Market Signal Briefing

DENVER--(BUSINESS WIRE)--Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its full-year operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico, and a corporate update on its other activities. “We are pleased to report a successful operational turnaround during 2025 that culminated in a strong fourth quarter finish and over $25 million in cash and equivalents on the balance sheet,” said Allen Palmiere, President and CEO. “Obviously, fa.

NEW YORK, March 18, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) between August 3, 2023 and December 26, 2025, inclusive (the “Class Period”), of the important April 6, 2026 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the Ultragenyx class action, go to https://rosenlegal.com/submit-form/?case_id=52472 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 6, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants provided investors with material information concerning Ultragenyx’s expected results for its Phase III Orbit and Cosmic Studies, which tested setrusumab (UX 143) in patients with Osteogenesis Imperfecta (“OI”). Defendants’ statements included, among other things, confidence in setrusumab’s ability to ultimately trigger a decrease in the OI patients’ annualized fracture rate, alongside confidence in the study designs to demonstrate such ability and reduce testing variability that could interfere with such a result.

The lawsuit claims that defendants provided these overwhelmingly positive statements to investors while simultaneously disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of setrusumab’s potential, as well as the true risk inherent in the study protocols put forth; notably, that while setrusumab does increase material bone density, this increase does not correlate to a decrease in annualized fracture rates or otherwise, that the Phase III Orbit and Cosmic studies were much less likely to be able to demonstrate such a link than management claimed. The lawsuit claims that such statements absent these material facts caused Ultragenyx shareholders to purchase Ultragenyx securities at artificially inflated prices. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Ultragenyx class action, go to https://rosenlegal.com/submit-form/?case_id=52472 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

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

Contact Information:

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

HomeStock IdeasLong IdeasEnergy Analysis

SummaryEnergy Transfer is in a multi-year growth phase, balancing scale, stability, and long-term demand visibility with ongoing capex-driven expansion.ET offers an attractive 7%+ yield, strong dividend coverage, and guided 3-5% annual distribution growth, supported by robust fee-based cash flows.Valuation is not deeply discounted but remains reasonable, with consensus forecasting 28% EPS growth in 2026 and low double-digit total return potential.Execution risk from simultaneous large projects and leverage discipline temper a Strong Buy, but current fundamentals and visible growth support a Buy rating. Zhanna Hapanovich/iStock via Getty Images

Energy Transfer (ET) today is a business that has achieved scale and stability, secured long-term demand visibility, and is going through a multi-year growth execution phase. But it has not yet transformed into a purer cash

3.53K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

New York, New York--(Newsfile Corp. - March 18, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."

On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289108

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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, /PRNewswire/ -- 

Why: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Alight, Inc. (NYSE: ALIT) between November 12, 2024 and February 18, 2026, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2026.

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

What to do next: To join the Alight class action, go to https://rosenlegal.com/submit-form/?case_id=54542 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

Details of the case: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose facts concerning the true state of Alight's growth potential and financial stability; notably, that Alight was not truly equipped to execute on its claimed potential and could not maintain its promised dividend as a result. Rather, Alight would require significantly higher compensation and incentive expenses to achieve the projections put forth by management. Throughout the class period, defendants announced disappointing results, reduced projections, and multiple goodwill impairments all while remaining confident in their ability to execute, drive growth, and continue to provide a dividend to their shareholders. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Alight class action, go to https://rosenlegal.com/submit-form/?case_id=54542 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

Contact Information:

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

SOURCE THE ROSEN LAW FIRM, P. A.

729 Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo Purchase Licensing Rights, opens new tab

SummaryU.S.-Israeli war on Iran disrupts Middle East oil supplyBrent gains outpace WTI due to Mideast infrastructure attacksUS to release172 million barrels to tame prices, pressuring WTIHOUSTON/New York, March 18 (Reuters) - The discount for U.S. crude futures versus Brent on Wednesday hit ​the widest in 11 years, as attacks on Middle Eastern oil infrastructure drove the global benchmark higher while rising supply ‌in the U.S. set the stage for a jump in oil exports.

The U.S-Israeli war on Iran has thrown global oil markets into turmoil, driving crude and fuel prices to multi-year highs as a key trade route has mostly closed and some energy output in the Middle East is shut. The surge in Brent relative to U.S. crude ​futures creates an arbitrage opportunity for traders looking to fetch a profit by moving oil to higher-priced markets.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

U.S. West Texas ​Intermediate crude traded at as much as a $12.05 a barrel discount to Brent during the session on Wednesday, ⁠its largest since March 2015.

Even with freight prices for an Aframax carrying up to 700,000 barrels of crude from the U.S. Gulf ​Coast to Europe jumping to about $6 million on Wednesday from $4.36 million before the war, the arbitrage remains open because the WTI/Brent spread is wide enough ​to offset the cost of freight, according to Georgios Sakellariou, chartering analyst at Signal Maritime.

"Today we saw more crude cargoes getting picked up from the U.S. Gulf Coast for loading in March to the start of April because of the widening WTI/Brent spread," Sakellariou said, adding that they expect more ballast vessels will ​head to the U.S. in the coming days to load crude for Europe.

BRENT'S GAINS OUTPACE WTIBrent surged by 3.8% on Wednesday after ​Iran threatened to hit Gulf energy targets and Iran's huge South Pars gas field was struck in an attack. WTI rose by 0.1%.

"Brent is ripping on South ‌Pars; I ⁠think infrastructure attacks will be the main driver of more Brent rallies rather than anything else, and that tends to be reflected in Brent over WTI," said Neil Crosby, Sparta Commodities analyst.

The U.S.-Israeli on Iran and Tehran's attacks on Gulf neighbors have disrupted oil and natural gas exports from the Middle East and forced production stoppages.

"WTI looks extremely cheap in our arbs now and will go nicely to Europe," Crosby ​said. "Prices today suggest the flow should ​be maxed," he said, adding ⁠that U.S. crude loadings for export will likely rise in the next few weeks, given the current WTI/Brent spread.

Weighing on WTI, countries in the International Energy Agency agreed to release 400 million barrels of crude from ​reserves in an effort to tame prices, with the U.S. set to release 172 million barrels ​from the SPR, and ⁠that is putting pressure on WTI, said Rohit Rathod, a senior analyst at Vortexa.

Meanwhile, U.S. crude stocks at Cushing, Oklahoma, the delivery and pricing point for West Texas Intermediate crude futures on the New York Mercantile Exchange, rose last week to 27.52 million barrels, their highest since August ⁠2024, the ​Energy Information Administration said on Wednesday. This build in Cushing inventory along with the ​SPR release is suppressing WTI, a trader said.

Growing demand to export crude from the U.S., which boosts freight prices, could close the arbitrage window as the shipping economics ​become unworkable, capping how much crude leaves the U.S.

Reporting by Georgina McCartney in Houston and Siddharth Cavale in New York; Editing by David Gregorio

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New York, New York--(Newsfile Corp. - March 18, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Hub Group, Inc. (NASDAQ: HUBG) resulting from allegations that Hub Group may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Hub Group securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=52777 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On February 5, 2026, after market hours, Hub Group filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing preliminary financial results for the full year and fourth quarter ended December 31, 2025. The report stated that "[i]n connection with the preparation of its financial statements for the year ended December 31, 2025, the Company identified an error that resulted in the understatement of purchased transportation costs and accounts payable in the first nine months of 2025." As a result of the error, Hub Group "plans to restate its financial statements for the first, second and third quarters of 2025."

On this news, Hub Group's stock price fell $9.37 per share, or 18.3%, to close at $41.96 per share on February 6, 2026.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289087

Source: The Rosen Law Firm PA

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Project Highlights

Acquisition of a 100% interest in the Bonito Gold-Silver Project in New MexicoPrevious operators (Pioneer Metals and Placer Dome) have invested approximately US$10 million in exploration work, including 3,000 metres across 75 drill holes of historical shallow drilling (1985-1989)(1)Potential near-surface gold-silver system with no modern drilling since 1990. Gold-silver breccia pipes sitting above a potential copper-molybdenum porphyry system remains completely untested at depth below 120 metresNew Mexico: Mining-friendly state, a leading jurisdiction in the United States with proven endowment of precious and base metal deposits and operating mines, and a long history of mineral exploration and developmentNearby infrastructure with paved and forest service road access from the town of RuidosoAs of a March 2025 Executive Order, gold and silver are now considered strategic minerals by the federal government of the United StatesVancouver, British Columbia--(Newsfile Corp. - March 18, 2026) - Nation Gold Corp. (CSE: NATN) (OTCQB: NATNF) (the "Company" or "Nation") is pleased to announce that, further to its news release dated February 4, 2026, the Company has completed the acquisition of a 100% interest in the Bonito gold-silver project (the "Bonito Project") in the Nogal-Bonito Mining District of New Mexico, USA through its wholly-owned subsidiary Nation Gold US Corp. ("Nation Gold US") pursuant to the terms of the mineral property purchase and sale agreement dated February 3, 2026 (the "Purchase Agreement") with Cannon Bridge Capital Corp. ("Cannon Bridge"), Stream Metals LLC, Nation Gold US and an arm's length individual.

Mr. Mark Bailey, CEO & Director of the Company, stated, "The 100% acquisition of the Bonito Project marks an important milestone for Nation Gold, as we establish our presence with a flagship U.S. asset in the historically productive Nogal-Bonito Mining District of New Mexico. The Bonito Project may potentially host a gold-silver system with significant untested upside, historic underground production and prior exploration by Pioneer Metals and Placer Dome, yet remains largely underexplored at depth and without ever seeing modern drilling or exploration techniques. Nation has the objective of completing its first modern drill program following receipt of the necessary permits. With this transaction complete and the concurrent financing in place, we look forward to advancing exploration planning and working toward our first drill program at Bonito."

As consideration for the acquisition, the Company has paid an aggregate of $200,000 in cash to date with the remaining cash consideration of $100,000 payable on the date that is the later of: (i) Nation Gold US receiving an initial drill permit on the Bonito Project; and (ii) 18 months from the closing date.

The Company will also issue an aggregate of 13,000,000 common shares in the capital of the Company (the "Consideration Shares") to certain nominees of Cannon Bridge at a deemed issue price of $0.20 per Consideration Share once the Company has completed the administrative process to record the claims for the Bonito Project in the name of Nation Gold US. The Consideration Shares will be subject to a statutory four-month hold period from the date of issuance in accordance with applicable securities laws, as well as an extended hold period of up to 18 months from the date of issuance based on the schedule described in the Company's press release dated February 4, 2026 in accordance with the policies of the Canadian Securities Exchange (the "Exchange"). The Company received the approval of the Exchange for the acquisition of the Bonito Project.

Non-Brokered Private Placement

The Company also announces that it has completed its non-brokered private placement (the "Offering") consisting in the issuance of 7,800,000 units (each, a "Unit") at a purchase price of $0.20 per Unit for gross proceeds to the Company of $1,560,000. Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable by the holder thereof to purchase one common share of the Company at an exercise price of $0.25 until March 18, 2028.

In connection with the Offering, the Company paid aggregate cash finder's fees of $79,600 and issued an aggregate of 398,000 non-transferable finder warrants (each, a "Finder Warrant") to arm's length finders of the Company in consideration for the finders locating purchasers to participate in the Offering. Each Finder Warrant is exercisable by the holder thereof to purchase one common share of the Company at an exercise price of $0.20 until March 18, 2028.

The Company intends to use the proceeds of the Offering for general working capital purposes.

The securities issued in connection with the Offering are subject to a four-month hold period expiring on July 19, 2026 in accordance with applicable securities laws and the rules of the Exchange.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Sources & References:
(1) Approximately US$10 million has been estimated in project expenditures.

