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Melbourne, Australia and Vancouver, British Columbia--(Newsfile Corp. - June 30, 2026) - Mithril Silver and Gold Limited (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) ("Mithril" or the "Company") is pleased to announce an upgraded Mineral Resource Estimate (MRE) for the Target 1 deposit at its flagship Copalquin Project in Durango State, Mexico.

After approximately 60,000 metres of drilling, 204 drill holes for an overall Target 1 discovery cost of less than US$20 per ounce of gold equivalent (AuEq), Mithril has developed a high quality and predictive geological model that clearly defines the controls on mineralisation, resulting in high resource confidence and continuity.

Unlike a purely geological estimate, the upgraded MRE has been constrained using preliminary mining shapes and incorporates expected mining dilution, providing a more realistic representation of the material that could ultimately form a mine plan. By accounting for practical mining conditions at the resource stage, the estimate provides a stronger foundation for future mine planning, engineering studies and economic evaluation, and represents an important step in de-risking the Target 1 as it advances toward development.

Highlights

Significant resource upgrade with total constrained and diluted Indicated and Inferred resources of 343 koz gold + 8.479 Moz silver (464 koz AuEq) and 103 koz gold + 3.398 Moz silver (151 koz AuEq), respectively. Indicated totals 3.391 Mt grading 3.15 g/t gold and 77.8 g/t silver (diluted) and Inferred totals 1.436 Mt grading 2.23 g/t gold and 73.6 g/t silver (diluted). See Table 2 for full details196% increase in higher-confidence indicated gold and silver compared to previous MRE.75% of total gold and silver now classified as indicatedResource constrained within preliminary underground mining shapes and incorporates expected mining dilution, providing a more realistic basis for future engineering and economic studiesHigh confidence resource, remains open along strike and at depth with multiple opportunities for expansionOverall Target 1 MRE discovery cost of less than US$20 per ounce AuEq from approximately 60,000 metres of drilling in 204 drill holesGeological insights from Target 1 are being applied across multiple high-grade targets within the broader Copalquin epithermal systemThe following Table 1 provides the highlighted base case for undiluted mineralisation reporting within the underground mining shapes (mine stope optimiser - MSO) at a cut-off grade of 1.5 g/t AuEq plus sensitivities to gold prices.

The MRE for Target 1 (Table 2) was generated from the highlighted base case in Table 1 assuming bulk underground mining method (long hole open stoping - LHOS) with mining widths averaging approximately 4 metres as presented on a diluted basis in Table 2. The MSO work identified areas where more selective underground mining methods such as cut and fill (higher cost than LHOS) could be utilised to reduce dilution and increase mined grades. The difference between the undiluted grade of 6.85 g/t AuEq (Table 1 Indicated base case) and the diluted grade of 4.26 g/t AuEq (Table 2, Total Indicate Target 1 MRE) reflects this conservative mining dilution assumption whereby lower grade mineralisation surrounding the high grade core would be extracted within geometry of a minable shape adding more tonnes and ounces at a lower average grade. More detailed mining study work will fully assess the mining methods across the Target 1 MRE.

"This resource upgrade is about much more than adding ounces. We now have a resource where three-quarters of the contained metal sits in the higher-confidence Indicated category, constrained within practical underground mining shapes and incorporating expected mining dilution," said John Skeet, Managing Director and CEO. "That gives us a resource that is directly applicable to mine planning rather than simply a geological inventory. Combined with a discovery cost of less than US$20 per gold equivalent ounce and an underlying predictive geological model that continues to identify new mineralisation, we believe Target 1 has become one of the highest-quality pre-development underground gold-silver resources in Mexico."

Webinar - Join Mithril management for live online seminar reviewing the most recent MRE and company update.

Date and Time: Pacific Time June 30, 2026 3:30pm, Aust Eastern Time, July 1, 2026 8:30 am

Where: https://6ix.com/event/mithril-silver-and-gold-copalquin-project-update

Table 1 Gold price sensitivity to constraining shapes, reported at 1.5 g/t AuEq cut-off (constrained and undiluted)

Au PricesClassificationTonnesGoldSilverGold Eq.GoldSilverGold Eq.(USD)
(kt)(g/t)(g/t)(g/t)(koz)(koz)(koz)2,700Ind1,8885.28126.17.083217,654430Inf8313.46113.75.08923,0381363,000Ind1,9415.18124.26.963237,752434Inf8633.39111.74.98943,0991383,300Ind1,9905.10122.46.853267,832438Inf9003.32109.14.87963,1551413,500Ind2,0385.01120.96.743297,922442Inf9233.27107.54.81973,1891434,000Ind2,0744.96119.76.673307,984445Inf9493.23105.94.74983,233145Notes to Table 1:

The Table presents the results of a sensitivity analysis by varying gold prices on AuEq block model values and reports an undiluted tonnage, grade and metal content contained within the mining shapes. The scenarios as presented are not considered statement of mineral resources or reserves, and do not have demonstrated economic viability.AuEq calculated using metal prices of USD $3,300/oz Au and $50/oz Ag where AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)) with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples1. An AuEq cut-off grade of 1.5 g/t was selected after applying 95% mining recovery and 5% dilution factors to the metal price and recovery values.Table 2 Upgraded Copalquin Target 1 Mineral Resource Estimate (underground mining shape constrained & diluted)

Target 1
AreaClassTonnesGoldSilverGold Eq.GoldSilverGold Eq.

(kt)(g/t)(g/t)(g/t)(koz)(koz)(koz)El RefugioInd2,5573.3873.74.442786,061365
Inf1,2172.1782.13.35853,214131La SoledadInd8342.4390.23.72652,418100
Inf2192.5426.12.921818421TotalInd3,3913.1577.84.263438,479464
Inf1,4362.2373.63.281033,398151Notes to Table 2:

Numbers may not add due to rounding.All dollar values in United States Dollars (USD) unless otherwise noted.Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019), which are materially identical to the JORC Code (2012).The preparation of the mineral resource estimate was supervised by John Sims, President of Sims Resources LLC, an independent contractor and Qualified Person (QP), and Competent Person (CP), as a Certified Professional Geologist (CPG) member with the American Institute of Professional Geologists (AIPG).The effective date of the estimate is June 29, 2026.Inferred Mineral Resources have been estimated from geological evidence and drill core sampling and have a lower level of confidence than Measured and Indicated Mineral Resources due distance between sampled drill holes. Mineral resources are not mineral reserves and do not have demonstrated economic viability.Constrained and diluted Mineral resources for Copalquin Target 1 are based on underlying metal prices of $3,300/oz Au and $50/oz Ag, unless otherwise noted.AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)), and is calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples.2Underground Resource estimates are based on economically constrained mining shapes generated using Datamine's Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters:Diluted to a minimum 2 m shape width with a 92% mining recovery.Metallurgical recoveries of 96% for Au and 91% for Ag, from metallurgical test work on Target 1 composite samples 1 Longhole Open Stope mining with a total Mining+Processing+General and Administration (G&A) cost of $97.00 per tonne of material processed. Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.Resource Update Details

The Copalquin Target 1 resource model was prepared under the supervision of Sims Resources LLC (Independent QP) in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019), which are materially identical to the JORC Code (2012).

The estimate incorporates results from 204 diamond drill holes totaling approximately 60,568 metres, including 127 drill holes totalling approximately 42,861 metres completed since the previous resource estimate. The recent drilling was primarily focused on:

Increasing drill density within the core of the deposit to improve resource confidence;Extending known mineralised shoots along strike and down plunge;Testing interpreted extensions of high-grade structures; andImproving the geological model through enhanced structural understanding and dyke mapping.The resource estimate has been prepared as a major de-risking milestone to serve as a valuable stepping stone towards future development of a mineable resource supported by an economic study. Application of the mine stope optimization process to constrain the block model by mining shapes has achieved several goals including the evaluation of realistic minimum mining widths on the deposit, evaluation of the continuity of the mineralisation along potential underground development levels and has provided understanding of a potential extractable grade that incorporates the mineralised dilution envelope surrounding the high grade core of the deposit.

An evaluation of gold price sensitivity on the mining shape constraints, on a diluted basis indicates a narrow band of output scenarios across a wide range of metal prices (Table 3). Evaluating the sensitivity scenarios on an undiluted basis (Table 1) reveals the high-grade core of the deposit that is driving the mining shapes.

With 95% of the undiluted and high grade core of the block model being captured by the mining shape constraints, there is opportunity to drill the remaining 5% of the block model to refine mineralisation boundaries for potential inclusion to future constrained mineral resource estimates.

Table 3 Gold price sensitivity to constraining shapes, reported using all contained blocks (diluted)

Au PriceClassificationTonnesGoldSilverGold Eq.GoldSilverGold Eq.(USD)
(kt)(g/t)(g/t)(g/t)(koz)(koz)(koz)2,700Ind2,9393.5285.94.753338,114449Inf1,1872.5383.43.72973,1831423,000Ind3,1303.3582.34.533388,283456Inf1,2912.3979.13.52993,2851463,300*Ind3,3913.1577.84.263438,479464Inf1,4362.2373.63.281033,3981513,500Ind3,7182.9272.93.963498,711474Inf1,5882.0768.53.051063,4981564,000Ind4,1492.6767.23.633568,965484Inf1,8151.8862.42.771103,640162Notes to Table 3:

MSO shapes were based on long hole stope configuration with a 2.5 m minimum width, and a USD $97/t operating cost comprised of $60/t incremental mining, $25/t processing, $10/t G&A, and $2/t sustaining. Blocks were evaluated using AuEq value, using variable gold prices according to the sensitivity scenario.The scenarios as presented are not considered statement of mineral resources or reserves, and do not have demonstrated economic viability.Geological Description of Copalquin Target 1

The Copalquin project is targeting low sulfidation epithermal silver-gold mineralisation hosted in volcanic and subvolcanic rocks of Mexico's Sierra Madre Occidental. Mapping and diamond drilling activities have identified widespread quartz veining and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults with prominent east-west, and northwest-southeast orientations. Vein and breccia thickness has been observed locally up to 30 metres wide with average widths on the order of 0.5 to 4 metres. Semi-continuous mineralisation has been intersected by drilling along a northeast trending zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia and Santa Cruz, totalling almost 7 kilometres in length. A sub-parallel trend in the southern area from southwest of Apomal (Target 5) to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 6km.

Drilling at the Target 1 area has been centred on the El Refugio and La Soledad areas. Channel sampling of two small historical mine workings in these areas confirmed high grade gold and silver mineralisation was contained in pillars and mine walls. Drilling activities initiated by Mithril in 2020 confirmed broad mineralisation in these zones.

A geological model for the Target 1 area, including mineralised veins, alteration haloes, non-mineralised host rock, and post-mineral dikes, was developed in Leapfrog Geo using interval selections completed on all core drillholes available. Interval selections consider qualitative logging data, gold and silver assays, and multi-element geochemistry. Surface and underground mapping, trench sampling, and soil samples were also used to validate the interpretation but were not used in estimation. High-grade mineralised domains were modelled using a 1 g/t AuEq cutoff and were restricted to modelled vein solids derived from the lithology model. A variable orientation search strategy was applied to accurately reflect undulations in modelled veins, with search orientations driven by the nearest vein midpoint surface. Post mineral dikes cut and displace mineralised veins in several areas, disrupting vein continuity and gold-silver mineralisation. These post-mineral dikes were assigned a grade of 0.0 g/t for both gold and silver to avoid over-estimation of mineralised material. An average bulk density of 2.56 t/m3 (+/- 0.014) has been applied to the mineralised volumes based on 247 measurements in quartz breccia collected by Mithril geologists.

Block Model Estimation Methodology

Geologic and estimation domains were constructed using Leapfrog Geo v.2026.1.1, including input from geochemical analyses completed in ioGAS v.8.3. Geostatistical evaluations and Exploratory Data Analysis ("EDA"), including topcut selection, declustering, and variography were completed using Snowden Supervisor v.9.2. Resource estimation was prepared using Leapfrog EDGE v.2026.1.1.

A single, non-rotated 2.5x2.5x2.5m block model was prepared for this resource estimate and for use in underground Mineable Shape Optimization. Gold and silver grades from diamond drill core samples were interpolated into the block model using inverse distance cubed ("ID3") estimation techniques. Search ellipse orientation and radii were selected based on variogram models for mineralised estimation domains, with variable search orientation applied according to the nearest vein midpoint surface in the Target 1 mineralised quartz vein and breccia model. Blocks were classified under the categories of "Indicated" and "Inferred" mineral resources, in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Definition Standards"), which are materially identical to those used in the JORC Code (2012). The "Measured" resource category was not used in this estimate because no modern mining has been undertaken at the Project and it is therefore not possible to reconcile the estimate against production or tightly spaced data such as grade control drilling.

Mineral resources ("Mineral Resources") were reported below the most recent light detection and ranging ("LiDAR") topographic surface and are contained within economically constrained stope shapes generated using Datamine's Mineable Shape Optimizer ("MSO"). Historical mine workings were assigned a density of 0.0 g/cm3 to ensure exclusion of mined blocks from the Mineral Resource Estimate.

