Market Signal Briefing

Maple and Aave have entered a strategic partnership aimed at connecting institutional capital with decentralized finance (DeFi), marking a major step toward integrating traditional finance with onchain liquidity.

The cap on individual transactions aims to improve block efficiency, reduce DoS risks and lay the groundwork for parallel execution in future upgrades like Glamsterdam.

Bitcoin is now more than just something people trade or hold as a store of value; it’s starting to pay interest.

But there’s a catch: the coins earning those rewards can’t move for months or years. A growing number of holders are locking their BTC into time-based contracts that promise yield but also freeze supply.

However, on the plus side, this tightens the market’s breathing room and opens a pathway to future supply squeeze-enabled price pumps.

Timelocked and staked Bitcoin are creating a duration structure in the UTXO set that affects free float, execution costs, and fee reflexes.

The change is most visible in Babylon’s self-custodial model, which uses Bitcoin script timelocks to let holders stake without wrapping coins, and in the broader rise of locktime use on L1.

Per Babylon, about 56,900 BTC are currently staked. According to Babylon’s staking script documentation, the design relies on CLTV and CSV primitives to enforce time, so the duration sits natively at the UTXO level rather than in a bridge or synthetic claim.

The macro backdrop for supply tightness is already in place.The long-term holder supply is near 14.4 million BTC, and the illiquid supply is near 14.3 million BTC. Those are behavioral cohorts, not hard locks. Yet, they frame how much additional duration from timelocks can influence the marginal coin available to meet new demand or to sell into drawdowns.

An effective free-float proxy subtracts Babylon-staked coins and a discounted slice of other time-encumbered outputs from circulating supply to make that link concrete. The discount recognizes that some timelocks expire soon and some scripts permit partial spend paths.

The result is a free-float that changes with live staking and locktime usage rather than with price alone.

Governance and policy choices are shortening the operational window for stakers while raising the cost of protection. The unbonding delay for new stakes was cut from 1,008 to about 301 blocks, roughly 50 hours at target block time.

The same change raised the preset fee on pre-signed slashing transactions to 150,000 sats, which, at a typical 355-vB transaction size, equates to about 422 sat per vB.

That parameter aims to guarantee inclusion against censorship over a run of blocks and becomes a live stress dial when the fee tape heats up. In quiet conditions, preset slashing fees clear without delay, and staking UX is stable.

When median fee levels sit in the 50 to 200 sat per vB range, the preset still clears, but child-pays-for-parent packages for non-slashing operations become more expensive.

If median levels approach the slashing preset, slashing latency risk rises unless the governance minimum moves or policy changes improve the ability to relay and mine packages.

According to Bitcoin Optech, version-3 transaction relay, also called TRUC, and package relay are advancing in the policy track and are designed to make ancestor and child packages safer and more predictable, which matters when many users need to free encumbered coins at once.

Fee observations today do not fully reveal that structural pressure.The market has printed median fees near 1 sat per vB, which points to slack blockspace. At the same time, mainnet.observer now breaks out height-based and time-based timelocks and displays fee-rate distributions, giving a way to track whether the share of encumbered UTXOs rises while typical fee buckets stay low.

If the timelocked share grows, the marginal user who needs to move fast relies more on ancestor packages and CPFP mechanics, so peaks in fee pressure can become sharper even if baseline demand looks unchanged.

This is a mechanical channel rather than a sentiment call, and it ties duration directly to the shape of fee spikes.

The size of the duration effect can be sketched with simple ranges. Using a circulating supply near the 19.7 to 19.8 million BTC band, subtracting Babylon’s live staked count and a conservative slice of other time-encumbered outputs yields the following directional cases:

CaseBabylon staked BTCλ-adjusted time-locked BTCEstimated free-float reduction (BTC)Share of supply (approx.)Base57,00010,00067,000~0.34%Growth100,00010,000110,000~0.56%Stretch200,00020,000220,000~1.11%For each additional 50,000 BTC that moves into hard timelocks or into Babylon staking, free float falls by about 0.25 percent of supply.

That is the part of the book that can be hit in a single session, so even modest changes in durational share can alter depth near the top of book.

Illiquid and long-term holder cohorts are still useful for color, yet the free-float arithmetic above purposely counts only explicit script constraints and Babylon staking to avoid double-counting behavioral wallets that also happen to be locked by time.

The settlement stack is adding new consumers of duration.Citrea positions a zk-rollup that settles on Bitcoin and sets its own finality window to favor predictable time horizons for collateral and settlement. Per the project’s blog, it is moving toward the mainnet.

Stacks’ sBTC deposits are live, establishing a path for BTC-anchored collateral that interacts with L1 over time windows rather than instant redemptions. These designs lean on timelocks to manage peg safety and settlement guarantees, which means L1 duration demand can grow even if spot trading activity is flat.

A steady risk-free rate near 4 percent on the U.S. 10-year, visible on standard rate dashboards and referenced in Citrea’s update, gives a financial context for why a native yield narrative can keep a bid under duration even when price volatility is low.

Policy timing matters. Bitcoin Core v30 just launched with active debate on mempool defaults and relay rules.

Bitcoin Core v30 shipped with package relay improvements and policy defaults, especially for OP_RETURN, which are now notably permissive unless an operator chooses to revert to stricter settings. This improves the system’s ability to move safety-critical packages during congestion, reducing the tail risk that slashing transactions face when the fee tape prints near the preset.

If defaults had come in tighter, more of the load would have shifted to fee levels and governance parameters such as Babylon’s minimum slashing fee. Either way, the fee and staking policies are now coupled through the mempool.

Two practical notes should anchor near-term monitoring.First, Babylon’s unbonding change applies to new stakes, while older guides may still reference the prior 1,008-block delay, so data slices should be clear about cohort timing.

Second, fee distribution snapshots from mainnet.observer, including the share of sub-1 sat per vB transactions, can be paired with Babylon’s live staked count to watch whether duration grows during quiet blocks.