Qualified Person & Disclosure

All scientific and technical information contained in this news release is historical in nature unless otherwise stated. The technical content contained in this news release has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The scientific and technical information contained in this news release has been reviewed and approved by Mr. Mark Bailey, P.Geo., CEO & Director of the Company and a Qualified Person ("QP") as defined under NI 43-101. Mr. Bailey is not independent of the Company. Mr. Bailey has not verified the historical exploration data disclosed in this press release, including the sampling, analytical and test data, as such data is historical and the original data is not readily available.

The Company cautions that mineral exploration is speculative, and there is no guarantee that the Company will be able to unlock value from the Bonito Project or that the Bonito Project will prove economically feasible.

About Nation Gold Corp.

Nation Gold Corp. is an exploration company based in Vancouver, BC. The Company recently acquired a 100% interest in the Bonito Project in the Nogal-Bonito Mining District of New Mexico, USA. The Bonito Project was formerly in production in the late 1800s and has seen limited modern exploration, most recently in the 1980s and 1990s by Pioneer Metals and Placer Dome. The Company is led by a team of mining, exploration and capital markets professionals focused on acquiring potential multi-million-ounce precious metals deposits in Tier 1 mining jurisdictions. The Company also has a 100% interest in the Cattle Creek Project located near Vernon, BC. For further information, please visit the Company's website at www.nationgold.ca.

On behalf of the Board of Directors of the Company

Mark Bailey, CEO & Director

Contact Information - For more information, please contact:

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, statements regarding use of proceeds for the Offering, the potential mineralization on the Bonito Project, the recording of the claims for the Bonito Project in the name of Nation Gold US, the Company's intended drill program on the Bonito Project and the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to, risks related to the recording of the claims for the Bonito Project which may delay or impair the ability of the Company to complete its intended work programs; risks inherent in exploration activities; the impact of exploration competition; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks; and general economic conditions. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, unless otherwise required pursuant to applicable laws.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289120

Source: Nation Gold Corp.

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NOT FOR DISTRIBUTION IN THE UNITED STATES.
FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

CALGARY, Alberta, March 18, 2026 (GLOBE NEWSWIRE) -- Alaris Equity Partners Income Trust (“Alaris” or the “Trust”) (TSX: AD.UN) announces that the Board of Trustees of the Trust (the “Board”) has declared a trust distribution (“Distribution”) of $0.37 per trust unit for the first quarter of 2026, representing $1.48 per unit on an annualized basis. The Distribution is payable on April 15, 2026 to unitholders of record on March 31, 2026.

About Alaris:

The Trust, through its subsidiaries, invests in a diversified group of private businesses ("Private Company Partners") primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Private Company Partners.

For further information please contact:
Investor Relations
P: (403) 260-1457
[email protected]

Alaris Equity Partners Income Trust
Suite 250, 333 24th Avenue S.W.
Calgary, Alberta T2S 3E6
www.alarisequitypartners.com

CALGARY, Alberta, March 18, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months and year ended December 31, 2025, and to provide 2025 year-end reserves information as evaluated by Insite Petroleum Consultants Ltd. ("Insite"). The Company's Management's Discussion and Analysis ("MD&A") and audited consolidated financial statements are available on SEDAR+ at www.sedarplus.ca.

Q4 2025 HIGHLIGHTS:

Funds flow(2) up 8% – Generated funds flow of $13.5 million(2) in the fourth quarter of 2025, an 8% increase from $12.5 million reported in the fourth quarter of 2024. The increase is due to higher production volumes, increased realized gains from risk management activities, and lower royalty expense, partially offset by lower realized oil and NGL prices.Production up 6% – Production for the fourth quarter of 2025 averaged 9,568 boe/d(1), up 6% from 9,066 boe/d in the fourth quarter of 2024. Oil and condensate(1) production was up 20% along with a 7% increase in NGL production from the fourth quarter of 2024. The increase in total liquids production reflects a focus on liquids weighted drilling opportunities and strategic efforts to increase NGL recoveries.Operating expense down 10% – Operating expense averaged $5.33/boe in the fourth quarter of 2025, down 10% from $5.89/boe in the fourth quarter of 2024. The lower operating expense per boe is due to fixed costs being allocated over a larger production base.Net debt(2) down 4% – Net debt was $62.5 million at December 31, 2025, down $2.4 million from September 30, 2025.Commodity prices – Total realized price was $25.74/boe in the fourth quarter of 2025, a decrease of 3% from $26.45/boe in the fourth quarter of 2024. Realized natural gas prices increased by 52% to $2.45/mcf from $1.61/mcf in the fourth quarter of 2024, offset by a 23% decrease in the realized oil price to $72.49/bbl from $93.60/bbl in the fourth quarter of 2024.Capital activity – Capital spending in the fourth quarter of 2025 was $10.2 million, 63% of which was spent on drilling, completing, and tying in new wells in Ferrier, with the balance spent on land acquisitions and facility upgrades.Dividends – Paid a regular monthly dividend of $0.01 per share, totaling $4.0 million, during the fourth quarter of 2025. Shareholders chose to reinvest $2.9 million under the Company's Dividend Reinvestment Plan, resulting in the issuance of 1.6 million common shares. 2025 ANNUAL HIGHLIGHTS:

Funds flow(2) – Petrus generated funds flow of $51.2 million in 2025, up 2% from $50.1 million in 2024. Our annual funds flow was in line with the 2025 budget guidance of $45 million to $55 million.Production – Production for 2025 averaged 9,371 boe/d(1), as compared to 9,382 boe/d in 2024. Our annual average daily production volumes were consistent with the 2025 budget guidance range of 9,000 to 10,000 boe/d.Natural Gas Liquids (NGL) production(1) – NGL production was higher by 16% in 2025, increasing to 1,890 bbl/d compared to 1,623 bbl/d in 2024. This is the result of operational efforts that increased higher value NGL yields by 21%.Commodity prices – Total realized price was $25.58/boe in 2025, a decrease of 6% from $27.24/boe in 2024. Realized natural gas prices increased by 20% to $1.92/mcf in 2025 from $1.60/mcf in 2024, offset by a 13% decrease in realized oil price to $81.89/bbl in 2025 from $94.35/bbl in 2024.Capital expenditures – Total capital expenditures were $49.0 million in 2025, up from $31.8 million in 2024. Drilling, completing, and tying in new wells in Ferrier accounted for 73% of capital, with the balance spent on land acquisitions and facility upgrades.Dividends – Paid a regular monthly dividend of $0.01 per share, totaling $15.5 million, during 2025. Shareholders chose to reinvest $10.9 million under the Company's Dividend Reinvestment Plan, resulting in the issuance of 7.6 million common shares. 2026 OUTLOOK(3)

Petrus commenced its 2026 capital program in late December 2025 with drilling to continue into March. We are on schedule to start bringing on new production in mid-March.

In February, Petrus completed the acquisition of an oil-weighted Cardium property in the Harmattan area of Central Alberta. This transaction adds long-life assets and approximately 2,000 boe/d(4) of production. The acquisition was financed through a combination of equity and debt.

The previously announced 2026 capital budget includes planned capital investment of $50 million to $60 million, with expected year end net debt(2) of $75 million to $80 million.

The Company expects 2026 average daily production of 11,000 to 12,000 boe/d(1)(5) and annual funds flow(2) of $60 million to $65 million.

For 2026, Petrus has hedged approximately 50% of its forecasted production at an average price of $3.02/mcf for natural gas and CAD$86.76/bbl for oil. This disciplined risk management strategy positions the Company to achieve its guidance targets and maintain financial stability. As always, Petrus is prepared to adapt its capital program in response to market dynamics, remaining focused on delivering sustainable returns to shareholders.

FOURTH QUARTER AND YEAR-END 2025 CONFERENCE CALL       

Date and Time: March 19, 2026 9:00 a.m. (Mountain Time)
Please refer to the events page on Petrus' website for conference call details and links: www.petrusresources.com/events

ANNUAL GENERAL MEETING

The Company's Annual General Meeting will be held on Thursday, May 21, 2026.
For details on the location and timing, please visit the events page on Petrus' website: www.petrusresources.com/events

For further information, please contact:
Ken Gray, P.Eng.
President and Chief Executive Officer
T: (403) 930-0889
E: [email protected]

(1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to "BOE Presentation" and "Production and Product Type Information" for further details.
(2)Non-GAAP financial measure or non-GAAP ratio. Refer to "Non-GAAP and Other Financial Measures".
(3) Refer to "Advisories - Forward-Looking Statements".
(4) Production for the month of January 2026 consisted of approximately 640 bbl/d of crude oil, 4,580 mcf/d of natural gas and 600 bbl/d of NGLs.
(5) At mid-point of 11,500 boe/d, forecast to consist of approximately 2,200 bbl/d of crude oil, 41,400 mcf/d of natural gas and 2,400 bbl/d of NGLs.

SELECTED FINANCIAL INFORMATION

OPERATIONS Year ended Dec. 31, 2025

Year ended 
 
Dec. 31, 2024Three months ended 
 
Dec. 31, 2025Three months ended 
 
Sept. 30, 2025Three months ended Jun. 30, 2025

Three months ended 
 
Mar. 31, 2025Average Production      Natural gas (mcf/d)36,712 38,149 36,981 38,406 35,738 35,689 Oil and condensate(1) (bbl/d)1,362 1,400 1,475 1,523 1,243 1,202 NGLs (bbl/d)1,890 1,623 1,929 1,892 1,955 1,777 Total (boe/d)(1)9,371 9,382 9,568 9,817 9,155 8,929 Total (boe)(1)3,419,981 3,433,994 880,280 903,165 833,038 803,498 Liquids weighting35%32%36%35%35%33%Realized Prices      Natural gas ($/mcf)1.92 1.60 2.45 0.92 2.11 2.25 Oil and condensate(1) ($/bbl)81.89 94.35 72.49 81.46 83.31 92.73 NGLs ($/bbl)30.61 38.44 25.19 29.49 29.07 39.54 Total realized price ($/boe)25.58 27.24 25.74 21.90 25.77 29.35 Royalty income0.04 0.05 0.03 0.04 0.05 0.06 Royalty expense(2.42)(3.66)(2.30)(1.70)(2.41)(3.36)Net oil and natural gas revenue ($/boe)23.20 23.63 23.47 20.24 23.41 26.05 Operating expense(5.99)(5.93)(5.33)(5.86)(6.10)(6.76)Transportation expense(1.63)(1.55)(1.72)(1.45)(1.73)(1.65)Operating netback(2) ($/boe)15.58 16.15 16.42 12.93 15.58 17.64 Realized gain on financial derivatives2.92 2.02 3.73 4.26 2.31 1.14 Other cash income (expense)0.06 0.34 0.10 0.18 (0.07)0.02 General & administrative expense(1.48)(1.54)(2.49)(1.05)(0.96)(1.41)Cash finance expense(1.79)(1.87)(1.91)(1.80)(1.77)(1.68)Decommissioning expenditures(0.30)(0.52)(0.52)(0.22)(0.27)(0.19)Funds flow & corporate netback(2) ($/boe)14.99 14.58 15.33 14.30 14.82 15.52        FINANCIAL (000s except $ per share)Year ended Dec. 31, 2025

Year ended Dec. 31, 2024

Three months ended Dec. 31, 2025

Three months ended Sept. 30, 2025

Three months ended Jun. 30, 2025

Three months ended Mar. 31, 2025

Oil and natural gas sales87,636 93,721 22,684 19,816 21,506 23,630 Net income (loss)10,566 (1,246)5,951 (2,677)10,380 (3,088)Net income (loss) per share      Basic0.08 (0.01)0.04 (0.02)0.08 (0.02)Fully diluted0.08 (0.01)0.04 (0.02)0.08 (0.02)Funds flow(2)51,229 50,058 13,498 12,916 12,348 12,467 Funds flow per share(2)      Basic0.40 0.40 0.10 0.10 0.10 0.10 Fully diluted0.39 0.40 0.10 0.10 0.09 0.10 Capital expenditures48,993 31,814 10,244 8,268 13,202 17,279 Acquisitions (dispositions)— — — — — — Weighted average shares outstanding      Basic129,246 124,389 132,265 130,342 128,252 126,043 Fully diluted132,900 124,389 137,119 130,342 130,656 126,043 As at year end      Common shares outstanding      Basic133,442 125,113 133,442 131,582 129,634 127,469 Fully diluted145,762 134,919 145,762 142,774 141,456 138,501 Total assets427,372 420,124 427,372 424,940 433,962 427,955 Non-current liabilities61,556 65,475 61,556 64,586 64,837 68,176 Net debt(2)62,502 60,080 62,502 64,860 67,987 66,009  (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to "BOE Presentation" and "Production and Product Type Information" for further details.
(2)Non-GAAP financial measure or non-GAAP ratio. Refer to "Non-GAAP and Other Financial Measures".

