Market Signal Briefing

The newly launched DOGE ETF reported roughly $1.4M in first-day trading volume, according to analyst Eric Balchunas on X. The update was shared earlier today, noting that the product’s debut failed to generate any meaningful reaction in Dogecoin’s market price.

$GDOG (first Doge ETF) saw $1.4m volume on Day One.. solid for an avg launch but low for a 'first-ever spot' product. Not too surprising tho, we actually made a rhyme a while ago predicting this: 'The further away you get from BTC, the less asset there will be.' pic.twitter.com/ermlOcID1J

— Eric Balchunas (@EricBalchunas) November 25, 2025

The modest turnover suggests limited initial demand compared with other recent crypto-linked products. Traders tracking the launch noted that DOGE’s price remained broadly unchanged during the session, signaling muted enthusiasm despite the token’s large retail following. Market participants also pointed out that the ETF’s early performance could influence short-term sentiment, particularly among investors expecting stronger inflows.

For now, attention shifts to whether volume stabilizes or improves in the coming days, which may determine how the market interprets the ETF’s relevance. Analysts will also watch for updates from the issuer regarding liquidity, creation units, or changes in trading activity as the product gains traction.

Source: Eric Balchunas on X.

Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.

This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.

In brief
Saudi Aramco installed the Kingdom’s first quantum computer, built by France-based Pasqal.
The 200-qubit system marked Saudi Arabia’s entry into the global quantum race.
Experts said current machines cannot yet break Bitcoin’s cryptography, but progress is accelerating.
Saudi Arabia has entered the global quantum computing race.

Saudi Aramco, the government-controlled energy and chemicals company, said Monday it has installed the Kingdom’s first quantum computer, in a move that adds to mounting security concerns for Bitcoin and other blockchain networks.

Aramco said the 200-qubit machine, built by Pasqal, a France-based neutral-atom quantum computing company, and installed at its Dhahran data center, has been designed for industrial applications such as energy modeling and materials research.

Pasqal said it is the most powerful system the company has delivered to date. A qubit, or quantum bit, is the basic unit of a quantum computer.

“The deployment of our most powerful quantum computer yet is a piece of history and a landmark for the Middle East’s quantum future,” Pasqal CEO Loïc Henriet said in a statement. “Pasqal continues its expansion, delivering practical quantum power to industry.”

Saudi Arabia’s move places it alongside governments in the U.S., China, the EU, the UK, Japan, India, and Canada that have funded national quantum programs intended to expand research infrastructure and train the workforce needed for future fault-tolerant systems.

Experts warn that if quantum machines ever become powerful enough, they could reveal private keys or forge signatures, allowing attackers to steal funds or crack privacy mechanisms. But just how real is that threat today?

A serious threat or a shot in the dark?Yoon Auh, founder of Bolts Technologies, said rapid progress in quantum computing has forced security communities to take the threat seriously, amid “repeated jumps” in the technology.

“With so much effort and money going into this, breakthroughs are inevitable,” he told Decrypt. “Nobody knows when, but the threat is no longer theoretical. It still can’t break ECC or RSA today, but progress is steady.”

Auh said the motivation for nation-state investment extends beyond cryptanalysis.

“Quantum computing is the first technology that could become a global digital weapon not controlled by any political system,” he said.

Still, the research is some ways off from cracking systems like the one Bitcoin is built on.

According to research scientist Ian MacCormack, a 200-qubit system is small in practical terms, since current machines are limited by noise and short coherence times that restrict how many operations they can run.

“200 qubits is enough to do some interesting experiments and demonstrations, assuming the qubits are high quality, which is hard to do with even that few of them, but nowhere near enough to do error corrected computing of the sort you would need to run Shor's Algorithm,” he said, referring to the a quantum algorithm for finding the prime factors of an integer.

Progress aheadIn September, researchers at Caltech unveiled a neutral-atom system with 6,000 qubits.

However, even machines of that scale are still used for research, simulations, and algorithm development rather than for attacking cryptography.

“What you need is a very long coherence time compared to the duration of your operations,” Caltech graduate student Elie Bataille told Decrypt. “If your operations are one microsecond and you have a second of coherence time, that means you can do about a million operations.”

Researchers say threatening modern cryptography would require thousands of error-corrected logical qubits, which translates to millions of physical qubits.

Although the Pasqal system did not change current blockchain security, it renewed attention on a long-term risk known as Q-Day, the moment a quantum computer becomes powerful enough to derive a private key from a public key and forge digital signatures.

The concern is that such a capability would not only undermine the cryptography used by Bitcoin but also the many security systems that underpin the global economy.

“What a quantum computer could do, and this is what’s relevant to Bitcoin, is forge the digital signatures Bitcoin uses today,” Justin Thaler, research partner at Andreessen Horowitz and associate professor at Georgetown University, told Decrypt. “Someone with a quantum computer could authorize a transaction, taking all the Bitcoin out of your accounts when you did not authorize it. That’s the worry.”

Today’s early-stage processors, including the 200-qubit Pasqal machine and Google’s 105-qubit Willow chip, remain well below the threshold needed for such attacks.

“Quantum computation has a reasonable probability, more than 5%, of being a major, even existential, long-term risk to Bitcoin and other cryptocurrencies,” Christopher Peikert, professor of computer science and engineering at the University of Michigan, told Decrypt. “But it’s not a real risk in the next few years; quantum-computing technology still has too far to go before it can threaten modern cryptography.”

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Bitcoin is struggling to reclaim the $90,000 level as selling pressure continues to dominate across the crypto market. The sharp decline from the all-time high has fueled growing speculation that the current cycle may have already peaked, with many analysts now calling for the beginning of a bear market. Sentiment has shifted rapidly, and fear is spreading as traders question whether the bullish structure has been permanently broken.

However, not everyone agrees with the bearish outlook. A segment of market participants still expects a rebound, arguing that the correction is part of a broader continuation pattern rather than the end of the cycle. These optimistic observers believe that higher prices could still unfold once selling exhaustion sets in.

According to top analyst Darkfost, the recent price action reflects a notable behavioral shift in traders. He explains that investors who attempted to long the market throughout the correction have finally been squeezed out.

Funding rates, which had remained elevated during the decline, have now cooled and even turned negative — a strong signal that sentiment has flipped. Darkfost notes that traders waited for Bitcoin to correct more than 30% before shifting aggressively into short positions, highlighting a delayed reaction that often appears near market inflection points.

Funding Rates Flip Negative as Short Dominance Takes Over
Darkfost explains that the latest shift in funding rates is more meaningful than it appears on the surface. He notes that traders often assume the neutral funding level is 0%, but that is not the case. Most exchanges — including Binance — embed an interest component of roughly 0.01% into the funding calculation.

Bitcoin Funding Rates – All Exchanges | Source: Darkfost
This means that when funding drops below 0.01%, it already reflects short-side dominance. Therefore, when funding turns negative, it signals an even stronger tilt toward aggressive short positioning. According to Darkfost, this marks a clear behavioral change among derivatives traders, suggesting that the market has transitioned from forced long unwinds to conviction-based short exposure.

Historically, these shifts tend to occur only once a correction is already deep into its progression. Darkfost highlights that such funding transitions often reflect trader capitulation — where participants who fought the downtrend finally flip and attempt to follow momentum, but only after most of the move has already unfolded.

This phenomenon has appeared in previous cycle retracements and has frequently coincided with late-stage bottoms. He adds that Bitcoin may now be entering a disbelief phase, where price begins climbing while shorts continue to pile in. If this dynamic persists, it could act as fuel for an upside reversal, especially if spot demand wakes up and liquidations pressure the short side instead.

