Market Signal Briefing

Polkadot trades near $2 inside a long-term accumulation “home” range flagged since 2022, where Egrag Crypto sees structural support but no confirmed bottom yet.

Summary

DOT has returned to a price band an analyst labels a long-term accumulation zone, after a sharp intraday drop and subsequent stabilization around $2.​
Egrag Crypto frames the area as a structural floor using Wyckoff accumulation logic, liquidity wicks, and Polkadot’s multi-chain role, while still allowing for deeper downside.​
Inclusion in a Bitwise index and potential cycle-bottom dynamics support a long-term accumulation thesis, but traders are watching whether buyers defend this “home” range again.

Polkadot (DOT) traded near $2 on Friday as the cryptocurrency returned to a price level chart analyst Egrag Crypto has identified as a long-term accumulation zone since June 2022.

The token experienced a sharp intraday decline before consolidating around the price area, according to market data. Egrag Crypto, in a recent post, stated the current range represents what the analyst has termed the asset’s “home” range.

The analyst disclosed accumulating the token at higher levels and adding positions more recently at lower prices. Egrag Crypto characterized the range as a structural floor based on historical price behavior and Polkadot’s position in multi-chain infrastructure, according to the post.

Polkadot trending on Bitwise
The analyst cited Polkadot’s inclusion in the Bitwise index fund and its multi-blockchain capabilities as factors supporting a long-term investment case. Egrag Crypto noted that an October price wick may represent either a black swan event or a cyclical retest of lower liquidity zones consistent with four-year market cycles.

Polkadot sitting at top 10 in BITW crypto index, soon top 10 in crypto market Cap.@Polkadot holds 0.14% in the BITW Crypto Index, but its presence alone in a $1.25B fund (as of Dec 9, 2025) that's about $1.75M in DOT.

This signals something important: major institutions… pic.twitter.com/rAFeM9MnWs

— jesse blessed 🐂⭕ (@jesseblessed3) December 10, 2025

Chart data showed the token briefly rising above short-term resistance before reversing and dropping to lower levels where it stabilized. Trading volume increased during the early rally before shifting as sellers entered the market during the decline, according to the data.

Egrag Crypto’s analysis references Wyckoff accumulation structures, cycle timing, and Polkadot’s historical pattern of revisiting deep liquidity levels before recovering. The analyst’s framework poses questions including which Wyckoff schematic applies to current price structure, whether the current level represents a bottom, and potential upside targets if a cycle bottom confirms.

The analyst maintains a long-term accumulation approach while acknowledging uncertainty about whether the token has formed a final bottom or could decline further, according to the post.

Market participants are now monitoring whether buyers view the current price region as a long-term opportunity or whether market conditions will push the cryptocurrency lower into its accumulation band.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BP, TTE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

Opendoor and Altria could soar higher over the next few years.

Back in 2020 and 2021, many retail investors loaded up on speculative growth stocks at sky-high valuations. That buying frenzy was largely driven by stimulus checks, social media buzz, a fear of missing out, and the rise of commission-free trading platforms.

But in 2022 and 2023, many of those meme stocks collapsed as rising interest rates popped their bubbly valuations and drove investors toward more conservative blue chip stocks. In 2024 and 2025, that pressure eased as interest rates declined -- but only some of the top growth stocks bounced back. So instead of pouring all of your money into speculative stocks or conservative blue chip plays, it makes more sense to own both types of stocks across a diversified portfolio.

Image source: Getty Images.

So today, we'll discuss two of my favorite stocks that are still worth buying in this unpredictable market: the online real estate platform Opendoor (OPEN 5.53%) and the tobacco giant Altria (MO +0.88%). The former is a good speculative play for investors who can stomach a lot of volatility, while the latter is a stable evergreen stock.

The speculative play: Opendoor
Opendoor is America's top instant buyer (iBuyer) of homes. It uses its AI algorithms to make instant cash offers for homes, fixes up those properties, and relists them on its own platform. Its business flourished when interest rates were low and the housing market was hot, but it stalled out in 2022 and 2023 as skyrocketing interest rates ended the post-pandemic housing boom.

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In 2022, Zillow and Rocket's Redfin both shut down their own capital-intensive iBuying platforms and surrendered the market to Opendoor. That market dominance puts Opendoor in a great position to profit from the next housing boom, but it needs to resist a lot of short-term pain before it reaps bigger long-term gains.

Opendoor's revenue plunged 55% in 2023, dropped 26% in 2024, and analysts expect another 19% decline in 2025 as its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stays negative for the fourth consecutive year. It notes that even though the Fed cut its benchmark rates five times from 2024 to 2025, mortgage rates are still stubbornly high and more sellers are pulling their properties off the market. It doesn't plan to ramp up its purchases of more homes until the housing market stabilizes.

Instead, it's focused on stabilizing its margins by expanding its ecosystem with higher-margin services, upgrading its AI pricing algorithms, pruning its workforce, and reducing its resale transaction costs and commissions. As the housing market warms up again, analysts expect its revenue to grow at a CAGR of 28% from 2025 to 2027. They also expect its adjusted EBITDA to turn positive by the final year as economies of scale kick in. With an enterprise value of $7.3 billion, it looks dirt cheap at 1.8 times next year's sales.

The blue chip play: Altria
Altria, the largest tobacco company in America, spun off its overseas business as Philip Morris International (PM 0.40%) in 2008. After that split, Altria planned to squeeze more profits out of its shrinking domestic business -- which struggled with declining smoking rates and a broad range of lawsuits -- as PMI expanded more aggressively in higher-growth overseas markets.

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At first glance, Altria might seem like a shaky investment because its core cigarette business -- which sells its flagship Marlboro cigarettes -- is consistently shrinking. Its annual shipments of cigarettes are declining, Marlboro's retail market share is shrinking, and it faces higher excise taxes across many states.