RESERVES

Petrus’ 2025 year-end reserves were evaluated by its independent reserves evaluator, Insite, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) as of December 31, 2025 ("2025 Insite Report"). Additional reserve information as required under NI 51-101 will be included in our Annual Information Form for the year ended December 31, 2025, which will be available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Petrus has a reserves committee, comprised of a majority of independent board members, that reviews the qualifications and appointment of the independent reserves evaluator. The committee also reviews the procedures for providing information to the evaluators. All booked reserves are based upon annual evaluations by the independent qualified reserve evaluator conducted in accordance with the COGE Handbook and NI 51-101. The evaluations are conducted using all available geological and engineering data. The reserves committee has reviewed the reserves information and approved the 2025 Insite Report.

The following table provides a summary of the Company’s before tax reserves as evaluated by Insite:

As at December 31, 2025Total Company Interest (1)(3)
Reserve CategoryConventional
Natural Gas
(mmcf)
Light and
Medium
Crude Oil
(mbbl)
NGL
(mbbl)
Total
(mboe)
NPV 0%(2)
($000s)
NPV 5%(2)
($000s)
NPV 10%(2)
($000s)
Proved Developed Producing75,646 1,149 5,210 18,966 298,117 232,406 191,512 Proved Developed Non-Producing4,712 50 211 1,046 14,109 10,401 7,969 Proved Undeveloped160,145 4,478 9,733 40,902 532,200 325,912 207,613 Total Proved240,503 5,676 15,154 60,914 844,426 568,719 407,094 Proved + Probable Producing90,315 1,407 6,207 22,666 389,867 280,080 221,127 Total Probable124,897 4,578 7,059 32,453 532,617 307,513 195,983 Total Proved Plus Probable365,400 10,255 22,212 93,367 1,377,044 876,232 603,076  (1)Tables may not add due to rounding.
(2)NPV 0%, NPV 5% and NPV 10% refer to the risked net present value of the future net revenue of the Company's reserves, discounted by 0%, 5% and 10%, respectively
and is presented before tax and based on Insite's pricing assumptions.
(3)Total company interest reserve volumes are presented as the Company's total working interest before the deduction of royalties (but after including any royalty interests of Petrus).

The Company produced 3.4 mmboe during 2025 and ended the year with 19.0 mmboe of Proved Developed Producing ("PDP") reserves (34% oil and liquids).

Petrus ended 2025 with $191.5 million, $407.1 million and $603.1 million of PDP, Total Proved ("TP"), and Proved plus Probable (“P+P”), before-tax reserve value, respectively, discounted at 10%, based on the 2025 Insite Report. In 2025, the Company realized Finding and Development (“F&D”)(1)(2) costs of $9.94/boe for PDP reserves.

Based on the 2025 Insite Report, the Company’s PDP reserve value before-tax, discounted at 10% is $0.92 per share (145,761,860 fully diluted common shares outstanding at December 31, 2025). On the same basis, the Company's P+P before-tax reserve value, discounted at 10% is $3.75 per share.  

(1) Refer to "Oil and Gas Disclosures"
(2) While F&D costs are commonly used in the oil and natural gas industry and have been prepared by management, these terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.

FUTURE DEVELOPMENT COST
Future Development Cost ("FDC") reflects Insite's best estimate of what it will cost to bring the P+P undeveloped reserves on production. The following table provides a summary of the Company's FDC as set forth in the 2025 Insite Report:

Future Development Cost ($000s)Total Proved Total Proved + Probable 202644,504 47,854 202770,884 70,884 2028112,203 112,203 2029110,703 216,609 Thereafter91,671 219,632 Total FDC, Undiscounted429,965 667,182 Total FDC, Discounted at 10%334,460 497,095 
PERFORMANCE RATIOS

The following table highlights annual performance ratios for the Company from 2021 to 2025(2):

 December 31, 2025
December 31, 2024
December 31, 2023
December 31, 2022
December 31, 2021
Proved Producing          FD&A ($/boe) (1)9.94 12.58 19.67 12.58 15.64 F&D ($/boe) (1)9.94 12.58 19.67 12.70 8.90 Reserve Life Index (yr) (1)5.4 5.24 5.27 5.31 5.41 Reserve Replacement Ratio (1)1.4 0.74 1.15 3.20 0.78 FD&A Recycle Ratio (1)1.6 1.28 1.06 2.91 1.58 Proved Developed          FD&A ($/boe) (1)8.69 12.63 19.34 12.50 14.54 F&D ($/boe) (1)8.69 12.63 19.34 12.61 8.53 Reserve Life Index (yr) (1)5.7 5.33 5.36 5.39 5.50 Reserve Replacement Ratio (1)1.6 0.73 1.17 3.22 0.84 FD&A Recycle Ratio (1)1.6 1.28 1.08 2.93 1.70 Total Proved          FD&A ($/boe) (1)4.06 17.53 14.50 18.24 10.51 F&D ($/boe) (1)4.06 17.53 14.50 33.99 9.24 Reserve Life Index (yr) (1)17.3 14.4 13.85 12.18 15.30 Reserve Replacement Ratio (1)4.7 0.97 2.98 3.79 4.50 FD&A Recycle Ratio (1)3.8 0.92 1.44 2.01 2.35 Future Development Cost (undiscounted) ($000s)429,965 417,381 391,058 313,786 233,684 Total Proved + Probable          FD&A ($/boe) (1)3.84 33.63 14.00 15.66 10.57 F&D ($/boe) (1)3.84 33.63 14.00 36.12 8.36 Reserve Life Index (yr) (1)26.5 21.9 21.62 19.68 23.29 Reserve Replacement Ratio (1)6.9 0.33 3.49 6.63 5.10 FD&A Recycle Ratio (1)4.1 0.48 1.50 2.34 2.33 Future Development Cost (undiscounted) ($000s)667,182 625,179 618,437 519,823 343,489  (1)Refer to "Oil and Gas Disclosures"
(2) While FD&A costs and F&D costs, reserve life index, reserve replacement ratio and FD&A recycle ratio are commonly used in the oil and natural gas industry and have been prepared by management, these terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.

NET ASSET VALUE
The following table shows the Company's Net Asset Value ("NAV"), calculated using the 2025 Insite Report and Insite's December 31, 2025 price forecast. The reader is cautioned that these amounts may not be directly comparable to other companies, as the term "Net Asset Value" does not have a standardized meaning under GAAP or NI 51-101. Management believes that net asset value provides a useful measure to analyze the comparative change in the Company's estimated value on a normalized basis.

As at December 31, 2025 ($000s except per share)

Proved Developed
ProducingTotal ProvedProved + ProbablePresent Value Reserves, before tax (discounted at 10%) (1)191,512 407,094 603,076 Undeveloped Land Value (2)5,377 5,377 5,377 Net Debt (3)(62,502)(62,502)(62,502)Net Asset Value134,387 349,969 545,951 Fully Diluted Shares Outstanding145,762 145,762 145,762 Estimated Net Asset Value per Fully Diluted Share$0.92 $2.40 $3.75  (1)Based on the 2025 Insite Report, using the forecast future prices and costs.
(2)Based on the exploration and evaluation assets as per the Company's December 31, 2025 audited consolidated financial statements.
(3) Non-GAAP financial measure. See "Non-GAAP and Other Financial Measures" .

NON-GAAP AND OTHER FINANCIAL MEASURES

This press release makes reference to the terms "operating netback" (on an absolute and $/boe basis), "corporate netback" (on an absolute and $/boe basis), "funds flow" (on an absolute, per share (basic and fully diluted) and $/boe basis), and "net debt". These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures, which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

Operating Netback

Operating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, operating expenses, and transportation expenses. See below for a reconciliation of operating netback to oil and natural gas sales.

Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.

Corporate Netback and Funds Flow

Corporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute basis and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company's profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, cash finance expense and decommissioning expenditures, plus or minus other income (expense), and the realized gain (loss) on financial derivatives. See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.

Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company's profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.

Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding.

 Three months ended December 31, 2025

Three months ended December 31, 2024

Year ended December
31, 2025Year ended December
31, 2024 $000s$/boe$000s$/boe$000s$/boe$000s$/boeOil and natural gas sales22,684 25.77 20,446 24.12 87,636 25.62 71,635 27.55 Royalty expense(2,029)(2.30)(2,593)(3.06)(8,275)(2.42)(9,359)(3.60)Net oil and natural gas revenue20,655 23.47 17,853 21.06 79,361 23.20 62,276 23.95 Transportation expense(1,514)(1.72)(1,239)(1.46)(5,588)(1.63)(4,113)(1.58)Operating expense(4,693)(5.33)(5,172)(6.10)(20,492)(5.99)(15,461)(5.95)Operating netback14,448 16.42 11,442 13.50 53,281 15.58 42,702 16.42 Realized gain on financial derivatives3,287 3.73 2,115 2.49 9,971 2.92 4,391 1.69 Cash other income90 0.10 77 0.09 214 0.06 166 0.06 General & administrative expense(2,193)(2.49)(1,209)(1.43)(5,075)(1.48)(3,539)(1.36)Cash finance expense(1,677)(1.91)(1,657)(1.95)(6,124)(1.79)(4,888)(1.88)Decommissioning expenditures(457)(0.52)(103)(0.12)(1,038)(0.30)(1,265)(0.49)Funds flow and corporate netback13,498 15.33 10,665 12.58 51,229 14.99 37,567 14.44   Three months ended December 31, 2025

Three months ended September 30, 2025

Three months ended June 30, 2025

Three months ended March 31, 2025

 $000s$/boe$000s$/boe$000s$/boe$000s$/boeOil and natural gas sales22,684 25.77 19,816 21.94 21,506 25.82 23,630 29.41 Royalty expense(2,029)(2.30)(1,533)(1.70)(2,010)(2.41)(2,703)(3.36)Net oil and natural gas revenue20,655 23.47 18,283 20.24 19,496 23.41 20,927 26.05 Transportation expense(1,514)(1.72)(1,312)(1.45)(1,438)(1.73)(1,324)(1.65)Operating expense(4,693)(5.33)(5,292)(5.86)(5,078)(6.10)(5,429)(6.76)Operating netback14,448 16.42 11,679 12.93 12,980 15.58 14,174 17.64 Realized gain on financial derivatives3,287 3.73 3,849 4.26 1,923 2.31 912 1.14 Other cash income (expense)90 0.10 164 0.18 (57)(0.07)17 0.02 General & administrative expense(2,193)(2.49)(952)(1.05)(797)(0.96)(1,133)(1.41)Cash finance expense(1,677)(1.91)(1,623)(1.80)(1,473)(1.77)(1,351)(1.68)Decommissioning expenditures(457)(0.52)(201)(0.22)(228)(0.27)(152)(0.19)Funds flow and corporate netback13,498 15.33 12,916 14.30 12,348 14.82 12,467 15.52 
Net Debt
Net debt is a non-GAAP financial measure and is calculated as the sum of long-term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.

