Market Signal Briefing

Bitcoin breached $90,000 for the first time since April, erasing 2025 gains and marking the first collective loss for spot ETF investors amid intensifying profit-taking by long-term holders and mounting traditional market concerns.

Bitcoin price stays exposed to a deeper slide unless it reclaims $90,300, the key invalidation level.15,924 BTC ( almost $1.43 billion) flowed into exchanges in five days, signaling real spot selling — not leverage-driven drops.Thin URPD support from $89,600–$79,500 and a Fibonacci target near $79,600 outline the next potential bottom zone.Bitcoin price has slipped under $90,300, now trading near $89,900 after a sharp drop that pushed its 30-day losses to 16%. Traders are split between expecting another bounce or preparing for deeper losses.

But the charts and on-chain data point to one simple idea: if Bitcoin price does not reclaim a key level soon, the next bottom could form lower, possibly under $80,000.

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Spot Selling Takes As Exchange Reserves SurgeSelling pressure has changed in character. Earlier BTC dips were driven mainly by long liquidations, but that force has faded. On Binance alone, BTC/USDT long liquidations sit near $558 million, while shorts are around $3.56 billion. That is more than six times higher, showing that long-side leverage has already been flushed out. When liquidations fade, price drops begin to show real selling instead of forced selling.

Liquidation Map: CoinglassWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

This is exactly what the exchange reserves are confirming.

Between November 13 and November 18, Bitcoin reserves on all exchanges rose from 2,380,595 BTC to 2,396,519 BTC. That means 15,924 BTC moved onto exchanges in five days. That’s roughly $1.43 billion at the current BTC price.

This is the highest inflow in weeks and a sign of deliberate spot selling, possibly panic exits. Holders are moving coins to exchanges to sell or prepare to sell.

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The shift from liquidation-driven drops to spot-driven drops is important because it usually makes declines more controlled, but also more persistent. It also explains why the Bitcoin price continues to face pressure even after leverage has cooled.

Weak Support Pockets Leave Bitcoin Price ExposedTo understand where the Bitcoin price can stabilize, we look at the UTXO Realized Price Distribution (URPD). URPD shows where holders last bought their coins. These regions act like support clusters because people tend to defend the prices they entered at.

However, the area between $89,600 and $79,500 has very thin support. Few coins last moved in this band, meaning fewer holders are motivated to defend it.

Key Bitcoin Price Support Clusters: GlassnodeThis explains why losing $90,300 is dangerous. If Bitcoin cannot reclaim this level, the chart and URPD map leave the price exposed to a wide, weak zone that extends to the high under $80,000.

The trend-based Fibonacci structure supports the same idea. Bitcoin has been falling inside a wedge since October 6. The lower trend line is weak because it has only two clean touches. Price is drifting toward that line again, and a break would leave the Fibonacci extension at $79,600 as the next real target, breaking down the trendline. This level lines up almost perfectly with the URPD gap.

The short-term supports near $82,000–$84,500 are the last buffers before this zone, according to the URPD clusters. If Bitcoin continues closing under $90,300, these supports become the next logical tests.

Bitcoin Price Analysis: TradingViewThe reversal case is still possible, but it requires the Bitcoin price to reclaim several levels in order. First comes $90,300, which would signal the market is rejecting the breakdown. After that, $96,800 becomes the next hurdle. And finally, a move above $100,900 would flip the short-term sentiment bullish.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

VanEck, Grayscale launch Solana ETFs; price swings, inflows key

Summary

VanEck introduced a Solana ETF on Nasdaq Nov. 17, offering institutional access, with initial fees waived and staking rewards passed to investors.
Grayscale launched a spot Solana fund in late October, gathering significant assets quickly and sharing staking yield with investors after reducing fees.
Solana’s price declined sharply recently amid volatile trading, while analysts expect ETF inflows to hinge on the token’s market direction and critical support levels.

VanEck launched its Solana exchange-traded fund on Nasdaq on Nov. 17, providing institutional access to the cryptocurrency, the company announced.

The fund was seeded with an initial basket purchased at the end of October, according to regulatory filings. VanEck will waive the sponsor fee for a limited period on the first tranche of assets, though the ETF charges a unified expense ratio. State Street Bank will serve as administrator, with crypto custody provided by two major custodians, the filings showed.

The fund plans to stake a portion of its Solana (SOL) holdings through third-party validators, with staking rewards accruing to the fund’s net asset value, according to the custodian. The initial staking provider has agreed to waive its fee during the fee-waiver period.

Grayscale launched a spot Solana fund in late October, accumulating significant assets by mid-November driven by record inflows in its first days, making it the first U.S.-listed Solana ETF. Grayscale charges a management fee and recently reduced its staking fee until the fund reaches a certain size, passing most staking yield to investors, according to company statements.

Solana’s price has declined sharply in recent weeks, trading well below its level from a month earlier as of mid-November, according to market data. The token peaked earlier in the year and has been correcting since. Market analysts have identified a nearby price band as critical support. A break below that level could push prices lower, while a sustained move above a higher threshold would signal weakening bearish momentum, analysts stated. Trading volumes have increased with volatility.

Some analysts have projected sizable combined inflows for Solana-linked funds in their first year. The performance of the new funds will depend on Solana’s price trajectory, according to market observers.

Story HighlightsThe live price of SHIB memecoin is  $ 0.00000876SHIB token price could reach a maximum of $0.00006392 in 2025.Shiba Inu price, with a potential surge, could go as high as $0.000321 by 2030.Shiba Inu is preparing for its next chapter with new strategies to expand influence in the DeFi space. The project will introduce a stablecoin partnership and update its governance system to target higher market growth.

Lead Developer Shytoshi Kusama revealed a new governance concept called the SHIB State presidential election. This system is designed to give the community a stronger voice and create a more organized ecosystem. Contrarily, the recent Shibarium bridge exploit that led to millions of dollars in losses has alarmed SHIB hodlers.

Curious about where the SHIB price could head? We’ve crafted a comprehensive Shiba Inu price prediction 2025, 2026 – 2030, with all the latest metrics to address these pressing queries.

CryptocurrencyShiba InuTokenSHIBPrice$0.0000 -3.11% Market Cap$ 5,162,478,550.3624h Volume$ 179,298,042.6087Circulating Supply589,244,551,510,125.6250Total Supply589,500,780,537,049.5000All-Time High$ 0.0001 on 28 October 2021All-Time Low$ 0.0000 on 01 September 2020Shiba Inu Price ChartTechnical AnalysisShiba Inu (SHIB) is trading at $0.000008719, below the 20-day SMA at $0.00000913. Technicals indicate:

Key Support: $0.00000869 (lower Bollinger Band), $0.00000838 (horizontal support)Resistance: $0.00000913 (20-day SMA), $0.00000957 (upper Bollinger Band)Indicators: RSI shows bearish momentum, as price nears oversold levels and market sentiment remains subdued.Shiba Inu Short-Term Price PredictionSHIB Price Analysis for November 2025Shiba Inu is consolidating below the 20-day SMA at $0.00001221. Price action remains flat, with support at $0.00001156 and resistance at $0.00001286. The RSI at 44.04 reflects mild bearish momentum, keeping range-bound movement likely. Current technicals signal a potential low of $0.00001156, an average price near $0.00001210, and a high at $0.00001286, as volatility bands cap the action.

MonthPotential LowPotential AveragePotential HighNovember$0.00001156$0.00001210$0.00001286SHIB Price Prediction 2025With increased adoption and the crypto market heading toward a new high, the memecoin market could witness a meteoric rise in the upcoming months. On August 5, Shiba Inu launched its first DAO elections to appoint a temporary “Network State President,” a move marketed as a step toward decentralization. However, the voting process favored large holders, as highlighted by a 272% jump in whale activity.

That being said, with an altcoin season, the price of SHIB could reach an annual high of $0.00006392. However, if the community drives the price with typical buying and selling pressures, SHIB could settle at an annual price of $0.0000191. 

On the other hand, if investors fail to keep up with the liquidity of the digital asset on exchanges, FUD and negative sentiments could lower the price to $0.0000201.

YearPotential LowPotential AveragePotential High20250.00001910.000042010.00006392Also, read Dogecoin Price Prediction 2025, 2026 – 2030!

SHIB Mid-Term Price PredictionYearPotential Low ($)Potential Average ($)Potential High ($)20260.00002860.000063120.0000978420270.00003690.00008110.0001253Shiba Inu Price Prediction 2026The price forecast of Shiba Inu for the year 2026 could range from $0.0000286 to $0.00009784, settling at an average of roughly $0.00006312.

Shiba Inu Coin Price Action 2027Subsequently, the Shiba Inu 2027 Prediction indicates the price might oscillate between $0.0000369 to $0.0001253, averaging notably at approximately $0.0000811.

Shiba Inu Long-Term Price PredictionYearPotential Low ($)Potential Average ($)Potential High ($)20280.00004170.00010600.000170320290.00005500.0001320.00021020300.00006800.0001940.000321Shiba Inu Memecoin Price Forecast 2028Furthermore, the SHIB Price for 2028 values between $0.0000417 and $0.0001703, converging around an average of $0.0001060.