Yet Altria is still growing its earnings per share (EPS) by raising its cigarette prices, cutting costs, and executing multibillion-dollar buybacks. That's why its adjusted EPS still grew 2% in 2023 and 3% in 2024, even as its revenue (net of excise taxes) stayed nearly flat in both years. That strategy might not seem sustainable, but Altria is expanding its portfolio of smoke-free products -- including its On nicotine pouches and NJOY e-cigarettes -- to curb its dependence on traditional cigarettes.

It expects to generate $5 billion in smoke-free revenues by 2028, which would be equivalent to almost a quarter of its $20.4 billion in revenue (net of excise taxes) in 2024. It also plans to achieve at least $600 million in annual cost savings with its "Optimize and Accelerate" initiative over the next five years, and it recently initiated a fresh $1 billion buyback plan to boost its EPS. From 2024 to 2027, analysts expect Altria's adjusted EPS to grow at a CAGR of nearly 6% as those tailwinds kick in.

Altria's stock still looks like a bargain at 10 times next year's adjusted earnings, and it pays a hefty forward dividend yield of 7.3%. It's raised that payout every year since its split from PMI, and that high yield should limit its downside potential in the next market downturn.

Steadfast Group Limited (SFGLF) Shareholder/Analyst Call December 10, 2025 6:00 PM EST

Company Participants

Robert Kelly - Co-Founder, MD, CEO & Director
Tim Mathieson - Chief Executive Officer of Australasia Broking
Mark Senkevics - Chief Executive Officer of Underwriting Agencies
Samantha Hollman - Chief Executive Officer of Steadfast International

Conference Call Participants

Julian Braganza - Goldman Sachs Group, Inc., Research Division
Andrei Stadnik - Morgan Stanley, Research Division
Andrew Buncombe - Macquarie Research
Jeff Cai - Citigroup Inc. Exchange Research

Presentation

Operator

Welcome to Steadfast's Investor Update. [Operator Instructions]

I'll now hand over to Robert Kelly.

Robert Kelly
Co-Founder, MD, CEO & Director

Good morning, everybody, and thanks for putting a bit of time aside to join us today. The purpose of the call is just to give you an operating update before we actually go into blackout. We've been struggling to get around and see everybody and we thought this would be the easiest way to do this call now.

I'll just refer you to Slide 4 of the pack. And that just gives you a little bit of a rundown of where we -- what we've been doing. We realized about 18 months ago that the market would eventually start to flatten. And so when we started to do this, we started to apply ourselves very much to have a look at our organic growth. This was enhanced by the fact that 60% of our turnover, that's the network's turnover and not just the equity brokers turnover, we have complete and other access to all of their information. So our data analytics is absolutely so nimble and so easy. And I'll show you a little bit of that on the next couple of slides.

The interesting part about that is that you'll see and it will answer quite a few questions about

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Ilika PLC (AIM:IKA, OTCQX:ILIKF), the solid-state battery specialist, has started sending out its latest Goliath prototypes, a step the company says puts it firmly on schedule as it works towards commercial production.

The new 10Ah cells, which are heading to customers in several industries, including carmakers, carry five times the capacity of the 2Ah versions Ilika released in July 2024. In simple terms, the higher the amp-hour rating, the more energy a battery can store and the longer it can power a device or vehicle.

These prototypes were built on Ilika’s automated pilot line, completed in October 2025. Automation is crucial for any company trying to prove it can make batteries at scale rather than in the lab, and Ilika said its first run achieved a 93% yield — well above the minimum success rate needed before moving towards full production.

The group has also produced early samples of larger 50Ah P2 cells, but those will not be shipped until customers have provided feedback on the current generation, expected in 2026.

Graeme Purdy, Ilika’s chief executive, said: “We are excited that our new automated pilot line is now producing high-quality, consistent battery prototypes for our partners to evaluate.

"This achievement is a significant milestone toward bringing our technology to market, further opening the window for licensing discussions with manufacturers.”

A head of battery development UK automotive supplier serving global car makers added: “Here in the UK and more broadly in Europe, there is significant interest in developing technical solutions that are differentiated from the offerings available from established cell manufacturers.

"We look forward to evaluating these 10Ah prototypes from Ilika, which demonstrate the Company’s sustained capability to improve and mature their product for commercial roll-out.”

A key selling point is a proprietary oxide coating designed to improve safety. Solid-state batteries already replace the flammable liquid found in many conventional lithium-ion batteries, but Ilika says its coating could go further by allowing manufacturers to build lighter and cheaper battery packs.

Analysis from Balance Batteries, a consultancy working with the automotive sector, suggests pack weight could fall by 20% while cutting roughly £2,500 from the cost of each electric vehicle.

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Information about securities repurchasing program
Regulated information
Issuer social denomination: Michelin – LEI 549300SOSI58J6VIW052
Types of securities: ordinary shares – Code ISIN FR001400AJ45
Date : December 11th, 2025

Issuer NameIssuer codeTransaction
dateISIN CodeDaily total volume (in number of actions)Daily weighted average price of shares acquiredPlatformCompagnie Générale des Etablissements Michelin549300SOSI58J6VIW05211.12.2025FR001400AJ45893 25527,9875 eurosOver-the-counterCompagnie Générale des Etablissements Michelin549300SOSI58J6VIW05211.12.2025FR001400AJ45714 60427,9875 eurosOver-the-counterIssuer NameIssuer codePSI
NameIssuer CodeTransaction date ISIN Code

Unit PriceCurrencyQuantity boughtPlatformTransaction reference numberBuyback objectiveCompagnie Générale des Etablissements Michelin549300SOSI58J6VIW052NATIXISKX1WK48MPD4Y2NCUIZ6311.12.2025 FR001400AJ4527,9875Euro893 255Over-the-counter5309224CancellationCompagnie Générale des Etablissements Michelin549300SOSI58J6VIW052BNP PARIBAS R0MUWSFPU8MPRO8K5P8311.12.2025 FR001400AJ4527,9875Euro714 604Over-the-counter5309224Cancellation

20251211 - Disclosure of trading in own shares – December 11, 2025

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, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading Fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and Southeast Asia, today announced it has been awarded the "Technology Innovation Leadership Award for Listed Companies" at the 23rd China's Financial Annual Champion Awards. The award was presented during the 2025 China Financial Annual Conference, held in Beijing and co-hosted by the China Stock Exchange Executive Council and the leading financial media Hexun.com.