Figure 1: Series of plan view maps of the Mineral Resource Estimate showing: a) AuEq grade (g/t), b) block classification, and c) mining shapes used to constrain the block model

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11657/303420_f43a72d644e83990_001full.jpg

Figure 2: Cross- section view of El Refugio, looking east, showing the mineralised block model and the mining shape constraints used in the Mineral Resource Estimate

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https://images.newsfilecorp.com/files/11657/303420_f43a72d644e83990_002full.jpg

Figure 3: Cross- section view of La Soledad, looking northwest, showing the mineralised block model and the mining shape constraints used in the Mineral Resource Estimate

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https://images.newsfilecorp.com/files/11657/303420_f43a72d644e83990_003full.jpg

Advancing the Copalquin District

Target 1 represents only one of numerous mineralised targets identified within the broader Copalquin District. The Company continues to advance exploration activities across the district, including ongoing drilling at Targets 3 and 5 (Figure 5), where recent results have demonstrated the potential for additional high-grade silver and gold discoveries.

With the updated Target 1 resource now completed, Mithril intends to continue advancing engineering, metallurgical and development studies while pursuing resource growth opportunities across the district.

Two drills are currently active: one following up at Target 5 area and one testing the priority structural targets, with Target 1 westerly step out drilling to follow. Fully funded for further 12,000 metres of drilling for the remainder of 2026 aiming to progress Target 5 to an initial resource, expand Target 1 and progress the district geology model.

Figure 4: Mithril's Copalquin and La Dura property locations in Durango State, Mexico

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https://images.newsfilecorp.com/files/11657/303420_303420mithrilfigurefour.jpg

Figure 5: LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1, Target 3 and Target 5 with ongoing mapping and sampling plus recently completed aerial magnetic survey (report pending)

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https://images.newsfilecorp.com/files/11657/303420_f43a72d644e83990_006full.jpg

ABOUT THE COPALQUIN SILVER GOLD PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 containing several dozen historic silver and gold mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many gold and silver districts.

Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for gold and silver mineralisation.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate (the "2021 MRE", see ASX release 17 November 2021)) at the first of several target areas (Target 1), demonstrating the high-grade gold and silver resource potential for the district. The Upgraded Target 1 Mineral Resource Estimate (effective date June 29, 2026) presented in this release has completely revised and supersedes the 2021 MRE which may no longer be relied upon.

Mithril continues to advance exploration work on the Copalquin project with two active drill rigs, and field programs that are continuously expanding the mapping coverage from approximately 23 square kilometres completed to date of the 70 square kilometres of surfaces area within the concession.

A mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high silver-gold recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.0 metres.

Mithril is currently exploring in the Copalquin District to expand the resource footprint, to demonstrate its multi-million-ounce gold and silver potential. Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.

-ENDS-

Released with the authority of the Board.

For further information contact:

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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

Competent Persons Statement (JORC), and Qualified Persons (NI 43-101) Statement

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled, reviewed and approved by Mr John Skeet who is Mithril's CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code and Acceptable Foreign Association under NI 43-101.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person (non-independent) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person (non-independent) as defined by NI 43-101. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques, sample data, exploration results and geological interpretation for Mithril's Mexican project, has been compiled, reviewed and approved by Mr James Barr who is Mithril's Vice President - Exploration. Mr Barr is a registered member and Professional Geologist (P.Geo.) of the Engineers and Geoscientists of British Columbia. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code and recognized Canadian Professional Association under NI 43-101.

Mr Barr has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person (non-independent) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person (non-independent) as defined by NI 43-101. Mr Barr consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources has been compiled, reviewed and approved by Mr John Sims, a Certified Registered Geologist (CPG) with the American Institute of Professional Geologists (AIPG). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code and Acceptable Foreign Association under NI 43-101.

Mr Sims is acting as the Competent Person (independent), as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and as the Qualified Person (independent) as defined by NI 43-101, for the reporting of the Upgraded Copalquin Target 1 Mineral Resource Estimate, with effective date of June 29, 2026. A site visit was carried out by Mr Sims, between 5 May 2025 and 7 May 2025 to observe the drilling, logging, sampling and assay database. Mr Sims has reviewed and approved the contents of this report, and consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The relevant sections of "JORC Code, 2012 Edition - Table 1" as defined by the Joint Ore Reserves Committee (JORC) Code are incorporated into this Public Report.

A NI 43-101 Technical Report entitled "Technical Report and Upgraded Mineral Resource Estimate for the Copalquin Target 1 Area, Durango, Mexico" will be filed on SEDAR+ within 45 days of this news release.

Sample Analytical Procedures and Quality Assurance/Quality Control:

Drill core logging, sample collection, chain of custody, preparation and assaying of drilling samples from the Copalquin project are done with strict adherence to a Quality Assurance/Quality Control (QA/QC) protocol.

All drill core is logged and sampled by Mithril geologists. Samples lengths are selected to respect important geological contacts, to a minimum length of 0.50m. Drill core is cut longitudinally in half along an oriented drill core line. One half of the core is retained for company record, and the opposing half is sent for laboratory analysis.

All samples are delivered to ALS Minerals for preparation in Chihuahua City, Chihuahua, Mexico for preparation, then internally delivered to ALS Minerals located in North Vancouver, British Columbia, Canada, for analysis and reporting.

Samples are prepared using ALS Minerals Prep-31 crushing (70% passing 2mm), splitting and pulverizing (85% passing 75um, 250g). All samples are submitted for 34 element trace ICP-AES analysis using a four-acid digestion (ME-ICP61), and for 30g gold fire assay with atomic adsorption analysis (Au-AA23). Samples exceeding silver grades of 100 ppm are sent for ore grade analysis (Ag-OG62), and samples with silver grades exceeding 1,500 ppm are sent for fire assay and gravimetric determination (Ag-GRA21). Samples with gold grades exceeding 10 ppm are send for fire assay and gravimetric determination (Au-GRA21). Samples with copper, lead or zinc grades exceeding 10,000 ppm are sent for overlimit analysis using four acid digestion and ICP-AES detection (OG61).

Standards and blanks are inserted at a rate of one per every 25 samples and one per every 40 samples, respectively. Laboratory pulp duplicates are selected by Mithril geologists and requested with each batch of samples.

Analytical certificates are imported directly to the Company's database and reviewed for quality assurance by independent and internal company geologists prior to approved.

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

CriteriaJORC Code explanationCommentarySampling techniquesNature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.Drill core samples are cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 0.5 m to 1.5 m based on geologic criteria.The same side of the core is always sent to sample (left side of saw).Reported intercepts are calculated as either potentially underground mineable (>100m down hole) or as potentially open-pit mineable (near surface).Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 1 g/t AuEQ_70 allowing up to 2m of internal dilution.Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than or equal to 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.Rock Sawn Channel samples underground and surface are collected with the assistance of a handheld portable saw. The channels are 2.5 to 3cm deep and 6-8 cm wide along continuous lines oriented perpendicular to the mineralised structure. The samples are as representative as possible Rock Sawn Channel surface samples were surveyed with a Handheld GPS then permanently mark with an aluminium tag and red colour spray across the strike of the outcrop over 1 metre. Samples are as representative as possibleRock Sawn Channel underground samples were located after a compass and tape with the mine working having a surveyed control point at the portal, then permanently marked with an aluminium tag and red colour spray oriented perpendicular to the mineralised structure. Samples are as representative as possibleSoil sampling has been carried out by locating pre-planned points by handheld GPS and digging to below the first colour-change in the soil (or a maximum of 50 cm). In the arid environment there is a 1 - 10 cm organic horizon and a 10 - 30 cm B horizon above the regolith. Samples are sieved to -80 mesh in the field. Samples are collected on a 20 m x 50 m grid or every 20 m on N-S lines 50 m apart. These samples are considered representative of the medium being sampled and lines are appropriately oriented to the nearly E-W structural trend.Drilling techniquesDrill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).Drilling is done with MP500 man-portable core rigs capable of drilling HQ size core to depths of 350-400m (depending on ground conditions), reducing to NQ size core for greater depths. Core is recovered in a standard tube.Drill sample recoveryMethod of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.Drill recovery is measured based on measured length of core divided by length of drill run.Recovery in holes CDH-001 through CDH-025 and holes CDH-032 through CDH-077 was always above 90% in the mineralised zones. Detailed core recovery data are maintained in the project database.Holes CDH-026 through CDH-031 had problems with core recovery in highly fractured, clay rich breccia zones.There is no adverse relationship between recovery and grade identified to date.LoggingWhether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.The total length and percentage of the relevant intersections logged.Entire drill holes are logged and sampled by Mithril geologists at the project camp. Logging includes the collection of qualitative data such as host lithology, alteration, mineralogy, and the collection of quantitative data such as oriented structural data, core recovery, and rock quality designation (RQD). Rock properties are measured using magnetic susceptibility, and NIR/SWIR reflectance.Data is collected into a centralized database using MX Deposit.Drill core is photographed as wet and dry, before sampling and after the core is sampled, and photos are saved in the company database. Rock sawn channel samples are marked, measured and photographed at locationSoil samples are recorded at location, logged and describedSub-sampling techniques and sample preparationIf core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled.Drill core samples are selected by Mithril's geologists.Drill core is cut longitudinally in half along an oriented drill core line. One half of the core is retained for company record, and the opposing half is sent for laboratory analysis. Samples lengths are selected to respect important geological contacts, to a minimum length of 0.50m.Samples are prepared using ALS Minerals Prep-31 crushing (70% passing 2mm), splitting and pulverizing (85% passing 75um, 250g). Visual review to assure that the cut core is ½ of the core is performed to assure representativity of samples.Crushed core duplicates are split/collected by the laboratory and submitted for assay (1 in 30 samples)Sample sizes are appropriate to the grain size of the material being sampled.Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored.Quality of assay data and laboratory testsThe nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.All samples are submitted for 34 element trace ICP-AES analysis using a four-acid digestion (ME-ICP61), and for 30g gold fire assay with atomic adsorption analysis (Au-AA23). Samples exceeding silver grades of 100 ppm are sent for ore grade analysis (Ag-OG62), and samples with silver grades exceeding 1,500 ppm are sent for fire assay and gravimetric determination (Ag-GRA21). Samples with gold grades exceeding 10 ppm are send for fire assay and gravimetric determination (Au-GRA21). Samples with copper, lead or zinc grades exceeding 10,000 ppm are sent for overlimit analysis using four acid digestion and ICP-AES detection (OG61).Standards and blanks are inserted at a rate of one per every 25 samples and one per every 40 samples, respectively. Pulp duplicate sampling is undertaken for 3% of all samples (see above). External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (i.e. lack of bias) and precision have not yet been established.Certified Reference Materials - Rock Labs and CDN CRMs have been used throughout the project including, low (~2 g/t Au), medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results are automatically checked on data import into the BEDROCK database to fall within 2 standard deviations of the expected value. Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both the milled pulp and in the residual oversize from pulverization. This has been done for holes CDH-075 and CDH-077.Samples are selected in each batch by Mithril geologists for laboratory coarse reject duplicates.Verification of sampling and assayingThe verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data.The verification of significant intersections by either independent or alternative company personnel has not been conducted. A re-assay programme of pulp duplicates is currently in progress.MTH has drilled one twin hole. Hole CDH-072, reported in the 15/6/2021 announcement, is a twin of holes EC-002 and UC-03. Results are comparable.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols are maintained in the company's core facility.Assay data have not been adjusted other than applying length weighted averages to reported intercepts.Location of data pointsAccuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control.Drill collar coordinates are currently located by handheld GPS. Precise survey of hole locations is planned. Downhole surveys of hole deviation are recorded using a Reflex Multishot tool for all holes. A survey measurement is first collected at 15 meters downhole, and then every 50 meters until the end of the hole. Locations for holes have been surveyed with differential GPS to a sub 10 cm precision. UTM/UPS WGS 84 zone 13 NHigh quality topographic control from LiDAR imagery and orthophotos covers the entire project area.Data spacing and distributionData spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied.Data spacing is appropriate for the reporting of Exploration Results.Inferred Mineral Resources are defined within a 70 metre sampling distance, where Indicated Mineral Resources are defined within a 35 metre sample spacing distance.Samples are composited to 1 metre for exploratory data analysis and mineral resource estimation.Orientation of data in relation to geological structureWhether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.Cut lines are marked on the core by the geologists to assure that the orientation of sampling achieves unbiased sampling of possible structures. This is reasonably well observed in the core and is appropriate to the deposit type.The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a sampling bias.Rock sawn channel samples are cut perpendicular to the observed vein orientation wherever possibleSample securityThe measures taken to ensure sample security.Samples are stored in a secure core storage facility until they are shipped off site by small aircraft and delivered directly to ALS Global sample preparation facility in Chihuahua, Mexico. ALS airfreights the sample pulps to their assaying facility in North Vancouver, BC, Canada.All samples are subject to a traceable chain of custody procedure which tracks and enables verification of sampling handling between the project camp and the laboratoryAudits or reviewsThe results of any audits or reviews of sampling techniques and data.A review with spot checks was conducted by AMC in conjunction with the resource estimate published 17 Nov 2021. Results were satisfactory to AMC.In conjunction with the Upgraded Mineral Resource Estimate (June 29, 2026), Mr John Sims, , of Sims Resources LLC, conducted a site visit between May 5-7, 2025, at which time he observed drilling, core logging and sample collection activities, including a review of the geological database.Section 2 Reporting of Exploration Results