SHIB Coin Price Targets 2029Then, by 2029, CoinPedia’s SHIB Price envisions the coin’s value to lie between $0.0000550 to $0.000210, with a centered average of about $0.000132.

SHIB Coin Price Prediction 2030Lastly, approaching 2030, the SHIB price could bounce between $0.0000680 to $0.000321, culminating at an average estimate of roughly $0.000194.

Shiba Inu (SHIB) Price Projection 2031, 2032, 2033, 2040, 2050YearPotential Low ($)Potential Average ($)Potential High ($)20310.00009350.0002520.00041120320.0001160.0003270.00053920330.0001590.0004530.00074820400.0005690.0009540.0013420500.001760.005020.00829Also, read Pepe Price Prediction 2025, 2026 – 2030!

Market AnalysisFirm Name202520262030Changelly$0.0000499$0.0000739$0.000323coincodex$0.0000437$0.0000259$0.0000505Binance$0.000024$0.000026$0.000031*The targets mentioned above are the average targets set by the respective firms.

CoinPedia’s Shiba Inu Price PredictionAs highlighted above, CoinPedia’s insight into Shiba Inu’s future remains bullish. Surprisingly, with the $0.00006000 breakout, SHIB might soar to promising highs of $0.00006392 during the upcoming altcoin season.

Conversely, on the downside, if this meme coin dives below the trendline, SHIB prices could plummet to a mere $0.0000191.

Additionally, we anticipate the SHIB price to carve a new pinnacle, reaching $0.00006392 in 2025.

YearPotential LowPotential AveragePotential High20250.00001910.000042010.00006392Also, read Ethereum Price Prediction 2025, 2026 – 2030!

FAQsHow high will Shiba Inu go in 2025?

By 2025, our price prediction forecasts that the Shiba coin price could be worth $0.00006392. With a potential surge, the price may go as high as $0.000321 by 2030.

How much will Shiba be in 5 years?

As per the Shiba Inu price forecast, Shiba Inu’s price may trade at an average of $0.000210 for the year 2029.

Is Shiba Inu good for the future?

With the coming updates and strong community, Shiba Inu remains a strong candidate in the crypto world.

Will Shiba Inu coin reach $1?

As per our current price forecast, Shiba Inu can be bullish for the coming years but the jump to $1 seems a stretch.

How high Shiba Inu can go?

If the impact of the last halving is anything to go by, Shiba (SHIB) could easily rally to over $0.00006392 in 2025.

Will Shiba Inu reach 1 Cent by 2030?

As per our calculated price prediction, SHIB price is expected to hit a maximum of $0.000321, by the end of 2030.

How much would the price of Shiba Inu be in 2040?

As per our latest SHIB price analysis, the Shiba Inu could reach a maximum price of $0.00134.

How much will the SHIB price be in 2050?

By 2050, a single Shiba Inu price could go as high as $0.00829.

Disclaimer and Risk WarningThe price predictions in this article are based on the author's personal analysis and opinions. CoinPedia does not endorse or guarantee these views. Investors should conduct independent research before making any financial decisions.

Bitcoin drew fresh attention on Tuesday as El Salvador added about $100 million to its national holdings. At the same time, Cameron Winklevoss warned that this could be the last chance to buy the token below $90,000, putting new focus on the next move in the rally.

El Salvador Adds About $100 Million in BitcoinEl Salvador bought roughly $100 million in Bitcoin during the recent market dip, according to multiple industry reports. The purchase aligns with the country’s ongoing plan to accumulate BTC as prices fluctuate.

El Salvador 100 Million Bitcoin Buy. Source: Watcher.Guru

Reports from independent trackers show that the government added around 1,090 BTC in recent days. The total amount places the acquisition near the $100 million mark based on current market prices. The move expands El Salvador’s national holdings, which now exceed 7,400 BTC.

The buying activity surfaced after market data indicated several large transactions tied to government-linked wallets. While officials have not issued a formal statement, the reported numbers match earlier accumulation patterns promoted by President Nayib Bukele.

The recent purchase comes as Bitcoin trades below recent highs, creating what some analysts described as a temporary discount window. El Salvador has previously bought into similar declines, using weakness to build long-term reserves.

Winklevoss Calls Last Sub-$90K Chance as Traders Eye 2025 SetupMeanwhile, Cameron Winklevoss said on X that “this is the last time you’ll ever be able to buy Bitcoin below $90,000,” framing the current range as a final entry zone. Soon after, crypto trader Eve (@Evecoins) posted a split Bitcoin CME futures chart with his quote, linking today’s structure to the breakout phase that followed in 2020.

Bitcoin 2020 2025 Futures Comparison. Source: Evecoins

In the left panel, the chart tracks the 2020 futures pattern, with price compressing above a highlighted green band before breaking higher toward record levels. In the right panel, the 2025 futures curve traces a similar consolidation above another green zone, this time just below the $90,000 area. The comparison suggests that Bitcoin again sits on a thick support block that could, if it holds, act as a launchpad for a fresh leg up.

At the same time, the overlay of both cycles stresses timing and positioning rather than pure hype. The 2020 side captures how long Bitcoin moved sideways before momentum finally expanded. The 2025 side now places Winklevoss’s call directly on that mirrored structure, turning the green band into the key line traders watch to judge whether his “last chance below $90,000” claim holds up or fails.

Over the past few days, the crypto market has wiped out more than $500 billion in value, and Bitcoin has slipped under $90,000. But the bigger mystery remains: why is crypto crashing when global liquidity is actually rising? 

Recently, Central banks have been pumping billions of dollars into the system, so where is it all going? 

And why isn’t it flowing into Bitcoin, altcoins, or the broader digital asset market?

Global Liquidity Hasn’t Vanished — It’s GrowingGlobal liquidity is rising fast as major central banks pump fresh money into the system. Recently, the U.S. Federal Reserve has carried out more than $37 billion in repo operations in October and November alone, adding short-term liquidity to support banks and credit markets.

China is doing even more. The PBOC cut key rates and lowered banks’ reserve requirements, releasing about 1 trillion yuan ($138 billion). 

On other fronts, Banks like HSBC expect another 2.1 trillion yuan to enter China’s economy through new easing tools.

Across the world, central banks and governments are preparing over $500 billion in combined liquidity injections before year-end as part of coordinated efforts to support slowing economies.

The Market Isn’t Broken, It’s Being TestedAnalyst argues that the market isn’t broken, it’s simply being tested. Many traders keep blaming regulation, whale moves, or central banks, but the analyst calls this a “victim mindset” driven by fear.

He explains that new capital hasn’t disappeared. It just hasn’t entered the market yet through stablecoins, ETFs, or institutional funds. The liquidity is there, it’s only waiting for the right moment.

Some believe this crash is not a failure but a filtering phase that separates emotional traders from long-term believers. They describe it as a “sifting season,” where weak hands exit and stronger conviction is formed.

According to this view, assets like Bitcoin, HEX, and PLS could see major inflows next, not because money was missing, but because it was waiting for real confidence, not short-term hype.

What Comes Next Crypto Market?Looking forward, the analyst believes that the real trigger may not be another rate cut or policy shock but the moment when liquidity finally chooses crypto.

If monetary easing continues and global money flows increase, crypto could be poised for a major inflow wave.

But if investors keep choosing stocks or real-world assets, crypto may stay in a “waiting zone” for some time.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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El Salvador has added $100 million worth of Bitcoin to its national reserves over the past week, purchasing 1,098 BTC amid declining market conditions. The Central American nation now holds 7,474 Bitcoin valued at approximately $688 million, according to the country's Bitcoin office.

President Nayib Bukele shared details of the recent acquisition on social media, reaffirming his administration's commitment to building cryptocurrency reserves. The government has implemented a daily purchasing strategy designed to accumulate digital assets gradually while minimizing exposure to price volatility.

Strategic Accumulation Through Daily PurchasesEl Salvador adds one Bitcoin to its reserves each day as part of its long-term investment strategy. This approach allows the government to reduce its average acquisition cost through consistent buying during market downturns.

Stacy Herbert, director of El Salvador's Bitcoin Office, explained that the initiative aims to provide citizens with greater financial autonomy. The government wants to reduce dependence on traditional banking systems and encourage cryptocurrency adoption among its population.

Most Salvadorans currently use the U.S. dollar for everyday transactions. The administration hopes daily Bitcoin purchases will demonstrate the viability of digital currency as an alternative to conventional money.

El Salvador became the first country to adopt Bitcoin as legal tender in September 2021. However, public acceptance has progressed slowly. Many citizens remain hesitant about cryptocurrency use despite government incentives and educational programs.

The International Monetary Fund has expressed concern about El Salvador's Bitcoin holdings. The organization warned about potential financial risks associated with maintaining large cryptocurrency reserves. Nevertheless, President Bukele has dismissed these warnings and continued the accumulation strategy.