A sustained push in the staked total toward 100,000 BTC would warrant a refresh of the free-float scenarios, and a shift in fee buckets toward higher medians would put Babylon’s preset slashing fee back in view.

The picture that emerges is a market where a measurable slice of coins now carries a maturity date set by script or by staking terms, and where peak fee behavior is shaped by how many of those coins need to move at once.

The shape of that curve now rests on Babylon’s stake count, live fee regimes, and Bitcoin Core’s final policy decisions.

Mentioned in this article

Evernorth launches publicly via SPAC deal, raising over $1 billion to build the "world's largest institutional XRP treasury."

Evernorth Holdings Inc., a newly formed Nevada corporation that aims to enable institutional adoption of Ripple (XRP), has officially launched and entered a business combination agreement with Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC).

The company said it will combine public market access with an active treasury model to offer a unique bridge for institutional investors seeking regulated, scalable exposure to the crypto asset.

Once the transaction closes, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol “XRPN,” pending standard listing requirements.

Evernorth’s XRP Treasury Vehicle
According to the press release shared with CryptoPotato, the deal is projected to raise over $1 billion in gross proceeds. This includes $200 million from SBI and additional investments from Ripple Labs and Rippleworks, which is a charitable foundation supporting social impact ventures. Other prominent digital asset and fintech investors include Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen will also be participating.

Net proceeds will mainly be used to purchase XRP in the open market to establish a large institutional treasury for the crypto asset. A portion of the funds will be allocated to working capital, corporate operations, and transaction-related expenses.

Unlike a traditional passive ETF, Evernorth plans to increase XRP holdings per share over time by engaging in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities.

In a statement, Evernorth CEO Asheesh Birla said.

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“Evernorth is built to provide investors more than just exposure to XRP’s price. As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”

Bets on XRP
Last week, London-based VivoPower International raised $19 million in fresh equity at $6.05 per share in a bid to expand its XRP treasury strategy. The funds will support debt reduction and boost the company’s long-term XRP holdings.

Earlier, VivoPower partnered with Doppler Finance on a $30 million XRP deployment, which is part of a planned $200 million allocation. Additionally, the firm has been testing Ripple’s RLUSD stablecoin for cross-border payments within its Tembo EV unit for faster settlement and lower costs.

VANCOUVER, BC – TheNewswire – October 21, 2025 - GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the “Company” or “Gold’n Futures”) announces that it will hold its annual general and special meeting of shareholders (the “AGSM”) on Tuesday, November 18, 2025 at 11:00 a.m. (Pacific Standard Time) at the offices of De Novo Group, located at 1890 – 1075 West Georgia Street, Vancouver, British Columbia.

At the AGSM, the Company intends to seek shareholder approval for a proposed share consolidation of its

issued and outstanding common shares (the “Common Shares”) on the basis of one hundred (100) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the “Consolidation”). No fractional shares will be issued, and any resulting fraction will be rounded to the nearest whole number.

The Company's CUSIP and ISIN numbers will change upon completion of the Consolidation.

If the Consolidation is approved by shareholders, the effective date of the Consolidation will be announced

by news release if and when the board of directors considers it to be in the best interests of the Company to proceed with the Consolidation.

The Consolidation will also be subject to acceptance by the Canadian Securities Exchange. Notwithstanding shareholder approval, the Board of Directors reserves the right to revoke the resolutions approving the Consolidation at any time prior to implementation if deemed in the best interest of the Company.

Shareholders of record on September 19, 2025 will be entitled to vote at the AGSM.  Shareholders may access the Company’s information circular and form of proxy on SEDAR+ at www.sedarplus.ca.

.

About Gold’n Futures Mineral Corp.

Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a mineral exploration company conducting programs to expand its gold resources and to develop viable gold mining operations through the application of extensive geological experience and knowledge combined with advanced technologies and computer modeling.

On behalf of the Board of Directors

For further information

Matthew Fish

Director

Email: [email protected]  

Ph: 905-781-8786  

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information is often identified by words such as “plans,” “expects,” “intends,” “anticipates,” “believes,” “estimates,” “forecasts,” “may,” “could,” “should,” “would,” “will,” or similar expressions suggesting future outcomes or events. Such statements are subject to various risks, uncertainties, and assumptions that could cause actual results or events to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking information.

The forward-looking information contained in this release is provided as of the date hereof and represents the Company’s current expectations. The Company does not undertake any obligation to update or revise such information, except as required by applicable securities laws.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--GE Vernova Inc. (NYSE: GEV) today announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, its unconsolidated joint venture with Xignux, further positioning GE Vernova as a global leader serving growing grid markets. The deal will accelerate GE Vernova's Electrification segment’s growth trajectory, the company's fastest-growing segment, by expanding its presence in and support for North America, where demand for grid technologies is rising rapidly. This acquisition expands GE Vernova’s capability to serve both North American and global customers, at a time in which these markets are experiencing rapid electricity demand growth, driven in part by the growth of data centers and new policies implemented to expand the deployment of critical grid and electrification equipment.

“We're excited to execute this highly attractive and strategic move to acquire full ownership of our Prolec GE joint venture from Xignux, which accelerates GE Vernova's global strength in grid technologies,” said GE Vernova CEO Scott Strazik.

Share
Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. The joint venture was originally established between Xignux and General Electric (GE) in 1995, and this acquisition consolidates Prolec GE after 30 years of partnership.

“We're excited to execute this highly attractive and strategic move to acquire full ownership of our Prolec GE joint venture from Xignux, which accelerates GE Vernova's global strength in grid technologies,” said GE Vernova CEO Scott Strazik. “This acquisition aligns with our strategic and financial objectives and is also good for our customers by strengthening our presence in North America where demand for grid equipment is growing rapidly. The deal is immediately accretive before synergies, with a partner we know well, and will drive additional profitable growth for GE Vernova. I want to thank the teams at both companies and look forward to welcoming the Prolec GE team to GE Vernova."