The conference, themed "Charting a Breakthrough for China's Economy," brought together over twenty of China's leading economists and policy experts. Discussions focused on strategic imperatives, including the outlook for "China's 15th Five-Year Plan," macroeconomic trends, technological innovation, capital market restructuring, and strategic asset allocation amid global volatility.

As one of the most respected commendations in China's financial sector, the China's Financial Annual Champion Awards honor companies that consistently contribute to the advancement of China's economy and the financial industry. The associated list serves as a widely recognized barometer for China's economic and financial trends for the upcoming year. Yiren Digital was selected for its continued innovation and operational excellence in AI-driven digital transformation.

Since its IPO in 2015, Yiren Digital has steadily advanced its AI R&D capabilities, evolving from a fintech company to a smart technology enterprise. By embedding cutting-edge AI automation technologies throughout its operations, the Company has translated AI proficiency into tangible productivity gains, strengthening innovation and performance across its operations.

Entering its tenth year as a public company, Yiren Digital continues to define how AI is reshaping business models, accelerating the deep integration of technology and finance across the fintech ecosystem.

The Company remains focused on its "AI+ on multi-use cases," supported by its AI Lab, and has developed a growing suite of proprietary large AI models deployed across multiple business functions. These technologies enhance data management, precision customer acquisition, intelligent marketing, customer service, and risk management, collectively driving significant improvements in operational efficiency.

A defining element of Yiren Digital's strategy is its commitment to early adoption, sustained investment, and strategic focus. The Company allocates hundreds of millions of RMB annually to R&D. Its proprietary large model, "Zhiyu," officially registered and deployed in April 2025, serves as the core engine of its AI infrastructure. The upgraded Zhiyu model supports multi-agent collaboration and contextual memory, enabling more sophisticated, human-like interactions and providing a robust, adaptive AI foundation for the Company.

Yiren Digital has also significantly enhanced service capabilities through its Magicube AI Agent Platform, delivering greater precision, efficiency, and more intuitive customer interactions. Leveraging human-AI synergy and round-the-clock availability, the platform helps the Company overcome traditional time and expertise constraints associated with purely human service models.

The Magicube AI Agent Platform recently rolled out its 2.0 upgrade, delivering enhanced AI capabilities across four key areas:

Optimized intelligent marketing with more refined conversational routing;
Strengthened automated content generation, significantly boosting  creative efficiency;
Re-engineered intelligent quality-control systems featuring flexible configuration and batch-inspection capabilities;
Enhanced code security detection to further safeguard system stability.

Building on these capabilities, Yiren Digital is accelerating the development of autonomous Agent collaboration to create a coordinated "digital task force" that will support the next phase of operational intelligence.

Looking ahead, Yiren Digital remains firmly committed to artificial intelligence, driving technological innovation, and supporting industry transformation. As AI evolves rapidly, the Company is confident in its ability to shape the future of digital intelligence, lead industry progress, and contribute meaningfully to society.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and next-generation financial technology innovation across China and Southeast Asia. Leveraging advanced AI and emerging technologies, the Company enhances customer experience, improves operational efficiency, and expands financial inclusion. With continued breakthroughs in AI and digital finance, Yiren Digital is building the foundation to become a global leader in AI-powered and blockchain-enabled financial technology. For more information, please visit https://ir.yiren.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

SOURCE Yiren Digital

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

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

Zurich, 11 December 2025 – 21shares, one of the world’s leading providers of cryptocurrency exchange-traded products (ETPs), today published its latest State of Crypto report covering the firm’s ten bold, evidence-led predictions leading into 2026, where digital assets will enter the next phase in their evolution.

This report explores how 21shares’ predictions for 2025 have played out, through a year in which institutional adoption, regulatory clarity and product innovation finally moved in sync, and offers forward-looking thoughts on the market now anchored by structural inflows, macro realignment and clearer rulebooks. This includes key themes mapping out this next phase, from Bitcoin’s steady evolution and the ongoing ETP flywheel to a trillion-dollar stablecoin market, a resurgent DeFi ecosystem, and the rise of agentic finance. Underpinning the 2026 predictions in this report is the foundational strength the crypto markets have achieved across the global financial system.

Some key predictions include: 