Government Stays Steady While Market DeclinesBitcoin prices fell below $90,000 this week, dropping nearly 5% in a single trading session. The decline triggered widespread selling among retail investors who had entered the market within recent months.

At the time of writing, Bitcoin is trading at $90,635, suggesting a 5.21% decline in the last 24 hours.

Market data shows approximately 148,000 BTC changed hands during the selloff, marking the largest short-term transfer since April 2025. Many inexperienced investors sold their holdings at substantial losses to avoid further depreciation.

El Salvador maintained its purchasing schedule throughout the downturn. The government's steady approach contrasts sharply with the panic-driven decisions of individual traders.

The Czech National Bank recently announced its first Bitcoin acquisition, signaling growing institutional interest in digital assets. However, government purchases alone cannot prevent retail investor panic from affecting market prices.

El Salvador currently ranks as the fifth-largest government holder of Bitcoin globally. The United States, China, the United Kingdom, and the European Union hold larger reserves. Despite having a relatively small economy, El Salvador has distinguished itself through aggressive cryptocurrency accumulation.

Most major coins are now in “extreme pain,” with traders sitting on heavy losses, a backdrop Santiment frames as prime buy-zone territory.

Bitcoin (BTC) has fallen below the $90,000 mark for the first time in seven months, a drop that has pulled the entire digital asset market deep into negative territory for the week.

This sharp decline has created what analytics firm Santiment identified as “extreme pain” for traders, potentially setting the stage for a prime buying opportunity for patient investors.

Market-Wide Downturn Creates Buying Zones
According to Santiment’s data, the majority of cryptocurrencies are now flashing signals of extreme negative returns for traders who have been active over the past month. Its Market Value to Realized Value (MVRV) metric, which helps identify potential buy-low zones, is showing huge losses for major assets.

Cardano (ADA) leads the pack with average trader returns at -19.7%, placing it in an “Extreme Buy Zone.” It is followed closely by Chainlink (LINK) at -16.8% and Ethereum (ETH) at -15.4%, which are also in the same zone.

Meanwhile, Bitcoin is in a “Good Buy Zone” despite being down -11.5%, alongside Ripple’s XRP at -10.2%. Santiment explained that in a zero-sum market, buying assets when the average trade returns of other market participants are deeply negative increases the probability of a rapid price recovery.

The analysis comes as the overall crypto market capitalization has fallen by 13.5% in the past week, with the mood shifting drastically from just six weeks ago, when the community was celebrating when BTC hit a new all-time high past $126,000.

As of today, the number one cryptocurrency is down by about 4.4% since the start of 2025. Market watchers have attributed the downturn to a combination of factors, including record outflows from US spot Bitcoin ETFs over three consecutive weeks and institutional selling pressure, as indicated by the Coinbase Premium hitting a nine-month low.

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Navigating the Fear and Identifying the Bottom
The current climate has naturally spawned a wave of fear and negative predictions across social media. Santiment’s deep dive into social data from November 18, 2025, noted a clear shift in trader sentiment.

While there are signs that some confidence remains, evidenced by discussions about buying the dip reaching an eight-month high, price predictions have become more bearish. Mentions of Bitcoin falling to between $40,000 and $80,000 now dominate conversations, a stark contrast to the calls for $130,000 and above during its October peak.

However, such widespread pessimism has historically been viewed as a contrarian indicator. Furthermore, the Kobeissi Letter provided some long-term perspective, reminding investors that since 2017, Bitcoin has experienced over ten declines of 25% or more, with each one eventually being followed by new record highs. They characterize the latest episode as a “routine” crypto downturn that may be closer to its end than its beginning.

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VanEck has launched the third Solana exchange-traded fund, while Grayscale's Dogecoin ETF is set for official trading on Monday.

ING Bank Slaski said on Tuesday that it had agreed to acquire the remaining 55% stake in Polish asset management company Goldman Sachs TFI from Goldman Sachs Asset Management International Holdings for 396 million zlotys ($108 million).

Please see below information about transactions made under the fourth tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

Date on which the buy-back tranche was announced: 29 October 2025.

The duration of the buy-back tranche: 30 October 2025 to no later than 2 February 2026.

Further information on the tranche can be found in the stock market announcement on its commencement dated 29 October 2025, available here: https://newsweb.oslobors.no/message/658157

From 10 November to 13 November 2025, Equinor ASA has purchased a total of 1,182,052 own shares at an average price of NOK 245.2514 per share.

Overview of transactions:

DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK)     10 NovemberOSE305,000245.793674,967,048.00 CEUX    TQEX        11 NovemberOSE284,052246.641770,059,068.17 CEUX    TQEX        12 NovemberOSE293,200247.254272,494,931.44 CEUX    TQEX        13 NovemberOSE299,800241.424072,378,915.20 CEUX    TQEX        Total for the periodOSE1,182,052245.2514289,899,962.81 CEUX    TQEX        Previously disclosed buy-backs under the trancheOSE2,099,507243.7758511,809,012.29CEUX   TQEX   Total2,099,507243.7758511,809,012.29     Total buy-backs under the tranche (accumulated)OSE3,281,559244.3073801,708,975.09CEUX   TQEX   Total3,281,559244.3073801,708,975.09 Following completion of the above transactions, Equinor ASA owns a total of 46,924,171 own shares, corresponding to 1.84% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 36,603,869 own shares, corresponding to 1.43% of the share capital).

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Detailed overview of transactions

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR TO BE TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO. 596/2014 ON MARKET ABUSE, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AND REGULATION (EU) NO. 596/2014 ON MARKET ABUSE.

UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

CASCAIS, Portugal, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) (“Pulsar” or the “Company”), a primary helium development company, is pleased to announce that the Jetstream #4 well commenced drilling on November 9 and has encountered pressurized gas with a calculated bottom-hole pressure of approximately 674 psi at a depth of 1,457 feet (444 meters). This further underscores a highly charged gas reservoir and the well continues to progress to a total anticipated depth of 3,000 feet (914 meters). All Jetstream wells have encountered gas, a 100% success rate.

Highlights:

Location: Jetstream #4 is located 0.4 miles (~600 meters) south of Jetstream #3, and 0.1 miles (~250 meters) north of Jetstream #1 at the Topaz helium project in Minnesota.Pressurized gas zones: Jetstream #4 intersected gas-bearing intervals at approximately 1,187-1,277 feet (362-389 meters) and between 1,327-1,437 feet (404-438 meters) depth, with bottom-hole pressure estimated at ~674 psi at 1,457 feet (444 meters), which is the depth at the time of writing this news release (and is subject to change when the hole is deepened and final bottom hole and well-head pressures are obtained when total depth is achieved). This is another strong pressure reading, complementing the 960 psi bottom-hole pressure calculated in Jetstream #3.Advancing drilling operations: Jetstream #4 has a planned total depth of ~3,000 feet (914 meters) and is being drilled using the coring method with a hole diameter of 3.8 inches (96 mm).Visible gas: Drilling personnel observed gas bubbling in the drilling mud returns at surface during pipe connections. This indicates an active gas influx from the formation while drilling is underway.Next steps, testing and analysis: Drilling Jetstream #4 is ongoing and upon reaching total depth (TD), both Jetstream #3 and Jetstream #4 will undergo comprehensive evaluation. A suite of open-hole wireline logs will be run to collect detailed geological and petrophysical data, an optical televiewer will be used to image the well-bore wall geology, followed by a proposed controlled flow-testing and pressure build-up program to measure well deliverability. All core and gas samples will be sent for laboratory analysis to determine gas composition and helium concentrations, including testing for the rare helium-3 isotope discovered in Jetstream #1.
Thomas Abraham-James, President & CEO of Pulsar, commented:

“Encountering another zone of pressurised gas at Jetstream #4 is a highly encouraging continuation of what we are seeing across the field. A ~674 psi pressure reading at this relatively shallow depth reinforces the strength of the reservoir and further validates the geological model built from the earlier Jetstream wells. With Jetstream #4 advancing toward total depth, we are excited to see what else it may show. Our team is focused on collecting the highest-quality data possible as we prepare for wireline logging, flow-testing, and full laboratory analysis, including assays for helium-3. It is an exciting phase of work as we progress Topaz toward our objective of becoming a major primary helium project in North America.”

Jetstream #4 Well Update

Jetstream #4, the second well in Pulsar’s new multi-well program at Topaz, was spudded on November 9th. The well encountered gas shows between 1,187-1,277 feet (362-389 meters) and between 1,327-1,437 feet (404-438 meters) depth. Upon penetrating these intervals, a significant influx of gas was observed, and bottom-hole pressure was calculated at ~674 psi at 1,457 feet (444. Meters). This pressure level is a strong indicator of a pressurized reservoir but is subject to change as the hole is deepened and final bottom hole and well-head pressure readings are obtained. The Jetstream #4 well continues to advance to its TD of 3,000 feet (914 meters), with the main gas zone interpreted to be intersected at 1,700 feet (518 meters).

