Market Signal Briefing

Following the surprising news that Netflix had withdrawn its bid to acquire Warner Bros. Discovery (WBD), Paramount Skydance stepped in to purchase the company. On Monday, CEO David Ellison announced during a call with investors that the company plans to merge Paramount+ and HBO Max into a single, unified platform. 

“Our combined company will be home to many of the greatest, most recognizable and beloved franchises in the world, from ‘Harry Potter’ to ‘Top Gun,’ ‘Star Trek’ to ‘Looney Tunes,’ ‘Game of Thrones’ to ‘Yellowstone.’ This represents a tremendous opportunity, and we fully intend to invest in the creative engines of both studios, making them the most sought-after destination for the industry’s leading creative talent,” Ellison said during the call.

Ellison also reassured investors that HBO’s identity and creative vision as a studio would remain unchanged, stating, “Our viewpoint is HBO should stay HBO.” He also committed to maintaining a robust theatrical slate, pledging 15 films per year, per studio, for a total of at least 30 annual theatrical releases.

This announcement comes on the heels of Paramount’s recent agreement to acquire WBD in a deal estimated at $110 billion. The merger would bring together a vast array of film, TV, and news assets under one corporate entity and is expected to upend the Hollywood landscape as we know it. It also furthers the trend of consolidation seen among other major streaming platforms, such as the combination of Disney+ and Hulu.

With a projected subscriber base of over 200 million, the new streaming service will be positioned as a serious contender among the top streaming giants.

However, the merger also invites close scrutiny from the U.S. Department of Justice over concerns about media concentration and market competition. Last week, California Attorney General Rob Bonta vowed to rigorously review the acquisition. 

Additionally, industry observers warn that the merger is likely to result in significant job cuts, heightening employee anxieties over layoffs and wage reductions. Concerns have also been raised over editorial independence, particularly in light of the Ellison family’s political connections to Donald Trump and increasing scrutiny of newsrooms at CBS and CNN.

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Ellison voiced confidence that the transaction would move forward smoothly. He described the merger as “pro-competition, pro-consumer, and pro-creative community,” emphasizing the transaction will “create a stronger Hollywood and global production ecosystem, one that expands consumer choice and unlocks opportunities for creative talent,” he concluded.

Lauren covers media, streaming, apps and platforms at TechCrunch.

You can contact or verify outreach from Lauren by emailing [email protected] or via encrypted message at laurenforris22.25 on Signal.

Forvia SE (FAURY) Analyst/Investor Day February 24, 2026 3:30 AM EST

Company Participants

Martin Fischer - CEO & Director
Olivier Durand - Executive VP & Group CFO
Peter Laier - CEO & Chairman of the Management Board
Sebastien Limousin - Executive Vice President of Seating
Olivier Lefebvre
Peter Laier
Sébastien Limousin

Conference Call Participants

Thomas Besson - Kepler Cheuvreux, Research Division
Vanessa Jeffriess - Jefferies LLC, Research Division
Michael Foundoukidis - ODDO BHF Corporate & Markets, Research Division
Ross MacDonald - Citigroup Inc., Research Division
Jose Asumendi - JPMorgan Chase & Co, Research Division
Stephen Reitman - Bernstein Institutional Services LLC, Research Division
Christoph Laskawi - Deutsche Bank AG, Research Division

Conversation

Martin Fischer
CEO & Director

Good morning, ladies and gentlemen. Welcome to our 2025 results call and the CMD. Together with our CFO, Olivier Durand, we are very glad to receive you. And many thanks for those of you who took the chance and came to our headquarters here in Nanterre. It's obviously much more lively with you as an audience here. Thank you for that.

So when I started last year, I gave a commitment, right? I said Capital Markets Day will be my first year, and here we are going. We are coming to the end of that first year at the helm of FORVIA. And I'm very glad we chose that timing for the day because we are here to, first of all, discuss our 2025 results. And I think it is important to look at those and for you to convince yourselves about the performance capability that we have. And any talk about strategy and future is going to be well grounded in that delivery from 2025.

So let's start with the results. We will have first the highlights. I'll give you that part of the presentation, then hand over to you, Olivier, for the financial results. I'll do the '26 outlook

EastGroup Properties, Inc. (EGP) Citi's Miami Global Property CEO Conference 2026 March 2, 2026 9:35 AM EST

Company Participants

Marshall Loeb - CEO & Director
R. Dunbar - President
John Coleman - Executive VP & Head of Eastern Regional

Conference Call Participants

Craig Mailman - Citigroup Inc., Research Division

Presentation

Craig Mailman
Citigroup Inc., Research Division

Good morning, everyone, and welcome to Citi's 2026 Global Property CEO Conference. I'm Craig Mailman with Citi Research. We're pleased to have with us today EastGroup and CEO, Marshall Loeb. This session is for Citi clients only and disclosures have been made available at the corporate access desk. To ask a question, you can raise your hand over the liveqa.com and enter code GPC26 to submit questions.

So Marshall, I'm going to turn it over to you to introduce your company and team, provide any opening remarks and tell the audience the top reasons that investors should buy your stock today, and then we can jump into Q&A.

Marshall Loeb
CEO & Director

Good morning, everyone, and thank you, Craig. [indiscernible]

Craig Mailman
Citigroup Inc., Research Division

Hit the red button. It's a new...

Marshall Loeb
CEO & Director

Okay. I was trying to kill time. But -- thank you, Craig.

Good morning, and thanks, everyone, for your time and interest in EastGroup this morning. I'll start kind of right to left introducing our team. John Coleman, EVP, runs our Eastern region, come from the Carolinas down to here, down to Miami. Reid Dunbar, who is our President, as of January of this year and runs our Central region, which is really Texas and Nashville. And then Casey Edgecombe, who handles many of you know, our Investor Relations.

EastGroup, if you're not familiar, we're -- we call shallow bay industrial REIT, which is really shallow bay euphemism for kind of

The portfolio meaningfully outperformed the MSCI EAFE Small Cap Growth Index but modestly lagged the blend MSCI ACWI ex USA SMID Index. Our portfolio, which has a structural growth orientation, has no exposure to these cyclical, capital-intensive and highly regulated market segments. On an individual company basis, Metso, Celcuity and LivaNova were the largest Q4 contributors.

Key Takeaways HEI is highlighted as a strong pick due to aerospace strength, liquidity and low debt.HEI has delivered an average earnings surprise of 10.07% across the last four quarters.HEI benefits from rising air travel demand and maintains a strong foothold in U.S. defense. HEICO’s (HEI - Free Report) robust presence in the aerospace market, solid liquidity and low debt are strong positives. Given its growth prospects, HEI makes for a solid investment option in the Aerospace sector.

Let’s focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment.

Growth Projections & Surprise History of HEIThe Zacks Consensus Estimate for fiscal 2026 earnings per share is pegged at $5.49, which indicates year-over-year growth of 12%.

The consensus estimate for fiscal 2026 sales is $4.99 billion, which indicates year-over-year growth of 11.4%.

HEI’s long-term (three-to-five years) earnings growth rate is pegged at 16.5%.

It delivered an average earnings surprise of 10.07% in the last four quarters.

HEI Stock’s Debt PositionCurrently, the company’s total debt-to-capital is 33.11%, better than the industry’s average of 49.10%.

HEI’s times interest earned (TIE) ratio at the end of the fiscal fourth quarter of 2025 was 7.88. A TIE ratio of more than one indicates that the company will be able to meet its interest payment obligations in the near term without any problems.

HEI’s LiquidityHEI’s current ratio at the end of the fiscal fourth quarter of 2025 was 2.83. A current ratio of greater than one indicates the company’s ability to meet its future short-term liabilities without difficulties.

Heico’s Expanding Commercial and Defense MomentumHeico is benefiting from rising global air travel, which is driving higher demand for its aftermarket replacement parts and repair and overhaul services. This growth has supported strong results in the Flight Support Group, with higher sales and improved margins reflecting steady momentum in the aerospace aftermarket. With industry projections pointing to continued increases in air passenger volumes, Heico remains well-positioned to capture growing maintenance and component demand across commercial aviation.

The company also maintains a strong foothold in the U.S. defense sector, supplying critical aircraft parts, electrical interconnect products and support services to the Department of Defense and allied partners. Its Electronics Technologies Group adds further exposure to defense satellite and spacecraft programs, aligning well with rising U.S. defense spending. Supported by solid liquidity and a disciplined acquisition strategy that expands its product portfolio and customer base, Heico is poised for sustained long-term growth across both commercial and defense markets.

HEI Stock’s Price PerformanceShares of HEI have gained 20.2% in the past year compared with the industry’s 44.2% growth.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the same industry are Woodward (WWD - Free Report) , Astronics (ATRO - Free Report) and TransDigm (TDG - Free Report) . Woodward and Astronics sport a Zacks Rank #1 at present, while TransDigm carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Woodward delivered an average earnings surprise of 17.93% in the last four quarters. The Zacks Consensus Estimate for WWD’s fiscal 2026 earnings is pinned at $8.51 per share, which indicates year-over-year growth of 23.5%.

Astronics delivered an average earnings surprise of 31.72% in the last four quarters. The consensus estimate for ATRO’s 2026 earnings is pegged at $2.62 per share, which implies year-over-year growth of 30.4%.

TransDigm delivered an average earnings surprise of 2.32% in the last four quarters. The consensus estimate for TDG’s 2026 earnings stands at $39.46 per share, which suggests year-over-year growth of 5.7%.

The bitcoin price is on the move again this morning, pumping sharply from the mid‑$65,000 range to push toward $70,000, representing roughly a 6% gain in just a few hours as leveraged short positions face heavy liquidations. 

Last week, Bitcoin price briefly surged past $69,000 on February 25 before retreating over the weekend, falling back to around $65,000.

The move today comes after a volatile weekend marked by heightened geopolitical tensions in the Middle East, when joint U.S. and Israeli strikes on Iranian targets, including reports of attacks near Tehran and Iran’s leadership, and then Iran’s retaliatory actions rocked risk assets across global markets. 

Bitcoin initially sold off sharply over the weekend, dipping as low as the low $63,000s as markets digested the news. But, within a couple of hours, the price rebounded back to levels it was at before the news.

Bitcoin price analysis Macro conditions continue to influence Bitcoin’s trajectory. Elevated U.S. interest rates and persistent inflation signals have kept the opportunity cost of holding non-yielding assets high, limiting aggressive upside moves. 

Meanwhile, geopolitical developments—including the conflict in Iran—have amplified short-term swings but have not fundamentally shifted Bitcoin’s broader trend. 

Investor sentiment remains cautious, with the Crypto Fear & Greed Index hovering near extreme fear, reflecting hesitancy to push prices significantly higher amid ongoing uncertainty.

Bitcoin price is also on track for a historically weak first quarter, down more than 25% in 2026, marking its worst Q1 performance since 2014, according to Bitcoin Magazine Pro data.

Historical patterns suggest that bear markets in dollar terms can extend 12 to 13 months, potentially stretching through late 2026. However, when priced in gold, the market may be closer to a bottom, with some analysts pointing to a possible rebound beginning this month. 

Large-scale investors are also increasingly treating the current environment as an accumulation zone, suggesting that long-term holders are positioning for future gains even as retail activity remains subdued.

Earlier today, Strategy ($MSTR) bought 3,015 bitcoin for roughly $204 million, raising its total holdings to 720,737 BTC, worth over $47 billion. 

