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Same Property NOI Growth: 4.4% in the first quarter.Same Property Percent Leased: Approaching 97%, up 10 basis points over the fourth quarter.Same Property Com

May 07, 2026 08:15 ET  | Source: Regency Centers Corporation

JACKSONVILLE, Fla., May 07, 2026 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency Centers,” “Regency” or the “Company”) (NASDAQ: REG) announced today that the Company’s Board of Directors (the “Board”) declared quarterly cash dividends on Regency’s common stock, Series A preferred stock, and Series B preferred stock, respectively.

On May 6, 2026, the Board declared a quarterly cash dividend on the Company’s common stock of $0.755 per share. The dividend is payable on July 2, 2026, to shareholders of record as of June 12, 2026.On May 6, 2026, the Board declared a quarterly cash dividend on the Company’s Series A preferred stock of $0.390625 per share. The dividend is payable on July 31, 2026, to shareholders of record as of July 16, 2026.On May 6, 2026, the Board declared a quarterly cash dividend on the Company’s Series B preferred stock of $0.367200 per share. The dividend is payable on July 31, 2026, to shareholders of record as of July 16, 2026. About Regency Centers Corporation (NASDAQ: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com

Kathryn McKie
904 598 7348
[email protected]

Key Takeaways Macerich Q1 FFOA matched last year at 34 cents per share and beat consensus estimates.MAC signed leases for 1.6M square feet as leased portfolio occupancy rose to 93.4%.MAC acquired Annapolis Mall for $260M, targeting higher NOI through leasing and repositioning. The Macerich Company (MAC - Free Report) reported first-quarter 2026 funds from operations as adjusted (FFOA) per share of 34 cents, matching the year-ago level and beating the Zacks Consensus Estimate by 9.68%. Total revenues of $241.54 million declined 3.1% year over year but topped the consensus mark by 1.2%.

Results reflected solid leasing volume and an increase in Go-Forward Portfolio Centers’ net operating income (NOI) and base rent re-leasing spreads.

Operationally, leased portfolio occupancy was 93.4% as of March 31, 2026, up 80 basis points from 92.6% a year earlier, though down 60 basis points from 94% at the end of 2025.

MAC’s Leasing Volume Supports Path Forward PlanLeasing activity remained a central operating theme. During the first quarter, Macerich signed leases for 1.6 million square feet, reflecting a 2.5% increase in leased square footage year over year on a comparable-center basis (excluding a multi-location anchor renewal package executed in the prior-year period).

Management also emphasized the company’s new-store leasing pipeline. New store leases are expected to produce total gross revenues of approximately $116 million at Macerich’s share in excess of the revenues generated in 2024 from prior uses in those same spaces, spanning open stores, signed-not-open leases and leases in documentation from 2024 through 2028.

MAC’s NOI Trend Shows Better Core Property ResultsGo-Forward Portfolio Centers NOI, excluding lease termination income, increased 1.2% year over year in the first quarter. The metric points to steadier underlying property performance, even as the quarter included shifting items such as asset-sale activity and other below-the-line movements.

On a GAAP basis, Macerich posted a net loss attributable to the company of $36.4 million, or 14 cents per share, compared with a loss of $50.1 million, or 20 cents per share, in the prior-year quarter. Management attributed the change primarily to gains on sale or write-down of assets, net, recognized in the first quarter of 2026.

Macerich’s Tenant Demand Signals Healthier SalesTenant sales productivity strengthened year over year. Portfolio tenant sales per square foot for spaces smaller than 10,000 square feet were $899 for the 12 months ended March 31, 2026 compared with $837 for the 12 months ended March 31, 2025. Go-Forward Portfolio Centers' sales per square foot for the same category were higher at $941.

The company also reported average base rent per square foot (for spaces under 10,000 square feet, excluding Santa Monica Place) of $71.06 as of March 31, 2026, up from $69.21 a year earlier. These figures help frame how Macerich’s leasing and merchandising efforts are translating into improved productivity and rent capture over time.

Macerich Expands With Annapolis Mall AcquisitionA notable portfolio action was the acquisition of Annapolis Mall, a Class A regional mall totaling approximately 1.5 million square feet in Annapolis, MD, for $260 million, plus an adjacent 13.1-acre vacant Sears parcel for $12 million. The company said that the transaction was funded with cash on hand and $150 million of borrowings from the line of credit.

Macerich presented the asset as one with repositioning and leasing upside. The acquisition materials highlighted year-one estimated NOI of roughly $24 million (forward 12 months), rising to about $29 million, including the annualized impact of signed-not-open leasing expected to commence in 2026 and 2027.

MAC’s Balance Sheet Actions Highlight Liquidity FocusMacerich’s balance sheet activity during the quarter included multiple financing and capital steps. The company completed an amended and restated $900 million revolving credit facility on Feb. 24, 2026, increasing the facility size from $650 million to $900 million, extending maturity from February 2027 to March 2030 (inclusive of a 12-month extension option) and reducing the pricing grid.

Liquidity remained a key investor focus point. As of the filing date, Macerich reported approximately $780 million of liquidity, including $650 million of available capacity on the revolving credit facility. The company also reported net debt to adjusted EBITDA, as further modified, of 7.76X as of March 31, 2026, providing a snapshot of leverage, while management works through financing, disposition and operational initiatives under its Path Forward Plan.

MAC’s Zacks RankCurrently, Macerich carries a Zacks Rank #3 (Hold).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Retail REITsRegency Centers Corporation (REG - Free Report) reported first-quarter 2026 core FFO per share of $1.20, missing the Zacks Consensus Estimate of $1.21. However, the metric increased 4.3% from the year-ago quarter.

Results were aided by continued leasing traction, as reflected in same-property NOI growth of 4.4% year over year.

Kimco Realty Corporation (KIM - Free Report) reported first-quarter 2026 core FFO per share of 46 cents, topping the Zacks Consensus Estimate of 45 cents. The metric increased 4.5% from the year-ago quarter.

Results were supported by steady rent growth and continued demand for Kimco’s open-air, grocery-anchored centers, with pro-rata leased occupancy ending the quarter at 96.3%, up 50 basis points year over year.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

Key Takeaways FRT targets dense, high-income, supply-constrained markets to support steadier retail demand.FRT hit a Q1 record: 101 comparable leases (649,078 sq ft) with 13% cash rent growth.REG is 85% grocery-anchored and has $635M in projects underway with a 9% blended yield. Retail REITs have had to prove that open-air centers can keep drawing shoppers even when consumers are more careful with spending. Federal Realty Investment Trust (FRT - Free Report) and Regency Centers (REG - Free Report) both look well-placed in that environment.

FRT leans on dense, high-income markets, mixed-use destinations, strong leasing and one of the most impressive dividend records in real estate. Meanwhile, REG is a national leader in grocery-anchored neighborhood centers, with a large development platform and a strong balance sheet.

Both companies reported solid first-quarter 2026 results, showing healthy rent growth, high leased rates and active tenant demand. The question for investors is not which company is good but which one has the stronger mix of durability, growth drivers and long-term quality. Let’s delve deeper to find out which retail REIT looks like the better stock to consider now.

The Case for FRTFederal Realty’s biggest advantage is the quality of its real estate. The company focuses on high-barrier, supply-constrained markets where strong household incomes support retailers, even when the economy is uneven. Management made this point clearly on the latest call, noting that FRT’s centers sit in areas with significant purchasing power and that the company benefits from the higher end of a K-shaped consumer economy. This matters because stronger trade areas can support better tenant sales, steadier occupancy and more confidence from retailers looking for scarce space.

FRT’s first-quarter results also show strong operating momentum. The company generated core FFO per diluted share of $1.88, up 10.6% from the prior year. Comparable property operating income rose 4.7%, while adjusted comparable POI increased 5.1%. Its overall portfolio was 96.1% leased, and it signed 101 comparable retail leases covering 649,078 square feet, a first-quarter record, with 13% cash rent growth and 23% straight-line rent growth. Compared with REG’s 12.1% cash rent spread in the quarter, FRT’s leasing spread was slightly stronger, even though both companies posted healthy numbers.

Another plus is FRT’s ability to create value from mixed-use assets. The company is not just operating shopping centers; it is also adding residential density and building retail-centered communities such as Santana Row, Pike & Rose and Assembly Row. Management said that nearly 800 residential units under development or planned around existing shopping center assets could add about $27 million of operating income once stabilized over the next few years, which gives FRT a growth path that is harder for a pure grocery-anchored retail landlord to match.

FRT also has a rare income-growth record. The company has increased its quarterly dividend for 58 consecutive years, the longest streak in the REIT industry, while maintaining a 60% Nareit FFO payout ratio in the first quarter. This combination of dividend consistency, healthy leasing, strong trade areas and improving guidance makes FRT stand out as a high-quality compounder rather than just another retail REIT.

The Case for REGRegency Centers’ portfolio is built around grocery-anchored neighborhood and community centers, with more than 85% of its properties in that format. This gives REG a defensive profile because grocers, service tenants, restaurants, value retailers and convenience-based users tend to draw regular traffic. In uncertain periods, the essential-retail focus can help keep cash flows steady.

REG’s first-quarter numbers were also solid. Same-Property NOI increased 4.4%, Nareit FFO per share rose to $1.20 from $1.15, and core operating earnings per share jumped to $1.16 from $1.09. Same-Property percent leased was 96.6%, with anchor leased at 98.2% and shop leased at 94.1%.

Regency’s development platform is another key strength. The company had about $635 million of in-process development and redevelopment projects at quarter end, with a blended estimated yield of 9%, and management highlighted more than $1 billion of potential project starts over the next three years. In a market where new retail supply remains limited, REG’s ability to deliver new grocery-anchored centers at scale is a real competitive edge.

However, REG’s growth story, while attractive, looks a bit more dependent on its development pipeline and grocery-anchored format. This is not a weakness in normal terms, but compared with FRT, it offers less mixed-use upside and less exposure to the affluent urban-suburban destinations that can support multiple income streams.

How Do Estimates Compare for FRT & REG?The Zacks Consensus Estimate for Federal Realty’s 2026 and 2027 sales implies year-over-year growth of 6.42% and 3.91%, respectively. The consensus mark for 2026 and 2027 funds from operations (FFO) per share suggests year-over-year growth of 3.74% and 4.51%, respectively. Over the past month, estimates for FRT’s 2026 FFO per share have been tweaked marginally northward to $7.49, while the same for 2027 has been revised upward to $7.83.

Estimates for Federal Realty:

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Regency Centers’s 2026 and 2027 sales indicates year-over-year growth of 5.78% and 3.70%, respectively. Over the past month, the consensus mark for 2026 has remained unchanged, while that for 2027 has been tweaked upward marginally. The figures suggest year-over-year increases of 4.53% and 4.69%, respectively.

Estimates for Regency Centers:

Image Source: Zacks Investment Research

Price Performance & Valuation of FRT & REGSo far this year, Federal Realty shares have risen 18.8%, and Regency Centers’ stock has rallied 14.2%. In comparison, the Zacks REIT and Equity Trust - Retail industry has gained 12.7%, whereas the S&P 500 composite has returned 9.7% in the same time frame. 

Image Source: Zacks Investment Research

FRT is trading at a forward 12-month price-to-FFO, which is a commonly used multiple for valuing REITs, of 15.70X, which is above its three-year median of 13.60X.

REG is presently trading at a forward 12-month price-to-FFO of 15.95X, which is also above its three-year median of 15.24X. Both FRT and REG carry a Value Score of D.

Image Source: Zacks Investment Research

Conclusion: FRT Has the EdgeFRT and REG are both high-quality retail REITs with strong leasing, healthy tenant demand and durable portfolios. REG deserves credit for its grocery-anchored focus, high leased rate, development platform and balance sheet strength.

But if the goal is to pick the better retail REIT now, Federal Realty stands out. Its higher first-quarter FFO growth, stronger cash rent spread, raised guidance, mixed-use growth opportunities, affluent trade areas, and unmatched dividend growth record give it a broader and more durable investment story. For investors choosing between the two, FRT has the edge. Estimate revisions also point in the same direction.

FRT carries a Zacks Rank #2 (Buy), whereas REG has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

May 28, 2026 08:15 ET  | Source: Regency Centers Corporation

JACKSONVILLE, Fla., May 28, 2026 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency”, “Regency Centers” or the “Company”) (Nasdaq:REG) today released its 2025 Corporate Responsibility Report. The report underscores Regency's continued commitment to responsible business practices and long-term stewardship of its assets, while reflecting the Company's ongoing efforts to create value for its shareholders and the communities it serves. The report can be found on the Corporate Responsibility page of Regency’s website.

“The principles behind Regency’s Corporate Responsibility program have long been part of how we operate and remain foundational to our long-term business strategy," said Lisa Palmer, President and Chief Executive Officer. “By investing thoughtfully in our properties, supporting our people, and strengthening the communities we serve, we continue to create long-term value for our shareholders.”

Our 2025 Corporate Responsibility Report highlights recent awards, recognition, and notable achievements, including:

Record-high Employee Engagement score of 88% for the third consecutive yearReceived the Healthiest Companies Award from the First Coast Workplace Wellness Council for the 17th consecutive yearTogether with our employees, we contributed approximately $2.2 million to charitable causesEmployees volunteered 2,000+ hours to local communitiesExceeded our 2030 Scope 1 and 2 greenhouse gas emissions (GHG) reduction target five years ahead of schedule, with a cumulative reduction of 38% from the 2019 baseline yearInvested $2.6 million in high-efficiency LED Projects in 2025Achieved meaningful progress across water conservation, waste diversion, and EV charging initiatives About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.

Forward-Looking Statements

Certain statements in this document and the referenced 2025 Corporate Responsibility Report and TCFD-aligned Climate Risk Report regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our current 2026 guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law.

Kathryn McKie
904 598 7348
[email protected]                                        

Memphis, Tennessee--(Newsfile Corp. - May 27, 2026) - Leading digital marketing agency HigherVisibility, introduced an updated version of its Targeted Growth System (TGS), a proprietary methodology used across the agency's SEO, PPC, link building, eCommerce SEO, website design, and franchise SEO services.

The update places greater emphasis on site speed, server response time, and technical reliability as AI-driven search changes how content is retrieved and surfaced online.

The updated Targeted Growth System focuses on technical website performance as AI search systems retrieve online content.

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The update comes as marketers face growing pressure to ensure websites remain accessible to AI-driven search and retrieval systems that prioritize fast, reliable page access.

HigherVisibility uses the TGS across its digital marketing services to support visibility, traffic, and conversion performance, following a growing discussion around how AI-driven search systems retrieve online content.

The TGS comprises six focus areas:

Campaign strategyCompetitive analysisAudience profilingConversion rate optimizationData and attributionAdaptive targeting"We started paying closer attention to how AI platforms retrieve and process pages because it changes how brands appear in AI-driven search results," said Adam Heitzman, managing partner at HigherVisibility.

"Site performance used to be treated mainly as a UX or engineering issue. Now it affects whether AI systems can reliably access your content in the first place, which makes it part of the visibility conversation for marketing teams too."

More information about the framework is available on HigherVisibility.

About HigherVisibility:

HigherVisibility is a digital marketing agency that provides SEO, paid media, web design, and analytics services for businesses across multiple industries. The agency builds and manages performance-focused marketing programs supported by proprietary reporting tools, including its Insite dashboard, which is used to track and analyze campaign performance for clients. HigherVisibility works with organizations ranging from small businesses to enterprise-level brands.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298547

Source: DesignRush

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UPPSALA, SE / ACCESS Newswire / May 28, 2026 / Biovica International (STO:BIOVIC-B)(STO:BIOVIC.B)(FRA:9II) - Biovica, specializing in blood-based cancer monitoring, today announced new data published in the European Journal of Cancer showing that DiviTumTKa can capture early, treatment-specific biological response in patients with endocrine-resistant HR+/HER2− metastatic breast cancer.

The analysis included 555 patients from the phase III GEICAM/2013-02 PEARL trial and used Biovica's FDA 510(k)-cleared DiviTum TKa assay. Patients were randomized to receive either targeted therapy (ET + palbociclib) or chemotherapy (capecitabine).

The key new insight is that TKa did not behave the same way across treatments. Instead, early TKa changes reflected how each therapy affected tumor biology - increasing in patients who benefited from capecitabine, an oral chemotherapy, while confirming previous findings that effective CDK4/6-based treatment is associated with early TKa suppression.

The authors also highlight that TKa provides unique information that may complement ctDNA. While ctDNA provides important genomic information about tumor mutations and clonal evolution, TKa provides a functional, real-time readout of tumor proliferation and biological treatment activity. In simple terms, ctDNA can help show what genetic changes are present, while TKa can help show what the cancer is doing during treatment.

"This analysis is part of GEICAM's commitment to advancing translational research with a real impact on clinical practice. TKa is a robust blood-based marker that makes it possible to monitor tumor activity in real time. Our study shows that its early changes, just 15 days after treatment begins, very clearly predict which patients are responding. It is a tool that can help us better understand treatment response and move toward increasingly personalized care in metastatic breast cancer," says Dr. Ángel Guerrero Zotano, one of the researchers involved in this study and member of GEICAM's Board of Directors.

" What makes these findings particularly compelling is that TKa doesn't just confirm response - it differentiates it. The marker behaves distinctly depending on how a therapy works biologically, which means clinicians get a real-time functional signal that genomic tools simply cannot provide. As oncology accelerates toward truly personalized treatment, we believe DiviTum TKa is becoming an essential part of that picture - and data of this quality, at this scale, strengthens our confidence in the path ahead," says Theis Kipling, CEO of Biovica.

Contact

Theis Kipling, CEO
Telefon: +46 (0) 76 666 36 52
E-post: [email protected]

Biovica - Treatment decisions with greater confidence

Biovica develops and commercializes blood-based biomarker assays that help oncologists monitor cancer progression. Biovica's assay, DiviTum® TKa, measures cell proliferation by detecting the TKa biomarker in the bloodstream. The assay has demonstrated its ability to provide insight to therapy effectiveness in several clinical trials. The first application for the DiviTum® TKa test is treatment monitoring of patients with metastatic breast cancer. Biovica's vision is: "Improved care for cancer patients." Biovica collaborates with world-leading cancer institutes and pharmaceutical companies. DiviTum® TKa has received FDA 510(k) clearance in the US and is CE-marked in the EU. Biovica's shares are traded on the Nasdaq First North Premier Growth Market (BIOVIC B). FNCA Sweden AB is the company's Certified Adviser. For more information, please visit: www.biovica.com

Attachments

New phase III translational data show DiviTum® TKa captures treatment-specific biological response in metastatic breast cancer

SOURCE: Biovica International

Toronto, Ontario--(Newsfile Corp. - May 29, 2026) - Theralase® Technologies Inc. (TSXV: TLT) (OTCQB: TLTFF) ("Theralase®" or the "Company"), a clinical stage pharmaceutical company dedicated to the research and development of energy-activated small molecules for the safe and effective destruction of various cancer, bacteria and viruses has released the Company's unaudited interim consolidated financial statements for the three-month period ended March 31st, 2026 ("Financial Statements").

Theralase® will be hosting a conference call on June 9th at 11:00 am ET, which will include a presentation of the financial and operational results for the quarter ended March 31st, 2026.

To ensure Theralase® has time to address questions during the call, please e-mail them in advance to [email protected].

An archived version will be available on the website following the conference call.