"We have taken this decision with full conviction after years of valued partnership with GE and GE Vernova. This transaction provides the opportunity for this business and team to continue their growth under the capabilities of a global leader," said Xignux CEO Juan Ignacio Garza Herrera. "We reaffirm our commitment to México and will continue driving our other businesses in North America by investing in innovation, technology and expansion, while contributing to the development and integration of the region. I want to express my deep gratitude to all Prolec GE employees, whose talent, commitment, and dedication have been essential.”

Recent Prolec GE capacity expansion and innovation investments exceed $300 million in the U.S. and Mexico, including a recently announced $140 million investment and the creation of 330 new jobs over the next three years in Goldsboro, NC.

Under the purchase agreement, GE Vernova will pay $5.275 billion at closing, expected to be funded equally between cash and debt. The acquisition is expected to close by mid-2026, subject to the completion of customary regulatory approvals.

GE Vernova will discuss the transaction during an extended third quarter earnings conference call tomorrow at 7:30 AM Eastern Time. Materials related to the transaction have been posted on GE Vernova’s Investor Relations website at www.gevernova.com/investors/events.

Stand-alone Prolec GE Financials-a)

$B, unless otherwise stated

2025E

2026E

2028E

Revenue

3.0

3.4

4.2

Adjusted EBITDA*

0.8

0.9

1.1

Incremental impact to GE Vernova-b)

0.5

0.6

0.8

Adjusted EBITDA Margin*

~25%

~26%

~27%

Free cash flow*

0.3

0.3

0.6

Anticipated Deal Funding Structure

$B

Cash

~2.64

Debt

~2.64

Total

5.275

Morgan Stanley & Co. LLC acted as financial advisor to GE Vernova on the transaction and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to GE Vernova. J.P. Morgan Securities LLC advised Xignux and Sidley Austin LLP served as legal counsel to Xignux.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across approximately 100 countries around the world.

Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future.

GE Vernova currently employs approximately 18,000 people in the United States of America across all 50 states. With more than 129 years of experience in Mexico, GE Vernova today employs over 1,700 people across five sites, and its equipment provides 38 GW of electricity generating capacity—nearly 42% of the country’s total—through advanced technologies including eight HA gas turbines, the Laguna Verde nuclear plant, and one of the world’s largest fleets of F-class gas turbines.

About Xignux

Xignux is a leader in the energy and food industries. Based in Monterrey, México, we manage a variety of companies that energize life and society to contribute to a better world, thanks to the hard work and talent of more than 33,000 employees in México, the United States, and Brazil. In the energy industry, Viakable offers electrical conductors, and Prolec GE specializes in energy transformation and delivery. In the food sector, Qualtia provides a wide portfolio of cheeses, cold cuts, meats, and food service, while BYDSA produces savory snacks. Through its Social Responsibility model and the Xignux Foundation, the company also contributes to society’s sustainable development with active participation in four priority areas: energy, nutrition, education, and community development. Xignux was founded 69 years ago and the solutions from its companies reach over 35 countries. Learn more about Xignux at www.xignux.com or follow us on LinkedIn Xignux.

Non-GAAP Financial Measures

Prolec GE Adjusted EBITDA* and Adjusted EBITDA margin*

Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We believe that Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, provide management and investors with meaningful measures of performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* provide additional insight into how the business is expected to perform, on a normalized basis. However, Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* should not be construed as inferring that Prolec GE’s future results will be unaffected by the items for which the measures adjust. We cannot provide a reconciliation of the differences between Prolec GE’s expected Adjusted EBITDA* and Adjusted EBITDA margin* and the corresponding GAAP financial measures without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including the applicable tax rate, foreign exchange rates, the impacts of depreciation and amortization, and changes to conform accounting to U.S. GAAP.

Prolec GE free cash flow*

Prolec GE’s free cash flow* is a non-GAAP financial measure and is a forecast of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We cannot provide a reconciliation of the differences between Prolec GE’s free cash flow* and the corresponding GAAP financial measure without unreasonable effort, including due to the uncertainty of timing for capital expenditures and changes to conform accounting to U.S. GAAP.

GE Vernova Forward-Looking Disclaimer

This press release contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, our agreement to acquire Xignux's 50% GE Prolec JV interest, the expected financing for that acquisition, expected synergies, our capital allocation strategy, the expected performance of GE Vernova’s products and those it expects to acquire, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

© 2025 GE Vernova and/or its affiliates. All rights reserved.

GE and the GE Monogram are trademarks of General Electric Company used under trademark license.

More News From GE Vernova Inc.

October 21, 2025 4:31 PM EDT | Source: Honey Badger Silver Inc.
Toronto, Ontario--(Newsfile Corp. - October 21, 2025) - Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") announces that Mr. Dorian L. (Dusty) Nicol has decided to pursue an alternative employment position that precludes him from serving on any other boards. He has thus resigned from the Company's Board of Directors effective immediately. Mr. Nicol will continue to support the Company in a consulting capacity.

Mr. Nicol has been a valuable member of the Honey Badger team, contributing his extensive geological expertise and decades of industry experience to advance the Company's technical programs.

