have been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.

Conference Call

Hello Group's management will host an earnings conference call on Wednesday, December 10, 2025, at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on December 10, 2025).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10051507-10xa67.html.

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through December 17, 2025. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031
Hong Kong: 800-930-639
Passcode: 10051507

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group's website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in Asia's online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, and Duidui, which target more niche markets and more selective demographics.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations
Phone: +852-3157-1669
Email: [email protected] 

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: [email protected] 

In U.S.

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected] 

Safe Harbor Statement

This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the fourth quarter of 2025, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the third quarter of 2025 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the fourth quarter of 2025 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth.  Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.          

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Operations

(All amounts in thousands, except share and per share data)

Three months

First nine months

Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Net revenues(i):

Value-added service

2,642,712

2,611,356

366,815

7,823,965

7,680,550

1,078,880

Other services

31,952

38,768

5,446

102,510

110,777

15,561

Total net revenues

2,674,664

2,650,124

372,261

7,926,475

7,791,327

1,094,441

Cost and expenses:

Cost of revenues

(1,623,723)

(1,658,331)

(232,944)

(4,722,520)

(4,835,117)

(679,185)

Research and development

(196,382)

(183,263)

(25,743)

(581,741)

(562,891)

(79,069)

Sales and marketing

(354,881)

(343,854)

(48,301)

(1,013,081)

(1,020,359)

(143,329)

General and administrative

(111,174)

(123,992)

(17,417)

(364,037)

(353,342)

(49,634)

Total cost and expenses

(2,286,160)

(2,309,440)

(324,405)

(6,681,379)

(6,771,709)

(951,217)

Other operating income, net

22,221

3,842

540

50,988

27,889

3,918

Income from operations

410,725

344,526

48,396

1,296,084

1,047,507

147,142

Interest income

134,875

90,309

12,686

386,919

316,160

44,411

Interest expense

(34,809)

(18,333)

(2,575)

(91,000)

(72,409)

(10,171)

Other gain or loss, net

-

1,820

256

(43,870)

1,780

250

Income before income tax and share of income (loss) on equity method
investments

510,791

418,322

58,763

1,548,133

1,293,038

181,632

Income tax expenses

(95,298)

(65,130)

(9,149)

(755,525)

(773,926)

(108,713)

Income before share of income (loss) on equity method investments

415,493

353,192

49,614

792,608

519,112

72,919

Share of income (loss) on equity method investments

33,876

(3,579)

(503)

59,730

49,579

6,964

Net income 

449,369

349,613

49,111

852,338

568,691

79,883

Less: net income attributable to non-controlling interest

-

725

102

-

2,013

283

Net income attributable to the shareholders of Hello Group Inc.

449,369

348,888

49,009

852,338

566,678

79,600

Net income per share attributable to ordinary shareholders

Basic

1.29

1.05

0.15

2.36

1.69

0.24

Diluted

1.23

1.03

0.14

2.26

1.66

0.23

Weighted average shares used in calculating net income per ordinary share

Basic

347,943,851

332,480,464

332,480,464

361,613,017

334,932,043

334,932,043

Diluted

365,942,405

339,420,383

339,420,383

377,697,017

341,305,373

341,305,373

(i) The following table presents revenues by geographic area based on the addresses of our customers of our users:

Three months

First nine months

  Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Chinese mainland

2,358,283

2,115,350

297,141

7,112,639

6,399,512

898,934

Overseas

316,381

534,774

75,120

813,836

1,391,815

195,507

Total

2,674,664

2,650,124

372,261

7,926,475

7,791,327

1,094,441

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in thousands, except share and per share data)

Three months

First nine months

  Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Net income 

449,369

349,613

49,111

852,338

568,691

79,883

Other comprehensive loss, net of tax:

Foreign currency translation adjustment

(287,150)

(39,713)

(5,578)

(190,687)

(156,527)

(21,987)

Comprehensive income

162,219

309,900

43,533

661,651

412,164

57,896

Less: comprehensive loss attributed to the non-controlling interest

(6,400)

(1,297)

(182)

(2,114)

(2,816)

(396)

Comprehensive income attributable to Hello Group Inc.

168,619

311,197

43,715

663,765

414,980

58,292

Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except share and per share data)

December 31

September 30

September 30

2024

2025

2025

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

4,122,659

4,192,578

588,928

Short-term deposits

2,026,245

4,525,808

635,736

Restricted cash

4,566,477

123,900

17,404

Short-term investment

-

19,572

2,749

Accounts receivable, net of allowance for credit losses of RMB12,433
and RMB17,636 as of December 31, 2024 and September 30, 2025,
respectively

192,317

248,915

34,965

Prepaid expenses and other current assets

1,104,172

824,153

115,768

Total current assets

12,011,870

9,934,926

1,395,550

Long-term deposits

3,059,860

-

-

Long-term restricted cash

953,285

-

-

Right-of-use assets, net

252,169

148,998

20,930

Property and equipment, net

897,036

1,014,094

142,449

Intangible assets, net

86,661

265,507

37,296

Rental deposits

13,280

3,839

539

Long-term investments

825,533

1,551,807

217,981

Other non-current assets

110,960

172,710

24,260

Deferred tax assets

36,066

33,805

4,749

Goodwill

136,250

615,300

86,431

Total assets

18,382,970

13,740,986

1,930,185

Liabilities and equity

Current liabilities

Accounts payable

615,254

552,338

77,586

Deferred revenue

427,702

473,129

66,460

Accrued expenses and other current liabilities

704,410

692,217

97,235

Lease liabilities due within one year

141,971

92,929

13,054

Income tax payable

157,057

19,548

2,746

Deferred consideration in connection with business acquisitions-current

28,027

76,093

10,689

Convertible Senior Notes-current

20,191

-

-

Long-term borrowings, current portion

1,938,385

2,610

367

Short-term borrowings

2,365,535

-

-

Total current liabilities

6,398,532

1,908,864

268,137

Deferred consideration in connection with business acquisitions-non
current

65,694

-

-

Lease liabilities

115,105

60,859

8,549

Deferred tax liabilities

241,915

513,495

72,130

Long-term borrowings

-

3,508

493

Other non-current liabilities

129,051

47,543

6,678

Total liabilities

6,950,297

2,534,269

355,987

Shareholder's equity (ii)

11,432,673

11,206,717

1,574,198

Total liabilities and shareholder's equity

18,382,970

13,740,986

1,930,185

(ii): As of September 30, 2025, the number of ordinary shares outstanding was 314,131,458.

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in thousands, except share and per share data)

Three months

First nine months

Ended September 30

Ended September 30

2024

2025

2025

2024

2025

2025

RMB

RMB

US$

RMB

RMB

US$

Cash flows from operating activities:

Net income

449,369

349,613

49,111

852,338

568,691

79,883

Adjustments to reconcile net income to net cash provided by operating
activities:

Depreciation of property and equipment

13,144

9,857

1,385

40,979

33,477

4,702

Amortization of intangible assets

1,279

10,076

1,415

3,837

23,922

3,360

Share-based compensation

43,951

50,650

7,115

150,079

129,311

18,165

Share of (income) loss on equity method investments

(33,876)

3,579

503

(59,730)

(49,579)

(6,964)

Gain or loss on fair value changes of short-term investments

-

(1,820)

(256)

-

(1,820)

(256)

Returns on investments

-

-

-

1,197

797

112

Loss on long-term investments

-

-

-

43,870

40

6

Gain or loss on disposal of property and equipment

(142)

(91)

(13)

(62)

(339)

(48)

Provision of loss on receivable and other assets

1,754

168

24

3,675

5,885

827

Changes in operating assets and liabilities:

Accounts receivable

(3,876)

13,340

1,874

11,952

(23,651)

(3,322)

Prepaid expenses and other current assets

(97,212)

189,050

26,556

(91,846)

67,409

9,469

Rental deposits

493

3,256

457

(309)

11,162

1,568

Deferred tax assets

(117)

1,340

188

(4,195)

2,261

318

Other non-current assets

22,945

32,021

4,498

(183,398)

113,693

15,970

Accounts payable

16,036

(61,473)

(8,635)

(15,710)

(70,969)

(9,969)

Income tax payable

35,209

(400,264)

(56,225)

(1,288)

(137,941)

(19,376)

Deferred revenue

(838)

9,298

1,306

568

21,017

2,952

Accrued expenses and other current liabilities

(3,390)

(60,925)

(8,558)

61,357

(202,711)

(28,475)

Deferred tax liabilities

(85,088)

20,333

2,856

294,333

214,229

30,093

Other non-current liabilities

(18,688)

(24,461)

(3,436)

108,705

(71,487)

(10,042)

Net cash provided by operating activities

340,953

143,547

20,165

1,216,352

633,397

88,973

Cash flows from investing activities:

Purchase of property and equipment

(19,796)

(118,363)

(16,626)

(263,814)

(172,339)

(24,208)

Payment for long-term investments

(28,000)

(369,697)

(51,931)

(33,250)

(442,290)

(62,128)

Payment for business acquisition

-

(412,378)

(57,926)

-

(606,768)

(85,232)

Purchase of short-term deposits

(2,133,086)