Table 1: Financial Summary for the Quarter Ended March 31st

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Financial Highlights:

For the Quarter ended March 31st, 2026 (All funds in Canadian Dollars):

Total revenue increased to $132,634 from $91,190 for the same period in 2025, a 45% increase.Cost of sales for the three-month period ended March 31st, 2026, was $68,250 (51% of revenue) resulting in a gross margin of $64,382 (49% of revenue). In comparison, the cost of sales for the same period in 2025 was $77,896 (85% of revenue) resulting in a gross margin of $13,294 (15% of revenue). Selling expenses decreased to $66,534 from $68,143 for the same period in 2025, a 2% decrease. The decrease in selling expenses is primarily a result of decreased spending on advertising (64%) and travel (38%).Administrative expenses for three-month period ended March 31st, 2026, decreased to $463,553 from $555,074 for the same period in 2025, a 16% decrease. The decrease in administrative expenses is primarily a result of decreased spending on insurance (20%) and professional fees (45%). Net research and development expenses for the three-month period ended March 31st, 2026, decreased to $564,724 from $877,670 for the same period in 2025, a 36% decrease. The decrease in research and development expenses is attributed to a decrease in costs for Study II patient enrollment and treatment, as the clinical study reaches completion. Research and development expenses represented 52% of the Company's operating expenses and represent investment into the research and development of the Company's Drug Division.The net loss for the three-month period ended March 31st, 2026, was $1,031,785, which included $172,118 of net non-cash expenses (i.e.: amortization, stock-based compensation expense). This compared to a net loss for the same period in 2025 of $1,471,250, which included $254,523 of net non-cash expenses. The Drug Division represented $803,352 (78%) of this loss. The decrease in net loss is primarily attributed to decreased spending on research and development expenses in Study II, as the clinical study reaches completion. Operational Highlights:

Collaborative Clinical Development Agreement

On January 12th, 2026, the Company announced that it had entered into a collaborative clinical development agreement dated January 9th, 2026 with Ferring Pharmaceuticals, expanding the Company's existing Phase II NMIBC clinical program (NCT03945162) through the addition of a new cohort evaluating Ruvidar® (TLD-1433) in combination with Adstiladrin® (nadofaragene firadenovec-vncg) for adult patients diagnosed with high-risk Bacillus Calmette-Guérin ("BCG")-Unresponsive Non-Muscle Invasive Bladder Cancer ("NMIBC") Carcinoma In-Situ ("CIS") with or without papillary disease (±Ta/T1) ("Study II"). Under the terms of the agreement, the Company will remain the sponsor of the study, with both parties providing clinical oversight through a joint development committee. The new cohort is expected to be enrolled and treated initially in the United States and, subject to written agreement, may expand into Canada or other jurisdictions.

Study II Interim Clinical Data

Cohort 1

Theralase® has completed enrollment in Study II, with the Clinical Study Sites ("CSSs") enrolling and providing the primary Study Procedure to 92 patients. Additional patients may be enrolled, until all CSSs have been closed to enrollment.

According to the clinical study design, a patient is considered to have completed Study II, if they received the Study Procedure and have been assessed by the Principal Investigator ("PI") for up to 15 months or they have been prematurely removed from the clinical study by the PI for failure to respond or failure to comply with the clinical study design.

According to this definition, 82 patients have completed Study II (with 10 patients on study pending clinical data), resulting in the following interim clinical data in support of the Study II endpoints:

A total of 92 patients have been enrolled and treated in the study. Of these patients, 81% were ≥ 65 years of age, 81% male and 83% white. Tumour stage was distributed as follows: pure 81% CIS; 12% CIS + T1; and 7% CIS + Ta. 98% were classified as BCG-Unresponsive with 2% BCG-Intolerant. The median number of BCG instillations was 15.5.

As of May 29th, 2026, 89 patients have been assessed for response outcomes, evaluable for the primary endpoint analysis.

Primary Endpoint Performance (Complete Response at any Point in Time)

The primary endpoint of Study II is the achievement of Complete Response ("CR") at any point in time following administration of the Study Procedure. Interim analysis demonstrates that 65.2% (58 out of 89) evaluable patients achieved CR.

Primary Endpoint Performance (CR at any Point in Time)
#%Confidence Interval (95%)Complete Response ("CR")58/8965.2%[49.4, 80.9]Total Response (CR and IR)65/8973.0%[56.4, 89.7]Table 2: Primary Endpoint Performance

Approximately, 2 out of 3 patients diagnosed with BCG-Unresponsive NMIBC CIS (with or without Ta/T1) achieved a CR following treatment with the Theralase® Study Procedure.

Secondary Endpoint Performance (Duration of CR - 12 Months)

The secondary endpoint evaluates the sustainability of CR at 12 months, after initial CR determination (450 days post-treatment). Among patients evaluable for durability of response, 40.4% (21 of 52 evaluable patients) maintained a CR at 450 days.

Secondary Endpoint Performance (Duration of CR) (450 Days)
#%Confidence Interval (95%)Complete Response (CR)21/5240.4%[24.0, 56.7]Total Response (CR and IR)22/5242.3%[26.5, 58.1]Table 3: Secondary Endpoint Performance

Tertiary Endpoint Performance (Safety)

The tertiary endpoint is defined as patients who have a Serious Adverse Event ("SAE") ≥ 4 directly caused by the Study Drug or Study Device, which did not resolve within 450 days. Theralase® and the independent Data Safety Monitoring Board believes all SAEs reported to date are unrelated or unlikely related to the Study Drug or Study Device.

The tertiary endpoint assesses the safety profile of the Study Procedure.

Note: A SAE is defined as any untoward medical occurrence that at any dose: Is serious or life-threatening, requires inpatient hospitalization or prolongation of existing hospitalization, results in persistent or significant disability/incapacity, is a congenital anomaly/birth defect or results in death.Treatment Emergent Adverse Events ("TEAEs") were noted, but did not meet the SAE criteria. TEAEs included urinary frequency (65%), hematuria (62.5%) and urinary urgency (53.8%), which resolved within 1 month of treatment.

There have been 24 SAEs reported: 1 x Grade I, 3 x Grade II, 13 x Grade III, 5 x Grade IV (all resolved between 1 to 82 days) and 2 x Grade V (Unlikely Related to the Study Drug, Study Device or Study Procedure). A high majority of SAEs were not treatment related and none were directly related to the Study Drug or Study Device.

Tertiary Endpoint Performance (Safety) (450 Days)
#%Safety82/82100.0%Table 4: Tertiary Endpoint Performance

Duration of CR - Extended Time Points

Patients who have completed the study were followed for up to 3 years after initial treatment at extended time points.

Duration of CRTime#%Confidence Interval (95%)2 Years10/5219.2%[7.9, 30.5]3 Years10/5219.2%[7.9, 30.5]Table 5: Duration of CR at Extended Time Points

One patient demonstrated CR for 7 years, after one Study Procedure.

On Kaplan-Meier analysis, if CR is obtained, the long term estimated probability of remaining cancer free at 1, 2 and 3 years is 48.6%, 34.5% and 25.4%, respectively.

Figure 1: Kaplan-Meier Curve

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Figure 2: Swimmer's Plot

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Figure 3: Patient Population

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Note: These clinical results are interim in nature. Study II remains ongoing. Additional clinical data may influence or alter current response trends.Regulatory Pathway, Commercialization Strategy and FDA Guidance

If approved by Health Canada and the FDA, the clinical data collected from Study II represents a transformative therapeutic option for patients diagnosed with BCG-Unresponsive NMIBC CIS, who would otherwise face radical cystectomy (surgical removal of the bladder). The Theralase® procedure has demonstrated a robust CR and sustained durability of that response, with the majority of patients receiving only a single procedure.

Following the completion of patient follow-up and final clinical data analysis, Theralase® intends to submit a New Drug Application ("NDA") to Health Canada and the United States Food and Drug Administration ("FDA") in 3Q2026, under a rolling review, with regulatory decisions anticipated in 1H2027.

Cohort 2

Theralase®, in conjunction with Ferring Pharmaceutical, subject to FDA approval, is preparing to launch a combinational clinical study to investigate the safety and efficacy of combining light-activated Ruvidar® with Adstiladrin.

It is anticipated that the complementary mechanisms of action (Ruvidar® targets bladder cancer cells directly, Adstiladrin® targets health bladder cells to produce Interferon to stimulate the innate and adaptive immune system) will provide a strong additive effect in the treatment of patients being treated for BCG-Unresponsive NMIBC CIS.

In the procedure, patients will be treated with Ruvidar® (1 hour of drug instillation, approximately 1 hour of light activation), then at another visit, they will be treated with Adstiladrin® (1 hour procedure), both in outpatient procedures. Under the clinical protocol, the patient may receive up to 4 treatments of Adstiladrin®.

The presiding uro-oncologist will have the option to deliver an additional re-induction Study Procedure, if the patient recurs.

The patient will be followed for 15 months after initial Study Procedure and up to 3 years for post-study follow-up.

Commercialization and Strategic Partnerships

In parallel with the finalization of Study II, Theralase® is actively pursuing commercialization opportunities and strategic partnerships to support the global marketing and distribution of Ruvidar®. The Company is interested in engaging in discussions with pharmaceutical companies across multiple geographic regions regarding:

Licensing arrangements for Ruvidar® in the treatment of BCG-Unresponsive NMIBC CIS in various geographic territoriesCollaborative clinical research initiatives focused on the application of light-activated Ruvidar® for broader NMIBC indicationsCollaborative clinical research combining Ruvidar®, with other FDA-approved drugs to enhance treatment efficacyAbout Study II:
Study II utilizes the therapeutic dose of the patented drug, Ruvidar® (TLD-1433) activated by the patented study device, the TLC-3200 Medical Laser System. Study II has enrolled and treated 92 BCG-Unresponsive NMIBC CIS patients in 11 clinical study sites located in Canada and the United States.

About Theralase® Technologies Inc.:
Theralase® is a clinical stage pharmaceutical company dedicated to the research and development of energy-activated small molecules for the safe and effective destruction of cancer, bacteria and viruses.

Additional information is available at www.theralase.com and www.sedarplus.ca

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

Forward Looking Statements
This news release contains Forward-Looking Statements ("FLS") within the meaning of applicable Canadian securities laws. Such statements include; but, are not limited to statements regarding the Company's proposed development plans with respect to small molecules and their drug formulations. FLS may be identified by the use of the words "may, "should", "will", "anticipates", "believes", "plans", "expects", "estimate", "potential for" and similar expressions; including, statements related to the current expectations of the Company's management regarding future research, development and commercialization of the Company's small molecules; their drug formulations; preclinical research; clinical studies and regulatory approvals.

These statements involve significant risks, uncertainties and assumptions; including, the ability of the Company to fund and secure regulatory approvals to successfully complete various clinical studies in a timely fashion and implement its development plans. Other risks include: the ability of the Company to successfully commercialize its small molecule and drug formulations; access to sufficient capital to fund the Company's operations is available on terms that are commercially favorable to the Company or at all; the Company's small molecule and formulations may not be effective against the diseases tested in its clinical studies; the Company fails to comply with the terms of license agreements with third parties and as a result loses the right to use key intellectual property in its business; the Company's ability to protect its intellectual property; the timing and success of submission, acceptance and approval of regulatory filings. Many of these factors that will determine actual results are beyond the Company's ability to control or predict.

Readers should not unduly rely on these FLS, which are not a guarantee of future performance. There can be no assurance that FLS will prove to be accurate as such FLS involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the FLS.

Although the FLS contained in the press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these FLS.

All FLS are made as of the date hereof and are subject to change. Except as required by law, the Company assumes no obligation to update such FLS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299492

Source: Theralase Technologies Inc.

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VANCOUVER, BC / ACCESS Newswire / May 29, 2026 / Core Critical Metals Corp. ("CCMC" or the "Company") (TSXV:CCMC)(OTCQB:CCMCF) (WKN: A41G8G), a North American mineral acquisition and exploration company, is pleased to announce that its common shares have been approved for listing on the OTCQB® Venture Market, operated by OTC Markets Group Inc. The Company's shares now trade on the OTCQB under the ticker symbol "CCMCF".

In addition, the Company is pleased to confirm that its common shares have achieved Depository Trust Company ("DTC") eligibility, greatly facilitating the electronic clearing and settlement of its shares in the United States.

The OTCQB is a U.S. venture stage marketplace for early-stage and developing companies, providing enhanced visibility and access to a broad base of American retail and institutional investors. CCMC's common shares will continue to trade on the TSX Venture Exchange under the symbol "CCMC" and on the Frankfurt Stock Exchange under the symbol "1XI0".

The Company is also pleased to announce that it has engaged DS Market Solutions Inc. ("DS", e-mail: [email protected]; address: 1160 Walden Circle, Unit 6, Mississauga, Ont., L5J 4J9) to provide market liquidity services in accordance with TSX Venture Exchange Policy 3.4 on a monthly basis commencing on June 1, 2026 (the "Services"). DS is owned by David Sears, an arms-length party, who will be providing the Services. DS is a consulting firm that provides market liquidity and market-making advisory services to publicly traded issuers.

DS will enhance market depth and increase liquidity for the Company's shares by entering orders, including bidding and offering, and providing information to the Company regarding the trading pattern of the shares. The engagement is ongoing and may be terminated by either party on 30 days' notice. As a result, the total cost of the engagement cannot be determined at this time. The Company will pay $10,000 for the first month and $5,000 per month thereafter for so long as the engagement remains in effect. The fees will be paid from the Company's working capital. The Company will not issue any securities to DS as compensation for the Service. As of the date hereof, to the Company's knowledge, DS (including its directors and officers) does not own, directly or indirectly, any securities of the Company. Neither DS nor David Sears currently has any right or intent to acquire securities of the Company, except as may arise in the ordinary course of carrying out the Services. DS will use its own funds and securities for the purpose of providing the Services. No third party has provided or will provide funds or securities for the market-making activities. The Company will not provide any shares or other securities to DS in connection with the Services.

The Company is also pleased to announce that further to its press release dated May 6, 2026, the Company advises Rumble Strip Media Inc. ("Rumble"), an arms-length firm engaged to provide marketing services, is owned and operated by Rishi Savera, an arms-length party to the Company. Mr. Savera will be providing the services on behalf of Rumble. Rumble provides marketing and investor awareness services, including content creation, digital advertising, media planning, social media distribution, and related reporting and analytics. The fees payable to Rumble will be paid from the Company's working capital. The Company will pay up to $500,000 for the services, of which $50,000 has been paid upon commencement of the engagement, with the balance payable in accordance with the terms of the agreement. No securities or other non-cash compensation will be provided to Rumble in connection with the engagement. To the Company's knowledge, neither Rumble nor Mr. Savera currently owns any securities of the Company and neither currently has any right or intent to acquire securities of the Company.

The Company is also pleased to announce that further to its press release dated April 14, 2026, the Company also advises that it has the following timelines to complete the exploration expenditures under the option agreement signed with First Atlantic Nickel Corp. for the Lucky Mike property commencing from the closing date of the option agreement (the effective date):

Qualified expenditures in an amount equal to $300,000 on the property prior to the first anniversary date of the effective date;

and incur qualified expenditures in an amount equal to $5.7-million on the property prior to the fifth anniversary of the effective date.

Once the initial consideration and initial expenditures have been satisfied, the Company shall earn an interest in the Lucky Mike property equal to 70 per cent.

About Core Critical Metals Corp.

Core Critical Metals Corp. is a North American mineral acquisition and exploration company focused on the development of quality critical metal properties that are drill-ready with high-upside and expansion potential.

CORE CRITICAL METALS CORP.

Deepak Varshney, CEO and Director

For more information, please call 778-899-1780, email [email protected] or visit www.corecriticalmetals.com

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

Forward-looking statements:

This news release contains forward-looking statements or forward-looking information (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, global economic conditions, market prices for critical minerals, the availability of financing, and regulatory approvals. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

SOURCE: Core Critical Metals Corp.

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

Ryder System (R - Free Report) is a stock many investors are watching right now. R is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 12.74 right now. For comparison, its industry sports an average P/E of 15.81. Over the past 52 weeks, R's Forward P/E has been as high as 13.18 and as low as 9.22, with a median of 11.32.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. R has a P/S ratio of 0.77. This compares to its industry's average P/S of 1.36.

Finally, investors should note that R has a P/CF ratio of 3.25. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 6.02. Over the past year, R's P/CF has been as high as 3.35 and as low as 2.37, with a median of 2.93.

Value investors will likely look at more than just these metrics, but the above data helps show that Ryder System is likely undervalued currently. And when considering the strength of its earnings outlook, R sticks out as one of the market's strongest value stocks.

TOKYO, June 4, 2026 - (JCN Newswire) - INPEX CORPORATION (INPEX), Osaka Gas Co., Ltd. (Osaka Gas), and Mitsubishi Heavy Industries, Ltd. (MHI) today started ope

New York, New York--(Newsfile Corp. - June 8, 2026) - Dr. Christina Rahm and The ROOT Brands are celebrating a milestone moment as company leadership gathers in New York City for the 24th Annual American Business Awards®, where both the organization and its founder, Dr. Christina Rahm, have been recognized with prestigious Gold Stevie® Awards for innovation, manufacturing excellence and scientific leadership.

The national recognition highlights the continued growth of DRC Ventures' ecosystem of science-driven companies, including The ROOT Brands and Strata Biotech Labs, and underscores the organization's commitment to transforming patented research into scalable consumer products.

The ROOT Brands earned a Gold Stevie Award for Patent-Driven Wellness Innovation in Non-Durable Consumer Products, recognizing the company's proprietary formulations, intellectual property portfolio and vertically integrated manufacturing approach. Judges praised the company's ability to translate scientific innovation into trusted consumer wellness products while maintaining quality and consistency at scale.

At the same time, Dr. Christina Rahm received a Gold Stevie Award for Building and Scaling Patent-Driven Manufacturing Infrastructure, honoring her work developing the manufacturing systems behind The ROOT Brands through Strata Biotech Labs. The award recognizes her leadership in creating infrastructure designed to protect intellectual property, maintain regulatory discipline and support the production of science-backed wellness products.

"This is a celebration of what can happen when innovation, manufacturing and purpose align," said Dr. Rahm. "These awards represent years of work building systems that protect scientific integrity from concept to consumer. We are honored to celebrate this achievement in New York alongside some of the nation's most innovative companies and leaders."

The American Business Awards, widely recognized as the premier business awards program in the United States, received more than 3,700 nominations this year across industries ranging from technology and manufacturing to healthcare and consumer products. Winners were selected by more than 230 industry professionals and business leaders. The awards ceremony takes place on June 9 in New York City.

For DRC Ventures, the dual honors reflect a broader vision that extends beyond product development. Through patented technologies, scientific research, manufacturing infrastructure and consumer wellness innovation, the organization continues to build a model whereby intellectual property, quality control and scalable production work together to bring science-backed solutions to market.

The recognition also marks another significant achievement in a growing list of national honors for Dr. Rahm, whose work spans scientific research, patented innovation, manufacturing strategy and entrepreneurial leadership.

As industry leaders gather in New York City to celebrate excellence in American business, DRC Ventures and The ROOT Brands view the occasion as both an acknowledgment of past accomplishments and a launchpad for future innovation.

"These awards validate the power of combining patented science with disciplined execution," said company leadership. "We're proud to represent a model in which innovation doesn't stop at invention-it extends through manufacturing, quality and, ultimately, the delivery of products that positively impact consumers."