CriteriaJORC Code explanationCommentaryMineral tenement and land tenure statusType, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.Concessions at Copalquin No. Concession Concession Title numberArea (Ha) Location   1 LA SOLEDAD520336Tamazula, Durango, Mexico  2 EL COMETA16486936Tamazula, Durango, Mexico  3 SAN MANUEL16545136Tamazula, Durango, Mexico  4 COPALQUIN17801420Tamazula, Durango, Mexico  5 EL SOL2361306,000Tamazula, Durango and Badiraguato, Sinaloa, México  6 EL CORRAL236131907.3243Tamazula, Durango and Badiraguato, Sinaloa, México  Exploration done by other partiesAcknowledgment and appraisal of exploration by other parties.Previous exploration by Bell Coast Capital Corp. and UC Resources was done in the late 1990's and in 2005 - 2007. Work done by these companies is historic and non-JORC compliant. Mithril uses these historic data only as a general guide and will not incorporate work done by these companies in resource modelling.Work done by the Mexican government and by IMMSA and will be used for modelling of historic mine workings which are now inaccessible (void model) GeologyDeposit type, geological setting and style of mineralisation.Copalquin is a low sulfidation epithermal silver-gold deposit hosted in andesite. This deposit type is common in the Sierra Madre Occidental of Mexico and is characterized by quartz veins and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults. Vein and breccia thickness has been observed up to 30 meters wide with average widths on the order of 3 to 5 meters. The overall strike length of the semi-continuous mineralised zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia and Santa Cruz is almost 7 kilometres. The southern area from south west of Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 6km.Drill hole InformationA summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar
• elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.Exploration Results are not included in the present disclosure.Drill hole information has been provided in previous News Release documents.Data aggregation methodsIn reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated.Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 1 g/t AuEQ_70 allowing up to 2m of internal dilution.Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than or equal to 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.No upper cut-off is applied to reporting intercepts.Length weighted averaging is used to report intercepts. The example of CDH-002 is shown. The line of zero assays is a standard which was removed from reporting. Au
Rawsilver
rawLength
(m)Au
*lengthsilver
*length      7.516780.53.755339      11.854250.556.5175233.75      00000      0.3061610.30616      0.36431.710.36431.7      3.152410.51.575120.5      10.77090.55.35354.5      15.67730.57.8386.5           FromToLengthAu
g/tsilver
g/t   4.5525.6671481.991.9596.54.555.64325.7
Constrained and diluted Mineral resources for Copalquin Target 1 are based on underlying metal prices of $3,300/oz Au and $50/oz Ag, unless otherwise noted.AuEq g/t = Au g/t + (Ag g/t x (Au price/Ag price) x (Ag recovery/Au recovery)) calculated using the underlying metals prices, along with metallurgical recoveries of 96% Au and 91% Ag from metallurgical test work on Target 1 composite samples. (ASX Announcement 25 February 2022).Relationship between mineralisation widths and intercept lengthsThese relationships are particularly important in the reporting of Exploration Results.If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').True widths at Refugio between sections 120 and 1,000 vary according to the hole's dip. Holes drilled at -50 degrees may be considered to have intercept lengths equal to true-widths, Holes drilled at -70 degrees had true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees had true widths of 77% of the reported intercept lengths. True widths at La Soledad are not fully understood and downhole intercepts to date, are reported.At Las Brujas in Target 2, true widths are not yet known since we are still in the early stages of target definition.Rock sawn channel samples are cut perpendicular to the observed vein orientation wherever possibleDiagramsAppropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.See figures in announcementBalanced reportingWhere comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.All exploration results are reported for intercepts greater than or equal to 0.1 g/t gold equivalent (gold plus silver at 70:1 price ratio for gold:silver).Other substantive exploration dataOther exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.No additional exploration data are substantive at this time.Metallurgical test work on drill core composite made of crushed drill core from the Target 1 drill hole samples has been conducted.The samples used for the test work are representative of the material that makes up the majority of the Target 1 Mineral Resource EstimateThe test work was conducted by SGS laboratory Mexico using standard reagents and test equipment.Samples have been selected from drill core produced for Target 1 over the past 2 years. Test work to confirm the previous results will be conducted as well as variability work.Further workThe nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.The Company drilled 148 diamond core holes from July 2020 to July 2022 for 32,712 m. The Company has stated its target to drill up to 45,000m from July 2025 until the second half of 2026 which has been completed.The Company has stated it has 12,000 metres of drilling to complete in the second half of 2026.Diagrams are included in the announcements and presentations showing the drill target areas within the Copalquin DistrictSection 3 Estimation and Reporting of Mineral Resources

CriteriaJORC Code explanationCommentaryDatabase integrityMeasures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.Data validation procedures used.Drillhole data used in the Mineral Resource Estimate were checked for overlapping sample intervals, negative or invalid values, and irregular downhole survey deviation in Leapfrog Geo v.2026.1.1. All errors were assessed and corrected prior to statistical analysis and estimation.Standards and blanks are inserted at a rate of one per every 25 samples and one per every 40 samples, respectively. Pulp duplicate sampling is undertaken for 3% of all samples (see above). External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (i.e. lack of bias) and precision have not yet been established.Certified Reference Materials - Rock Labs and CDN CRMs have been used throughout the project including, low (~2 g/t Au), medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results are automatically checked on data import into the BEDROCK database to fall within 2 standard deviations of the expected value. Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both the milled pulp and in the residual oversize from pulverization. This has been done for holes CDH-075 and CDH-077.Regular comparison between assay data tables and original certificates is completed as assay data are received to ensure consistency between the database and certificates. Drillhole collars were checked in 3D to ensure agreement between the LiDAR topography surface and surveyed collar elevation. Assays below detection limit were assigned a value equal to half of the detection limit, and unsampled intervals, aside from voids encountered in historical underground workings, were assigned a grade of 0.0001 g/t for both gold and silver prior to estimation. Site visitsComment on any site visits undertaken by the Competent Person and the outcome of those visits.If no site visits have been undertaken indicate why this is the case.In conjunction with the Upgraded Mineral Resource Estimate (June 29, 2026), Mr John Sims, of Sims Resources LLC, conducted a site visit between May 5-7, 2025, at which time he observed drilling, core logging and sample collection activities, including a review of the geological database.Geological interpretationConfidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit.Nature of the data used and of any assumptions made.The effect, if any, of alternative interpretations on Mineral Resource estimation.The use of geology in guiding and controlling Mineral Resource estimation.The factors affecting continuity both of grade and geology.Lithology solids, including mineralised veins, non-mineralised host rock, and post-mineral dikes, were modelled in Leapfrog Geo using interval selections completed on all core drillholes available. Interval selections consider qualitative logging data, gold and silver assays, and multi-element geochemistry. Surface and underground mapping, trench sampling, and soil samples were also used to validate the interpretation but were not used in estimation. High-grade mineralised domains were modelled using a 1 g/t AuEq cutoff and were restricted to modelled vein solids derived from the lithology model.A variable orientation search strategy was applied to accurately reflect undulations in modelled veins, with search orientations driven by the nearest vein midpoint surface. Post mineral dikes cut and displace mineralised veins in several areas, disrupting vein continuity and gold-silver mineralisation. These post-mineral dikes were assigned a grade of 0.0 g/t for both gold and silver to avoid over-estimation of mineralised material. DimensionsThe extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.The Mineral Resource is hosted within two principal vein corridors - (1) The moderately north-northwest dipping Refugio system, which has an approximate strike x dip extent (from surface) x thickness of 1,200m x 700m x 1-20m and (2) The steeply NNE-dipping Soledad system, which has an approximate strike x dip extent x thickness of 400m x 300m x 1-15m.Estimation and modelling techniquesThe nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.The assumptions made regarding recovery of by-products.Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.Any assumptions behind modelling of selective mining units.Any assumptions about correlation between variables.Description of how the geological interpretation was used to control the resource estimates.Discussion of basis for using or not using grade cutting or capping.The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.A single, non-rotated 2.5x2.5x2.5m sub-blocked model was prepared for this Resource Estimate. Up to four divisions of the parent block were accepted to accurately fill veins of variable thickness (minimum sub-block size = 0.625x0.625x0.625m).1.0m composites were generated to reduce variability and ensure consistent support for Resource Estimation, consistent with the median sample length in the drillhole database. Composites do not cross domain boundaries.Gold and silver grades were interpolated into the block model using inverse distance cubed (ID3), Nearest Neighbour (NN), and Ordinary Kriging (OK) estimation techniques. The final selected interpolation method is ID3 for both gold and silver. Statistical comparisons show a variance of less than 5% in gold and silver grades between the three methods in most estimation domains. Extreme outliers for both gold and silver were evaluated for each estimation domain spatially and using log-histograms, log-probability plots, disintegration analysis, and cumulative metal plots. High-grade restrictions were applied on a domain-by-domain basis, with outlier values capped and restricted to a distance of 1/3 of the first search pass. Hard boundaries were applied for all estimation domains, based on contact plots generated for both gold and silver for all contacting domains. A three-pass search strategy was applied using the following criteria for each pass - (1) 60x60x10m / 7-12 samples / maximum 3 samples per drillhole; (2) 90x90x15m /4-12 samples / maximum 3 samples per drillhole; (3) 120x120x20m /1-9 samples / maximum 3 samples per drillhole. Variable search orientations were applied for all estimation domains, with search orientations controlled by the nearest available vein midpoint surface.The final ID3 estimates for gold and silver were validated using statistical comparison (ID3 vs. NN vs. OK), visual validation on cross sections and plan levels, and Swath plots.Deleterious elements were not estimated in this Mineral Resource estimate.MoistureWhether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.All tonnages are estimated on dry basis.Cut-off parametersThe basis of the adopted cut-off grade(s) or quality parameters applied.Mineral Resources are reported from within economically constrained Longhole Open Stopes (LHOS) mining shapes generated using Datamine's Mineable Shape Optimizer (MSO). An operating cost of USD$97 tonnes processed was applied. An AuEq grade was basis used to determine block value based on (1) a gold price of US$3,300/oz; (2) a silver price of US$50/oz; (3) gold recovery of 96%; (4) silver recovery of 91%, based on preliminary studies. Mining factors or assumptionsAssumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.Reported gold and silver grades in the Mineral Resource are stope-constrained and include internal dilution. No external dilution was applied.Historical workings were flagged to the block model and were assigned a density of 0.0 g/cm3 to exclude mined out material from the stated Mineral Resources.LHOS parameters applied in stope optimization include the following - (1) sublevel spacing = 20m; (2) stope slice interval = 5m; (3) minimum mining width = 2m; (4) minimum stope dip = 45 degrees; (5) minimum pillar between adjacent stopes = 0.01m; (6) Indicated and Inferred assurance categories only.Metallurgical factors or assumptionsThe basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.Metallurgical recoveries of 96% Au and 91% Ag were determined from metallurgical test work on Target 1 composite samples. (ASX Announcement 25 February 2022). The process route for extraction is flotation, intensive cyanide leaching of flotation concentrate and conventional cyanide leaching of the flotation tail. Merrill-Crowe zinc precipitation assumed to recover gold and silver from solutions prior to smelting to produce gold-silver doré bars.Environmental factors or assumptionsAssumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.The Copalquin project is presently regulated under the Mexican NOM-120 authorisation as a low impact exploration project. As an exploration project, preliminary studies and engagement with SEMARNAT has been initiated, however, an MIA process has not been completed which would include full environmental, permitting, and sociopolitical assessment. The potential future project is not considered to have potential for elevated environment impacts for a modern mining operation. Bulk densityWhether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.Bulk density has been measured using wax coated samples using dry mass and displacement methods.A total of 1090 samples have been measured across various lithology types. The quartz breccia, which hosts the bulk of mineralisation, has 247 measurements with an average bulk density value of 2.56 (+/- 0.014 margin of error).Density values assigned to the block model were derived from the median value reported in each estimation domain group (high-grade, vein, or waste), and range from 2.50 g/cm3 to 2.57 g/cm3. A density of 0.0 g/cm3 was applied to historical workings.ClassificationThe basis for the classification of the Mineral Resources into varying confidence categories.Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).Whether the result appropriately reflects the Competent Person's view of the deposit.Mineral Resources were classified based on geological continuity and variography analysis of gold and silver in mineralised estimation domains.Indicated Mineral Resources were classified based on a drill spacing of 35m or less, and Inferred Resources were classified based on a drill spacing of 35-70m. The Measured category was not used in this estimate because no modern mining has been undertaken at the Project and it is therefore not possible to reconcile the estimate against production or tightly spaced data such as grade control drilling.The Competent Person believes that the classification appropriately reflects the continuity of gold and silver mineralisation in this deposit.Audits or reviewsThe results of any audits or reviews of Mineral Resource estimates.Modelled solids produced by the Company, including quartz veins, high-grade domains, and host lithologies, were reviewed in detail by the Competent Person prior to use in Mineral Resource Estimation. Discussion of relative accuracy/ confidenceWhere appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.Production data are not available for this deposit. As such, it was not possible to reconcile the estimate against production records or tightly spaced data such as grade control drilling. Statistical validation of the final Inverse Distance cubed (ID3) estimation for gold and silver was completed by comparing to Nearest Neighbour (NN) and Ordinary Kriging (OK) estimates for each individual domain used in the estimation. A variance of less than 5% is observed for most domains when comparing the three estimation methods.Accuracy of the estimate may be affected by a variety of factors, including uncertainty in the geological interpretation and uncertainty in the position and size of historical mine workings in cases where workings are unknown or inaccessible. Future geotechnical or geometallurgical studies, commodity price changes, and capital and operating cost estimates could also impact revenue and cost inputs used in the Resource Estimate. 1 See ASX announcement dated 25 February 2022, "Further Excellent Metallurgy Results - Copalquin District, Mexico"

2 See ASX announcement dated 25 February 2022, "Further Excellent Metallurgy Results - Copalquin District, Mexico"

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303420

Source: Mithril Silver and Gold Limited

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Qualcomm (QCOM) may not be buying Tenstorrent after all.Tenstorrent CEO Jim Keller reportedly said the AI chip startup has not been in acquisition talks with Qu

Early this year, the entire software sector was rocked by an event dubbed the SaaSpocalypse as investors grappled with the idea that large language models and agentic AI could undermine the software-as-a-service (SaaS) business model. 