Bitcoin ends its traditional four-year cycle: For over a decade, crypto markets have pulsed to Bitcoin’s halving rhythm: a programmed supply cut every four years, fueling rallies and cyclical corrections. The halving still matters, yet each halving’s marginal impact is diminishing, signaling Bitcoin’s transition away from cyclical boom-busts toward maturity as a macro asset. The four-year cycle no longer defines the tempo, but rather, structural inflows, macro realignment, and regulatory clarity do.  Global crypto ETPs will outpace the Nasdaq-100 ETF by the end of 2026: Crypto ETPs have become the dominant gateway for traditional investors to get digital asset exposure. Our prediction last year of crypto ETPs surpassing $250B in AUM was already hit, and we expect this trajectory to accelerate and reach $400B in 2026. Crypto-friendly regulatory frameworks across the globe are increasing, making crypto ETPs the global standard for institutional-grade  access. If Bitcoin reaches a $5–6T market cap, even a 10–15% allocation via ETPs would push total assets beyond $400B.The supply of stablecoins will reach $1 trillion: The stablecoin supply has already exceeded $300B in 2025, and we believe circulation will increase by 3.3x and reach $1 trillion in 2026. Through regulatory progress like the Genius ACT in the U.S. and MiCA in Europe, stablecoin adoption is surging globally. In fact, U.S. Treasury Secretary, Scott Bessent, now projects dollar stablecoins alone could top $2T by 2028. Stablecoins are clearly becoming the connective tissue between TradFi and DeFi and will continue to power everything on-chain.Prediction markets will be a major catalyst in onboarding millions of users on-chain: Prediction markets will continue to establish themselves in 2026, transforming global uncertainty into one of the crypto industry’s largest use cases since Bitcoin, stablecoins, and DeFi. Prediction markets such as Polymarket and Kalshi are expected to surpass $100B in annual traded volume, a trend driven by geopolitical moments, the readiness of crypto infrastructure, and regulatory and institutional alignment.Tokenized real-world assets (RWAs) will exceed half a trillion in total value locked (TVL): Tokenization is quickly evolving from concept to reality when it comes to equities, bonds, credit, and commodities. Driven by institutional adoption, demand for yield, and the launch of large-scale networks, we believe that tokenized real-world assets will increase from $35B in total value locked (TVL) in 2025, to over $500B in 2026. The Clarity Act is a major driver of this, giving banks and asset managers explicit approval to issue and custody tokenized instruments on public blockchains. Further, in 2026, we expect the first tokenized IPO to settle on a public blockchain. “What we’re witnessing is crypto moving from the edges of finance to its core infrastructure. The data shows accelerating adoption, deeper liquidity, and clearer frameworks worldwide. Whether it’s $1 trillion stablecoins or half-a-trillion in tokenized assets, the momentum is structural. The industry is not just growing but clearly becoming an integral layer of the global financial system,” said Adrian Fritz, Chief Investment Officer at 21shares.

“This State of Crypto report reflects how far the crypto industry has come, and how far we expect it to go in the year to come,” said Eliézer Ndinga, Global Head of Research at 21shares. “From the global adoption of crypto ETPs, to expanding use of stablecoins for payment settlements, to new emerging trends like prediction markets, it is clear the industry is continuing to innovate and is attracting new participants.”

The State of Crypto is produced by 21shares’ research team and is part of the firm’s broader commitment to investor education.

To read the full report, click here.

About 21shares

21shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of physically-backed crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares delivers innovative, transparent and cost-efficient investment solutions.

21shares is a subsidiary of FalconX, one of the world's largest digital asset prime brokers. 21shares maintains independent operations from FalconX while strategically leveraging the resources and reach of FalconX to accelerate its mission and unlock new growth. For more information, please visit www.21shares.com.

Contact: [email protected]

DISCLAIMER

This report has been prepared and issued by 21Shares AG for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Crypto asset trading involves a high degree of risk. The crypto asset market is new to many and unproven and may have the potential to not grow as expected.

Currently, there is relatively small use of crypto assets in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment in crypto assets. In order to participate in the trading of crypto assets, you should be capable of evaluating the merits and risks of the investment and be able to bear the economic risk of losing your entire investment.

Nothing should be considered as an offer by 21Shares AG and/or its affiliates to sell or solicitation by 21Shares AG or its parent of any offer to buy bitcoin or other crypto assets or derivatives. This report is provided for information and research purposes only and should not be construed or presented as an offer or solicitation for any investment. The information provided does not constitute a prospectus or any offering and does not contain or constitute an offer to sell or solicit an offer to invest in any jurisdiction.

Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax, or other advice and users are cautioned against basing investment decisions or other decisions solely on the content hereof.

The company now expects organic revenue growth of between 7% and 10% for 2026 to 2030 and plans a $4.09 billion buyback.

Highlights:

Significant mineralized sections were intercepted in N2-25-006, N2-25-009 and N2-25-011 drilled in the "A" zone, where the Company is targeting a multi-million ounce conceptual open-pit resource; the Company's maiden drill program is focused on assessing the first three hundred metres vertical.

N2-25-006: 102.6 metres of target mineralization intercepted beginning at 15.3 metres downhole, with multiple intervals over 10 metres in width including up to 23.4 metres.

N2-25-009: 135.7 metres of target mineralization intercepted beginning at 23.3 metres downhole, with multiple intervals over 30 metres in width including up to 43.4 metres.

N2-25-011: 166.8 metres of target mineralization intercepted beginning at 60.0 metres downhole, with multiple intervals over 20 metres in width including up to 70.6 metres.

The intense quartz-carbonate veining and sulfide mineralization (pyrite/arsenopyrite) in sheared and brecciated zones observed visually is directly comparable to the material that yielded long gold intervals in historical drilling including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres.

N2-25-003 and N2-25-008 build on the Company's findings at N2-25-001 and N2-25-013, where the Company identified visible gold including within a 30.8 metre interval (see press release dated November 26, 2025) and N2-25-003 and N2-25-008, where the Company identified 152.9 and 208.8 metres of similar shallow target mineralization (see press release dated December 2, 2025).

The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. Phase 1, consisting of 10,000 metres, commenced on September 25, 2025. In addition to the "RJ" Zone, Phase 1 targets the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open).

The Company has working capital of ~C$13.4M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$8.1M.

VANCOUVER, BC / ACCESS Newswire / December 11, 2025 / Formation Metals Inc. ("Formation" or the "Company") (CSE:FOMO)(FSE:VF1)(OTCQB:FOMTF), a North American mineral acquisition and exploration company, is pleased to provide an update from the fully funded 30,000 metre drill campaign underway at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec.

The Company is pleased to announce that it has intercepted significant sections of target mineralization in three (3) additional drillholes as part of its Phase 1 drill campaign at N2.