About Dr. Christina Rahm

Dr. Christina Rahm is a scientist, inventor and entrepreneur advancing the intersection of biotechnology, health and sustainability. As the founder and CEO of DRC Ventures, she leads over 20 companies that develop science-based, sustainable consumer solutions. She is also the co-founder of The ROOT Brands and founder of Xoted Biotechnology Labs, a multimillion-dollar research center specializing in plant-based detoxification and regenerative science.

Dr. Rahm holds seven approved patents, with 40+ patents pending, and has developed more than 170 proprietary processes and formulas for wellness innovation.

About The ROOT Brands

The ROOT Brands is a leading provider of innovative, science-backed wellness products designed to help individuals detox, restore and optimize their health. With a commitment to purity, sustainability and effectiveness, The ROOT Brands continues to set new industry standards in holistic wellness.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300645

Source: DRC Ventures

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Ryder recognized for cultivating a high-performing workplace where employees succeed through capability, engagement, and opportunity Ryder honored as one of America’s Greatest Workplaces for third year in a row MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) earns a spot on America’s Greatest Workplaces list by Newsweek for 2026, celebrating the company’s third consecutive year receiving this honor. The annual recognition highlights Ryder’s ongoing commitment to fostering a supportive and innovative workplace where our people can excel and thrive.

“Being named one of America’s Greatest Workplaces by Newsweek for the third year in a row is an incredible honor and a testament to the exceptional culture we’ve built at Ryder,” says John Diez, chief executive officer of Ryder. “Our employees are the heart of our success, and this recognition underscores the value of their contributions, as well as our commitment to providing an environment where they can grow and succeed.”

Presented by Newsweek in partnership with Plant-A Insights Group, the rankings draw on insights from nearly 580,000 employees and an analysis of more than 7.7 million company reviews. As one of the most comprehensive and independent assessments of workplaces in the U.S., the annual study evaluates organizations across 10 key dimensions and 52 drivers of worker satisfaction, including work-life balance, training and career progression, corporate culture, compensation and benefits, and job security.

“We all want to work somewhere we feel valued. Our newest research celebrates the companies making that a reality. When businesses put their people first, everyone wins — employees are happier, productivity goes up, and the company thrives. These rankings shine a light on the workplaces truly getting it right for their teams,” says Jennifer H. Cunningham, Newsweek Editor-In-Chief.

This latest recognition follows other workplace accolades earned by Ryder this year, including a spot on Fortune’s America’s Most Innovative Companies list for the second year in a row, showcasing its leadership in modernizing transportation and supply chain operations through advanced technology.

For more information on the full list of companies recognized, visit Newsweek’s America’s Greatest Workplaces 2026.

About Ryder System, Inc.

Ryder System, Inc. (NYSE: R) is a nearly $13 billion leading provider of outsourced logistics and transportation services throughout the United States, Canada, and Mexico. Ryder offers supply chain, dedicated transportation, and fleet management solutions that integrate every step of the supply chain port‑to‑door, including cross-border logistics, fleet and transportation management, warehousing and distribution, and final delivery to customers’ doorsteps. Ryder’s broad portfolio of services encompasses managed transportation, freight brokerage, dedicated contract carriage with professional drivers, full‑service fleet leasing and maintenance, commercial truck rental, automation and robotics, digital technologies, contract manufacturing and packaging, omnichannel retail fulfillment including e-commerce and last-mile delivery, and used vehicle sales. Serving more than 20 industries, Ryder manages approximately 240,000 commercial vehicles, operates nearly 800 maintenance locations, and runs approximately 320 warehouses totaling more than 100 million square feet. Ryder is consistently recognized for technology‑driven innovation and industry‑leading practices in safety, health, security, talent acquisition, and environmental management, and was most recently named to Fortune’s “America’s Most Innovative Companies” list. www.ryder.com

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Ryder System, Inc. (NYSE: R) earns a spot on America's Greatest Workplaces list by Newsweekfor 2026, celebrating the company's third consecutive year receiving

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HIGHLIGHTS: 

174,000 meters of exploration and grade control drilling conducted in 2025, with 36% directed towards the Koné and Gbongogo Main deposits, in addition to delineating new higher-grade satellites 59,873m of grade control and exploration drilling completed on the Koné deposit in 2025, increasing the total drilling conducted on the deposit to 171,050m compared to 100,249m prior to the 2024 Updated Feasibility Study (“UFS”)7,292m of infill drilling and exploration drilling completed on the Gbongogo Main deposit since the beginning of 2025, increasing the total drilling conducted on the deposit to 32,002m compared to 18,276m prior to the 2024 UFS In-fill and step-out drilling at the Koné and Gbongogo Main deposits resulted in better definition of higher-grade areas while improving the continuity and extension of the mineralization: Koné deposit M&I Resources increased by 142koz to 4.63Moz while grade increased by 21% to 0.69 g/t Au and Inferred Resources increased by 749koz to 1.26Moz while grade increased by 21% to 0.52 g/t Au, over last year; Koné deposit maiden Measured Resources of 229koz at 0.83 g/t Au demonstrates higher resource confidence levelGbongogo Main deposit Indicated Resources increased by 223koz to 783koz while grade increased by 3% to 1.51 g/t Au and Inferred Resources increased by 39koz to 41koz while grade increased by 21% to 1.08 g/t Au, over last year Koné project overall M&I Resources increased by 671koz to 5.88Moz while the grade increased by 24% to 0.77 g/t Au and Inferred Resources increased by 782koz to 1.56Moz while the grade increased by 7% to 0.58 g/t Au, over last year, inclusive of resources for additional satellites published last year Indicated and Inferred Resources for higher grade satellite deposits now stand at 1.25Moz at 1.34 g/t Au and 303koz at 1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programmeUpdated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks, while maiden resources for new discoveries, such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026Exploration remains a strong focus at the Koné project with a 90,000-meter drill programme launched in early 2026Koné project construction continues to rapidly advance on-budget and ahead of schedule with a first gold pour through the oxide circuit anticipated in late Q4-2026 ABIDJAN, Côte d’Ivoire, March 30, 2026 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF) is pleased to report an updated Mineral Resource Estimate (“MRE”) for its Koné and Gbongogo Main deposits, at the Company’s flagship Koné project, located in Côte d’Ivoire, where construction continues to rapidly advance on-budget and ahead of schedule with first gold pour anticipated through the oxide circuit in late Q4-2026.

A total of 174,000 meters of exploration, advance grade control and grade control drilling were conducted in 2025, with 36% directed towards the Koné and Gbongogo Main deposits, in addition to delineating new higher-grade satellite deposits. A total of 59,873 meters of grade control and exploration drilling was completed on the Koné deposit in 2025, increasing the cumulative drilling to 171,050 meters, compared to 100,249 meters prior to the 2024 Updated Feasibility Study (“UFS”). At the Gbongogo Main deposit, 7,292 meters of grade control and exploration drilling have been completed since the beginning of 2025, bringing total drilling to 32,002 meters, compared to 18,276 prior to the 2024 UFS. In-fill and step-out drilling at the Koné and Gbongogo Main deposits, and application of Ordinary Kriging methodology, have enabled better definition of higher-grade zones, improved mineralization continuity, and extended the overall mineralized envelopes.

As shown in Table 1 below, the Koné deposit Measured and Indicated (“M&I”) Resources increased by 142koz to 4.63Moz, with grade increasing by 21% to 0.69 g/t Au, while Inferred Resources increased by 749koz to 1.26Moz, with grade increasing by 21% to 0.52 g/t Au, compared to last year. Furthermore, the Koné deposit maiden Measured Resource of 229koz at 0.83 g/t Au demonstrates a higher level of resource confidence. At the Gbongogo Main deposit, Indicated Resources increased by 223koz to 783koz, with grade increasing by 3% to 1.51 g/t Au, while Inferred Resources increased by 39koz to 41koz, with grade increasing by 21% to 1.08 g/t Au, compared to last year.

The updated MRE for the Koné project’s (“Updated MRE”) overall M&I Resources increased by 671koz to 5.88Moz, with grade increasing by 24% to 0.77 g/t Au, while Inferred Resources increased by 782koz to 1.56Moz, with grade increasing by 7% to 0.58 g/t Au, compared to last year, inclusive of resources for additional satellite deposits published last year. Moreover, Indicated and Inferred Resources for higher-grade satellite deposits now stand at 1.25Moz at 1.34 g/t Au and 303koz at 1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programme.

Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North, are expected to be published in the coming weeks, while maiden resources for new discoveries such as Petit Yao and Soman 1 & 2 are expected to be released throughout the year, following the completion of phased exploration programmes. Exploration remains a strong focus at the Koné project, with a 90,000-meter drill programme launched in early 2026, supporting the continued expansion of the resource base.

Table 1: Koné project Mineral Resource Estimate variance year-over-year PREVIOUS MRE1
(Published April 2025) UPDATED MRE2
(Published March 2026) YoYResources shown on a 100% basis TonnageGradeContent TonnageGradeContent Variance(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Koné deposit         Measured--- 8.60.83229 +229 Indicated2450.574,490 2000.684,404 (86)Measured & Indicated 245 0.57 4,490   209 0.69 4,632  +142  Inferred 37 0.43 510   75 0.52 1,259  +749  Satellite deposits (incl. Gbongogo Main)Measured--- --- - Indicated161.38720 291.341,249 +529 Measured & Indicated 16 1.38 720   29 1.34 1,249  +529  Inferred 8.4 1.00 270   8.8 1.07 303  +33  Total Koné project         Measured--- 8.60.83229 +229 Indicated2610.625,210 2290.775,652 +442 Measured & Indicated 261 0.62 5,210   238 0.77 5,881  +671  Inferred 45 0.54 780   84 0.58 1,562  +782 1) Previous MRE as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) Updated MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated MRE for the Koné deposit (“Updated Koné MRE”) has an effective date of December 31, 2025, and is reported at a gold cut-off grade of 0.20 g/t Au and the updated MRE for the Gbongogo Main deposit (“Updated Gbongogo Main MRE”) has an effective date of March 3, 2026, and is reported at a gold cut-off grade of 0.50 g/t Au. The Updated Koné MRE and Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed and approved by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE and the Updated Gbongogo Main MRE are constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated MRE accounts for a change in the constrained optimized open-pit shell generated using a gold price of US$2,500 per ounce on the Gbongogo South and Koban North deposits (as previously published on July 21, 2025) and the ANV deposit (as previously published on November 6, 2025). All other deposits are unchanged from the previous mineral resource estimate disclosed on April 8, 2025, and all previous estimates are available on Montage’s website and on SEDAR+. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See Table A1 in Appendix A and “Technical Disclosure” below for details.
The Company expects to publish an updated life of mine plan (“LOM”) later this year to incorporate the updated MRE for the Koné and Gbongogo Main deposits, along with the addition of several higher-grade satellite deposits. In addition, the LOM is expected to reflect other value enhancement initiatives such as the addition of the oxide circuit, the process plant design enhancements previously announced, and the previously announced shift to an owner-operated mining model.

Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are pleased with our continued progress to unlock exploration value at the Koné project, where construction remains on-budget and ahead of schedule with the first gold pour expected in late Q4-2026 through the oxide circuit.

The updated Mineral Resource Estimate published today for the Koné and Gbongogo Main deposits further enhances the quality of the project. Moreover, the extensive 56,000-meter grade control programme, which represents approximately the first 18 months of production from the Koné deposit and covers a significant portion of oxide mineralisation, further derisks our production start-up.

We are also pleased to be executing against our goal of discovering high grade satellites with the aim of supplementing production from the onset. Over the coming weeks, we expect to publish updated resource estimates for other satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North, while we also expect the ongoing 90,000-meter drill programme to yield maiden resources for new targets such as Petit Yao and Soman 1 & 2. This exploration success builds on the momentum generated thus far as we continue on our journey of creating a premier multi-asset African gold producer and unlocking value for all stakeholders.”

Silvia Bottero, EVP Exploration of Montage commented: “We continue to be very excited about the exploration potential at our Koné project, in Côte d’Ivoire, driven by the ongoing success of our exploration programme. Our 2025 programme focused on three parallel tracks: infill and step-out drilling of previously delineated deposits, advancing targets toward maiden resource status, and testing new targets through regional scout drilling. As a result, we have improved the quality, grade, and size of the Koné and Gbongogo Main deposits while increasing its confidence, expanded the other higher-grade satellite deposits, and generated new targets for which we expect to publish maiden resources this year.

The grade control programme, with tighter drill spacing, has delivered significant improvements in the definition of higher-grade shoots, including structures not evident in the broader resource drilling dataset. This has enhanced our understanding of grade continuity and will support more accurate production forecasting with improved control over mining dilution. In addition, mineralized extensions continue to highlight the upside potential of both deposits.

We have also made strong progress in expanding resources for the other higher-grade satellites and look forward to publishing updated resources in the coming weeks. Exploration remains a key focus, with a 90,000-meter programme underway in 2026, aimed at further growing known deposits and delineating maiden resources across new targets.

I would like to thank our exploration teams for their continued dedication and commitment. Their efforts reflect the strength of our team, and we look forward to unlocking further value together for all our stakeholders.”

KONÉ PROJECT MINERAL RESOURCE UPDATE

Table 2 below presents the evolution of the MRE for the Koné project, following the publication of the 2024 Updated Feasibility Study (“UFS”).

In April 2025, the Company published an increase in the MRE on the Koné deposit, as well as initial maiden MREs for 7 new deposits (Gbongogo South, Koban North, ANV, Lokolo Main, Yeré North, Sena, and Diouma North) with all deposits remaining open, given that they are data constrained, as the focus was to outline only a portion of the orebodies to assess the grade profiles in order to prioritize 2025 drill efforts.In July 2025, the Company published an increase in the MREs for both the Gbongogo South and Koban North deposits, with a high rate of conversion from Inferred to Indicated Resources exhibited. It was noted that both deposits were expected to continue to grow given the ongoing drill programme and that certain drill results were not yet incorporated into the then published MREs.In November 2025, the Company published an updated MRE for the ANV deposit where both Indicated and Inferred Resources increased. In addition, the Company indicated that exploration results in the vicinity of the ANV deposit demonstrate its upside, as it remains open down dip and along strike, with further potential across parallel lineaments within 150 meters of the existing deposit.Today’s published Updated MRE includes updates for the Koné and Gbongogo Main deposits, as described in the below section, along with minor changes to the Gbongogo South, Koban North and ANV deposit to align optimized pit shell parameters using a gold price of US$2,500/oz. Table 2: Koné project Mineral Resource Estimate variance since publication of the UFS Measured & Indicated  InferredResources shown onTonnageGradeContent TonnageGradeContenta 100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz)        2024 UFS MRE as published on January 16, 20241Koné deposit2290.594,340 250.50400Gbongogo Main deposit111.47520 ---Other satellite deposits--- ---Total2400.634,860 250.50400        MRE as published on April 8, 20252Koné deposit2450.574,490 370.43510Gbongogo Main deposit121.46560 0.10.892.0Other satellite deposits4.21.17160 8.41.00270Total2610.625,210 450.54780        MRE as published on July 21, 20253Koné deposit2450.574,490 370.43510Gbongogo Main deposit121.46560 0.10.892.0Other satellite deposits9.81.15364 4.01.07138Total2670.635,414 410.49650        MRE as published on November 6, 20264Koné deposit2450.574,490 370.43510Gbongogo Main deposit121.46560 0.10.892.0Other satellite deposits121.13436 5.41.10192Total2690.635,486 430.51704        MRE as published March 30, 20265Koné deposit2090.694,632 750.521,259Gbongogo Main deposit161.51783 1.21.0841Other satellite deposits131.12466 7.61.07262Total 238 0.77 5,881  840.581,5621) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) 2024 MRE as disclosed in the Company’s press release dated April 8, 2025. 3) MRE update as disclosed in the Company’s press releases dated July 21, 2025, which includes MRE updates to the Gbongogo South and Koban North deposits. 4) MRE update for the ANV deposit as disclosed in the Company’s press releases dated November 6, 2025. 5) See Note 2 on Table 1 and “Technical Disclosure” below for details.
Table 3 below presents the year-over-year evolution of the MRE for the Koné project. The Koné project’s overall M&I Resources increased by 671koz to 5.88Moz, with grade increasing by 24% to 0.77 g/t Au, while the Inferred Resource increased by 782koz to 1.56Moz, with grade increasing by 7% to 0.58 g/t Au, compared to last year, inclusive of resources for additional satellite deposits published last year. Moreover, Indicated and Inferred Resources for higher-grade satellite deposits now stand at 1.25Moz at 1.34 g/t Au and 303koz at 1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programme.

The grade control (“GC”) and advanced grade control (“AGC”) drilling programmes have significantly enhanced grade distribution resolution relative to the Previous MRE whilst providing greater definition of the continuity of mineralised envelopes across the Koné and Gbongogo Main deposits. Additionally, the transition from a Multiple Indicator Kriging (“MIK”) estimation model to Ordinary Kriging (“OK”) for the Koné and Gbongogo Main deposits enabled improved resolution in the modelling of individual mineralisation packages and vein sets. As a result, the Company has defined higher-grade zones within both deposits and expects improved controls on mine dilution, and stronger predictability for production planning, with significant coverage of oxide mineralisation. The tighter drill spacing has also led to an inaugural Measured Resource for the Koné deposit, demonstrating a higher level of resource confidence. The significant increase in Inferred Resources at the Koné deposit reflects the delineation of mineralised extensions identified towards the southeast and southwest extents of the Koné deposit, which remain open.

Table 3: Koné project Mineral Resource Estimate variance year-over-year PREVIOUS MRE1
(Published April 2025) UPDATED MRE2
(Published March 2026) YOY
VARIANCE

Resources shownTonnageGradeContent TonnageGradeContent on a 100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Koné deposit         Measured--- 8.60.83229 +229 Indicated2450.574,490 2000.684,404 (86)Measured & Indicated 245 0.57 4,490   209 0.69 4,632  +142  Inferred370.43510 750.521,259 +749 Gbongogo Main deposit         Measured--- --- - Indicated121.46560 161.51783 +223 Measured & Indicated 12 1.46 560   16 1.51 783  +223  Inferred0.10.892.0 1.21.0841 +39 Other satellite depositsMeasured--- --- - Indicated4.21.17160 131.12466 +306 Measured & Indicated 4.2 1.17 160  13 1.12 466  +306 Inferred8.41.00269 7.61.07262 (7)Sub-total satellite depositsMeasured--- --- - Indicated161.38720 291.341,249 +529 Measured & Indicated 16 1.38 720   29 1.34 1,249  +529  Inferred8.41.00270 8.81.07303 +33 Total         Measured--- 8.60.83229 +229 Indicated2610.625,210 2290.775,652 +445 Measured & Indicated 261 0.62 5,210   238 0.77 5,881  +671  Inferred450.54780 840.581,562 +782 1) Previous MRE as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) See Note 2 on Table 1, Table A1 in Appendix A and “Technical Disclosure” below for details.
Table 4 below presents the evolution of the MRE for the Koné project since the UFS published on January 16, 2024. M&I Resources for the Koné project have increased by 1.02Moz to 5.88Moz at 0.77 g/t Au, representing a 22% increase in grade and 21% increase in ounces. Inferred Resources have increased by 1.16Moz to 1.56Moz at 0.58 g/t, representing a 16% increase in grade and 290% increase in ounces.