Drilling is ongoing on a 24-hour schedule with rotating crews. Jetstream #4 has currently surpassed 1,457 feet (444 meters) of depth and continues toward the planned total depth of 3,000 feet (914 meters). The well is being drilled using continuous HQ core drilling (large-diameter core of ~63.5 mm) to maximize sample recovery. This drilling method is providing abundant physical core samples for geological analysis while maintaining efficient progress. Notably, gas continues to percolate and bubble through the drill mud under notable pressure while drilling, and becomes more evident when a new drill pipe connection is made.

Once Jetstream #4 reaches total depth, Pulsar will initiate a comprehensive downhole evaluation program across both newly drilled appraisal wells. The decision was made to test both wells simultaneously to reduce mobilization costs and therefore a more efficient deployment of capital. The testing will include a suite of open-hole wireline logs, flow testing and pressure build-up analysis on the well. Concurrent with field testing, core and gas samples from Jetstream #3 and Jetstream #4 will undergo thorough laboratory analysis. The lab program will determine the gas composition and exact helium content of the samples. Importantly, the analysis will include assays for helium-3, a rare isotope of helium, given that helium-3 was previously detected in the Topaz reservoir at notable levels (refer to News Release dated October 1, 2025). The Company is eager to see if Jetstream #3 and Jetstream #4 exhibit a similar helium-3 signature, which would further underscore the unique character and value of the Topaz helium discovery.

About the Topaz Project

The Topaz project is located in northern Minnesota, USA, where Pulsar is the first mover and holds exclusive leases. Drilling at the Jetstream #1 appraisal well reached a TD of 5,100 feet (1,555 meters) in January 2025, successfully penetrating the entire interpreted helium-bearing reservoir and beyond. Drilling of the Jetstream #2 appraisal well was completed on February 1, 2025, reaching a TD of 5,638 feet (1,718 meters). Jetstream #3 reached TD on November 7 and during drilling the calculated bottom-hole pressure was ~960 psi, with down-hole testing and gas sampling to occur after completion of Jetstream #4. In August 2025, the Jetstream #1 well was successfully flow-tested using a wellhead compressor, delivering a peak gas flow rate of approximately 1.3 million cubic feet per day with a sustained flow of 7–8% helium (as helium-4). Recent laboratory analyses have also confirmed the presence of helium-3 in measurable concentrations, representing one of the highest naturally occurring helium-3 values publicly reported in a terrestrial gas reservoir. The ongoing multi-well drilling campaign will build on these results to expand Pulsar’s understanding of the reservoir and advance Topaz toward development.

On behalf Pulsar Helium Inc.
“Thomas Abraham-James”
President, CEO and Director

Further Information:

Pulsar Helium Inc.
[email protected]
+ 1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
https://pulsarhelium.com
https://ca.linkedin.com/company/pulsar-helium-inc.

Yellow Jersey PR Limited
(Financial PR)
Charles Goodwin / Annabelle Wills
+44 777 5194 357
[email protected]

Strand Hanson Limited
(Nominated & Financial Adviser, and Joint Broker)
Ritchie Balmer / Rob Patrick / Richard Johnson
+44 (0) 207 409 3494

OAK Securities*
(Joint Broker)
Richard McGlashan / Mungo Sheehan
+44 7879 646641 / +44 7788 266844
[email protected] / [email protected]

*OAK Securities is the trading name of Merlin Partners LLP, a firm incorporated in the United Kingdom and regulated by the UK Financial Conduct Authority.

About Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded company quoted on the AIM market of the London Stock Exchange and listed on the TSX Venture Exchange with the ticker PLSR, as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each.

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

Qualified Person Signoff

In accordance with the AIM Note for Mining and Oil and Gas Companies, the Company discloses that Brad Cage, VP Engineering and Officer of the Company has reviewed the technical information contained herein. Mr. Cage has approximately 25 years in the oil and gas industry, is a member of the Society of Petroleum Engineers and is a licenced professional petroleum engineer in Oklahoma, USA.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements. Forward-looking statements herein include, but are not limited to, statements relating to the statements regarding bringing the Topaz project to production, anticipated full plant construction contract in 2026, final investment decision being made in 2026, the potential impact of the drill results, flow testing and pressure testing on the next iteration of the resource estimate; the potential of CO2 and/or Helium-3 as a valuable by-product of the Company’s future helium production; and the potential for future wells. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements and the ability to obtain all requisite regulatory approvals. 

No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.

Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic date for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, that Pulsar may be unsuccessful in drilling commercially productive wells; the uncertainty of resource estimation; operational risks in conducting exploration, including that drill costs may be higher than estimates ; commodity prices; health, safety and environmental factors; and other factors set forth above as well as risk factors included in the Company’s Annual Information Form dated July 31, 2025 for the year ended September 30, 2024 found under Company’s profile on www.sedarplus.ca.

Forward-looking statements contained in this news release are as of the date of this news release, and 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 the Company 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. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

CALGARY, AB / ACCESS Newswire / November 18, 2025 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce that it has received Toronto Stock Exchange ("TSX") approval of the Company's notice of intention to make a new Normal Course Issuer Bid ("NCIB"). The NCIB will commence on November 20, 2025 and end on November 19, 2026, or such earlier date as Valeura may determine or upon completion of purchases pursuant to the NCIB.

November 18, 2025 2:00 AM EST | Source: Thor Explorations Ltd.
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2025) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations", "Thor", the "Company" or the "Group") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Cote D'Ivoire for the three months to September 30, 2025 (the "Quarter", the "Period" or "Q3").

The Company's Unaudited Condensed Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three months ended September 30, 2025 are available on Thor Explorations' website at: https://thorexpl.com/investors/financials/.

All figures are in US dollars ("US$") unless otherwise stated.

Q3 2025 Financial Highlights

19,650 ounces ("oz") of gold ("Au") sold at an average gold price of US$3,535 per oz. Cash operating cost of US$783 per oz sold and all-in sustaining cost ("AISC") of US$1,129 per oz sold. Revenue of US$69.9 million (Q3 2024: US$40.2 million).Net profit of US$43.1 million (Q3 2024: US$17.5 million).EBITDA of US$51.8 million (Q3 2024: US$27.4 million).Adjusted net cash of US$81.0 million (Q3 2024: US$3.2 million).Operational Highlights

Segilola Production

Gold poured totalled 22,617 oz during Q3 2025 (Q3 2024: 20,110 oz). 250,459 tonnes ("t") of ore processed during Q3 2025 (Q3 2024: 201,958 t), at an increased equivalent throughput rate of 2,722 tonnes per day.Mill feed grade was 3.11 grammes per tonne ("g/t") Au.Process plant recovery performance has improved compared to recent quarters and during Q3 it operated at an average of 94.3%.No significant unplanned downtime periods. 386,558 t of ore mined during the Period (Q3 2024: 355,515 t), at an average grade of 2.26 g/t Au. The ore stockpile increased by 2,977 oz to 44,069 oz of Au at an average grade of 0.83g/t Au.The significant stockpile available (more than one year of process plant supply) offers flexibility and low risk for future process plant production. The mine will continue to feed higher grade material in preference to low grade material and the lower grade material will be processed later in the mine life and during periods of reduced or minimal mining activity.Segilola Exploration

The Segilola life of mine extension drilling program continued during Q3, with diamond drilling taking place to test the depth extensions of the Segilola deposits. The drillholes were completed on a mix of 80 metres ("m") and 40 m inter-hole spacings to test the continuity of three high-grade shoots that are projected to continue down-plunge to the south.Drilling continued subsequent to the end of the Period and will continue throughout the open pit mine life.A mining consultancy was engaged for a high-level review of the underground potential to support the continuation of the drilling program.The Group is aiming to define an updated resource as of end of 2025. Regional Exploration

During Q3, the Group continued with exploration activities across several of its licences.Thor continued with geochemical target generation, mainly south of the Segilola Gold mine. Exploration drilling commenced late in the period on targets previously delineated to the south of Segilola and will continue through to the end of 2025.Douta

During the Quarter, a reverse circulation ("RC") drilling program was completed on the Baraka 3 Prospect, aimed at extending the recently discovered drilled mineralisation towards the north and south. Metallurgical test work was also carried out with encouraging initial results.The Group's strategy at the Douta Gold Project ("Douta") remains to delineate an initial 500,000 oz oxide resource at the start of the mine life.Subject to finalising metallurgical tests on the Baraka ore, the Group anticipates that incorporating the Baraka resource into Douta will enable Thor to satisfy or exceed the oxide target.The Group continued to progress the final workstreams for the Douta Pre-Feasibility Study ("PFS"), which it aims to release in Q4 2025.Thor announced the signing of a binding sale and purchase agreement with International Mining Company SARL ("IMC") to acquire the remaining 30% interest in Douta (Demande 11618).The acquisition is subject to the completion of certain conditions precedent including final approval of the Minister of Mines. The total consideration for the acquisition is a payment of US$3.0 million in cash with 50% payable on signing and 50% payable at completion and a 1.25% average Net Smelter Royalty capped at US$60.0 million.The Group also announced that it acquired an initial 65% interest in the Bousankhoba Exploration Permit EL02254 ("Bousankhoba"), an early-stage gold exploration permit located contiguous to the east of the Company's Douta West permit.Bousankhoba contains several continuous soil geochemical anomalies, some of which have had historical early-stage drilling with encouraging results, including 10 m at 3.6 g/t Au and 2 m at 52 g/t Au.Cote D'Ivoire