BTC Price Testing Short-Term Supply
Bitcoin is attempting to stabilize after a sharp decline, with the chart showing price currently trading around $87,000 following a rebound from the recent plunge near $80,000. The downtrend remains clearly defined, as BTC continues to trade below the 50-day, 100-day, and 200-day moving averages, signaling persistent bearish momentum.

BTC testing fresh supply level | Source: BTCUSDT chart on TradingView
The slope of these moving averages has turned downward, reinforcing the shift in trend structure. Despite the bounce, the recovery lacks strong volume support, which suggests that buyers have not yet returned with conviction.

The chart shows that previous support levels around $95,000 and $100,000 have now become resistance areas, making them key levels to watch for any attempted recovery. A failure to reclaim these zones could trigger renewed selling pressure and a retest of the recent lows. However, the wick below $80,000 indicates aggressive buying at the lows, which could signal that a short-term bottom is forming if buyers continue to defend higher lows in the coming days.

Market sentiment remains fragile, yet the stabilization above $85,000 hints at a potential consolidation phase rather than immediate continuation of the decline. A sustained move above the 100-day moving average would be the first meaningful signal of regained bullish momentum.

Featured image from ChatGPT, chart from TradingView.com

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The sharp TVL contraction appears largely driven by the unwinding of leveraged looping strategies that proliferated across DeFi protocols.

A high-conviction Bitcoin whale placed a $2 billion wager that the worst is over and the market bottom might be in after a brutal leverage washout stripped speculative froth from the crypto market.

On Nov. 24, Deribit, the Coinbase-owned crypto options trading platform, reported a 20,000 BTC notional block trade, which appears to signal that institutional capital is pivoting from damage control to strategic accumulation.

According to the platform:

“[The] trader lifted a long-dated 100k/106k/112k/118k call condor for Dec ’25. Signal is clear: a structured bullish view – expecting BTC to reach the 100–118k zone, not explode past it.”

What does this trade signal?This position effectively bets that the recent liquidation cascade marked a cycle-defining bottom that has cleared the runway for a march toward six figures.

Indeed, the trade structure is precise. By buying call options at $100,000 and $118,000 while selling calls at $106,000 and $112,000, the investor is targeting a specific profit corridor.

Bitcoin Block Trade (Source: Deribit)It represents a bet that the BTC will recover and settle into a high valuation band, but without the chaotic volatility that characterized the recent crash.

Meanwhile, this positioning arrives at a critical juncture. While retail investors remain hesitant, the derivatives market is signaling that the structural damage has been repaired.

So, the trade implies that the recent $27,000 plunge from the highs was a necessary cleansing event, resetting the board for the next leg of the cycle.

The 1.3 Million BTC flushTo understand the conviction behind the $1.7 billion bet, one must look at the scale of the wreckage left behind. The market has just endured its sharpest contraction in open interest of the entire cycle.

According to data from CryptoQuant, open interest in Bitcoin terms has plummeted by roughly 1.3 million BTC over the last 30 days. The vast majority of this unwind occurred on Binance, marking a decisive end to the speculative fever that had earlier driven aggregate open interest to record highs.

Bitcoin Open Interest (Source: CryptoQuant)This scale of capitulation mirrors the depths of the 2022 bear market. As a result, BTC’s recent drop from $106,000 to roughly $79,500 was primarily driven by mechanical liquidation cascades rather than fundamental decay.

This means that traders holding long positions were swept from the board in a violent feedback loop, turning a healthy correction into a crash.

However, historical patterns suggest these “cleansing phases” are often bullish signals.

By forcing the closure of overly optimistic positions and flushing out weak hands, the market builds a more stable floor. The reduction in speculative exposure implies that selling pressure from distressed leverage is now exhausted.

Whales accumulate, retail fleesMeanwhile, beneath the surface of the derivatives flush, on-chain data reveals a distinct shift in ownership that supports the bottoming thesis.

The market is transitioning from aggressive selling to an orderly unwind. Key stress metrics such as transfer volumes and realized capitalization change have subsided, a hallmark of late-cycle corrections.

More importantly, a clear divergence has emerged between investor cohorts. While retail investors (holding less than 10 BTC) have been net sellers over the last 60 days, mid-sized “sharks” and institutions are stepping in.

CryptoQuant data shows that BTC cohorts holding between 100 and 1,000 BTC, as well as those holding more than 10,000 BTC, have been steadily accumulating throughout the dip. These sophisticated players are absorbing the supply being distributed by fearful retail hands.

Bitcoin Accumulation Trend Score. (Source: CryptoQuant)However, the one remaining headwind is the 1,000 to 10,000 BTC cohort, which continues to distribute.

So, for the recovery to transition into a confirmed reversal, this group must slow its selling. As such, the $1.7 billion options bet is an early indicator that the “smart money” believes this shift is imminent.

Macro pivot pointsAt the same time, the whale’s trade timing anticipates a favorable shift in the macro environment. The week ahead is loaded with heavy economic data releases, including US PPI and PCE figures, which will anchor expectations for the Federal Reserve’s December policy meeting.

With markets pricing in an 81% probability of a rate cut, a dovish data skew would provide immediate liquidity support for risk assets.

Coin Bureau co-founder Nic Puckrin told CryptoSlate that the increased odds of a rate cut had helped push Bitcoin’s recent upward trend above $87,000.

“We could see further upside in the short term if sentiment holds, especially with longs underweighted,” he said, while cautioning that optimism is “tenuous” with the FOMC divided and no confirming data yet.

Puckrin added that the Fed’s next decision could decide whether year-end brings a “Santa rally” or a “Santa dump,” and he expects jitters to persist into the Dec. 10 meeting.

In this context, the Call Condor acts as a strategic vehicle. The sheer size of the position creates massive dealer hedging flows. As prices move toward the $100,000 activation zone, dealers who sold the structure will be forced to hedge their exposure, creating a magnetic pull toward the profit band.

Mentioned in this article

Texas is moving closer to becoming the first U.S. state to establish a long-term bitcoin reserve, taking an early step by securing $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT). According to the Texas Comptroller’s office, this purchase acts as a temporary placeholder while the state finalizes its formal plan and selects a custodian to manage the reserve. Earlier this year, lawmakers approved $10 million to fund the Texas Strategic Bitcoin Reserve, signaling a strong commitment to integrating digital assets into the state’s investment strategy.

The state recently completed an industry-wide information-gathering initiative aimed at identifying best practices for building and safeguarding a bitcoin reserve. Various crypto companies provided input on custody solutions, risk management, and operational frameworks. While ETF investments are not direct bitcoin holdings, they represent a strategic first step as Texas prepares the infrastructure necessary for long-term digital asset storage.

Texas is not alone in exploring government-backed crypto reserves. New Hampshire, Arizona, Michigan and Massachusetts are pursuing their own initiatives, though progress varies. New Hampshire, despite passing legislation first, has yet to launch its reserve. However, it recently authorized a $100 million bitcoin bond to support crypto-focused economic development. Arizona is working to channel unclaimed crypto assets into a dedicated reserve. Other states, including Michigan and Massachusetts, are rumored to be preparing new proposals for the upcoming legislative sessions.

Advocates such as Dennis Porter of the Satoshi Action Fund continue to guide lawmakers through gradual, practical approaches to bitcoin adoption. Porter noted that recent market volatility is unlikely to derail these efforts, as current price drops have not triggered major concerns among policymakers. Texas Blockchain Council president Lee Bratcher even praised Texas for “buying the dip,” acquiring bitcoin at roughly $87,000 following a significant market pullback from above $120,000.