The long sections of mineralization correlate with the findings of the 55,000 plus metres of historical drilling at N2, including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres, positively increasing the potential of intercepting long auriferous intervals. The forms of mineralization observed at N2-25-006, N2-25-009, and N2-25-011 also correlate with intervals observed in N2-25-001, N2-25-003, N2-25-008, and N2-25-013, demonstrating the continuous nature of the deposit.

Deepak Varshney, CEO of Formation Metals, stated, "The consistency of this deposit observed within this drill campaign has been spectacular. Building a bulk tonnage open-pit resource requires finding repeatable mineralization across long strikes and widths, and the target mineralization we are observing fits what Formation is focused on its maiden drill campaign."

Mr. Varshney continued: The thick continuous zones of mineralization observed significantly expand the potential for a large-scale, low-strip multi-million ounce open pit development. With 30,000 metres fully funded and nearly 14 million in working capital, Phase 1 is the first step on our journey to realizing this conceptual model and we look forward to sharing further updates in the coming weeks."

Drillhole N2-25-006: Intercepted 102.6 metres of mineralized section, 33.10% of the 310-metre drillhole.

Drillhole N2-25-009: Intercepted 135.7 metres of mineralized section, 44.34% of the 306-metre drillhole.

Drillhole N2-25-011: Intercepted 166.8 metres of mineralized section, 31.58% of the 528-metre drillhole.

All three drillholes were found to have a significant correlation in terms of lithological intervals and sequences, alteration products and mineralization forms and variety between the geological features along these holes and those of surrounding historic drill holes. Some of longest intervals along the mentioned three drill holes are included in the table below (Fig. 1)

Figure 1 - Summary of the longest mineralized intervals within N2-25-006, N2-25-009, and N2-25-011.The mineralized sections of N2-25-006 are within the sheared and deformed mafic to intermediate volcanic and less intermediate volcaniclastics and medium grained clastic sediments (sandstone & wacke) rock formations associated with quartz carbonate veins and veinlets (sheared, brecciated and stockwork) and the main alteration products of sericitization and less carbonatization (calcite & ankerite) and silicification dominantly including pyrite, arsenopyrite and less pyrrhotite mineralization in different forms of disseminated, cluster, stringer, semi-massive and fracture filling (Fig. 2).

Figure 2- Forms of Mineralization intercepted along the drill hole N2-25-006.The longest mineralized section along this hole is a 23.4 metre section from 228.6 to 252 metres within intermediate volcanic and volcaniclastic intervals in which pyrite and arsenopyrite are the dominant mineralization in forms of disseminated, stringer, cluster and fracture filling associated with brecciated and stockwork veining system and the main alteration products of chloritization, sericitization and less carbonatization (Fig. 3).

Figure 3 - The longest mineralized section along drillhole N2-25-006.The mineralized sections of N2-25-009 are within the sheared and deformed mafic to intermediate volcanic and less fine to medium grained graphitic clastic sediments (mudstone) rock formations associated with quartz carbonate veins and veinlets and the main alteration products of chloritization, sericitization and less carbonatization and silicification dominantly including pyrite, arsenopyrite and less pyrrhotite mineralization in different forms of disseminated, cluster, stringer and fracture filling (Fig. 4).

Figure 4 - Forms of mineralization intercepted along drillhole N2-25-009.The longest mineralized section along this hole is a 43.4 metre section from 23.3 to 66.7 metres downhole within mafic volcanic intervals in which pyrite is the dominant mineralization in forms of disseminated, stringer, cluster and fracture filling associated with the main alteration products of chloritization and less carbonatization. Pyrrhotite is the minor sulfide in this mineralized section (Fig 5).

Figure 5 - The longest mineralized section along drillhole N2-25-009.The mineralized sections of N2-25-011 were within the sheared and deformed mafic to intermediate volcanic, fine to medium grained graphitic clastic sediments (mudstone and wacke) and less mafic and felsic intrusion rock formations associated with quartz carbonate veins and veinlets (brecciated and sheared) and the main alteration products of chloritization, sericitization, carbonatization and less silicification and epidotization dominantly including pyrite and less arsenopyrite mineralization in different forms of disseminated, cluster, fracture filling and less stringer. (Fig. 6).

Figure 6 - Forms of mineralization intercepted along drillhole N2-25-011.The longest mineralized section along this hole is a 70.6 metre section downhole from 303.0 to 373.6 metres within mafic volcanic intervals in which pyrite is the dominant mineralization in forms of mostly disseminated and less stringer, cluster and fracture filling associated with quartz carbonate veins and veinlets and the main alteration products of epidotization, chloritization and carbonatization (Fig. 7).

Figure 7 - The longest mineralized section along drillhole N2-25-011.Project Summary

Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,

There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth (Fig. 8). Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling.

The drilling at N2 is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the "A", "RJ" and "Central" zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date (Fig. 9).

Historical highlights from the top two priority zones include:

A Zone:A shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with over 3.1 km of strike remaining to be tested. 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.

RJ Zone:a high-grade historic gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres2. This zone was the target of the most recent drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.

Figure 8 - Property overview summarizing historical work completed at each of the six mineralized zones and their respective historical resource.Figure 9 - PDDH design for the complete 30,000 metre Drill Program.The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Fig. 8 & 9), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.

For the 2026 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876) an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic.

About Formation Metals Inc.

Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~871,000 ounces (18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the "A" zone, of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres.

FORMATION METALS INC.

Deepak Varshney, CEO and Director

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

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Notes and References:

Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Property.

The above referenced resource estimates do not have a category, are considered historical in nature, and are based on prior data prepared by a previous property owner, and do not conform to current CIM categories.

While the Company considers the estimates to be reliable, a qualified person has not done sufficient work to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as a current resource. A 0.5 g/t Au cut-off was used in the preparation of the historical estimates with a minimum 2.5 metre mining width.

Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current resources. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company is not aware of any more recent estimates prepared for the N2 Property.

Needham, B. (1994), 1993 Diamond Drill Report, Northway Joint Venture, Northway Property; Cypress Canada Inc.; 492 pages.

Guy K. (1991), Exploration Summary May 1, 1990 to May 1, 1991 Vezza Joint Venture Northway Property; Total Energold; 227 pages.

Forward-looking statements:

This news release includes "forward-looking statements" under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's view that the Property has the potential for over three million ounces of gold; the Company's planned 30,000-metre drilling program; and statements respecting the Offerings, the timing thereof and the expected use of proceeds therefrom. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.

The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

SOURCE: Formation Metals Inc.

About Oliver Haill
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote... Read more

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HomeStock IdeasLong IdeasTech 

SummaryOpera is rated Buy with a $17.6 price target, implying 27% upside and market outperformance.OPRA delivered 30% revenue growth and above-market margins, but recent margin erosion warrants close monitoring.Q3 2025 saw 23% revenue growth and strong advertising momentum, though the bottom line missed estimates and margins contracted.OPRA trades at a significant valuation discount to peers despite robust user growth and resilient core business performance. e-crow/iStock via Getty Images

Opera (OPRA) is an AI-powered technology company, mainly known for its web browser solution and associated services. The stock is down 27% year-to-date, although management delivers steady and stable performance.

I think the sentiment appears

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in OPRA over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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Azenta, Inc. (AZTA) Analyst/Investor Day December 10, 2025 1:00 PM EST

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Yvonne Perron - Vice President of Financial Planning & Analysis and Investor Relations
John P. Marotta - President, CEO & Director
Alex Esmon
Ginger Zhou - Senior VP & President of GENEWIZ
Lawrence Lin - Executive VP & CFO

Conference Call Participants

David Saxon - Needham & Company, LLC, Research Division
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Matthew Stanton - Jefferies LLC, Research Division
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Presentation

Yvonne Perron
Vice President of Financial Planning & Analysis and Investor Relations

Good afternoon and welcome to Azenta's Investor Day 2025. I'm Yvonne Perron. I'm the Head of FP&A and Investor Relations at Azenta. Thank you for joining us, whether you're here in person in the room and participate -- and got to participate in the tour this afternoon or you're joining via webcast. We truly appreciate your time, your interest in Azenta's strategic outlook and our long-range growth plans.

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BOSTON--(BUSINESS WIRE)--Phare Bio, a biotech social venture harnessing artificial intelligence to accelerate antibiotic discovery and development, and Basilea Pharmaceutica, a commercial-stage biopharmaceutical company committed to meeting the needs of patients with severe bacterial and fungal infections, announced today a strategic partnership to jointly develop a novel broad-spectrum antibiotic to address critical unmet needs for patients battling life-threatening infections caused by high-priority gram-negative pathogens.

This collaboration marks a historic first in antibiotic research and development: bringing the patient and target product profile (TPP) to the forefront of AI-driven discovery while ensuring an industrial partner is committed to advancing a viable candidate through clinical development.

Under the partnership, Phare Bio will deploy its generative AI platform – uniquely parameterized with drug-like properties – to design molecules that meet a pre-defined TPP. Following identification of molecules matching this profile, Basilea will assume responsibility for subsequent development and Phare Bio will be eligible to receive pre-defined success-based payments. The partnership represents a new model for antibiotic innovation, bridging technological advances in drug discovery with industrial expertise and economic sustainability.

“This partnership is a watershed moment for the field of antimicrobial resistance,” said Dr. Akhila Kosaraju, president and CEO of Phare Bio. “For the first time, we are aligning our cutting-edge AI drug discovery platform with a partner committed to developing innovative drugs to address the need for novel antibiotics. It validates Phare Bio’s hybrid model of nonprofit innovation and private-sector partnership as a viable route to solving one of the greatest public health crises of our time.”

Basilea CEO, David Veitch, added: “Partnering with Phare Bio reflects our commitment to innovation in antibiotic discovery and development. Their AI platform could unlock transformative solutions for the accelerated development of novel antibacterial treatments, so this partnership supports our strategy to deliver differentiated therapies that address urgent medical needs.”

About Phare Bio

Phare Bio is a biotech social venture harnessing artificial intelligence (AI) to develop novel classes of antibiotics. Founded in 2020 to confront the global crisis of antibiotic resistance, Phare Bio combines cutting-edge machine learning with world-class science to accelerate the discovery of urgently needed antibiotics. Backed by The Audacious Project, Google.org, ARPA-H, and others, Phare Bio is redefining what collaborative, AI-driven drug discovery can achieve. To learn more, visit www.pharebio.org or email [email protected].

About Basilea

Basilea is a commercial-stage biopharmaceutical company founded in 2000 and headquartered in Switzerland. We are committed to discovering, developing and commercializing innovative drugs to meet the needs of patients with severe bacterial and fungal infections. We have successfully launched two hospital brands, Cresemba for the treatment of invasive fungal infections and Zevtera for the treatment of bacterial infections. In addition, we have preclinical and clinical anti-infective assets in our portfolio. Basilea is listed on the SIX Swiss Exchange (SIX: BSLN). Please visit basilea.com.

Opportunistic capital raise for project development and general corporate purposes

A portion of the net proceeds from this offering to be used to purchase cash-settled capped calls to compensate Ur-Energy for potential economic dilution up to a cap of 100% premium above the last reported sale price of Ur-Energy's common shares on the NYSE American on the date of pricing

LITTLETON, CO / ACCESS Newswire / December 11, 2025 / Ur-Energy Inc. ("Ur-Energy" or the "Company") (NYSE American:URG)(TSX:URE), today announced the pricing of $100 million aggregate principal amount of 4.75% Convertible Senior Notes due 2031 (the "notes") in a private placement (the "offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

In addition, Ur-Energy granted the initial purchasers of the notes an option to purchase, during a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $20 million aggregate principal amount of notes. The offering is expected to close on December 15, 2025, subject to the satisfaction of customary closing conditions.