The purchases, made between Feb. 23 and March 1 at an average price of $67,700 per coin, were funded through at-the-market sales of common and preferred stock. With bitcoin trading near $65,500, the company now controls more than 3.4% of the total 21 million bitcoin supply, maintaining its status as the largest publicly traded corporate holder.

At the time of writing, the bitcoin price is $69,882.

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

Key Highlights Table of Contents

Key HighlightsCorporate Bitcoin Reserves Reach New HeightsShare Repurchase Initiative AcceleratesInvestor Response and Operational FrameworkGet 3 Free Stock Ebooks BRR stock gains 5.43% following 450 BTC acquisition and enhanced buyback activity Total Bitcoin reserves reach 5,457 BTC after strategic purchase Share repurchase program gains traction as company addresses NAV gap 782K shares bought back at discounts ranging from 25% to 35% below NAV Combined strategy pushes BRR to $2.7944 closing price ProCap Financial, Inc. (BRR) experienced notable gains in trading sessions following the announcement of expanded Bitcoin reserves and enhanced share buyback execution. Shares advanced 5.43% to reach $2.7944 as the firm disclosed a 450 BTC acquisition alongside active repurchase operations. This development underscores BRR’s twin-pillar approach to capital deployment during ongoing digital currency market fluctuations.

ProCap Financial, Inc., BRR

Corporate Bitcoin Reserves Reach New Heights ProCap Financial bolstered its cryptocurrency treasury by securing 450 BTC during a period of market softness. This acquisition brought the company’s aggregate Bitcoin reserves to 5,457 BTC while lowering the per-coin average acquisition cost. The transaction, valued at approximately $35.4 million, was financed through operational capital and option exercise proceeds.

During the purchase window, Bitcoin was trading in the vicinity of $65,000, representing a substantial retreat from historical highs. Leadership interpreted this price correction as an opportune moment for strategic accumulation amid broader cryptocurrency market turbulence. Through this move, BRR enhanced its treasury exposure to the leading digital currency.

The enlarged Bitcoin position establishes BRR among the top 20 publicly listed corporate Bitcoin holders globally, specifically ranking 19th. The organization maintains its commitment to a treasury strategy centered on long-term digital asset value appreciation. Thus, BRR embeds cryptocurrency accumulation as a core component of its financial operations.

Share Repurchase Initiative Accelerates Parallel to its cryptocurrency acquisitions, BRR amplified activity under its $100 million share buyback authorization. The board greenlit this program specifically to close the gap between trading price and underlying net asset value. Beginning in late December 2025, BRR has maintained consistent open-market share acquisitions.

Throughout the most recent ten-day period, the company repurchased 782,408 common shares at substantial discounts relative to NAV. Purchase transactions occurred at discounts spanning 25% to 35% beneath calculated intrinsic worth. These acquisitions decreased the share count while simultaneously boosting per-share asset metrics.

With roughly 82.6 million shares currently outstanding, the repurchase velocity carries material significance. Leadership maintains buyback operations as long as shares trade beneath intrinsic value thresholds. As such, BRR seeks to compress the NAV discount through measured capital redeployment.

Investor Response and Operational Framework Equity markets reacted favorably to BRR’s coordinated Bitcoin acquisition and buyback intensification. The positive price movement signals investor endorsement of the company’s capital allocation methodology. ProCap Financial functions as a publicly listed agentic finance enterprise maintaining a digital asset-focused treasury strategy. The organization blends Bitcoin treasury management with equity optimization initiatives to enhance stockholder returns. This operational model sets BRR apart from conventional financial services entities.

Leadership remains committed to executing concurrent strategies encompassing asset accumulation and share count reduction. The firm preserves sufficient liquidity to enable additional Bitcoin purchases and share repurchases as market opportunities emerge. Consequently, BRR establishes positioning for sustained balance sheet expansion while simultaneously closing market valuation discrepancies.

3 mins mins

Key Insights:

CME crypto futures now include ADA, LINK, and XLM, offering new trading and hedging options. Micro contracts allow smaller investors to access futures while managing risk with lower capital. ADA, LINK, and XLM futures show moderate-to-high correlation with Bitcoin, enabling diverse exposure. CME Crypto Futures Now Cover 75% of Market With ADA & LINK CME Group has added Cardano (ADA), Chainlink (LINK), and Stellar (XLM) to its cryptocurrency futures lineup. With these additions, the CME suite now covers more than 75% of the total crypto market capitalization. The new contracts are available in standard and micro sizes and are cash-settled using the CME CF Reference Rates.

Since launching Bitcoin futures in 2017 and Ether futures in 2021, CME has provided a regulated venue for trading digital assets. The inclusion of ADA, LINK, and XLM futures follows the earlier addition of Solana (SOL) and XRP futures, giving traders more options to manage crypto positions.

Trading Volume and Global Participation Trading in the new contracts has exceeded $40 million in notional value, with over 6,000 contracts executed. Activity comes from 46% of participants in EMEA, 40% in North America, and 14% in APAC. Trading operates 24/7, with U.S. and non-U.S. hours accounting for roughly half each.

Open interest in these contracts is rising daily, reflecting demand from both institutional and retail investors. Micro contracts allow smaller traders to participate with lower upfront capital while retaining full exposure to the underlying assets.

Contract Details Cardano futures are 100,000 ADA per contract, with micro contracts of 10,000 ADA. Chainlink contracts are 5,000 LINK, with 250 LINK for micro contracts. Stellar contracts are 250,000 Lumens, with micro contracts of 12,500 Lumens.

These contracts complement existing Bitcoin, Ether, Solana, and XRP futures. They allow investors to trade spreads, execute relative value strategies, and hedge exposure to specific sectors, such as decentralized oracles and payment networks. CME’s cash-settled design ensures transparent pricing without the need to hold the underlying tokens.

Market Relationships and Strategy ADA, LINK, and XLM futures have moderate-to-high correlations with Bitcoin, ranging from 0.60 to 0.67. This shows they follow broader market trends while offering different exposure. These new contracts give investors tools to manage risk and access distinct areas of the digital economy.

The expansion of CME’s crypto suite provides a regulated and secure platform for trading a wide range of digital assets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Bitcoin’s market structure reveals a notable shift in capital flows during early 2026. Retail exchange inflows on Binance declined steadily from about $14.1 billion to roughly $9.05 billion between the 6th of February and the 2nd of March.

This $5 billion contraction closely mirrors earlier periods in March–April 2025 and June 2025. During those episodes, falling retail deposits coincided with phases of market cooling rather than aggressive distribution.

Source: CryptoQuant

Meanwhile, Bitcoin’s [BTC] price weakened from near $100,000 toward the $60,000–$70,000 range, reflecting broader risk-off pressure across crypto markets. As prices stabilized in this lower range, another signal began to emerge.

On the 25th of February, U.S. Spot Bitcoin ETFs recorded inflows of about 21,000 BTC, equivalent to roughly $1.45 billion.

Source: CryptoQuant

As retail participation softened, institutional demand began reappearing. This overlap between declining exchange inflows and rising ETF holdings suggests capital may be rotating away from short-term trading venues toward longer-term institutional custody.

$1.8B sell volume hits Bitcoin derivatives Bitcoin’s current correction remains moderate compared with previous bear market cycles.

The drawdown stood near 47% at press time, well below earlier historical extremes. In contrast, the 2011–2012 bear market wiped out more than 90% of Bitcoin’s value.

Later cycles moderated slightly, although the 2013–2015 and 2017–2018 phases still exceeded 80% declines. Meanwhile, the 2021–2022 downturn reached roughly the 75% region.

Source: CryptoQuant

This gradual moderation suggests structural maturation as the asset class expands.

Even so, short-term sentiment has deteriorated sharply. Derivative markets reacted immediately as geopolitical tensions between the United States and Iran escalated.

Within one hour, aggressive sell orders pushed roughly $1.8 billion in volume through the market.

Source: CryptoQuant

At the same time, the Derivatives Pressure Index plunged from around 30% to near 18%. This shift reflects strong seller dominance and rising risk aversion.

Yet such extreme positioning often signals emotional trading phases that sometimes precede short-term technical rebounds.

Bitcoin derivatives face stop-loss cascade risk Bitcoin stabilized near $66,150 after briefly dipping toward the $60,000 region in early February. Meanwhile, exchange flows began showing strong whale dominance.

The Exchange Whale Ratio climbed to 0.64, its highest level since 2015, then retraced to 0.56. This means the top ten addresses now generate roughly over 50% of all BTC inflows to exchanges.

As large holders deposit coins, potential spot selling pressure gradually increases.

Source: X

At the same time, derivatives positioning remains restrained.

Bitcoin futures Open Interest stood near 649,880 BTC, equivalent to roughly $43.03 billion. However, OI declined 2.55% in 24 hours, signaling moderate deleveraging.

Meanwhile, the Long-to-Short Ratio remained balanced at 50.33% long and 49.67% short.

This structure implies mild bearish sentiment across perpetual markets. When combined with concentrated whale inflows, the market becomes structurally fragile. Under such conditions, a downward move could sweep clustered long stops and trigger a volatility-driven liquidation cascade.

Final Summary BTC shows declining retail inflows and rising ETF demand, signaling a shift toward institutional accumulation. Bitcoin derivatives remain fragile as whale inflows and negative funding raise liquidation risk.

The platform also rolled out Smart Exit, aimed at liquidity providers, which automates position exits as per predefined conditions. One more amalgamation is set for future deployment, which is anticipated to further widen the platform’s liquidity access, the company mentioned. Kyber Network plunges around 23% in just one day as volume spikes on KyberSwap upgrades and new liquidity amalgamations. 

Kyber Network Crystal (KNC) accumulated over 23% in the latest trading sessions, influenced by surged trading volume and the latest platform upgrades, as per the market data. 

The progress of the token compared with losses listed by various large-cap cryptocurrencies in that same period, as per the trading data. Trading volume for Kyber Network Crystal surged substantially in the short term, attaining levels not witnessed in the past few months, as per the exchange data. 

Increased trading volume can boost price movements when amalgamated with purchasing pressure, as per the market analysts. Kyber Network publicised various product amplifications to its decentralised exchange platform. 

The protocol widened cross-chain functionality on its swap product, permitting users to exchange assets over various blockchains using liquidity from different providers in a single transaction, as per the statement of the company. 

The Additional Features  The platform also rolled out Smart Exit, aimed at liquidity providers, which automates position exits as per predefined conditions for profit-taking, risk management, or time-based parameters, as per the announcement. 

The feature has been placed on some networks, with additional amalgamations planned, the company mentioned. Kyber Network fulfilled an amalgamation with Vaultedge, taking extra assets to the swap platform and widening liquidity routing options, as per the company. 

One more amalgamation is set for future deployment, which is anticipated to further widen the platform’s liquidity access, the company mentioned. Taking the technical analysis perspective into account, the token broke above a short-term moving average that had so far acted as resistance, the chart data reports. 

The level now indicates a potential support zone, technical analysts mention. Keeping price levels over the support could show a continued upward trajectory toward nearby resistance levels. 

A break over resistance may result in extra gains; however, if it does not succeed in holding support, mainly with slipping volume, it could lead to price retracements, as per technical analysis. 

Highlighted Crypto News Today: 

Michael Saylor Signals New Bitcoin Buy Amid Market Weakness

A passionate journalist with a strong foundation in content writing and an experience in the crypto industry. With a commitment to self-growth, Sharmistha aims to make a meaningful impact in the media and communications landscape.