During the Quarter, Thor completed an initial RC drilling program at the Guitry Project ("Guitry"). The program commenced in May 2025 and comprised of 4,604 m in 41 holes. The drilling campaign successfully intersected several high grade mineralised lodes which remains open.At the Marahui Project ("Marahui"), mapping and rock sampling progressed during the Quarter, with more than 250 samples collected. Further exploration work was carried out, consisting of soil geochemistry and rock chip sampling delineating a parallel three kilometre long soil and rock chip anomaly with encouraging high grade initial results. Further exploration drilling activities are planned at Guitry and Marahui and scheduled to continue for the next eight months.Environment, Social and Governance

Q3 projects under the Community Development Agreements ("CDA") included construction commencing on the redevelopment of a community school, and a new bottled water factory, which will be run by the local community.Two annual CDA projects, the school scholarship program and the Segilola's Women's Initiative program, were completed in September 2025. This marked the fifth edition of both programs. The annual community medical outreach program was undertaken in the three host communities around the Segilola mine, with over 3,000 community residents participating.As part of the medical outreach program, the Company launched SegunCare in August 2025, which provides ongoing support for individuals with chronic health conditions, including mental illnesses. This has supported 297 recipients to date. Data gathering for the Group's 2025 ESG and sustainability reporting is ongoing and remains aligned with the Global Reporting Initiative (GRI) standards. Highlights for Q3 2025 include:Water withdrawal continued to reduce, supported by a 62% increase in reclaimed water use from the Tailings Management Facility (compared to Q3 2024). Energy intensity and emissions intensity showed improvement compared to Q3 2024, demonstrating the continued environmental benefits in 2025 from the process plant efficiency improvements made in 2024. One Lost Time Injury (LTI) occurred during truck maintenance. Health and Safety inspections in locations of high incidences (including in the maintenance workshops) have been occurring since the start of 2025 and is showing a reduction in overall incidents and key metrics in Q3 2025.In Senegal, the Douta Phase 1 Environmental Impact Assessment ("EIA"), initially submitted to the Ministry of Environment and Sustainable Development in March 2025, was resubmitted in August 2025, incorporating comments made by representatives of a joint intergovernmental technical committee and community meeting held in the regional capital of Kédougou in May 2025 (in line with national EIA process). Final approval is expected in Q4 2025. Environmental baseline data (biodiversity, air, water and noise) has been gathered for the recently acquired Baraka exploration license ("EL") and adjoining Douta EL. This will be included in the Douta PFS to inform the full project being designed over both ELs.Outlook

Production guidance narrowed for 2025 to 90,000 oz - 95,000 oz (previously 85,000 oz - 95,000 oz), and AISC guidance is narrowed to US$900 - US$1,000 per oz (previously US$800 - US$1,000 per oz).Advance exploration programs across the portfolio, including near mine, underground and regional programmes at Segilola, drilling and infill programs at Douta, assessing regional potential targets in Nigeria and Côte d'Ivoire, and acquiring new concessions and joint partnership options on potential targets.Finalise and release the Douta PFS in Q4 2025. Define an updated resource for Segilola as of end of 2025 for release in Q1 2026.Segun Lawson, President & CEO, stated:

"I am pleased to report that the Company has had a successful third quarter, which has seen strong production performance at Segilola, and the advancement of exploration programmes across the Company's portfolio. In Q3 2025, our net profit totalled $43.1 million, supported in part by the continued favourable gold price environment, as well as our cost discipline and operational efficiencies. For instance, gold recovery at our process plant has seen steady improvement over the past 12 months, now at 94.3%, up from 88.5% in Q3 2024.

"During the Quarter, we poured 22,617 oz of gold, and sold 19,650 oz at an average gold price of US$3,535 per oz, generating revenue of just below US$70 million, and EBITDA of $51.8 million. I am delighted to announce that our adjusted net cash position is now at $81.0 million.

"Exploration drilling at Segilola has focused on life of mine extension drilling. Drilling continued in Q3, testing the depth extensions of the Segilola deposit. We also engaged a mining consultancy to conduct a high-level review of the underground potential. I am pleased to report that we are now aiming to define an updated resource as of end of 2025 for release in Q1 2026.

"In Senegal, we increased our ownership of the Douta Project (Demande 11618) to 100%, following the agreement signed with IMC. Owning this exciting project in full is a logical next step as we finalise the Douta PFS, which we intend to release during Q4 2025. During Q3, we conducted a RC drilling program at the Baraka 3 Prospect, and carried out metallurgical test work which demonstrated encouraging results. Finally, we acquired an initial 65% interest in the Bousankhoba Exploration Permit, an early-stage gold exploration permit located contiguous to the east of the Company's Douta West permit which we hope will provide longer term exploration upside potential to the Douta Project.

"In Côte d'Ivoire, we completed the RC drilling program at Guitry which initially commenced in May. This was a successful program which helped to increase our understanding of both the geometry and geological controls on gold mineralisation. We look forward to test several other prospective areas of the licence. At Marahui, exploration work continued with the priority of delineating additional drilling targets. The exploration work carried out provided further encouraging high grade initial rock and soil geochemistry results that have been characteristic of the licence area to date. With the rainy season behind us, we look forward to the next seven months of drilling we have planned on our projects in Côte d'Ivoire.

"With the end of 2025 approaching, we have decided to narrow our production guidance to 90,000 - 95,000 ounces of gold. Our AISC guidance has also been narrowed, to US$$900 - US$1,000 per oz, signifying the success that the Company has achieved this year. We are continuing to advance our exploration programmes, and look forward to sharing further developments to our shareholders in due course."

Qualified Person

The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development, and production of mineral properties located in Nigeria, Senegal, and Cote d'Ivoire. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 100% economic interest in the Douta Gold Project (Demande 11618) located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274909

eBay's 2025 Recommerce Report Reveals Increased Support for Recommerce as Consumers Embrace Pre-Loved Shopping SAN JOSE, Calif. , Nov. 18, 2025 /PRNewswire/ -- eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today released its fifth annual Recommerce Report, revealing that recommerce has moved from niche to mainstream.

SummaryAmplify Cybersecurity ETF remains a "Buy" as it tests key long-term support despite recent underperformance versus the S&P 500.HACK's premium valuation and increased volatility warrant caution, but the sector's growth prospects, especially with AI, remain compelling.Technical analysis shows HACK near its 200-day moving average, with support likely to hold and potential for a year-end rally.Liquidity concerns and concentrated holdings persist, but the cybersecurity industry's long-term outlook justifies maintaining exposure to HACK. Maskot/DigitalVision via Getty Images

Cybersecurity stocks have given back some of their stout year-to-date gains in recent weeks. In fact, the Amplify Cybersecurity ETF (HACK) now lags the S&P 500 SPDR Trust ETF (SPY) by a few percentage points thus far in 2025. With a

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

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

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Class A shares of the Alger Growth & Income Fund outperformed the S&P 500 Index during the third quarter of 2025. Apple Inc., Broadcom Inc., and Alphabet Inc. were among the top contributors to performance. Honeywell International Inc., Eli Lilly and Company, and TransDigm Group Incorporated were among the top detractors from performance.

Q3: 2025-11-12 Earnings SummaryEPS of -$0.09 beats by $0.11

 |

Revenue of

$860.00K

misses by $294.00K

Palladyne AI Corp. (PDYN) Q3 2025 Earnings Call November 17, 2025 4:30 PM EST

Company Participants

Benjamin Wolff - Co-Founder, President, CEO & Director

Conference Call Participants

Brian Siegel - Hayden Ir, LLC
Brian Kinstlinger - Alliance Global Partners, Research Division
Mike Latimore - Northland Capital Markets, Research Division
James Kisner - Water Tower Research LLC

Presentation

Operator

Good day, and welcome to Palladyne AI's Strategic Update Conference Call and Webcast. [Operator Instructions]. Please note, this conference is being recorded. I will now turn the call over to Brian Siegel, Senior Managing Director of Hayden Investor Relations.

Brian Siegel
Hayden Ir, LLC

Thank you, operator. Today, I'm joined by Ben Wolff, Palladyne's AI's President and Chief Executive Officer; and Trevor Thatcher, Palladyne's Chief Financial Officer. On this call, Ben will discuss the details of the strategic transformation announced in this morning's press release, followed by a Q&A. Any forward-looking statements made during today's prepared remarks or in the question-and-answer session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results in the future to differ materially from those discussed on today's call. These risks and uncertainties include, but are not limited to, specific risks and uncertainties disclosed in Palladyne AI's periodic SEC filings.