The notes will be general senior unsecured obligations of Ur-Energy and will accrue interest payable semiannually in arrears on January 15th and July 15th of each year, beginning on July 15, 2026, at a rate of 4.75% per year. The Notes will mature on January 15, 2031, unless earlier converted, redeemed or repurchased.

Ur-Energy estimates that the net proceeds from the offering will be approximately $95.5 million (or approximately $114.8 million if the initial purchasers exercise their option to purchase additional notes in full) after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by Ur-Energy. Ur-Energy expects to use the net proceeds from the offering (i) to pay the approximately $13.9 million cost of the capped call transactions (as described below) (or approximately $16.6 million if the initial purchasers exercise their option to purchase additional notes in full) to be entered into with certain financial institutions (the "option counterparties") and (ii) for project development and general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, Ur-Energy expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions with the option counterparties and the remaining net proceeds for the purposes described above.

The notes will be convertible at the option of the holders in certain circumstances. The notes will be convertible into cash, common shares, no par value, of Ur-Energy ("common shares") or a combination of cash and common shares, at Ur-Energy's election. The initial conversion rate is 576.7013 common shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $1.73 per common share, which represents a conversion premium of approximately 27.5% to the last reported sale price of the common shares on the NYSE American on December 10, 2025), and will be subject to adjustments in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date of the notes or if Ur-Energy delivers a notice of redemption, Ur-Energy will, in certain circumstances, increase the conversion rate of the notes for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

Ur-Energy may not redeem the notes prior to January 22, 2029, except upon the occurrence of certain changes to the laws governing withholding taxes as described below. Ur-Energy may redeem for cash all or any portion of the notes (subject to the partial redemption limitation described below), at its option, on or after January 22, 2029, if the last reported sale price of the common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Ur-Energy provides notice of redemption. Ur-Energy may also redeem for cash all but not part of the notes, at its option, subject to certain conditions, upon the occurrence of certain changes to the laws governing withholding taxes. Redemptions of notes, in either case, shall be at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If Ur-Energy redeems less than all of the outstanding notes, at least $25 million aggregate principal amount of notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption.

If Ur-Energy undergoes a "fundamental change" (as defined in the indenture governing the notes), then Ur-Energy will, subject to certain conditions and except as described in the indenture governing the notes, be required to make an offer to holders to repurchase for cash all or any portion of their notes in principal amounts of $1,000 or an integral multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In connection with the pricing of the notes, Ur-Energy entered into privately negotiated cash-settled capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of common shares initially underlying the notes. The capped call transactions are expected generally to compensate (through the payment of cash to Ur-Energy) for the potential economic dilution upon any conversion of notes and/or offset any cash payments Ur-Energy is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

The cap price of the capped call transactions relating to the notes is initially $2.72, which represents a premium of 100% over the last reported sale price of the common shares on the NYSE American on December 10, 2025, and is subject to certain adjustments under the terms of the capped call transactions.

In connection with establishing their initial hedges of the capped call transactions, Ur-Energy expects that the option counterparties or their respective affiliates will enter into various derivative transactions with respect to the common shares and/or purchase common shares concurrently with or shortly after the pricing of the notes, including with, or from, certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of common shares or the trading price of the notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common shares and/or purchasing or selling common shares or other securities of Ur-Energy in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the 50-trading day period beginning on the 51st scheduled trading day prior to the maturity date of the notes and, to the extent the Company exercises the relevant election under the capped call transactions, following any earlier conversion, redemption or repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common shares or the notes, which could affect a holder's ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of common shares, if any, and the value of the consideration that a holder will receive upon conversion of its notes.

The notes and the common shares issuable upon conversion of the notes, if any, have not been registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws. The notes issued and the common shares issuable upon the conversion of notes, if any, to purchasers in Canada will be subject to a statutory hold period in accordance with applicable Canadian provincial and territorial securities laws. The offering is subject to final acceptance of the Toronto Stock Exchange ("TSX"). In obtaining TSX conditional approval, Ur-Energy intends to rely on the Exemptions for Eligible Interlisted Issuers set forth in Section 602.1 of the TSX Company Manual, which provide that the TSX will not apply its standards to certain transactions involving "Eligible Interlisted Issuers" on a "Recognized Exchange" (each as defined in the TSX Company Manual), such as the NYSE American.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the securities being offered in the offering nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (including statements concerning the anticipated completion of the offering and capped call transactions, the potential impact of the foregoing or related transactions on dilution to the common shares and the market price of the common shares or the trading price of the notes, and the anticipated use of proceeds from the offering) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include market risks, trends and conditions and other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and the other public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 3 million pounds of U3O8 from Lost Creek since the commencement of operations. Ur-Energy has begun development and construction activities at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming. Ur-Energy is engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur-Energy's common shares is on the NYSE American under the symbol "URG." Ur-Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.

FOR FURTHER INFORMATION, PLEASE CONTACT

John W. Cash, Chairman and CEO
+1 307-265-2373, ext. 303
[email protected]

SOURCE: Ur-Energy Inc.

The Oracle logo is displayed on a mobile phone with a visual digital background in this photo illustration in Brussels, Belgium, on November 16, 2025. (Photo by Jonathan Raa/NurPhoto via Getty Images)

NurPhoto via Getty Images

Oracle (ORCL) stock has recently declined following the release of Q2 fiscal 2026 results. While the company exceeded expectations for earnings, it fell short on revenue goals, and investors were additionally unsettled by management’s decision to raise its capital expenditure guidance to $50 billion for the current fiscal year 2026 – a significant increase from $21 billion in fiscal 2025. This is a substantial leap, primarily directed towards AI infrastructure.