Weekend warriors: How HyperLiquid became retail’s bear market playgroundWhile bitcoin and ether remain in bear markets, HYPE has climbed alongside gold as HyperLiquid’s derivatives volume expands, weekend equity trading gains traction. Mar 2, 2026, 5:04 p.m.

The crypto bear market has dragged down most major digital assets this year, but HYPE has moved in the opposite direction. Year to date, the token is up 23.9%, matching gold’s gain over the same period. The S&P 500 is slightly negative, while bitcoin has fallen 23.7% and ether more than 33%.

The divergence is notable not only because HYPE is crypto-native, but because it has decoupled from the broader digital asset market. Its performance increasingly reflects the value of the platform behind it rather than the market's direction.

HyperLiquid, the decentralized derivatives exchange that underpins HYPE, is built to monetize activity rather than price appreciation. In bull markets, capital tends to concentrate in spot exposure. In choppier conditions marked by drawdowns and macro shocks, derivatives volume tends to persist. Traders shift from buying to positioning, and the platform collects fees on both sides.

While trading volume on competitor platforms Aster and Lighter has tumbled in recent months, HyperLiquid’s has increased, rising from $169 billion in December to more than $200 billion for both January and February. Aster, meanwhile, went from $177 billion in December to less than $100 billion in February, with Lighter suffering an even sharper drop, DefiLlama data shows.

Total volume on HyperLiquid since its inception has now hit a whopping $4 trillion.

Volatility as a business modelHyperLiquid’s core product is perpetual futures, which allow traders to go long or short with leverage. When prices grind higher, leverage amplifies upside. When markets slide, shorting and basis trades step in. The exchange collects fees on both sides.

That structure becomes particularly relevant in a year marked by turbulence across asset classes. Rather than relying on sustained price appreciation, the exchange captures turnover. In sideways or declining markets, traders often increase frequency, hedge exposure, or rotate into relative-value strategies. Activity replaces direction as the primary driver.

And that business model has yielded positive results. Gross protocol revenue grew by 96% in Q3 of 2025 to $354 million, with the fourth-quarter total hitting $286 million, the majority of which came from perpetual trading fees.

That revenue comes from a super-lean team of fewer than 15 employees, with half focused on engineering. HyperLiquid founder Jeff Yan has also refused investment from venture capitalists to maintain independence - a bold approach uncommon in the crypto industry.

Trading beyond market hoursMore recently, HyperLiquid has expanded beyond crypto-native pairs. It now offers synthetic exposure to foreign exchange, commodities and major equity indices. It also provides weekend trading for U.S. equities, an innovation that resonates with retail traders accustomed to crypto’s round-the-clock rhythm.

For a generation raised on app-based brokerage platforms, the traditional market calendar feels restrictive. As seen over the past weekend, geopolitical escalations often land outside the typical weekday trading window. HyperLiquid’s structure allows traders to react in real time rather than wait for Monday’s open.

HyperLiquid’s silver market has also been a resounding success with trading volume nearing $750 million over a recent 24-hour trading period despite traditional markets being closed for the majority of Sunday.

The exchange has also introduced pre-IPO perpetual markets tied to companies such as Anthropic, OpenAI and SpaceX. These instruments are synthetic and do not confer equity ownership, but they offer directional exposure to private companies. In effect, they create a parallel venue for price discovery among retail participants otherwise excluded from late-stage venture valuations.

The product FTX tried to buildThe model carries echoes of an earlier vision. FTX pitched 24-hour trading, tokenized equities and seamless leverage across asset classes. Its collapse stemmed from custody risk, shoddy balance-sheet practices, and the commingling of funds.

HyperLiquid operates on a non-custodial framework, with on-chain settlement and transparent vault mechanics. Users interact with smart contracts rather than deposit funds into a centralized entity’s balance sheet. In a post-FTX landscape, that distinction carries weight. Retail traders who absorbed losses from centralized failures remain sensitive to counterparty exposure.

HyperLiquid delivers many of the features once marketed by FTX, but through infrastructure designed to reduce reliance on a single custodian.

The exchange also leans into competition and gamification. Leaderboards prominently rank traders by performance, creating protagonists like James Wynn, who lost $100 million on HyperLiquid after engaging in a high-risk long-only trading strategy using leverage when bitcoin was above $100,000.

The mechanic encourages engagement. Traders can build reputations through short positions, market-neutral strategies or well-timed directional bets, and that creates a buzz on social media - effectively acting as a marketing vehicle even in volatile markets.

The centralization testClaims that HyperLiquid is insulated from bear markets require context. One year ago, the protocol faced a credibility shock that raised questions about decentralization.

In April 2025, the total value locked in the Hyperliquidity Provider vault fell from $540 million to $150 million within a month. The trigger was a trading episode involving a token called JELLY. A trader opened a large short position on HyperLiquid while simultaneously buying the token on illiquid decentralized exchanges. Thin liquidity distorted price feeds and forced the vault into a toxic position via liquidation.

As JELLY’s reported price spiked to levels unsupported by deep liquidity, the vault’s unrealized losses mounted. HyperLiquid intervened, force-closing the market and settling JELLY at $0.0095 rather than the roughly $0.50 price being relayed by oracles. The decision protected the vault from substantial losses, but it ignited backlash.

Critics argued that a protocol marketed as decentralized had exercised discretionary control reminiscent of a centralized exchange. Governance optics deteriorated quickly. Yield on the vault fell sharply, and users withdrew capital.

Security researchers described the episode as an economic design flaw rather than a smart contract exploit. Jan Philipp Fritsche of Oak Security characterized it as unpriced vega risk, where leveraged exposure to volatile assets drained the risk fund in a predictable manner. The episode underscored that economic vulnerabilities can be as destabilizing as technical bugs.

HyperLiquid later modified its governance process, shifting asset delistings to an on-chain validator voting mechanism. The change did not eliminate scrutiny, but it addressed one of the central criticisms.

The vault has since recovered to $380 million in TVL, offering users a 6.93% APR.

Resilience through activityDespite the controversy, trading volume on the exchange remained robust, and with competitors Aster and Lighter losing momentum, HyperLiquid is positioning itself as a mainstay in the ongoing cryptocurrency bear market.

Risks remain. Regulatory attention could intensify around synthetic exposure to private companies and U.S. equities. Liquidity fragmentation in thinner markets could resurface pricing distortions. Governance mechanisms will continue to be tested under stress.

Yet HYPE’s relative strength this year reflects a structural distinction. Rather than functioning as a high-beta bet on digital asset appreciation, it increasingly behaves like a claim on a venue that monetizes volatility.

In a cycle defined less by sustained rallies and more by sharp swings, that positioning has mattered.

More For You

Tom Lee's Bitmine boosts ether holdings to 4.47 million tokens with $98 million ETH purchase

2 hours ago

The ether treasury firm now has nearly $10 billion in assets and more than $6 billion of ETH staked.

What to know:

Bitmine Immersion Technologies increased its ether holdings to 4.474 million tokens after purchasing nearly 51,000 ETH last week, bringing its total crypto and cash holdings to $9.9 billion.The company has 3,040,483 ETH staked, valued at about $6 billion, generating an estimated $172 million in annualized staking revenue that could rise to $253 million at full scale based on recent yields.Bitmine's ether position represents 3.71% of Ethereum’s total supply, and the firm is developing its Made in America Validator Network staking platform, targeted for launch in early 2026 in partnership with three staking providers.

Bitcoin price has moved back above $70,000 as market activity intensified across spot and derivatives markets. Investor Robert Kiyosaki said gold surged $128 in one day and added that silver and Bitcoin could “blast off.” The cryptocurrency market added nearly $100 billion in value within one hour, according to crypto analyst Ted.

As per Coincodex, the Bitcoin price has surged over 7% in the last 24 hours to trade at $69,929 after touching $70,075, then retreating. Concurrently, its market capitalization reached $1.39 trillion, reflecting a 7% daily increase, while the trading volume rose 36.13 % to $54.2 billion.

Derivatives Volume and Open Interest ExpandData from CoinGlass showed that derivatives trading volume climbed 8.7% to $72.3 billion. Open interest also increased 6% to $46.9 billion during the same period. When open interest rises alongside price, it often indicates that traders are opening new positions.

Market observers also reported strong liquidity sweeps around the $65,200 level. Price later advanced toward the range point of control near $68,200. Analysts noted that a sustained four-hour close above this zone could confirm short-term strength.

Source: X

Crypto analyst Michaël van de Poppe stated that Bitcoin broke above $65,000 and flipped that level into support. He added that the next potential area lies between $75,000 and $80,000. He also noted that gold and silver saw mild pullbacks after the U.S. market open.

Short-Term Holders Show Reduced Selling PressureA March 1 analysis from CryptoQuant reviewed Bitcoin’s Short-Term Holder P&L to Exchanges metric. This metric tracks whether recent buyers send coins to exchanges at a profit or loss. Short-term holders often react quickly to sudden market changes.

On February 5 and 6, about 89,000 BTC moved to exchanges at a loss within 24 hours. That event occurred during a sharp decline and marked a capitulation phase. Since then, loss-driven inflows have gradually decreased.

Source: CryptoQuant

Recent geopolitical tensions between the United States and Iran tested market stability. Bitcoin briefly dropped toward the $63,000 to $64,000 range. However, exchange inflows from short-term holders did not spike during that move.

BTC Price Key Levels to Watch as Weekly Structure HoldsOn the weekly timeframe, Bitcoin trades near the $65,000 channel support. This level aligns with the lower boundary of a long-term ascending channel. According to crypto analyst Trader Tardigrade, previous corrections within this structure found support at similar levels.

The weekly relative strength index remains in oversold territory. In prior cycles, similar RSI readings near channel support preceded rebounds. As per the analysts, he is bullish since the BTC price has held above $65,000 on weekly closes.

According to his BTCUSD chart, the current major support remains near $65,000. A decisive break below that level could open room toward $58,000 to $60,000. On the upside, the analysts have noted the next resistance may come near $70,937 and $71,254 if bullish momentum holds.

Source: X

Per Trader Tardigrade, if the BTC price progresses this way, long-term projections from channel analysis extend toward $110,000 to $120,000. As "buy Bitcoin" searches hit a 5-year high, the upper channel projections suggest higher levels over time if the structure remains intact. However, for now, the focus is on whether Bitcoin sustains momentum above $70,000 as volatility increases due to the US-Iran war.

Bitcoin (CRYPTO: BTC) is approaching the $70,000 mark, even as geopolitical tensions tied to U.S. airstrikes on Iran drive the price of oil higher. Short-Term Holders Show Resilience Despite a recent dip toward the $63,000–$64,000 range, Bitcoin's short-term holders (STHs) are not displaying signs of panic selling, CryptoQuant data shows.

Battle for Bitcoin's soul opens as first block supporting 'clean-up' proposal is minedA Bitcoin block signaling the BIP-110 proposal has appeared onchain while critics push back by inscribing a large image in protest. Mar 2, 2026, 5:15 p.m.

Bitcoin’s latest governance clash escalated this week as the first block signaling support for a temporary soft fork designed to restrict arbitrary, non-monetary data in the blockchain's transactions was produced by mining pool Ocean.

The proposal, formally assigned BIP-110 after evolving from earlier drafts, aims to reinstate strict limits on transaction output sizes and arbitrary data fields for about a year. The idea is to curb what proponents see as “spam” uses of block space for non-financial data. They argue that unchecked data, including large inscriptions and so-called OP_RETURN payloads, threaten the original blockchain's role as sound monetary infrastructure and burden node operators.