(2,545,730)

(357,597)

(2,133,086)

(2,545,730)

(357,597)

Cash received on maturity of short-term deposits

-

353,022

49,589

1,081,016

1,460,267

205,122

Payment for short-term investments

-

(18,014)

(2,530)

-

(18,014)

(2,530)

Purchase of long-term deposits

-

-

-

(718,860)

-

-

Cash received on maturity of long-term deposits

-

1,483,045

208,322

718,860

1,633,045

229,392

Cash received from sales of long-term investment

-

-

-

2,000

-

-

Returns of investments

-

1,145

161

-

1,145

161

Loan to a third-party company

(96,680)

(10,458)

(1,469)

(96,680)

(44,214)

(6,211)

Other investing activities

212

161

23

895

655

92

Net cash used in investing activities

(2,277,350)

(1,637,267)

(229,984)

(1,442,919)

(734,243)

(103,139)

Cash flows from financing activities:

Proceeds from exercise of share options

4

1

-

17

5

1

Repurchase of ordinary shares

(265,441)

(147,160)

(20,671)

(772,263)

(445,885)

(62,633)

Deferred payment for business acquisition

-

(17,132)

(2,407)

-

(17,132)

(2,407)

Dividends payment

-

-

-

(716,302)

(346,182)

(48,628)

Payment in relation to redemption of convertible bonds

-

-

-

-

(20,221)

(2,840)

Proceeds from short-term borrowings

1,033,900

-

-

2,365,535

-

-

Repayment of short-term borrowings

-

(675,000)

(94,817)

-

(2,365,535)

(332,285)

Repayment of long-term borrowings

(215,400)

(1,938,862)

(272,350)

(215,615)

(1,939,536)

(272,445)

Net cash provided by (used in) financing activities

553,063

(2,778,153)

(390,245)

661,372

(5,134,486)

(721,237)

Effect of exchange rate changes

(178,773)

(11,306)

(1,591)

(130,234)

(90,611)

(12,728)

Net (decrease) increase in cash and cash equivalents 

(1,562,107)

(4,283,179)

(601,655)

304,571

(5,325,943)

(748,131)

Cash, cash equivalents and restricted cash at the beginning of period

10,149,590

8,599,657

1,207,987

8,282,912

9,642,421

1,354,463

Cash, cash equivalents and restricted cash at the end of period

8,587,483

4,316,478

606,332

8,587,483

4,316,478

606,332

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1.

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures.

Three months

Three months

Three months

Ended September 30, 2024

Ended September 30, 2025

Ended September 30, 2025

GAAP

Share-based
compensation

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

RMB

RMB

RMB

RMB

RMB

RMB

RMB 

RMB

US$

US$

US$

US$

US$

Cost of revenues

(1,623,723)

2,143

(1,621,580)

(1,658,331)

3,480

2,320

-

(1,652,531)

(232,944)

489

326

-

(232,129)

Research and development

(196,382)

11,030

(185,352)

(183,263)

1,335

11,302

-

(170,626)

(25,743)

188

1,588

-

(23,967)

Sales and marketing

(354,881)

4,774

(350,107)

(343,854)

3,982

3,986

-

(335,886)

(48,301)

559

560

-

(47,182)

General and administrative

(111,174)

26,004

(85,170)

(123,992)

-

33,042

-

(90,950)

(17,417)

-

4,641

-

(12,776)

Cost and operating expenses

(2,286,160)

43,951

(2,242,209)

(2,309,440)

8,797

50,650

-

(2,249,993)

(324,405)

1,236

7,115

-

(316,054)

Income from operations

410,725

43,951

454,676

344,526

8,797

50,650

-

403,973

48,396

1,236

7,115

-

56,747

Net income attributable to Hello Group Inc.

449,369

43,951

493,320

348,888

8,797

50,650

(3,842)

404,493

49,009

1,236

7,115

(540)

56,820

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1.

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures-continued.

First nine months

First nine months

First nine months

Ended September 30, 2024

Ended September 30, 2025

Ended September 30, 2025

GAAP

Share-based
compensation

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts(iii)

Non-GAAP

RMB

RMB

RMB

RMB

RMB

RMB

RMB 

RMB

US$

US$

US$

US$

US$

Cost of revenues

(4,722,520)

5,821

(4,716,699)

(4,835,117)

6,505

5,654

-

(4,822,958)

(679,185)

914

794

-

(677,477)

Research and development

(581,741)

33,328

(548,413)

(562,891)

3,334

31,072

-

(528,485)

(79,069)

468

4,365

-

(74,236)

Sales and marketing

(1,013,081)

15,040

(998,041)

(1,020,359)

10,246

12,456

-

(997,657)

(143,329)

1,439

1,750

-

(140,140)

General and administrative

(364,037)

95,890

(268,147)

(353,342)

-

80,129

-

(273,213)

(49,634)

-

11,256

-

(38,378)

Cost and operating expenses

(6,681,379)

150,079

(6,531,300)

(6,771,709)

20,085

129,311

-

(6,622,313)

(951,217)

2,821

18,165

-

(930,231)

Income from operations

1,296,084

150,079

1,446,163

1,047,507

20,085

129,311

-

1,196,903

147,142

2,821

18,165

-

168,128

Net income attributable to Hello Group Inc.

852,338

150,079

1,002,417

566,678

20,085

129,311

(3,842)

712,232

79,600

2,821

18,165

(540)

100,046

(iii) Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share-based compensation.

SOURCE Hello Group Inc.

Reykjavík, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Nanoq drilling results confirm significant gold copper
mineralisation

**Consistent grade within multiple stacked zones and identification of identical, parallel structures**
–
**Intersections up to 187.4 g/t Au over 1.5m1 and up to 1.1% Cu over 0.5m2 at shallow depths**
–
**Webcast presentation hosted at 14.00GMT, details contained in the release**

TORONTO, ONTARIO – 10 December 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to announce the results from its 2025 exploration programme at the Nanoq gold project in South Greenland, on the eastern flank of the Nanortalik gold belt, which also contains the Amaroq operated Nalunaq gold mine.

James Gilbertson, VP Exploration of Amaroq, commented:
“I am extremely pleased to announce the results from the 2025 Nanoq drilling programme. The outcomes have exceeded our pre-drill expectations and provide us with strong confidence in Nanoq’s potential to host a material gold deposit.

        “Our aim for the 2025 programme was to build on the encouraging results from previous exploration efforts at Nanoq, enabling a robust understanding of the geological model and subsurface at this outcropping prospect, ahead of larger-scale resource drilling. Not only did we achieve this, but we also succeeded in confirming Nanoq’s significant gold-hosting potential, including shallow high-grade intersections, such as 187.4 g/t Au over 1.5m and 19.6 g/t Au over 4.9m, as well as broad zones of mineralisation approaching 9.0m in thickness. The confidence gained from these results, will enable us to fast-track resource drilling, with the target of a maiden resource in the near term, accelerating our planned development pathway for Nanoq.

“Further to this, our current drilling only covers a portion of the interpreted system. Our results suggest that mineralisation remains open at depth, along strike, and within a number of parallel structures to the west. With shallow, stacked mineralised zones and strong grades, we believe Nanoq could represent a much larger gold system than currently defined.”

Highlights

4,807mof diamond drilling completed across 27 holes, successfully testing ~600m of strike length within the Nanoq Central Zone with mineralised intervals averaging approximately 3.3m thickness at a grade of 9.98g/t3 Au at vertical depth of up to 70m.63% of holes intersected mineralisation including up to 187.4 g/t Au over 1.5m and 19.6 g/t Au over 4.9m, all at shallow depths; despite the programme being designed primarily to advance subsurface geological understanding.Core drilling suggests the presence of thick intersections of up to 3.83g/t Au over 9.0m and 6.7g/t Au over 7.39m, in both folded quartz veins and surrounding host rocks, creating significant upside potential and large minable packages; with only the top ~70m depths tested. Detailed mapping has extended the interpreted strike of the Central Zone to 1.5 km (impeded by retreating ice-cap) and identified, previously unrecognised, repeat mineralised structures, with high surface grades of up to 9.5 g/t Au.Results also continue to confirm that significant copper is present in the system, with up to 0.56% Cu over 2.46m and assay grades of up to 1.12% Cu over 0.5m.High-grade gold is now confirmed in multiple structural settings, including saddle-reef style fold hinges and vertically extensive fault zones, highlighting multiple pathways for future resource growth.Results provide a strong technical basis for a significantly expanded follow-up drilling programme in 2026, supported by existing camp infrastructure, drill pads and winterised equipment all in place, coupled with Amaroq’s strong liquidity position.These results strengthen our geological interpretation and compare favourably with early-stage drilling outcomes from well-known orogenic gold systems, reinforcing our confidence in the scale and continuity of the mineralised structures.We are exploring infrastructure solutions, including a short 3km access road from site to a potential harbour, that would allow us to move material efficiently, facilitating a potential bulk sample. A short online presentation will be held this afternoon at 14:00 GMT to discuss the results. To register, please use the following link: https://edge.media-server.com/mmc/p/7as3dbnv

References to the accompanying presentation on Nanoq 2025 results as well as a PDF version of this release are available on our website at the link below: https://www.amaroqminerals.com/investors/presentations/

Further a video introduction to the project, the geology and drilling results can also be accessed on our website on the following link: https://www.amaroqminerals.com/investors/videos/

Background to the Nanoq Gold Project
These results confirm the Nanoq Project as one of Amaroq’s most significant emerging gold discoveries in South Greenland. First identified in the 1990s but never systematically explored, Nanoq hosts a large zone of gold-bearing quartz veining within a folded sequence of volcanic and sedimentary rocks, geological features commonly associated with significant orogenic gold deposits worldwide.