($000s)As at Dec. 31, 2025As at Sept. 30, 2025As at Jun. 30, 2025As at Mar. 31, 2025As at Dec. 31, 2024Long-term debt25,000 25,000 25,000 25,000 25,000 Current assets(22,424)(17,423)(23,466)(15,763)(17,583)Current liabilities54,044 53,865 59,308 59,788 51,268 Current net financial derivatives8,360 5,073 7,993 (1,779)2,632 Current portion of lease obligation(223)(160)(155)(164)(164)Current portion of decommissioning obligation(2,255)(1,495)(693)(1,073)(1,073)Net debt62,502 64,860 67,987 66,009 60,080 
ADVISORIES

Oil and Gas Disclosures
Our oil and gas reserves statement for the year ended December 31, 2025, which includes disclosure of our oil and natural gas reserves and other oil and natural gas information in accordance with NI 51-101, is contained in the Company's Annual Information Form (the "AIF"), which will be filed on SEDAR+ at www.sedarplus.ca.

It should not be assumed that the present worth of estimated future amounts presented in the tables above represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management. These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.

Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Petrus' operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.

F&D Costs and FD&A Costs
FD&A cost is defined as capital costs for the time period including change in FDC divided by change in reserves including revisions, and production for that same time period. F&D cost is defined as capital costs for the time period including change in FDC divided by change in reserves including revisions and production for that same time period, excluding acquisitions and dispositions. Both F&D costs and FD&A costs take into account reserves revisions during the year on a per boe basis. The methodology used to calculate F&D costs includes disclosure required to bring the proved undeveloped and probable reserves to production. Annually, changes in forecast FDC occur as a result of Petrus' development, acquisition, and disposition activities, undeveloped reserve revision, and capital cost estimates. These values reflect the independent evaluator's best estimate of the cost to bring the proved and probable undeveloped reserves to production.

Reserve Life Index
Reserve life index is defined as total reserves by category divided by the annualized fourth quarter production.

Reserve Replacement Ratio
The reserve replacement ratio is calculated by dividing the yearly change in reserves net of production by the actual annual production for the year.

FD&A Recycle Ratio
The FD&A recycle ratio is calculated by dividing operating netback by FD&A costs.

Basis of Presentation
Financial data presented above has largely been derived from the Company's financial statements, prepared in accordance with GAAP, which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the year ended December 31, 2025. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.

Forward-Looking Statements

Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.

In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to: Petrus’ 2026 capital program and the expectations that drilling will continue into March; that new production will start in mid-March; Petrus’ 2026 capital budget and the anticipated allocation thereof, including the planned investment of $50 million to $60 million; Petrus’ expectations regarding year end net debt; Petrus’ expectations regarding 2026 average annual production of 11,000 to 12,000 boe/d; that for 2026, Petrus has hedged approximately 46% of its forecast production; that our disciplined risk management strategy positions the Company to achieve its guidance targets and maintain financial stability; that Petrus is prepared to adapt its capital program in response to market dynamics, remaining focused on delivering sustainable returns to shareholders; and the estimated future development costs to bring our undeveloped reserves on production. In addition, statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company's control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wildfires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our most recently filed Annual Information Form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Petrus' prospective results of operations including, without limitation, our 2026 capital budget guidance, our forecast for 2026 year-end net debt, our 2026 funds flow guidance, our 2026 average daily production guidance, and the percentage of our forecast production for 2026 that is hedged, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus' actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus' future operations and such information may not be appropriate for other purposes.

These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

BOE Presentation
The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent ("boe") basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe's do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

Production and Product Type Information
References to crude oil (or oil), natural gas liquids ("NGLs"), natural gas (or gas) and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 ("NI 51-101"), except as noted below.

NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

Dividend Advisory
The Company's future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance that the Company will pay dividends in the future.

Abbreviations$000’sthousand dollars$/bbldollars per barrel$/boedollars per barrel of oil equivalent$/GJdollars per gigajoule$/mcfdollars per thousand cubic feetbblbarrel  mbblthousand barrelsbbl/dbarrels per dayboe
barrel of oil equivalent
mboe
thousand barrel of oil equivalent
mmboe
million barrel of oil equivalent
boe/d
barrel of oil equivalent per day
GJ
gigajoule
GJ/d
gigajoules per day
mcf
thousand cubic feet
mcf/d
thousand cubic feet per day
mmcf/d
million cubic feet per day
bcf
billion cubic feet
NGLs
natural gas liquids
WTI
West Texas Intermediate

March 18, 2026 18:00 ET  | Source: Future Mineral Resources Inc.

TORONTO, March 18, 2026 (GLOBE NEWSWIRE) -- Future Mineral Resources Inc. (“Future Mineral” or the “Company”) (TSX: FMR) is pleased to announce that it has closed a second tranche (the “Second Tranche”) of a previously announced non-brokered private placement financing of up to 15 million common shares at a price of $0.30 per share for gross proceeds of up to $4.5m (the “Offering”). For more information about the Offering and first tranche closing (the “First Tranche”), please see the Company’s press releases dated January 7, 2026, February 2, 2026, and March 13, 2026, each of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

Pursuant to the Second Tranche, Future Mineral issued 316,667 common shares at a price of $0.30 per share for gross proceeds of approximately $95,000. The securities issued in connection with the Second Tranche are subject to a statutory four month hold period, which expires on July 19, 2026. Completion of the Offering (including the First Tranche and Second Tranche) is subject to receipt of final approval of the Toronto Stock Exchange. No finder’s fees were paid in connection with the Second Tranche. The net proceeds of the Second Tranche are expected to be used for working capital and general corporate purposes.

About Future Mineral

Future Mineral is a venture capital company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas and Europe.

Future Mineral Resources Inc.

On behalf of the Board

“Fred Leigh”
Chief Executive Officer

For more information:
On behalf of the Board
“Fred Leigh”, Chief Executive Officer
[email protected]
(416) 861-2267

Cautionary statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the First Tranche, Second Tranche, and the Offering, including the Company’s intended use of net proceeds, receipt of final approval of the Toronto Stock Exchange, and other matters related thereto. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Future Mineral to be materially different from those expressed or implied by such forward looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes and shortages and other risks of the mining industry. Although Future Mineral has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Future Mineral does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS NEWS RELEASE.

Burnaby, British Columbia--(Newsfile Corp. - March 18, 2026) - Tantalus Systems (TSX: GRID) (OTCQX: TGMPF) ("Tantalus" or the "Company"), a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data, is pleased to announce its financial and operating results for the three-month period and year ended December 31, 2025.

All amounts are presented in this news release are in United States dollars ("U.S. dollars"), unless otherwise indicated.

Q4 2025 FINANCIAL HIGHLIGHTS

Revenue increased by approximately 19% year-over-year to $14.9 million, reflecting a new corporate milestone for revenue generated in a quarter. Revenue from Connected Devices and Infrastructure ("Connected Devices") increased by $1.6 million or 21% and Utility Software Applications and Services ("Software and Services") revenue increased by $0.7 million or approximately 15%. The increases in revenue were a result of adding new customers and continuing to expand deployments with existing accounts. Recurring Revenue1 increased by 38% to $4.1 million and represented 28% of total revenue in the quarter.

Gross Profit1 improved by 27% to $8.3 million from the prior year with contributions from both operating segments. Overall Gross Profit Margin1, on a consolidated basis, increased by 350 basis points to 56% primarily due to the mix of products shipped within the Connected Devices segment and strong contributions from the Software and Services segment.

Income for the period was $179,000 compared to income of $289,000 last year.

The Company delivered positive Adjusted EBITDA1 of approximately $1.3 million, which was effectively in-line with the prior year (December 31, 2024: $1.4 million) as the Company increased headcount and incurred higher operating expenses.

The Company generated positive Cash Flow from Operating Activities of $3.3 million.

At December 31, 2025, Tantalus had available liquidity of $21.1 million compared to $18.0 million as at December 31, 2024. The available liquidity was comprised of a cash balance of $12.6 million and borrowing availability of $8.5 million under its revolving line of credit.2025 FINANCIAL HIGHLIGHTS

The Company delivered record revenue of $54.1 million, representing 22% growth year-over-year. Revenue from Connected Devices increased by 28% to $35.3 million as a result of higher sales volumes and Software and Services revenue increased by 13% to $18.8 million as a result of higher annual maintenance billings. Recurring Revenue1 increased by 20% to $13.9 million, representing 26% of total revenue for the year.

Annual Recurring Revenue ("ARR")1 grew by approximately 14% year-over-year to $14.5 million as of December 31, 2025 (December 31, 2024: $12.7 million).

Gross Profit1 increased by 23% to $29.6 million while Gross Profit Margin1, on a consolidated basis, remained stable at approximately 55%.

Loss for the year was $992,000, compared to a loss of $2.6 million last year with the improvement arising from revenue and margin growth.

Diluted Loss per Share was $0.02 compared to $0.05 in the prior year period.

The Company delivered record Adjusted EBITDA1 of $3.4 million, representing approximately 156% growth year-over-year (December 31, 2024: $1.3 million). The growth in Adjusted EBITDA reflects operating leverage in the business model as the Company scales revenue.

The Company generated positive Cash Flow from Operating Activities of $4.7 million compared to $2.6 million in the prior year.

"Tantalus is grateful to our team, customers and partners who helped the Company deliver another year of commercial and financial milestones, including record results in revenue, adjusted EBITDA and sales orders," said Peter Londa, President & CEO of Tantalus. "We continue to invest in innovative solutions that deliver cost-effective and low-risk paths to improve our customers' systems and operations. Our vision for data-centric distribution grid modernization and Unified Intelligence is resonating with an expanding number of utilities and positions us to maintain our growth trajectory heading into 2026."

OTHER KEY DEVELOPMENTS

Sales Order Conversion: During Q4 2025, the Company converted $11.0 million in orders from its sales pipeline bringing the total amount in 2025 to a record level of $64.9 million. The results represented approximately 27% growth year-over-year and a book-to-bill ratio of 1.2x.

Growth of User Community: The Company added 5 new utilities in Q4 2025 and 17 for the full year, demonstrating a continued ability to convert new accounts from its sales pipeline.

TRUSense Gateway™ Progress: As of the date of this news release, 66 utilities submitted orders to trial, pilot and/or deploy the TRUSense Gateway. The adoption of the TRUSense Gateway is being driven by a combination of existing customers seeking to enhance deployments of Tantalus' broader offerings and utilities that are ordering from the Company for the first time to accelerate their grid modernization journeys.

SUBSEQUENT EVENTS

Appointment of New Board Member: On January 26, 2026, the Company announced the appointment of Susanna Zagar to its Board of Directors. Ms. Zagar most recently served as the CEO of the Ontario Energy Board and brings broad industry and governance expertise to the Company.

Completion of CAD$23.0 Million Bought Deal Financing: On February 9, 2026, the Company completed a bought deal offering of 4,299,575 shares at a price of CAD$5.35 per share for total gross proceeds of approximately CAD$23.0 million. The Company intends to use the net proceeds of the offering for sales and marketing, strategic growth initiatives, partial repayment of the Company's Term Loan, capital expenditures, research and development, and working capital and general corporate expenses.

Changes in Import Tariffs: On February 20, 2026, the US Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs. As a result, on the same day two executive orders were issued, one prospectively suspending the original IEEPA tariffs, and another establishing the continuing suspension of duty-free de minimis treatment for certain imports to the US and the mechanisms for continuing to collect duties on such shipments and the rates of such duties. To the balance sheet date, $2.1 million has been paid in tariffs. There remains uncertainty as to any right of refund of the tariffs and the process required to collect eligible refunds (if any), as well as any contractual obligations to return amounts previously collected from customers.

The Company will hold a conference call and webcast to discuss the financial results on Thursday, March 19, 2026, at 11:00 am Eastern Time.