Table 4: Koné project Mineral Resource Estimate variance as compared to the UFS 2024 UPDATED FEASIBILITY STUDY1
(Published January 2024) UPDATED MRE2
(Published March 2026)  Resources shownTonnageGradeContent TonnageGradeContent Varianceon a 100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Koné deposit         Measured--- 8.60.83229 +229Indicated2290.594,340 2000.684,404 +64Measured & Indicated2290.594,340 2090.694,632 +292Inferred250.50400 750.521,259 +859Gbongogo Main deposit         Measured--- --- -Indicated 11 1.47 520   16 1.51 783  +263 Measured & Indicated111.47520 161.51783 +263Inferred--- 1.21.0841 +41Other satellite depositsMeasured--- --- -Indicated--- 131.12466 +466Measured & Indicated - - -   13 1.12 466  +466 Inferred--- 7.61.07262 +262Total         Measured--- 8.60.83229 +229Indicated2400.634,860 2290.775,652 +792Measured & Indicated2400.634,860 2380.775,881 +1,021Inferred250.50400 840.581,562 +1,1621) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) See Note 2 on Table 1, Table A2 in Appendix A and “Technical Disclosure” below for details.
KONÉ DEPOSIT DRILLING PROGRAMME

Advanced Grade Control, Grade Control and Resource Drilling Programmes
As shown in Table 5, a total of 59,873 meters were drilled in 2025, incorporating 56,487 meters of GC and AGC drilling data covering approximately the first 18 months of production from the Koné deposit, and a further 3,386 meters of resource drilling. Following the 2025 programme, the total amount of meters drilled at the Koné deposit now stands at 171,050 meters, incorporating 114,563 meters of resource drilling and 56,487 meters of GC and AGC drilling compared to 100,249 meters of resource drilling supporting the 2024 UFS.

Table 5: Koné deposit drill statistics  2025 PROGRAMME CUMULATIVE TOTAL DRILLING  HolesMeterage HolesMeterage  (#)(m) (#)(m)ProgrammeDrill Type     AGC │ 50m/25mRC9210,587 9210,587AGC │ 25m/25mRC976,710 976,710AGC Total 18917,297 18917,297GC │ 12.5m/12.5mRC1,17739,190 1,17739,190Programme Sub-Total 1,36656,487 1,36656,487Resource Drilling
AC-- 974,053RC151,399 35447,898RD -- 72,530DD41,987 15360,082Programme Sub-Total 193,386 611114,563Programme Total 1,38559,873 1,977171,050
All the assays from the 2025 programme have now been successfully obtained and integrated into the geological and resource models, as follows:

AGC drilling consisted of 189 reverse circulation (“RC”) drill holes totalling 17,297 meters, conducted on a 50 x 25 meter centred grid followed by a 25 x 25 meter grid. The objective of the AGC programme was to improve the geological model and develop greater resolution of the continuity of mineralisation across the Koné deposit, with drill holes generally deeper than GC holes.GC drilling consisted of 1,177 RC holes at an average depth of 33 meters, for a total of 39,190 meters, with the core objective targeting a robust definition of grade continuity and structural controls on the Koné deposit.Resource drilling consisted of 15 RC holes for a total of 1,399 meters and 4 diamond drill (“DD”) holes for a total of 1,987 meters, for a total of 19 holes totalling 3,386 meters, aiming to extend the extent of mineralisation towards the southeast and southwest of the deposit, respectively. The assayed results have significantly increased confidence in the grade distribution and structural controls of the Koné deposit. The gold mineralisation continuity informs an improved understanding of the mineralisation to support mining activities, whilst also demonstrating the extension potential of the deposit to the southwest, southeast and at depth. Best intercepts across the 2025 resource drilling, AGC and GC programmes are shown in Figure 1 below.

Figure 1: Koné deposit drilling highlighting resource drilling, Grade Control and Advanced Grade Control best intercepts

Koné deposit geology and structural interpretation
The Koné deposit is hosted within a north-south trending package of diorite intrusions which have been emplaced by multiple intrusive pulses during the later stages of the Eburnean orogeny (2,200 to 2,100 Ma). The diorite package at the Koné deposit has been identified up to 330 meters in true thickness, whilst extending over a 2.5 km strike length and currently defined to a depth > 500 meters. The diorite package has intruded into the contact zone between two different sequences of mafic volcaniclastic rocks which form the hanging wall and footwall of the deposit, as demonstrated in Figure 2 below.

Gold mineralisation is associated with quartz, quartz-carbonate and sulphide veins of various thicknesses, as well as finely disseminated pyrite and biotite alteration within the diorite intrusions.

Figure 2: Koné deposit structural analysis with schematic interpretation of strain controls

Mineralisation is interpreted to have primarily been controlled by a thrust-shear at the footwall of the diorite package. All the lithologies and primary mineralised veins have latterly been affected by high strain and fold-related deformations events, which consequently thickened the diorite sequence and redistributed the gold mineralisation. At a deposit scale the geometry of the orebody is that of an asymmetric synform yielding a steeply west-dipping axial plane and a pronounced plunge to the southwest.

Early observations of the Koné deposit highlight tight, isoclinal folding and high strain deformation features. The GC and AGC programmes have successfully validated these geological observations on a deposit-wide scale and have demonstrated that the structural complexity plays a vital role in controlling higher-grade mineralisation, enabling a robust understanding of spatial gold grade distribution.

Resource drilling programme results
Building on the successful GC and AGC drilling results, the Company continues to identify mineralisation extensions to the Koné deposit. Downdip and along strike extensions of the Koné deposit to the southwest, as well as recently identified at-surface oxide mineralisation extensions to the southeast were a focus of further evaluation in 2025.

Four DD holes totalling 1,987 meters were drilled in 2025 at a 100-meter spaced grid down to an approximate vertical depth of 300 meters. The purpose was to confirm the downdip continuity of the mineralization to the southwest of the Koné deposit within the diorite. All four diamond drill holes reveal high mineralization potential associated with increased deformation intensity through refolded veins within footwall volcanoclastic units and folded veinlets in diorite. Pervasive hydrothermal breccia zones, characterized by broken textures and strong feldspar and silica alteration, was consistently logged across all holes, indicating robust hydrothermal fluid flows. Observed zones demonstrating higher gold intercepts plot in the continuity of known higher-grade ore shoots controlled by folding axial planes, as earlier described in Figure 2, which are associated with ductile deformation and fluid pathways. Visible gold was identified in both diorite and volcanoclastic rocks in KONDD007A. Assay results in KONDD006 yield wider and higher-grade intervals, near mafic dykes associated with chalcopyrite, as shown in Figure 3. These results confirm the robust continuity of mineralization within the Koné system, with mineralization remaining open along strike and at depth, supporting further exploration and resource expansion potential.

Concurrently, 1,399 meters were drilled across 15 RC holes towards the southeastern extent of the Koné deposit. Drilling was undertaken on a wide grid spacing to test shallow mineralisation along strike. Drill results showed typical diorite-bearing mineralization with intercepts consistent with grades recorded across the Koné deposit at shallow depths. Further drilling in 2026 intends to confirm the continuity of the mineralisation which is currently outside of the Updated Koné MRE pit shell.

Remodelling and drilling programme results
The results of the GC and AGC programmes have significantly enhanced the grade distribution resolution compared to the UFS resource data as shown in Figure 3 below.

The updated MRE is based on a revised geology-driven modelling approach, integrating structural controls, lithology and grade distribution to define explicit, stationary estimation domains as shown in Figure 4 below. Mineral Resources were estimated using Ordinary Kriging (OK) with dynamic anisotropy, improving the representation of grade continuity and reducing grade smearing relative to the previous modelling methodology Multi Indicator Kriging (MIK).

Figure 3: Koné deposit - 370m RL level plan view of block models

Figure 4: Koné deposit cross section looking northeast

GBONGOGO MAIN DRILLING PROGRAMMES

Advanced Grade Control and Resource Drilling Programmes
As shown in Table 6, the total amount of meters drilled at the Gbongogo Main deposit now stands at 32,002 meters, as compared to the 18,276 meters of drilling prior to the UFS. All of the assays from the recent Gbongogo Main drilling programme have now been successfully obtained and integrated into the geological and resource models, as follows:

AGC drilling consisted of 30 reverse circulation (“RC”) drill holes totalling 2,961 meters, conducted on a 25 x 25 meter grid. The objective of the AGC programme was to improve the geological model and develop greater resolution of the continuity of mineralisation across the Gbongogo Main deposit.Resource drilling consisted of 47 RC holes for a total of 4,331 meters, aiming to control the extent of mineralisation across all directions, as well as down dip. Table 6: Gbongogo Main deposit drill statistics  2025 AND JANUARY 2026 PROGRAMMES CUMULATIVE TOTAL DRILLING  HolesMeterage HolesMeterage  (#)(m) (#)(m)ProgrammeDrill Type     AGC │ 25m/25mRC302,961 434,181Programme Sub-Total 302,961 434,181Resource Drilling
AC-- 19741RC474,331 11211162DD-- 6115,918Programme Sub-Total 474,331 19227,821Programme Total 777,292 23532,002
The Gbongogo Main drill programme has improved the understanding of grade continuity, structural controls and domain geometry, and supported increased confidence in the resource. Best intercepts across the 2025 resource drilling and AGC programmes are shown in Figure 5 below.

Figure 5: Gbongogo Main deposit drilling highlighting resource drilling and advanced grade control best intercepts

Gbongogo Main deposit geology and structural interpretation
The Gbongogo Main deposit is a mesothermal, lithologically constrained gold system, hosted within an approximately 50° north-plunging quartz diorite intrusion. Mineralization is predominantly confined within this intrusive unit, with volcaniclastic sequences forming the hanging wall and footwall. Gold mineralization is associated with quartz veining, shearing and disseminated sulphide (pyrite) alteration, with strong lithological and structural control on grade distribution. The mineralized corridor exhibits a consistent north-plunging geometry, aligned with the regional structural framework of the Senoufo Greenstone Belt, reinforcing geological continuity and predictability of the system.

Figure 6: Gbongogo Main deposit highlighting mineralised diorite body and open extensions at depth

Remodelling and drilling programme results
The results of the Gbongogo Main Drill Programme have significantly enhanced the grade distribution resolution compared to the UFS resource data. The transition from a Multiple Indicator Kriging resource estimation model to Ordinary Kriging modelling has improved local estimation accuracy, ensuring accurate geological continuity of individually modelled veins sets. It is expected that the enhanced geological and resource model will improve controls on mine dilution whilst supporting stronger predictability for production planning.

When comparing Figure 7 to Figure 8 below, the updated model incorporates a refined interpretation of the ore body geometry, resulting in a resource model that better defines higher grade mineralised zones expecting to improve mine planning, ore selectivity and dilution controls.

Figure 7: Gbongogo Main deposit – cross section looking north showing UFS MIK resource block model

Figure 8: Gbongogo Main deposit – cross section looking north showing updated OK resource block model

UPCOMING CATALYSTS

Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks;Maiden Mineral Resource Estimates for new discoveries, such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026Further results of the ongoing 2026 exploration programme, comprising 90,000 meters of drilling across the Koné project;Closing of the African Gold transaction in Q2-2026;Drill results from the ongoing 9,000-meter drill programme at the Wendé advanced greenfield property in Q3-2026;Updated life of mine plan for the Koné project in late 2026;First gold pour in late Q4-2026 through the oxide circuit start up. ABOUT MONTAGE GOLD

Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier African gold producer, with its flagship Koné project, located in Côte d’Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the “UFS”), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in Q2-2027.

CONTACT INFORMATION

For Investor Relations Inquiries:
Jake Cain
Strategy & Investor Relations Manager
[email protected]
+44-7788-687-567For Media Inquiries:
John Vincic
Oakstrom Advisors
[email protected] 
+1-647-402-6375For Regulatory Inquiries:
Kathy Love
Corporate Secretary
[email protected]
+1-604-512-2959    QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been verified and approved by Silvia Bottero, BSc, MSc, a Qualified Person pursuant to National Instrument 43-101. Mrs. Bottero, EVP Exploration of Montage, is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), a member of the Geological Society of South Africa and a Member of AusIMM.

The Qualified Person for the Updated Koné MRE and the Updated Gbongogo Main MRE is Dr. Gregory Zhang of Snowden Optiro (Australia) who meets the requirements of NI 43-101 and is independent of Montage Gold Corp. Dr. Zhang is a member in good standing of the MAIG and MausIMM and has sufficient relevant experience with the type of mineralization, deposit type, and activity undertaken to qualify as a Qualified Person under NI 43-101.

Dr. Zhang did not directly participate in the fieldwork, but conducted a thorough review of the geological interpretation, drilling database, QA/QC results, and estimation methodology. In addition, he performed an independent peer review of the Koné and Gbongogo Main resource models, including checks on domain construction, variography, estimation parameters, and validation outputs. Dr. Zhang concluded that the resource modelling processes implemented by Montage Gold is consistent with industry best practices and provide a sound basis for classification and reporting of Mineral Resources. Dr. Zhang accepts full professional responsibility for the Updated Koné MRE and the Updated Gbongogo Main MRE presented in this press release.

TECHNICAL DISCLOSURE
Mineral Resource Estimates
Koné deposit – Updated Koné MRE
The Updated Koné MRE has been prepared by Mr. Rolly Wasonga, a full-time employee as Mineral Resource Manager of Montage Gold, and a Qualified Person as defined under NI 43-101. Mr. Wasonga has sufficient experience relevant to the style of mineralization and type of deposit under consideration. The estimates were independently reviewed, validated and approved by Dr. Gregory Zhang of Snowden Optiro (Australia), who is a Qualified Person as defined under NI 43-101 and is independent of Montage Gold.

The Updated Koné MRE has been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards and reported in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects, and has an effective date of the December 31, 2025.

The Updated Koné MRE incorporates a significantly expanded and validated drilling database, comprising 1,691 RC holes and 153 diamond drill holes, including 57,886 meters of additional RC drilling and 2,431 meters of diamond drilling completed during 2025. This dataset includes grade control, advanced grade control and resource drilling, significantly improving data density, geological confidence and continuity of mineralization across the deposit.

Mineralization at Koné is hosted within a structurally controlled diorite intrusive system, extending over approximately 2.5 km of strike, and subdivided into three principal lodes (1,000, 2,000 and 3,000). Gold mineralization is associated with zones of shearing, foliation and quartz–carbonate–sulphide veining, with higher grades linked to increased deformation intensity and vein density.

The Updated Koné MRE is based on a revised geology-driven modelling approach, replacing the previous single-domain methodology with explicit hard-boundary domains defined by lithology, structure and grade distribution. This approach aims to improve the representation of geological continuity and reduces grade smearing.

Domain MCF (Maptek Computing Framework), a machine learning-assisted domain modelling tool that generates domain boundaries directly from sample data, was used as first indication to support domaining and refine the interpretation of mineralization continuity, orientation and grade trends. This provides a robust statistical framework for defining geologically coherent and stationary estimation domains. In parallel, a numerical geological model was developed in Leapfrog, supporting the interpretation of mineralized trends and structural controls. These outputs were integrated within Maptek Vulcan, together with geological sections, structural interpretations and drillhole data, to construct explicit mineralized wireframes that accurately reflect the geometry and continuity of the system.

Mineral Resources were estimated using Ordinary Kriging (“OK”) applied to composited assay data, with dynamic anisotropy used to align estimation parameters with the geometry of the mineralized system. This represents a transition from the previous Multiple Indicator Kriging (“MIK”) methodology and results in improved grade selectivity and estimation robustness.

The updated model incorporates explicit domaining based on geological interpretation, supported by structural controls and grade continuity analysis, ensuring stationarity within estimation domains and consistency with the geological framework.

Bulk densities of 1.65 t/bcm, 2.55 t/bcm and 2.80 t/bcm were assigned to saprolite, saprock and fresh material, respectively, based on 4,656 immersion density measurements of wax-coated, oven-dried core samples collected by Company personnel. Density values are consistent with previous models, ensuring continuity and comparability of the estimates.

Mineral Resource classification for the Koné deposit has been completed in accordance with CIM Definition Standards (2014) and is based on a combination of drill spacing, geological continuity, and geostatistical parameters, including kriging efficiency (“KE”) and slope of regression (“SoR”) and mining infrastructures.

Measured Resources are defined in areas of high drilling density (typically ≤12.5 meter spacing) with strong geological continuity and high estimation confidence (KE and SoR >0.7), primarily supported by grade control drilling and the production readiness.Indicated Resources are defined in areas drilled at 25–50 meter drill spacing approximately, where continuity is well established and estimation quality is moderate to high and kriging metrics.Inferred Resources are defined in areas of wider drilling (up to 100 meter × 100 meter spacing), with lower confidence in continuity and estimation. Weathering surface was wire-framed representing the base of saprolite and top of fresh rock were interpreted and modelled from drill hole logging were used for density assignment and portioning the estimates by weathering zone. Within the general area of estimated resources, the interpreted base of saprolite averages around 26 meters below surface, and the underlying saprock averages around 11 meters thick with fresh rock occurring at an average depth of around 38 meters.

The previous Multiple Indicator Kriging (“MIK”) approach, which utilized multiple indicator thresholds based on composite grade percentiles and indicator variograms, has been superseded in the Updated Koné MRE by a geology-driven Ordinary Kriging (“OK”) methodology. Gold assay data were composited and analysed on a domain-by-domain basis, with grade capping (top-cutting) applied to limit the influence of high-grade outliers. Capping thresholds were determined through detailed statistical analysis, including review of grade distributions, probability plots and spatial continuity, ensuring a balanced representation of grade within each domain. Domain-specific top-cuts were applied where necessary, with capping values across all mineralized domains ranging from 4.8 g/t to 32.0 g/t Au. These thresholds were selected to limit the influence of isolated high-grade composites while preserving the overall grade distribution and maintaining geological continuity.

All geological modelling components, including data compilation, compositing, domaining, wireframing and block modelling, were completed using Maptek Vulcan. Statistical analysis, including exploratory data analysis and variography, was undertaken using Supervisor software, which was also used for kriging neighbourhood analysis (“KNA”) to optimize estimation parameters.

Model validation included comparisons between estimated block grades and informing composites, supported by detailed visual and statistical checks. These comprised the inspection of sectional plots integrating block model estimates and drillhole data, as well as the analysis of swath plots to assess grade trends and spatial consistency and showed no significant issues.

Optimal pit constraints:
To satisfy the definition of Mineral Resources having reasonable prospects for eventual economic extraction, the estimates are constrained within an optimal pit generated from the following key parameters:

Gold price of US$2,500/ozCombined Royalties of 5%Processing recovery of 93%, 91% and 89% for saprolite, saprock and fresh material, respectively.Overall slope angles of 39°, 58° and 60° for saprolite, saprock and fresh material, respectively.Average mining costs for saprolite, saprock and fresh material of $2.36/t, $2.33/t and $2.99/t, respectively.Processing costs (including G&A) of $7.96/t, $8.20/t and $9.41/t for saprolite, saprock and fresh material, respectively.The pit shell constraining the MRE extends over 2.5 kilometres of strike to a maximum depth of around 600 meters. Gbongogo Main deposit – Updated Gbongogo Main MRE
The Updated Gbongogo Main MRE has been prepared by Mr. Rolly Wasonga, a full-time employee as Mineral Resource Manager of Montage Gold, and a Qualified Person as defined under NI 43-101. Mr. Wasonga has sufficient experience relevant to the style of mineralization and type of deposit under consideration. The estimates were independently reviewed and approved by Mr. Gregory Zhang of Snowden Optiro (Australia), who is a Qualified Person as defined under NI 43-101 and is independent of Montage Gold.