Amaroq began work at Nanoq to test its potential to form a second high-grade gold source to complement production from Nalunaq. Early sampling and scout drilling in 2024, indicated high grades at shallow depths, suggesting that the system could be both meaningful in scale and economically attractive.

Although Nanoq lies within the same Nanortalik Gold Belt as the Nalunaq mine, it is emerging as a geologically distinct system. Nalunaq’s gold is largely confined to a single, narrow high-grade vein mined via underground methods, whereas Nanoq hosts multiple gold-bearing veins across different rock units with significantly greater combined thickness near surface. This difference in geometry and mineralisation style suggests that Nanoq may follow a different development path, potentially starting with open-pit mine access, underscoring its potential as a standalone project in Amaroq’s pipeline.

Summary of 2025 Exploration Results
Between July and October 2025, Amaroq conducted the first comprehensive exploration campaign at Nanoq since 1997, including the project’s first major drill programme.

Because Nanoq had never been properly mapped or modelled, the 2025 programme focussed on building a strong geological foundation: understanding the structures that control gold mineralisation, how the veins are arranged, and where additional high-grade zones may occur. This work is essential in modern mineral exploration, as it enables future drilling to target gold zones efficiently and cost-effectively.

Mobilisation and construction of the 45-person exploration camp were completed in July 2025, followed by detailed geological mapping in early August and drilling from mid-August to late September 2025. The programme was completed ahead of schedule and within budget.

With the latest results confirming both the geological model and the presence of further gold mineralisation, Nanoq is now positioned as a high-potential growth asset within Amaroq’s expanding gold portfolio.

The Company is now evaluating the steps required to collect a bulk sample for early metallurgical testing, with a view to assessing how this material may perform within the existing Nalunaq processing flowsheet. Given Nanoq’s proximity to the coastline, the Company sees a clear pathway for short-haul transport and ship-based transfer of material to Nalunaq. As part of this, the Company are exploring infrastructure solutions, including a short 3km access road from the drill sites to a potential harbour site, that would allow us to move material efficiently.

Geological Mapping
Mapping was carried out by consultants Warren Pratt and Luca Smeraglia (Specialised Geological Mapping Ltd), alongside Amaroq geologists, taking advantage of near-continuous outcrop exposure across the project.

Gold-bearing quartz veins are hosted within a folded volcano-sedimentary sequence. These veins occur across multiple rock types within this package, with tourmaline-bearing black mudstones acting as a preferential host lithology. Mineralisation is concentrated in fold hinges, forming nested saddle-reef structures, as well as in steeply dipping sheared fold limbs and fault zones, where veins commonly display boudinage textures. Veins appear to exploit competency and ductility contrasts between lithologies, a characteristic feature of many orogenic gold systems.

Following the completion of this geological interpretation, Amaroq undertook additional prospecting to the south and west of the Central Zone to test predicted strike extensions and the presence of repeat structures identified in earlier geophysical models. This work successfully confirmed a further 500m of gold-anomalous structure immediately south of the drilled area, extending the total interpreted strike length of the Central Zone to approximately 1,500m, with indications that the system may continue beneath the ice cap.

In parallel, prospecting 500m west of the Central Zone led to the discovery of a continuous ~1km long quartz-vein system, now designated the ‘West 1’ Zone. Importantly, this structure is hosted within the same folded volcano-sedimentary sequence and black-mudstone contact that controls mineralisation in the Central Zone, demonstrating the presence of repeated, structurally analogous mineralised units across the Nanoq area. Surface sampling from West 1 returned values of up to 9.54 g/t Au, confirming the zone as a high-priority target for follow-up drilling.

Drilling and Interpretation
Drilling data has reinforced the geological model and has been integrated with surface mapping, geochemistry and structural observations to build a refined 3D geological and mineralisation model. This will continue to be developed with external consultants to support effective targeting for the 2026 drill programme and provide the basis for a potential maiden Mineral Resource estimate.

Intersected mineralised widths range from 0.5m up to 9.0m, demonstrating that gold occurs in both narrow veins and broad zones. The presence of coarse gold indicates a high “nugget effect” in the deposit, meaning that individual assay grades can be highly variable. However, mineralisation was consistently encountered across these multi-metre intercepts (up to 9.0m thick), which is very encouraging. Importantly, mineralisation occurs predominantly at shallow depths and in stacked (nested) structures, supporting the view that the Nanoq gold system may be amenable to open-pit mining. At the same time, deeper extensions are apparent in the saddle-reef fold hinges and vertically extensive shear zones, leaving significant room for further expansion.

Core were also assayed for multielement, particularly copper which was recorded historically and during the 2024 scout drilling. From these assays, while no direct correlation between gold and copper is so far evident, a number of intersections of over 0.3% copper were intersected and up to 0.5m at 1.12% Cu.

This year’s exploration has significantly advanced Amaroq’s understanding of Nanoq’s geology and the controls on gold mineralisation, building a strong foundation for future resource drilling.

Environmental and Metallurgical Studies

Initial environmental baseline surveys were launched to collect data required for future feasibility and permitting studies.

A series of small (~100kg) bulk metallurgical samples were collected from both surface outcrop and drill core. Amaroq is now engaging with SGS to conduct the first phase of metallurgical test work. This work will assess potential recovery characteristics and processing behaviour, including how Nanoq material might perform within the Nalunaq processing flowsheet as a possible future supplemental ore source.

Drilling Details
Drilling was carried out using three Amaroq-owned rigs operated by Energold Drilling, working from the Nanoq exploration base located approximately 130km northeast of Nalunaq

Table 1: 2025 Nanoq Core Drilling Coordinates

Hole IDXYZAzimuthDipTotal Depth (m)NAN2501597848677456442912542220.5NAN2502597911677461741613042220.8NAN2503597983677466240212641180.5NAN2504597848677456442913062260NAN2505597911677461741613263250.2NAN2506597983677466240212761210.7NAN2507597957677458042113245126NAN2508597794677450544513539255.8NAN250959795767745804211296780NAN2510597854677445743713340120.8NAN2511597746677444045113339246.1NAN2512597794677450544513257270.1NAN251359785467744574371276480.2NAN2514597691677438545713240241.7NAN2515597791677440244713642141.8NAN2516597746677444045113862262.5NAN2517597691677438545713958267.1NAN2518597738677434645113445139NAN251959779167744024471316582.2NAN252059773867743464511387280NAN2521597607677424245413245102NAN2522597977677451143531043251.3NAN252359760767742424541276482.1NAN2524597925677445443730942251.5NAN252559791267745074301334460NAN2526597925677445443730860162NAN2527597922677445343630757162 Projection: WGS84 UTM zone 23N

Table 2: Significant Intersection Gold Intersections

Hole IDFrom (m)To (m)Interval (m)Au (g/t)Cu(%)NAN250254.7055.771.072.43PendingNAN250736.1136.640.537.880.18NAN250886.2789.152.883.000.07 Including 0.7411.50 NAN251030.0039.009.003.830.08 Including 1.5119.12 NAN251156.3858.001.625.99PendingNAN251471.6072.100.505.810.05NAN251513.3017.003.7011.090.007 Including 1.1533.80 NAN251676.5578.201.651.710.04 Including 1.002.75 NAN251773.2078.104.9019.600.08 Including 0.7982.60 NAN252014.2018.524.321.280.05 Including 0.445.84 NAN252118.5019.000.502.49PendingNAN252243.6046.202.601.600.04NAN252250.5051.100.602.460.56NAN252254.3059.805.501.470.08NAN252271.1574.102.951.070.03NAN252469.6177.007.396.700.05 Including 1.2834.16 NAN25259.3210.821.50187.380.14NAN252530.2036.005.809.370.11 Including 0.5081.10 NAN252741.2048.006.803.790.02 Including 0.5040.50  Intersection chosen to owner geology
# True thickness estimated to be 50-95% of apparent thickness

Table 3: Anomalous Intersection Copper Intersections

Hole IDFrom (m)To (m)Interval (m)Cu (%)NAN240212.0512.550.50.33NAN252453.9354.460.530.40NAN252454.4655.661.20.36NAN252250.551.10.60.56NAN252259.359.80.50.51NAN252291.892.30.51.12NAN2517167.48168.10.620.36NAN2516167.9168.50.60.74NAN250620.4210.60.65NAN25032424.50.50.70NAN250324.525.510.62NAN250325.526.30.80.52NAN250325.526.30.80.55NAN250252.8453.80.960.33 # True thickness estimated to be 50-95% of apparent thickness

Sampling and QAQC Disclosure

NQ drill core was cut in half using a diamond blade core saw. Core was predominantly selectively sampled with some drillholes sampled in their entirety. Cut-lines were consistently drawn 5 degrees below the orientation line (if present), otherwise along the core foliation axis and the right-hand side of the core was sampled. Samples were placed into thick polymer bags with a unique numbered sample ticket. Most samples were sent directly to an accredited laboratory, ALS Geochemistry in Loughrea, Ireland, for preparation and analysis. Approximately 20% of the samples were prepared at ALS Geochemistry's containerised preparation laboratory at Nalunaq mine, before being packaged and shipped to ALS Loughrea for analysis. Samples taken from HQ core (hole NAN2525 only) were quarter-core samples, with the remaining three-quarters retained for reference and future metallurgical test work. Grab samples were collected from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

Sample preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary splitting off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised sample to 106 microns followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction. Samples were also analysed using a multi-element ICP package (ME-ICP61) and portable XRF method pXRF-34 for Si, Ti and Zr.