The community remains deeply divided. Prominent critics, including Blockstream CEO Adam Back, have warned that consensus-level intervention could harm Bitcoin’s credibility and lead to preferential treatment of some transactions in violation of the principle of neutral transaction capacity. He also questioned the level of support for the proposal, which, he said, increased the risk of the blockchain being split.

Adding fuel to the debate, a developer recently inscribed a 66 KB image in a single transaction on Bitcoin, an apparent pushback against BIP-110’s core claims and a demonstration of how large amounts of data can be encoded even without relying on OP_RETURN.

OP_RETURN and similar approaches are script instructions used to mark a transaction output as invalid for spending, effectively allowing users to repurpose that space to permanently embed arbitrary data — like text or images — directly into the blockchain

As the controversy unfolds, it underscores enduring philosophical tensions within Bitcoin. Should network aggressively defend a narrowly defined monetary purpose or maintain maximal neutrality toward arbitrary uses of its base layer?

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Hong Kong links up with Shanghai trade authorities to put cargo data on blockchain

7 hours ago

HKMA teams up with mainland regulators to develop a cross-border platform linking cargo data and electronic bills of lading, aiming to cut trade finance friction and plug Chinese supply chains into global markets

What to know:

Hong Kong has signed a memorandum of understanding with Shanghai authorities to build a shared blockchain-based platform for cross-border cargo trade and trade finance.The planned system will link trade data, electronic bills of lading, and financing systems under the Hong Kong Monetary Authority’s Project Ensemble framework, connecting with Hong Kong’s Commercial Data Interchange and CargoX.Officials hope the initiative will streamline trade finance, deepen Hong Kong’s integration into mainland supply chains, and strengthen its role as a compliant gateway between Chinese trade and global capital markets.

PI has the second-highest bullish sentiment today (March 2nd).

Last month, Pi Network’s team celebrated a special milestone and announced several important updates aimed at improving the entire ecosystem.

Despite the enhanced volatility, PI closed February in green, which could explain why it has been trending lately.

The Recent Developments and What’s Next? It was on February 20, 2025, when Pi Network officially launched its Open Network, making PI publicly accessible and enabling exchanges to provide trading services with it. Last month, the team celebrated the first anniversary of that milestone and unveiled several important updates.

It revealed the completion of protocol v19.6, making v19.9 the final step ahead of the much-anticipated v20. The team also reminded that nodes need to migrate promptly, as outdated versions will no longer be able to participate in the network.

Shortly after, Pi Network introduced its long-awaited Ecosystem Token Design, a framework meant to ensure that new tokens on the Mainnet are tied to real utility rather than speculation. The team urged Pioneers to review the mode and provide feedback before final implementation.

Besides that, Pi Network’s co-founders, Chengdiao Fan and Nicolas Kokkalis, answered some hot questions involving the controversial KYC process, the entity’s jump into the AI sector, and other intriguing topics.

The community’s attention has now shifted to March 14: a date known across the community as Pi Day, due to its symbolic resemblance to the mathematical constant π (3.14). The team marked the same date last year with an ecosystem expansion, but it’s unclear whether they plan something similar in less than two weeks. X user Pi Community claimed that Pi Day has always been “a powerful moment to showcase major progress, current work, and what’s next.”

You may also like: Bitcoin (BTC) Plunges Before the FOMC Meeting, Pi Network (PI) Soars by 15%: Market Watch PI in Focus PI closed in February at around $0.17, representing a 10% monthly increase. Currently, it trades just south of that mark, which could explain why the asset has been trending lately.

According to CoinMarketCap, PI has the second-highest bullish sentiment today (March 2nd), trailing only Kaspa (KAS). Further down the list are well-known altcoins such as Ripple (XRP), Cardano (ADA), and Ethereum (ETH).

Most Bullish Sentiment Cryptocurrencies, Source: CoinMarketCap This development has left some market observers baffled. X user Mr. Brondor, for instance, wondered how “a useless crypto” like PI could have one of the strongest bullish sentiments.

Token Unlocks and More While some industry participants have been floating the unrealistic (at least as of now) idea that PI could explode to as high as $50, certain technical indicators suggest a short-term correction could also be on the way.

Data shows that over the next few weeks, token unlocks will be quite aggressive with the record day being March 7 when almost 21 million coins will be released. This doesn’t guarantee a price decline, but it will allow some investors to offload holdings they have been waiting for some time.

PI Token Unlocks, Source: piscan.io Meanwhile, the amount of PI stored on centralized platforms has been gradually rising lately and now sits at nearly 435 million tokens. This trend is considered bearish, as a growing exchange supply increases the likelihood of a substantial sell-off.

PI Exchange Supply, Source: piscan.io Tags:

TL;DR

ETH Accumulation: Bitmine now holds 4.47 million ETH, representing 3.71% of supply and moving 74% toward its 5% target. Staking Expansion: With 3.04 million ETH staked, Bitmine expects $253 million in annual rewards once MAVAN is fully deployed. Market Position: Bitmine’s $9.9 billion reserves, strong institutional backing, and rising trading volume reinforce its status as the world’s largest ETH treasury.
Bitmine Immersion Technologies has strengthened its position as a leading digital asset holder after reporting $9.9 billion in combined crypto, cash, and “moonshots” as of March 2, 2026. The company continues to lean heavily into Ethereum accumulation, framing its strategy around long-term exposure despite ongoing market volatility. With 4,473,587 ETH and 195 BTC on its balance sheet, Bitmine’s treasury approach remains one of the most aggressive in the sector, reflecting management’s conviction in Ethereum’s future role in global finance.

🧵
1/ BitMine provided its latest holdings update for March 2nd, 2026:

$9.6 billion in total crypto + "moonshots":
– 4,473,587 ETH at $1,976 (@coinbase)
– 193 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $14 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) March 2, 2026

Bitmine Accelerates Toward Its “Alchemy of 5%” Target As of March 1, Bitmine’s ETH holdings represent 3.71% of the total 120.7 million ETH supply, placing the company more than 74% of the way toward its internal 5% accumulation goal. The firm also maintains $868 million in cash, a $200 million stake in Beast Industries, and a $14 million position in Eightco Holdings. Chairman Thomas “Tom” Lee said the company continues to execute its Ethereum strategy through what he described as a “mini crypto winter,” though he warned that rising geopolitical tensions involving US operations against Iran could influence markets.

Staking Operations Drive Revenue Growth The firm now has 3,040,483 staked ETH valued at $6.0 billion, making it one of the largest global staking participants. The company expects this position to generate $253 million annually once fully deployed across MAVAN and partner networks, based on a 2.86% 7‑day BMNR yield. Current annualized staking revenues stand at $172 million. Bitmine’s staked ETH represents roughly 68% of its total holdings, while the CESR benchmark sits at 2.83%.

MAVAN Buildout and Institutional Backing The Made in America Validator Network remains on track for early 2026 deployment, with Bitmine already collaborating with three external providers. The company’s investor base includes ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee.

The firm ranks as the 145th most traded US stock, averaging $0.8 billion in daily volume. Management compares today’s policy shifts, including the GENIUS Act and SEC’s Project Crypto, to the post‑1971 financial transformation. Bitmine remains the largest ETH treasury globally and the second‑largest digital asset holder behind Strategy Inc.

TL;DR:

Deutsche Bank is preparing to integrate Ripple’s XRP Ledger for global payments, FX settlement, and asset custody, aiming to cut clearing from days to seconds. On-chain processing could improve traceability, reduce reconciliation workload, lower settlement-error risk, and keep liquidity from being locked in slow cycles. XRP is down 30% year-to-date, but Ripple’s Monica Long expects broader institutional XRPL use in 2026, freeing capital tied up in nostro and vostro pipelines. Deutsche Bank is preparing to integrate Ripple’s XRP Ledger into core workflows for global payments, foreign-exchange settlement, and asset custody. The aim is to compress settlement cycles that can take days, especially when multiple intermediaries sit in the chain, into transactions that finalize in seconds. In the bank’s framing, this is not a marketing experiment but an infrastructure upgrade focused on throughput, transparency, and operational efficiency. Deutsche Bank targets seconds-level settlement across key rails as it evaluates how blockchain can modernize legacy clearing. Execution timelines remain under wraps.

LATEST: 🇩🇪Deutsche Bank is rolling out Ripple’s blockchain tech to speed up global payments, FX flows, and custody, cutting days-long settlement to seconds. pic.twitter.com/xn0SveIqEK

— STEPH IS CRYPTO (@Steph_iscrypto) March 2, 2026

Payments, FX settlement, and custody on one ledger Cross-border payments and FX settlement are the first pressure points. Traditional flows can stretch over several days because correspondent banks, manual checks, and layered compliance steps create queues that are hard to see in real time. With the XRP Ledger, those steps can complete in seconds while maintaining traceability, which reduces operational cost and shrinks reconciliation workloads. Faster processing also limits settlement errors and keeps liquidity from being trapped in slow cycles. Real-time FX rails reduce friction, cost, and idle liquidity for institutions managing global cash. That efficiency reshapes intraday funding, liquidity buffers, and risk.

The integration is also positioned as a custody upgrade. The XRP Ledger can support the issuance, transfer, and storage of digital assets and tokenized instruments with more transparent recordkeeping, giving clients clearer control over holdings. In custody workflows, on-chain rails can provide real-time visibility into positions, corporate actions, and settlement status, reducing the blind spots that appear when ledgers reconcile overnight. At the same time, the bank still must align innovation with regulatory frameworks and risk controls across jurisdictions. Tokenized custody turns blockchain into operational infrastructure, not speculation. That governance layer will define rollout pace.

Market pricing has not celebrated the institutional narrative. XRP is down 30% year-to-date in 2026, highlighting a gap between integration headlines and near-term trading behavior. The report argues that large rollouts often deliver value gradually, even as utility expands. Ripple President Monica Long has predicted that full-scale institutional use of the XRP Ledger could arrive in 2026, freeing capital now immobilized in slow settlement pipelines and in nostro and vostro accounts. Adoption can improve financial plumbing before price reflects it. For Deutsche Bank, the bet is modernization. If peers follow, competition could accelerate rail innovation.

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Stanley Black & Decker is slashing around 300 jobs and shuttering a Connecticut factory — wiping out roughly half of its workforce in its longtime hometown.

State Rep. Dave DeFronzo said the toolmaker is cutting about half of its 600-person workforce in New Britain and closing a tape-measure manufacturing facility which produces single-sided tape measures.

The company confirmed the move.

Stanley Black & Decker’s world headquarters in New Britain, Conn., where the company has been based since 1843. Courtesy Stanley Black and Decker “As a result of a structural decline in demand for single-sided tape measures, we have decided to close our facility in New Britain that predominantly makes these products,” Debora Raymond, vice president of external communications for Stanley Black & Decker, told The Post on Monday.

“These products are quickly becoming obsolete in the markets we serve.”

Raymond added that the company was now “focused on supporting impacted employees through this transition, including providing options for employment at other facilities, severance, and job placement support services for both salaried and hourly employees.”

Stanley Black & Decker reported 600 employees in New Britain in 2024. The closure would eliminate about half of those jobs. The company will keep its headquarters in the city open.

It is unclear when the company plans to shutter the facility.

Stanley Black & Decker reported 600 employees in New Britain in 2024. The closure would eliminate approximately half of those jobs. Getty Images “It’s a sad day for New Britain,” DeFronzo told WFSB-TV.

“Stanley has a long history here, and slowly but surely its presence has been eroded. I think if you talk to most people in the city, they have family or a grandparent that worked at Stanley. They provided good jobs for a lot of people at quality wages.”