The Updated Gbongogo Main MRE has been classified and reported in accordance with NI 43-101 and classifications adopted by CIM Council in May 2014 and has an effective date of the March 3, 2026.

The drilling dataset used for the Updated Gbongogo Main MRE comprises 1,139 RC reverse circulation (“RC”) and 61 diamond drilling (“DD”) totalling 30,544 meters of drilling and including holes by Barrick Gold Corporation, Endeavour Mining Corporation, Randgold Resource Limited and Montage.

Mineral Resource are reported within an optimized open pit shell generated using a gold price of US$2,500/oz, constrained by topographic surfaces derived from recent surveys, and reflect updated economic assumptions.

The Updated Gbongogo Main MRE adopts a revised geology-driven modelling approach, replacing previous methodologies with explicit hard-boundary domains defined by lithology, structures and grade distribution.

Domaining was completed using a combined geological and quantitative workflow integrating DomainMCF (Maptek Computing Framework), Leapfrog numerical modelling, and interval selection informed by the veining system. DomainMCF, a machine learning-assisted domain modelling tool that generates domain boundaries directly from sample data, was applied to support the definition of mineralization continuity, orientation and grade trends. Leapfrog numerical modelling supported the interpretation of structural controls and mineralized trends, while interval selection based on veining intensity and grade distribution was used to refine domain boundaries and capture local variations in mineralization. The final mineralized wireframes were generated in Leapfrog and then imported into Maptek Vulcan for block modelling, grade estimation and reporting.

Mineral Resources were estimated using a geology-driven Ordinary Kriging (“OK”) approach, replacing the previous Multiple Indicator Kriging (“MIK”) methodology. Gold assay data were composited and analysed on a domain-by-domain basis, with grade capping applied where necessary. Capping thresholds were determined through statistical analysis of grade distributions and spatial continuity, with values ranging from 20.0 g/t Au and 95.0 g/t Au across domains to limit the influence of high-grade outliers while preserving geological continuity.

Statistical analysis, including variography and kriging neighbourhood analysis (“KNA”), was undertaken using Supervisor software to optimize estimation parameters. Estimation and block modelling were completed in Maptek Vulcan, ensuring consistency across modelling workflows. Block model parameters were selected to reflect drill spacing and mining assumptions, with estimation constrained within geologically defined domains and supported by appropriate search strategies.

Mineral Resource classification is based on drill spacing, geological continuity and estimation quality, supported by geostatistical parameters including kriging efficiency (“KE”) and slope of regression (“SoR”) and mining infrastructures:

Indicated Resources: typically defined on ~25–50 meter drill spacing, with moderate to high confidence in continuity and estimation qualityInferred Resources: defined on wider drill spacing (up to ~100 meters) with lower confidence in continuity Areas lacking sufficient data density or geological confidence are excluded from the Mineral Resource Estimate.

Bulk densities of 1.67 t/bcm, 2.58 t/bcm and 2.75 t/bcm were assigned to saprolite, saprock and fresh material, respectively, based on 1,011 immersion density measurements of wax-coated, oven-dried core samples collected by Company personnel. Density values are consistent with previous models, ensuring continuity and comparability of the estimates.

Model validation included comparison of estimated block grades with informing composites, supported by inspection of sectional plots and swath plots. These checks confirm good agreement between estimated grades and input data, with no material biases identified.

Geological modelling components including data compilation and domaining were performed by Leapfrog Sequent, while the compositing and block modelling were completed using Maptek Vulcan. Statistical analysis, including exploratory data analysis and variography, was undertaken using Supervisor software, which was also used for kriging neighbourhood analysis (“KNA”) to optimize estimation parameters.

Optimal pit constraints:
To satisfy the definition of Mineral Resources having reasonable prospects for eventual economic extraction, the estimates are constrained within optimal pits generated from the following key parameters:

Gold price of US$2,500/ozCombined royalties of 5%.Processing recovery of 90%.Overall slope angles of 35°, 40° and 45° for saprolite, saprock and fresh material, respectively.Mining costs of US$3.42 per tonne.Processing costs (including G&A) of US$9.92 per tonne.Haulage costs per tonne of $7.90 Gbongogo South deposit MRE
The Gbongogo South deposit has been reported on an optimized pit shell using a gold price of US$2,500/oz, as opposed to the US$2,000/oz in the previous Gbongogo South deposit MRE. All other assumptions, parameters and methods used in the preparation of the Gbongogo South deposit MRE, including the data verification and the QA/QC undertaken for the Gbongogo South deposit MRE are those set out in the press release dated July 21, 2025. Refer to the press release dated July 21, 2025, available on Montage's website and on Sedar+.

Koban North deposit MRE
The Koban North deposit has been reported on an optimized pit shell using a gold price of US$2,500/oz, as opposed to the US$2,000/oz in the previous Koban North deposit MRE. All other assumptions, parameters and methods used in the preparation of the Koban North deposit MRE, including the data verification and the QA/QC undertaken for the Koban North deposit MRE are those set out in the press release dated July 21, 2025. Refer to the press release dated July 21, 2025, available on Montage's website and on Sedar+.

ANV deposit MRE
The ANV deposit has been reported on an optimized pit shell using a gold price of US$2,500/oz, as opposed to the US$2,000/oz in the previous ANV deposit MRE. All other assumptions, parameters and methods used in the preparation of the ANV deposit MRE, including the data verification and the QA/QC undertaken for the ANV deposit MRE are those set out in the press release dated November 5, 2025. Refer to the press release dated November, 5, available on Montage's website and on Sedar+.

Other satellite deposits
All other satellite deposit MREs are unchanged from their previous reported estimates. Refer to the press release dated April 8, 2025, for further details of these estimates, available on Montage's website and on Sedar+.

Sampling & Assaying - QA/QC
All exploration activities on the Koné project are designed and carried out under the supervision of Silvia Bottero, Executive Vice President, Exploration who conducted multiple site visits throughout 2025. Ms. Bottero is a Professional Natural Scientist (SACNASP) and a Qualified Person as defined under NI 43-101. Samples used for the Updated MRE comprise diamond drilling (“DD”) and reverse circulation (“RC”) drilling, and were collected following industry-standard protocols to ensure representative and reliable assay results.

DD core samples were collected as 1 meter downhole composites, consistent with geological logging and sampling protocols. Core was cut longitudinally in half using a diamond saw at the field camp facilities, with one half submitted for assay and the remaining half retained for reference.

RC samples were collected at nominal 1 meter downhole intervals from the cyclone and discharged into sample bags. The bulk sample was passed through a riffle splitter and/or a three-tier riffle splitter (1/3 splitter) to obtain a representative analytical sub-sample, while the remaining material was retained as a coarse reject. Sample weights were monitored to ensure consistency and representativity, with typical analytical sample masses in the order of 2–3 kg, depending on drilling conditions and sample characteristics. Strict sampling protocols were applied, including routine cleaning of the cyclone and splitter, to minimise contamination and ensure sample integrity. All samples were securely transported under chain-of-custody procedures to the Bureau Veritas laboratory in Abidjan, Côte d’Ivoire for preparation and analysis.

During 2025, a total of 17,063 AGC primary samples and 38,851 GC primary samples from Koné deposit were analysed by MSALAB facilities in Yamoussoukro, Cote d’Ivoire. Of these, approximately 5% s were submitted as umpire pulp duplicates to Bureau Veritas facilities in Abidjan, Cote d’Ivoire. This umpire programme was implemented to independently verify the accuracy and reliability of the primary laboratory, MSALAB, analytical results.

During 2025, a total of 7,938 AGC and Resources primary samples from Gbongogo Main deposit and 4,851 Resources primary samples from Koné deposit were analysed by Bureau Veritas facilities in Abidjan, Cote d’Ivoire. Of these, approximately 5% were submitted as umpire pulp duplicates to MSALAB facilities in Yamoussoukro, Cote d’Ivoire. This umpire programme was implemented to independently verify the accuracy and reliability of the primary laboratory, Bureau Veritas, analytical results.

All primary samples were transported under a secure chain of custody procedure.

All samples underwent the following preparation and analytical procedures at both laboratories (BV and MSALAB):

Crushing to 2 mm (≥ 80% passing)Splitting to obtain a 1 kg representative sub-samplePulverisation to 75 µm (≥ 85% passing)Analysis by 50 g fire assay with Atomic Absorption Spectrometry (AAS) finish The analytical method has a lower detection limit of 0.01 ppm Au, which is appropriate for the grade range encountered at the Koné project.

A robust and systematic in-house QA/QC programme was implemented and actively managed by Montage to ensure continuous monitoring of analytical accuracy, precision, and potential contamination throughout the entire sampling, preparation, and analytical workflow.

Batch-level QA/QC performance is reviewed systematically, allowing rapid identification and resolution of any analytical issues.

To further validate analytical accuracy and laboratory performance, an independent umpire laboratory programme is implemented. Approximately 5% of selected pulp samples are routinely submitted to an external laboratory (MSALABS and BV) for check assaying using internationally recognised analytical methods and QA/QC protocols. The submitted samples include a mix of routine samples, blanks, CRMs, and duplicates to ensure comprehensive verification of results. QA/QC has been designed to be in line with industry best standards and the results reviewed by the Qualified Person. Individual batches are monitored for standard and blank failure during import to the database, whilst longer term QA/QC trends are monitored on a periodic basis by Jonathan Hunt, an independent consultant to Montage and a Chartered Geologist of the Geological Society of London.

Results from the primary laboratory (BV and MSALAB) and the umpire laboratory (MSA and BV) are systematically compared using statistical methods (e.g., scatter plots, QQ plots, bias analysis), with no material bias typically identified.

In addition, longer-term QA/QC performance trends are reviewed on a periodic basis by an independent consultant, ensuring an objective assessment of laboratory performance and data quality.

Results for exploration drillholes (all satellite deposits) used the following parameters: 0.3 g/t Au cut off for samples, 0.5 g/t Au minimum value composite and 2.0 meter maximum interval dilution length. Composite intervals represent (apparent) downhole thickness. “Including” represents >10.0 g/t Au. Results for exploration drillholes (Koné deposit) used the following parameters: 0.2 g/t Au cut off for samples, 0.3 g/t Au minimum value composite and 10.0 meter maximum interval dilution length. Composite intervals represent (apparent) downhole thickness. “Including” represents >10.0 g/t Au.

Data Verification
Data verification for the Koné and the Gbongogo Main deposits was carried out by Rolly Wasonga, a full-time employee as Mineral Resource Manager of Montage Gold, and a Qualified Person as defined under NI 43-101 who conducted multiple site visits throughout 2025 and 2026. Mr. Rolly Wasonga considers that the sample preparation, security, and analytical procedures adopted for drilling informing this release are an adequate basis for the statistical analysis. Procedures implemented to monitor the representativity of field sampling, as well as the reproducibility and accuracy of sample preparation and analytical results for the Koné project (AC, RC and DD drilling), are consistent with industry best practices and the experience of the Qualified Person (QP). Data supporting sample representativity include sample condition logs for RC, aircore and diamond drilling, recovered sample weights, core recovery measurements, and assay results from field duplicates. These controls confirm that sampling is conducted in a manner that is representative of the mineralized material. The reliability of sample preparation and analytical results is supported through the routine insertion and monitoring of quality control samples, including coarse blanks, certified reference materials (standards), and duplicates, demonstrating acceptable levels of accuracy and precision.

Mr. Jonathon Abbott, of Matrix Resource Consultants of Perth, Western Australia, who is considered to be independent of Montage Gold, a member in good standing of the Australian Institute of Geoscientists and qualified as a Qualified Person under NI 43–101, conducted site visits to the Koné and Gbongogo deposits in September 2023, and to the Koban North, Sena, Gbongogo South, Diouma North, Lokolo Main, Yere North and ANV deposits in October 2024. Based on these visits, Mr. Abbott concluded that the sampling procedures, sample preparation, security protocols and analytical methods applied to drilling data informing the Mineral Resource Estimates for Sena, Yere North, Diouma North, Lokolo Main and ANV provide an adequate and reliable basis for Mineral Resource estimation.

In addition, an independent site visit and technical review was conducted by Arethuse Geology in November 2025, which confirmed that the sampling methodologies, QA/QC procedures, and data management systems are robust, well implemented, and fit for purpose for Mineral Resource estimation.

These independent assessments are complemented by ongoing internal verification by the Company’s Qualified Person, including database validation, QA/QC monitoring, and periodic site reviews. Data verification checks undertaken by Mr. Rolly Wasonga included checking for internal consistency between and within database tables and comparisons between database entries and selected laboratory reports and selected original field records.

A further independent site visit is planned for April 2026 with Dr. Gregory Zhang of Snowden Optiro, an independent Qualified Person, to verify sampling protocols, data integrity, and the procedures supporting the updated Mineral Resource Estimates.

FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, “Forward-looking Statements”). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify Forward-looking Statements. Forward-looking Statements in this press release include statements related to the Company’s mineral reserve and resource estimates; the timing and amount of future production from the Koné project; anticipated mining and processing methods of the Koné project; anticipated mine life of the Koné project; targeted improvements in the production profile; the items listed under the heading “Next Steps”, including new MREs and LOM plans; results of drill programs, and the timing thereof; growth of resource estimates at satellite deposits; statements that updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks, while maiden resources for new discoveries such as Petit Yao, Soman 1 & 2 and Lokolo West are expected to be published throughout the year based on completion of phased explorations programmes; the grade and quantity potential of exploration targets; establishing new maiden resources; expected recoveries and grades of the Koné project; timing in respect of the completion of construction; timing and amount of necessary financing related to the mining operations at the Koné project; expected additions to the land package at Kone; and timing for permits and concessions, including that the Company will receive all approvals necessary to complete construction of the project and conduct exploration. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined. There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies, and in delineating new mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates being lower than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased costs for the delivery of construction equipment and services, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d’Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company’s most recent Annual Information Form available at www.sedarplus.ca, under the heading “Risk Factors”. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

APPENDIX A: KONÉ PROJECT DETAILED MINERAL RESOURCE ESTIMATE VARIANCES

Table A1: Koné project detailed Mineral Resource Estimate and variance versus the Previous Mineral Resource Estimate PREVIOUS MRE1 UPDATED MRE2  Resources shown on aTonnageGradeContent TonnageGradeContent Variance100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Koné deposit         Measured Resources--- 8.60.83229 +229 Indicated Resources2450.574,490 2000.684,404 (86)M&I Resources2450.574,490 2090.694,632 +142 Inferred Resources370.43510 750.521,259 +749 Gbongogo Main deposit         Measured Resources--- --- - Indicated Resources121.46560 161.51783 +223 M&I Resources121.46560 161.51783 +223 Inferred Resources0.070.892.0 1.21.0841 +39 Gbongogo South deposit         Measured Resources--- --- - Indicated Resources1.71.2066 3.91.22154 +88 M&I Resources1.71.2066  3.91.22154 +88 Inferred Resources2.61.1092 1.81.1770 (22)Koban North deposit         Measured Resources--- --- - Indicated Resources--- 4.11.07141 +141 M&I Resources---  4.11.07141 +141 Inferred Resources3.90.9113 1.50.8943 (70)ANV (Sissédougou) deposit         Measured Resources--- --- - Indicated Resources--- 4.01.05136 +136 M&I Resources1.61.1057  4.01.05136 +136 Inferred Resources0.881.1031 3.31.09117 +86 Yere North deposit         Measured Resources--- --- - Indicated Resources0.191.056.4 0.191.056.4 - M&I Resources0.191.056.4  0.191.05 6.4 - Inferred Resources0.431.1015 0.431.1015 - Lokolo Main deposit         Measured Resources--- --- - Indicated Resources0.301.6116 0.301.6116 - M&I Resources0.301.61 16 0.301.61 16 - Inferred Resources0.111.103.9 0.111.103.9 - Sena deposit         Measured Resources--- --- - Indicated Resources--- --- - M&I Resources--- --- - Inferred Resources0.421.0014 0.421.0014 - Diouma North deposit         Measured Resources--- --- - Indicated Resources0.380.9512 0.380.9512 - M&I Resources 0.38 0.95 12  0.38 0.95 12 - Inferred Resources0.011.000.3 0.011.000.3 - Sub-total Satellites deposits         Measured Resources--- --- - Indicated Resources161.38720 291.341,249 +529 M&I Resources 161.38720 291.341,249 +529 Inferred Resources8.41.00270 8.81.07303 +33 Total         Measured Resources--- 8.60.83229 +229 Indicated Resources2610.625,210 2290.775,652 +442 M&I Resources2610.625,210 2380.775,881 +671 Inferred Resources450.54780 840.581,562 +782 1) Previous Resource Estimate as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) Updated MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated MRE for the Koné deposit (“Updated Koné MRE”) has an effective date of December 31, 2025, and is reported at a gold cut-off grade of 0.20 g/t Au and the updated MRE for the Gbongogo Main deposit (“Updated Gbongogo Main MRE”) has an effective date of March 3, 2026, and is reported at a gold cut-off grade of 0.50 g/t Au. The Updated Koné MRE and Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed and approved by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE and the Updated Gbongogo Main MRE are constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated MRE accounts for a change in the constrained optimized open-pit shell generated using a gold price of US$2,500 per ounce on the Gbongogo South and Koban North deposits (as previously published on July 21, 2025) and the ANV deposit (as previously published on November 6, 2025). All other deposits are unchanged from the previous mineral resource estimate disclosed on April 8, 2025, and all previous estimates are available on Montage’s website and on SEDAR+. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” for details.
  Table A2: Koné project detailed Mineral Resource Estimate and variance versus the UFS 2024 UPDATED FEASIBILITY STUDY1 UPDATED MRE2  Resources shown on aTonnageGradeContent TonnageGradeContent Variance100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Koné deposit         Measured Resources--- 8.60.83229 +229Indicated Resources2290.594,340 2000.684,404 +64M&I Resources2290.594,340 2090.694,632 +292Inferred Resources250.5400 750.521,259 +859Gbongogo Main deposit         Measured Resources--- --- -Indicated Resources111.47520 161.51783 +263M&I Resources111.47520 161.51783 +263Inferred Resources--- 1.21.0841 +41Gbongogo South deposit         Measured Resources--- --- -Indicated Resources--- 3.91.22154 +154M&I Resources---  3.91.22154 +154Inferred Resources--- 1.81.1770 +70Koban North deposit         Measured Resources--- --- -Indicated Resources--- 4.11.07141 +141M&I Resources---  4.11.07141 +141Inferred Resources--- 1.50.8943 +43ANV (Sissédougou) deposit         Measured Resources--- --- -Indicated Resources--- 4.01.05136 +136M&I Resources---  4.01.05136 +136Inferred Resources--- 3.31.09117 +117Yere North deposit         Measured Resources--- --- -Indicated Resources--- 0.191.056.4 +6.4M&I Resources---  0.191.05 6.4 +6.4Inferred Resources--- 0.431.1015 +15Lokolo Main deposit         Measured Resources--- --- -Indicated Resources--- 0.301.6116 +16M&I Resources--- 0.301.61 16 +16Inferred Resources--- 0.111.103.9 +3.9Sena deposit         Measured Resources--- --- -Indicated Resources--- --- -M&I Resources--- --- -Inferred Resources--- 0.421.0014 +14Diouma North deposit         Measured Resources--- --- -Indicated Resources--- 0.380.9512 +12M&I Resources---  0.38 0.95 12 +12Inferred Resources--- 0.011.000.3 +0.3Sub-total Satellites deposits         Measured Resources--- --- -Indicated Resources111.47520 291.341,249 +729M&I Resources 111.47520 291.341,249 +729Inferred Resources--- 8.81.07303 +303Total         Measured Resources--- 8.60.83229 +229Indicated Resources2400.634,860 2290.775,652 +792M&I Resources2400.634,860 2380.775,881 +1,021Inferred Resources250.50400 840.581,562 +1,1621) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) Updated MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated MRE for the Koné deposit (“Updated Koné MRE”) has an effective date of December 31, 2025, and is reported at a gold cut-off grade of 0.20 g/t Au and the updated MRE for the Gbongogo Main deposit (“Updated Gbongogo Main MRE”) has an effective date of March 3, 2026, and is reported at a gold cut-off grade of 0.50 g/t Au. The Updated Koné MRE and Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed and approved by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE and the Updated Gbongogo Main MRE are constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated MRE accounts for a change in the constrained optimized open-pit shell generated using a gold price of US$2,500 per ounce on the Gbongogo South and Koban North deposits (as previously published on July 21, 2025) and the ANV deposit (as previously published on November 6, 2025). All other deposits are unchanged from the previous mineral resource estimate disclosed on April 8, 2025, and all previous estimates are available on Montage’s website and on SEDAR+. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” for details. 
APPENDIX B: KONÉ AND GBONGOGO MAIN DEPOSITS SENSITIVITY AND VARIANCE BY ORE TYPE