Amaroq's QA/QC program consists of the systematic insertion of three different certified reference materials of known low, mid and high gold contents, coarse blank material, and prep duplicates (coarse and pulp) at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process. No QAQC issues were noted with the results reported herein.

Surface Samples
A series of rock chip samples were collected from the across the Nanoq project and specifically West 1. Rock chip samples were collected from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

All samples were packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis. Preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed using by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au.

Grab sample QAQC procedures consisted of the systematic blanks, and field duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process.

Enquiries:
Amaroq Ltd. C/O        
Ed Westropp, Head of BD and Corporate Affairs                         
+44 (0)7385 755711
[email protected]

Eddie Wyvill, Corporate Development                         
+44 (0)7713 126727
[email protected]

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

Further Information:
About Amaroq

Amaroq’s principal business objective is the identification, acquisition, exploration and development of gold and strategic metal assets in Greenland. The Company’s flagship asset is the 100%-owned Nalunaq Gold Mine, currently in production and ramp up, and supported by a growing pipeline of high-grade satellite gold targets across South and West Greenland.

Amaroq also acquired a 100% interest in the Black Angel zinc-lead-silver project in West Greenland, historically one of Greenland’s highest-grade base metal operations, where the Company is advancing studies to evaluate the potential for future redevelopment as part of its emerging West Greenland Hub strategy.

Beyond gold and base metals, Amaroq controls a broad portfolio of strategic metal licences across South Greenland, including advanced exploration projects at Stendalen (copper-nickel sulphides) and within the Sava Belt, where the Company is exploring for copper, nickel, rare earth elements and other critical minerals.

Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events and the future growth of the Corporation's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under "Risk Factors" in the Final Prospectus available under the Corporation's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information
This announcement contains information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

Mr. Gilbertson has reviewed and approved the scientific and technical information contained in this news release. Specifically, Mr Gilbertson has reviewed the sampling and analytical procedures described and considers the data to be reliable for the purpose of this disclosure.

Glossary

AugoldCuCopperggramsg/tgrams per tonneppmParts per millionkmkilometreskozthousand ouncesmmetersozouncesttonnes 1 NAN2525 9.32-10.82m
2 NAN2522 91.8-92.3m
3 Weighted average of significant intersections from the 2025 drilling. Is not a resource or economic average and does not reflect mineable grades or widths
4 Surface grab results are disclosed for the first time in this news release. Sampling methodology and QA/QC procedures are provided in the Sampling and QAQC Disclosure section below.

XRP price started a decent increase above $2.150. The price is now correcting gains and might struggle to stay in a positive zone.

XRP price started a downside correction and tested the $2.080 zone.
The price is now trading above $2.050 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it clears $2.120.

XRP Price Dips Again
XRP price started a downside correction from the $2.180 zone, like Bitcoin and Ethereum. The price dipped below the $2.150 and $2.120 levels to enter a consolidation phase.

The price even dipped below the 50% Fib retracement level of the upward move from the $2.042 swing low to the $2.1778 high. However, the bulls remained active above the $2.080 support. There is also a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.050 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.120 level.

Source: XRPUSD on TradingView.com
The first major resistance is near the $2.150 level, above which the price could rise and test $2.180. A clear move above the $2.180 resistance might send the price toward the $2.2250 resistance. Any more gains might send the price toward the $2.250 resistance. The next major hurdle for the bulls might be near $2.2880.

More Losses?
If XRP fails to clear the $2.120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.070 level, the 76.4% Fib retracement level of the upward move from the $2.042 swing low to the $2.1778 high, and the trend line. The next major support is near the $2.050 level.

If there is a downside break and a close below the $2.050 level, the price might continue to decline toward $2.00. The next major support sits near the $1.9850 zone, below which the price could continue lower toward $1.920.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.070 and $2.050.

Major Resistance Levels – $2.120 and $2.180.

Token holders urged to migrate assets promptly as MANTRA outlines steps for a seamless transition and forthcoming token split.

Key Takeaways

MANTRA has initiated the migration of its OM token from the Osmosis network to its mainnet.
Token holders must complete the migration to receive full benefits from a planned 4-to-1 token split during the mid-January network upgrade.

MANTRA has begun migrating its OM token off the Osmosis network as the project prepares for a planned network upgrade expected in mid-January.

Users must transfer their OM tokens to the MANTRA mainnet to receive full credit for an upcoming 4-to-1 split, according to the project’s announcement today. The first step in the migration process involves halting OM trading on Osmosis.

Token holders who fail to complete the migration before the upgrade may not receive the full allocation from the planned split.

Disclaimer

Why Trust CoinGape

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aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a
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all facets of the digital asset space with unwavering commitment to timely, relevant information.

Tidal Trust has filed for the first Bitcoin AfterDark ETF with the U.S. SEC. The product looks to capture overnight price movements of the token.

What Is the Bitcoin AfterDark ETF?
Tidal Trust has filed with the SEC for its proposed Bitcoin AfterDark ETF product. It is an ETF that would hold the coin only during non-trading hours in the United States. This filing also seeks permission for two other BTC-linked products managed with Nicholas Wealth Management.

Source: SEC
According to the registration documents, the ETF would buy Bitcoin at the close of U.S. markets and then sell the position the following morning upon the reopening of trading. In other words, it will effectively hold BTC only over the night

“The fund trades those instruments during U.S. overnight hours and closes them out shortly after the U.S. market opens each trading day,” the filing said.

During the day, the fund’s assets switch to U.S. Treasuries, money-market funds, and similar cash instruments. That means even when the fund has 100% notional exposure to Bitcoin overnight, a substantial portion of its capital may still sit in Treasuries during the day.

Eric Balchunas, senior ETF analyst cited earlier research and said, “most of Bitcoin’s gains historically occur outside U.S. market hours.” If those patterns persist, the Bitcoin AfterDark ETF token will outperform more traditional spot BTC products, he said.

Source: X
Balchunas added that the effect may be partly driven by positioning in existing Bitcoin ETFs and related derivatives activity.

The SEC has of late taken an increasingly more accommodating approach toward crypto-related ETFs. This September, for instance, REX Shares launched the first Ethereum Staking ETF. It represented direct ETH exposure and paid out on-chain staking rewards. 

Also on Tuesday, BlackRock filed an application for an iShares Staked Ethereum ETF. The filing states that Coinbase Custody will be the main custodian.

Bitcoin Price Rises Before Fed Rate Decision
BTC briefly reached $94,000 but then stabilized around $92,000 as traders awaited the Federal Reserve’s interest-rate decision. On December 9, BTC ETFs also saw $287.18 million in net inflows. This is the largest it has seen in more than two weeks.

Source: SoSoValue
Forecasts are becoming more positive. Standard Chartered predicted that Bitcoin might reach $100,000 by the end of the year. He also shared a long-term target of $200,000

Meanwhile, many major banks expect the Fed to lower rates later today. This is part of the reason the crypto market is up today.

Hundreds of crypto wallets linked to Silk Road that had been dormant for over a decade became active on Tuesday, moving bitcoin into one unidentified address.

Arkham Intelligence data shows that around 312 wallets associated with now-defunct darknet marketplace Silk Road collectively transferred $3.14 million worth of BTC to the address "bc1q…ga54" on Tuesday. 

It is currently unclear why the wallets became active. The Silk Road-linked wallets still hold roughly $41.3 million in BTC as of today, according to Arkham. 

In January, Coinbase Director Conor Grogan said on X that he had identified roughly $47 million worth of BTC in wallets tied to Ross Ulbricht, creator of Silk Road. On Tuesday, Grogan resurfaced that post in a reply to Plasma Foundation's pseudonymous operator "0xG00gly," who flagged the latest Silk Road-linked transfers.

The Block has reached out to Ulbricht for further information.

Earlier this year, U.S. President Donald Trump signed an executive order issuing a full and unconditional pardon for Ulbricht, who been serving multiple life sentences without parole for creating Silk Road. While the darknet marketplace facilitated the sale of narcotics and other illegal goods, it played a significant role in popularizing bitcoin, which was used for transactions on the platform.