Stanley Black & Decker has been based in New Britain since 1843, when Frederick T. Stanley opened a small bolt and door hardware shop that would grow into one of America’s best-known toolmakers.

Over more than 180 years, the company helped earn New Britain the nickname “Hardware City,” expanding from traditional hand tools into a global manufacturing powerhouse while keeping its world headquarters rooted in the city.

Over more than 180 years, the company helped earn New Britain the nickname “Hardware City.” JHVEPhoto – stock.adobe.com Connecticut Gov. Ned Lamont said the company’s decision to halt production of what he described as outdated products would be painful for workers and their families, but expressed hope that those affected could find new opportunities.

“Although Stanley has made the decision to discontinue operations for manufacturing outdated products, a change in workforce opportunities is difficult for employees, their families, and any community,” the Dem said in a statement.

“However, I am hopeful that these skilled workers will be repurposed with the help of Stanley Black & Decker, a company that will still proudly be headquartered here in Connecticut.”

Stanley Black & Decker has been in the midst of a multiyear restructuring aimed at slashing costs and streamlining its global supply chain.

The company has cut roughly 7,000 jobs since late 2023 and completed a $2 billion cost-reduction program that included facility consolidations and workforce reductions.

Kimco Realty Corporation (KIM) Presents at 47th Annual Raymond James Institutional Investor Conference Transcript

CALGARY, Alberta--(BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3”, “E3 Lithium” or the “Company,” a leader in Canadian lithium development, has been conditionally approved for up to C$36.5 million of non-repayable funding through the Government of Canada's Global Partnerships Initiative (GPI) (the “Funding”), to accelerate the development of its Clearwater Project. The Funding supports 75% of the forecasted $48 million project to complete E3's Demonstration Facility.

Rebecca Walser (@walserwealth) helps investors break down the volatile price action following the U.S. and Israel joint strike on Iran. "You can't rely on treasuries" in ways you normally can, she argues, noting energy volatility and an unclear path to resolution as key headwinds.

-

NEW YORK--(BUSINESS WIRE)--MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI) announced today that Luke Flemmer, Head of Private Assets, will be participating in a fireside chat at the RBC Capital Markets Global Financial Institutions Conference on Tuesday, March 10, 2026 at 2:40PM Eastern Time.

A live webcast and replay of this event will be available on the events and presentations section of MSCI’s Investor Relations homepage at https://ir.msci.com/events-and-presentations.

About MSCI Inc.

MSCI Inc. (NYSE: MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit www.msci.com.

To learn more, please visit www.msci.com. MSCI#IR

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NPV:

After-tax NPV(5%) of C$6.73 billion and IRR of 23% at Consensus Metal Prices After-tax NPV(5%) of C$13.53 billion and IRR of 39% at Spot Metal Prices.NPV Including scandium and the associated processing circuit:

After-tax NPV(5%) of C$6.94 billion an IRR of 19% at Consensus Metal PricesAfter-tax NPV(5%) of C$14.52 billion and IRR of 32% at Spot Metal Prices.Vancouver, British Columbia--(Newsfile Corp. - March 2, 2026) - Doubleview Gold Corp (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) ("Doubleview" or the "Company") is pleased to announce the results of its Preliminary Economic Assessment (PEA) of its 100%-owned polymetallic Hat porphyry project ("Hat" or "the Project"), in northwestern British Columbia. With major content of copper, gold, cobalt, silver, and scandium, Hat becomes an important source of critical minerals.

Three processing scenarios were evaluated-Scenario A1 (A1) a Cu-Au-Ag-Co flotation base case using current testwork recoveries[1], Scenario A2 (A2), the same base case using expected recoveries1, and Scenario B (B), a Cu-Au-Ag-Co flowsheet with an added hydrometallurgical circuit and scandium recovery circuit-with results indicating the Project is financially attractive even without the scandium component.

Highlights:

Robust Project Economics: The PEA demonstrates a high-margin operation with an After-Tax NPV(5%) of C$4.96 billion (A1), C$6.73 billion (A2), or C$6.94 billion (B), and an IRR of 19% (A1), 23% (A2), or 19% (B) at analyst consensus metal prices[2]. Using a spot-price scenario[3], the Project delivers a compelling after-tax NPV(5%) of C$11.05 billion (A1), 13.53 billion (A2), or C$14.52 billion (B) and an IRR of 34% (A1), 39% (A2), or 32% (B).

Sensitivity Highlight: Project economics show the greatest leverage to overall metal prices, with NPV (5%) ranging from C$3.2 billion to C$10.2 billion (IRR: 14%-32%) at ±20% on all metals; even under additional +20% CAPEX and +20% OPEX sensitivities, applied on top of a 25% contingency already embedded in the base case, all scenarios deliver IRRs of 16% or better, and Scenario B provides additional scandium oxide upside with NPV(5%) of C$6.2 billion-C$7.7 billion (IRR: 18%-20%) at ±40% metal price.

Tier 1 Scale and Longevity: The mine plan supports a multi-decade life of 25 years at a 120,000 tonnes-per-day processing rate, underpinned by a resource base of 609 Mt at 0.43% CuEq[4] in the Measured and Indicated categories and 503 Mt at 0.41% CuEq4 in the Inferred category.

High-Output Production Profile B: Envisioned as a conventional large-scale open-pit operation, the Project is expected to produce an average of over 74 kt of copper, 254 koz of gold, 376 koz of silver and 2.7 kt of cobalt annually during the first 10 years, with life-of-mine (LOM) average production of 67.6 kt Cu, 217 koz Au, 348 koz Ag, 2.5 kt Co, and 128 tonnes of scandium oxide per year. (NOTE: projected cobalt to be about 68% of North America's cobalt production based on 2024 production)

Strategic Importance for Critical Minerals: The Project is positioned as a primary North American source of copper, scandium, and cobalt. With approximately 2.42 billion pounds of copper, 80 million pounds of cobalt and 2,415 tonnes of scandium oxide contained[5] in the Measured and Indicated categories, the Project represents an important discovery of critical minerals.

Stable, Supportive Jurisdiction: Located in a premier mining district in British Columbia, the Project benefits from a stable regulatory environment. The Company is committed to engaging with local First Nations in a respectful manner and to working toward positive and constructive relationships as the Project advances.

Catalyst for Development: The PEA serves as the technical foundation for an immediate transition into a Pre-Feasibility Study (PFS), providing a clear roadmap for early works and permitting activities in 2026 and 2027.

Farshad Shirvani, President and CEO of Doubleview Gold Corp., commented, "The results of this PEA confirm the scale, strength and long-term potential of the Hat Project. Delivering a post-tax NPV(5%) of up to C$6.94 billion and IRR of up to 23% at consensus prices, and even stronger metrics at spot prices, validates years of disciplined exploration and technical work by our team. Hat is demonstrating Tier 1 characteristics with a 25-year mine life, strong annual production profile and meaningful free cash flow generation. Importantly, the Project stands on its own without reliance on scandium, while still preserving significant upside from critical minerals as markets mature. We are excited to advance Hat to Pre-Feasibility and continue building a major Canadian critical metals project."

Doubleview acknowledges that the Project is located on the traditional territories of the Tahltan Nation and the Taku River Tlingit First Nation, and recognizes their enduring relationship to and stewardship of the land and waters. Doubleview is committed to respectful, transparent, and ongoing engagement with First Nations and local communities whose territories overlap the Project area and access routes, with a focus on protecting water and the environment and advancing responsible development.

PEA OVERVIEW

The PEA contemplates a conventional open-pit mine and processing operation with a 25-year mine life at a 120,000 t/d (42 Mt/a) plant throughput. Two processing pathways were evaluated, A1 and its alternative, A2, and B: the first alternative, A, is a Cu-Au-Ag-Co flotation concentrator with two recovery cases based on current metallurgical testwork, and A2, reflecting expected performance (Figure 1); and B, a full circuit that retains the base flowsheet and adds a downstream hydrometallurgical scandium recovery circuit (Figure 2).

The tailings storage facility is a centreline-raised facility built with compacted cycloned sand from tailings underflow, and engineered drainage for stability, with site-contact waters (including seepage and pit dewatering) recycled to the process plant and final closure involving pond drainage and reclamation. The Project is expected to rely on grid power via an extended transmission line.

Tables 1 to 3 summarize the key results of the PEA, including production, operating costs, capital expenditures, and the principal financial metrics; the sections that follow provide additional detail on the underlying assumptions, project design, and study outcomes.

Table 1: PEA Study Summary-Production

Metric UnitScenario A1Scenario A2Scenario BMining SummaryStrip ratiot:t1.60Production Summary LOMAverage Annual ThroughputMt42CuEq Head Grade[6], [7]%0.42Cu Head Grade%0.19Au Head Gradeg/t0.19Ag Head Gradeg/t0.51Co Head Gradeg/t0.78Sc Head Grade6g/t28.35Cu Recovery %808985[8]Au Recovery %6675898Ag Recovery %5353688Co Recovery %3030788Sc Recovery %N/A728Overall Mass of Tailings to Process[9]%N/A12.5Year of Production Start of Sc2O38yearN/A4Average Annual Cu Productionkt63.670.867.6Total Cu Productionkt1,590.51,769.41,689.9Average Annual Payable Cukt61.768.765.7Total Payable Cu kt1,542.81,716.31,642.2Average Annual Au Productionkoz161.1183.1217.3Total Au Productionkoz4,028.24,577.55,432.0Average Annual Payable Aukoz153.1173.9207.5Total Payable Aukoz3,826.84,348.75,188.6Average Annual Ag Productionkoz271.3271.3348.0Total Ag Productionkoz6781.66,781.68,700.9Average Annual Payable Agkoz244.1244.1318.6Total Payable Agkoz6,103.46,103.47,965.3Average Annual Co Productionkt1.01.02.5Total Co Productionkt23.923.962.2Average Annual Payable Cokt0.80.82.3Total Payable Cokt19.119.156.3Average Annual Sc2O3 ProductiontN/A128.4Total Sc2O3 ProductiontN/A3,209.5Total Sc2O3 PayabletN/A3,049.0Table 2: PEA Study Summary-Operating Cost

MetricUnitScenario A1Scenario A2Scenario BOperating Cost Average Mine Operating CostsC$/t-moved2.32Average Mine Operating CostsC$/t-milled6.03Processing Operating Cost[10]C$/t-milled7.937.9310.84Sc2O3 Processing Cost[11]C$/kg Sc2O3N/A939.55General & AdministrativeC$/t-milled2.562.562.56Total Operating CostsC$/t-milled16.2216.2222.96Table 3: PEA Study Summary-Capital Expenditure and Financial Metrics

MetricUnitScenario A1Scenario A2Scenario BCapital Expenditure Initial Capital CostsC$M3,5523,6013,828Sustaining Capital CostsC$M2,7552,7554,006Closure and Reclamation CostC$M503Financial Metrics Exchange RateCAD/USD1.37Long Term Copper Price US$/lb4.88Long Term Gold PriceUS$/oz3,272.60Long Term Silver PriceUS$/oz50.22Long Term Cobalt PriceUS$/lb19.57Long Term Scandium Oxide PriceUS$/kg N/A1,500Average Annual EBITDAC$M8861,0711,242Total EBITDAC$M22,16226,77031,041Average Annual Free Cash Flow (Pre-tax)C$M7569401,061Free Cash Flow (Pre-tax)[12]C$M18,90423,51126,532Total Provincial Tax (inc. BC Mineral Tax)C$M(4,029)(5,090)(5,772)Total Federal TaxC$M(1,274)(1,859)(2,170)Total TaxesC$M(5,303)(6,949)(7,942)Average Annual Free Cash Flow (Post-tax)C$M544662744Free Cash Flow (Post-tax)12C$M13,60116,56218,591Total Free Cash Flow (Pre-tax)[13]C$M15,35219,91022,704Total Free Cash Flow (Post-tax)12C$M10,05012,96114,763NPV 5% (Pre-tax)C$M7,88310,57611,043NPV 5% (Pre-tax)US$M5,7547,7208,061IRR (Pre-tax)%242923Payback (Pre-tax)yearsYear 5Year 4Year 6NPV 5% (Post-tax)C$M4,9636,7276,937NPV 5% (Post-tax)US$M3,6234,9115,064IRR (Post-tax)%192319Payback (Post-tax)YearsYear 6Year 5Year 7Table 4 shows the Sensitivity analysis using after-tax NPV(5%) and after-tax IRR.