Table B1: Koné deposit Mineral Resource Estimate by cut-off grade at $2,000/oz  MEASURED INDICATED INFERREDCut-off
Au g/t Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz)0.10 10.60.70238 288.90.524,830 96.20.391,2060.20 8.60.83229 200.00.694,436 61.90.531,0550.30 8.20.86226 177.50.744,224 48.30.619460.40 7.50.91221 148.30.823,909 36.10.698020.50 6.60.97207 117.20.923,465 24.30.816320.60 5.61.05189 91.21.022,992 17.10.935110.70 4.61.13166 70.61.132,566 11.51.073940.80 3.71.23145 55.41.242,208 8.61.17325Updated Koné MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated Koné MRE has an effective date of December 31, 2025, and is reported at a gold cut-off grade of 0.20 g/t Au and is constrained within an optimized open-pit shell generated using a gold price of US$2,000 per ounce. The Updated Koné MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for details.
  Table B2: Koné deposit Mineral Resource Estimate by cut-off grade at $2,500/oz  MEASURED INDICATED INFERREDCut-off
Au g/t Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz)0.10 10.60.70238 291.50.514,779 118.10.381,4430.20 8.60.83229 201.40.684,404 75.30.521,2590.30 8.20.86226 178.50.744,246 58.10.601,1210.40 7.50.91221 148.70.823,921 43.00.699540.50 6.60.97207 117.40.923,472 28.80.817500.60 5.61.05189 91.41.022,996 20.00.935990.70 4.61.13166 70.71.132,569 13.51.064620.80 3.71.23145 55.41.242,210 10.01.17378Updated Koné MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated Koné MRE has an effective date of December 31, 2025, and is reported at a gold cut-off grade of 0.20 g/t Au and is constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated Koné MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed by Mr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for details. Table B3: Gbongogo Main deposit Mineral Resource Estimate by cut-off grade at $2,000/oz  MEASURED INDICATED INFERREDCut-off
Au g/t Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz)0.10 --- 18.01.37797 0.50.77130.20 --- 17.91.38796 0.50.78130.30 --- 17.71.40794 0.50.80120.40 --- 16.81.45784 0.40.91110.50 --- 15.41.54764 0.31.07100.60 --- 13.81.66736 0.21.2490.70 --- 12.31.78705 0.21.4180.80 --- 10.91.91671 0.11.557Updated Gbongogo Main MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated Gbongogo Main MRE has an effective date of March 30, 2026 and is reported at a gold cut-off grade of 0.50 g/t Au and is constrained within an optimized open-pit shell generated using a gold price of US$2,000 per ounce. The Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for details.  Table B4: Gbongogo Main deposit Mineral Resource Estimate by cut-off grade at $2,500/oz  MEASURED INDICATED INFERREDCut-off
Au g/t Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz) Tonnage
(Mt)Grade
(Au g/t)Content
(Au koz)0.10 --- 19.31.33822 1.70.86470.20 --- 19.11.34822 1.70.86470.30 --- 18.81.35819 1.70.88470.40 --- 17.71.42807 1.40.97440.50 --- 16.11.51783 1.21.08410.60 --- 14.31.64751 0.91.21370.70 --- 12.61.76717 0.71.38320.80 --- 11.21.90681 0.61.5628Updated Gbongogo Main MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated Gbongogo Main MRE has an effective date of March 30, 2026 and is reported at a gold cut-off grade of 0.50 g/t Au and is constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for details.  Table B5: Koné deposit Mineral Resource Estimate variance by ore type PREVIOUS MRE1 UPDATED MRE2  Resources shownTonnageGradeContent TonnageGradeContent Varianceon a 100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Measured Resources         Oxide--- 5.00.81131 +131 Transitional--- 1.60.8443 +43 Fresh--- 1.90.8955 +55 Total --- 8.60.83229 +229 Indicated ResourcesOxide140.53240 5.10.587 (153)Transitional100.55180 3.40.660 (120)Fresh2210.584,120 1930.74,280 +160 Total 2450.574,490 2010.684,404 (86)Measured and Indicated         Oxide140.53240 100.67218 (22)Transitional100.55180 50.64103 (77)Fresh2210.584,120 1950.694,335 +215 Total 2450.574,490 2100.694,632 +142 Inferred Resources         Oxide0.80.369.3 0.20.363.4 (5.9)Transitional0.30.343.3 0.10.341.5 (1.8)Fresh360.43500 750.431,254 +754 Total 370.43510 750.521,259 +749 1) Previous Resource Estimate as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) Updated Koné MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated Koné MRE has an effective date of December 31, 2025, and is reported at a gold cut-off grade of 0.20 g/t Au and is constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated Koné MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for details.
  Table B6: Gbongogo Main deposit Mineral Resource Estimate variance by ore type PREVIOUS MRE1 UPDATED MRE2  Resources shownTonnageGradeContent TonnageGradeContent Varianceon a 100% basis(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Measured Resources         Oxide--- --- - Transitional--- --- - Fresh--- --- - Total --- --- - Indicated Resources         Oxide0.71.5235 1.11.5352 +17 Transitional0.41.3417 0.61.4429 +12 Fresh10.51.46493 14.41.52702 +209 Total 12.01.46560 16.11.51783 +223 M&I Resources         Oxide0.71.5235 1.11.5352 +17 Transitional0.41.3417 0.61.4429 +12 Fresh10.51.46493 14.41.52702 +209 Total 12.01.46560 16.11.51783 +223 Inferred Resources         Oxide0.040.871.1 0.010.620.5 (0.6)Transitional0.010.710.1 0.010.620.2 +0.1 Fresh0.030.920.9 1.11.1040 +39 Total 0.070.892.0 1.21.0841 +39 1) Previous Resource Estimate as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) Updated Gbongogo Main MRE is reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The Updated Gbongogo Main MRE has an effective date of March 30, 2026, and is reported at a gold cut-off grade of 0.50 g/t Au and is constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné MRE is reported on a 100% basis. Rounding errors are apparent. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for details.
  APPENDIX C: KONÉ PROJECT BEST INTERCEPTS FOR THE KONÉ AND GBONGOGO MAIN RESOURCE, ADVANCED GRADE CONTROL AND GRADE CONTROL PROGRAMMES1

Target
Hole ID
Drill Type
Collar LocationOrientation
Depth (m)
From (m)
To (m)
Apparent Width1
(m)Grade Uncut
(g/t Au)Comments(UTM Zone 29N)M Em NmRLDipAzimKoné
KORC028RC756,849964,728378-551251559615256.01.39 KORC030RC756,782964,775383-5512516011413.01.12 KORC030RC756,782964,775383-5512516024160136.00.92 KORC046RC756,894964,819384-551251550100100.01.04 KORC046RC756,894964,819384-551251551191267.01.23 KORC047RC756,943964,785383-5512514002525.00.50 KORC047RC756,943964,785383-55125140329765.01.29Incl. 1m @ 11.00 g/t from 87mKORC047RC756,943964,785383-5512514010411511.00.84 KORC059RC756,936964,971391-551258021614.00.44 KORC059RC756,936964,971391-5512580237855.01.08 KORC064RC756,981964,940390-551257012928.01.94 KORC064RC756,981964,940390-5512570374710.01.02 KORC064RC756,981964,940390-551257055616.01.02 KORC065RC756,992964,903389-551257075346.01.40 KORC082RC756,690964,626379-551257001919.01.41 KORC122RC756,787964,833386-551258002020.01.11 KORC122RC756,787964,833386-5512580274922.01.15 KORC130RC757,045964,866390-551257003636.01.22 KORC136RC756,903964,875388-551258018079.01.72 KORC140RC756,946964,935391-551257505252.01.31Incl. 1m @ 14.70 g/t from 16mKORC140RC756,946964,935391-551257558668.00.42 KORC145RC756,915964,987391-551257003232.00.94 KORC145RC756,915964,987391-5512570426725.01.11 KORC218RC756,726964,493375-551254003535.01.05 KORC221RC756,747964,524376-551254004040.01.35Incl. 1m @ 15.10 g/t from 17mKORC222RC756,754964,534376-551254004040.01.01 KORC223RC756,765964,526376-551253023028.01.30Incl. 1m @ 10.20 g/t from 24mKORC229RC756,741964,559377-551254003737.01.12 KORC236RC756,858964,507376-551252001010.01.95 KORC254RC756,814964,553378-551253003030.01.06 KORC255RC756,825964,546378-551253002727.01.00 KORC265RC756,749964,569377-551254004040.01.15 KORC266RC756,739964,576377-551254004040.01.38Incl. 1m @ 95.60 g/t from 24mKORC281RC756,687964,612378-551253011615.01.74Incl. 1m @ 31.00 g/t from 8mKORC322RC756,787964,603379-551254004040.01.33 KORC347RC756,724964,556377-551254004040.01.25 KORC387RC756,792964,631379-551254004040.01.20 KORC393RC756,709964,536376-551254004040.01.00Incl. 1m @23.70 g/t from 27mKORC430RC756,727964,691381-5512550175033.01.32 KORC462RC756,758964,669380-551255005050.01.15 KORC464RC756,788964,648379-551254004040.01.67Incl. 1m @ 29.60 g/t from 33m; Incl. 1m @ 94.30 g/t from 34mKORC465RC756,799964,641379-551254004040.01.20 KORC519RC756,796964,658379-551254003838.01.44 KORC531RC756,775964,673380-551255005050.01.11 KORC579RC756,781964,683379-551255005050.01.40 KORC580RC756,792964,675379-55125500.050.050.01.37 KORC595RC756,556964,338372-551252032017.01.81 KORC664RC756,789964,693378-55125500.050.050.01.39 KORC666RC756,760964,714380-55125501.050.049.01.39 KORC748RC756,801964,731379-551255005050.01.19 KORC751RC756,894964,818384-551254004040.01.29Incl. 1m @ 21.50 g/t from 9m; Incl. 1m @3 1.10 g/t from 19mKORC898RC756,981964,879390-551255004949.01.10 KORC901RC756,986964,800383-551254004040.01.17 KORC906RC756,935964,835386-551254002020.01.62 KORC906RC756,935964,835386-5512540284012.01.53 KORC917RC756,956964,866389-551255015049.01.41 KORC941RC756,970964,842387-5512540139381.57Incl. 1m @ 11.90 g/t from 33mKORC942RC756,984964,861390-5512550033331.49 KORC952RC757,071964,832387-551252041282.87 KORC973RC756,978964,897390-5512550043431.70Incl. 1m @ 10.30 g/t from 17m; Incl. 1m @ 12.20 g/t from 24m; Incl. 1m @ 10.70 g/t from 26mKORC974RC756,968964,904390-5512550044441.70 KORC976RC756,947964,918390-5512550050501.43 KORC990RC756,982964,925390-5512550341381.36 KORC991RC756,964964,922390-5512550248461.46 KORC992RC756,975964,914390-5512550244421.41 KORC993RC756,985964,907390-5512550334311.57 KORC996RC756,944964,936393-5512550150491.55Incl. 1m @ 12.60 g/t from 43mKORC999RC756,956964,974393-5512550038381.26Incl. 1m @ 16.60 g/t from 34mKORC1002RC756,938964,970393-55125502050301.40 KORC1011RC756,972964,932390-5512550048481.77Incl. 1m @ 10.500 g/t from 14mKORC1097RC756,924964,888396-5512550050501.48 KORC1113RC756,932964,897390-5512550050501.81Incl. 1m @ 12.30 g/t from 11mKORC1114RC756,942964,890390-5512550050501.67Incl. 1m @ 69.70 g/t from 5m; Incl. 1m @ 10.60 g/t from 49mKORC1116RC756,963964,875390-5512550050501.78 KORC1117RC756,973964,868390-5512550046461.39 KORC1131RC756,918964,878389-5512550050501.58Incl. 1m @ 26.70 g/t from 28mKoné Deeps
KONDD0006Core756,265964,312374-5512545318919891.60 KONDD0006Core756,265964,312374-55125453241253120.31 KONDD0006Core756,265964,312374-5512545326326960.33 KONDD0006Core756,265964,312374-55125453281306250.52 KONDD0006Core756,265964,312374-5512545333133760.47 KONDD0006Core756,265964,312374-55125453345395500.80 KONDD0006Core756,265964,312374-55125453401440390.51 GBM
GBMRC014RC769,316993,538351-55140140414871.35 GBMRC014RC769,316993,538351-55140140525420.91 GBMRC014RC769,316993,538351-5514014070101312.18Incl. 1m @ 11.37 g/t from 77mGBMRC014RC769,316993,538351-5514014010911781.25 GBMRC014RC769,316993,538351-5514014013213860.52 GBMRC036RC769,213993,432353-551401444575302.29Incl. 1m @ 30.25 g/t from 61mGBMRC037RC769,253993,463353-55140130152162.82 GBMRC037RC769,253993,463353-55140130253491.48 GBMRC037RC769,253993,463353-551401303863252.76Incl. 1m @ 14.42 g/t from 38m; Incl. 1m @ 12.16 g/t from 47mGBMRC038RC769,230993,451353-551401402751249.36Incl. 1m @ 22.68 g/t from 35m; Incl. 1m @ 157.2 g/t from 38mGBMRC038RC769,230993,451353-551401406575101.34 GBMRC038RC769,230993,451353-5514014078120423.73Incl. 1m @ 11.87 g/t from 99m; Incl. 1m @ 15.92 g/t from 100m; Incl. 1m @ 15.56 g/t from 101m; Incl. 1m @ 26.96 g/t from 102m; Incl. 1m @ 11.39 g/t from 103mGBMRC042RC769,299993,367352-5514050125242.24Incl. 1m @ 11.33 g/t from 5mGBMRC045RC769,248993,393352-55140100182812.70Incl. 1m @ 11.08 g/t from 15m; Incl. 1m @ 12.08 g/t from 18m; Incl. 1m @ 28.75 g/t from 40mGBMRC057RC769,274993,434353-601401083590552.71Incl. 1m @ 16.14 g/t from 38m; Incl. 1m @ 23.03 g/t from 42m; Incl. 1m @ 14.9 g/t from 43m; Incl. 1m @ 11.96 g/t from 66m
1All intercepts are apparent width. Based upon current interpretation it is estimated true thickness range between 70% and 90% of the drilled intersections.

Full drill results are available by clicking here.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf9ab150-3871-4ba9-944b-c12dedd61b33

https://www.globenewswire.com/NewsRoom/AttachmentNg/ea013c64-5d95-4e9e-883c-1989e6506102

https://www.globenewswire.com/NewsRoom/AttachmentNg/dfa24270-e941-488a-b118-c4dd82bbe98d

https://www.globenewswire.com/NewsRoom/AttachmentNg/016df1d8-d839-47d4-aceb-40735aba60cb

https://www.globenewswire.com/NewsRoom/AttachmentNg/ddbc50f0-6b89-4cbd-aca9-115d348d0ea0

https://www.globenewswire.com/NewsRoom/AttachmentNg/58f1cff4-ec6e-4973-b9c9-6d954b0e0108

https://www.globenewswire.com/NewsRoom/AttachmentNg/759e2dd8-d447-456f-b002-113edd6b8643

https://www.globenewswire.com/NewsRoom/AttachmentNg/3075fcb1-4474-4b1a-993b-cf4933e7c136

Posted by Defense World Staff on Apr 6th, 2026

Phocas Financial Corp. purchased a new stake in shares of MDU Resources Group, Inc. (NYSE:MDU – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 210,150 shares of the utilities provider’s stock, valued at approximately $4,102,000. Phocas Financial Corp. owned 0.10% of MDU Resources Group as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of MDU Resources Group by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 22,414 shares of the utilities provider’s stock valued at $408,000 after acquiring an additional 540 shares during the period. GAMMA Investing LLC raised its holdings in MDU Resources Group by 25.4% in the 4th quarter. GAMMA Investing LLC now owns 2,748 shares of the utilities provider’s stock worth $54,000 after purchasing an additional 556 shares during the period. Koshinski Asset Management Inc. boosted its position in MDU Resources Group by 5.3% during the third quarter. Koshinski Asset Management Inc. now owns 11,098 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 560 shares in the last quarter. Hantz Financial Services Inc. boosted its position in MDU Resources Group by 42.8% during the third quarter. Hantz Financial Services Inc. now owns 2,211 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 663 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its holdings in MDU Resources Group by 2.8% in the third quarter. Arkadios Wealth Advisors now owns 26,280 shares of the utilities provider’s stock valued at $468,000 after purchasing an additional 724 shares during the period. Institutional investors and hedge funds own 71.44% of the company’s stock.

Analyst Ratings Changes A number of analysts have recently commented on the company. Loop Capital set a $21.00 price objective on MDU Resources Group in a research report on Tuesday, February 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of MDU Resources Group in a research note on Monday, December 29th. Finally, Citigroup reissued a “neutral” rating on shares of MDU Resources Group in a report on Thursday, January 15th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $21.00.

View Our Latest Stock Report on MDU Resources Group

Insider Activity In other MDU Resources Group news, Director Charles M. Kelley bought 5,000 shares of the company’s stock in a transaction dated Friday, February 13th. The stock was acquired at an average price of $20.84 per share, with a total value of $104,200.00. Following the completion of the acquisition, the director directly owned 8,031 shares of the company’s stock, valued at $167,366.04. This represents a 164.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.94% of the stock is owned by insiders.

MDU Resources Group Trading Down 0.1% MDU stock opened at $21.30 on Monday. MDU Resources Group, Inc. has a 12-month low of $15.04 and a 12-month high of $21.49. The business’s 50-day moving average is $20.61 and its 200 day moving average is $19.92. The company has a current ratio of 0.84, a quick ratio of 0.78 and a debt-to-equity ratio of 0.91. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 3.67 and a beta of 0.70.