In May, Ulbricht delivered his first public speech following the pardon, emphasizing freedom, decentralization and unity as core principles for the next technological leap — one he said could help liberate and empower people around the world.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin is holding above $90,000 as the market heads into a highly anticipated FOMC meeting, a moment that could define the next direction for risk assets. But while price action keeps traders on edge, on-chain indicators are painting a surprisingly different picture beneath the surface. According to a new CryptoQuant report by XWIN Research Japan, Bitcoin’s exchange reserves have continued to fall sharply throughout 2025, even as price corrected toward the $90K range.

The data shows that the total amount of BTC held on centralized exchanges has dropped to 2.76 million BTC, reaching one of the lowest levels ever recorded. What makes this trend even more striking is its timing: during the steep November–December sell-off, exchange balances did not rise—they fell faster. The report highlights this behavior in the red-marked zone of the chart, showing accelerating outflows while the price was dropping.

This pattern signals something unusual: investors are not sending coins to exchanges to sell into weakness. Instead, they continue withdrawing BTC into long-term custody, suggesting confidence rather than capitulation. As volatility builds ahead of the FOMC decision, the contrast between short-term price fear and long-term accumulation is becoming one of the most important dynamics in the current Bitcoin market.

Shrinking Exchange Reserves Signal Structural Strength
The report emphasizes that Bitcoin’s rapidly shrinking exchange reserves carry important structural implications for the market. When fewer coins sit on centralized exchanges, it means less Bitcoin is available for immediate sale, effectively tightening the liquid supply. According to the data, this decline is not being driven by short-term speculators but by long-term holders and institutional entities steadily moving BTC into self-custody or cold storage.

Bitcoin Exchange Reserve | Source: CryptoQuant
What makes this trend remarkable is its timing. Historically, sharp price declines trigger a wave of inflows to exchanges as investors prepare to sell or panic-exit their positions. This cycle, however, tells a very different story. Even as Bitcoin corrected into the $90K region, exchange balances kept falling, suggesting that buyers with a long-term outlook are actively accumulating rather than retreating.

This divergence between price action and on-chain behavior signals underlying strength. While short-term volatility may continue—especially around macro catalysts like the FOMC meeting—the broader structure points toward a market quietly tightening its available supply. As reserves move toward historic lows, a future “supply shock” becomes increasingly plausible.

Despite the weak spot market performance, on-chain metrics are slowly turning bullish, hinting that the foundation for the next major trend may already be forming beneath the surface.

BTC Tests Critical Support as Market Awaits Direction
Bitcoin’s price action on the 3-day chart shows a market attempting to stabilize after a sharp corrective phase. BTC is currently trading around $90,437, hovering just above the 200-day moving average — a level that has historically acted as a major dynamic support during mid-cycle retracements. The recent bounce from the $87K–$88K region suggests that buyers are defending this zone, but the structure remains fragile as long as the price stays below the 50-day and 100-day moving averages, both of which are now sloping downward.

BTC consolidates around key level | Source: BTCUSDT chart on TradingView
The chart reveals a clear shift in momentum. After months of steady higher lows, Bitcoin broke its ascending structure in late November, leading to a fast drop toward the high-$80K range. Volume increased during the decline, indicating stronger participation on the sell side. However, the subsequent candles show shrinking sell volume, hinting at exhaustion among short-term sellers.

For a meaningful recovery, BTC must reclaim the $95K–$97K area, where previous support turned into resistance. Failure to break that zone would likely keep the market in a consolidation phase, with risks of another retest of the 200-day MA.

Featured image from ChatGPT, chart from TradingView.com

In brief
Solana's 30-day profit/loss ratio has been below one since mid-November, signaling more losses are being realized than profits.
The major altcoin is in a "full liquidity reset," a pattern that has historically preceded bottoming phases, according to on-chain analysts.
Roughly $500 million in leveraged long positions face liquidation if Solana’s price falls to $129.
Bitcoin’s Tuesday buying spree spurred major altcoins higher, but Solana’s underlying health is on shaky ground amid retreating liquidity and market uncertainty.

A look at Solana’s 30-day average realized profit-to-loss ratio shows it has traded below one since mid-November, according to a Wednesday tweet from on-chain analytics platform Glassnode.

A ratio below one indicates that realized losses exceed profits, suggesting that liquidity has contracted to bear-market levels.

“Solana is under a full liquidity reset,” on-chain analytics platform Altcoin Vector tweeted on Saturday. That signal has indicated the start of a new liquidity cycle and has led to “bottoming phases” in the past.

“If the pattern repeats April’s setup, reignition could take around four more weeks, lining up with early January,” Altcoin Vector analysts noted.

"The reset is being driven by realized losses prompting sell-offs, a decline in futures open interest, market-makers pulling back, and liquidity fragmenting across trading pools," Wenny Cai, COO of SynFutures, told Decrypt.

While the mid- to long-term outlook remains slightly bullish, especially if macroeconomic overhangs clear, the near term remains noisy and susceptible to shocks.

On one hand, there is structural bullish support from investors scooping up Solana after the recent downtrend. On the other hand, there’s a significant risk of liquidation amid increasing leverage.

That support is materializing in two forms: a persistent outflow of Solana from exchanges, reducing readily available sell-side supply, and continued capital flowing into spot Solana ETFs, which have accumulated $17.72 million in net inflows this week, nearly matching last week’s $20.30 million haul, according to SoSoValue data.

“This presents an opportunity for strategic accumulation and network upgrades, fostering long-term resilience and innovation in the Solana ecosystem,” Ryan Lee, chief analyst at BitGet, told Decrypt.

Despite these underlying bids, leverage market conditions remain tense.

Bitcoin’s muted price action and large liquidation spikes indicate that leverage remains relatively high across the broader crypto market, as evidenced by $432 million in liquidations over the past 24 hours, according to CoinGlass data. 

With Solana rising 3.2% over 24 hours, per CoinGecko data, $15.6 million in positions were forced to close, making it the third-largest liquidated asset, behind Bitcoin and Ethereum.

The spike in liquidations followed Bitcoin’s bounce, as Decrypt previously reported. Still, $500 million in long positions would be liquidated if Solana drops to $129, roughly 5.5% below its current price of $137.

If Solana were to drop lower, triggering the aforementioned long liquidation cluster, it would be a sign of a healthy market reset, Lee added, indicating that it would “clear excess leverage” and pave the way for renewed institutional inflows and a stronger rebound for Solana.

On the flip side, a near 3% move would catalyze $110 million in short covering, adding more fuel to Solana’s recent bounce.

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Solana failed to stay above $142 and corrected gains. SOL price is now trading below $140 and might find bids near the $135 zone.

SOL price started a downside correction below $142 against the US Dollar.
The price is now trading above $135 and the 100-hourly simple moving average.
There is a bullish trend line forming with support at $135 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could extend losses if it dips below the $135 zone.

Solana Price Starts Downside Correction
Solana price failed to surpass $145 and started a downside correction, like Bitcoin and Ethereum. SOL dipped below $142 and $140 to enter a short-term bearish zone.

There was a move below the 50% Fib retracement level of the upward wave from the $131 swing low to the $145 high. However, the bulls are active near $136. There is also a bullish trend line forming with support at $135 on the hourly chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com
Solana is now trading above $135 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $145 level. The main resistance could be $148. A successful close above the $148 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.

More Losses In SOL?
If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $136 zone and the 61.8% Fib retracement level of the upward wave from the $131 swing low to the $145 high. The first major support is near the $135 level and the trend line.

A break below the $135 level might send the price toward the $132 support zone. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $135 and $132.

Major Resistance Levels – $142 and $145.

Crypto prices today are edging higher as traders position for the Federal Reserve’s December interest rate decision and a possible shift in liquidity conditions.

Summary

Bitcoin, Ethereum, and major altcoins rose ahead of the Fed policy decision.
Traders expect a 25bp cut with mixed historical reactions after FOMC events.
Analysts see possible short-term swings, with key support near $87,000.

The total cryptocurrency market value rose 3% to $3.2 trillion, extending a quiet recovery across major assets. Bitcoin gained 2.3% in the past day to $92,496, while Ethereum increased 6% to $3,312. Solana rose 3.9% to $138, continuing its steady climb.

Mid-cap names posted larger moves, with Zcash up 11% to $440, Avalanche up 6.2% to $14, and Monero up 5.4% to $390. There was also a slight improvement in sentiment.

The Crypto Fear & Greed Index left the “extreme fear” range, moving from 22 to 26. Liquidations totaled $429 million, rising 106% in the last day, indicating that traders are adjusting their leverage before the announcement. Open interest rose 3% to $133 billion, while the market-wide relative strength index stayed near a neutral 51.

Fed decision sets the tone for short-term moves
The Fed will release its December 2025 rate decision at 2:00 p.m. ET (4:00 p.m. UTC). The markets almost certainly anticipate a 25-basis-point cut. Traders are keeping an eye out for any changes to the policy outlook for 2026. 

If a confirmed 25-basis-point rate cut is paired with a dovish dot plot that predicts multiple reductions in 2026, market liquidity would likely increase. In this scenario, Bitcoin could rise to between $92,000 and $95,000 and short liquidation cascades worth more than $120 million could occur, triggering more volatility.