The Company is pleased to announce the following appointments:

Mr. Andrew Jedemann will assume the role of Vice President, Exploration.
Andrew Jedemann is an accomplished geologist with over eight years of exploration experience in northwestern Ontario, specializing in gold, nickel-copper, and PGE deposits. He has led and implemented over 20,000 meters of drilling at Barrick's Hemlo mine and contributed to new target generation in the Ring of Fire. Andrew holds an MSc from Lakehead University in partnership with the University of Tasmania (CODES), focused on early-stage porphyry and epithermal systems.Mr. Ben Kuzmich will serve as Qualified Person (QP) for Honey Badger Silver.
Ben Kuzmich is a professional geologist with extensive exploration experience across Ontario, Manitoba, and the Yukon. He has led major drill programs, including a $20M campaign at Barrick's Hemlo mine that improved underground head grade by 23%, and contributed to key discoveries such as the Little Wing occurrence at Lynn Lake. With advanced expertise in critical mineral and pegmatite systems, Ben holds an MSc from Lakehead University focused on Ontario's Ring of Fire region.The Company's Executive Chairman, Chad Williams, commented, "We wish every possible success to Dusty in his future endeavours. I am very happy to promote Andrew and Ben to these positions. They have already been important drivers for many of our activities on our 7 silver projects. The claim expansion at Plata is a good example of the value they have added to Honey Badger. I have no doubt that they will continue to contribute greatly to our Company."

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(1) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(2). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(3). A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

(1) Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.
(2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.
(3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

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

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271346

Texas Instruments Inc (NYSE:TXN) reported financial results for the third quarter after the market close on Tuesday. Here’s a look at the key metrics from the print.

TXN shares are sliding on disappointing news. Watch the momentum here
Q3 Highlights: Texas Instruments reported third-quarter revenue of $4.74 billion, beating analyst estimates of $4.65 billion. The company reported third-quarter earnings of $1.48 per share, narrowly missing analyst estimates of $1.49 per share, according to Benzinga Pro.

Total revenue climbed 14% year-over-year and 7% sequentially with growth across all end markets. Texas Instruments reported $6.9 billion in cash flow from operations over the trailing 12 months, and $2.4 billion of free cash flow over the same period.

“Over the past 12 months we invested $3.9 billion in R&D and SG&A, invested $4.8 billion in capital expenditures and returned $6.6 billion to owners,” the company said.

Texas Instruments ended the quarter with $3.31 billion in total cash and cash equivalents.

Looking Ahead: Texas Instruments expects fourth-quarter revenue of $4.22 billion to $4.58 billion versus estimates of $4.52 billion. The company anticipates third-quarter earnings in the range of $1.13 to $1.39 per share versus estimates of $1.41 per share.

Texas Instruments executives will further discuss the quarter on an earnings call with investors and analysts at 4:30 p.m. ET.

TXN Price Action: Texas Instruments shares were down 6.82% in after-hours, trading at $168.51 at the time of publication on Tuesday, according to Benzinga Pro.

Read Next:

Halliburton Delivers Big Earnings Surprise As CEO Highlights Cost Cuts, Capital Reset And Cash Discipline
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, /PRNewswire/ -- XPLR Infrastructure, LP (NYSE: XIFR) today announced that it plans to report third-quarter 2025 financial results after the close of the New York Stock Exchange on Tuesday, Nov. 4, 2025, in a news release to be posted on the company's website at www.XPLRInfrastructure.com/FinancialResults. The company will issue an advisory news release over PR Newswire the afternoon of Nov. 4, with a link to the financial results news release and related presentation on the company's website. As previously communicated, the company will make available its financial results only on its website.

Following the release of its third-quarter financial results, the company plans to meet with investors throughout November and December. 

XPLR Infrastructure, LP
XPLR Infrastructure, LP (NYSE: XIFR) is a limited partnership that has an ownership interest in a clean energy infrastructure portfolio with long-term, stable cash flows. XPLR Infrastructure is focused on delivering long-term value to its common unitholders through disciplined capital allocation of the cash flows generated by its assets and is positioning itself to benefit from the expected growth in the U.S. power sector. Headquartered in Juno Beach, Florida, XPLR Infrastructure's portfolio of contracted clean energy assets is diversified across generation technologies, including wind, solar and battery storage projects in the U.S. For more information, please visit: www.XPLRInfrastructure.com.

SOURCE XPLR Infrastructure, LP

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CNBC's Kate Rogers reports on Mattel earnings.

October 21, 2025 16:40 ET

 | Source:

Century Aluminum Company

CHICAGO, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Norðurál Grundartangi ehf, a wholly-owned subsidiary of Century Aluminum Company (NASDAQ:CENX), announced today that it was forced to temporarily stop production on one of its two potlines due to an electrical equipment failure at the Grundartangi, Iceland aluminum smelter. No injuries have occurred.

As a result, production at the smelter has been temporarily reduced by approximately two-thirds. Grundartangi’s other potline remains unaffected and in full production. An impact assessment and a timeline for obtaining replacement equipment and restoring full production is underway. The company will provide an update on its quarterly earnings conference call on November 6.

Century expects that losses arising from these events will be covered under its property and business interruption insurance policies. Century is working with affected customers and suppliers to minimize the impact to their respective businesses.

About Century Aluminum

Century Aluminum is an integrated producer of bauxite, alumina, and primary aluminum products. Century is the largest producer of primary aluminum in the United States, and operates production facilities in Iceland, the Netherlands and Jamaica. Visit www.centuryaluminum.com for more information.

Cautionary Statement

This press release and statements made by Century Aluminum Company management on the quarterly conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the "safe harbor" created by section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may."

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Contact
Ryan Crawford, [email protected]
312-696-3132

Media Contact
Tawn Earnest, [email protected]
614-698-6351

Netflix posted a third-quarter earnings miss after the closing bell Tuesday. The streamer cited an ongoing dispute with Brazilian tax authorities for the weaker-than-estimated results.

CompaniesOct 21 (Reuters) - Intuitive Surgical

(ISRG.O), opens new tab on Tuesday reported better-than-expected third-quarter profit and revenue, driven by growing demand for its surgical robots used in minimally invasive procedures.

Shares of the Sunnyvale, California-based company surged 17% in extended trading.

Sign up here.

The company, known for its da Vinci robotic systems, has seen steady growth as hospitals work through a backlog of deferred procedures and expand access to minimally invasive care.

The medical device maker slightly raised its adjusted gross profit margin forecast for 2025 to between 67% and 67.5% from between 66% and 67%.