MDU Resources Group (NYSE:MDU – Get Free Report) last released its earnings results on Thursday, February 5th. The utilities provider reported $0.37 earnings per share for the quarter, meeting the consensus estimate of $0.37. The business had revenue of $534.00 million for the quarter, compared to the consensus estimate of $560.72 million. MDU Resources Group had a return on equity of 6.98% and a net margin of 10.15%.During the same quarter last year, the business posted $0.90 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year. MDU Resources Group has set its FY 2026 guidance at 0.930-1.000 EPS. On average, sell-side analysts anticipate that MDU Resources Group, Inc. will post 0.94 EPS for the current fiscal year.

MDU Resources Group Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Thursday, March 12th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Thursday, March 12th. MDU Resources Group’s payout ratio is 60.22%.

About MDU Resources Group (Free Report)

MDU Resources Group, Inc is a diversified energy and services holding company headquartered in Bismarck, North Dakota. The company operates through two primary segments: Utilities and Construction Services and Pipelines & Midstream. Serving a broad geographic footprint across the upper Midwest and Pacific Northwest, MDU provides essential energy distribution and infrastructure services to residential, commercial and industrial customers.

The Utilities segment delivers electric and natural gas distribution services in Montana, North Dakota, South Dakota, Minnesota, Kansas, Wisconsin, Michigan and Washington.

Read More Five stocks we like better than MDU Resources Group Want to see what other hedge funds are holding MDU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MDU Resources Group, Inc. (NYSE:MDU – Free Report).

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Strong open season interest for proposed Bakken East Pipeline Project Consolidated net income of $80.8 million and diluted earnings per share of $0.39 Milder weather unfavorably impacted results by approximately $0.03 per share 2026 guidance affirmed; earnings per share in the range of $0.93 to $1.00 , /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) today announced its financial results for the first quarter of 2026, highlighting continued execution across its segments, despite milder weather, as well as positive outcomes from recent capital investments and meaningful progress on its proposed Bakken East Pipeline Project.

During the quarter, a successful binding open season for the proposed Bakken East Pipeline Project concluded with approximately 1.4 billion cubic feet per day of submitted interest. Of that total, approximately 40% has been signed under precedent agreements with additional precedent agreements in active negotiation. Based on submitted interest, we are now projecting total capital investment for the potential project in the range of $2.7 billion to $3.2 billion, which would be incremental to our current $3.1 billion capital investment forecast. The company has not reached a final investment decision on this project and will continue to finalize precedent agreement negotiations before proceeding with a decision. As we look to finance a project of this size and scope, we will evaluate all options including using our balance sheet, pursuing potential partnerships and various other options. We will continue to provide updates on this potential project as details develop.

Recent investments, including Badger Wind Farm and the Minot Expansion Project, are delivering financial benefits and supporting customer demand, while emerging opportunities tied to data center growth across our service territory reinforces the long-term value of the company's infrastructure portfolio.

"We delivered a strong first quarter when accounting for the impact of warmer weather across our service territory," said Nicole A. Kivisto, president and CEO of MDU Resources. "Milder conditions reduced volumes, and normalization mechanisms in several of our states helped offset those impacts, demonstrating the strength of our regulated businesses. At the same time, rate relief as well as recent investments such as Badger Wind Farm and our pipeline expansions contributed positive results. Additionally, we continue to see encouraging demand trends, including continued interest from data center development and strong interest in our proposed Bakken East Pipeline Project."

The following summarizes the company's first quarter results for the three months ended March 31:

2026

2025

Net income (in millions)

$                            80.8

$                         82.0

Earnings per share, diluted

$                             .39

$                           .40

"Our ability to deliver consistent results in a dynamic energy environment speaks to the strength and operational discipline of our teams," Kivisto added. "Our employees remain focused on safety, reliability and cost-effectiveness, enabling us to deliver long-term value to our customers and stockholders."

Electric Utility Segment
Benefits from Badger Wind Farm recovery, more than offset by impacts from milder weather

Lower volumes due to 10% to 30% milder temperatures across our service territory Higher interest expense and depreciation largely related to Badger Wind Farm investment Higher retail revenue driven by renewable cost recovery and rate mechanisms associated with Badger Wind Farm The electric segment earned $14.5 million in the first quarter of 2026, compared with $15.0 million in the first quarter of 2025. Badger Wind Farm was placed in service Dec. 31, 2025, and this marked the first full quarter of benefits from the investment, driving higher retail revenues and recovery. These benefits were more than offset by milder weather, which drove lower retail sales volumes of approximately $2 million.

Regulatory Update:

Montana: Interim electric rates approved for an annual increase of $10.4 million; rates effective April 1, 2026, subject to refund; reflecting recovery of infrastructure investments, including Badger Wind Farm, and associated depreciation and operation and maintenance expense Wyoming: General rate case settlement approved for an annual increase of $5.8 million; rates effective April 1, 2026; reflecting recovery of infrastructure investments as well as associated operation and maintenance expense North Dakota: General rate case filing is anticipated later this year Natural Gas Distribution Segment
Lower volumes largely offset by weather normalization mechanisms and rate relief

Lower retail and transportation volumes due to warmer weather Continued customer growth of approximately 1.5% year-over-year Rate relief across multiple jurisdictions The natural gas distribution segment earned $44.2 million in the first quarter of 2026, compared with $44.7 million in the first quarter of 2025. Results reflect lower volumes driven by warmer weather, approximately a $5 million impact, due to 10%-30% warmer temperatures across our service territory compared to last year, including temperatures 20% higher in Idaho and 30% higher in Montana. Weather normalization mechanisms in certain states helped offset the warmer temperatures. Additionally, the lower volumes were largely offset by rate relief in Washington, Idaho, Montana and Wyoming.

Regulatory Update:

Oregon: Pending general rate case filed Nov. 25, 2025, requesting an annual increase of $16.4 million; reflecting rate base growth, along with associated depreciation and increased operation and maintenance expense Idaho: General rate case settlement approved for an annual increase of $13.0 million; rates effective Jan. 1, 2026 Washington: Year two rates under the approved multi-year rate plan, representing an annual increase of $10.8 million, effective March 1, 2026; in April 2026, filed a revision to decrease revenue by $2.1 million annually due to forecasted plant that was not placed in service as of Dec. 31, 2025 The company anticipates filing a multi-year general rate case this year Wyoming: System Safety and Integrity Rider filed Aug. 15, 2025; hearing held April 9, 2026, pending before the Wyoming Public Service Commission Minnesota: General rate case filing is anticipated later this year Pipeline Segment
Lower storage-related revenue partially offset by contributions from recent expansion projects placed in service

Decreased interruptible storage withdrawals Increased operation and maintenance expense Positive results from recent projects placed in service The pipeline segment earned $15.3 million in the first quarter of 2026, compared to a record $17.2 million in the first quarter of 2025. Results were impacted by lower interruptible natural gas storage withdrawals, along with higher operation and maintenance expense primarily due to increased material costs and payroll-related expenses. Higher Montana property tax accruals also contributed to the year-over-year decrease.

These impacts were partially offset by continued strong customer demand for short-term natural gas transportation contracts as well as contributions from a growth project recently placed in service.

Pipeline Segment Strategic Projects Updates:

Proposed Bakken East Pipeline Project: While a final investment decision has not yet been made, customer interest and ongoing commercial discussions demonstrate continued demand for additional takeaway capacity from the Bakken region. Included in the 1.4 billion cubic feet per day of interest is a firm capacity commitment of $50 million annually for ten years from the State of North Dakota, reinforcing the strategic importance of the project to regional energy infrastructure and economic development. The company continues to advance the project in a disciplined manner, navigating evolving market dynamics that include regional data center development considerations, while maintaining a focus on long-term value creation and capital efficiency. Phase One of the proposed project is targeted to be complete in November 2029, with Phase Two targeted to be complete in November 2030. Line Section 32 Expansion Project: This project will provide natural gas transportation service to a new electric generation facility in northwest North Dakota. A FERC Section 7(c) application was filed in March 2026, marking an important regulatory milestone in the project's development. The project is dependent on regulatory approvals with construction targeted to be complete in late 2028. Minot Industrial Project: This proposed project could consist of an approximately 90-mile pipeline from Tioga, North Dakota to Minot, North Dakota and ancillary facilities to support anticipated industrial demand in the area. An agreement is in place to provide cost recovery protections during the development phase, with the agreement currently extended through late 2026. Equity and Funding Plan
In connection with the company's December 2025, follow-on public offering, a portion of the related forward sale agreements were settled on March 13, 2026, resulting in the issuance of 4.3 million shares of new common stock for proceeds of $81.3 million. The company had previously stated it expects to issue between $150 million to $175 million of equity in 2026, and between $100 million to $125 million in 2027, to support near-term capital expenditures for growth.

Guidance
For 2026, MDU Resources expects earnings per share to be in the range of $0.93 to $1.00.

The expected 2026 results are based on these assumptions:

Normal weather, economic and operating conditions for the remainder of the year Continued growth in utility customers at 1%–2% annually Successful execution of approved capital investment and rate recovery plans Continued execution of its debt and equity financing plans The company's long-term EPS guidance remains unchanged with an expected growth rate of 6%–8%.

Conference Call
MDU Resources will webcast its first quarter 2026 earnings conference call today at 2 p.m. ET. The webcast can be accessed at www.mdu.com under the "Investors" heading. Select "Events & Presentations," and click on "Q1 2026 Earnings Conference Call." After the webcast, a replay will be available at the same location.

About MDU Resources Group, Inc.
MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, delivers safe, reliable, cost-effective and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at [email protected].

Investor Contact: Brent Miller, treasurer, 701-530-1730
Media Contact: Byron Pfordte, director of integrated communications, 208-377-6050

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events or developments that the company anticipates will or may occur in the future are based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," and "predicts," in each case related to such things as growth estimates, stockholder value creation, the company's "CORE" strategy, capital expenditures, financial guidance, trends, objectives, goals, dividend payout ratio targets, earnings per share growth targets, customer rates, regulatory approvals, sustainability, strategies and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission.

While made in good faith, these forward-looking statements are based largely on the company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Consolidated Statements of Income

Three Months Ended

March 31,

2026

2025

(In millions, except per
share amounts)

(Unaudited)

Operating revenues

$    606.0

$    674.8

Operating expenses:

Purchased natural gas sold

239.4

317.2

Electric fuel and purchased power

46.1

43.7

Operation and maintenance

114.8

111.1

Depreciation and amortization

54.2

51.3

Taxes, other than income

35.8

38.7

Total operating expenses

490.3

562.0

Operating income

115.7

112.8

Other income (expense)

2.6

5.0

Interest expense

32.7

26.8

Income before income taxes

85.6

91.0

Income tax expense

4.7

8.5

Income from continuing operations

80.9

82.5

Discontinued operations, net of tax

(.1)

(.5)

Net income

$      80.8

$      82.0

Earnings per share – basic:

Income from continuing operations

$       .39

$       .40

Discontinued operations, net of tax

—

—

Earnings per share – basic

$       .39

$       .40

Earnings per share – diluted:

Income from continuing operations

$       .39

$       .40

Discontinued operations, net of tax

—

—

Earnings per share – diluted

$       .39

$       .40

Weighted average common shares outstanding – basic

205.4

204.1

Weighted average common shares outstanding – diluted

207.0

205.0

Selected Cash Flows Information

Three Months Ended

March 31,

2026

2025

(In millions)

Net cash provided by operating activities

$    149.2

$    217.5

Net cash used in investing activities

(91.2)

(94.8)

Net cash used in financing activities

(32.9)

(130.1)

Increase (decrease) in cash, cash equivalents and restricted cash

25.1

(7.4)

Cash, cash equivalents and restricted cash - beginning of year

28.2

66.9

Cash, cash equivalents and restricted cash - end of period

$      53.3

$      59.5

Capital Expenditures

Business Line

2026
Estimated

2027
Estimated

2028
Estimated

2029
Estimated

2030
Estimated

2026-2030
Total
Estimated

(In millions)

Electric

$       144

$       309

$       250

$       184

$       210

$    1,097

Natural gas distribution

361

295

240

254

223

1,373

Pipeline

60

70

181

282

50

643

Total capital expenditures1

$       565

$       674

$       671

$       720

$       483

$    3,113

1 Excludes Other category

Note: Total capital expenditures is presented on a net basis

The capital program is subject to continued review and modification by the company. Actual expenditures may vary from estimates. Investment in the potential Bakken East Pipeline project would be incremental to the outlined capital program.

Electric

Three Months Ended

March 31,

2026

2025

Variance

(In millions)

Operating revenues1,2

$  121.2

$  112.4

7.8 %

Operating expenses:

Electric fuel and purchased power1

46.1

43.7

5.5 %

Operation and maintenance

28.9

28.6

1.0 %

Depreciation and amortization

19.6

17.2

14.0 %

Taxes, other than income

5.5

4.8

14.6 %

Total operating expenses

100.1

94.3

6.2 %

Operating income

21.1

18.1

16.6 %

Other income

.4

1.0

(60.0) %

Interest expense

11.9

7.9

50.6 %

Income before income taxes

9.6

11.2

(14.3) %

Income tax benefit2

(4.9)

(3.8)

28.9 %

Net income

$    14.5

$    15.0

(3.3) %

Operating Statistics

Three Months Ended

March 31,

2026

2025

Revenues (millions)1,2

Retail sales:

Residential

$      39.1

$      38.2

Commercial3

46.9

45.2

Industrial

9.9

8.8

Other

2.0

1.7

97.9

93.9

Other

23.3

18.5

$    121.2

$    112.4

Volumes (million kWh)

Retail sales:

Residential

332.0

370.7

Commercial3

741.9

723.9

Industrial

120.7

116.7

Other

19.2

20.2

1,213.8

1,231.5

Average cost of electric fuel and purchased
 power per kWh

$      .028

$      .027

The previous tables reflect items that are passed through to customers
resulting in minimal impact to earnings. These items include:

1 Electric fuel and purchased power costs, which impact both
  operating revenues and electric fuel and purchased power expense

2 Production tax credits, which impact income tax benefit and
  operating revenues

3 Commercial includes the impact from data centers

The electric business reported net income of $14.5 million in the first quarter of 2026, compared to $15.0 million for the same period in 2025. This decrease was largely the result of higher interest expense associated with debt issuances for recent capital investments including Badger Wind Farm. Lower retail sales volumes due to warmer weather and higher depreciation expense, primarily Badger Wind Farm, further drove the decrease. Higher retail revenues, primarily from recovery mechanisms associated with renewable investments including Badger Wind Farm, largely offset the decrease.

Natural Gas Distribution

Three Months Ended

March 31,

2026

2025

Variance

(In millions)

Operating revenues1,2,3

$  462.5

$  539.3

(14.2) %

Operating expenses:

Purchased natural gas sold1

273.8

350.5

(21.9) %

Operation and maintenance2

65.2

63.6

2.5 %

Depreciation and amortization

26.4

26.1

1.1 %

Taxes, other than income3

26.5

30.6

(13.4) %

Total operating expenses

391.9

470.8

(16.8) %

Operating income

70.6

68.5

3.1 %

Other income

2.3

3.3

(30.3) %

Interest expense

16.3

14.8

10.1 %

Income before income taxes

56.6

57.0

(0.7) %

Income tax expense

12.4

12.3

0.8 %

Net income

$    44.2

$    44.7

(1.1) %

Operating Statistics

Three Months Ended

March 31,

2026

2025

Revenues (millions)1,2,3

Retail Sales:

Residential

$    259.5

$    291.6

Commercial

150.2

189.6

Industrial

13.4

15.7

423.1

496.9

Transportation and other

39.4

42.4

$    462.5

$    539.3

Volumes (MMdk)

Retail sales:

Residential

26.5

31.8

Commercial

18.6

21.9

Industrial

1.5

1.7

46.6

55.4

Transportation sales:

Commercial

.6

.8

Industrial

38.9

48.4

39.5

49.2

Total throughput

86.1

104.6

Average cost of natural gas per dk

$      5.87

$      6.33

The previous tables reflect items that are passed through to customers
resulting in minimal impact to earnings. These items include:

1 Natural gas costs, which impact operating revenues and purchased
  natural gas sold.

2 Conservation, which impacts operating revenues and operation and
  maintenance expense.

3 Revenue-based taxes that impact both operating revenues and taxes,
  other than income.

The natural gas distribution business reported net income of $44.2 million in the first quarter of 2026, compared to $44.7 million for the same period in 2025. The decrease was largely the result of lower retail sales volumes due to warmer weather. Lower electric generation transportation volumes driven by warmer weather, higher operation and maintenance expense, primarily payroll-related expense and contract services, and higher interest expense further drove the decrease. The decrease was largely offset by higher retail sales revenue due to rate relief in Washington, Idaho, Montana and Wyoming.

Pipeline

Three Months Ended

March 31,

2026

2025

Variance

(In millions)

Operating revenues

$    57.1

$    56.7

.7 %

Operating expenses:

Operation and maintenance

20.8

19.3

7.8 %

Depreciation and amortization

8.2

8.0

2.5 %

Taxes, other than income

3.8

3.3

15.2 %

Total operating expenses

32.8

30.6

7.2 %

Operating income

24.3

26.1

(6.9) %

Other income (expense)

(.3)

.4

(175.0) %

Interest expense

4.0

4.2

(4.8) %

Income before income taxes

20.0

22.3

(10.3) %

Income tax expense

4.7

5.1

(7.8) %

Net income

$    15.3

$    17.2

(11.0) %

Operating Statistics

Three Months Ended

March 31,

2026

2025

Transportation volumes (MMdk)

143.2

143.5

Customer natural gas storage balance (MMdk):

Beginning of period

37.6

44.1

Net withdrawal

(10.3)

(22.0)

End of period

27.3

22.1

The pipeline business reported net income of $15.3 million in the first quarter of 2026, compared to $17.2 million for the same period in 2025. The earnings decrease was driven by lower interruptible natural gas storage withdrawals. Higher operation and maintenance expense primarily attributable to higher materials and payroll-related costs also contributed, as well as higher Montana property tax accruals. The decrease was partially offset by continued strong customer demand for short-term natural gas transportation contracts, as well as impacts from a growth project placed in service in 2025 and a contracted volume increase associated with a previously constructed growth project.

Other

Three Months Ended

March 31,

2026

2025

Variance

(In millions)

Operating revenues

$       .2

$       .2

— %

Operating expenses:

Operation and maintenance

.5

.1

400.0 %

Total operating expenses

.5

.1

400.0 %

Operating income (loss)

(.3)

.1

(400.0) %

Other income

1.1

1.4

(21.4) %

Interest expense

1.4

1.0

40.0 %

Income (loss) before income taxes

(.6)

.5

(220.0) %

Income tax benefit

(7.5)

(5.1)

47.1 %

Income from continuing operations

6.9

5.6

23.2 %

Discontinued operations, net of tax

(.1)

(.5)

(80.0) %

Net income

$      6.8

$      5.1

33.3 %

For the first quarter of 2026 Other reported net income of $6.8 million compared to net income of $5.1 million for the same period in 2025. The increase was primarily due to income tax adjustments related to the company's annualized estimated tax rate. Partially offsetting the increase was higher operation and maintenance expense.

Other includes the activities of the captive insurer which insures various types of risks of the company's subsidiaries. Also included in Other is general and administrative costs and interest expense previously allocated to the company's former businesses that did not meet the criteria for discontinued operations. Discontinued operations includes certain costs associated with legacy business activities.