Table 4: Sensitivity Analysis

VariableCase
(%)Metal PriceScenario A1Scenario A2Scenario BNPV (5%)
C$MIRR
(%)NPV (5%)
C$MIRR
(%)NPV (5%)
C$MIRR
(%)Base Case
Consensus forecast4,963196,727236,93719Copper Price-20US$3.90/lb Cu3,218154,807195,09415Copper Price+20US$5.86/lb Cu6,688238,632288,76422Gold Price-20US$2,618.08/oz3,625165,223195,20116Gold Price+20US$3,927.12/oz6,289228,222278,66122Metal Prices-20All metal prices1,708103,165142,65011Metal Prices+20All metal prices8,1182710,2333211,11026Initial CAPEX+20Variable per Scenario4,448166,222196,39416OPEX+20Variable per Scenario3,660165,438205,18516Scandium Oxide Price-40US$900/kg Sc2O3

6,15918Scandium Oxide Price+40US$2,100/kg Sc2O3

7,71420MINERAL RESOURCE ESTIMATE

Doubleview Gold Corp announced an update of the Mineral Resource estimate (MRE). This estimate followed the Micon International Ltd. (Micon) Mineral Resource estimate with an effective date of July 17, 2024. This MRE incorporates significant new data from the 2024 and 2025 exploration campaigns, with an effective date of February 4, 2026, and superseded the 2024 Micon estimate.

Table 5: Hat MRE at a 0.2% CuEq Cut-Off Effective February 4, 2026

Mineral
Resource
ClassificationTonnage
(Mt)Average GradeMetal ContentCuEq
(%)Cu
(%)Au
(g/t)Co
(g/t)Ag
(g/t)CuEq
(Blb)Cu
(Blb)Au
(Moz)Co
(Mlb)Ag
(Moz)Measured2720.440.220.1876.260.372.611.111.4135.62.17Indicated3370.430.210.1976.810.393.211.311.8144.52.88Total M+I6090.430.210.1876.570.385.822.423.2280.15.05Inferred5030.410.180.1976.620.384.571.722.7766.24.19Table 6: Hat MRE at a 0.2% CuEq Cut-Off as of February 4, 2026, Scandium Oxide Resources

Mineral Resource
ClassificationTonnage
(Mt)Sc Tonnage1
(Mt)Average Grade
Sc (g/t)Metal Content
Sc2O3 2 (t)Measured2723428.791,081Indicated3374228.761,334Total M+I6097628.772,415Inferred5036328.691,996Notes:

1 Scandium tonnages represent 12.5% of the mineralized material by category, reflecting the proportion of tailings expected to be processed through a dedicated scandium leach circuit under current metallurgical design constraints.
2 Scandium oxide metal content have been calculated using the metallurgical recovery of 72% and conversion factor from Sc to Sc2O3 of 1.534.

Mineit's Qualified Person, Tomasz Wawruch, FAusIMM, completed the MRE, and has reviewed and approved the technical disclosure related to the MRE contained in this news release. Mr. Wawruch is a senior geology and mineral resource consultant independent of Doubleview. Mr. Gilles Arseneau, PhD., P.Geo., of ARSENEAU Consulting Services Inc., provided an independent review of this MRE.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2014), and CIM MRMR Best Practice Guidelines (2019).

The effective date of the MRE is February 4, 2026.

Metal contents have been calculated using the following metallurgical recovery factors: Cu = 85%, Au = 89%, Co = 78%, and Ag = 68%.

Economic assumptions used include US4.80/lb Cu, US20.00/lb Co, US3,200/oz Au, US46/oz Ag, and a 2% NSR royalty.

Mineral Resources are reported within optimized open pit constraints and 0.2% CuEq cut-off grade, based on a C7.93/t milled processing cost and C2.90/t milled general and administrative cost, with a mining cost of C3.01/t plus incremental mining cost increasing by C0.015/t for every bench below the reference level of 1,125 mRL.

CuEq calculations do not include scandium. The formula used to calculate CuEq is: CuEq = [(((Ag × 46.0 × 0.68)/31.1035) + ((Au × 3200 × 0.89)/31.1035) + 0.0001 × (Co × 20.0 × 0.78 × 22.0462) + 0.0001 × (Cu × 4.8 × 22.0462 × 0.85))/(4.8 × 22.0462 × 0.85)], where all input variables are expressed in (ppm) and CuEq is expressed in percent (%).

Rounding may result in minor variations between individual values and totals; such differences are not considered material to the MRE.

Mineral Resource classification reflects the level of geological confidence and satisfies the uncertainty criteria appropriate for exploration and resource development. Additional drilling will be required to reduce uncertainty to the level expected for production planning.

The MRE reflects the geological interpretation, drill-hole spacing, and estimation parameters available at the time of modelling. Any additional drilling is expected to influence the current outcome by improving confidence in the estimates and refining the geometry of the mineralized domains.

The Mineral Resource results are presented in situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE tabulation. Calculations used metric units (metres, tonnes, g/t).

A total of 97 diamond drill holes, comprising 49,548 m of core, were incorporated into the Mineral Resource Estimate. All drilling data used in the MRE were subject to standard QA/QC validation prior to inclusion.

PROCESSING SCENARIOS

The PEA evaluates two processing scenarios: (A) a conventional Cu-Au-Ag-Co flotation concentrator at 120,000 t/d (42 Mt/a) with two recovery cases-A1 based on metallurgical testwork completed by Sepro Laboratories (Langley, BC) and A2 reflecting target/expected performance-and (B) a full circuit that retains the base flowsheet and adds a downstream hydrometallurgical scandium recovery circuit.

The concentrator consists of crushing, grinding, flotation, concentrate handling, and tailings management, producing both a saleable approximately 25% Cu concentrate with co-product gold and by-product silver-cobalt credits and a pyrite concentrate enriched in cobalt; in the full-circuit case, the pyrite concentrate is roasted to generate sulphuric acid and a calcine that is then processed to recover cobalt, gold, silver, and copper; after stripping it will be precipitated as a sulphide to be admixed to the copper concentrate to improve grade, with the acid used to leach flotation tailings for scandium recovery, noting that the scandium circuit is a newer chemical process compared with the otherwise industry-standard flowsheet.

Under A1 or A2 (Figure 1), the flowsheet produces a single saleable product-a copper concentrate with payable gold credits; the pyrite concentrate is not treated or marketed in this case and is only processed in B where the hydrometallurgical circuit enables recovery of cobalt (and additional Au-Ag) and supports the scandium circuit (Figure 2), which is planned to be constructed in a phased approach commencing in Year 3 of operations.

Figure 1: Grinding and Flotation Flowsheet; Scenarios A1/A2 Report Copper Concentrate Only, while the Cobalt-Pyrite Flotation Stream Shown Is Included Only in Scenario B

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8003/285945_7d43165cf4f1bb4d_001full.jpg

Figure 2: Scenario B Hydrometallurgical Plant Block Flow Diagram, Showing Downstream Treatment of the Cobalt-Pyrite Stream and Flotation of Tailings to Recover Cobalt (and Au-Ag) and Scandium, Including Sulphuric Acid Generation to Support the Scandium Circuit

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8003/285945_7d8c82e63416eab6_003full.jpg

Table 7 summarizes the head grades, concentrate grades, and overall metallurgical recoveries from early testwork for the full circuit; A1 assumes only the reported recoveries to the Cu-Au concentrate, while the cobalt-pyrite concentrate and downstream recoveries are considered only in B.

Table 7: Attainable Recovery from Testwork

ProductGradeRecoveryCopper
(%)Cobalt
(ppm)Gold
(g/t)Silver
(g/t)Copper
(%)Cobalt
(%)Gold
(%)Silver
(%)Head Grade0.211320.342.9----Copper-Gold Concentrate251160126880306653Cobalt-Pyrite Concentrate0.301605285482315Combined Concentrates----85788968Tailings0.05400.051.015221132Early metallurgical testwork comprised metallurgical characterization studies under standard laboratory conditions to demonstrate metals recoverability for inclusion in the estimate of CuEq. No attempt was made to optimize flotation conditions, and more advanced flotation testwork was not undertaken. Consequently, the reported metallurgical recoveries are considered conservative, and it is reasonable to expect improvement with further testwork.

A2, assumes improved copper and gold recoveries of 89% and 75%, respectively, reflecting expected performance from comparable Cu-Au porphyry flotation circuits following further optimization and testwork.

Table 8 summarizes the recoveries assumption on each scenario.

Table 8: Net Recovery for Each Scenario

Net Recovery Scenario A1Scenario A2Scenario BCu Recovery 80%89%85%Au Recovery 66%75%89%Ag Recovery 53%53%68%Co Recovery30%30%78%CAPITAL COST SUMMARY

Table 9 presents the estimated capital cost breakdown for the three evaluated scenarios, separating initial CAPEX from sustaining CAPEX and reporting costs in C$M by major cost area (processing plant, mining, pre-stripping, infrastructure, tailings and water management, Indirects/EPCM, and contingency).

Total initial CAPEX is estimated at C$3,552 million (A1), C$3,601 million (A2), and C$3,828 million (B), reflecting the higher processing plant scope and associated indirects/contingency in Scenario B.

Total sustaining CAPEX is estimated at C$2,755 million (A1/A2) and C$4,006 million (B), with the increase in B driven primarily by the inclusion of the hydrometallurgical plant and scandium recovery circuit within sustaining capital, while mining, infrastructure, and tailings sustaining components remain broadly consistent across scenarios

Table 9: Capital Cost Summary

Capital Cost Summary UnitScenario A1Scenario A2Scenario BInitial Capex

Processing Plant (Excl. Hydrometallurgical Plant)C$M1,6091,6451,810Mining CAPEXC$M394394394Mining Pre-StrippingC$M979797Infrastructure (Power/Water/Roads/Camp)[14]C$M326326326Tailings And Water ManagementC$M157157157Indirects + EPCMC$M258262278Contingency (25%)C$M710720766Total initial CAPEXC$M3,5523,6013,828Sustaining CAPEX

Processing Plant (Inc. Hydrometallurgical Plant)C$M2852851,194Mining CAPEXC$M811811811Infrastructure (Power/Water/Roads/Camp)C$M636363Tailings and Water ManagementC$M1,0651,0651,065Indirects + EPCMC$M142142233Contingency (25%)C$M390390640Total Sustaining CAPEXC$M2,7552,7554,006Closure and ReclamationC$M503503503OPERATING COST SUMMARY

Table 10 summarizes the key operating cost and selling terms used in the PEA, reporting unit costs in C$/t moved, C$/t milled, and (where applicable) C$/kg of scandium oxide, together with concentrate transport and selling costs, TC/RC, and payability assumptions.