The company assumes no obligation to update any forward-looking statements or to update the factors that may cause actual results to differ materially from those that are discussed on today's call. Please note that today's press release and this presentation will be available on the Investor Relations page of Palladyne AI's website. They have also been filed on Form 8-K with the SEC. Now I'd like to turn the call over to Ben to discuss this morning's exciting news in more detail.

Benjamin Wolff
Co-Founder, President, CEO & Director

Thank you, Brian. Good

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

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

SummaryEnvela delivered a standout Q3, with revenue up 21% YoY and strong growth in both Consumer and Commercial segments.ELA's Consumer division remains the main growth engine, benefiting from high precious metals prices and defensive consumer behavior.Despite the stock's significant rally, ELA is now close to fair value, but I maintain a 'Buy' rating with increased caution due to higher expectations.Sustained margin strength, continued growth, and potential M&A are key to maintaining momentum, with precious metals and cautious consumers as tailwinds. Nadzeya Haroshka/iStock via Getty Images

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

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

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

Look Forward: Unlocking Africa brings together S&P Global research on the continent's economic outlook
Report highlights how renewable energy, sustainable and blended finance, capital market development, and infrastructure investment are shaping Africa's future

, /PRNewswire/ -- Africa's abundant natural resources, young population and expanding middle class are set to redefine the continent's role in global economic growth, sustainable development and the energy transition, S&P Global said in its latest Look Forward Journal.

Look Forward: Unlocking Africa brings together S&P Global research on the continent's economic outlook, highlighting how renewable energy, sustainable and blended finance, capital market development, and infrastructure investment are shaping Africa's future. The report examines both the opportunities these innovations create for growth and the persistent challenges that continue to slow progress.

Highlights of this research include:

Unlocking Africa's economic potential for faster long-term growth : Faster economic growth is needed to increase upward mobility opportunities for Africa's rapidly expanding population, and the continent's vast critical mineral resources could offer a path to unlocking its economic potential.
The role of multilateral lending institutions in accelerating capital market development in Africa : Multilateral lending institutions provide financial, technical and policy support that can help to deepen Africa's capital markets and foster long-term economic growth.
Reinforcing private capital mobilization in Africa through blended finance : Blended finance models are gaining momentum as a tool to mobilize private capital for Africa's climate and sustainable development goals, but challenges such as fragmented markets, regulatory hurdles and low investor appetite underscore the need for ongoing global collaboration.
Africa's energy transformation calls for innovative financing solutions : The continent's abundant natural resources offer transformative potential for renewable energy, but overcoming the financing gap will require innovative funding solutions and targeted policy support.
Breaking the mold: Institutional strategies for infrastructure success in Africa : Africa's infrastructure development hinges on robust governance, legal clarity and institutional capacity to mobilize capital and attract investment to address deficits.
Sustainable finance is growing in Africa, but volumes fall short of addressing needs : Although sustainable debt issuance in Africa is climbing, the volume remains insufficient to address critical development and infrastructure challenges, particularly in areas such as climate adaptation, water security and biodiversity preservation.

"Unlocking Africa's economic potential hinges on sustained global collaboration, as well its ability to harness human capital and natural resources while using new technologies to accelerate long-term sustainable development," said Samira Mensah, Managing Director for Africa Research and Analytics at S&P Global Ratings. "The continent stands at a crossroads, needing to accelerate regional integration through trade and industrialization while leveraging the energy transition to improve access to transport, electricity, water and digital networks for its growing population."

This publication coincides with the inaugural S&P Global Africa Summit 2025: 'The Path to Capital Markets,' taking place on November 20 in Johannesburg in collaboration with the Arab Bank for Economic Development in Africa (BADEA). This event will bring together regional and international leaders, policymakers and capital markets stakeholders to explore actionable strategies for unlocking investment and advancing Africa's development agenda through robust financial markets.

Look Forward: Unlocking Africa is part of the Look Forward research series, special reports that offer a deep dive into the most important themes, trends, and topics that are transforming the global economy.

To access the full report, visit: spglobal.com

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Isabel Allanwood
S&P Global
+ 44 7483 368 605
[email protected] 
[email protected]

Arnaud Humblot
S&P Global Ratings
+44 7817 126 628
[email protected] 

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SOURCE S&P Global

Amundi and ICG announce long-term
strategic and equity partnership

Developing and distributing products to enable wealth investors to access differentiated private markets strategies

Amundi, one of Europe’s leading traditional asset managers, and ICG, one of Europe’s leading private markets asset managers, announce a long-term strategic partnership comprising several components:

10-year agreement under which Amundi will be the exclusive global1 distributor in the wealth channel for ICG’s evergreen and certain other products, with ICG being Amundi’s exclusive provider for those products to Amundi’s distribution business;Joint development of new products specifically targeted at, and appropriate for, wealth investors;Amundi to acquire a 9.9% economic stake in ICG2, becoming a strategic shareholder in a manner that is non-dilutive to existing ICG’s shareholders and anchoring the long-term partnership. This partnership creates exciting new opportunities for both parties. It allows Amundi to benefit from ICG’s investment expertise and performance track record to accelerate its distribution of private assets, one of the most dynamic markets in asset management.

ICG will benefit from Amundi’s international distribution capacity in the wealth channel and its structuring capability in designing investment solutions for wealth clients, a high-growth segment in private markets.

Two players with complementary expertise

ICG manages almost $125bn (€108bn) of assets3 on behalf of predominantly institutional clients through various strategies across structured capital, private equity secondaries, private debt, credit, and real assets.

Amundi currently has €70 billion in assets under management in its private markets platform, which has been primarily built around real estate and multi-management activities, strengthened in 2024 by the acquisition of Alpha Associates.

The partnership between ICG and Amundi will enable over 200 million individual investors served by Amundi’s worldwide distribution network to have access to a number of ICG’s high-performing and diversified private markets strategies, through products specifically targeted at wealth management and retirement planning.

Amundi has recognised expertise in structuring investment vehicles suited to this clientele (including evergreen funds, closed-end funds, blended strategies and ELTIFs). It serves a network of more than 600 distributors including retail banks, private banks, asset managers, insurers and digital platforms, and including the Regional Banks of Crédit Agricole, LCL, and Indosuez Wealth Management.

Amundi and ICG will initially focus on developing, during the first half of 2026, two European evergreen funds: a private equity secondaries fund and a private debt fund.

Both parties are also committed to developing a wider range of investment strategies and products that are appropriate for wealth investors.

This partnership will also enable Amundi to offer Crédit Agricole Assurances opportunities to diversify and expand its allocation to private assets, notably in private debt.

The collaboration is expected to deliver significant value for the stakeholders of both parties and reinforces their long-term strategic positions and ambitions in private markets.

Amundi’s equity investment in ICG

Amundi’s equity investment in ICG underlines the long-term, strategic nature of the partnership, with Amundi intending to acquire an economic interest of up to 9.9% that is non-dilutive to ICG’s existing shareholders. Amundi will nominate a non-executive director to ICG’s Board, allowing it to actively participate in the group’s strategic decisions.

Within Amundi, the investment will be fully accounted for using the equity method.

Valérie Baudson, Chief Executive Officer of Amundi, commented: “This partnership with ICG, a recognized and diversified leader in private markets, represents a remarkable opportunity to offer our distributor clients and the entities and clients of the Crédit Agricole group access to high-performing strategies with proven track records historically reserved for institutional investors. It fully aligns with Amundi’s strategic plan priorities, which aim to strengthen our leadership by expanding our offerings in promising segments supported by long-term trends. This is the case for the private assets market, whose opening to wealth investors meets their growing needs for diversification and long-term savings accumulation for retirement. This partnership opens very promising new opportunities for both parties and is expected to be a driver of profitable and sustainable growth for the benefit of all our stakeholders.”

Benoît Durteste, Chief Executive Officer and Chief Investment Officer of ICG, added: “Our long-term strategic partnership with Amundi is a meaningful step forward in the development of ICG’s strategy to access the Wealth channel in a way that is clearly additive and complementary to our strong existing institutional offering. The combination of ICG’s investment expertise and entrepreneurial mindset with Amundi’s structuring capability and extensive distribution network creates a differentiated partnership with substantial potential, and materially accelerates our ability to access and shape the evolving wealth channels for private markets. At the heart of this relationship is a shared philosophy that investment returns remain core to our long-term success. We are proud of our reputation for an unwavering focus on delivering superior investment performance, and we are excited to work with Amundi to develop more products and strategies that are well-suited to the important and growing wealth market for private investments.”

For further information please contact:

Amundi
  Press contacts: Investor contacts:
    Natacha Andermahr
+33 1 76 37 86 05
[email protected]

  Cyril Meilland, CFA
+33 1 76 32 62 67
[email protected]

  Corentin Henry
+33 1 76 36 26 96
[email protected]   Thomas Lapeyre
+33 1 76 33 70 54
[email protected]  
 
  Annabelle Wiriath
+33 1 76 32 43 92
[email protected]   About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players4, offers its 200 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.3 trillion of assets5.