As more states revisit cryptocurrency legislation early next year, momentum for state-level bitcoin reserves is expected to accelerate across the U.S.

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TLDR

Five new altcoin ETFs, including Grayscale Dogecoin and Franklin XRP, are set to launch in early December.
XRP, Solana, and Ethereum ETFs are seeing strong capital inflows, with XRP ETFs reaching $420 million in inflows in just six days.
Experts predict more than 100 additional altcoin ETFs will launch within the next six months.
Solana ETFs are bucking the trend of Bitcoin outflows, recording a $57.99 million net inflow over the past 24 hours.
Ethereum’s upcoming Fusaka upgrade is expected to increase token value capture, boosting demand for Ethereum-based ETFs.

Five altcoin exchange-traded funds (ETFs) are set to launch in early December, boosting investor interest in altcoins like Solana (SOL), Ethereum (ETH), and XRP. The upcoming listings follow the recent debuts of the Fidelity Solana Fund and the Canary Marinade Solana ETF. These new altcoin ETFs include the Grayscale Dogecoin ETF, Grayscale XRP Trust, Franklin XRP ETF, Bitwise DOGE ETF, and the Grayscale Chainlink Trust.

Bloomberg senior ETF analyst Eric Balchunas forecasts that the debut of these ETFs marks only the beginning. He expects more than 100 altcoin ETFs to launch in the next six months. According to James Seyffart, an expert ETF analyst, over 150 more altcoin ETFs are in the pipeline.

Altcoin ETFs Seeing Increased Demand in the Market
Recent data highlights a surge in capital flowing into altcoins through ETFs. Over the past 24 hours, Solana ETFs recorded net inflows of $57.99 million. Ethereum and XRP also saw substantial gains, with inflows of $96.6 million and $164.04 million, respectively. This comes in stark contrast to Bitcoin’s decline, which recorded a $151.08 million outflow.

The market’s growing appetite for altcoin ETFs signals a shift in investor preference. VanEck’s Matthew Sigel attributes Bitcoin’s selloff to tightening liquidity and broader market factors. In contrast, Bitwise CIO Matt Hougan believes that Bitcoin’s retreat offers opportunities for altcoins to gain value. “Tokens are getting much better at capturing value,” Hougan stated, pointing to Ethereum, UNI, and XRP as examples of tokens benefiting from this trend.

XRP ETFs Record Impressive Debut Numbers
XRP’s growth in ETF markets is noteworthy, with the U.S. XRP ETFs posting six consecutive days of inflows exceeding $420 million. The first day of trading saw inflows of over $250 million, marking the best ETF debut performance of the year. Ray Youssef, CEO of NoOnes, stated that ETFs are providing a stable liquidity buffer, absorbing the selling pressure that has affected other crypto assets, such as Bitcoin.

The strong performance of XRP ETFs is consistent with the growing interest in altcoins. Youssef further noted that the ETF inflow trend reflects a shift toward more diversified altcoin exposure. With ETFs integrating brokerage access, retail and institutional investors now have easier access to high-beta altcoins.

Solana, Ethereum, and Other Altcoins Gaining Traction with ETFs
As altcoin ETFs continue to debut, Solana (SOL) stands out as a leading example of ETF-driven growth. ETFs tied to Solana are bucking the outflow trend seen in Bitcoin ETFs, a sign of the altcoin’s rising appeal. The upcoming December launch of the Fusaka upgrade for Ethereum is also expected to boost token value capture, benefiting Ethereum’s altcoin ETFs.

Investors are becoming increasingly focused on the potential for altcoins like XRP to benefit from changes in token economics. Youssef added that the focus on value capture through staking mechanisms could redefine the economics for altcoin holders in the future.

As altcoin ETFs continue to roll out, experts predict an uptick in market activity for these tokens. The entry of new ETFs could fuel a broader altcoin rally, especially if Bitcoin stabilizes in the coming months. Many anticipate that altcoins such as Ethereum and Solana could see substantial price increases by the end of the year.

“Altcoin ETF season could trigger an end-of-year rally,” Youssef concluded. “If ETF demand remains strong and macro volatility eases, Ethereum could surpass $3,200, XRP could hit $3, and Solana may reclaim $150.” As more altcoin ETFs hit the market, their influence on token prices and broader market dynamics is expected to intensify.

November 25, 2025 5:20 PM EST | Source: Magna Mining Inc.
Sudbury, Ontario--(Newsfile Corp. - November 25, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to report third quarter 2025 financial results. Management will host a conference call tomorrow, November 26, 2025, at 8:00am EST to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights

The three months ended September 30, 2025 ("Q3 2025") was Magna's second full quarter of production at the McCreedy West copper-precious metals Mine ("McCreedy West"), located in Sudbury, Ontario, Canada.Total ore processed in Q3 2025 was 75,215 tons from the 700 Footwall Copper Zone (see news release dated October 22, 2025) at a grade of 2.64% copper equivalent ("CuEq")1.Quarterly production of 2.7 million pounds ("lbs") CuEq at cash costs* of US$5.10/lb CuEq was impacted by the previously disclosed compressed air system failure and power related delays, which delayed access to higher grade stopes and has since been rectified.Sustaining capital expenditures at McCreedy West totalled $4.1 million during the quarter, a 123% increase from Q2 of 2025, including $2.7 million towards critical capital development and $1.4 million in fixed and mobile machinery upgrades, focused on improving asset reliability moving forward.Underground development during the quarter totalled 1,796 feet and continues to be prioritized in Q4 to provide increased production optionality and flexibility to support a more robust operating plan in 2026.Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30 the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million.* Refer to the section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the financial statements.

Jason Jessup, CEO, commented "During the third quarter of 2025, Magna executed on our plan to focus on investing in the underground development, diamond drilling, equipment and site infrastructure at McCreedy West. The goal of this plan is to access new areas of the mine with higher grade stopes, build in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026. To this end, we had a successful quarter, and we will be starting to realize the benefits going into Q1 2026. Access to higher grade stopes was achieved in early November following the resolution of the operational issues which impacted Q3 2025 production. We are on track to meet the lower end of our quarterly ore sales guidance in Q4 2025 and continue to prioritize efforts to optimize McCreedy West operations in 2026. I am proud of the team that we have assembled at our McCreedy West Mine and I am confident in their abilities to deliver in the future. We are well-funded to complete this work as well as advance our other Sudbury projects, while continuing to aggressively explore for new copper and precious metals-rich footwall deposits following our recent brokered equity offering and from the exercise of warrants which expired in early November."

Table 1: Magna Mining Q3 2025 Tons Processed, Payable CuEq Pounds and Contained CuEq Grades

2025Q3Q2Q1
(March only)Tons Processed 75,21570,04520,388Cu Eq Grade (%)1
(contained)2.643.263.01Cu Eq lbs1
(payable) 2,735,0003,053,000790,0001 Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices:
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.