Average site operating costs are estimated at C$16.22/t milled for Scenario A (concentrate-only) and C$22.96/t milled for B, with the increase in B driven by the addition of hydrometallurgical processing and acid generation (C$3.09/t milled) and scandium oxide processing costs (C$939.55/kg Sc₂O₃).

On a payable metal basis, the study reports C1 cash costs of C$2.4/lb CuEq (A1), C$2.39/lb CuEq (A2), and C$2.89/lb CuEq (B) and AISC of C$2.79/lb CuEq (A1), C$2.78/lb CuEq (A2), and C$3.39/lb CuEq (B), reflecting the combined effects of recoveries, co-product/by-product credits, and the additional operating requirements of the full circuit.

Table 10: Operating Cost Summary[15]

Operating Cost Summary Units Value Average Mining Cost C$/t-moved2.32Processing Cost - Up to Concentrate production (Scenario A)C$/t-milled7.93Hydrometallurgical + Acid Generation (Scenario B)C$/t-milled3.08Scandium Oxide processing (Scenario B)C$/Kg Sc2O3939.55G&AC$/t-milled2.56Total Operating CostC$/t-milled22.96Cu-Au concentrate product

Transport and sellingC$/DMT95.90TC Cu-Au ConcentrateC$/DMT77.00 Refining Cost- CuC$/lb0.11Refining Cost- AuC$/oz6.85Refining Cost- AgC$/oz0.48Refining Cost- CoC$/lb0.16Payable - Cu%97Payable - Au%95Payable - Ag%90Payable - Co%80Metal Production on-site (Scenario B)

Payable - Au%97Payable - Ag%97Payable - Co%97C1 / cash cost (Scenario A1/A2/B)US$/lb CuEq payable1.75 / 1.74 / 2.11AISC (Scenario A1/A2/B)US$/lb CuEq payable 2.04 / 2.03 / 2.47ECONOMIC RESULTS

Table 11 summarizes the key economic assumptions and resulting financial metrics for Scenarios A1, A2, B, including the long-term price deck, cash flow generation, taxation, and discounted valuation at a 5% discount rate. Using an exchange rate of 1.37 CAD: 1.00 USD and long-term prices of US$4.88/lb Cu, US$3,272.60/oz Au, US$50.22/oz Ag, and US$19.57/lb Co (and US$1,500/kg Sc₂O₃ for B), the Project generates average annual EBITDA of C$886 million (A1), C$1,071 million (A2), and C$1,242 million (B). On a post-tax basis, NPV(5%) is estimated at C$4,963 million (A1), C$6,727 million (A2), and C$6,937 million (B) with corresponding post-tax IRRs of 19%, 23%, and 19%, and post-tax payback in Year 6 (A1), Year 5 (A2), and Year 7 (B). Total post-tax free cash flow is estimated at C$10,050 million (A1), C$12,961 million (A2), and C$14,763 million (B), reflecting the higher cash generation under the improved recovery case (A2) and the additional revenue streams in Scenario B, partially offset by the added capital and operating requirements of the hydrometallurgical and scandium circuits.

Table 11: Financial Metrics Consensus Metal Prices

Metric UnitScenario A1Scenario A2Scenario BFinancial MetricsExchange RateCAD/USD1.37Long Term Copper Price US$/lb4.88Long Term Gold PriceUS$/oz3,272.60Long Term Silver PriceUS$/oz50.22Long Term Cobalt PriceUS$/lb19.57Long Term Scandium Oxide PriceUS$/kgN/A1,500Average Annual EBITDAC$M8861,0711,242Total EBITDAC$M22,16226,77031,041Average Annual Free Cash Flow (Pre-tax)C$M7569401,061Free Cash Flow (Pre-tax)[16]C$M18,90423,51126,532Total Provincial Tax (Including BC Mineral Tax)C$M(4,029)(5,090)(5,772)Total Federal TaxC$M(1,274)(1,859)(2,170)Total TaxesC$M(5,303)(6,949)(7,942)Average Annual Free Cash Flow (Post-tax)C$M544662744Free Cash Flow (Post-tax)15C$M13,60116,56218,591Total Free Cash Flow (Pre-tax)[17]C$M15,35219,91022,704Total Free Cash Flow (Post-tax)17C$M10,05012,96114,763NPV 5% (Pre-Tax)C$M7,88310,57611,043NPV 5% (Pre-Tax)US$M5,7547,7208,061IRR (Pre-Tax)%242923Payback (Pre-Tax)yearsYear 5Year 4Year 6NPV 5% (Post-Tax)C$M4,9636,7276,937NPV 5% (Post-Tax)US$M3,6234,9115,064IRR (Post-Tax)%192319Payback (Post-Tax)yearsYear 6Year 5Year 7Table 12 summarizes the key economic assumptions and resulting financial metrics for A1, A2, B, using spot metal prices.

Table 12: Financial Metrics, Spot Metal Prices

MetricUnitScenario A1Scenario A2Scenario BFinancial Metrics Exchange RateCAD/USD1.37Long Term Copper Price US$/lb6.00Long Term Gold PriceUS$/oz5,200.00Long Term Silver PriceUS$/oz90.00Long Term Cobalt PriceUS$/lb25.54Long Term Scandium Oxide PriceUS$/kgN/A1,500Average Annual EBITDAC$M1,5141,7752,053Total EBITDAC$M37,84344,37651,331Average Annual Free Cash Flow (Pre-Tax)C$M1,3831,6451,873Free Cash Flow (Pre-Tax)16C$M34,58541,11846,822Total Provincial Tax (Includes BC Mineral Tax)C$M(7,657)(9,163)(10,484)Total Federal TaxC$M(3,328)(4,166)(4,825)Total TaxesC$M(10,985)(13,329)(15,309)Average Annual Free Cash Flow (Post-Tax)C$M9441,1121,261Free Cash Flow (Post-Tax)16C$M23,60027,78931,513Total Free Cash Flow (Pre-Tax)17C$M31,03337,51742,994Total Free Cash Flow (Post-Tax)17C$M20,04824,18827,685NPV 5% (Pre-Tax)C$M17,23021,07322,734NPV 5% (Pre-Tax)US$M12,57715,38216,594IRR (Pre-Tax)%435040Payback (Pre-Tax)yearsYear 3Year 3Year 3NPV 5% (Post-Tax)C$M11,04713,52614,515NPV 5% (Post-Tax)US$M8,0649,87310,595IRR (Post-Tax)%343932Payback (Post-Tax)yearsYear 3Year 3Year 4SENSITIVITY ANALYSIS

Sensitivity cases were evaluated for the key value drivers using after-tax NPV (5%) and after-tax IRR, including ±20% copper and gold prices, +20% initial capital, +20% operating costs and, for B, a ±40% scandium price sensitivity.

Table 13: Sensitivity Summary (After-Tax NPV(5%) and IRR)

VariableCase
(%)Metal PriceScenario A1Scenario A2Scenario BNPV (5%)
(C$M)IRR
(%)NPV (5%)
(C$M)IRR
(%)NPV (5%)
(C$M)IRR
(%)Base Case
Consensus forecast4,963196,727236,93719Copper Price-20US$3.90/lb Cu3,218154,807195,09415Copper Price+20US$5.86/lb Cu6,688238,632288,76422Gold Price-20US$2,618.08/oz3,625165,223195,20116Gold Price+20US$3,927.12/oz6,289228,222278,66122Metal Prices-20All metal prices1,708103,165142,65011Metal Prices+20All metal prices8,1182710,2333211,11026Initial CAPEX+20Variable per Scenario4,448166,222196,39416OPEX+20Variable per Scenario3,660165,438205,18516Scandium Oxide Price-40US$900/kg Sc2O3

6,15918Scandium Oxide Price+40US$2,100/kg Sc2O3

7,71420Overall, the sensitivity analysis demonstrates that the Project's after-tax economics remain positive across the tested ranges, with the greatest variability in after-tax NPV(5%) and IRR driven by simultaneous changes in the overall metal price deck. Changes to copper and gold prices individually have a meaningful but smaller effect, while +20% initial CAPEX and +20% OPEX reduce value but do not eliminate Project attractiveness in any of the evaluated scenarios. Scenario B shows additional exposure to scandium oxide price, with after-tax NPV(5%) varying within a narrower range relative to the broader multi-metal price cases, indicating that scandium provides incremental upside while the base-case Cu-Au Project remains financially robust on its own.

PERMITTING, RISKS, AND NEXT STEPS

Permitting and Environmental

Permitting Status

The permitting process will be supported by the continuation of environmental baseline studies, progression of engineering designs, and the initiation of socio-economic and cultural baseline studies.

Due to the anticipated rate of resource extraction, it is expected that the Hat Project will be subject to both federal and provincial impact assessment pathways, so submission to both the Impact Assessment Agency of Canada (IAAC) and British Columbia Environmental Assessment Office (B.C. EAO) for their review is currently anticipated. Agency determination will decide the appropriate level of agency collaboration under the existing cooperation agreement for the Hat Project to acquire a provincial Environmental Assessment Certificate (EAC) and/or federal Decision Statement.

The company will also submit a Joint Mines Act and Environmental Management Act Application through the B.C. Major Mines Office. Additional federal authorizations, including Fisheries Act approvals and compliance with Metal and Diamond Mines Effluent Regulations (MDMER), and applicable provincial permits will be obtained concurrently with other assessment and permitting steps. This will not only support protection of the immediate environment through the life of the Project but also respect the rights of First Nations and promote social and economic wellbeing for local communities.

Tailings and Water Management

The Tailings Storage Facility (TSF) includes a perimeter dyke primarily constructed from compacted cycloned sand. This material will be sourced from the coarse underflow of tailings processed through an on-site cyclone plant. Using the centreline raise method, the dam is designed to be free-draining, lowering the phreatic surface to facilitate geotechnical stability. During operations, seepage from the TSF will be directed to the process plant as reclaim water. Upon closure, the supernatant pond will be drained, and the tailings and dam surfaces will be reclaimed with a granular trafficability layer, followed by a growth medium and native revegetation.

The water management strategy prioritizes the reuse of site-impacted water, directing TSF water, contact water from the waste rock storage facilities, and open-pit dewatering to the process plant for use as make-up water.

Key Risks and Opportunities

Project-wide

Tailings Storage Facility:

The location and geometry of the TSF are subject to refinement following geotechnical investigations of the potential site areas. Similarly, the anticipated availability of cycloned sand and the storage requirements for the facility may be adjusted once laboratory testing of the tailings is conducted.

The integration of this future site-specific data presents a significant opportunity to optimize the TSF design.

Mineral Processing:

Limited metallurgical and comminution data introduce uncertainty in equipment sizing and operating cost inputs; however, early results indicate the ore should be amenable to conventional Cu-Au flotation, with potential upside from improved recoveries and reduced reagent consumption through optimization.

The scandium circuit is less mature and is sensitive to acid economics and hydrometallurgical performance, but offers meaningful value upside if recoveries, product quality, and operating stability are confirmed at larger scale.

Mine Design:

Pit slope design criteria and mine scheduling are subject to elevated uncertainty due to the limited geotechnical database, including incomplete definition of structural controls, rock mass variability, and groundwater conditions. This creates downside risk to slope angles, strip ratio, and operating conditions if adverse structures or hydrogeology are encountered; however, it also provides a clear opportunity to materially improve design confidence and potentially optimize slope geometry, mine sequencing, and dewatering requirements through focused data acquisition and updated analyses.