CryptoQuant analysts note that Bitcoin often sees uneven moves around rate cuts. After September’s cut, Bitcoin reached a four-week high before dropping nearly $2,000, and October showed a similar pattern. They warn that a “buy the rumor, sell the news” move is still possible if today’s cut matches expectations.

Key analyst short-term outlooks
Tom Lee of Fundstrat expects a relief rally after the decision, setting a target of $100,000–$110,000 by year-end. CoinDCX Research shares a similar view, projecting 22% upside and pointing to a base case near $111,000, while leaving room for a move toward $130,000–$140,000 if momentum returns to spot ETF inflows.

Cathie Wood takes a more cautious stance. She notes that Bitcoin needs to hold the $87,000 area to avoid a deeper pullback if the Fed signals fewer cuts in 2026 or shows concern about inflation.

CryptoQuant’s short-term guidance points traders toward leverage metrics, exchange reserves, and ETF flows as the main indicators to watch. They note that liquidity is still mixed, and the next move will depend more on Powell’s tone than the cut itself.

Despite the breakout, DOGE faces significant structural resistance from major EMAs.

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

Part of the Team Since

Apr 2025

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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December 10, 2025

The Solana network’s foundation is weakening as liquidity thins and profitability drops, according to on-chain data.

Key Takeaways:

Solana is undergoing a “full liquidity reset,” with realized losses exceeding profits and liquidity falling.
Exchange outflows and steady ETF inflows are providing structural support despite thinning liquidity.
Analysts see potential recovery by early January, but near-term volatility remains high.

According to Glassnode, Solana’s 30-day average realized profit-to-loss ratio has remained below 1 since mid-November, a level typically associated with bear-market behavior.

A reading under 1 means traders are realizing losses more often than profits, signalling deteriorating sentiment and reduced liquidity.

Analysts Say Solana Entering “Full Liquidity Reset”On-chain research group Altcoin Vector described the current environment as a “full liquidity reset,” a pattern that has historically marked the beginning of new liquidity cycles and preceded market bottoms.

If the structure mirrors April’s setup, analysts said liquidity could begin to recover in roughly four weeks, pointing to early January for potential renewed momentum.

A key lesson in alt positioning: when liquidity ignites, the move is fast.$SOL is under a full liquidity reset, setting a new liquidity cycle, as in past bottoming phases.

Forced selling exhausts, the ecosystem cleans from the inside out, and SOL begins building the base for… pic.twitter.com/tiLw6gwhdb

— Altcoin Vector (@altcoinvector) December 5, 2025
Despite the pressure, Solana isn’t without support. Persistent withdrawals from centralized exchanges have steadily reduced available supply, while demand from ETF buyers continues to build.

Spot Solana ETFs recorded $17.72 million in net inflows so far this week, nearly matching last week’s $20.30 million, according to SoSoValue.

Still, the broader environment remains fragile. Elevated leverage across crypto markets has amplified volatility, with CoinGlass reporting $432 million in liquidations over the past 24 hours.

Solana accounted for $15.6 million of that, making it the third-most liquidated asset behind Bitcoin and Ethereum, as the token climbed 3.2% on the day, per CoinGecko.

Analysts say the mid- to long-term outlook for Solana remains slightly constructive, especially if macro uncertainty clears and liquidity returns to the market.

However, in the near term, shrinking profitability, thinning liquidity, and heavy leverage leave the asset vulnerable to sharp swings.

As reported, Pye Finance has revealed a $5 million seed round led by some of the major players in the space. The goal is to turn billions in locked SOL stakes into an active yield market.

Variant and Coinbase Ventures led this round, with participation from Solana Labs, Nascent, Gemini, and others, according to the press release.

Pye says that it’s building bond markets for validators and stakers on Solana (SOL). The platform enables validators to draw and keep stake. They can offer rewards across more than a thousand validators.

Fed Liquidity Boost Could Send Bitcoin “Sharply Higher”As reported, Bitcoin’s climb above $92,000 has stirred fresh optimism among market watchers who now believe this week’s Federal Reserve meeting could set off a far bigger rally.

Analysts at the London Crypto Club say a liquidity boost from the Fed on Wednesday may act as a powerful catalyst, potentially driving the world’s largest cryptocurrency “sharply higher.”

In their latest note, David Brickell and Chris Mills argue that the central bank is poised to deliver a “dovish surprise,” forecasting that policymakers will inject liquidity through a creative bond-buying mechanism rather than explicit quantitative easing.

“We’re moving into a continued rate-cutting cycle accompanied by balance sheet expansion as the Fed effectively turns on the money printers to monetise the deficit,” they wrote.

Meanwhile, a key on-chain indicator known as “liveliness” is climbing again, even as Bitcoin’s price action remains subdued.

Analysts say the divergence suggests renewed underlying demand, with dormant coins moving at levels not seen in years, a sign that long-term holders may be re-entering the market.

Last week, Bitfinex said the market is showing “seller exhaustion” following a period of heavy deleveraging and panic-driven exits by short-term holders.

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A curious trend in Bitcoin trading has encouraged a U.S. wealth manager to build an ETF around an idea most traders only joke about: Bitcoin often behaves better while Americans are asleep.

Nicholas Financial Corporation has asked regulators to approve a fund that trades BTC only outside normal U.S. equity hours. Instead of tracking the cryptocurrency continuously, the vehicle would step into Bitcoin at the closing bell and step back out before New York trading restarts.

During the daytime lull, the ETF intends to park its capital in short-term Treasuries — a move designed to avoid market swings while earning yield.

Why Build a Product Around Midnight Moves?
The strategy stems from statistical quirks uncovered by analytics provider Velo.xyz. Its research suggests that over the last year Bitcoin’s positive momentum accumulated disproportionately overnight, only to fade when U.S. traders returned.

Bloomberg’s Eric Balchunas noted that the same behaviour appeared in 2024, hinting that institutional flows, derivatives unwinds and ETF mechanics might be concentrating performance in those hours.

BITCOIN AFTER DARK: new filing for an ETF that will only hold bitcoin at night, buying it when the US market closes and selling it when it opens. pic.twitter.com/0RrQTuP21t

— Eric Balchunas (@EricBalchunas) December 9, 2025

Rather than dismissing it as coincidence, Nicholas Financial sees it as an exploitable market feature.

A Second Filing Signals Bigger Ambitions
Alongside the AfterDark ETF (NGTH), the firm submitted paperwork for a second product — the Nicholas Bitcoin Tail ETF (BHGD). Although that fund’s mechanics remain under wraps, the dual filings suggest Nicholas wants to carve out a specialized niche in the growing Bitcoin investment universe.

If regulators sign off, the AfterDark ETF would be one of the first to treat time as a primary factor in portfolio construction. It also reinforces how dramatically the digital-asset industry has matured: investors now have products tailored not just to Bitcoin’s price, but to the hours when that price tends to behave best.

Whether the night-focused strategy delivers an edge is uncertain — but its existence shows how creative fund engineering has become as Bitcoin moves deeper into the traditional financial system.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

On Tuesday, the Ethereum price experienced a notable surge, climbing by 6.5% and reclaiming the critical $3,300 mark for the first time in nearly a month. This has allowed Ethereum to outpace its peers among the top ten cryptocurrencies by market capitalization, showcasing a nearly 12% recovery for the leading altcoin over the past week.

ETH Grows In Demand 
Analysts from Bull Theory attribute this resurgence to several key factors, including significant institutional interest in Ethereum. The firm highlighted BitMine, which holds the largest public company collection of ETH, as a major player in this recovery phase. 

In a recent social media update on X (formerly Twitter), the analysts pointed out that demand for ETH is on the rise as Wall Street quietly builds on the Ethereum platform.

Notably, major financial institutions are beginning to make substantial moves in the Ethereum space. BlackRock, which manages $13.5 trillion, is launching tokenized funds and has filed for a staked Ethereum exchange-traded fund (ETF). 

Other notable players include JPMorgan with $4 trillion in assets, Deutsche Bank at $1.1 trillion, and Standard Chartered with $800 billion. These firms are developing tokenization and decentralized finance (DeFi) infrastructure specifically on Ethereum and its Layer 2 (L2) solutions.

In addition, well-known financial entities such as Amundi, HSBC, BNY Mellon, Coinbase (COIN), Kraken, and Robinhood (HOOD) are incorporating Ethereum into their operations for functions like custody, settlement, and rollup infrastructure. 

As a result, these large companies are holding and staking ETH to generate yield, significantly increasing the altcoin’s demand. BitMine, for instance, anticipates earning over $400 million annually from its staking position.

Could The Ethereum Price Hit $12,000?
Such institutional involvement has led market experts like Tom Lee to speculate that the Ethereum price could potentially reach $12,000 by 2026, driven by growing staking demand and the scaling of tokenization efforts. 

Adding to the momentum, Arkham reported that Tom Lee’s Ethereum treasury firm acquired 138,452 ETH since last week, valued at approximately $431.97 million. BitMine currently holds $12.05 billion in ETH and has an additional $1 billion allocated for further purchases. 