CONFERENCE CALL

Participant Dial In (Toll Free):
1-844-854-4410Participant International Dial In:1-412-317-5791Participants, please ask to be joined to the Tantalus Systems call.

Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=upG0Skf1

REPLAY INFORMATION

A conference call and webcast replay will be available until March 26, 2026. To access the conference call replay, please see details below:

U.S./Canada Toll Free: 1-855-669-9658International Toll:  1-412-317-0088 Replay Access Code: 1746245 FINANCIAL STATEMENTS AND MANAGEMENT DISCUSSION & ANALYSIS

Information included in this press release is a summary of results and financial statement excerpts and should be read in conjunction with the Company's consolidated financial statements ("Annual Financial Statements") and related Management's Discussion & Analysis ("MD&A") for the three-month period and year ended December 31, 2025 which can be found on SEDAR+ at www.sedarplus.ca and is also available on the Company's website at www.tantalus.com.

All comparisons presented in this press release are between the three-month and twelve-month periods ended December 31, 2025 and the three-month and twelve-month periods ended December 31, 2024, unless otherwise indicated. In addition, all results are reported in U.S. dollars, unless otherwise noted.

The accompanying notes are an integral part of these following consolidated financial statements and can be found on the Company's website at www.tantalus.com or on www.sedarplus.ca.

TANTALUS SYSTEMS HOLDING INC.
Consolidated Statements of Profit or Loss and Other Comprehensive Loss
(Expressed in thousands of U.S. dollars except for shares and per share amounts)

Note
Year ended
December
31, 2025

Year ended
December
31, 2024
 

Revenues 17 $ 54,113
$ 44,311
Cost of sales 5, 17
24,519

20,289

29,594

24,022
 

 

 
Expenses

 

 
Sales and marketing 12(d)
10,465

8,601
Research and development 12(d)
6,884

7,003
General and administrative12(d)
10,073

7,928
Depreciation and amortization

1,670

1,752

29,092

25,284
 

 

 
Operating income (loss)

502

(1,262) 

 

 
Other (expenses) earnings

 

 
Foreign exchange gain (loss)

(328)
233
Interest income

95

-
Finance expenses13
(1,165)
(1,587)Unrealized gain on loan modification 10
16

-

(1,382)
(1,354) 

 

 
Loss before income taxes

(880)
(2,616)Income tax expense14
112

12
Loss for the period

(992)
(2,628)Foreign currency translation adjustment

2

(10)Total comprehensive loss for the period
$(989)$(2,638)

 

 
Loss per share (basic and diluted)
$(0.02)$(0.05) 

 

 
Weighted average number of shares
outstanding (basic and diluted)15
51,195,989

48,386,926
See accompanying notes to consolidated financial statements.

 
TANTALUS SYSTEMS HOLDING INC.
Consolidated Statements of Financial Position
(Expressed in thousands of U.S. dollars)

December 31,

December 31,

Note
2025

2024
Assets10

Current assets

Cash
$12,618
$13,219
Accounts receivable 4
9,870

10,011
Inventory5
7,954

4,832
Prepaid expenses and other assets

2,004

1,829
Total current assets

32,446

29,891
Property and equipment6
1,160

731
Right-of-use assets8
1,462

2,038
Intangible assets 7
4,674

5,443
Goodwill7
3,445

3,445
Total assets
$43,187
$41,548
 

 

 
Liabilities and Shareholders' Equity

 

 
Current liabilities

 

 
Accounts payable and accrued liabilities9$18,453
$15,629
Deferred revenue and deposits

8,209

6,055
Lease liabilities11
746

843
Line of credit10
-

3,679
Term loan - current portion10
1,596

1,535
Total current liabilities

29,004

27,740
Accrued warranty9
525

-
Deferred revenue and deposits

13

103
Lease liabilities

976

1,392
Term loan10
5,167

5,372
Total liabilities

35,685

34,607
Total shareholders' equity

7,502

6,941
Total liabilities and shareholders' equity
$43,187
$41,548
See accompanying notes to consolidated financial statements.
 

 
TANTALUS SYSTEMS HOLDING INC.
Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)

Note
Year ended
December 31,
2025

Year ended
December 31,
2024
Cash (used in) provided by

Operating Activities

Loss for the period
$ (992) $ (2,628)Adjustments to reconcile loss for the period to net cash flows:   
  
Unrealized foreign exchange gain (loss)

171

(76) Depreciation of equipment

324

340
Amortization of intangible assets

770

770
Amortization of right-of-use asset

576

642
Share-based compensation 12 (d)
1,188

596
Finance expenses

1,165

1,587
Amortization of deferred financing cost

21

21
Unrealized gain on loan modification

(14)
-
Changes in Non-Cash Operating Working Capital

 

 
Accounts receivable4
141

(2,140) Inventory5
(3,122)
1,803
Prepaid expenses and other assets

(177)
(363) Accounts payable and accrued liabilities9
2,825

1,901
Accrued warranty9
525

-
Deferred revenue and deposits

2,064

1,772
Lease payments for interest

(155)
(202)Interest paid on loans10
(593)
(1,385)Net cash provided by Operating Activities

4,715

2,638
Investing Activities

 

 
Purchase of equipment

(753)
(409) Net Cash used in Investing Activities

(753)
(409)Financing Activities

 

 
Repayment of indebtedness

(4,245)
(4,821) Proceeds from indebtedness10
-

4,000
Change in restricted cash

-

673
Repayment of lease liabilities

(690)
(659) Issuance of common shares from financing

-

7,296
Issuance of common shares - other12 (b)(c)
363

-
Share issuance costs

-

(632)Net Cash (used in) provided by Financing Activities

(4,572)
5,857
Effect of foreign exchange on cash

9

(20)(Decrease) Increase in cash

(601)
8,066
Cash, beginning of period

13,219

5,154
Cash, end of period
$ 12,618
$ 13,219
NON-IFRS AND OTHER FINANCIAL MEASURES

This press release contains certain financial measures that do not have any standardized meaning prescribed by IFRS. Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned these measures should not be construed as an alternative to income (loss) or to cash provided by (used in) operating, investing, financing activities, determined in accordance with IFRS, as indicators of our performance.

We provide these additional non-IFRS measures, non-IFRS ratios and supplementary financial measures to assist investors in determining the Company's ability to generate earnings and cash provided by (used in) operating activities.

a) "EBITDA" is comprised of income (loss) adjusted for interest, income tax and depreciation and amortization. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.

b) "Adjusted EBITDA" is comprised of income (loss) adjusted for interest, income tax, depreciation, amortization, share-based compensation, foreign exchange gain (loss) and other income / expenses not attributable to the operations of the Company. Management believes that Adjusted EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. Beginning in the fourth quarter of 2024, the Company excluded non-recurring items including restructuring expenses in our presentation of Adjusted EBITDA as these expenses are not representative of ongoing operating performance.

This press release also refers to the following non-IFRS ratios:

c) "Gross Profit" is comprised of revenues less cost of sales. Management believes that Gross Profit is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.

d) "Gross Profit Margin" is comprised of Gross Profit expressed as a percentage of the Company's revenues. Management believes that Gross Profit Margin is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.

e) "Adjusted EBITDA Margin" is comprised of Adjusted EBITDA expressed as a percentage of the Company's revenues. Management believes that Adjusted EBITDA Margin is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.

This press release also refers to the following supplementary financial measures:

f) "Recurring Revenue" is comprised of the Company's revenues recognized in a period that are recurring in nature and attributable to its analytics, subscriptions and software as a service ("SaaS") offerings, hosting services, software maintenance and technical support agreement services.

g) "Annual Recurring Revenue" or "ARR" is comprised of the Company's Recurring Revenue as expressed on a forward-looking annualized revenue attributable to its analytics, subscriptions and SaaS offerings, hosting services, software maintenance and technical support services agreements at a point in time.

SELECTED FINANCIAL INFORMATION

Three months
ended
December 31, 2025
Three months
ended
December 31, 2024
Twelve months
ended
December 31, 2025
Twelve months
ended
December 31, 2024
Revenue $ 14,925
$ 12,589
$ 54,113
$ 44,311
Gross Profit
8,347

6,594

29,594

24,022
Gross Profit Margin % 1
56%

52%

55%

54%

 

 

 

 
Adjusted EBITDA 1 $ 1,335
$ 1,436
$ 3,359
$ 1,311
Adjusted EBITDA Margin 1
9%

11%

6%

3%

 

 

 

 
Income (loss) for the period $ 179
$ 289
$ (992) $ (2,628)Income (loss) per share (diluted) $0.00
$0.01
$(0.02)$(0.05)Weighted average shares outstanding:
 

 

 

 
Basic
51,513,774

50,845,942

51,195,989

48,386,926
Diluted
57,968,710

57,363,615

51,195,989

48,386,926
 
  

  

  

  
Cash $ 12,618
$ 13,219
$ 12,618
$ 13,219
GROSS PROFIT1 AND GROSS PROFIT MARGIN1 CALCULATIONS

Three months ended December 31, 2025Connected
Devices

 %
Software and Services

 %
 Total

 %
Revenue$9,340

100.0%
$5,585

100.0%
$14,925

100.0%
Cost of sales
5,773

61.8%

805

14.4%

6,578

44.1%
Gross Profit$3,567

38.2%
$4,780

85.6%
$8,347

55.9%
 
 

 

 

 

 

 
Percentage of Total Gross Profit
43%

 

57%

 

100%

 
    

 
  

 
  

 
 
 

 

 

 

 

 
Three months ended December 31, 2024Connected
Devices

%
Software and Services

%
 Total

%
Revenue$7,713

100.0%
$4,876

100.0%
$12,589

100.0%
Cost of sales
4,927

63.9%

1,068

21.9%

5,995

47.6%
Gross Profit$2,786

36.1%
$3,808

78.1%
$6,594

52.4%
 
 

 

 

 

 

 
Percentage of Total Gross Profit
42%

 

58%

 

100%

 
GROSS PROFIT1 AND GROSS PROFIT MARGIN1 CALCULATIONS CONTINUED

Twelve months ended December 31, 2025 Connected
Devices

 %
Software and Services

 %
  Total

 %
Revenue$35,289

100.0%
$18,824

100.0%
$54,113

100.0%
Cost of sales
20,298

57.5%

4,221

22.4%

24,519

45.3%
Gross Profit$14,991

42.5%
$14,603

77.6%
$29,594

54.7%
 
 

 

 

 

 

 
Percentage of Total Gross Profit
51%

 

49%

 

100%

 
 
 

 

 

 

 

 
 

 

 

 

 
Twelve months ended December 31, 2024 Connected
Devices  %   Software and Services  %   Total   %  Revenue$27,625

100.0%
$16,686

100.0%
$44,311

100.0%
Cost of sales
16,364

59.2%

3,925

23.5%

20,289

45.8%
Gross Profit$11,260

40.8%
$12,761

76.5%
$24,022

54.2%
 
 

 

 

 

 

 
Percentage of Total Gross Profit
47%

 

53%

 

100%

 
RECONCILIATION OF INCOME (LOSS) TO ADJUSTED EBITDA1

Three months ended December 31, 2025

Three months ended December 31, 2024

Twelve months ended December 31, 2025

Twelve months ended December 31, 2024
Income (loss) for the period $179
$289
$(992)$(2,628)Finance expense
244

351

1,165

1,587
Interest income
(62)
-

(95)
-
Income tax expense (recovery)
87

(10)
112

12
Depreciation and amortization
423

429

1,670

1,752
EBITDA
871

1,060

1,860

723
Stock-based compensation
387

212

1,188

596
Foreign exchange
76

(61)
328

(233)Restructing cost
-

225

-

225
Unrealized gain on loan modification
-

-

(16)
-
Adjusted EBITDA $1,335
$1,436
$3,359
$1,311
ABOUT TANTALUS SYSTEMS HOLDING INC. (TSX: GRID) (OTCQX: TGMPF)

Tantalus is a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data across all their devices and systems deployed throughout the entire distribution grid. We offer a grid modernization platform across multiple levels: intelligent connected devices, communications networks, data management, enterprise applications and analytics. Our solutions provide utilities with the flexibility they need to get the most value from existing infrastructure investments while leveraging advanced capabilities to plan for future requirements. All our technology is grounded in a data-centric approach that is designed to help utilities find the most cost-effective path to grid modernization with the least risk. Ultimately, we deliver Unified Intelligence to utilities of all kinds, so they can leverage data and insights across their entire grid, no matter what devices, systems or vendors they choose to work with. Learn more at https://www.tantalus.com/.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements such as those relating to the ability of Tantalus' solutions, including the TRUSense Gateway, the Company's growth trajectory, use of proceeds, the Company's plans, objectives, strategy and expectations for its business, results of operations and financial condition, the adoption of the Company's solutions by customers in accordance with the Company's ordinary business practices and terms and the anticipated risks to the business operations of the Company and its customers.