Table 2: McCreedy West 2025 Underground Development

2025Development
(feet)Q1
(Jan & Feb Under Prior Operator)568Q21,444Q31,796Table 3: Q3 2025 Operating and Financial Highlights

In 000s, except per units and per share amountsQ3 2025Q2 2025Q1 2025Q3 2024Financial results

Net revenue from mining operations16,28218,4664,453 - Cash margin1(2,041)(1,191)269 - Net income (loss)(10,642)(9,501)29,098 (4,498)Adjusted net loss1(10,410)(8,930)(5,442)(4,907)Operating cash flow(10,781)(11,560)(2,584)(3,635)Free cash flow1(14,350)(10,718)(10,584)(3,635)

Per share information:

Net earnings (loss) (0.05)(0.05)0.15(0.03) Adjusted net loss1 (0.05)(0.04)(0.03)(0.03) Operating cash flow1(0.05)(0.06)(0.01)(0.02) Free cash flow1(0.07)(0.05)(0.05)(0.02)

Selected Financial Statement data:

Cash and cash equivalents63,121 27,018 38,250 3,941 Working capital70,39331,91439,330871 Total assets212,656 163,534 168,132 25,202 Total non-current liabilities63,102 65,276 68,601 869

Operational results

Ore Processed (Dry tons)

700 Copper Zone75,215 59,100 13,911 - Intermain Nickel Zone - 10,9456,477 - Throughput75,215 70,045 20,388 -

Copper equivalent grade (%)

700 Copper Zone22.643.353.04 - Intermain Nickel Zone2 - 2.772.96 -
2.643.263.01 -

Metals Payable

Copper (000s lbs)1,949 1,629 552 - Nickel (000s lbs)193 327 132 - Cobalt (000s lbs)2 4 2 - Platinum (ozs)4791,156- - Palladium (ozs)641 1,218 13 - Gold (ozs)55284 - - Silver (ozs)13,105 9,499 1,638 - Cu equivalent payable pounds (000s)22,735 3,053 790 -

Average realized price (per lb Cu Eq payable)16.28 6.08 6.32 - Cash costs (per lb Cu Eq payable)1,27.03 6.47 5.98 - Cash margin (per lb Cu Eq payable)1(0.75)(0.39)0.34 - AISC (per lb Cu Eq payable)1,29.01 7.55 6.65 -

Production costs/ton processed1200 219 194 -

Exchange Rates

Average 1 USD → CAD exchange rates1.3773 1.3841 1.4359 1.3637 Cost Metrics (in USD)

Cash costs1,25.10 4.67 4.16 - AISC1,26.54 5.45 4.63 -

1 Refer to the section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements
to the financial statements.
2 Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were
calculated using the following US dollar prices:
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.

Q3 Financial Highlights

Quarterly production of 2.7 million lbs CuEq, consisting of 1.95 million lbs copper, 0.2 million lbs nickel, 479 ounces platinum, 641 ounces palladium, 55 ounces gold, and 13,105 ounces silver.Quarterly net revenue from mining operations was $16.3 million. Mining and processing costs in the quarter were $15.0 million, for production costs of $200 per ton processed. Q3 cash costs were $7.03/lb CuEq, or US$5.10/lb CuEq.Q3 all in sustaining costs ("AISC") were $9.01/lb CuEq, or US$6.54/lb CuEq, which includes $4.1 million of sustaining mine capital development, equipment, and exploration, a 123% increase from the previous quarter. Operating cash outflow in the quarter was $10.8 million or ($0.06) per share. Free cash outflow in the quarter was $14.4 million or ($0.07) per share.Adjusted net loss of $10.4 million or ($0.05) per share. Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30, 2025, the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million. Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.

Q3 2025 Quarterly Results Conference Call and Webcast

The company will be holding its Q3 results conference call and webcast on Wednesday November 26, 2025 at 8:00am EST. The conference call details are as follows:

To view the live Webcast in listen-only mode: https://edge.media-server.com/mmc/p/xxh36742

To participate in the live conference call (obtain a dial-in number and unique PIN): https://register-conf.media-server.com/register/BIfc83dc419540403380a832570e704494

Qualified Person

The scientific or technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "might", "potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "continue", "intend", "plan", "forecast", "prospective", "significant" or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling to support assumptions, expectations or estimates of potential mineralization, metal tonnes or grade, such as the mineralization of the Morrison Deposit at the Levack mine, the failure of additional drilling to support expansion or delineation of currently estimated resources, the lack of availability of drill rigs or platforms to implement exploration or other programs or the failure to proceed as quickly as planned with additional exploration, production or other drilling, continued delays for assay results, the failure to proceed as quickly as planned with or to complete additional development work as anticipated, such as additional development at the McCreedy West mine to access new stopes or the development of a ramp from the surface of, or recommissioning of the hoisting plant at, Levack, the failure to proceed as quickly as planned with a restart of mining at Levack, assuming there will be any restart, the failure to realize anticipated or assumed production and operational improvements from current or planned optimization initiatives at McCreedy West, the failure to successfully realize on talent or technical expertise to unlock the long-term, sustainable potential of McCreedy West, Levack or other assets of the Company and other risks disclosed in the Company's most recent annual management discussion and analysis, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and platinum group metals (PGM) assets located in the world-class Sudbury mining district of Ontario, Canada. The Company's primary asset is the McCreedy West Mine, currently in production, supported by a pipeline of highly prospective past-producing properties including Levack, Crean Hill, Podolsky, and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at www.magnamining.com and through the Company's public filings on the SEDAR+ website at www.sedarplus.ca.

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

NON-IFRS PERFORMANCE MEASURES

Please see below for the reconciliation of non-IFRS measures referred to in this news release to the consolidated financial statements.

Average realized price per copper equivalent payable pound

Average realized price per copper equivalent payable pound is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Average realized price per copper equivalent payable pound is calculated by dividing total metal proceeds received by the Company for the relevant period by the copper equivalent payable pounds. It may not be comparable to information in other issuers' reports and filings.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements (a)
16,282

18,466

4,453
Treatment and refining charges
1,838

1,634

539
Recognition of deferred streaming revenue
(941)
(1,550)
-
Copper equivalent revenue from mining operations (a)
17,179

18,550

4,992

 

 

 
Copper equivalent pounds sold (000s) (b)
2,735

3,053

790

 

 

 
Average realized price copper equivalent sold CAD (c) = (a) ÷ (b)
6.28

6.08

6.32

 

 

 
Average 1 USD → CAD exchange rate (d)
1.3773

1.3841

1.4359

 

 

 
Average realized price copper equivalent sold USD (c) ÷ (d)
4.56

4.39

4.40

 

 

 
Cash costs per copper equivalent payable pound

Cash cost per copper equivalent payable pound is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers' reports and filings. The Company has included this non-IFRS Accounting Standards performance measure throughout this document as Magna believes that this generally accepted industry performance measure provides a useful indication of the Company's operational performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following table provides a reconciliation of total cash costs per copper equivalent payable pound to cost of sales per the financial statements for each of the last eight quarters:

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements
19,380

20,275

4,422
Smelting, treatment and refining charges
1,838

1,634

539
Depletion and depreciation
(1,998)
(2,168)
(238)Cash costs (a)
19,220

19,741

4,723

 

 

 
Copper equivalent payable pounds (000s) (b)
2,735

3,053

790

 

 

 
Cash costs per copper equivalent payable pound (c) = (a) ÷ (b)
7.03

6.47

5.98

 

 

 
Average 1 USD → CAD exchange rate (d)
1.3773

1.3841

1.4359

 

 

 
Cash costs per copper equivalent payable pound USD (c) ÷ (d)
5.10

4.67

4.16

 

 