With its six international investment hubs6, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,600 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society
www.amundi.com  

About ICG
ICG (LSE: ICG) is a global alternative asset manager with $124bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients' capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 30 September 2025.

This document is being provided to you by the subsidiaries or affiliates of ICG plc (“ICG”, and together with their respective directors, officers, employees, partners, members, shareholders, advisers, and agents, as the context requires, “the ICG Parties”). This document is intended only for information purposes and convenient reference and does not create any legally binding obligation on any of the ICG Parties. The ICG Parties expressly disclaim any liability for the use, misuse, or distribution of this information to unauthorised recipients.
This document: (i) is not intended as an offer or solicitation with respect to the purchase or sale of any security or financial instrument; (ii) is not to be relied upon in evaluating the merits of investing in any securities; and (iii) is provided solely as reference material for background purposes. Although certain information has been obtained from, and is based upon sources that we consider reliable, none of the ICG Parties guarantee its accuracy, and it may be incomplete or condensed. All opinions, projections and estimates constitute the judgement of the ICG Parties, as of the date of the document and are subject to change without notice. The ICG Parties make no representation or warranty, express or implied as to the fairness, correctness, accuracy, or completeness of this document. The ICG Parties accept no responsibility for any loss arising for any action taken or not taken by anyone using the information contained herein. This document is not to be relied upon in substitution for the exercise of independent judgment. ICG may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information contained herein. This document reflects the different assumptions, views and analytical methods of the analysts who prepared them and ICG is under no obligation to ensure that such communications are brought to the attention of any recipient of this document. Past performance should not be taken as an indication or guarantee regarding future performance, and no representation or warranty, express or implied is made regarding future performance. Moreover, certain information contained herein constitute “forward-looking statements,” which may be identified by the use of forward-looking terminology such as “may,” “will”, “should,” “expect,” “anticipate,” “target,” “project,” “forecast,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Any forward-looking statements or results in this presentation are based upon current assumptions, may be simplified, and may depend on events outside ICG’s control. Due to various risks and uncertainties actual events or results or the actual outcomes may differ materially from those reflected or contemplated in such forward-looking statements. Statements herein are made as of the date hereof unless stated otherwise herein.

1 Excluding the United States, Australia and New Zealand
2 Subject to conditions, including regulatory approvals 
3 At 30 September 2025
4 Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
5 Amundi data as at 30/09/2025
6 Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Press release Amundi and ICG announce long-term strategic partnership_FINAL

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

18 November 2025

ICG and Amundi announce a long-term strategic partnership to develop private markets products managed by ICG and distributed by Amundi targeted at wealth investors

ICG plc (“ICG” or the “Company”) and Amundi (“Amundi”) are announcing today a distribution and equity partnership that will combine ICG’s investment expertise and track record of successfully launching new investment strategies with Amundi’s international distribution capacity in the wealth channel and its structuring capability in designing solutions for wealth clients.

The parties will initially focus on developing two European evergreen funds, in private equity secondaries and private debt, and are committed over time to broadening their range of investment strategies and products appropriate for wealth investors.

The partnership has the potential to generate significant additional assets under management for ICG over the medium term, accelerating the scaling up and scaling out of ICG’s product offering and delivering value for shareholders.

To reinforce the long-term strategic and economic alignment that underpins this partnership, Amundi intends to acquire a 9.9%1 non-dilutive economic interest in ICG.

Details of the commercial agreement are set out later in this announcement, with key highlights including:

Initial term of 10 yearsAmundi will be the exclusive global2 distributor in the wealth channel for ICG’s evergreen and certain other products, with ICG being Amundi’s exclusive provider for those products to Amundi’s distribution businessBoth parties will work together to bring new products to market that are specifically appropriate to the wealth channelAmundi will provide structuring, sales and aftersales support for products managed by ICG that Amundi distributes Details of the relationship agreement are set out later in this announcement, with key highlights including:

Amundi intends to acquire over time, and by no later than 30 June 2027, a non-dilutive 9.9% economic interest in ICG, becoming a strategic shareholder and anchoring the long-term partnershipAmundi will be entitled to nominate a non-executive director to ICG’s Board, subject to certain conditionsStructure takes into account the regulatory considerations of both parties and reinforces the long-term strategic and economic alignment that underpins this partnership Benoît Durteste, CEO and CIO of ICG commented:

“Our long-term strategic partnership with Amundi is a meaningful step forward in the development of ICG’s strategy to access the wealth channel in a way that is clearly additive and complementary to our strong existing institutional offering.

The combination of ICG’s investment expertise and entrepreneurial mindset with Amundi’s structuring capability and extensive distribution network creates a differentiated partnership with substantial potential, and materially accelerates our ability to access and shape the evolving wealth channels for private markets.

At the heart of this relationship is a shared philosophy that investment returns remain core to our long-term success. We are proud of our reputation for an unwavering focus on delivering superior investment performance, and we are excited to work with Amundi to develop more products and strategies that are well-suited to the important and growing wealth market for private investments.”

Valérie Baudson, CEO of Amundi commented:

“This partnership with ICG, a recognised and diversified leader in private markets, represents a remarkable opportunity to offer our distributor clients and the entities and clients of the Crédit Agricole group access to high-performing strategies with a proven track records historically reserved for institutional investors.

It fully aligns with Amundi’s strategic plan priorities, which aim to strengthen our leadership by expanding our offerings in promising segments supported by long-term trends. This is the case for the private assets market, whose opening to wealth investors meets their growing needs for diversification and long-term savings accumulation for retirement.

This partnership opens very promising new opportunities for both parties and is expected to be a driver of profitable and sustainable growth for the benefit of all our stakeholders.”

Shareholder / analyst call

As previously announced, at 9am GMT today ICG will be discussing its H1 FY26 results, and will also discuss this partnership. Shareholders and analysts wishing to join the call can do so here.

Advisors

ICG is being advised by Latham & Watkins (London) LLP as legal advisers, by Fenchurch Advisory Partners as financial advisers, and by Deutsche Numis as sole corporate broker.

Amundi is being advised by Cleary Gottlieb Steen & Hamilton LLP as legal advisers, by PJT Partners as lead financial advisers, and by Morgan Stanley & Co. International plc as financial advisers.

Enquiries

Shareholders and debtholders / analysts:        
Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG
+44(0)20 3545 2020

Media:        
Fiona Laffan, Global Head of Corporate Affairs, ICG
+44(0)20 3545 1510

Master Commercial Agreement

On the date of this announcement, the parties entered into a Master Commercial Agreement (“MCA”), which documents the strategic partnership and the distribution and sourcing of certain ICG funds. The initial term of the MCA is 10 years, with the ability to be renewed on a rolling 5-year basis upon mutual consent.

Amundi shareholding in ICG

The parties have entered into a relationship agreement (“Relationship Agreement”) and subscription agreement (“Subscription Agreement”), which, together, document the process for Amundi to acquire a non-dilutive economic interest in ICG of 9.9%.

Ordinary shares

Under the terms of the Relationship Agreement, Amundi has undertaken to acquire and hold ordinary shares in ICG representing approximately 4.64% of the Company’s current issued share capital (“Initial Ordinary Shares”). Amundi intends to enter into a structured transaction to purchase those Initial Ordinary Shares sourced in the secondary market. Taking into account regulatory considerations of both parties, the parties have agreed that, subject to certain conditions, Amundi and its affiliates shall not at any time own or control Ordinary Shares exceeding 4.99% (“Ordinary Share Ownership Limit”).

Non-voting shares

Amundi has agreed that, subject to certain conditions, after it has completed the acquisition of the Initial Ordinary Shares it will subscribe for non-voting shares in the capital of ICG (the “Non-Voting Shares”) representing approximately 5.26% of the aggregate issued capital of ICG, such that Amundi’s overall economic interest in ICG will represent approximately 9.9%. It is proposed that the Non-Voting Shares would be issued pursuant to ICG’s existing shareholder authorities from time to time.

Share buyback

In order to ensure that Amundi’s holding in ICG is not dilutive to the existing shareholders of ICG, the parties have agreed that, as a pre-condition to the issue of the Non-Voting Shares, ICG will undertake an on-market share buyback of Ordinary Shares representing approximately 5.26% of ICG’s issued share capital (the “Share Buyback”). The Share Buyback will be undertaken pursuant to the existing shareholder authorities from time to time, and such shares will be held in Treasury.

The parties have agreed to the parameters for the Share Buyback under the Subscription Agreement. Once Amundi has reached the Ordinary Share Threshold and subject to the satisfaction of certain other conditions, ICG shall instruct a bank to undertake the repurchase of Ordinary Shares representing approximately 5.26% of ICG’s issued share capital, with the buyback being completed no later than 30 June 2027.

The repurchases will be undertaken in tranches, with the corresponding number of Non-Voting Shares being issued to Amundi. The subscription price for those Non-Voting Shares will be equal to the repurchase price for the Ordinary Shares in that relevant tranche, and Amundi will reimburse ICG in cash for costs and expenses incurred by ICG in connection with the Share Buyback.

Further details of the Share Buyback will be provided via a regulatory announcement in due course.