The updated range includes an estimated impact from tariffs of 0.7% of revenue, plus or minus 10 basis points, compared with the previously estimated impact of 1% of revenue.

More than 80% of the instruments and accessories for the company's da Vinci system are produced at Intuitive's facility in Mexico, while the company also operates in China and other international markets.

The company now expects worldwide da Vinci-assisted procedures to increase about 17% to 17.5% in 2025, compared with its previous range of 15.5% to 17%.

On an adjusted basis, the medical device maker earned $2.40 per share for the quarter ended September 30, beating analysts' estimates of $1.98 per share, according to LSEG data.

The company reported revenue of $2.51 billion for the third quarter, compared with analysts' estimates of $2.40 billion.

Reporting by Kamal Choudhury in Bengaluru; Editing by Anil D'Silva

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Q3: 2025-10-21 Earnings SummaryEPS of $6.95 beats by $0.60

 |

Revenue of

$18.61B

(8.80% Y/Y)

beats by $87.54M

Lockheed Martin Corporation (NYSE:LMT) Q3 2025 Earnings Call October 21, 2025 11:00 AM EDT

Company Participants

Maria Lee - VP, Treasurer & Investor Relations
James Taiclet - Chairman, President & CEO
Evan Scott - Senior VP & CFO

Conference Call Participants

Douglas Harned - Sanford C. Bernstein & Co., LLC., Research Division
Seth Seifman - JPMorgan Chase & Co, Research Division
Kenneth Herbert - RBC Capital Markets, Research Division
Gavin Parsons - UBS Investment Bank, Research Division
Scott Deuschle - Deutsche Bank AG, Research Division
Richard Safran - Seaport Research Partners
Peter Skibitski - Alembic Global Advisors
Myles Walton - Wolfe Research, LLC
Kristine Liwag - Morgan Stanley, Research Division
Gautam Khanna - TD Cowen, Research Division
Robert Stallard - Vertical Research Partners, LLC
Michael Ciarmoli - Truist Securities, Inc., Research Division
Scott Mikus - Melius Research LLC
Sheila Kahyaoglu - Jefferies LLC, Research Division
Peter Arment - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Good day, and welcome, everyone, to the Lockheed Martin Third Quarter 2025 Earnings Results Conference Call. Today's call is being recorded.

[Operator Instructions]

At this time, for opening remarks and introductions, I would like to turn the call over to Maria Ricciardone, Vice President, Treasurer and Investor Relations. Please go ahead.

Maria Lee
VP, Treasurer & Investor Relations

Thank you, Sarah, and good morning. I'd like to welcome everyone to our third quarter 2025 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Evan Scott, our Chief Financial Officer.

Statements made today that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see Lockheed Martin's SEC filings, including our 2024 annual report on Form 10-K and subsequent quarterly reports on Form 10-Q for

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, /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential breaches of fiduciary duties by the directors and officers of Danaher Corporation (NYSE: DHR).

If you currently own shares of Danaher stock, please visit the firm's website at https://rosenlegal.com/submit-form/?case_id=17717 for more information. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected].

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

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Contact Information:                                     

      Laurence Rosen, Esq.
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      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
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      Toll Free: (866) 767-3653
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SOURCE THE ROSEN LAW FIRM, P. A.

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Scott Ferguson, Managing Partner and Portfolio Manager for Sachem Head Capitol Management speaks during the SALT conference in Manhattan, New York City, U.S., September 13, 2022. REUTERS/David 'Dee' Delgado/File Photo Purchase Licensing Rights, opens new tab

CompaniesNEW YORK, Oct 21 (Reuters) - Sachem Head Capital Management expects sports betting and gambling company Entain's

(ENT.L), opens new tab shares could double in the coming years, fueled by increased demand and better returns from a joint venture with hospitality, sports and entertainment company MGM

(MGM.N), opens new tab.

"Time is on your side," Sachem Head founder Scott Ferguson said at the 13D Monitor Active Passive-Investment Summit in New York on Tuesday, adding "you are getting paid to wait for BetMGM to inflect."

Sign up here.

BetMGM is the joint venture between Entain and MGM that lets customers bet on football, baseball, soccer, basketball, hockey games and more.

Sachem Head is one of four activist investors that have placed bets on Entain. Between them, they could push Entain to explore strategic options that could include Entain buying all of BetMGM, merging with MGM or having MGM buy all of BetMGM.

The other investors include Keith Meister's Corvex Management, Ricky Sandler's Eminence Capital and Malcolm Levine's Dendur Capital, Ferguson said at the conference. Representatives for the hedge funds confirmed the investments.

At the same time, even if Entain were to do nothing, investors could benefit, Ferguson said. "Aligned investors will help the company explore all strategic options. But worst case, we are comfortable with the status quo."

The BetMGM joint venture was created in 2018 and while it lagged competitors Flutter and DraftKings for a time, the outlook is improving.

"Investors are getting BetMGM for free," Ferguson said, noting that increased legalization of sports betting would open up new markets and that BetMGM is now making better choices on its spending. While it overinvested in expensive sports marketing like costly Super Bowl ads in the past, it is now concentrating on higher returns on investment.

Entain, a UK company, is worth nearly $7 billion and its stock price, which closed at $10.88 on Monday, could zoom as high as $27 in 2028, Ferguson said, citing the "bull case scenario." In the last five years, the stock price has lost 21%.

Reporting by Svea Herbst-Bayliss; Editing by Nia Williams

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

Resistance Tests Loom
The falling 10-day moving average at $59.00 stands as the first dynamic resistance. Its recent history calls for confirmation from other indicators. Today’s high tested a prior support level as resistance, which held firm, alongside the lower boundary of a former falling bull wedge—both hinting buyers haven’t fully seized control. A retest of $56.41 remains possible absent a breakout above today’s high.