Capital Cost estimates:

As a PEA-level estimate, capital costs remain subject to the inherent uncertainty of a preliminary design basis and limited engineering definition; however, significant effort was undertaken to develop the estimate using a defined scope, preliminary equipment sizing, and factored/benchmark-based costing with appropriate indirects and contingency. This work provides a credible foundation for decision-making at this stage while also highlighting clear opportunities to optimize capital intensity through further engineering definition, value engineering, and targeted trade-off studies (e.g., comminution configuration, tailings strategy, infrastructure/power, and construction execution approach).

Scandium specific:

Scandium provides strategic upside given its small, concentrated global supply base and the growing premium placed on secure, qualified supply, but it carries higher execution and commercial risk due to limited scale-up testwork (variability, impurity control, reagent intensity), added residue-management and permitting complexity, and uncertainty around product specifications, pricing, and customer qualification.

Next Steps

Resource:

The Company is advancing the Project toward Pre-Feasibility by upgrading confidence in the current Mineral Resource estimate and improving definition of mineralization within the proposed mine plan area. The program will prioritize infill drilling to support conversion of Inferred Resources to Indicated (and, where appropriate, Measured), together with step-out drilling to test extensions of known mineralization and provide improved geological continuity for next-stage mine design, scheduling, and economic evaluation.

Waste facilities:

Field investigations will be conducted at potential TSF and waste rock storage sites to characterize subsurface conditions and identify suitable borrow materials for construction. These efforts will be supported by site-specific geotechnical and geochemical characterization of the tailings and waste rock. These data sets will inform a TSF design update to a Pre-Feasibility Study (PFS) level of engineering, encompassing an optimized siting and technology trade-off study.

Metallurgy:

Complete a comprehensive metallurgical testwork program on representative samples including comminution testwork (Bond Work Index, abrasion index, and related grindability tests) and metallurgical variability + locked-cycle flotation testing to define an optimal process flowsheet, mass balance, and optimized reagent scheme, and to produce samples for concentrate dewatering and preliminary smelter marketing.

Progress the scandium work through targeted hydrometallurgical optimization including pulp density, free acidity/acid consumption, SX staging and extractant concentration, followed by an integrated pilot trial on bulk samples to validate scandium recovery, product quality, and circuit operability.

Mine Design:

A phased geotechnical program is recommended that includes re-analysis of existing boreholes (re-logging and detailed structural mapping, including oriented-core interpretation where available), establishment of geotechnical domains, targeted drilling and field mapping to confirm discontinuity sets and persistence, and hydrogeological data collection to constrain pore pressures and inflows. These data will support updated kinematic assessments and slope design analyses, refinement of inter-ramp and overall slope angles, and improved inputs to mine planning, risk management measures, and capital/operating cost estimates.

Capital Costs Estimation:

As the Project advances to PFS, the estimate will be progressively refined by advancing engineering to a higher level of definition, updating quantities and vendor inputs for major equipment and packages, tightening indirects and construction productivity assumptions, and executing focused optimization and constructability reviews to reduce contingency and improve overall cost confidence.

NI 43-101 DISCLOSURE, QUALIFIED PERSONS, AND CAUTIONARY STATEMENTS

Qualified Persons

The scientific and technical information in this news release has been reviewed and approved by the following Qualified Persons (as defined under NI 43-101):

Tomasz Wawruch, FAusIMM, Senior Geology and Mineral Resource Consultant of Mineit Consulting Inc. (responsible for the Mineral Resource estimate).

Andrew Carter, EUR ING, B.Sc., CEng., MIMMM (QMR), MSAIMM, SME, of Magister Metallurgy (responsible for metallurgical studies and recovery processes).

Shervin Teymouri, P.Eng., Mining Engineer of Mineit Consulting Inc. (responsible for project management, mining engineering, capital and operating cost estimates, and financial analysis).

Andre de Ruijter, P.Eng., Mineit Consulting Inc, Process Engineer (process design, process capital and operating cost lead).

Franky Li, P.Eng., EMM Consulting Pty Ltd (responsible for tailings management and TSF design, tailings capital and operating cost)

Jayesh Rami, P.Eng., Infrastructure Engineer of Sacre-Davey Engineering Inc. (responsible for project infrastructure)

Preliminary Economic Assessment Cautionary Statement

The Preliminary Economic Assessment (PEA) for the Hat Project is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PEA provides a conceptual mine plan and is based on low-level technical and economic assessments that are insufficient to support an evaluation of the economic viability of the Project or to establish Mineral Reserves. There is no certainty that the results of the PEA will be realized. Further exploration and site-specific engineering studies are required before a higher level of confidence can be established for the Project's economics.

The economic analysis in the PEA is based on several assumptions including, but not limited to, long-term metal prices, foreign exchange rates, metallurgical recoveries, and capital and operating cost estimates. These assumptions are subject to significant risks and uncertainties, and actual results may differ materially from those projected. Readers are cautioned not to place undue reliance on the PEA or the forward-looking information contained in this release.

Forward-Looking Information

Certain of the statements made and information contained herein may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Often, these forward-looking statements can be identified using words such as "anticipates," "believes," "continue," "estimates," "expects," "forecasts," "intends," "plans," "projected," or the negatives thereof or variations of such words and phrases. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the results of the Preliminary Economic Assessment for the Hat Project; the estimation of mineral resources; anticipated annual production of copper, gold, cobalt, and scandium; the after-tax NPV and IRR of the Project; forecasted AISC and Total Cash Costs; estimated initial and sustaining capital costs; the timing of a Pre-Feasibility Study; the timeline for permitting milestones and construction decisions; planned early works and infrastructure upgrades; and the Company's ability to maintain strong community and First Nations partnerships.

Forward-looking statements are based on a number of assumptions that management considers reasonable at the time they are made, including assumptions regarding: the future prices of copper, gold, cobalt, and scandium; foreign exchange rates; metallurgical recoveries; the cost of essential consumables; and the geopolitical and regulatory climate in British Columbia. However, such statements involve known and unknown risks and uncertainties which may cause actual results to differ materially. These risks include but are not limited to inaccurate estimation of mineral resources; volatility in metal prices; the results of future exploration and development activities; liquidity and financing risks; failure to obtain necessary permits; geotechnical conditions; and changes in applicable mining laws. The PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Except as required by law, the Company undertakes no obligation to update or revise forward-looking information as conditions change.

Non-GAAP Financial Measures

The Company has included certain performance measures in this news release that are not specified, defined, or determined under Generally Accepted Accounting Principles (GAAP). These non-GAAP measures are common in the mining industry but do not have standardized definitions and may not be comparable to similar measures presented by other issuers. Readers should not consider these measures in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Total Cash Costs: The Company calculates total cash costs as the sum of mining, processing, refining and transport, G&A, and royalty costs. Cash costs per unit are calculated by dividing the total cash costs by the payable Copper Equivalent (CuEq) units.

All-In Sustaining Cost: AISC is a non-GAAP financial measure comprising of total cash costs, sustaining capital expenditures to support ongoing operations, and closure costs. AISC per unit is calculated by dividing the total all-in sustaining costs by the payable CuEq units.

Sustaining Capital: This is a supplementary financial measure reflecting cash-basis expenditures expected to maintain operations and sustain production levels over the life of the mine.

About Doubleview Gold Corp.

Doubleview Gold Corp., a mineral resource exploration and development company based in Vancouver, British Columbia, Canada, is publicly traded on the TSX Venture Exchange [TSX-V: DBG], the OTCQB [DBLVF], the Berlin Stock Exchange [GER: A1W038], and the Frankfurt Stock Exchange [1D4]. Doubleview identifies, acquires, and finances precious and basemetal exploration projects in North America, particularly in British Columbia. The Company increases shareholder value through the acquisition and exploration of quality gold, copper, cobalt, scandium, and silver properties-collectively critical minerals-and through the application of advanced, state-of-the-art exploration methods. Doubleview's portfolio of strategic properties provides diversification and mitigates investment risk.

About Mineit Consulting Inc.

Mineit Consulting Inc. (Mineit) is an independent mining engineering consulting company providing specialized expertise in project management, geological modelling, Mineral Resource estimation, mining engineering, metallurgical, and process engineering. Mineit lead and prepared the Hat Project MRE and PEA, with assistance from other engineering firms, for the Hat Project in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves.

NEITHER 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.

Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the Mineral Resource Estimate and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

[1] Early metallurgical testwork comprised metallurgical characterization studies under standard laboratory condition to demonstrate metals recoverability for inclusion in the estimate of Cu(eq). No attempt was made to optimize flotation conditions and more advanced flotation testwork was not undertaken. Consequently, the reported metallurgical recoveries are considered conservative and it's reasonable to expect improvement with further testwork.
[2] Analyst consensus prices as of February 20, 2026: Au US$3.272/oz; Cu US$4.88/lb; Ag US$50.22/oz; Co US$19.57/lb; Sc2O3 US$1,500/kg.
[3] Spot prices as of February 25, 2026: Au US$5,200/oz; Cu US$6.00/lb; Ag US$90.00/oz; Co US$25.50/lb; Sc2O3 US$1,500/kg.
[4] CuEq calculations do not include scandium.
[5] Scandium tonnages represent 12.5% of the mineralized material by category, reflecting the proportion of tailings expected to be processed through a dedicated scandium leach circuit under current metallurgical design constraints. Scandium oxide metal content has been calculated using the metallurgical recovery of 72% and conversion factor from Sc to Sc2O3 of 1.534. The full scandium content has not been taken into economic evaluation at this time, as current market pricing for scandium lacks sufficient transparency and firmness to support a reliable valuation. Additional scandium in future assessments is considerable upon receipt of binding purchase commitments that establish a defined price. Until such time, scandium reporting to tailings may be preserved for potential recovery when market conditions in North America or Europe provide clearer price visibility.
[6] Scandium not used for CuEq calculation.
[7] CuEq grade calculation assumes metal process of Copper US$4.80/lb, Gold US$3200/troy oz, Silver US$46/troy oz, Cobalt US$20/lb. The CuEq formula is: CuEq = [(((Ag × 46.0 × 0.68)/31.1035) + ((Au × 3200 × 0.89)/31.1035) + 0.0001 × (Co × 20.0 × 0.78 × 22.0462) + 0.0001 × (Cu × 4.8 × 22.0462 × 0.85))/(4.8 × 22.0462 × 0.85)].
[8] Hydrometallurgical and Scandium circuit to be constructed after production of copper concentrate starts. Recovery reported consider the complete processing circuit is operational.
[9] Scandium tonnages represent 12.5% of the mineralized material by category, reflecting the proportion of tailings expected to be processed through a dedicated scandium leach circuit under current metallurgical design constraints
[10] Processing cost of C$7.93/t-milled for up to concentrate production, and additional C$3.08/t-milled for hydrometallurgical and acid generation plant for Scandium processing. Energy price C$0.07/kWh assuming grid power.
[11] Treatment cost to produce Scandium Oxide from the tailings, without considering acid cost (produced on site).
[12] Free Cash Flow during production periods only.
[13] Total life of mine Free Cash Flow, including initial capital costs and closure.
[14] Capital cost estimate Infrastructure includes the required power infrastructure include the extension of the transmission line (~150 km), switching stations and mine main substations (~C$140 million).
[15] Energy price C$0.07/kWh assuming grid power.
[16] Free Cash Flow during production periods only.
[17] Total life of mine Free Cash Flow, including initial capital costs and closure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285945

Source: Doubleview Gold Corp.

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