 
Production costs per ton processed

Mine-site cost per ton processed is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers' reports and filings. As illustrated in the table below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and depreciation, royalties and inventory level changes and then dividing by tons processed through the smelter. Management believes that mine-site cost per ton processed provides additional information regarding the performance of mining operations and allows Management to monitor operating costs on a more consistent basis as the per ton processed measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each ton mined, the estimated revenue on a per ton basis must be in excess of the production cost per ton processed in order to be economically viable. Management is aware that this per ton processed measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with production costs prepared in accordance with IFRS Accounting Standards. This measure supplements production cost information prepared in accordance with IFRS Accounting Standards and allows investors to distinguish between changes in production costs resulting from changes in production versus changes in operating performance.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements
19,380

20,275

4,422
Depletion and depreciation
(1,998)
(2,168)
(238)Royalties and streaming expense
(2,346)
(2,772)
(223)Mining and processing costs (a)
15,036

15,335

3,961

 

 

 
Ore processed (tons) (b)
75,214

70,045

20,388

 

 

 
Production costs per ton processed (a) ÷ (b)
200

219

194

 

 

 
Cash Margin

Cash margin is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers' reports and filings. It is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations and cash mine site operating costs (see Cash cost per ounce of gold sold under this Section above) per the Company's Financial Statements. The Company believes it illustrates the performance of the Company's operating mines and enables investors to better understand the Company's performance in comparison to other metal producers who present results on a similar basis.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Copper equivalent revenue from mining operations (per above)
17,179

18,550

4,992
Cash costs (per above)
19,220

19,741

4,723
Cash margin
(2,041)
(1,191)
269

 

 

 
Per pound of copper equivalent payable (Canadian dollar):
 

 

 

 

 

 
Average realized price (a)
6.28

6.08

6.32
Cash costs (b)
7.03

6.47

5.98
Cash margin (a) - (b)
(0.75)
(0.39)
0.34

 

 

 
All-in Sustaining Costs

All-in sustaining costs ("AISC") include mine site operating costs incurred at Magna mining operations, sustaining mine capital and development expenditures, mine site exploration expenditures and equipment lease payments related to the mine operations and corporate administration expenses. The Company believes that this measure represents the total costs of producing copper equivalent payable pounds from current operations and provides Magna and other stakeholders with additional information that illustrates the Company's operational performance and ability to generate cash flow. This cost measure seeks to reflect the full cost of copper production from current operations on a per-pound basis of copper equivalent payable. New project and growth capital are not included.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales, per financial statements
19,380

20,275

4,422
Smelting, treatment and refining charges
1,838

1,634

539
Depletion and depreciation
(1,998)
(2,168)
(238)Cash costs
19,220

19,741

4,723
Sustaining mine exploration and development
2,780

468

-
Sustaining mine capital equipment
1,342

1,381

-
Corporate and general
1,576

2,191

997
Less: KGHM Integration costs
(285)
(742)
(465)All-in Sustaining costs (AISC) (a)
24,633

23,039

5,255

 

 

 
Pounds of copper equivalent payable (b)
2,735

3,053

790

 

 

 
AISC (c) = (a) ÷ (b)
9.01

7.55

6.65

 

 

 
Average 1 USD → CAD exchange rate (d)
1.3773

1.3841

1.4359

 

 

 
AISC USD (c) ÷ (d)
6.54

5.45

4.63

 

 

 
Free cash flow and operating and free cash flow per share

Free cash flow is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments as reported in the Company's financial statements. Free cash flow per share is calculated by dividing free cash flow by the weighted average number of shares outstanding for the period.

Operating cash flow per share is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Operating cash flow per share is calculated by dividing cash flow from operating activities in the Company's Financial Statements by the weighted average number of shares outstanding for each year. It may not be comparable to information in other issuers' reports and filings.

In 000s, except per share amounts
Q3 2025

Q2 2025

Q1 2025

Net cash provided by operating activities per financial statements (c)
(10,781)
(11,560)
(2,584)Sustaining mine exploration and development
(2,780)
(468)
-
Sustaining mine capital equipment
(1,342)
(1,381)
-
Purchase of Project Nikolas Company Inc.
-

-

(5,000)Site maintenance capital equipment
666

(231)
-
Funds held against standby letters of credit
(113)
2,926

(3,000)Interest on resticted funds
 

(4)
-
Payment of lease liabilities
 

-

-
Free cash flows (a)
(14,350)
(10,718)
(10,584)

 

 

 
Weighted number of shares (000s) (b)
211,308

203,647

197,739

 

 

 
Per Share data
 

 

 
Operating cash flow (c) ÷ (b)
(0.05)
(0.06)
(0.01)Free cash flow (a) ÷ (b)
(0.07)
(0.05)
(0.05)

 

 

 
Adjusted net loss and Adjusted net loss per share

Adjusted net loss and adjusted net loss per share are non-IFRS Accounting Standards performance measures and do not constitute a measure recognized by IFRS Accounting Standards and do not have standardized meanings defined by IFRS Accounting Standards, as well both measures may not be comparable to information in other issuers' reports and filings. Adjusted net loss is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets, non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to current period's income, as detailed in the table below. Magna discloses this measure, which is based on its financial statements, to assist in the understanding of the Company's operating results and financial position.

In 000s, except per share amounts
Q3 2025

Q2 2025

Q1 2025

Net income (loss) per financial statements
(10,642)
(9,501)
29,098

 

 

 
Adjustments for:
 

 

 
Gain on bargain purchase of KGHM assets
-

-

(57,227) Project Nikolas Company Inc. Integration costs
285

742

779
Transaction Costs
30

35

2,426
Flow-through premium income
-

-

-
Total adjustments
315

777

(54,022)Related income tax effect
(83)
(206)
10,236
Recognition of mining taxes
-

-

9,246

232

571

(34,540)Adjusted net loss (a)
(10,410)
(8,930)
(5,442)

 

 

 
Weighted number of shares (000s) (b)
211,308

203,647

197,739

 

 

 
Per Share data
 

 

 
Adjusted net loss (a) ÷ (b)
(0.05)
(0.04)
(0.03)

 

 

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275916

Miami International Holdings to Retain 10% Stake in the Exchange and Clearinghouse

, /PRNewswire/ -- Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has entered into an agreement to sell 90% of the issued and outstanding equity in MIAX Derivatives Exchange (MIAXdx™), a wholly owned subsidiary of MIAX, to Robinhood Markets, Inc. (Robinhood) (NASDAQ: HOOD) in partnership with Susquehanna International Group. MIAX will retain the remaining 10% of the issued and outstanding equity of MIAXdx.

MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with regulatory approval from the Commodity Futures Trading Commission (CFTC) to list and clear fully collateralized futures, options on futures and swaps.

"Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "The transaction with Robinhood closely aligns with our strategy of partnering with industry leaders to offer innovative trading products to the market, and we're excited about the opportunity to gain exposure to prediction markets through this initiative. The transaction represents a logical step forward for MIAX as we continue to focus on strategic growth opportunities within our core exchanges."

"We're excited to continue working with MIAX as investors in this exchange," said JB Mackenzie, VP and GM of Futures and International at Robinhood. "MIAX is a market leading exchange operator and we look forward to exploring future partnership opportunities to deliver products that meet the needs of Robinhood's customers."

Mr. Gallagher added, "We have evaluated alternatives to facilitate our entry to the prediction markets, and we believe that today's strategic alignment is the right lever for offering institutional and retail futures traders exposure in the growing prediction markets while providing MIAX with potential long-term value."

The transaction is expected to close in the first quarter of 2026 and is subject to customary closing conditions and certain filings with the CFTC.