HubSpot (HUBS 0.54%) and Salesforce (CRM 0.18%) both got hit hard in that sell-off, and they've kept sliding since. They are now down by 54% and 40%, respectively, year to date, even though artificial intelligence has been a catalyst for them, not a headwind.

The SaaSpocalypse threat doesn't carry much merit, and many of the stocks that sold off have partial recovered; the iShares Expanded Tech-Software Sector ETF, which was down by about 30% at one point year to date, is now down only 14%. Still, plenty of software stocks look compelling after the deep slump -- HubSpot and Salesforce among them. Here's what investors should consider if they want to choose between those two.

Image source: Getty Images.

Growth vs. profits HubSpot is the riskier pick of the two, but it's also growing revenue at a faster rate: 23% in the first quarter compared to Salesforce's 14% year-over-yer revenue growth in its most recently reported fiscal quarter.

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HubSpot is also gaining market share at a faster rate. It recently branded itself as the "agentic customer platform," while Salesforce cited agentic AI as "the biggest growth opportunity for our customers."

However, Salesforce has HubSpot beat when it comes to profitability. Salesforce recorded a 19% net profit margin in its fiscal 2027 first quarter, while HubSpot only logged a 3.7% net profit margin in calendar Q1.

HubSpot only recently started delivering consistent profits, so it could theoretically expand its margins in the future. Salesforce offers higher margins right now.

Agentforce is a major Salesforce catalyst Both companies are gaining market share in agentic AI, but Salesforce has more compelling numbers for its Agentforce segment. Agentforce lets companies build and deploy AI agents. Breeze AI does the same thing for HubSpot, but HubSpot includes those sales under its broader subscription revenue category rather than separating them out in a way that makes them clear for investors.

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In its fiscal 2027 Q1 presentation, Salesforce revealed that Agentforce's annual recurring revenue had reached $1.2 billion, a 205% year-over-year increase. The AI platform makes its offerings even stickier, since it's even more of a pain for customers to switch to a competing CRM provider after they've set up their AI agents and customer relationship management tools on one platform.

That $1.2 billion in annual recurring revenue comes to $100 million per month, or $300 million per quarter. Salesforce earned $11.1 billion in total in its fiscal 2027 first quarter, which ended April 30, so it may take a while before Agentforce's expansion moves the needle in a meaningful way on the company's top line. However, it's operating in the background and gaining momentum while the rest of the business continues to expand its market share.

Investors don't know exact numbers for HubSpot's Breeze AI, but the company's overall revenue growth rate accelerated from 20% in Q4 2025 to 23% in Q1, so Breeze AI is definitely helping. Salesforce just has bigger baseline numbers, including $33.6 billion in current remaining performance obligations, up 14% year over year. It's also sitting on $67.9 billion in remaining performance obligations, which are set to be monetized over multiple years.

Salesforce has a better valuation Valuation isn't always the decisive factor in picking stocks, but it certainly should play a role when comparing them. Salesforce's 17.7 P/E ratio offers a more generous margin of safety than HubSpot's premium 95.1 P/E ratio. In order to bring its earnings ratio down to the more reasonable zone where Salesforce trades, HubSpot will have to meaningfully improve its margins. That could take a while.

HubSpot's higher revenue growth rate suggests that it is gaining ground at a faster rate than Salesforce. That certainly bolsters the case for investing in HubSpot, but its high valuation leaves the stock more exposed to further declines if its revenue growth decelerates.

The decision between these two software stocks may ultimately come down to your risk tolerance. Salesforce offers solid growth rates and a more reasonable valuation. However, HubSpot has the potential to grow at a faster rate and expand its margins in the future. HubSpot is riskier but has a higher potential upside, while Salesforce appears to be a promising value stock.

HomeStock IdeasLong IdeasConsumer Staples Analysis

SummaryCostco Wholesale Corporation remains egregiously overvalued, with a trailing P/E of 50x and slowing sales/EPS growth rates headed under 10% by 2027.COST’s PEG analysis with ratios around 4-6x signals high risk, especially if U.S. consumer spending weakens and/or a recession materializes.Fair value estimates suggest COST should trade as low as $450–$565, far below its current $952 quote, given its mature business growth profile.With free cash flow yields well below basic inflation and limited upside in shares, I suggest investors avoid new buys and consider selling existing positions. DNY59/iStock via Getty Images

I have written a number of bearish articles on Costco Wholesale Corporation (COST) in recent years, explaining how egregiously overpriced and overvalued the stock has become. And, true to form, COST has often transitioned to an even

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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.

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Micron Technology Inc. (NASDAQ:MU) stock traded flat in Tuesday’s premarket session as investors paused following the stock’s extended rally. The stock remains in a strong long-term uptrend.

Nasdaq futures were up less than 0.5%, while S&P 500 futures gained 0.09%.

AI Demand Keeps Micron In FocusMicron remained in focus as investors assessed the long-term outlook for AI memory demand, Chinese competition and valuation.

Chinese memory suppliers do not appear to pose an immediate threat to Micron, even as Apple Inc. (NASDAQ:AAPL) is reportedly seeking access to Chinese DRAM suppliers.

According to a CNBC report Tuesday, Chinese memory maker CXMT said in its IPO prospectus that its production capacity remains well below domestic demand, limiting its ability to supply Apple or materially reduce memory costs.

Instead, Micron’s growth story continues to center on high-bandwidth memory (HBM) used in NVIDIA Corp. (NASDAQ:NVDA) AI systems and the broader buildout of AI infrastructure.

The company has also benefited from stronger pricing, with gross margins recovering to more than 80% after posting losses on memory chips three years ago.

Analysts have also pointed to long-term supply agreements that could account for about half of Micron’s revenue by 2030 at pricing floors above previous cycle peaks.

Luria said that disconnect creates a significant valuation gap. He added that Micron could be worth roughly four times more if AI spending remains strong through the end of the decade.

He also noted that the stock trades at about eight to nine times earnings, well below the 40 to 50 times multiples assigned to many CPU-related companies, despite memory becoming increasingly important and facing less competitive pressure.

Micron Technical AnalysisMicron remains above all of its major moving averages, underscoring the strength of its longer-term trend. However, momentum has begun to cool.

The stock is trading about 9.8% above its 20-day simple moving average of $1,044.12 and roughly 166% above its 200-day moving average of $430.86. Such a wide gap can leave shares vulnerable to short-term pullbacks even if the broader trend remains intact.

The moving average convergence divergence (MACD) indicator has slipped below its signal line, while the histogram has turned negative. That suggests bullish momentum is fading, although the stock has not yet broken its overall uptrend.

The moving-average setup remains constructive, with the 20-day average above the 50-day average and the 50-day average above the 200-day average. Traders will likely watch whether Micron can hold support near the 20-day moving average or whether a deeper pullback develops.

The key upside level remains the 52-week high of $1,255. Support sits near the 20-day moving average at $1,044.12, while April’s swing low remains the next major reference point if selling pressure accelerates.

Micron Analyst OutlookThe stock carries a consensus Buy rating with an average price forecast of $1,542.05. Recent analyst actions include:

Cantor Fitzgerald raised its price forecast to $2,000 on June 29 while maintaining an Overweight rating. Cantor Fitzgerald maintained its Overweight rating and $1,500 price forecast on June 25. Barclays raised its price forecast to $2,000 on June 25 while reiterating an Overweight rating. Benzinga Edge RankingsMicron scores highly on Benzinga Edge’s Momentum, Quality and Growth metrics, reflecting its strong price trend and earnings outlook. However, its Value score remains weak, indicating the stock trades at a premium relative to many peers.

The combination suggests investors continue to favor Micron’s long-term growth story, though elevated valuations could make the shares more sensitive to any slowdown in earnings or demand.

ETF ExposureBecause of its sizable weighting in these funds, large ETF inflows or outflows can amplify buying or selling activity in Micron shares.

MU Stock Price Activity: Micron Technology shares were down 0.11% at $1144.00 during premarket trading on Tuesday, according to Benzinga Pro data.

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Micron (MU) remains a beneficiary of sustained AI-driven memory demand, though valuation is less compelling after a significant run-up. Current memory shortages are expected to persist, with hyperscalers and AI adoption driving robust demand and long-term contracts reducing near-term risk. MU trades at 12x–14x 2030 EPS estimates, with buybacks prioritized to return capital; cyclical risks and innovation-driven disruption remain key considerations.

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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.

Micron (NASDAQ: MU) has been one of the most successful artificial intelligence (AI) companies this year, and $1,000 investment in Micron stock at the start of 2026 would have yielded exceptional profits.

Namely, on January 2, 2026, the first trading session of the year, Micron shares were trading at $315. By press time, June 30, 2026, the stock had surged to $1,145, marking a more or less 263% gain during a period of six months.

As a result, a $1,000 Micron investment at the start of 2026, which would have allowed you to purchase just about three shares, would be worth approximately $3,635 today, netting you $2,635 in profits.

MU stock price year-to-date. Source: Google Micron stock continues to rally Micron’s extraordinary performance has been fueled by surging demand for high-bandwidth memory (HBM) and advanced DRAM chips. As hyperscalers and developers continue investing heavily in data centers, Micron has emerged as one of the sector’s biggest winners, with its HBM chips becoming essential to the AI infrastructure.

The company has also strengthened its revenue outlook by securing long-term supply agreements, with management confirming that its entire HBM production capacity for 2026 has already been sold. At the same time, the rollout of next-generation HBM4 memory has further reinforced the company’s position as a key supplier.

Financial results have provided another major tailwind for the stock. Notably, in its fiscal third quarter ended May 28, 2026, Micron reported revenue of $41.46 billion, 84.6% higher than the previous one.

Of course, the rapid ascent has also increased volatility, with some investors worrying that Micron could face a sharp pullback if the semiconductor memory market enters another downcycle. Still, analysts such as C.J. Muse from Cantor Fitzgerald, whose Micron stock price target now sits at $2,000, argue that Micron’s business model has given it a lot more room to run.

Should Muse’s bullish predictions come true, our hypothetical $1,000 investment in Micron at the start of 2026 will be worth about $6,340 within the next twelve months.

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A securities fraud class action lawsuit has been filed on behalf of Zillow investors after its stock plummeted over 16% because of Zillow's alleged anticompetitive agreement with Redfin, potentially violating federal securities laws.

, /PRNewswire/ -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Zillow Group, Inc. (NASDAQ:Z, ZG) and certain of the Company's senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.

If you invested in Zillow, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/zillow-class-action-lawsuit.

Key Details of the Zillow ($Z, $ZG) Class Action:

Lead Plaintiff Deadline: August 10, 2026 Alleged Misconduct: Securities fraud relating to Zillow's allegedly anticompetitive agreement with Redfin Corporation Largest Alleged Stock Drop: February 11, 2026 – 16.54% Stock Drop on Class C shares; 17.13% Stock Drop on Class A shares. Court: U.S. District Court for the Western District of Washington Action: Contact BFA Law to discuss your rights Investors have until August 10, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Zillow Class C and Class A common stock. The class action is pending in the U.S. District Court for the Western District of Washington. It is captioned Breidert v. Zillow Group, Inc., et al., No. 26-cv-02016.

Why is Zillow Being Sued for Securities Fraud?