To the extent any forward-looking information in this news release constitutes a "financial outlook" within the meaning of securities laws, such information is being provided because management's estimate of the future financial performance of Tantalus is useful to investors, and readers are cautioned that this information may not be appropriate for any other purpose and that they should not place undue reliance on such information.

In connection with the forward-looking information contained in this news release, Tantalus has made numerous assumptions, regarding, among other things: increasing demand for the Company's solutions in support of utilities' grid modernization efforts, the commercialization and adoption of the TRUSense Gateway, its ability to capitalize on growth opportunities and implement its growth strategy, its ability to retain key personnel, its ability to maintain existing customer relationships and to continue to expand its customers' use of the Company's products and solutions, its ability to acquire new customers, its ability to enhance the Company's offerings to remain at the forefront of its industry, the impact of competition, the successful integration of future acquisitions, the impact of tariffs and any changes to tariffs on the Company's business and financial condition, the ability of the Company to execute on its plans, the absence of material adverse changes in the Company's business, its industry or the global economy and that the risks and uncertainties described under the "Risk Factors" section of the Company's Annual Information Form dated on or about March 18, 2026 will not materialize. While Tantalus considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Tantalus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing Tantalus is disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated on or about March 18, 2026, as well as those risk factors included with Tantalus' continuous disclosure filings with Canadian securities regulatory authorities available at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above should be considered carefully by prospective investors.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and Tantalus disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

1 See definitions for Non-IFRS and Other Financial Measures above.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289034

Source: Tantalus Systems Holding Inc.

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US spot Bitcoin exchange-traded funds (ETFs) recorded their first seven-day inflow streak of 2026, attracting roughly $1.2 billion in fresh allocations this week.

The funds saw $199.4 million in net inflows on Tuesday, continuing the recent streak of institutional buying that kicked off earlier in the week and helped lift prices after weeks of sluggish performance.

The inflows were largely driven by a massive $169 million pouring into iShares Bitcoin Trust (IBIT), according to data curated by SoSoValue. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $24.4 million in fresh capital, while offerings from ARK Invest & 21Shares and VanEck also posted net inflows, underscoring broad-based investor demand.

With Tuesday’s inflows, spot Bitcoin ETFs have pulled in roughly $1.17 billion over the past seven trading days, extending a powerful wave of investor demand. The funds are now on track for a fourth straight week of net inflows— their longest weekly streak since September—signaling sustained momentum in the market.

The ETF rebound has aligned with a broader surge across crypto investment products, which have pulled in about $2.7 billion over three consecutive weeks, pushing year-to-date inflows to roughly $1.2 billion, as ZyCrypto reported earlier.

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The bullish ETF flows are largely unaffected by the rising tensions in the Middle East around the Strait of Hormuz and soaring oil prices, indicating BTC’s growing role as a geopolitical hedge rather than just a risk asset.

Overall, the BTC ETFs now command $91.83 billion in net assets, with cumulative inflows climbing to $56.14 billion, while daily trading activity surged to around $4.93 billion—a clear sign of intensifying market participation.

Spot Altcoin ETFs Also Post Inflows On Tuesday, spot Ethereum ETFs saw net inflows of $138.3 million, continuing a streak of six straight days of gains. XRP ETFs posted $4.64 million in inflows, marking their first increase since March 4, while Solana ETFs attracted $17.8 million.

Meanwhile, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a 68-page guidance on Tuesday stating that most cryptocurrencies are not considered securities.

This move, seen as a landmark shift for the crypto industry, departs from the previous Gensler-era SEC approach, which aimed to treat certain tokens, including Ripple’s XRP, as securities.

Fed Chair Jerome Powell stated that there won’t be rate cuts unless they see progress on inflation. This came as he signaled that bringing inflation down towards their 2% target is their primary focus for this year, especially with the labor market appearing to stabilize. Bitcoin quickly crashed on the back of his remarks, dropping below $71,000.

Jerome Powell Warns About Inflation, Bitcoin Dumps During his FOMC press conference, the Fed chair said there won’t be rate cuts if they don’t see inflation progress toward their 2% target. “The thing that’s really important that we see this year is progress on inflation through a reduction in goods inflation as the one-time effects on prices of tariffs go through the system, go through the economy,” he said.

Jerome Powell also noted that near-term inflation expectations have risen in recent weeks, with the U.S.-Iran war driving up oil prices and putting inflationary pressure on the U.S. economy. He said that these higher energy prices will push up overall inflation in the near term. Meanwhile, the Fed chair admitted that it is too soon to know the full effects of the Middle East tensions.

Bitcoin sharply dropped following the Fed chair’s comments on inflation, dropping below $71,000. TradingView data shows that the leading crypto is currently trading at around $71,350, down over 3% today.

Source: TradingView; Bitcoin daily chart As CoinGape reported, the crypto market had crashed earlier in the day as Israel attacked Iran’s South Pars gas field, sending energy prices rising. However, the market rebounded ahead of Jerome Powell’s speech, with BTC rising as high as $72,000.

Meanwhile, the Fed chair noted that the Fed remains in a difficult situation as it looks to balance both risks of inflation and unemployment. He said that the oil shock could put some downward pressure on employment. However, he chose not to comment on which mandate is likely to take priority, even as the labor market remains at risk with rising inflation.

Most Members Do Not See Rate Hike As Base Jerome Powell said that most FOMC participants do not see a rate hike as the base case for their next move. As CoinGape reported, the latest dot plot from today’s FOMC meeting shows that the current median estimate is still one cut this year.

However, seven participants expect zero cuts this year, a possibility that is becoming more likely due to the U.S.-Iran conflict. The Fed chair noted that the dot plot doesn’t bind officials to their projections, and that officials are likely to make their decisions on a meeting-to-meeting basis.

The Fed is expected to hold rates steady at the April FOMC meeting. CME FedWatch data show a 97% chance of rates remaining unchanged and a 3% chance of a rate hike.

Source: CME FedWatch

The Ethereum Foundation deployed 3,400 ETH tokens into Morpho in a move that seemed straightforward to some but left others wondering why Aave, the largest Ethereum DeFi protocol negvenever got the nod. 

In a thread posted on X today, March 18, 2025, the Ethereum Foundation announced that they transferred roughly $7.6 million worth of ETH into Morpho’s yield-bearing vaults, with 1,000 ETH specifically allocated to Morpho Vaults V2, the protocol’s latest architecture built around contracts that cannot be upgraded or interfered with by any administrator once deployed.

The move is not an isolated event either. In October 2025, the Foundation had already committed 2,400 ETH and approximately $6 million in stablecoins to Morpho, claiming it was part of a bigger strategy to move away from periodically selling ETH to fund their operations. 

The criteria for the deployment In June 2025, the foundation, through Hsiao-Wei Wang, published a treasury policy to establish a framework it called “Defipunk,” which is a set of requirements that all future on-chain deployments must satisfy before the foundation can deploy into them. 

Some of the requirements include permissionless access, self-custody, open-source licensing, privacy, open development processes, and what the document describes as “maximally trustless core logic.”

The policy was also explicit about licensing, stating that contracts must use a free/libre open-source license (either copyleft, such as AGPL, or permissive, like MIT/Apache). However, source-available licenses like the Business Source License (or BSL) specifically do not qualify. 

Luckily, Morpho Vaults V2 and Morpho Blue V1 both operate under GPL 2.0. 

For immutability, the policy stated that the Foundation would avoid “admin keys with broad powers” and instead favor protocols where “fundamental logic of the protocol is non-upgradeable or governed by a highly-decentralized, time-locked and transparent process.” 

Morpho also clears this requirement as its V2’s core contracts are fully immutable once deployed, with no chances for administrative override of any kind.

The policy also went ahead to name specific patterns in the current DeFi space that it would not support. 

Apparently, the policy would not accept “backdoor shutdown mechanisms or funds extraction functions, excessive reliance on multisigs or MPC, pervasive use of whitelists, centralized and surveilled UIs.” 

It also stated that these patterns “leave both DeFi markets and participants exposed to systemic vulnerabilities.”

Why did the Ethereum Foundation not choose Aave? The Ethereum Foundation did not mention Aave anywhere in its post today or in the June 2025 policy document. However, to the skeptic, it’s hard not to read terminologies about admin keys, backdoor extraction functions, and governance transparency failures without drawing parallels to the crisis that has rocked Aave publicly since December 2025.

Apparently, swap revenue from Aave’s CoW Swap integration was found in a wallet controlled by Aave Labs (instead of the DAO treasury). Marc Zeller, the founder of the Aave Chan Initiative and its most influential governance delegate, put the figure at around $51 million in unapproved fees after publishing an audit of Aave Labs’ historical funding on February 25. 

BGD Labs, the firm responsible for building and maintaining Aave V3, also announced on February 20 that it would not renew its contract after April 1 due to centralization concerns and Aave Labs’ apparent attacks on V3 to promote V4.

The governance crisis reached its climax on March 1, when the “Aave Will Win” funding proposal (requesting up to $42.5 million in stablecoins and 75,000 AAVE tokens) passed a Temp Check with a narrow 52.58% approval. 

Zeller immediately challenged the result, alleging that 233,000 votes from Aave Labs-linked clusters (including 111,000 tokens delegated by co-founder Stani Kulechov) decided the outcome, and that removing those votes would have revealed a clear rejection. 

Two days later, the Aave Chan Initiative announced it was leaving the project entirely. 

What does this mean for Morpho? Morpho is now the only DeFi protocol that the Ethereum Foundation has invested in twice under its current treasury strategy. With a total value locked (TVL) of $5.8 billion, the endorsement comes at a period when Morpho is already starting to build institutional momentum. 

In less than eight months, Coinbase has surpassed $1 billion in Bitcoin-backed loan originations through the protocol. Additionally, Apollo Global Management also agreed to buy up to 90 million MORPHO tokens over four years through its partnership with the Morpho Association.

Nonetheless, the Ethereum Foundation’s policy simply highlights that aside from financial gain, the deployments themselves signal the kind of technical approaches and governance models that the foundation considers sustainable.

TL;DR SHIB has been identified in SEC-related guidance, shared by Lucie, as a digital commodity rather than a security. The report reportedly reclassified 16 major cryptocurrencies, with Shiba Inu grouped alongside Bitcoin, Ethereum, XRP and Dogecoin.

TL;DR:

Derivatives Surge: Kaspa’s Open Interest (OI) jumped from $9.89 million to $13.64 million in just 48 hours, reflecting a massive influx of fresh capital. Technological Catalyst: The network is preparing for a Hard Fork on May 5, which will introduce “vProgs” and programmable smart contracts to its architecture. Resistance Levels: The price is looking to consolidate above the 200-day Exponential Moving Average (EMA), located near $0.050, to confirm a trend reversal. The crypto-asset market reacted to recent network updates, and this Wednesday, Kaspa is exploding with a 20% daily rally. This reaction is not an isolated event; it responds to a combination of bullish technical indicators and a very solid narrative.