About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates nine exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, MIAXdx™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX, please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

MIAX Contacts:

Investors
[email protected]

Media
[email protected]

SOURCE MIAX

Key Takeaways
A report that a Big Tech giant is mulling using Google's AI chips pressured shares of several top chipmakers on Tuesday, Nov. 25, 2025, while an electronics retailer's stock got a boost from strong earnings.
Shares of Nvidia and Advanced Micro Devices dropped following a report that Meta might use specialized AI chips from Google.Demand from consumers replacing older electronic devices helped Best Buy surpass quarterly earnings estimates, and its shares moved higher.

Several top AI chipmakers lost ground as a potential deal between two Big Tech giants underscored competitive pressures in the market. Meanwhile, shares of an electronics retailer moved higher after a strong quarterly report.

Major U.S. equities indexes rose for the third straight session as investors grew increasingly optimistic that the Federal Reserve could cut interest rates at its December meeting. The Dow rose 1.4%, the S&P 500 gained 0.9%, and the Nasdaq ended 0.7% higher. See here for more from Investopedia on Tuesday's market moves.

Keysight Technologies (KEYS) shares jumped 10% to log Tuesday's top performance in the S&P 500, after the provider of electronic test and measurement solutions topped quarterly earnings estimates. The company's sales outlook came in ahead of expectations, boosted by strong demand from AI data centers. Keysight also announced a new $1.5 billion share repurchase program.

Shares of companies exposed to the housing market extended their recent rise amid growing optimism about a cut in interest rates, which would lead to lower mortgage rates. Builders FirstSource (BLDR) stock surged close to 9% Tuesday, adding to solid gains posted by the residential construction materials supplier in the prior session.

Consumer electronics retailer Best Buy (BBY) reported better-than-expected same-store sales, revenue, and adjusted profit for the third quarter, and its shares powered over 5% higher. The company also raised its full-year outlook, pointing to consumer resilience as well as gains in the computer, tablet, and gaming categories as customers upgrade and replace older devices.

Shares of chipmaker Advanced Micro Devices (AMD) dropped about 4%, falling the most of any S&P 500 stock Tuesday, while Nvidia (NVDA) slipped nearly 3% following a report that Meta Platforms (META) is evaluating using AI chips from Google. Shares of Google parent Alphabet (GOOGL) climbed close to 2% to finish at a fresh high.

J.M. Smucker (SJM) stock lost 3.7% after the parent of its namesake fruit spreads, Jif peanut butter, and Folgers coffee released its fiscal second-quarter earnings report. Although sales for the period edged out forecasts and adjusted profit matched expectations, Smucker's full-year profit outlook disappointed. The company has raised its coffee prices as it navigates tariff pressures but said it would refrain from additional price hikes this winter after the U.S. excluded raw coffee from tariffs.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

David Thodey

Well, good morning, ladies and gentlemen. Great to have you here this morning. For those who don't know me, my name is David Thodey, and I'm the Chair of Ramsay Healthcare. So on behalf of the Board and the management team, a very warm welcome to our 2025 Annual General Meeting. And of course, we welcome those of you who have tuned in online and part of the webcast. So welcome to you as well.

Now I'm informed that we have a quorum present, and accordingly, I declare this Annual General Meeting open.

So I'd like to begin by acknowledging the Traditional Custodians of the land on which we're meeting today, the Gadigal people of the Eora Nation, and I pay my respects to Elders, past, present and emerging. I'd also like to acknowledge the many First Nations employees who contribute so greatly to our company right across the country, which we appreciate greatly.

So let me begin by introducing the Board of Directors, all of whom are present with us today. But I will start on my right with Natalie Davis, our Group CEO and Managing Director, who did attend last year, but she was really observing at that time. But it's great to have her here today. But so starting from my far left and then moving to the right, firstly, Helen Kurincic. Helen is a member of the Audit Committee and the Risk Management Committee.

Then we have Craig Drummond. As you know, Craig joined our Board in July, and he will address the meeting

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, announced that today the Company has made a voluntary prepayment of $130.0 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire Hathaway”). The prepayment is being made from the proceeds of recent property sales including the sale of the Company's Aventura, FL.

-

Patel, who announced plans to open an additional 52 new restaurants by 2030, will assume ownership and operation of 85 restaurants previously operated by Colonel’s Limited, LLC

ATLANTA--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced that it has refranchised restaurants previously owned and operated by Colonel’s Limited, LLC, a joint venture between Papa Johns and Steeplechase Express, Inc. Pie Investments, led by Chris Patel, a leading franchisee operator and now one of Papa Johns largest domestic franchise partners, has assumed control of 85 Papa Johns restaurants in the Washington, D.C. and Baltimore markets. Through a joint venture with Papa Johns, the restaurants were previously owned and operated by Colonel’s Limited, LLC, led by William Freitas, one of Papa Johns longest-standing franchisee partners, who is retiring. Papa Johns and Pie Investments also announced plans to open 52 additional new restaurants by 2030 to expand Papa Johns footprint across the Greater Philadelphia, Washington, D.C. and Baltimore markets.

The strategic refranchising follows a period of growth for Patel and Pie Investments, who operate Papa Johns restaurants across the Northeast. With this refranchising, Pie Investments now operates more than 150 Papa Johns restaurants, furthering Pie Investments’ goal of owning 250 restaurants by 2030.

“Chris Patel’s growth mindset and entrepreneurial spirit are exactly the qualities Papa Johns is looking to emphasize among our franchisees as we work to be the best pizza makers in the business,” said Ravi Thanawala, Chief Financial Officer and President, North America at Papa Johns. “Chris has built a team of leaders passionate about pizza, and his impressive record in acquiring restaurants and improving their profitability is well known across the Papa Johns system.”

“Papa Johns well-known commitment to quality continues to make the brand an attractive investment for entrepreneurs,” said Chris Patel, COO and equal partner of Pie Investments. “Papa Johns leadership is empowering franchisees to drive success, with tools to elevate our operations and enhance our customer experience. We’re looking forward to continued growth with Papa Johns and bringing the brand promise of Better Ingredients. Better Pizza. to new groups of pizza lovers.”

Colonel’s Limited, LLC, led by William Freitas and his family, opened its first Papa Johns restaurant in 1993, and helped grow Papa Johns into the world’s third-largest pizza delivery company. The franchisee was one of the first pizza restaurant owners to embrace digital channels, enabling Papa Johns to become the first major pizza chain to offer online ordering.

“Bill Freitas and his team at Colonel’s Limited will be remembered as pioneers among those like Chris Patel who are following in their footsteps,” Thanawala said.

Forward-Looking Statements

Certain matters discussed in this press release which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Part I. Item 1A. - Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 29, 2024. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

About Papa Johns

Papa John’s International, Inc. (Nasdaq: PZZA) opened its doors in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.® Papa Johns believes that using high-quality ingredients leads to superior quality pizzas. Its original dough is made of only six ingredients and is fresh, never frozen. Papa Johns tops its pizzas with real cheese made from mozzarella, pizza sauce made with vine-ripened tomatoes that go from vine to can in the same day and meat free of fillers. It was the first national pizza delivery chain to announce the removal of artificial flavors and synthetic colors from its entire food menu. Papa Johns is co-headquartered in Atlanta, Ga. and Louisville, Ky. and is the world’s third-largest pizza delivery company with approximately 6,000 restaurants in approximately 50 countries and territories. For more information about the company or to order pizza online, visit www.PapaJohns.com or download the Papa Johns mobile app for iOS or Android.