On February 6, 2025, Zillow entered into an agreement with Redfin through which Zillow became the exclusive provider of multifamily rental listings on Redfin's platform and affiliate websites, including Rent.com. According to the complaint, during the relevant period, Zillow characterized the agreement with Redfin as a "partnership" that would provide Zillow exclusive access to Redfin's advertising platform.  

As alleged, in truth, under the terms of the agreement, Zillow paid Redfin $100 million to stop competing with Zillow, facilitate the transition of its multifamily rental advertising business to Zillow, and close the remainder of its business. 

Why did Zillow's Stock Drop?

On September 30, 2025, the FTC filed a complaint against Zillow and Redfin alleging violations of the federal antitrust laws. According to the FTC complaint, "Zillow and Redfin executed an unlawful agreement to remove competition from [the online rental marketplaces industry], starting with a $100 million payment to Redfin to exit the [Internet Listing Services] market." In sum, the FTC alleged, "[t]his agreement is nothing more than an end run around competition on the merits with Redfin for customers…" This news caused the price of Zillow's Class C and A common stock to decline 4.33% and 4.5%, respectively.

On February 10, 2026, Zillow's CFO told investors that Zillow experienced increased legal expenses which "will result in approximately 200 basis points headwind to EBITDA margins in Q1." On this news, the price of Zillow's Class C and A common stock declined 16.54%, and 17.13%, respectively.

Finally, on May 7, 2026, Reuters reported that a "federal judge rejected [Zillow and Redfin's] request to end a [FTC] lawsuit accusing them of illegally agreeing to suppress competition for online apartment rental listings." This news caused the price of Zillow's Class C and A common stock to decline 1.9% and 1.76%, respectively.

Click here for more information: https://www.bfalaw.com/cases/zillow-class-action-lawsuit.

What Can You Do?

If you invested in Zillow, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/zillow-class-action-lawsuit

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360 and "SuperLawyers" by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff's securities litigation law firm, with clients noting: "[t]here is no better service provider in the practice area," "[t]he interest of the client is always front and center," and "[t]here isn't a better firm in this space." One testimonial described the firm as "nimble and entrepreneurial," with a "relentless focus on adding value for clients."

Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/zillow-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

SOURCE Bleichmar Fonti & Auld LLP

The pullback came even as Nasdaq futures rose 0.40% and S&P 500 futures gained 0.25%, pointing to a generally positive backdrop for technology stocks.

The move appeared to reflect profit-taking after the stock’s strong run in recent weeks. Taiwan Semiconductor is trading just below its 52-week high of $476.79.

That level often acts as a key resistance area where investors reassess valuations and lock in gains after extended rallies. The broader uptrend remains intact, but momentum indicators suggest buying pressure has eased in the near term.

Wall Street Analysts Turn More Bullish On Taiwan SemiconductorAdding to the longer-term bullish outlook, Taiwan Semiconductor drew fresh analyst support as Wall Street pointed to strong artificial intelligence chip demand, higher capital spending and the company’s competitive position.

Barclays raised its price forecast to $625 from $470 and maintained an Overweight rating. Analyst Simon Coles said demand for advanced chip manufacturing remains strong following the firm’s recent Asia supply chain trip.

He described Taiwan Semiconductor as one of the best AI investment opportunities in the firm’s coverage universe, supported by continued earnings momentum.

Barclays also increased its earnings estimates and now expects capital expenditures of $56 billion in 2026 and $74 billion in 2027.

Morgan Stanley also turned more bullish, raising its Taiwan Semiconductor price forecast by 12% to 2,888 New Taiwan dollars on expectations of stronger revenue growth and improved pricing.

The firm expects the company to raise its full-year revenue and capital spending guidance during next month’s earnings report.

Taiwan Semiconductor Technical AnalysisDespite Tuesday’s weakness, Taiwan Semiconductor continues to trade well above its major moving averages. The stock sits 4.2% above its 20-day simple moving average of $435.82, 9.5% above its 50-day average of $414.48 and 33.1% above its 200-day average of $341.14.

However, the moving average convergence divergence (MACD) indicator remains below its signal line, with a negative histogram. That suggests bullish momentum has cooled, even though the longer-term trend remains positive.

Traders are watching whether the stock can hold above its short-term moving averages before attempting another move toward record highs. Key resistance stands near $477, while the next notable support level is around $405.50.

Taiwan Semiconductor Earnings And Analyst OutlookThe company’s next major catalyst is its expected earnings report on July 16.

Analysts expect earnings of $3.77 per share, up from $2.47 a year earlier. Revenue is projected to rise to $39.76 billion from $30.07 billion.

Benzinga Edge RatingsAccording to Benzinga Edge, Taiwan Semiconductor scores highly on momentum, quality and growth, while its value score remains weak because of its premium valuation.

The combination suggests investors continue to favor the company’s long-term growth prospects, although the rich valuation could leave the shares vulnerable to short-term pullbacks.

Taiwan Semiconductor Price ActionTSM Stock Price Activity: Taiwan Semiconductor shares were down 0.59% at $452.40 during premarket trading on Tuesday, according to Benzinga Pro data.

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Despite the Iran-war-driven March swoon, it's turned out to be another banner year for Wall Street. In early June, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all reached record-closing highs.

While the evolution of artificial intelligence (AI) has been the stock market's clearest catalyst, it's Wall Street's trillion-dollar members that have lifted these major stock indexes to new heights. As of the closing bell on June 26, there were 13 public companies on U.S. exchanges boasting trillion-dollar valuations:

Nvidia (NVDA +1.30%) Apple (AAPL 0.76%) Alphabet (GOOGL +4.79%)(GOOG +4.94%) Microsoft (MSFT 1.13%) Amazon (AMZN +3.23%) Taiwan Semiconductor Manufacturing (TSM +5.29%) Space Exploration Technologies (SpaceX)(SPCX +7.18%) Broadcom (AVGO +2.03%) Tesla (TSLA +8.49%) Meta Platforms (META +2.27%) Micron Technology (MU +0.90%) Eli Lilly (LLY +1.53%) Berkshire Hathaway (BRKA 0.22%)(BRKB 0.53%) While all 13 of these industry leaders possess bona fide competitive advantages, they don't all share the same outlook. If there's one time-tested metric that does an exceptional job of parsing out which trillion-dollar club members are still bargains and which are pretenders, it's cash flow.

Image source: Getty Images.

To be fair, there isn't a one-size-fits-all blueprint when it comes to valuing public companies.

Most investors tend to rely on the traditional price-to-earnings (P/E) ratio as a quick evaluation tool. A company's P/E ratio is arrived at by dividing its share price by its trailing 12-month earnings per share (EPS). While the P/E ratio is a useful tool for valuing mature businesses, it can be tripped up by growth stocks and during recessions, when EPS turns negative.

Cash flow makes for the ideal metric to value and evaluate the stock market's fast-growing, trillion-dollar companies -- especially given that most of these businesses are reinvesting their cash flow into high-growth initiatives, such as AI.

Based on Wall Street analysts' consensus forward-year cash-flow-per-share estimates, here's how the stock market's trillion-dollar stocks rank from most (i.e., cheapest) to least attractive (as of June 26):

Micron: 6.76 times forward-year estimated cash flow Meta Platforms: 8.58 Amazon: 10.31 Microsoft: 12.76 Nvidia: 15.11 Alphabet: 16.47 Taiwan Semi: 16.59 Broadcom: 18.12 Apple: 26.13 Eli Lilly: 27.32 Tesla: 76.55 SpaceX: 255.38 Berkshire Hathaway: N/A (no estimates) Things are rarely black-and-white on Wall Street. But among trillion-dollar stocks, cash flow separates them into well-defined categories.

Image source: Getty Images.

Micron, Meta, and Amazon appear to be phenomenal bargains Despite their eye-popping returns, Micron Technology, Meta Platforms, and Amazon remain exceptional bargains based on the expected growth in their forward-year cash flow.

Micron's parabolic increase in cash flow, and thus its still-cheap valuation, ties into the supply demand dynamics for memory and storage solutions in AI-accelerated data centers. Micron is a key supplier of high-bandwidth memory, which is needed for the ultra-fast multitasking that occurs in AI data centers.

Demand is outpacing supply by such a large margin that Micron is locking in orders several years in advance. When demand outstrips supply, it's a recipe for a company to possess exceptional pricing power (and juicy margins).

15 months ago, Micron, $MU, was worth just $60 billion producing $8.1 billion in quarterly revenue.

Today, it's worth $1.3 trillion and producing $41.5 billion in quarterly revenue.

Rarely ever does the world experience a revolution like we are seeing right now now. https://t.co/uqP5s6AKSk pic.twitter.com/mHCeYKpP75

-- The Kobeissi Letter (@KobeissiLetter) June 25, 2026 Although AI is all the rage on Wall Street, Meta's social media assets are unrivaled. The company's family of apps, including Facebook, Instagram, WhatsApp, and Threads, attracted an average of 3.56 billion daily users in March 2026. The sheer number of users Meta can reach affords it significant ad pricing power.

Furthermore, Meta Platforms has been one of the stock market's most successful AI integrators. Giving advertisers access to generative AI tools to create static and video messages tailored for individual users has boosted Meta's sales and profitability.

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It's a similar story for Amazon, which is leaning on AI as a transformative tool. Integrating generative AI and large language model solutions into Amazon Web Services (AWS), the world's No. 1 cloud infrastructure services platform by total spend, has accelerated sales growth for this key operating segment.

Throughout the 2010s, investors paid a median of 30 times year-end cash flow to own shares of Amazon. Thanks to AWS's rapid expansion and the sustained double-digit growth potential of Amazon's advertising and subscription services segments, shares now trade at a historically low 10 times consensus cash flow for the upcoming year.

Elon Musk's companies are a valuation eyesore At the other end of the spectrum, cash flow exposes Elon Musk's trillion-dollar companies, Tesla and SpaceX, for their egregious and/or unjustifiable valuations.

SpaceX has a laundry list of factors workinя against its roughly $2 trillion market cap. While fast entry into the Russell 1000, Russell 3000, and Nasdaq-100 can temporarily mask some of its shortcomings, emotion-driven rallies in SpaceX are likely to be short-lived. In no particular order, investors can be walloped by:

An accelerated/staggered lockup schedule that'll allow SpaceX's insiders to cash out at retail investors' expense. The company's potentially dilutive debt and equity offerings. SpaceX's ongoing operating losses and the capital-intensive nature of its AI and space operations. Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such... pic.twitter.com/KOuEkJlngF

-- Eric Balchunas (@EricBalchunas) May 28, 2026 Meanwhile, Tesla's valuation has been built on a mountain of unfulfilled promises. While Musk has been successful in diversifying Tesla into energy generation and storage solutions, many of his promises, which are fully baked into the company's valuation, haven't come to fruition. Examples include Musk's near-annual promise of Level 5 full self-driving for over a decade and his claim to have 1 million robotaxis on public roads by the end of 2020.

If investors were to simply step back and take a "show-me" approach with Tesla and SpaceX, both stocks could lose a substantial portion of their value.

Sean Williams has positions in Alphabet, Amazon, and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Berkshire Hathaway, Broadcom, Eli Lilly, Meta Platforms, Micron Technology, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, and Tesla. The Motley Fool has a disclosure policy.

Fastenal Company (NYSE:FAST) will release its second quarter earnings report before the opening bell on Monday, July 13.

Analysts expect the Winona, Minnesota-based company to report quarterly earnings of 33 cents per share, up from 29 cents per share in the year-ago period. The consensus estimate for Fastenal’s quarterly revenue is $2.34 billion. It reported $2.08 billion last year, according to Benzinga Pro.

On April 13, the industrial and construction supplies distributor posted first-quarter net sales of $2.20 billion, up 12.4% year-over-year and ahead of the $2.199 billion estimate.

Fastenal shares gained 0.6% to close at $47.40 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying FAST stock? Here’s what analysts think:

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Taiwanese investigators raided the AI server maker's offices as part of a probe into alleged smuggling of Nvidia chips to China.

100 r/r DLBCL patients treated at the selected 150 µg/kg dose of ZYNLONTA® plus glofitamab

Full data expected in fourth quarter of 2026

, /PRNewswire/ -- ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), today announced the completion of enrollment in the LOTIS-7 Phase 1b open-label clinical trial evaluating the safety and efficacy of ZYNLONTA® (loncastuximab tesirine-lpyl) in combination with the bispecific antibody glofitamab (COLUMVI®) in patients with relapsed or refractory (r/r) diffuse large B-cell lymphoma (r/r DLBCL).

LOTIS-7 trial enrollment is now complete with 100 r/r DLBCL patients dosed at the selected 150 µg/kg dose of ZYNLONTA plus glofitamab. Enrollment occurred in 30 total sites with 70% of patients in the US and 30% in the EU. The study enrolled patients with baseline characteristics similar to other bispecific combination studies in this space and included 46% relapsed and 54% primary refractory patients with a median age of 66 years.