Falling Wedge Breakout Potential
Since the sharp October 10 decline, crude has traced a small falling wedge pattern, characteristic of declining consolidation. A confirmed bullish reversal could drive a rapid advance, targeting the wedge’s top at $60.28, followed by the prior $60.64 low (also a 78.6% Fibonacci retracement). The falling 20-day average at $61.03, nearing this level, adds significance; it rejected an early October swing high and may do so again.

Support Zone Context
The $56.41 low, anchoring the $55.23-$56.47 support zone, held steady, with the hammer suggesting the post-October 10 decline’s sharper angle may be easing. This zone’s historical weight strengthens its role as a potential floor, but upside follow-through is critical to confirm buyer conviction.

Outlook and Triggers
A close above $57.90 validates the hammer, targeting $60.28 and potentially $61.03. Without it, $56.41 faces retesting. A decisive move past $58.51 could aim for $65.65, but $59.00 will challenge bulls. Today’s close holds the key—strength signals a shift, while weakness keeps the wedge in play.

For a look at all of today’s economic events, check out our economic calendar.

A version of this article first appeared in CNBC's Healthy Returns newsletter, which brings the latest health-care news straight to your inbox. Subscribe here to receive future editions.

A closely watched pill from Novo Nordisk just scored an approval for another use: slashing cardiovascular risks.

The step further confirms that highly popular GLP-1s, both oral and injectable versions, have other health benefits beyond regulating blood sugar and promoting weight loss. 

The Food and Drug Administration on Friday cleared oral semaglutide for lowering the risk of major cardiovascular complications, such as heart attack, stroke or cardiovascular death in people with type 2 diabetes and who are at high risk of experiencing those events. In the late-stage SOUL trial, a 14-milligram dose of the pill reduced the risk of those complications by 14% at four years compared to a placebo. 

Oral semaglutide, sold under the name Rybelsus for diabetes, has been on the market since 2019 and remains the only approved GLP-1 pill. Semaglutide is also the active ingredient in Novo Nordisk's blockbuster obesity injection Ozempic and obesity treatment Wegovy, the latter of which is also approved for heart health in people with obesity and established cardiovascular disease. 

"Having an oral GLP-1 therapy to help improve glycemic control was an innovation in and of itself," said Dr. John Buse, director of the University of North Carolina School of Medicine Diabetes Care Center and steering committee co-chair of the SOUL trial, in a statement. "This new indication, based on the SOUL data, marks even further advancement and showcases the versatility of semaglutide while expanding options for millions of people."

But all eyes are on another FDA decision that is slated to come by year-end: whether to approve oral semaglutide for obesity. Patients using blockbuster weight loss drugs are eager for a more convenient option that could ease the supply shortfalls and access hurdles created by the pricey weekly injections currently dominating it.

Oral semaglutide is slated to be the first-ever GLP-1 pill approved for the treatment of obesity, but a competitor from Eli Lilly called orforglipron is not too far behind it. In August, Eli Lilly CEO Dave Ricks said the company hopes to launch its pill globally "this time next year."

Wall Street is watching to see which pill could win more market share, as they both have their own advantages. For example, in obesity trials, the efficacy of Eli Lilly's pill appeared to come in slightly below that of Novo Nordisk's oral semaglutide. 

But while Novo Nordisk's pill is a peptide medication, orforglipron is a small-molecule drug.

That means Eli Lilly's pill is absorbed more easily in the body and doesn't require dietary restrictions like Novo Nordisk's does. Some analysts have also said that orforglipron will be easier to manufacture at scale, which is crucial as demand for obesity and diabetes injections outpaces supply.

Both Novo Nordisk and Eli Lilly are studying their pills in other areas. Novo Nordisk is examining oral semaglutide in patients with Alzheimer's disease. Meanwhile, Eli Lilly is studying orforglipron in separate trials in patients with obstructive sleep apnea and hypertension. 

We'll be watching both pills closely, so stay tuned for our coverage.

Feel free to send any tips, suggestions, story ideas and data to Annika at a new email: [email protected].

Latest in health care: Mark Cuban gives Trump credit on drug prices, trashes PBMs and gets called out by oneMark Cuban says his startup Cost Plus Drugs will be one of the offerings on TrumpRx when the Trump administration's new drug platform launches next year. 

While the billionaire entrepreneur said he is still not a fan of the president, he gives him credit for trying to cut drug prices, and hopes the administration will go even further. Along with direct-to-consumer sales, Cuban hopes the government will require insurers to apply cash purchases for drugs toward patients' deductibles.

I got a chance to sit down with Cuban at the HLTH conference in Las Vegas on Sunday for a wide-ranging conversation on drug prices. He co-founded Cost Plus three years ago as a shot across the bow at pharmacy benefit managers, or PBMs, and he's still railing against the middlemen.  He contends they're "ripping you off" and driving drug costs higher.  

Well, on Monday one of the big PBMs called out Cuban on his claims. CVS sent me a fact sheet comparing its TrueCost rebate pass-through PBM model for employers with Cost Plus prices. Among the examples, the generic cholesterol drug Atorvastatin costs about $6 on the CVS plan, and $10 on Cost Plus.

During a session on stage, CVS Health Chief Technology Officer Tilak Mandadi told me that Cuban's claims about PBMs are "bulls--t," pointing to savings on generic drugs that the company offers employers through TrueCost.

He and Chief Medical Officer Dr. Amy Compton-Phillips argued that PBM rebates are not driving increased drug costs, but rather it's the drugmakers who set high prices on specialty and brand name drugs.  What's more, they told me, many of those same pharmaceutical companies use CVS' PBM rebate services to try to rein in costs for their own employees.

What were the odds that things would get spicy in Vegas? You can bet that debate will continue beyond Sin City. 

Here's an edited version of my conversation with Mark Cuban.