About Pie Investments

Pie Investments Management LLC now owns and operates more than 150 Papa Johns restaurants across six states, making it one of the system’s fastest-growing franchise platforms. The company is committed to building high-performing teams, elevating the guest experience, and driving operational excellence throughout its portfolio. Pie Investments continues to invest in people, technology, and store-level operations to support disciplined, long-term growth within the Papa Johns system. With a performance-driven culture and a strong commitment to its communities, the company partners closely with its employees, brand leadership, and local neighborhoods to deliver exceptional results for guests and stakeholders alike.

More News From Papa John’s International, Inc.

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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.

Netflix is ramping up a major charm offensive with Warner Bros. Discovery and US regulators as it pursues the media giant’s streaming service and Hollywood studio – and rival bidders fret that it may be working, On The Money has learned.

The lobbying blitz by Netflix’s Chief Executive Ted Sarandos – which is looking to soothe antitrust concerns not only with the Trump administration but also members of Warner Bros. Discovery’s board – has begun to chip away at Paramount Skydance’s lead in the auction, according to people with knowledge of the matter.

The emergence of Netflix as a serious contender comes as the bidding war enters its next stage. WBD is expected to hold a second round of bids in the coming days where players can up their offers or drop out of the process, sources close to the situation told The Post.

The lobbying blitz by Netflix CEO Ted Sarandos has begun to chip away at Paramount Skydance’s lead in the auction, according to people with knowledge of the matter. Alan West/Hogan Media/Shutterstock
As The Post reported, Paramount Skydance – run by Trump supporters David and Larry Ellison –  has submitted a bid around $25 a share or around $60 billion for all of WBD. In addition to the top-rated Warner Bros. studio, WBD owns the HBO Max streaming service as well as cable properties such as CNN and HBO. 

Cable giant Comcast has made a bid for the WBD studio and streaming service and Netflix has, too. Netflix has been considered more of a dark horse since it has traditionally shunned big acquisitions and its antitrust issues in this deal have been viewed as thorny.

More From Charles Gasparino
Now, however, insiders say Netflix’s charm offensive is sowing doubts about the inevitability of Paramount Skydance’s bid from an antitrust standpoint – both at WBD and among the staffers at DOJ’s antitrust division, who will make a recommendation to their boss Gail Slater.

Netflix’s legal eagles appear to have made headway convincing the WBD board with an argument about something called “category ambiguity,” a theory that antitrust law doesn’t necessarily apply to streaming services because of the prevalence of content on YouTube and social media; it’s not something that can be cornered and price gauged in the traditional sense.

Warner Bros. Discovery CEO David Zaslav is looking to get top dollar from bidders Paramount Skydance, Netflix and Comcast. Getty Images
As a result normal antitrust concerns would not apply to the combination of Netflix, the No. 1 streamer in the world, with WBD’s No. 3 ranked HBO Max.

WBD’s board is increasingly skeptical that Netflix will face a serious antitrust challenge in its bid to buy just WBD’s streaming service, HBO Max, and its studio, as is being argued by Paramount Skydance’s legal advisers. DOJ staffers, meanwhile, are now discussing the antitrust implications of combining Paramount Skydance’s studio with Warner Brothers.

WBD’s board is increasingly skeptical that Netflix will face a serious antitrust challenge in its bid to buy just WBD’s streaming service, HBO Max, and its studio. CAROLINE BREHMAN/EPA/Shutterstock
“It’s total horses–t from an antitrust standpoint that they’re selling to the Warner board but it’s working,” said one rival legal official on the deal. “They made this largely a two-horse race” between Paramount Skydance and the streaming giant.

A Netflix spokesman had no immediate comment. A rep for WBD CEO David Zaslav had no comment.

President Trump wants Larry and David Ellison to buy WBD for several reasons. Getty Images
With Trump publicly supporting the Ellisons’ various acquisition forays, the father-son duo seemed to have had the inside track on gaining approval for their planned purchase of WBD. And they still might: As The Post has reported, Trump wants them to buy WBD for several reasons including they will neutralize the anti-MAGA commentary on CNN.

Trump meanwhile, holds a particular animus for its CEO Brian Roberts for running the MAGA-hating cable channel MSNBC. Plus it too would be combining two major studios.

But Netflix is said to be particularly appealing to members of the WBD board because it wants just the studio and streaming service at a time when WBD was in the middle of breaking into two companies.

Insiders say Zaslav’s breakup idea was to get top dollar for the streaming and studio, which would receive a lower valuation combined with old media cable properties like CNN, as Paramount Skydance is proposing in its offer.

Over the past month, shares of Netflix have fallen nearly 10%. Getty Images
One problem for Netflix, of course, is whether “category ambiguity” really does apply to streaming. Lawyers for Paramount Skydance have argued to the WBD board that the Trump DOJ will block a combination of two top streaming services combined with a major studio that might be downsized given Netflix’s streaming-centric business model.

Another issue involves Netflix investors who aren’t too happy with its acquisition plans. Over the past month, shares of Netflix have fallen nearly 10% when it became clear earlier in the month it was planning to bid on WBD. 

NatWest Group plc (NWG) JPMorgan UK Leaders Conference November 19, 2025 6:15 AM EST

Company Participants

Katie Murray - Group CFO & Executive Director

Conference Call Participants

Sheel Shah - JPMorgan Chase & Co, Research Division

Presentation

Sheel Shah
JPMorgan Chase & Co, Research Division

Thank you. Thank you very much for your time, everyone. I'm joined here by Katie Murray, CFO of NatWest Group. A pleasure to have you here, Katie.

Katie Murray
Group CFO & Executive Director

Lovely to be here. Thank you very much.

Question-and-Answer Session

Sheel Shah
JPMorgan Chase & Co, Research Division

Now, the stock has done very well over the last few years relative to the U.K. market, relative to European banks as well, trading at 7.5x PE, 1.3x book for almost a 19% return on tangible equity on our numbers. So a very strong operating performance. Clearly, the fiscal backdrop adds an element of uncertainty there. But if we start there, the news flow around the budget has been volatile, to say the least. Can you give a sense of the economic environment that some of the corporates and individuals are faced with and your view on that?

Katie Murray
Group CFO & Executive Director

Yes. No, absolutely. And it's one of those things. There's a lot of noise at the moment about the budget, and I'm sure all of us feel it's gone on for a long time as well. But there's also, I think, the reality of what we see on the ground. The way that we kind of look at economics kind of internally, I guess, our kind of in-house sort of commentary is one of sort of cautious optimism. When we look at kind of what's happening in the economics, base rates have behaved more or less as we expected them to. Unemployment has gone up a little bit. It's gone up to kind

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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.

Markets have been on the move in recent weeks, and so too have asset managers. ETF managers have plenty of flexibility when it comes to adjusting the holdings in their funds, and the managers of growth ETF QGRO are no exception. The fund, which tracks the American Century U.S. Quality Growth Index, saw several changes to its holdings and weights in just the last week. That may hold some intriguing data points for both investors in the ETF and market watchers following the $2 billion-plus strategy.

See more: How This Tax Exempt ETF Can Boost Portfolios

The American Century U.S. Quality Growth ETF (QGRO) launched in September 2018. It charges 29 basis points to invest in U.S. firms with high growth potential and strong fundamentals relative to rival companies. Its index operators screen for factors like income and quality with metrics like cash flow, profitability, and more.

QGRO’s Growth ETF Changes
According to VettaFi data, the strategy saw some notable changes worth analyzing. It saw at least two stocks drop and added at least two notables, while adjusting the weights of six stocks still in its portfolio. Intriguingly, the trio of Alphabet, Inc. (GOOGL), Meta Platforms, Inc. (META), and Amazon, Inc. (AMZN), all saw their weights in the growth ETF drop. Between November 21 and 24, the weights dropped by 1.22%, 1.32%, and 1.74%, respectively.