Primary endpoints of the study include safety and tolerability. Secondary endpoints include overall response rate, duration of response, complete response, relapse free survival, progression-free survival, and overall survival, as well as pharmacokinetics and immunogenicity. As part of the study protocol, anti-infective prophylaxis, intravenous immunoglobulin (in patients experiencing B-cell loss with an increased risk of infection) and vaccination are strongly recommended.

"We are excited by the previously reported data from this study which demonstrated an 89.8% ORR and 77.6% CR and a manageable safety profile across the 49 efficacy-evaluable patients with a minimum of 6 months of follow-up," said Mohamed Zaki, MD, PhD, Chief Medical Officer of ADC Therapeutics. "We continue to believe this ZYNLONTA combination has the potential to be the best-in-class bispecific antibody-based combination in 2L+ DLBCL. With enrollment now complete, we look forward to sharing more comprehensive results from LOTIS-7 later this year."

Further to the previously reported results from LOTIS-7 demonstrating promising clinical activity for the combination of ZYNLONTA plus glofitamab in patients with r/r DLBCL, the Company plans to share full data from LOTIS-7 at a medical meeting and submit the results for publication by the end of 2026. In addition, the Company plans to assess potential regulatory and compendia pathways for the combination.

About LOTIS-7

LOTIS-7 is a Phase 1b global multicenter, multi-arm study in patients with relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL) including Part 1 (dose escalation) and Part 2 (dose expansion). The three dosing arms include ZYNLONTA plus polatuzumab vedotin, ZYNLONTA plus glofitamab, and ZYNLONTA plus mosunetuzumab T-cell-engaging bispecific monoclonal antibodies (BsAbs). Enrollment in LOTIS-7 includes Part 1 of the study with a 3+3 dose escalation in 3L+ heavily pre-treated patients with ZYNLONTA doses starting at 90 µg/kg and then proceeding to 120 µg/kg and 150 µg/kg. Part 2 includes dose expansion in 2L+ large B-cell lymphoma in the ZYNLONTA plus glofitamab arm at dose levels determined from Part 1 (120 µg/kg and 150 µg/kg of ZYNLONTA plus the approved dosing of glofitamab).

For more information about the LOTIS-7 trial, visit clinicaltrials.gov (NCT04970901).

About ZYNLONTA®

ZYNLONTA® is a CD19-directed antibody drug conjugate (ADC). Once bound to a CD19-expressing cell, ZYNLONTA is internalized by the cell, where enzymes release a pyrrolobenzodiazepine (PBD) payload. The potent payload binds to DNA minor groove with little distortion, remaining less visible to DNA repair mechanisms. This ultimately results in cell cycle arrest and tumor cell death.

The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) have approved ZYNLONTA (loncastuximab tesirine-lpyl) for the treatment of adult patients with relapsed or refractory (r/r) large B-cell lymphoma after two or more lines of systemic therapy, including diffuse large B-cell lymphoma (DLBCL) not otherwise specified (NOS), DLBCL arising from low-grade lymphoma and also high-grade B-cell lymphoma. The trial included a broad spectrum of heavily pre-treated patients (median three prior lines of therapy) with difficult-to-treat disease, including patients who did not respond to first-line therapy, patients refractory to all prior lines of therapy, patients with double/triple hit genetics and patients who had stem cell transplant and CAR-T therapy prior to their treatment with ZYNLONTA. This indication is approved by the FDA under accelerated approval and in the European Union under conditional approval based on overall response rate and continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. Please see full prescribing information including important safety information about ZYNLONTA at www.ZYNLONTA.com.

ZYNLONTA is also being evaluated as a therapeutic option in combination studies in other B-cell malignancies and earlier lines of therapy.

About ADC Therapeutics

ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), transforming treatment for patients through our focused portfolio with ZYNLONTA (loncastuximab tesirine-lpyl).

ADC Therapeutics' CD19-directed ADC ZYNLONTA received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy.

Headquartered in Lausanne (Biopôle), Switzerland, with operations in New Jersey, ADC Therapeutics is focused on driving innovation in ADC development with specialized capabilities from clinical to manufacturing and commercialization. Learn more at https://adctherapeutics.com/ and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as "may", "will", "should", "would", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "future", "continue", or "appear" or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: whether future LOTIS-7 results will be consistent with or different from the prior disclosure, the timing, results and publication of the full LOTIS-7 trial; the adequacy of the LOTIS-5 clinical trial data to support full regulatory approval and our ability to maintain accelerated approval in the United States and foreign jurisdictions for our product; the timing, content and outcome of meetings with and feedback or other communications provided by regulatory authorities including U.S. FDA; the timing, submission and acceptance of an sBLA submission related to LOTIS-5 and potential approval; the actual and perceived benefit-risk profile for ZYNLONTA as studied in the LOTIS-5 trial; the assessment of the data from LOTIS-5 study, including additional analyses of outcomes observed for safety, efficacy and within key geographic regions and across certain patient sub-populations; the path for full regulatory approval for ZYNLONTA in the United States and foreign jurisdictions; our ability to identify and execute value-maximizing options and the cost and impact of such options; our expected cash runway into at least 2028; our ability to comply with the terms of our indebtedness; changes in our regulatory and commercial strategy; the Company's ability to sustain or grow ZYNLONTA® revenue in the United States and potential peak revenue; the ability of our partners to commercialize ZYNLONTA® in foreign markets, the timing and amount of future revenue and payments to us from such partnerships and their ability to obtain regulatory approval for ZYNLONTA® in foreign jurisdictions; the timing and results of the Company's clinical trials; the timing, publication and results of investigator-initiated trials including those studying FL and MZL and the potential regulatory and/or compendia strategy and the future opportunity; the timing and outcome of regulatory submissions for the Company's products or product candidates; actions by the FDA or foreign regulatory authorities; projected revenue and expenses; the Company's indebtedness, including HealthCare Royalty Management and Blue Owl and Oaktree facilities, and the restrictions imposed on the Company's activities by such indebtedness, the ability to comply with the terms of the various agreements and repay such indebtedness and the significant cash required to service such indebtedness; and the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities; and the uncertainties of international trade policies, including tariffs, sanctions, trade barriers and most favored nation drug pricing and the potential impact they may have on our business, financial condition, and results of operations. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K and in the Company's other periodic and current reports and filings with the U.S. Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document.

CONTACT:

Investors & Media
Nicole Riley
ADC Therapeutics
[email protected]
+1 862-926-9040

SOURCE ADC Therapeutics SA

Enables building owners to improve the safety and reliability of their elevators and provide better passenger experience. Suitable for elevators already equipped with belts; and offers options to transition rope-based systems to coated steel belt-based systems. , /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS), the global leader in the manufacture, installation, service and modernisation of elevators and escalators, today announced the introduction of Otis Gen3 MOD solutions in Europe, the Middle East and Africa (EMEA). Otis Gen3 MOD solutions are already available in the U.S., Canada and Asia.

All Otis Gen3 MOD solutions are powered by Otis' signature technologies, giving customers flexibility to choose the scope and pace of their elevator modernisation. These solutions enable building owners to update their vertical mobility systems with the digitally native Otis Gen3 elevator platform for modernisation projects, helping extend equipment lifespan while improving performance, reliability and passenger experience compared to their existing systems.

There are more than six million elevators in use in Europe today. In many European countries, more than half of these are over 25 years old1, while building managers begin considering modernisation when equipment reaches 15 to 20 years of service. Otis Gen3 MOD is Otis' next-generation elevator modernisation solution designed to upgrade existing systems to align with the latest safety regulations of the relevant region and updated technologies.

All Otis Gen3 MOD solutions are powered by Otis' signature technologies, giving customers flexibility to choose the scope and pace of their elevator modernisation.

The Otis Gen3 MOD solutions can upgrade legacy belt systems and facilitate the transition from traditional rope systems to Otis' patented coated steel belt technology, an innovation that delivers smooth rides and quiet operation. Otis experts will guide you through every step – from early planning to installation and ongoing service.

Further enhancing modernisation value, Otis Gen3 MOD solutions are compatible with Otis Viva™ solutions – a purpose-built set of elevator features that improve safety, reliability and offer more instinctive operation features for aging populations. As global populations continue to age, accessible and reliable mobility solutions are increasingly necessary. Together, Gen3 MOD and Otis Viva solutions help building owners and decision makers enhance accessibility and reliability of their equipment.

"Modernisation is a powerful way to transform how people experience a building every day: enhancing performance and reliability and bringing in the latest technology and safety features to create a smoother and more connected passenger journey," said Thibault Lefébure, President of Otis EMEA. "The flexible Otis Gen3 MOD packages allow customers to tailor modernisation solutions to their building's needs and investment strategy. Complementing our Otis Viva and Otis Gen3 new equipment solutions, modernisation packages offer a comprehensive and scalable range of accessible and future-ready vertical mobility technologies that contribute to enhancing everyday experiences by improving passenger flow, comfort, and helping people connect and thrive."

Visit www.otis.com for full details and to learn more about our complete portfolio of modernisation solutions.

Otis Gen3 MOD FAQs:

What are the key features and benefits of the Otis Gen3 MOD solution?

Otis Gen3 elevators feature safety technologies that comply with the latest and most stringent safety standards of the relevant region. Modern floor-leveling and door systems reduce tripping hazards. The patented coated steel belt technology does not require any lubrication and delivers smooth, quiet rides. Otis ReGen™ drive technology recaptures energy generated by the elevator and returns it to the building's grid, with actual energy savings depending on various factors, such as the use and configuration of the elevator. The Otis ONE™ IoT digital platform2 enables predictive maintenance, real-time health monitoring, and remote intervention where permitted – helping to improve uptime and service quality. The Otis eView™ sleek and smart in-car display offers customised screens with building news, weather and equipment updates, while also connecting passengers via voice or video calls to the OTISLINE® customer care centre in case of an emergency. The Gen3 platform is equipped with gearless machines which, depending on the existing solution, may free additional space in the building when choosing a machine room-less Pro or Full Replacement package. The optional Otis Compass® 360 dispatching technology supports efficient building traffic flows and provides usage data, helping building owners identify opportunities for potential energy savings through optimised dispatching. What Otis Gen3 modernisation options are available?
Three flexible packages address customers' different modernisation needs:

Plus includes core upgrades noted above, such as a controller with the Otis ONE2 IoT digital platform and the Otis ReGen drive, an Otis eView display, landing fixtures and hall signage, a gearless machine and Otis Pulse™ electronic system that monitors the condition of the belts 24/7, as well as coated steel belts with car and counterweight interfaces. Pro3 includes all upgrades available in the Plus package, along with a newly installed elevator car featuring a refreshed interior design. The new elevator car includes a new frame, safety gear system, and car door system. The Pro package also offers a new counterweight, an overspeed governor and new guiderails for both the car and counterweight. Full Replacement provides a new Otis Gen3 elevator within the existing hoistway. Where space permits, a larger car can be installed to help improve accessibility and enhance the comfort of passengers. Your Otis representative will help plan your options.  What is the difference between Otis Arise™ MOD and Otis Gen3 MOD solutions?
Otis Arise MOD and Otis Gen3 MOD solutions incorporate connected technologies, including IoT-enabled capabilities, to improve elevator safety, performance and reliability. However, they differ in their underlying technology, and upgrade path:

Otis Arise MOD, introduced in EMEA in September 2025, is designed for elevators that utilise conventional rope-based systems and offers a flexible, phased modernisation approach, enabling building owners to upgrade key components over time based on their operational priorities and budget. It focuses on delivering incremental improvements to safety, reliability and performance, while extending the life of existing equipment with minimal disruption. Otis Gen3 MOD, our flagship elevator platform technology, supports both existing belt-driven systems and conversions from rope to Otis' coated steel belt technology, upgrading elevators to the digitally native Gen3 platform. It delivers a more comprehensive modernisation, with deeper system integration, enhanced performance, and an advanced passenger experience. About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.

Media Contact: 
Richard Howat 
Phone: +44 7392860548 
Email: [email protected]

SOURCE Otis Worldwide Corporation

Total Commitments Increased to $1.240 Billion

Final Maturity Date Extended to June 2031

, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the amendment of its revolving credit facility (the "Corporate Facility"). The recently closed amendment provides an increase in total commitments from $1.175 billion to $1.240 billion, while maintaining an expanded accordion feature that allows for an increase up to $1.860 billion of total commitments from new and existing lenders on the same terms and conditions as the existing commitments and maintaining the benefits of a diversified group of 18 lenders. The amendment also extends both the revolving period, or reinvestment period, and the final maturity date through June 2030 and to June 2031, respectively. In addition, Main Street continues to maintain options under the amended Corporate Facility which could extend each of the revolving period and the final maturity of the Corporate Facility for up to two additional years, subject to certain conditions, including lender approval.

ABOUT MAIN STREET CAPITAL CORPORATION

Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including but not limited to the availability of future financing capacity under the Corporate Facility, which are based upon Main Street management's current expectations and are inherently uncertain. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance, events and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Main Street's filings with the Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R Nelson, CFO, [email protected]
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard / [email protected]
Zach Vaughan / [email protected]
713-529-6600

SOURCE Main Street Capital Corporation

SM Energy is rated Strong Buy, trading at a 70% sector discount despite robust asset growth and operational improvements. Recent mergers and acquisitions, notably Civitas and Uinta Basin, have expanded SM's asset base to 800,000 net acres, boosting oil and NGL output. Derivative losses, primarily inherited from Civitas, temporarily cap crude upside but are expected to reverse by 2027, unlocking further value.