Speaking of drug prices, could Novo Nordisk strike the next drug pricing deal?Novo Nordisk U.S. President Dave Moore confirmed his company is "right now in active dialogue" with the Trump administration over so-called most favored nation pricing for its popular GLP-1 drugs Ozempic and Wegovy.

 Last week, President Donald Trump said he'd like to get the cash price of Ozempic down to $150, while Centers for Medicare & Medicaid Administrator Dr. Mehmet Oz noted that nothing had been settled yet.

During a sitdown at HLTH, Moore would not provide any specifics on the pricing discussions with the administration on most-favored nation pricing or the Inflation Reduction Act Medicare price negotiations, which are just wrapping up this month. But he said the company wants to work with the administration to provide more access for patients.

 "I think there's some like mindedness from the president and the administration that we also want to make sure that our medicines are available," Moore said, adding that he could see the company's Novocare direct-to-consumer site being part of TrumpRx.

 "If we can partner with that … I think it's a really positive step forward," he said.

Novocare Pharmacy, the direct sales platform that launched earlier this year, currently accounts for about 11% of the company's Wegovy sales. Rival Eli Lilly's direct-to-consumer site LillyDirect accounts for 35% of new sales of weight loss drug Zepbound.  Having both on TrumpRx could raise the profile of the companies' cash sales programs even more.

Those discussions are happening just as Novo Nordisk is ramping up its manufacturing facilities in North Carolina in anticipation of its Wegovy pill being approved by the FDA.  Moore said the company is making sure it will be able to meet demand when the time comes.

Watch my conversation with Moore here.

Feel free to send any tips, suggestions, story ideas and data to Bertha at [email protected].

Netflix Inc and Comcast Corp., are among the companies interested in Warner Bros.' movie and TV studios, according to people familiar with their thinking who asked not to be identified discussing private information.

By Reuters

October 21, 20257:27 PM UTCUpdated ago

A Boeing logo is seen before the opening of the 55th International Paris Airshow at Le Bourget Airport near Paris, France, June 13, 2025. REUTERS/Benoit Tessier Purchase Licensing Rights, opens new tab

Oct 21 (Reuters) - Boeing

(BA.N), opens new tab said on Tuesday it had received orders for nine CH-47F Block II Chinook helicopters from the U.S. Army via two contract awards worth $461 million.

The order increases the number of CH-47F Block II aircraft under contract to 18, Boeing said.

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Reporting by Anshuman Tripathy in Bengaluru; Editing by Anil D'Silva

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, /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, PLLP is investigating whether Slide Insurance Holdings, Inc. (NASDAQ: SLDE) or any of its executive officers violated securities laws by misrepresenting or failing to disclose material information to investors.

What is this all about?
Shares of Slide Insurance have fallen over 25% since the Company's June IPO. On September 30, a Manatee Research report alleged that Slide's underwriting margins are driven by claim denials and delays, rather than the "proprietary technology" previously touted by the Company. The report also claims that Florida regulators ordered the removal of three senior executives due to prior roles at a failed insurer, though all three remain in place.

What if I purchased Slide securities?
If you purchased securities and suffered significant losses on your investment, join our investigation now:
Click Here to Join the Investigation

Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
There is no cost or obligation to you.

About Johnson Fistel, PLLP:
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com.

Achievements:
In 2024, Johnson Fistel was honored to be ranked in the Top 10 Plaintiff Law Firms by the ISS Securities Class Action Services. This recognition underscores our effectiveness in advocating for investors, having recovered approximately $90,725,000 for aggrieved clients in cases where we served as lead or co-lead counsel. This notable accomplishment marks the eighth occasion our firm has been recognized as a top plaintiffs' securities law firm in the United States, as determined by the total dollar value of final recoveries.

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Services may be performed by attorneys in any of our offices.
Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact:
Johnson Fistel, PLLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
[email protected] or [email protected]

SOURCE Johnson Fistel, PLLP.

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This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.

TORONTO--(BUSINESS WIRE)--DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: DRR.UN) (“Dream Residential REIT” or the “REIT”) announced today that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the proposed acquisition of the REIT by an affiliate of Morgan Properties, LP (“Morgan Properties”) pursuant to a plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”). On closing of the Transaction, unitholders of the REIT and Class B unitholders of DRR Holdings LLC (collectively, the “Unitholders”) will receive cash consideration of US$10.80 per unit of the REIT (“Trust Unit”) and per Class B unit of DRR Holdings LLC (“Class B Unit” and together with the Trust Units, the “Units”), as described in more detail in the REIT’s management information circular dated September 17, 2025.

The Transaction is expected to close in late 2025 following satisfaction of all conditions to closing, provided that the Transaction will not close earlier than the date on which Morgan Properties obtains certain agency financing or December 19, 2025, whichever date is first. The Transaction is not subject to a financing condition.

Registered Unitholders who have questions or require assistance submitting their Units in connection with the Transaction may direct their questions to Computershare Investor Services Inc., who is acting as depositary in connection with the Transaction, by telephone at 1-800-564-6253 (toll-free in North America) or (514) 982-7555 (outside North America), or by facsimile at (416) 263-9394 or 1-888-453-0330, or by email at [email protected].

About Dream Residential REIT

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

About Morgan Properties

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in Conshohocken, Pennsylvania, with a corporate office in Rochester, New York. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates pursue a diversified investment strategy focusing on multifamily common equity, commercial mortgage-backed B-Piece securities, preferred equity, and whole loans. Morgan Properties and its affiliates own and manage a multifamily portfolio comprising over 100,000 units across more than 360 communities in 22 states. Morgan Properties is one of the nation’s largest private multifamily owners. Additionally, Morgan Properties has made investments in commercial mortgage-backed B-Piece securities backed by over US$40 billion in multifamily loans. With over 2,500 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships, and proven operational expertise. For more information, please visit www.morgan-properties.com.