In a different development that could bolster the Ethereum price further, Chris MacDonald, an analyst for The Motley Fool, highlighted reports indicating that the Office of the Comptroller of the Currency (OCC) confirmed US banks can now legally conduct “riskless principal” transactions in crypto assets. 

The analyst asserted that this new regulatory approval may lead to an influx of capital into digital assets, which would likely benefit the Ethereum price and holders, as well as other top cryptocurrencies.

The daily chart shows ETH’s price surge above $3,300 on Tuesday. Source: ETHUSDT on TradingView.com
As of this writing, the Ethereum price is trading at $3,325. Despite recent gains, the price is still nearly 33% below the all-time high of $4,946, which was reached earlier this year. 

Featured image from DALL-E, chart from TradingView.com 

Global Alpha Capital adds to its hefty Genius Sports position as the company delivers 38% sales growth over the last quarter.

Global Alpha Capital Management Ltd. reported a buy of 537,900 shares in Genius Sports Limited (GENI +0.56%), adding an estimated $15.05 million as disclosed on Nov. 12, 2025.

What happenedAccording to a filing with the Securities and Exchange Commission dated Nov. 12, 2025, Global Alpha Capital increased its position in Genius Sports Limited by 537,900 shares during the third quarter.

The fund’s total holdings in the stock rose to 4,733,700 shares valued at $58.60 million at quarter-end.

What else to knowAfter the buy, Genius Sports now comprises 3.35% of Global Alpha Capital's 13F reportable assets under management.

Top holdings after the filing: 

Ormat Technologies (ORA +0.69%): $168.22 million (9.6% of AUM)Sanmina (SANM +2.06%): $93.92 million (5.4% of AUM)UMB Financial (UMBF 0.25%): $76.20 million (4.4% of AUM)iShares MSCI EAFE Small-Cap ETF (SCZ 0.30%): $68.56 million (3.9% of AUM)Globus Medical (GMED 0.65%): $65.61 million (3.8% of AUM)As of Dec. 9, 2025, shares were priced at $10.75, up 11% over the prior year, trailing the S&P 500 by 2 percentage points over the last year.

Company OverviewMetricValueRevenue (TTM)$604.52 millionNet Income (TTM)$-119.17 millionMarket Capitalization$2.57 billionPrice (as of market close 12/9/25)$10.75Company SnapshotGenius Sports:

Provides technology infrastructure, live data collection, streaming solutions, and integrity services to sports leagues, betting operators, and digital publishers.Generates revenue through the licensing of data feeds, streaming content, risk management, and digital marketing services to sports and betting industry clients.Serves global sports leagues, sportsbooks, and media organizations seeking real-time data, content distribution, and integrity monitoring solutions.Genius Sports Limited is a leading provider of technology and data-driven services to the sports, sports betting, and media sectors.

The company leverages proprietary technology to collect, process, and distribute live sports data and video, supporting both operational efficiency and integrity for its clients.

With a global footprint and a diversified product suite, Genius Sports positions itself as a critical partner for organizations seeking to commercialize sports content and ensure transparency in betting markets.

Foolish takeOne quarter after initially making Genius Sports a 2.7% portion of its portfolio, Global Alpha Capital added a few more shares of the picks-and-shovels sports betting stock.

Not only is this transaction noteworthy since Genius Sports is now the firm's seventh-largest position, but also because Global Alpha added to the stock after it rose 20% from its purchases in the prior quarter.

While the company is yet to reach profitability, the up-and-coming industry leader is promising growth stock, delivering revenue growth of 38% in its last quarter.

Working with over 400 sports leagues, more than 650 sportsbooks, 250 brands (for advertising), and 50 broadcasters, Genius Sports' data, streaming, marketing, and integrity solutions make it a one-stop shop for all the "picks-and-shovels" needed in the sports betting world.

Not only does the company have contracts in place with partners like the English Premier League, the NCAA, and the NBA, but it also counts the NFL as a 10% stakeholder -- aligning incentives for the two to continue working together.

While I'd love to see Genius Sports rein in its stock-based compensation -- which currently equals 24% of revenue -- the company's future is undeniably bright if it can continue scaling its operations and boosting its margins.

That said, Genius Sports trades at 36 times forward earnings, so it isn't ridiculously priced considering its leadership position and growth potential.

Glossary13F reportable assets under management: The portion of a fund’s assets that must be disclosed quarterly to the SEC under Form 13F.
Alpha: A measure of an investment’s performance relative to a benchmark, showing excess return above the market.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Net position change: The difference in the number or value of shares held in a security after a transaction.
Trailing twelve months (TTM): The 12 months ending with the most recent quarterly report.
Stake: The amount or percentage of ownership an investor or fund holds in a company.
Integrity services: Solutions designed to detect and prevent fraud, match-fixing, or other unethical activities in sports and betting.
Risk management (in betting): Services or tools that help betting operators control financial exposure and limit losses.
Digital publishers: Companies or platforms that distribute content online, such as news, data, or media.
Content distribution: The process of delivering digital information, such as data or video, to end users or clients.

December 09, 2025 11:03 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 9, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of MoonLake Immunotherapeutics (NASDAQ: MLTX) between March 10, 2024 and September 29, 2025, both dates inclusive (the "Class Period"), of the important December 15, 2025 lead plaintiff deadline.

SO WHAT: If you purchased MoonLake common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the MoonLake class action, go to https://rosenlegal.com/submit-form/?case_id=45681 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than December 15, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the complaint, throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material facts, regarding the distinction between the Nanobodies and monoclonal antibodies, including that: (1) SLK and BIMZELX share the same molecular targets (the inflammatory cytokines IL-17A and IL-17F); (2) SLK's distinct Nanobody structure would not confer a superior clinical benefit over the traditional monoclonal structure of BIMZELX; (3) SLK's distinct Nanobody structure supposed tissue penetration would not translate to clinical efficacy; and (4) based on the foregoing, defendants lacked a reasonable basis for their positive statements regarding SLK's purported superiority to monoclonal antibodies. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the MoonLake class action, go to https://rosenlegal.com/submit-form/?case_id=45681 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277559

December 09, 2025 23:15 ET

 | Source:

Structure Therapeutics Inc.

SAN FRANCISCO, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global biopharmaceutical company developing novel oral small molecule therapeutics for metabolic diseases, with a focus on obesity, today announced the pricing of its upsized underwritten public offering of 8,461,538 American depositary shares (ADSs), each representing three ordinary shares, at a price to the public of $65.00 per ADS and pre-funded warrants to purchase 1,538,462 ADSs at a price to the public of $64.9999 per pre-funded warrant. All of the securities in the offering are being sold by Structure Therapeutics.

The gross proceeds to Structure Therapeutics from the offering are expected to be approximately $650 million, before deducting underwriting discounts and commissions and offering expenses. In addition, Structure Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 ADSs at the public offering price, less underwriting discounts and commissions. The offering is expected to close on December 11, 2025, subject to the satisfaction of customary closing conditions.

Jefferies, Leerink Partners, Goldman Sachs & Co. LLC, Morgan Stanley, Guggenheim Securities and BMO Capital Markets are acting as joint book-running managers for the offering. LifeSci Capital and Citizens Capital Markets are acting as co-managers for the offering.

The offering is being made pursuant to an automatic shelf registration statement on Form S-3, including a base prospectus, that was filed with the Securities and Exchange Commission (SEC) on August 6, 2025 and became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and is available for free on the SEC’s website located at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC’s website located at www.sec.gov. Copies of the final prospectus relating to the offering may be obtained, when available, from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525 ext. 6105, or by email at [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866) 718-1649, or by email at [email protected]; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected]; and BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by email at [email protected].

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Structure Therapeutics
Structure Therapeutics is a science-driven clinical-stage biopharmaceutical company focused on discovering and developing innovative oral small molecule treatments for chronic metabolic conditions with significant unmet medical needs. Utilizing its next generation structure-based drug discovery platform, the Company has established a robust GPCR-targeted pipeline, featuring multiple wholly-owned proprietary clinical-stage oral small molecule compounds designed to surpass the scalability limitations of traditional biologic and peptide therapies and be accessible to more patients around the world. 