ELKHART, Ind.--(BUSINESS WIRE)--Patrick Industries (NASDAQ: PATK) (“Patrick”) and LCI Industries (NYSE: LCII) (“LCI” or “Lippert”) today announced they have entered into a definitive agreement to combine in an all-stock merger, forming a premier component solutions provider for the outdoor enthusiast, housing and transportation markets. Under the agreement, which the Boards of Directors of both companies unanimously approved, LCI shareholders will receive 1.2440 shares of Patrick common stock for each share of LCI common stock they own.

Following completion of the transaction, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders will own approximately 48%.

This strategic combination brings together two companies with complementary product portfolios and longstanding partnerships with customers and stakeholders across North America and Europe. Together, Patrick and Lippert will create a more dynamic, innovative, solutions-oriented platform serving a diverse range of OEMs and consumers in the outdoor enthusiast, housing, transportation and other markets, through a broader portfolio of brands, more efficient operations, enhanced R&D investment and commercialization capabilities. By bringing together Patrick’s integrated design-to-delivery capabilities and Lippert’s expertise in highly engineered, structural OEM and aftermarket components, the combined organization will deliver differentiated, cost-effective competitive solutions aimed at improving affordability, strengthening value chain alignment and delivering outstanding customer service while supporting long-term organic and strategic growth and disciplined capital allocation.

As a result, the combined company will be well positioned to enhance value for the shareholders of each company through bolstered financial performance, reduced costs, and a continued focus on execution, all while providing outdoor enthusiasts with impressive new solutions and an enhanced array of competitively priced products.

“Today marks the beginning of an exciting new chapter in the evolution of our two companies as we continue on our journey to positively impact and deliver value for our customers, our team members, shareholders, and the communities we serve,” said Andy Nemeth, CEO of Patrick. “We have long respected the Lippert team and their impressive, innovative capabilities across the solutions they deliver and are thrilled to reach this milestone. We have two highly successful, well-established organizations with long track records of strategic and organic growth, innovation, and customer service, supported by incredible talent across each enterprise, deep expertise, and a shared commitment to excellence. Together, we will create a premier partnership-oriented platform for the global outdoor enthusiast ecosystem, housing and transportation markets that is more resilient, and better positioned to serve all of our customers – from OEMs to the end consumer. We remain dedicated to our culture and values focused on humility and trust, the reinvestment in our vision, business, and strategy with the goal of delivering an even brighter future for the stakeholders we serve.”

Johnny Sirpilla, Interim Chief Executive Officer of Lippert, added, “This combination represents a defining moment for Lippert. Our shareholders will benefit from ownership in a more diversified company with the financial and operational strength to grow revenues and deliver outstanding value to shareholders and other stakeholders. As two complementary businesses with strong legacies deeply rooted in Elkhart and our other local communities, we understand the potential and positive impact this combination can deliver. Together, we can offer a broader, more innovative, competitive, and affordable portfolio of products and product solutions, as we work with our partners and customers in key segments to drive greater value for end consumers. We will also continue to invest in our growth and combined capabilities, creating new opportunities for team members and charting an exciting new future for the combined company.”

Clear Strategic Rationale

Creates a Premier Component Solutions Provider for the Outdoor Recreation, Housing and Transportation Markets: The combination creates a leading provider across recreational vehicle, marine, powersports, truck and adventure / off-road, transportation, automotive and housing markets. With enhanced resources, the combined company’s solutions-based offerings will enable OEMs to better address affordability for end consumers. Improved diversification across end markets and expanded capabilities position the combined company for greater stability and durable growth across industry cycles. Highly Complementary Portfolios Strengthen Ability to Serve Customers and Enhance the End User Experience: Patrick and Lippert offer strategically adjacent product capabilities, creating a diversified portfolio across interior, exterior, structural and mechanical systems. The combined company will remain a trusted partner to OEM and aftermarket customers, with expanded R&D, broader capabilities, and accelerated speed-to-market, enhancing innovation and the overall end-user experience. Expands Aftermarket Channel Access and Distribution Networks: Lippert’s established brands, distribution infrastructure and channel access meaningfully advance Patrick’s strategic priority to expand its aftermarket presence. This expansion further enhances revenue growth, helping offset OEM production cyclicality, and improves the margin profile of the combined company. Strengthens Long-Term Commitment to Local Communities: Patrick and Lippert share a commitment to supporting the communities where their team members live, work, and enjoy the outdoors. Together, they will further develop their strong community partnerships to inspire and support the next generation of outdoor enthusiasts. Compelling Financial Benefits for Patrick and Lippert Shareholders

Delivers a Resilient Financial Profile with Strong Cash Flow Generation: On a pro forma basis, the combined company’s trailing twelve months results as of March 2026 would be approximately $8.1 billion of revenue, adjusted EBITDA of $1.0 billion inclusive of synergies, and free cash flow of $508 million inclusive of synergies. Drives Meaningful, Achievable Cost Synergies: The transaction is expected to deliver over $150 million of run-rate cost synergies achieved within three years of closing. These synergies are identified and actionable, arising primarily from procurement, SG&A efficiencies, engineering best practices, and improved supply chain management. Provides Balance Sheet Flexibility: The combined company will have a strong balance sheet with expected pro forma net leverage of 2.1x and the liquidity and flexibility to support continued investment in growth and capital returns. The combined company’s capital allocation strategy will focus on reinvesting operating cash flows in the business within a disciplined net leverage target of 2.25x to 2.5x, with priorities including strategic growth and automation-oriented capital expenditures while returning cash to shareholders through share repurchases and a balanced dividend policy. Leadership, Governance and Headquarters

Upon closing, Patrick Industries CEO Andy Nemeth will serve as CEO of the combined company.

The Board of Directors of the combined company will consist of 12 directors, with six designated by Patrick and six designated by Lippert. Patrick Director Todd Cleveland will serve as Chair of the Board and Lippert Interim CEO and Director Johnny Sirpilla will serve as Vice Chair of the Board.

The combined company will employ a collaborative approach to identify executive management and other leaders for key business units.

Following the closing of the transaction, the combined company will be headquartered in Elkhart, Indiana.

Timing and Approvals

The transaction is expected to close in the first half of 2027, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

Advisors

J.P. Morgan Securities LLC is serving as lead financial advisor and Baird is serving as co-lead financial advisor to Patrick Industries and McDermott Will & Schulte LLP is serving as legal advisor. Perella Weinberg Partners LP is serving as financial advisor to LCI Industries and Kirkland & Ellis LLP is serving as legal advisor. FGS Global is serving as strategic communications advisor to LCI Industries.

Conference Call, Webcast and Presentation

Patrick and Lippert will host a conference call and webcast today at 8:30 a.m. Eastern time to discuss the transaction. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (877) 407-9036. The webcast and accompanying slides can be accessed on both companies’ investor relations websites. A replay of the conference call will be available on both companies’ investor relations websites following the call. A dedicated website with more information about the transaction is available at PatrickandLippertTogether.com.

About Patrick Industries

Patrick (NASDAQ: PATK) is a leading component solutions provider serving original equipment manufacturers and aftermarket customers in the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Important Information About the Proposed Transaction and Where to Find it

In connection with the proposed transaction between LCI Industries (“LCI”) and Patrick Industries (“Patrick”), LCI and Patrick intend to file relevant materials with the Securities and Exchange Commission (the “SEC”), including, among other filings, a Patrick registration statement on Form S-4 that will include a joint proxy statement of LCI and Patrick that also constitutes a prospectus of Patrick with respect to shares of Patrick’s common stock to be issued in the proposed transaction, and a definitive joint proxy statement/prospectus, which will be mailed to stockholders of LCI and Patrick (the “Joint Proxy Statement/Prospectus”). LCI and Patrick may also file other documents with the SEC regarding the proposed transaction. This press release is not a substitute for the Joint Proxy Statement/Prospectus or any other document which LCI and Patrick may file with the SEC. INVESTORS AND SECURITY HOLDERS OF LCI AND PATRICK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by LCI and Patrick through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by LCI will be available free of charge on LCI’s website at lippert.com under the tab “Investors” and under the heading “Financials” and subheading “SEC Filings.” Copies of the documents filed with the SEC by Patrick will be available free of charge on Patrick’s website at patrickind.com under the tab “Investors” and under the heading “SEC Filings.”

Certain Information Regarding Participants

LCI, Patrick and their respective directors and executive officers may be considered participants in the solicitation of proxies from the stockholders of each of LCI and Patrick in connection with the proposed transaction. Information about the directors and executive officers of LCI and their ownership of LCI common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026 (the “LCI 2025 10-K”) and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 27, 2026. Information about the directors and executive officers of Patrick and their ownership of Patrick common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026 (the “Patrick 2025 10-K”) and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 30, 2026. To the extent holdings of LCI’s or Patrick’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC on: (1) March 31, 2026, March 31, 2026, April 1, 2026, April 20, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 14, 2026, June 5, 2026, June 5, 2026, June 5, 2026 and June 5, 2026, with respect to directors and executive officers of LCI, (2) May 6, 2026, May 6, 2026, May 6, 2026, May 6, 2026, May 6, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 21, 2026, May 28, 2026, June 11, 2026 and June 24, 2026, with respect to directors and executive officers of Patrick and (3) other filings made from time to time with the SEC. Information about the directors and executive officers of LCI and Patrick, including a description of their direct or indirect interests, by security holdings or otherwise, and other information regarding the potential participants in the proxy solicitations, which may be different than those of LCI’s stockholders and Patrick’s stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from LCI’s or Patrick’s website as described above.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Special Note Regarding Forward-Looking Statements

Information in this press release, other than statements of historical facts, may constitute forward-looking statements, for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties. These statements include, but are not limited to, statements about the benefits of the proposed transaction between LCI and Patrick, including future financial and operating results (including the anticipated impact of the transaction on LCI’s and Patrick’s respective earnings), statements related to the expected timing of the completion of the transaction, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “targets,” “scheduled,” “plans,” “intends,” “goal,” “anticipates,” “expects,” “believes,” “forecasts,” “outlook,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology, but not all forward-looking statements include such identifying terminology.

All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of LCI or Patrick to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk that the cost savings and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to each party’s business as a result of the announcement and pendency of the transaction, (3) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate as a result of unexpected factors or events, (4) the failure to obtain the necessary approvals by the stockholders of LCI or Patrick, (5) the ability by each of LCI and Patrick to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (6) reputational risk and the reaction of each party’s customers, suppliers, employees or other business partners to the transaction, (7) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (8) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (9) risks related to management and oversight of the expanded business and operations of the combined company due to the increased size and complexity, (10) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the transaction or the size, scope and complexity of the combined company’s business operations, (11) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against LCI, Patrick or the combined company before or after the transaction, and (12) general competitive, economic, political and market conditions and other factors that may affect future results of LCI and Patrick. Additional factors which could affect future results of LCI and Patrick can be found in the LCI 2025 10-K, under the captions “Special Note Regarding Forward-Looking Statements” and “Risk Factors” and LCI’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and the Patrick 2025 10-K, under the captions “Information Concerning Forward-Looking Statements” and “Risk Factors” and Patrick’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. LCI and Patrick disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

BFA Law has filed a securities fraud class action lawsuit on behalf of Hub Group investors after its stock plummeted 18% after it announced its financial statements were materially misstated and should no longer be relied upon.

NEW YORK--(BUSINESS WIRE)--Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Hub Group Inc. (NASDAQ:HUBG) and certain of the Company’s senior executives for securities fraud after its significant stock drop resulting from potential violations of the federal securities laws.

BFA Law has filed a securities fraud class action lawsuit on behalf of Hub Group investors after its stock plummeted 18% after it announced its financial statements were materially misstated and should no longer be relied upon.

ShareIf you invested in Hub Group, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/hub-group-class-action-lawsuit.

Key Details of the HUBG ($HUBG) Class Action:

Lead Plaintiff Deadline: August 28, 2026Alleged Misconduct: Securities fraud relating to Hub Group’s financial results, revenue recognition, accounting of costs, internal controls, and prospects for/drivers of growthLargest Stock Drop: February 6, 2026 – 18% Stock DropCourt: U.S. District Court for the Northern District of IllinoisFiling Law Firm: Bleichmar Fonti & Auld (“BFA Law”)Action: Contact BFA Law to discuss your rightsInvestors have until August 28, 2026, to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Hub Group securities. The class action is pending in the U.S. District Court for the Northern District of Illinois. It is captioned Lawler v. Hub Group, Inc., No. 1:26-cv-07596.

Why is Hub Group Being Sued for Securities Fraud?