Following the acquisition of the Initial Ordinary Shares, completion of the Share Buyback and corresponding issue of the Non-Voting Shares, Amundi is anticipated to have an economic interest in ICG of approximately 9.9% and a voting interest of approximately 4.9%. All other shareholders in aggregate will have an economic interest in ICG of approximately 90.1% and a voting right interest of approximately 95.1%. As a result, a shareholder with a 1.00% economic interest in ICG through the Ordinary Shares would have voting rights totalling 1.06%.

Based on 290,641,291 of ICG’s Ordinary Shares in issue (excluding treasury shares) on 17 November 2025, the pro forma capital structure for ICG would be as below:

 NumberEconomic interestVoting rights Ordinary SharesNon-Voting SharesTotalOrdinary SharesNon-Voting SharesEconomic interestOrdinary SharesNon-Voting SharesVoting rightsAmundi13,492,66315,280,82528,773,4884.64%5.26%9.90%4.90%0.00%4.90%Other shareholders261,867,803-261,867,80390.10%0.00%90.10%95.10%0.00%95.10%Total 275,360,466 15,280,825 290,641,291 94.74%5.26%100.00%100.00%0.00%100.00% Note: All percentages in this table have been rounded to two decimal places.

Further information on the Non-Voting Shares

The Non-Voting Shares will be a new class of unlisted non-voting shares in the capital of ICG with a nominal value of £0.2625 each. The Non-Voting Shares will have the same nominal value, rights and privileges as the Ordinary Shares, including as relates to dividends and other economic rights, save that the Non-Voting Shares will not have any voting rights. It is a term of issue of the Non-Voting Shares that on a later transfer by Amundi they will convert into Ordinary Shares, with the same rights and privileges provided under ICG’s Articles of Association, provided the shares are validly transferred via a permitted transfer, being a transfer (i) to the Company; (ii) in a widespread public distribution; (iii) in which no transferee (or group of associated transferees) would acquire 2% or more of any class of voting securities of the Company; or (iv) involving a single transfer in which the transferee would control more than 50% of every class of voting securities of the Company without regard to any transfer from the person.

The Non-Voting Shares will be included in ICG’s share count for all per-share metrics reported under ICG’s Alternative Performance Measures.

The Company is subject to the provisions of the City Code on Takeovers and Mergers (the “Code”). Under Rule 9 of the Code, any person who acquires an interest in shares which, taken together with shares in which that person or any person acting in concert with that person is interested, carry 30% or more of the voting rights of a company which is subject to the Code is normally required to make an offer to all the remaining shareholders to acquire their shares. Similarly, when any person, together with persons acting in concert with that person, is interested in shares which in the aggregate carry not less than 30% of the voting rights of such a company but does not hold shares carrying more than 50% of the voting rights of the company, an offer will normally be required if such person or any person acting in concert with that person acquires a further interest in shares which increases the percentage of shares carrying voting rights in which that person is interested.

The Non-Voting Shares will not constitute shares carrying voting rights in the Company. Therefore, the Panel on Takeovers and Mergers (the “Panel”) will not take any interests in Non-Voting Shares into account when assessing whether a person interested in the Non-Voting Shares, or any other person, has become subject to an obligation to make an offer pursuant to Rule 9 of the Code. However, for the avoidance of doubt, any Ordinary Shares that result from the conversion of Non-Voting Shares will be treated as shares carrying voting rights in the Company by the Panel in the same manner as any other Ordinary Shares.

Further, the Non-Voting Shares will not constitute shares carrying voting rights for the purposes of DTR 5 of the FCA’s Disclosure Guidance and Transparency Rules (the “DTRs”). ICG will continue to publish the total voting rights outstanding in accordance with the DTRs and the figure published by ICG (which, for the avoidance of doubt, shall exclude the Non-Voting Shares), may be used by ICG’s shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, ICG under the DTRs.

Both parties intend that the Non-Voting Shares will not be treated as a separate class of shares for the purpose of any Scheme of Arrangement.

Governance

Under the terms of the Relationship Agreement, Amundi has the right to nominate a non-executive director for appointment to the Board once it has completed the acquisition of the Initial Ordinary Shares and certain other regulatory conditions are met. It is also agreed that the Amundi nominee director shall be a member of ICG’s Nomination and Governance Committee for the time they are a director. This Board nomination right will fall away i) upon the termination of the MCA; ii) if Amundi has not acquired the 9.9% economic interest in ICG by 30 June 2027, subject to certain exceptions; or iii) if Amundi disposes of any Ordinary Shares or Non-Voting Shares other than as permitted by the Relationship Agreement.

Amundi may acquire further shares in the capital of ICG provided that the aggregate shareholding of Amundi and its associates shall at no time exceed 14.9% of the issued share capital of ICG, subject to certain exceptions. Any acquisition of further Ordinary Shares will, subject to certain conditions, be subject to the Ordinary Share Ownership Limit referred to above.

Amundi has also agreed to certain contractual restrictions and undertakings under the Relationship Agreement, including a lock-up of its shareholdings in Ordinary Shares and Non-Voting Shares for a rolling 2-year period from the time of its latest acquisition of Initial Ordinary Shares or Non-Voting Shares, subject to customary exceptions.

Amundi will have customary information rights in connection with its shareholding in ICG.

The Relationship Agreement will terminate upon the Ordinary Shares no longer being listed on the Official List or being admitted to trading on AIM, or upon the Master Commercial Agreement being terminated.

Number of ICG Ordinary shares outstanding

Further to the exercise of share options on 6 November 2025 and 13 November 2025, the Company issued 2,303 shares, which is covered by the block listing announced on 30 June 2025. In accordance with the FCA's Disclosure Guidance and Transparency Rule 5.6.1R, the Company announces as follows.

At the close of business on 17 November 2025, the Company had 294,374,624 Ordinary shares in issue, of which 3,733,333 were held in Treasury. Therefore, the total number of voting rights in the Company is 290,641,291.

The above figure 290,641,291 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

About ICG

ICG (LSE: ICG) is a global alternative asset manager with $124bn3 in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets.

Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players4, offers its 200 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.3 trillion of assets5.

With its six international investment hubs , financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,600 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Fenchurch Advisory Partners LLP (‘Fenchurch’), which is authorised and regulated by the FCA, is acting exclusively for ICG and will not be responsible to anyone other than ICG for providing the protections afforded to clients of Fenchurch nor for providing advice in relation to any matters referred to in this announcement.

Deutsche Bank AG is a stock corporation (Aktiengesellschaft) incorporated under the laws of the Federal Republic of Germany with its principal office in Frankfurt am Main. It is registered with the local district court (Amtsgericht) in Frankfurt am Main under No HRB 30000 and licensed to carry on banking business and to provide financial services. The London branch of Deutsche Bank AG is registered as a branch office in the register of companies for England and Wales at Companies House (branch registration number BR000005) with its registered branch office address and principal place of business at 21, Moorfields, London EC2Y 9DB. Deutsche Bank AG is subject to supervision by the European Central Bank (ECB), Sonnemannstrasse 22, 60314 Frankfurt am Main, Germany, and the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin), Graurheindorfer Strasse 108, 53117 Bonn and Marie-Curie-Strasse 24-28, 60439 Frankfurt am Main, Germany. With respect to activities undertaken in the United Kingdom, Deutsche Bank AG is authorised by the Prudential Regulation Authority. It is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of Deutsche Bank AG’s authorisation and regulation by the Prudential Regulation Authority are available from Deutsche Bank AG on request.

Deutsche Bank AG, acting through its London branch (which is trading for these purposes as Deutsche Numis) (“Deutsche Numis”) is acting exclusively for ICG and no other person in connection with the matters referred to in this announcement and will not be responsible to any person other than ICG for providing the protections offered to clients of Deutsche Numis nor for providing advice in relation to any matter referred to in this announcement. Neither Deutsche Numis nor any of its affiliates (nor any of their respective directors, officers, employees or agents), owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Deutsche Numis in connection with this announcement, any statement contained herein or otherwise.

PJT Partners (France) SAS (“PJT Partners”) is acting exclusively as lead financial adviser to Amundi and no-one else and will not be responsible to anyone other than Amundi for providing the protections afforded to clients of PJT Partners nor for providing advice in relation to any matters referred to in this announcement. Neither PJT Partners nor any of its subsidiaries, branches or affiliates nor any of their respective directors, officers, employees, agents or representatives owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of PJT Partners in connection with this announcement, any statement contained herein or otherwise.

Morgan Stanley & Co. International plc ("Morgan Stanley") which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK is acting as financial adviser exclusively for Amundi and no one else in connection with the matters set out in this announcement. In connection with such matters, Morgan Stanley, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in connection with the contents of this announcement or any other matter referred to herein.

The person responsible for making this announcement on behalf of the Company is Andrew Lewis.

1 Subject to conditions, including regulatory approvals 
2 Excluding the United States, Australia and New Zealand
3 At 30 September 2025
4 Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
5 Amundi data as at 30 September 2025