Other Financial Data

March 31,

2026

2025

(In millions, except per share amounts)

(Unaudited)

Book value per common share

$          13.89

$          13.42

Market price per common share

$          20.72

$          16.91

Market value as a percent of book value

149.2 %

126.0 %

Total assets

$          7,684

$          6,961

Total equity

$          2,904

$          2,743

Total debt

$          2,596

$          2,194

Capitalization ratios:

Total equity

52.8 %

55.6 %

Total debt

47.2 %

44.4 %

100.0 %

100.0 %

SOURCE MDU Resources Group, Inc.

MDU Resources Group, Inc. (MDU) Q1 2026 Earnings Call Transcript

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Miniatures of windmill, solar panel and electric pole are seen in front of NextEra Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesRegulators to assess merger on consumer impact amid AI-driven demandDeal aims to accelerate data center power projects using combined scale, expertiseConsumer advocates criticize merger as benefiting shareholders over ratepayersNEW YORK, May 20 (Reuters) - NextEra and Dominion Energy's massive merger may depend on ​whether the combined company can keep power bills in check even as it rushes to supply the energy-hungry data ‌centers that have pushed consumer electricity prices higher.

NextEra (NE.N), opens new tab said buying Dominion (D.N), opens new tab, a deal that would create the third-largest energy company in the U.S., would let it swiftly build new generation where others have lagged and connect proposed data centers waiting to begin operations.

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The companies must clear reviews by multiple local, state and federal regulatory agencies that will ​assess consumer impacts as power bills surge in some U.S. regions as rising AI data-center demand is outpacing the installation ​of new generation.

“With the concerns about affordability throughout the country, the key issue here is keeping rates down, ⁠and keeping the growth affordable,” said Paul Patterson, an energy analyst at Glenrock Associates LLC.

Serving data centers is a core reason for the ​merger.

Dominion's service territory includes the northern Virginia area known as "Data Center Alley". That area of surging power demand sits within the 13-state PJM Interconnection, ​where new data hubs are also expanding.

Virginia’s electricity consumption increased at an annual rate of 3.1% between 2019 and 2024, more than three times the national average of 0.9%, according to the U.S. Energy Information Administration.

Household power bills have risen in some parts of PJM by more than 20% over the last two ​years as demand grows but supply stagnates.

The wave of large-scale projects has sparked a political backlash and increased regulatory scrutiny as the resulting ​supply-demand imbalance has pushed prices higher.

SCALE, SPEED AND SCRUTINYMerging NextEra and Dominion – which, together, say they have built more power generation than the next 25 largest ‌utilities combined – ⁠may provide the scale needed to move forward data center power generation and transmission projects that have been stalled, analysts and investors say.

The deal would allow NextEra to accelerate its data center ambitions by using Dominion's expertise and relationships.

“Utilities now need larger balance sheets, broader generation portfolios, and faster infrastructure deployment to compete in the AI era,” said Alex Torgerson, a mergers and acquisitions lead at business and technology consultancy West ​Monroe.

"The biggest challenge now shifts to ​regulators, who will scrutinize market ⁠concentration, grid reliability, and whether customers see meaningful ratepayer benefits from a deal of this size,” Torgerson said.

NextEra and Dominion, in a joint statement, highlighted the combined company would keep rates from swelling, and proposed $2.25 billion ​in bill credits over two years for Dominion customers in Virginia, North Carolina and South Carolina.

“The regulatory ​obstacles to closing ⁠the deal are the real variables,” said the research arm of investment banking advisory firm Evercore in a note.

The merger has drawn criticism from consumer advocates who say it is unnecessary and would ultimately benefit shareholders and executives at the two companies more than utility customers.

Five Dominion executives could together receive ⁠an estimated $66 ​million in pay and benefits as a result of the takeover, according to Dominion’s ​latest proxy statement. Dominion CEO Robert Blue’s change-in-control payout was estimated at $30.1 million.

“Utility mergers are all about benefits for shareholders and executives, not ratepayers,” said Ari Peskoe, director of ​the Electricity Law Initiative at Harvard University Law School.

Reporting by Laila Kearney in New York and Tim McLaughlin in Boston; Editing by Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Key Takeaways MDU shares rose 27.2% in the past year, far ahead of Chesapeake Utilities' 4.3% gain. CPK EPS estimates are $6.51 in 2026 and $7.39 in 2027, implying 8.32% and 13.52% YoY growth. MDU's dividend yield is 2.67% vs Chesapeake Utilities' 2.23%, while MDU carries lower debt-to-cap. The companies in the Zacks Utility - Gas Distribution provide natural gas transportation services from production regions through pipeline networks and serve millions of customers across the United States. These utilities, with their regulated business structure, recover expenses through approved rate hikes while supporting shareholder returns through dividends and share repurchases.

The demand for natural gas is rising in the United States due to its relatively lower emissions compared with other fossil fuels. Companies operating under this utility sector use widespread transmission and distribution lines and interstate pipelines to serve the demand of all customer groups.

Amid the rising importance of gas distribution, let us discuss MDU Resources Group, Inc. (MDU - Free Report) and Chesapeake Utilities Corporation (CPK - Free Report) , two regulated utilities that are well-positioned to benefit from rising natural gas demand and major infrastructure development investments, making them comparable in the utility space.

MDU Resources, engaged in regulated energy delivery businesses, serves more than 1.2 million electric and natural gas customers across the United States. MDU manages nearly 3,800 miles of regulated pipe with 14 interconnection points. The company is benefiting from rising service demand, an expanding customer base, the implementation of new rates and pipeline expansion projects that continue to support its financial performance. Its systematic capital investments in infrastructure development enhance service reliability and boost long-term financial growth.

Chesapeake Utilities is a regulated energy delivery business that efficiently serves millions of electric and natural gas customers across the United States. CPK operated approximately 11,295 miles of regulated energy infrastructure assets as of Dec. 31, 2025. The company is benefiting from rising natural gas demand, new rates and an expanding customer base driven by economic growth in its service territory, boosting revenue growth. The company’s strategic capital investment in infrastructure development ensures safe and reliable service to customers and supports long-term growth.

Let’s examine their fundamentals side by side to reveal which stock presents the most attractive investment opportunity.

CPK & MDU’s Earnings Growth ProjectionThe Zacks Consensus Estimate for CPK’s earnings per share (EPS) is pegged at $6.51 in 2026 and $7.39 in 2027, suggesting year-over-year growth of 8.32% and 13.52%, respectively.

The Zacks Consensus Estimate for MDU’s EPS is pegged at 98 cents in 2026 and $1.05 in 2027, suggesting year-over-year growth of 5.38% and 7.65%, respectively.

CPK & MDU’s Return on EquityReturn on Equity (“ROE”) measures how efficiently a company utilizes shareholders’ funds to generate return, with a higher ROE indicating stronger operational efficiency and value creation. ROE plays a significant role in measuring a company's financial health and management effectiveness in generating returns from available resources.

Chesapeake Utilities’ current ROE of 9.53% is higher than MDU Resources' ROE of 6.82%. CPK utilizes shareholder capital more efficiently and generates higher profits, though both companies’ returns remain below the industry average of 10.13%.

Image Source: Zacks Investment Research

CPK & MDU’s Dividend YieldUtility companies consistently reward shareholders with regular dividend payments, reflecting their commitment to providing steady returns on invested capital. This highlights the company’s earnings stability and strong cash flow generation capabilities.

Currently, the dividend yield for MDU Resources is 2.67%, while that for Chesapeake Utilities is 2.23%. The dividend yields of both companies are higher than the S&P 500’s yield of 1.45%.

Image Source: Zacks Investment Research

CPK & MDU’s Debt to CapitalThe Zacks Utilities sector is a capital-intensive one and requires continuous investments in infrastructure upgrades and maintenance to ensure operational efficiency and support growing demand. These utilities fund long-term investments through a combination of internally generated cash flows and capital market financing, supporting growth and reliable service.

MDU Resources’ debt-to-capital currently stands at 47.20% compared with Chesapeake Utilities’ 50.12%. Both companies are using debt to fund their business and remain below the industry average of 54.47%. CPK's debt level surpasses MDU, highlighting its greater reliance on debt financing.

Image Source: Zacks Investment Research

CPK & MDU’s Capital Investment PlansMDU Resources aims to invest $565 million in 2026 and $3.1 billion in 2026-2030 to support infrastructure development and to enhance service reliability for its expanding customer base.

Chesapeake Utilities plans to invest $450-$500 million in 2026 to expand its distribution and transmission infrastructure, enhance service reliability and support long-term growth. The company also expects to invest $1.5-$1.8 billion during 2024-2028.

CPK & MDU’s Price PerformanceMDU Resources shares have gained 27.2% in the past year compared with Chesapeake Utilities’ 4.3% growth.

Image Source: Zacks Investment Research

Overall AssessmentMDU Resources and Chesapeake Utilities both benefit from expanding customer base, rising service demand, and are investing systematically in infrastructure maintenance and upgradation to provide safe and reliable service to millions of customers across the United States.

However, our choice at the moment is MDU, given its better dividend yield, lower debt-to-capital ratio and better price performance than CPK.  Both MDU and CPK carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Denali Therapeutics Inc. (DNLI) Discusses FDA Approval and Commercial Launch Plans for AVLAYAH for Hunter Syndrome Transcript

April 03, 2026 13:30 ET  | Source: Denali Therapeutics Inc.

Denali plans to continue clinical development of DNL593, which is designed to deliver progranulin to the brain using TransportVehicle™ technologyResults from ongoing Phase 1/2 study in patients with FTD-GRN expected by the end of 2026 SOUTH SAN FRANCISCO, Calif., April 03, 2026 (GLOBE NEWSWIRE) -- Denali Therapeutics Inc. (Nasdaq: DNLI) today announced that it has received notification from Takeda of its decision to terminate the collaboration agreement between the two companies to co-develop and co-commercialize DNL593 (PTV:PGRN). The decision was driven by strategic considerations and is not related to efficacy or safety data. DNL593 is an investigational progranulin replacement therapy utilizing Denali’s Protein TransportVehicle™ (PTV) to deliver progranulin across the blood-brain barrier to the brain for the treatment of frontotemporal dementia-granulin (FTD-GRN). Denali has led development activities and will regain full control of DNL593 and its intellectual property portfolio.

“While we have greatly valued our partnership, we are pleased to regain full ownership of DNL593. We remain confident in the scientific rationale and the data generated to date, and we look forward to advancing DNL593 independently. We plan to report results from the ongoing Phase 1/2 trial by the end of 2026,” said Ryan Watts, Ph.D., Chief Executive Officer of Denali Therapeutics. “Our TransportVehicle platform is the first FDA-approved blood-brain barrier-crossing technology, enabling a robust portfolio with broad potential across neurodegenerative diseases like frontotemporal dementia, where there are no currently approved treatment options to slow the progression of this devasting disease.”

As previously disclosed, data from the ongoing Phase 1/2 study of DNL593, including biomarker results, are expected by the end of 2026. Enrollment in this study is completed with a total of 40 participants with FTD-GRN. Interim results from Part A of the Phase 1/2 study in healthy volunteers demonstrated dose-dependent increases in cerebrospinal fluid progranulin levels, consistent with robust brain delivery of DNL593. DNL593 was generally well tolerated, and there have been no significant safety signals to date.

About Frontotemporal Dementia (FTD)

FTD is the most common form of dementia in people under 60 years of age. While the progression of symptoms varies by individual, FTD brings an inevitable decline in function together with changes in personality and social behaviors, and sometimes language and/or motor dysfunction. Mutations in the granulin (GRN) gene, which encodes the progranulin (PGRN) protein, generally result in reduced levels of PGRN and are amongst the most common genetic causes of FTD. There are currently no approved medications to stop or slow the progression of FTD or FTD-GRN.

About the Denali TransportVehicle™ Platform

The blood-brain barrier (BBB) is essential in maintaining the brain’s microenvironment and protecting it from harmful substances and pathogens circulating in the bloodstream. Historically, the BBB has posed significant challenges to drug development for central nervous system diseases by preventing most drugs from reaching the brain in therapeutically relevant concentrations. Denali’s TransportVehicle™ (TV) platform is a proprietary technology designed to effectively deliver large therapeutic molecules such as antibodies, enzymes and oligonucleotides throughout the whole body, including the brain, by crossing the BBB after intravenous administration. The TV platform is based on engineered Fc domains that bind to specific natural transport receptors, such as transferrin receptor and CD98 heavy chain amino acid transporter, which are expressed at the BBB and deliver the TV and its therapeutic cargo to the brain through receptor-mediated transcytosis. In animal models, antibodies and enzymes engineered with the TV platform demonstrate more than 10- to 30-fold greater brain exposure than similar antibodies and enzymes without this technology. Oligonucleotides engineered with the TV platform demonstrate more than a 1,000-fold greater brain exposure in primates than systemically delivered oligonucleotides without this technology. Improved exposure and broad distribution in the brain may increase therapeutic efficacy by enabling widespread achievement of therapeutically relevant concentrations of product candidates. The TV platform has been clinically validated and five TV-enabled programs are currently in clinical development.

About Denali Therapeutics

Denali Therapeutics Inc. is a biotechnology company pioneering a new class of biotherapeutics designed to cross the blood-brain barrier using its proprietary TransportVehicle™ platform. With a clinically validated delivery platform and a growing portfolio of therapeutic candidates across all stages of development, Denali is advancing toward its goal of delivering effective medicines to transform life for people with neurodegenerative diseases, lysosomal storage disorders and other serious diseases. For more information, please visit www.denalitherapeutics.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, plans, timelines and expectations related to Denali’s TransportVehicle™ platform, including its potential application across current and future product candidates and its ability to deliver therapeutics to the brain; plans, timelines and expectations related to DNL593, including the timing and availability of data readouts from the ongoing Phase 1/2 study, the significance of interim data from the Phase 1/2 study including with respect to tolerability and safety, and the potential therapeutic benefit of DNL593; and statements by Denali’s Chief Executive Officer. Actual results may differ materially from those expressed or implied by these forward-looking statements due to a variety of risks and uncertainties. These include, but are not limited to, uncertainties related to the FDA’s policies and accelerated approval program; risks arising from adverse economic conditions and their impact on Denali’s business and operations; the possibility of events or changes that could lead to the termination of Denali’s collaboration agreements; challenges associated with Denali’s transition to a commercial company; the ability of Denali and its collaborators to complete the development and, if approved, the commercialization of product candidates; difficulties in patient enrollment for ongoing and future clinical trials; whether the current ongoing trials have been powered sufficiently to demonstrate approvability to regulatory agencies; reliance on third-party manufacturers and suppliers for clinical trial materials; dependence on the successful development of Denali’s blood-brain barrier platform technology and related programs; potential delays or failures in meeting expected clinical trial timelines; the risk that promising preclinical profiles may not be replicated in clinical settings; discrepancies between preclinical, early-stage or preliminary clinical results and outcomes from later-stage trials; the occurrence of significant adverse events or other undesirable side effects; the uncertainty surrounding regulatory approvals required for commercialization in the U.S., Europe or other international jurisdictions; Denali’s ability to advance a pipeline of product candidates or develop commercially successful products; developments relating to Denali's competitors and its industry, including competing product candidates and therapies; Denali’s ability to obtain, maintain or protect intellectual property rights related to its product candidates; the implementation and success of Denali’s strategic plans for its business, product candidates and blood-brain barrier platform technology; Denali's ability to obtain additional capital to finance its operations, as needed; Denali's ability to accurately forecast future financial results in the current environment; and other risks and uncertainties, including those described in Denali's most recent Annual and Quarterly Reports on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 26, 2026, and Denali’s future reports to be filed with the SEC. Except for AVLAYAH™ (tividenofusp alfa-eknm), Denali's product candidates are investigational, and their safety and efficacy profiles have not yet been established. Denali does not undertake any obligation to update or revise any forward-looking statements, to conform these statements to actual results or to make changes in Denali’s expectations, except as required by law.

Investor Contact:
Tyler Nielsen
[email protected]

Media Contact:
Erin Patton
[email protected]

Posted by Defense World Staff on Apr 5th, 2026

SG Americas Securities LLC boosted its holdings in Denali Therapeutics Inc. (NASDAQ:DNLI – Free Report) by 291.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,592 shares of the company’s stock after buying an additional 111,391 shares during the period. SG Americas Securities LLC owned approximately 0.10% of Denali Therapeutics worth $2,470,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Headlands Technologies LLC purchased a new stake in shares of Denali Therapeutics during the 2nd quarter valued at $26,000. Johnson Financial Group Inc. purchased a new stake in Denali Therapeutics during the 3rd quarter valued at about $29,000. State of Wyoming bought a new position in Denali Therapeutics during the 2nd quarter worth approximately $29,000. Quarry LP purchased a new position in Denali Therapeutics in the 3rd quarter worth approximately $64,000. Finally, Intrust Bank NA purchased a new position in Denali Therapeutics in the 3rd quarter worth approximately $154,000. Institutional investors own 92.92% of the company’s stock.

Denali Therapeutics Price Performance Shares of NASDAQ:DNLI opened at $20.65 on Friday. The firm has a market capitalization of $3.27 billion, a P/E ratio of -6.95 and a beta of 1.10. The company has a debt-to-equity ratio of 0.01, a quick ratio of 9.16 and a current ratio of 9.16. The stock has a 50 day moving average price of $20.49 and a 200-day moving average price of $18.05. Denali Therapeutics Inc. has a 52-week low of $10.57 and a 52-week high of $23.77.

Denali Therapeutics (NASDAQ:DNLI – Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.75) by $0.02. During the same period in the prior year, the business earned ($0.67) EPS. As a group, equities research analysts anticipate that Denali Therapeutics Inc. will post -2.71 EPS for the current fiscal year.

Insider Transactions at Denali Therapeutics In other news, CEO Ryan J. Watts sold 35,198 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $16.50, for a total value of $580,767.00. Following the sale, the chief executive officer directly owned 296,833 shares of the company’s stock, valued at $4,897,744.50. This represents a 10.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexander O. Schuth sold 17,218 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $16.50, for a total transaction of $284,097.00. Following the completion of the transaction, the insider owned 282,828 shares of the company’s stock, valued at approximately $4,666,662. The trade was a 5.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 12.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets Several brokerages have recently issued reports on DNLI. Wedbush cut their target price on shares of Denali Therapeutics from $31.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, December 11th. The Goldman Sachs Group raised their price target on shares of Denali Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Stifel Nicolaus boosted their price objective on shares of Denali Therapeutics from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Thursday, March 26th. HC Wainwright raised their target price on Denali Therapeutics from $32.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Finally, UBS Group initiated coverage on Denali Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.82.

Get Our Latest Stock Report on DNLI

Denali Therapeutics Company Profile (Free Report)

Denali Therapeutics is a clinical‐stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases. The company’s research leverages a proprietary Blood–Brain Barrier Transport Vehicle (TV) platform designed to enable large molecules, including antibodies and enzymes, to penetrate the central nervous system. Denali’s approach includes small molecules, monoclonal antibodies and gene therapy candidates aimed at key drivers of disorders such as Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis (ALS) and frontotemporal dementia.

Among Denali’s lead programs is an orally delivered leucine‐rich repeat kinase 2 (LRRK2) inhibitor for Parkinson’s disease, and an anti‐TREM2 antibody designed to modulate microglial activity in Alzheimer’s patients.

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