🚀 Kaspa Hard Fork Alert: The blockDAG is leveling up! 🚀

Mark your calendars for May 5th, because Kaspa is undergoing a massive upgrade!

This hard fork introduces some game-changing features, including:

• vProgs: Opening the door for Programmable Money and a new era of… pic.twitter.com/XfosndNnUp

— Banana (@hereisbanana) March 17, 2026 Technically speaking, the jump in Open Interest to $13.64 million confirms that this was not a simple position shuffle, but rather a wave of new bullish bets. Funding rates reveal that traders are paying premiums to maintain their long positions, injecting volatile momentum into the price of KAS in the short term.

The May Hard Fork: The Engine of Bullish Sentiment May 5 is the date marked on the calendar for this speculative frenzy. The ecosystem is preparing its next update, which will allow for the deployment of programmable money and decentralized applications (dApps). This evolution transforms Kaspa from an efficient blockDAG architecture into a direct competitor in the high-performance ecosystem sector.

Consequently, the price chart shows an attempted breakout from a long-term descending wedge pattern. If the asset clears the $0.05 barrier, the next targets are set at the $0.062 and $0.074 resistance levels. However, there is a risk that the market has already “bought the rumor,” which could lead to a correction if the $0.030 support level is lost.

In summary, Kaspa is at a turning point where smart contract technology and institutional appetite for derivatives will decide whether this breakout marks the start of a new bullish trend or a trap for euphoric buyers.

Hyperliquid’s HYPE token moved into the top 10 crypto assets by market capitalization, beating Cardano's ADA amid a 1,700-fold rise in trading volume tied to oil volatility during the US-Iran conflict.

Notably, Bitcoin benefited significantly from the broader bid for crypto during the conflict, but HYPE gained a second channel as traders used Hyperliquid's platform to express views on oil around the clock, including on weekends when conventional futures venues were closed.

From March 1 to March 18, HYPE’s market value rose from about $8.16 billion to $10.66 billion, a gain of about 30.7%, according to CryptoSlate's data. Over the same stretch, the token climbed from No. 13 to No. 10 in the site’s rankings.

The move built on momentum already forming across decentralized perpetual futures markets. Hyperliquid had been gaining significant market share as traders shifted more derivatives activity on-chain and as the venue expanded its reach beyond crypto-native speculation.

The US-Iran conflict accelerated that trend by giving traders a reason to use crypto rails for real-time exposure to oil-linked volatility.

That gave HYPE a different profile from many large-cap tokens, as traders no longer priced the token solely as exposure to a fast-growing crypto venue. Instead, they were also pricing in a platform that became a live venue for macro hedging while legacy markets were offline.

Oil volatility pushes flow on-chainThe latest conflict began after US-Israeli strikes on Iran on Feb. 28, setting off a rise in oil prices and a scramble across markets to reprice supply risk.

Since then, Brent crude has settled above $100 a barrel, while analysts have tracked the possibility of further gains if shipping routes or regional energy infrastructure are disrupted.

Hyperliquid became one of the places where that view showed up in volume, as trading in oil-linked perpetual contracts on the platform expanded quickly as the war developed.

Data from Flowscan showed that cumulative oil-futures volume on Hyperliquid rose from about $339 million on Feb. 28 to more than $10 billion as of press time.

Bitwise research analyst Danny Nelson explained that the high Hyperliquid volume was a sign that traders were using the on-chain venue to hedge a commodity that still sits at the center of the global economy.

According to him, oil had been about 2.5 times more volatile during the war than in the two weeks before the conflict and pointed to the gap that forms when traditional futures venues close for the weekend while headlines continue to move.

Hyperliquid's Oil Futures (Source: Danny Nelson/X)He added:

“Wartime forces markets to adapt. Sometimes you don’t realize you need a solution until it stares you in the face. I think that’s what’s happening here with weekend hedging. Hyperliquid’s weekend oil sessions have grown 1,700x in just a month.”

Notably, Hyperliquid had confirmed the trend, saying that real-world asset trading on the venue repeatedly set records, surpassing $1.3 billion in open interest and $1.4 billion in weekend volume.

The company said the platform had become a venue for 24/7 price discovery in oil, metals, and equity indexes when standard markets were shut.

Despite this, the scale still remained small compared with legacy energy markets. Nelson noted that traditional futures venues handle about $18.5 billion in WTI contracts on an average trading day, or roughly 35 times Hyperliquid’s best weekend oil session.

Even so, the pace of Hyperliquid's growth drew attention because it suggested a market segment was being built during live geopolitical stress rather than through a slower cycle of product launches and user incentives.

Revenue structure helps explain HYPE’s rallyHYPE rose alongside that activity because Hyperliquid’s structure links platform revenue more directly to token demand than many crypto networks do.

According to Hyperliquid’s documentation, trading fees are directed to an Assistance Fund, which uses them to buy HYPE on the open market.

Tokens held in the fund are burned, reducing supply over time. Users who stake HYPE also receive fee discounts on the platform. The result is a model that allows traders to view the token more like an exchange-linked asset whose value can rise with trading volume.

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That framework became more relevant as war-driven oil trading pushed volume higher. In simple terms, more trading produced more fees, and more fees increased the amount of HYPE bought back and removed from circulation. The market had a revenue-based reason to reprice the token.

DefiLlama data showed Hyperliquid generated about $182.5 billion in perpetual futures volume over 30 days, $42.69 billion over seven days, and $6.76 billion over 24 hours.

Hyperliquid Key Metrics (Source: DeFiLlama)The platform also posted about $45.4 million in 30-day earnings, which implied roughly $554 million on an annualized basis if activity held near that level.

Considering this, Arthur Hayes, founder of BitMEX, described Hyperliquid as the largest revenue-generating crypto project outside stablecoins.

He said 97% of that revenue was being used to buy back HYPE from the market, a design he argued gave the token a stronger link to platform cash flow than many other crypto assets. According to him, Hyperliquid could continue to take derivative volume from centralized exchanges while adding new products to expand revenue.

Some of that product expansion is already underway through HIP-3, Hyperliquid’s framework for permissionless perpetual listings, which has allowed the trading of real-world assets. The trading platform is also looking to enable prediction markets and options-style derivatives as part of its array of features.

The combination of these developments, he argued, would bolster HYPE's potential to reach $150 by August next year.

A war trade becomes a market-structure testMeanwhile, the next question is whether that wartime flow turns into a standing category of demand.

The continued use of Hyperliquid for oil-linked and metals-related contracts after tensions cool would support the case that 24/7 macro trading on crypto rails can hold a larger share of activity.

However, a retreat in those volumes, once energy prices settle, would weaken the revenue assumptions that helped drive HYPE higher this month.

Meanwhile, there are also near-term risks. Token unlocks remain on the calendar, including an April 6 unlock that traders will monitor for supply pressure. At the same time, questions remain after research into Hyperliquid’s October 2025 stress event raised concerns about how the platform managed a large liquidation and the use of auto-deleveraging.

Even with those issues, the move into the top tier of crypto assets reflected a clear sequence. The US-Iran war lifted oil volatility. Oil volatility drove demand for markets that stayed open around the clock.

Hyperliquid captured part of that demand through on-chain perpetuals, and HYPE benefited because the platform’s fee structure feeds directly into token buybacks and burns.

Mentioned in this articlePosted in

Merchant friction and user confusion are two big barriers holding retail stablecoins back.

Or is it user friction and merchant confusion?

Regardless, the success of stablecoins as a payment mechanism across eCommerce is increasingly coming from platforms that are embedding crypto into mainstream commerce, all without asking anyone to care that it’s crypto.

Shopify, for example, is integrating the stablecoin USD Coin (USDC) directly into its core payments stack, allowing merchants to accept digital dollars at checkout without adding new providers or changing their workflows. The feature is embedded inside Shopify Payments, meaning merchants can turn it on alongside credit cards and other existing payment options.

A shopper can select USDC at checkout, pay from a crypto wallet, and complete the purchase much like any other transaction. On the back end, merchants can choose whether to receive funds in traditional fiat payouts or settle in USDC on-chain.

So far, the USDC stablecoin is the only token supported. Plans for future USDT (Tether) support were announced this month. But the Shopify checkout experience does allow for USDC settlement across EVM networks, including Ethereum, Base, Arbitrum, Optimism and Polygon.

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And the infrastructure supporting Shopify’s stablecoin payment functionality reflects a broader push toward production-grade blockchain commerce. Shopify is working with Stripe and Coinbase to enable wallet connectivity and transaction processing. Settlement occurs on Base, a Layer 2 network designed also by Coinbase to lower costs and improve transaction speed.

More here: Mastercard Moves to Normalize Crypto Inside Its Payments Ecosystem 

Shopify Made Stablecoins Invisible; That’s the Point

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For merchants selling internationally, payments often involve currency conversions, intermediary banks, delays and fees that erode margins. Stablecoins offer a different pathway: a shared digital dollar that can move globally without relying on traditional correspondent banking networks.

The broader implication is that stablecoins are being positioned less as an alternative payment rail and more as a native feature of digital commerce platforms. For merchants, it introduces optionality without requiring operational overhaul. For consumers, it brings crypto spending into a familiar interface. By embedding USDC into its primary payments product, Shopify is effectively normalizing crypto-denominated transactions for a global merchant base.

For the payments ecosystem at large, the development signals a shift toward hybrid models where fiat and blockchain-based settlement coexist inside the same checkout experience.

See also: Aon May Have Found Stablecoins’ First Serious Office Job

The Shopify integration designed to reduce checkout friction. A shopper can select USDC at checkout, pay from a crypto wallet, and complete the purchase much like any other transaction. On the back end, merchants can choose whether to receive funds in traditional fiat payouts or settle in USDC on-chain.

For merchants, the operational model remains familiar. USDC can be activated in settings, and businesses can continue receiving bank deposits as they do today. Those that opt into on-chain payouts can instead receive USDC directly into a crypto wallet, potentially accelerating settlement times and reducing cross-border complexity.

The move also extends into incentives. Shopify updated its USDC rewards terms in March, outlining how merchants and users may earn or receive benefits tied to holding or transacting in USDC. The updated framework covers eligibility, wallet requirements and conditions governing the use of rewards.

Still, findings in “Waiting for Certainty: Why Most CFOs Are Holding Back on Crypto and Stablecoins,” the latest installment of the PYMNTS Intelligence exclusive series, The 2026 Certainty Project, reveal that among the middle market firms surveyed that were using stablecoins and cryptocurrencies, bank-integrated solutions were the most popular.

Of the CFOs using stablecoins, just 8% did so through a payments or treasury FinTech, and 5% did so via self-custody wallets, per the report.

TL;DR

SOL was trading around $93, and the bullish setup depends on strong demand below $90 continuing to absorb supply rather than breaking down. Glassnode URPD data showed roughly 76 million SOL accumulated between $82.6 and $85.55, creating a dense local support zone worth over $6 billion. Analysts see a path toward $100 and potentially $115, but only if recent accumulation holds and bullish momentum avoids another sharp reversal from here. Solana is trying to turn a fragile rebound into something more decisive, and the market’s focus has narrowed to one support zone that now carries the entire bullish case. SOL is trading around $90 at the time, with buyers attempting to stabilize price after months of uneven spot performance. The argument for upside is simple but highly conditional: if support below $90 keeps absorbing supply, bulls may have a clear path toward retesting $100 and potentially stretching to $115. That setup has turned one local price floor into the market’s key battlefield.

Solana $SOL is breaking out with little resistance ahead!

On-chain data reveals a robust demand floor established between $85.55 and $82.60, where 76 million tokens were transacted. This 38-day accumulation phase has effectively exhausted sell-side liquidity.