Forward-looking information

This press release contains forward-looking information within the meaning of applicable securities legislation. Such forward-looking information includes, but is not limited to, information and statements concerning the Transaction and the terms thereof and the anticipated closing of the Transaction including the timing thereof. There can be no assurance that the proposed Transaction will be completed or that it will be completed on the terms and conditions contemplated in this press release. The proposed Transaction could be modified, restructured or terminated in accordance with its terms. Forward-looking information generally can be identified by the use of forward-looking terminology such as “will”, “expect”, “believe”, “plan” or “continue”, or similar expressions suggesting future outcomes or events. Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management’s good faith belief with respect to future events, performance and results. Such assumptions include, without limitation, expectations and assumptions concerning the market price of the Trust Units, and the anticipated benefits of the Transaction to Unitholders. Although Dream Residential REIT believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Dream Residential REIT cannot give assurance that they will prove to be correct. By its nature, such forward-looking information is subject to a number of assumptions, risks and uncertainties, many of which are beyond Dream Residential REIT’s control and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to, the Transaction will be completed on the terms currently contemplated; the Transaction will be completed in accordance with the timing currently expected; and all conditions to the completion to the Transaction will be satisfied or waived and the arrangement agreement relating to the Transaction will not be terminated prior to the completion of the Transaction. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; imposition of duties, tariffs and other trade restrictions; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cybersecurity; and public health crises and epidemics. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions, risks and uncertainties is contained in Dream Residential REIT’s filings with securities regulators, including its latest Annual Information Form and Management’s Discussion and Analysis. These filings are also available on the REIT’s website at www.dreamresidentialreit.ca.

More News From Dream Residential REIT

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Becomes One of the Largest Six Flags Shareholders Believes Six Flags Offers Opportunity for Significant Shareholder Value Creation NEW YORK , Oct. 21, 2025 /PRNewswire/ -- JANA Partners ("JANA") today announced that it has partnered with Super Bowl Champion Travis Kelce as well as consumer executive Glenn Murphy and technology executive Dave Habiger, (the "Group") in an investment in Six Flags Entertainment Corporation (NYSE: FUN) ("Six Flags" or the "Company"). The Group collectively owns an economic interest of approximately 9%.

Jim Tierney, Alliance Bernstein CIO of U.S. concentrated growth, joins 'Power Lunch' to discuss how important earnings will be for equity markets, Tierney's thoughts on the American consumer and much more.

General Motors lifted its financial outlook for the year and slightly lowered its expected hit from tariffs, as the automaker awaits expected relief on tariffs in the U.S. while confronting a weakening market for electric vehicles.

The company now expects its annual adjusted core profit to be between $12.0 billion to $13.0 billion, compared with its prior estimate of $10.0 billion to $12.5 billion. The Detroit automaker said tariffs would hit its bottom line less than anticipated, lowering its updated impact to a range of $3.5 billion to $4.5 billion, from a previous $4 billion to $5 billion.

Shares rose about 8% in premarket trading. GM’s outlook hike lifted crosstown peer Ford and U.S.-listed shares of Stellantis nearly 2% each in premarket trade.

EARNINGS TOP WALL ST EXPECTATIONSGM’s quarterly adjusted earnings per share dropped to $2.80, beating LSEG analysts’ expectation of $2.31.

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The auto giant earlier this month took a $1.6 billion charge from changes to its EV strategy. At the end of September, a $7,500 tax credit on battery-powered models went away, and there has been further loosening of regulations around vehicle emissions.

In a letter to shareholders, GM CEO Mary Barra said she expects the company to incur future charges related to EVs.

“By acting swiftly and decisively to address overcapacity, we expect to reduce EV losses in 2026 and beyond,” she said.

Revenue for the quarter ended September marginally fell to $48.6 billion from a year earlier.

U.S. car sales have stayed strong despite uncertainty around the tariffs, rising 6% in the third quarter. While automakers have largely avoided raising sticker prices to offset their tariff costs, American car shoppers have continued to opt for pricier models and added features.

TARIFF RELIEF FOR U.S. AUTO INDUSTRYGM said it plans to mitigate 35% of its anticipated tariff hit. There is relief on the horizon for many U.S. automakers, after U.S. President Donald Trump approved an order to expand credits for U.S. auto and engine production, allowing companies to receive a credit equal to 3.75% of the suggested retail price for U.S. assembled vehicles through 2030 to offset import tariffs on parts.

“I also want to thank the President and his team for the important tariff updates they made on Friday. The MSRP offset program will help make U.S.-produced vehicles more competitive over the next five years,” Barra said in a letter to shareholders.

Global companies have flagged more than $35 billion in costs from U.S. tariffs heading into third-quarter earnings.

Investors are still waiting on trade deals to be ironed out with Mexico and Canada, analysts noted, as well as with South Korea, a major exporter of cars for GM.

Automakers have been ramping up U.S. investments to offset Trump’s levies. GM announced in June that it would invest $4 billion at three U.S. facilities in Michigan, Kansas, and Tennessee. The automaker imports about half of the vehicles it sells in the U.S., mainly from Mexico and South Korea.

Stellantis earlier this month said it plans to invest $13 billion in the U.S. over the next four years.

GM SCALES BACK EV AMBITIONSBarra in 2021 announced the company’s ambition to produce only EVs by 2035, a goal she has since stopped referencing publicly, instead saying customer demand will guide the automaker’s lineup.

Sales of EVs were strong for GM and across the industry in the third quarter, as shoppers raced to take advantage of the tax credit, but they still comprised less than 10% of the company’s overall sales.

To spur consumer demand, GM planned to offer a program that would have allowed its dealers to continue offering the tax credit on EV leases. It has since backtracked on the initiative following backlash from lawmakers, including Republican Senator Bernie Moreno of Ohio, a former car dealer.

Ford also scrapped its program with the same aim. Other automakers, including Hyundai and Stellantis, are offering incentives to slash the prices consumers pay for their EVs.

—Nora Eckert and Nathan Gomes, Reuters

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