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including without limitation, statements concerning the expected timing and completion of the offering and the expected gross proceeds from the offering. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to the Company may identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that actual results could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, market risks and uncertainties, the satisfaction of customary closing conditions for an offering of securities and other risk and uncertainties described in the Company’s filings with the SEC, including the Company’s latest Quarterly Report on Form 10-Q and future reports the Company may file with the SEC from time to time. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investors:
Danielle Keatley
Structure Therapeutics Inc.
[email protected]

Media:
Dan Budwick
1AB
[email protected]

Dycom Industries, Inc. (DY) Presents at UBS Global Media and Communications Conference 2025 Transcript

December 09, 2025 11:23 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 9, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Primo Water Corporation (NYSE: PRMW) between June 17, 2024 and November 8, 2024, both dates inclusive, and/or (ii) purchasers of common stock of Primo Brands Corporation (NYSE: PRMB) between November 11, 2024 and November 6, 2025 (the "Class Period"), of the important January 12, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Primo Brands securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Primo Brands class action, go to https://rosenlegal.com/submit-form/?case_id=47890 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, Primo Brands formed following the November 8, 2024 merger between Primo Water and BlueTriton Brands, is a branded beverage company that offers beverage products across a variety of formats, channels, and price points. According to the lawsuit, throughout the Class Period, defendants misrepresented and failed to disclose key facts about the merger between Primo Water and BlueTriton Brands, including facts regarding the progress of the merger integration. Defendants issued a series of materially false and misleading statements that led investors to believe the merger would accelerate growth, generate transformative operational efficiencies, achieve meaningful synergies, and deliver strong financial results, and that the merger integration was proceeding "flawlessly." When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Primo Brands class action, go to https://rosenlegal.com/submit-form/?case_id=47890 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277561

CALGARY, Alberta, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (TSX: CNE) (OTCID: CNNEQ) (BVC: CNEC) (“Canacol” or the “Company”) announces that it has entered into an agreement with an ad hoc group of holders of the Company’s 5.75% senior unsecured notes due 2028 (the “DIP Credit Agreement”) for debtor-in-possession financing (the “DIP Financing”), comprised of a U.S.$45 million delayed-draw new-money term loan (the “Term Loan Tranche”) with capacity to obtain additional commitments to issue up to U.S.$22 million in letters of credit to renew and/or replace certain existing letters of credit (the “LC Tranche”). The DIP Financing will bear customary DIP interest and fees, will mature on June 30, 2026 (with a three-month extension option subject to conditions), and, subject to court approval, will be secured by a court-ordered super-priority charge over all of the Company’s and its operating subsidiaries’ assets, subject only to a court-ordered super priority administration charge granted in the CCAA (as defined below) proceedings.

Proceeds of the DIP Financing will be used to fund ongoing operations and restructuring costs and, with proceeds from the LC Tranche, to facilitate the renewal or replacement of required letters of credit, all in accordance with cash flow forecasts as approved by the DIP Lenders and subject to the other terms and conditions of the DIP Credit Agreement. Initial funding of U.S.$15 million of the Term Loan Tranche will be available subject to customary conditions precedent, including entry of a DIP approval order by the Court of King’s Bench of Alberta and recognition of such order by the US Bankruptcy Court in the Company’s Chapter 15 proceedings in the United States. Availability of the remaining U.S.$30 million of the Term Loan Tranche is subject to customary conditions precedent, including obtaining a Colombian recognition order and compliance with prescribed milestones.

The DIP financing remains subject to court approvals and will support a sale and investment solicitation process to be sought by the Company and related broader restructuring efforts under the CCAA.

In connection with the negotiation of the DIP Financing, parties proposing to provide credit support were provided with certain non-public material information regarding the Company and its affairs (the “MNPI”). The copies of the MNPI and summaries and / or consolidations of certain operating information is now posted on the Monitor’s website at https://kpmg.com/ca/canacol, where it is available for review by all persons. Additional information for investors regarding Canacol, including regarding the CCAA proceeding and Chapter 15 proceedings, will be published on the Monitor’s website. Investors should monitor the Monitor’s website for material updates and other important information regarding Canacol, its business, operations, and results and its insolvency proceedings.

As indicated in the Company’s press release dated November 18, 2025, regarding its application for creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”), the Company is currently operating under the protection of the CCAA which provides certain protections from creditors while the Company restructures its affairs.

Trading of the Company's shares has been suspended since November 17, 2025 and this suspension will continue until the delisting takes effect. Once the delisting takes effect, there will no longer be a Canadian trading market for the Common Shares.

After the delisting shareholders will retain their legal rights and equity interests in the Company. The value, if any, of the Common Shares of the Corporation will be determined after a comprehensive restructuring or sale of the Corporation has been completed.

Shareholders should consult the Monitor’s website for a Q&A document which sets out some of the questions most frequently asked by shareholders.

While the Company’s shares continue to be listed in the United States on the OTCID under the ticker CNNEQ and on the Colombian Stock Exchange (BVC) under the ticker CNEC, it is expected that the OTCID will also delist the Company’s common shares, and that the Colombian Financial Superintendency will review the issuer’s registration in the Colombian National Registry of Securities and Issuers, which could affect their listing on the BVC.

A copy of the DIP Credit Agreement is available on the Monitor’s website.

About Canacol

Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCID in the United States of America under the symbol CNNEQ, the Bolsa de Valores de Colombia under the symbol CNEC.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “target”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur, including without limitation statements relating to estimated production rates from the Corporation’s properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. 

Societe Generale has executed a cost-driven turnaround, delivering double-digit returns on tangible equity and significant share price rerating. SCGLY's cost structure improvements drove a 60% expense ratio in Q3'25, but future upside depends on loan and fee-based service growth, as well as further efficiency gains. French retail banking is improving, with deposit repricing boosting net interest income, but still high expenses; BoursoBank loans grew 8% YoY.

U.S. bitcoin ETF flows have finally shown early stabilization, recording a modest $56.5 million inflow on December 9 after weeks of heavy selling that drained more than $1.1 billion in November, according to SoSoValue. While this shift hints at improving sentiment, Glassnode analysts caution that the recovery remains shallow. Momentum is picking up, yet spot CVD — a measure of cumulative buy and sell pressure — is still deeply negative, reflecting soft underlying demand. Derivatives markets also point to caution, with traders maintaining defensive positioning and overall on-chain activity drifting near the lower end of its recent range.

Short-term holders continue to dominate the circulating supply, keeping bitcoin highly sensitive to volatility. Although BTC’s 14-day RSI has returned to a neutral midrange after last week’s extreme readings, analysts note that the broader structure of the market still appears fragile. Futures open interest has slipped, volatility premiums remain discounted, and options desk activity confirms that traders are paying more for downside protection than upside exposure.

On-chain signals offer little validation of a stronger trend. Active address counts sit near cycle lows, and realized cap growth of just 0.7% highlights the lack of substantial new capital entering the network. Glassnode emphasizes that BTC’s recent bounce appears driven more by reduced selling pressure than genuine buy-side strength. Analysts argue that the market is unlikely to establish a clear directional trend until ETF inflows turn consistently positive and both long-term holders and institutional allocators show renewed conviction — neither of which is evident yet.

Bitcoin is currently trading around $92,214 after a sharp U.S. session reversal fueled by spot buying and signs of seller fatigue. Ether has climbed to roughly $3,296 following a 6% surge as improving sentiment and short covering support large-cap altcoins. Gold remains above $4,200 on expectations of a U.S. rate cut, while Japan’s Nikkei 225 gained 0.82% ahead of key economic data. In other crypto news, a judge is pressing Do Kwon for clarity ahead of sentencing, and Securitize has hired a former PayPal executive as it prepares to go public via SPAC.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Economist Peter Schiff asked Bitcoin (CRYPTO: BTC) holders to sell some of their BTC following Tuesday’s rally and invest in silver instead.

Schiff Cheers Silver, Derides BitcoinIn an X post, Schiff cheered silver’s new all-time high above $60 per ounce, following an almost 5% intraday rise.

“As I forecast, once silver took out the $50 long-term double top, it would be off to the races,” said Schiff, one of the most vocal advocates of precious metal assets.

Schiff also used the opportunity to poke fun at Bitcoiners, stating, “Today's 2% Bitcoin rally is a good opportunity to unload some fool's gold and buy silver!”

The Silver Vs. Bitcoin RaceBitcoin has trailed silver lately, shedding over 12% of its value in the last month. In contrast, spot silver has rallied 21% in the same period.

However, over five years, Bitcoin has significantly outpaced the precious metal, surging fivefold while silver has only gained 155%.

AssetMonthly Gains +/-1-Year Gains +/-5-Year Gains +/-Price in USD (Recorded at 9:50 p.m. ET)Bitcoin-12.67%-5.51%+402%$92,322.80Spot Silver+21.16%+91.98%+155.71%$61.2215/Troy OunceMoreover, it required 3,030 ounces of silver to buy Bitcoin a year ago, which has since dropped to 1508.01 ounces. This means that Bitcoin’s value in silver has plummeted by more than 50%, while its dollar value has only fallen by 5.5%.

CryptocurrencyValue in Silver ounces (Recorded on Dec. 10, 2024)Value in Silver ounces (Recorded at 9:50 p.m. ET)Gains +/-Bitcoin3,030.301508.01-51%Notably, silver has not only outperformed Bitcoin, but nearly every major asset class this year, including gold, the S&P 500 via Vanguard’s S&P 500 ETF (NYSE:VOO), the Nasdaq‑100 — via Invesco QQQ (NASDAQ:QQQ) and the long-term bonds tracked by the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT).

See Also: How to Invest in Silver

Schiff Steps Up Bitcoin CriticismSchiff, a persistent critic of Bitcoin, stated last month that the leading cryptocurrency is beginning to behave like a “mirror image” of silver, suggesting that as silver prices rise, Bitcoin tends to crash.

He has consistently argued that Bitcoin lacks any utility beyond belief. Interestingly, Binance founder Changpeng Zhao said last week that Schiff is “too close” to accepting Bitcoin’s potential, despite being “stubborn.”

Read Next: 

Why Does Bitcoin Keep Dumping As Soon As The US Trading Session Starts?
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