Hub Group is a transportation and logistics freight carrier that provides trucking and related services to operators across the supply chain. Hub Group services a customer base extending across various industries, including retail, consumer products, automotive, and durable goods, and reports to be one of the largest freight transportation providers in North America.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements concerning the premature and incorrect revenue recognition of certain transactions, the understatement of purchased transportation costs and accounts payable, the effectiveness of internal controls, and the Hub Group’s drivers of financial results and growth.

Why did Hub Group’s Stock Drop?

On February 5, 2026, Hub Group announced that the Company’s financial statements for the first three quarters of 2025 should not be relied upon and would be restated due to “an error that resulted in the understatement of purchased transportation costs and accounts payable in the first nine months of 2025.” Hub Group revealed that its reports for those quarters “were in each case materially misstated due to the aforementioned error and should no longer be relied upon” and that “the Company [wa]s also continuing to assess the effectiveness of its disclosure controls and procedures and internal control over financial reporting and appropriate remediation steps.” Hub Group also estimated that “[t]he total amount of the reduction to accounts payable and purchased transportation costs related to this issue that was recorded during these periods is $77 million.”

This news caused the price of Hub Group stock to decline roughly 18%, from $51.33 per share at close on February 5, 2026, to $41.96 per share at close on February 6, 2026.

On May 12, 2026, Hub Group announced that it had “identified certain transactions that were prematurely or incorrectly recognized or not adequately supported,” causing its 2023 and 2024 annual reports filed with the SEC to be “materially misstated,” such that they “should no longer be relied upon.” Hub Group did not quantify the expected misstatement, although it “expect[ed] to conclude that it did not maintain effective disclosure controls and procedures and internal control over financial reporting for each of the years ended December 31, 2024 and 2023.”

This news caused the price of Hub Group stock to decline a further 13%, from $41.86 per share at close on May 11, 2026, to $36.62 per share at close on May 12, 2026.

Click here for more information: https://www.bfalaw.com/cases/hub-group-class-action-lawsuit.

What Can You Do?

If you invested in Hub Group, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/hub-group-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”

Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/hub-group-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

Axcelis Technologies (ACLS +1.67%) specializes in ion-implantation equipment used to fabricate semiconductors, including AI chips. Wafer fabrication is a mandatory step in creating AI chips, and ion implantation is a critical part of it.

This role has made Axcelis Technologies an important part of the AI boom, and the stock's price has more than doubled year to date. While recent financial results suggest caution on the surface, a closer look reveals the opportunity.

Image source: Getty Images.

Axcelis Technologies is cycling out of low growth while tapping into memory Axcelis Technologies only delivered 3% year-over-year revenue growth in Q1, which isn't really fitting for a growth stock. However, the low growth rate is due to declining sales in what it calls the "Power and General Mature" markets.

Substantial sequential growth in the memory industry helped Axcelis Technologies deliver positive year-over-year revenue growth. Memory demand has propelled Axcelis Technologies' customer support and innovation (CS&I) segment, with CEO Russell Low citing "strong sequential growth" continuing from 2025.

Axcelis Technologies' ion implantation equipment is important for AI data centers. It has competitors like Applied Materials and Lam Research, but those companies' business models are more diversified. Axcelis Technologies is practically the only pure-play ion implantation stock.

Micron Technologies' recent earnings results demonstrated that the memory industry is still hot, and that tailwind should carry over into Axcelis Technologies' Q2 results. While revenue growth is expected to be flat throughout 2026, it can change quickly in 2027 as memory demand becomes a larger share of Axcelis Technologies' total revenue. Many investors are banking on that scenario based on the stock's recent price movements.

Today's Change

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1.67

%) $

2.90

Current Price

$

176.13

Axcelis Technologies and Veeco merging could lead to market share expansion Axcelis Technologies is a pure-play ion implantation stock, but it will expand its services portfolio through the upcoming merger with Veeco Instruments (VECO 2.09%). Veeco is also on an incredible run, with its stock more than doubling year to date amid rising demand for AI infrastructure.

Veeco provides equipment for AI infrastructure that complements ion implantation, including laser annealing, which is Veeco's fastest-growing business. The company has seen an increase in orders, including $250 million in equipment orders announced in May.

Both companies are doing well with different AI-related equipment, and combining them creates significant synergies. It's a good setup for gaining more market share and commanding higher order values.

Axcelis Technologies' financial results are about to get more exciting between the AI build-out and the upcoming merger, which is expected to close in the second half of the year. If sequential growth continues to surge and slower-growing parts of the business fall deeper into the background, this current rally has room to extend.

Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Applied Materials, Lam Research, and Micron Technology. The Motley Fool has a disclosure policy.

The tech resurgence was running out of steam ahead of the open Tuesday but there were still plenty of AI and chip stocks on the move.

A new Realtor.com® report traces how Congress has intervened — again and again — to make the American dream financially possible, and what it would take to do it once more

, /PRNewswire/ -- As the United States marks 250 years of independence, just over 65% of American households own their homes, a rate that did not arrive by accident. A new Realtor.com® analysis of federal housing legislation finds that significant surges in U.S. homeownership have each been preceded by an act of Congress, from the Homestead Act of 1862 to the Housing and Economic Recovery Act of 2008, and that the tools to move the needle again exist today.

"Homeownership has never been purely a product of markets, from 44% in 1940 to 62% by 1960, federal legislation has been a driving force in American homeownership history and a 4-million-home supply gap is waiting for its moment," said Joel Berner, senior economist at Realtor.com®. "At several major inflection points in this country's history, from the Great Depression, World War II, the Civil Rights era to the financial crisis, Congress stepped in and changed who could own a home and how they could afford one. The history is remarkably consistent: legislation works."

The report, released in conjunction with the nation's 250th anniversary, traces five landmark bills and their measurable effects on the homeownership rate, which the Census Bureau has tracked since 1890.

From Free Land to FHA: A Legislative History of Homeownership

The Homestead Act of 1862, passed while the Civil War raged, granted 160-acre plots to any adult who could pay a small filing fee and commit five years of labor to the land. More than 270 million acres across 30 states were claimed between 1862 and 1976. The act functioned as the country's first homeownership subsidy, access through effort rather than existing wealth, and set a baseline for American property ownership that every subsequent Congress would build on.

The Great Depression all but collapsed that foundation. Mortgage defaults swept the country in the early 1930s, lenders stopped issuing new loans and the housing market ground to a halt. Congress responded with the National Housing Act of 1934, which created the Federal Housing Administration and restructured the conventional mortgage, shrinking required down payments, extending repayment periods and insuring loans to give lenders confidence. The mortgage market as Americans know it today was born in that legislation, though the FHA's underwriting policies also institutionalized redlining, a legacy of discrimination that would take another generation of legislation to begin to undo.

That correction came in part from the GI Bill. The Servicemen's Readjustment Act of 1944 guaranteed veterans low-interest, no-money-down home loans backed by the federal government. The Veterans Administration guaranteed more than 2 million home loans by 1950. The numbers tell the story directly: in 1940, 43.6% of U.S. households owned their homes. By 1960, that figure was 61.9%.

"The postwar homeownership surge is the most dramatic in American history, and it was not organic," Berner said. "It was the direct result of Congress making homeownership financially accessible to a generation of Americans who would not otherwise have been able to achieve it. That's the playbook."

The Civil Rights Act of 1968, better known as the Fair Housing Act, took aim at the redlining that the FHA had helped entrench. By prohibiting discrimination in the sale, rental and financing of housing based on race, color, national origin, religion, sex, familial status and disability, it expanded access to credit for home purchases across minority communities. Homeownership continued to climb from the bill's passage through approximately 1980, now with broader inclusion.

The most recent legislation examined, the Housing and Economic Recovery Act of 2008, was not designed to grow homeownership but to prevent its collapse. With Fannie Mae and Freddie Mac on the brink, HERA placed both institutions under federal conservatorship, expanded FHA loan limits, established a 3.5% minimum down payment and created a tax credit for first-time buyers. The homeownership rate had peaked at 69.0% in 2004 and bottomed at 63.4% in 2016 a decline that, without HERA's stabilizing interventions, could have been more severe.

The Challenge Today — and What Can Be Done

The housing market is not facing a financial system in freefall or the aftermath of a world war. Instead, it is straining against an inadequate supply of homes. According to our analysis, the U.S. housing supply gap widened to an estimated 4.03 million homes in 2025, up from 3.8 million in 2024. New construction once again fell short of household formation and pent-up demand from younger households persists.

The stakes are substantial. Households that purchase their first home by age 30 accumulate an average of $119,000 more in net worth — 22.5% higher — by age 50 compared to those who wait until their 40s. The median age of a first-time homebuyer was 30 in 1990; by 2025, it had climbed to 40. Home prices have risen nearly twice as fast as incomes over that span, and the typical time needed to save for a down payment has grown from approximately three years to nearly 10.

Children raised in homeowner households are 18.4 percentage points more likely to become homeowners themselves by age 35. Homeowners are 1.3 times more likely than renters to expect to leave assets to the next generation.

The biggest obstacle to closing the supply gap is regulation. Local zoning and permitting rules have made homebuilding slow and expensive — the National Association of Home Builders estimates that regulation adds more than $130,000 to the cost of a newly built home. The U.S. Conference of Mayors has passed a bipartisan policy statement affirming the urgent need for national action on housing supply.

The federal government does not control local zoning. But it can influence it — conditioning federal grant funding on the adoption of standardized, permissive zoning laws and streamlined permitting processes is a mechanism that mirrors the indirect policy levers that have worked before in American cities. The 21st Century ROAD to Housing Act has a provision to do this along with many other policies aimed at boosting housing supply in the U.S. With broad support in both houses of Congress, this bill could become the next example of legislation that enables Americans to achieve their dreams of owning a home.

The pattern established across 250 years of American history is clear: when access to homeownership narrows, federal legislation has the capacity to reopen it.

About Realtor.com®
For over 30 years, Realtor.com® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, [email protected]

SOURCE Realtor.com

Listed company Solana Company will support the construction of Kazakhstan’s $6 billion crypto supercity.

Nasdaq-listed crypto asset management firm Solana Company has signed a memorandum of understanding (MOU) with Kazakhstan’s Alatau City to assist in developing the city’s blockchain and cryptocurrency infrastructure. The partnership stems from a June roadshow held in Shenzhen and Hong Kong, during which 30 cooperation agreements were already secured, with total potential investment exceeding $6 billion. The collaboration will span four key areas: digital asset custody, blockchain infrastructure, acceleration of institutional adoption, and platform development. Solana Company will also participate in constructing the Alatau Crypto Industrial Cluster, a special economic zone pilot that allows daily cryptocurrency transactions. Notably, Kazakhstan previously partnered with the Solana Foundation to establish Central Asia’s first Solana Economic Zone in the capital, Astana. Last week, a Kazakh exchange launched the country’s first Solana ETF. Alatau City is part of Kazakh President Kassym-Jomart Tokayev’s smart city vision, proposed in May 2024, which encompasses low-altitude aircraft, robot taxis, and a hydrogen-driven economy. However, the project faces real challenges: Kazakhstan’s central bank and financial regulators have raised concerns over the constitutional amendments required to underpin the crypto economy, while independent media reports indicate local residents still grapple with shortages of gas, water, electricity, and internet access.

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According to Hyperinsight’s monitoring, as SpaceX is added to the Russell 1000 Index today, it is just 7 days away from its official inclusion in the Nasdaq 100 Index on July 7. The market expects this index adjustment to bring around $4.3 billion in passive allocation funds. On Hyperliquid, SPCX (SpaceX) has risen 3.6% over the past 24 hours, currently trading at $163, with a 24-hour trading volume of approximately $230 million and open interest of $199 million. Overall, million-dollar-level large positions in SPCX on Hyperliquid are net bearish: nominal short positions stand at roughly $70.9 million, while long positions total $49.15 million, making short positions 1.44 times larger than longs. The average entry price for these large short positions is around $167.7, with the latest liquidation price at approximately $193.1. Notably, the current largest short whale opened a short position with 2x leverage about 5 days ago, holding positions worth roughly $11 million at an average entry price of $155.5. As SPCX continues to rebound, its unrealized loss has expanded to around $452,000. Meanwhile, funds have begun positioning in advance for the index inclusion rally. Today, an address starting with 0xe4c opened a new $3.26 million long position in SPCX with 8x isolated leverage, at an average entry price of $160.5 and liquidation price of $144. As of press time, this position has gained about 13% in unrealized profit, representing the largest new long position added recently.

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Samsung Electronics submits latest HBM patent to solve reliability challenges of high-stacked memory.

Citrini researcher Jukan has revealed that Samsung Electronics has filed a new HBM patent, which addresses reliability challenges of high-stacked (12+ layers) memory by improving the structure of the topmost dummy die. The patent’s core design features a three-step stepped plus convex curved surface on the dummy die’s side, adopting a deep trench sawing process to reduce warpage, cracks and delamination, while optimizing thermal management and bonding interface cleanliness. Targeting 16+ layer products like HBM5, this innovation can notably boost yield and long-term stability, helping Samsung strengthen its competitiveness in the AI high-bandwidth memory market.

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The case for bundling media with distribution has weakened in the streaming era, but further M&A makes less sense.