Three other firms saw their weights in the ETF increase, by contrast. Amphenol Corporation (APH), Ralph Lauren Corporation (RL), and Expedia Group, Inc. (EXPE) saw their weights increase. Their weights in the ETF’s portfolio grew by 3.53%, 2.1%, and 1.33%, respectively, per VettaFi data.

The quality growth ETF’s top two drops included Itron Inc. (ITRI) and Booz Allen Hamilton Holding Corporation (BAH). Those firms sat at 0.76% and 0.72%, respectively, before being dropped. In terms of additions, its largest two additions by weight were Cardinal Health, Inc. (CAH) and HCA Healthcare, Inc. (HCA), coming in at 1.08% and 1.25% weights, respectively.

QGRO has returned 12.4% YTD with its approach to quality, growth-oriented names. The latest move, decreasing weight towards three megacap tech names, may intrigue investors looking to diversify their portfolios into other rising companies. Looking ahead, as it makes further moves, it may make for a solid equity addition to portfolios. 

VettaFi LLC (“VettaFi”) is the index provider for QGRO for which it receives an index licensing fee. However, QGRO is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of QGRO.

For more news, information, and strategy, visit the Core Strategies Content Hub.

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November 25, 2025 5:52 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 25, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Western Alliance Bancorporation (NYSE: WAL) resulting from allegations that Western Alliance Bancorporation may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Western Alliance Bancorporation 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=46349 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 October 16, 2025, Western Alliance Bancorporation disclosed that it had initiated a lawsuit against a borrower, Cantor Group V LLC, alleging fraud related to collateral loans.

On this news, Western Alliance Bancorporation's stock fell 10.88% on October 16, 2025.

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 the largest ever securities class action settlement against a Chinese Company at the time. At the time 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/275943

DETROIT – A third high-profile technology executive is leaving General Motors amid a restructuring of the automaker's software and product businesses, CNBC has learned.

Baris Cetinok, GM senior vice president of software and services product management, will depart the company effective Dec. 12, the automaker confirmed Tuesday after an internal announcement to employees.

Cetinok is the third tech-turned-auto executive to leave GM in roughly a month as the company combines its vehicle software engineering and global product units under one organization, led by new Chief Product Officer Sterling Anderson.

"Baris has built a strong software product management team at GM. We're grateful for his contributions and wish him continued success. With hardware and software engineering unified under Global Product, we're integrating product management with engineering to accelerate the delivery of exceptional in-vehicle experiences," GM said in an emailed statement to CNBC.

Cetinok, who joined GM in September 2023 after stints with companies such as Apple, Microsoft and Amazon, could not immediately be reached for comment. The announcement of his departure comes a month after he described his position as "a product person's dream" in an interview with CNBC.

GM's senior vice president of software and services engineering, Dave Richardson, and its head of GM artificial intelligence, Barak Turovsky, have also left the company since October. Richardson was with GM for more than two years, while Turovsky was hired in March.

Anderson left the self-driving company he cofounded, Aurora Innovation, to join GM. He told CNBC last month that in order for the automaker to succeed, software and product must be thought of as one and the same.

"That's the point of the role, I think, is it brings together all of these pieces into a unified approach to how we do product going forward," Anderson said during an Oct. 22 interview at a GM technology event in New York.

Anderson, a former McKinsey & Co. consultant who later led Tesla's AutoPilot program, said his goal is to accelerate the pace of GM's innovations.

When Anderson's appointment with GM was announced in May, Cetinok said in a LinkedIn post he was "delighted to welcome" the executive to the company. GM CEO Mary Barra and GM President Mark Reuss also hailed Anderson as being equipped to "evolve" and "reinvent" the automaker's operations.

The global automotive industry has battled for years to better integrate technology into vehicles – from their production to consumer-facing software and remote, or "over-the-air," updates like Tesla pioneered.

GM has taken an aggressive approach to combat such challenges by hiring leaders from Tesla and technology companies such as Apple and Google. However, many times, such executives have had short tenures with the company.

About Emily Jarvie
Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

MLTX Investors with Losses Encouraged to Contact Hagens Berman

, /PRNewswire/ -- MoonLake Immunotherapeutics (NASDAQ: MLTX), a clinical-stage biotechnology company, has been hit with a securities fraud class action lawsuit after its share price plummeted nearly 90% in a single day. The sharp decline was triggered by the release of disappointing Phase 3 trial results for its lead and only drug candidate, sonelokimab (SLK).

Global plaintiffs' rights firm Hagens Berman is actively investigating the alleged claims. The firm urges investors in MoonLake who suffered significant losses to submit your losses now.

Class Period: Mar. 10, 2024 – Sep. 29, 2025
Lead Plaintiff Deadline: Dec. 15, 2025
Visit: www.hbsslaw.com/investor-fraud/mltx
Contact the Firm Now: [email protected]
                                       844-916-0895

MoonLake Immunotherapeutics (MLTX) Securities Class Action:

The complaint, filed in the U.S. District Court for the Southern District of New York, alleges that MoonLake and certain executives made materially false and misleading statements to investors about SLK's clinical prospects, specifically exaggerating its benefits over competitors.

The controversy centers on MoonLake's investigational therapeutic, SLK, which is designed to treat moderate to severe hidradenitis suppurativa (HS), a chronic inflammatory skin disease.

For months leading up to the data release, the company allegedly touted the drug's distinctive "Nanobody" structure as a major competitive advantage, suggesting it would translate into superior efficacy compared to conventional monoclonal antibody treatments, like a competing FDA-approved drug, BIMZELX. The claims focused on the Nanobody's smaller size and supposed ability to offer "higher clinical responses for patients."

However, the reality check allegedly came on Sep. 28, 2025. MoonLake reported its Week 16 results from the highly anticipated VELA Phase 3 trials. VELA-2, one of the two trials, failed to meet its primary endpoint. More critically, analysts and investors quickly noted that the efficacy results, even from the trial that did succeed statistically, were substantially lower than those previously achieved by the competitor drug, BIMZELX.

On the news, the price of MoonLake stock cratered, falling by $55.75 per share, or nearly 90%, from $61.99 to $6.24 in the following trading day. Analysts described the outcome as a "disastrous result" and a "near worst-case scenario."

The securities suit alleges that MoonLake failed to disclose crucial information, namely that:

SLK and its competitor, BIMZELX, share the same molecular targets (the inflammatory cytokines IL-17A and IL-17F).
SLK's distinct Nanobody structure would not, in fact, confer a superior clinical benefit over the competitor's traditional monoclonal antibody.
Plaintiffs argue that the company's continuous touting of SLK's molecular advantages as a pathway to "gold standard" efficacy was misleading, artificially inflating the stock price during the class period (from March 10, 2024, to September 29, 2025).

Hagens Berman's Investigation

National shareholders rights firm Hagens Berman has launched its own investigation into the claims that MoonLake misled investors about the trial design and efficacy data. Reed Kathrein, the Hagens Berman partner leading the investigation, stated, "We're focused on investors' losses and whether MoonLake may have intentionally misled investors about the SLK's purported advantages over BIMZELX while claiming that SLK could become a 'gold standard.'"

If you invested in MoonLake and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the MoonLake case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding MoonLake should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

SOURCE Hagens Berman Sobol Shapiro LLP