With no… pic.twitter.com/hsQUO4H5uh

— Ali Charts (@alicharts) March 17, 2026

Support below $90 is now doing the heavy lifting What gives that view technical weight is the concentration of heavy accumulation just beneath current price, which is now acting like a shock absorber for further selling. The analysis cited by Ali Charts relies on Glassnode’s URPD data, which maps where tokens last moved on-chain. Between $82.6 and $85.55, roughly 76 million SOL changed hands, representing more than $6 billion in accumulated value. That cluster suggests a dense ownership base in the lower range, reinforcing the idea that demand has been strongest exactly where bulls most need it.

The bullish case also rests on the claim that Solana has already passed through a 38-day accumulation phase that exhausted sellers and left the next resistance band thinner than the support beneath it. In that framing, the route toward $100 is less crowded than the zone below $90, which is why some traders believe a break higher could accelerate quickly. Even so, the setup is not free of doubt. The article also notes skepticism from market participants who argue that strong bullish confidence in recent months has repeatedly been followed by sharp reversals.

That tension is why the move toward $115 is being treated less as a prediction and more as a conditional path that depends on buyers defending support and reclaiming momentum fast enough. The first task is not $115 itself, but a sustained push through $100 that converts resistance into a fresh support shelf. If that level holds, the market could begin treating higher prices as structurally justified rather than merely reactive. If support below $90 fails, however, the thesis weakens sharply and the upside case starts to unravel before it fully forms, for now in a market still short on unquestioned conviction overall.

Bitcoin is starting to show intriguing signals on the monthly time frame, with long-term data hinting at a potential shift in market structure. While short-term price action often captures attention, it is the higher-time-frame trends that typically define the broader market direction, and those signals are now starting to align in a way that looks increasingly significant.

What The Monthly Candles Reveal About Market Direction The latest price action of Bitcoin suggests that the monthly low may already be in, with time-based statistics pointing to a strong probability of higher prices ahead. Market analyst Lennaert Snyder highlighted on X that, based on the past 10 years of BTC data, approximately 97.7% of monthly highs and lows are formed within the first 15 days of the month, suggesting the recent low is likely to hold for the rest of the month.

Snyder noted that around 80.7% of months go on to print a new P2 (Point 2) after the 17th day, based on the timing. These time-based statistics suggest that there is a higher chance that the BTC price will experience upward momentum this month.

How Market Structure Holds While Timing Models Shift Bitcoin is showing a subtle shift in behavior as price has broken away from the established 14th pattern for the first time in the past 7 months, causing the market algorithms to shift over time. A crypto trader known as Killa on X claimed that it was possible to capitalize on all 5 occurrences of this setup during that period.

However, the current deviation represents only a single pivot from a time-based price structure, which on its own is not enough to invalidate the larger thesis. This simply alters how the price reacts around that specific pivot rather than changing the overall trend structure of the market.

Source: Chart from Killa on X Killa emphasized that in this case, pivot helps identify periods where directional volatility is likely to increase, and this consistent pattern over the past 7 months has produced 5 high-quality opportunities. It is important to distinguish between time-based pivots and price structure. While pivots can fail or lose reliability over time, the underlying structural price behavior will ultimately remain a driver of the market direction.

Looking ahead, attention is shifting to macro catalysts as the Federal Open Market Committee (FOMC) meeting is approaching, and much of the narrative has already been priced in. Institutional players are already positioning ahead of the event. Currently, the price has pushed higher into it, and the recent Consumer Price Index (CPI) data did not produce a local up, leaving open the possibility that the upcoming FOMC decision could act as the next inflection point.

BTC trading at $73,940 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com

TL;DR

Venus attacker lost $4.7M on-chain despite orchestrating a sophisticated nine-month accumulation. Venus accumulated $2.1M in bad debt after collateral liquidations in thin markets. Protocol ignored oracle manipulation warnings from 2023 audit, enabling exploit. BlockSec audit revealed far more complex reality than initial reports about Sunday’s Venus Protocol attack: the hacker did not profit but instead lost roughly $4.7 million in on-chain operations. While media outlets reported a $3.7 million theft, deeper analysis showed both the protocol and attacker ended up losing capital, with Venus accumulating $2.1 million in unrecoverable bad debt after collateral liquidations in thin liquidity markets.

The hacker accumulated Thena’s THE token over nine months, funding purchases through Tornado Cash to obscure traceability. Once substantial quantities accumulated, the attacker exceeded Venus’ permitted THE supply cap, manipulated the value of THE used as collateral, and borrowed assets worth nearly $15 million against inflated guarantees.

254 bots, 8,048 liquidation txs, still $2.15M in bad debt. The attacker lost ~$4.7M on-chain. Both sides lost money.

— BlockSec Phalcon (@Phalcon_xyz) March 18, 2026

However, when automated liquidators began selling THE in response, value collapsed. The attacker invested $9.92 million but retained only $5.2 million after all liquidations, generating net on-chain loss of $4.7 million.

BlockSec suggests genuine profits likely came from off-chain positions, possibly centralized exchange accounts where massive THE selling triggered short bets. One security researcher reported $15,000 in gains shorting THE while tracking the exploit. Exterior operations explain how the hacker obtained profitability despite on-chain loss, suggesting more sophisticated coordination than initially assumed.

Venus Accumulates Troubling History Years After Launch Venus Protocol, the largest lending platform on BNB Chain with $1.45 billion in total value locked, has faced a disturbing series of attacks and exploits since launching in 2020. The attack vector used in the recent exploit—oracle manipulation—was identified in a 2023 Code4rena audit but dismissed as “having no negative side effects,” an analytical error allowing vulnerability to persist for years.

In 2021, volatility of native token XVS drove $200 million in liquidations and $90 million in bad debt. When LUNA collapsed in 2022, Venus accrued $14 million in bad debt when a Chainlink price feed for LUNA bottomed out. One year later, an undetected oracle manipulation attack generated $900,000 in debt. In 2023, the protocol braced for $150 million in BNB liquidation derived from earlier BNB bridge hack.

In recent September, an alleged $27 million attack turned out to be a user falling for phishing scam. After Venus paused operations, the user’s position faced liquidation to recover stolen funds. Pattern emerges where Venus repeatedly experiences stress while successive attacks expose layers of fragility. 

As DeFi platforms mature, Venus must strengthen risk governance and security auditing to prevent future exploits converting user gains into systemic losses. The recurring nature of Venus exploits raises questions about whether the protocol can maintain user confidence and capital preservation given its deteriorating security record.

The Federal Reserve on Wednesday kept its benchmark interest rate steady, maintaining the federal funds target range at 3.50% to 3.75%. Bitcoin price is fighting to hold $70,000 amid a complex backdrop of elevated inflation, slowing job growth, and war in the Middle East. 

The decision marked the second consecutive FOMC meeting with no change in borrowing costs and followed a pause that began after three rate cuts last year.

Bitcoin price responded to the announcement with a drop in trading, changing hands around $70,500, down 3.6% over the previous 24 hours, according to Bitcoin Magazine Pro. The cryptocurrency had flirted with $76,000 last week, reaching its highest level in over a month, but has since retraced as investors weighed inflation data and global uncertainties.

Voting members of the Federal Open Market Committee were split for a sixth consecutive policy meeting. Eleven supported holding rates steady, while Fed Governor Stephen Miran dissented, advocating a 25-basis-point cut. 

In its statement, the FOMC noted that “inflation remains somewhat elevated” and that job gains have remained low, even as the unemployment rate ticked up to 4.4% in February. The Fed emphasized a data-dependent approach to future adjustments, signaling that any decision will rely on incoming economic information.

The backdrop for the Fed’s policy deliberations included the ongoing war involving the U.S., Israel, and Iran, which has pushed energy prices higher. On Wednesday, Bitcoin price fell in tandem with U.S. stocks following reports that Israel struck the South Pars gas field in Iran.

“Uncertainty about the economic outlook remains elevated,” the FOMC said. “The implications of developments in the Middle East for the U.S. economy are uncertain.”

Federal Reserve Chair Jerome Powell discussed the implications of rising energy prices at a press conference. 

He said, “Near term measures of inflation expectations have risen in recent weeks, likely reflecting the substantial rise in oil prices caused by the supply disruptions in the Middle East.” 

He added that it is “too soon to know” the full economic impact of the conflict and that policymakers would continue to monitor data closely.

Bitcoin price reacts to tariffs, rate expectations Powell also highlighted the influence of tariffs on consumer prices, noting that “some big chunk of that, between a half and three-quarters, is actually tariffs.” 

He described the current federal funds rate range as within neutral territory and emphasized the importance of central bank independence. 

“Independence is what allows us to do our jobs, and stable prices is half of our mandate, it’s one of our two mandates – maximum employment being the other,” he said.

Bitcoin price markets have historically been sensitive to interest rate expectations, as lower rates tend to make cryptocurrencies more attractive relative to traditional assets. 

Analysts suggest that the combination of higher energy costs, persistent inflation, and geopolitical uncertainty has prompted investors to reduce exposure to riskier assets, including Bitcoin.

Oil prices continued to climb Wednesday, with Brent crude rising 3.8% to $107.38 per barrel following the attack on the South Pars field. 

Despite the recent pullback, Bitcoin price remains above $70,000 for now and has recorded gains of 1.6% over the past week. Traders are watching closely for any signs from Powell or the Fed that could influence future monetary policy.

Powell’s term as Fed Chair will conclude in May, with former Fed Governor Kevin Warsh expected to succeed him if confirmed. Powell’s future on the Board of Governors remains undecided. 

He said, “I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality.”

At the time of writing, the bitcoin price is slightly above $71,000.

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.

TL;DR

Bitcoin trades near $70,808 after a 4.87% drop in the last 24 hours, reflecting short-term pressure despite a broader upward structure. Analyst Charles Edwards states that a sustained move above $80,000 is needed to confirm a full bull run. His model focuses on institutional cost bases, suggesting that once BTC breaks this level, large investors move into profit, reducing sell pressure and supporting stronger upward continuation.
Bitcoin trades around $70,808 following a 4.87% decline over the past 24 hours, showing continued volatility across the crypto market. Despite this pullback, broader indicators still point to a constructive trend as institutional positioning plays a growing role in defining price direction.

Bitcoin Bull Run Trigger Level Explained According to Charles Edwards, the $80,000 level represents a structural threshold rather than a simple psychological barrier. His analysis is based on the Institutional Closed Basis indicator, which estimates the average acquisition price of Bitcoin held by large funds and public companies.

Clear $80s and the bull market is back pic.twitter.com/XyAB1QpqSl

— Charles Edwards (@caprioleio) March 18, 2026

This metric shows that the upper band, near $81,487, acts as a key zone where most institutional players shift into profit. As long as Bitcoin remains below that range, a portion of large holders stays near breakeven or at a slight loss, which can limit aggressive buying behavior.

A sustained breakout above $80,000 would change market dynamics. Once institutions enter profit territory, sell pressure may decline while demand strengthens. Historically, this transition has marked the shift from accumulation phases to expansion periods in previous cycles.

Institutional Positioning And Market Structure Outlook Even with the recent decline, Bitcoin continues to show resilience compared to earlier stages of past cycles. Institutional participation has expanded, particularly after the launch of spot Bitcoin ETFs in the United States, introducing consistent capital inflows.

Edwards highlights that clearing the $80,000 level could open the door to a price discovery phase, where previous resistance zones lose relevance. In this environment, liquidity can accelerate upward movements as fewer sellers remain at higher levels.

He also maintains a long-term perspective on potential risks linked to quantum computing. While still debated, Edwards suggests that advancements in this field could challenge current cryptographic systems by 2028, making ongoing network development important.

Bitcoin remains below the key threshold, but the broader structure indicates that momentum is still present. A move above $80,000 could quickly shift sentiment and reinforce the conditions needed for a more sustained upward trend.