So, is this selloff a buying opportunity?

Not quite. The stock appears to remain pricey at approximately $200.

However, if you seek potential gains with lower volatility compared to holding a single stock like ORCL, you might want to explore the High Quality Portfolio. It has consistently outperformed its benchmark – a composite of the S&P 500, Russell, and S&P MidCap indexes – boasting returns of over 105% since its inception. Why is this the case? The stocks in the HQ Portfolio collectively offered superior returns with reduced risk compared to the benchmark index; it provided a more stable investment experience, as illustrated in HQ Portfolio performance metrics.

Why the “expensive” label?Let’s begin with valuation. Oracle has a P/S ratio of 9.3x compared to 3.2x for the S&P 500. Its P/E ratio stands at 36.7x against the market’s 23.4x. This means you’re paying nearly three times what you would for the average S&P 500 company based on sales, and approximately 57% more on an earnings basis.

But hold on – are premium valuations warranted if the company is growing? After all, Oracle’s growth narrative seems robust, doesn’t it?

That’s a valid point. Oracle has posted:

10.2% average annual revenue growth over the past three years (in contrast to 5.5% for the S&P 500)14.2% revenue growth over the last twelve months, rising from $51.2 billion to $58.3 billion14% year-over-year growth in the most recent quarter, reaching $16.1 billionThis is indeed strong top-line performance, almost double that of the S&P 500’s growth rate.

What about profitability?This is where Oracle truly excels. The company’s margins are remarkable:

Operating margin of 30.4% (in comparison to 18.8% for the S&P 500)Operating cash flow margin of 27.4% (versus 20.4% for the index)Net income margin of 25.3% (compared to 13.1% for the benchmark)Oracle converts revenue into profits at rates that most firms could only aspire to. Over the previous four quarters, it generated $19 billion in operating income and $15 billion in net income.

Is the balance sheet strong enough to support that $50 billion capex plan?Yes, although it is not without its challenges. Oracle has $106 billion in debt relative to a market capitalization of $570 billion, resulting in a debt-to-equity ratio of 19% – a considerable amount for a tech firm, albeit slightly better than the S&P 500’s 20.4%. The company retains $19 billion in cash against total assets of $180 billion, giving it an 11% cash-to-assets ratio (compared to 7% for the market).

The balance sheet can accommodate the increase in capex, but investors rightly have concerns about the potential returns from that investment and how it affects short-term cash generation.

How does Oracle perform during market stress?Surprisingly well, although not consistently:

2022 Inflation Shock: ORCL declined 41.1% compared to 25.4% for the S&P 500, but bounced back to its pre-crisis peak by May 20232020 COVID Pandemic: ORCL fell by 28.6% which was better than the 33.9% drop for the S&P 500, recovering by July 20202008 Financial Crisis: ORCL saw a decline of 41.1%, which was less than the 56.8% fall for the index, recovering by December 2009The trend is evident: Alibaba usually experiences a downturn during crises, yet it tends to recover relatively swiftly and outperforms the broader market in terms of the extent of decline. See our dashboard on – Would You Still Hold Oracle Stock If It Fell Another 30%? – for additional information.

So what’s the verdict?Oracle is rated “Strong” across Growth, Profitability, Financial Stability, and Downturn Resilience. Its operating performance and financial metrics are genuinely impressive.

However, that does not necessarily make it a buy at the current prices.

The problem is not the quality – it’s the price. When you are paying 9.3x sales and 36.7x earnings for a company growing at 14%, you are factoring in significant future perfection. The $50 billion AI capex commitment introduces uncertainty regarding short-term returns and cash flow distribution. This high valuation limits potential upside in the near-to-mid term. You’re purchasing a stellar company at a price that assumes it will maintain its excellence and accelerate from this point. That is a challenging gamble after a quarter of 14% revenue growth that still left investors unsatisfied.

If you desire exposure to strong companies without the valuation risks associated with individual stocks like Oracle, diversified portfolios that systematically target quality at reasonable prices provide a more favorable risk-reward scenario. Consider the Trefis Reinforced Value (RV) Portfolio, which has exceeded its all-cap stocks benchmark (a blend of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices), delivering strong returns for investors. What accounts for this? The quarterly rebalanced assortment of large-, mid-, and small-cap RV Portfolio stocks provided a responsive method to capitalize on positive market conditions while curbing losses when market sentiment turns negative, as detailed in RV Portfolio performance metrics.

December 11, 2025 01:29 ET

 | Source:

Immunovant Inc.

Funding to provide runway through potential Graves’ Disease commercial launch NEW YORK, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases, today announced the pricing of an underwritten offering of its common stock, with anticipated gross proceeds to Immunovant of approximately $550 million, before deducting underwriting discounts and commissions and other expenses payable by Immunovant in connection with the transaction. Roivant Sciences Ltd., the Company’s controlling stockholder, has agreed to purchase shares in the offering. All of the shares are to be sold by Immunovant.

Immunovant currently expects that its existing cash and cash equivalents, together with the proceeds from the transaction, will be sufficient to fund its operating expenses and capital expenditures through the potential commercial launch of IMVT-1402 in the Graves’ Disease indication.

Immunovant offered 26.2 million shares of its common stock in the offering at an offering price of $21.00 per share. The offering is expected to close on or about December 12, 2025, subject to satisfaction of customary closing conditions.

Leerink Partners is acting as the sole underwriter for the offering.

The shares in the offering are being offered by Immunovant pursuant to an automatic registration statement on Form S-3 previously filed with the SEC.

When available, a copy of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from: Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “can,” “may,” “might,” “will,” “would,” “should,” “expect,” “believe,” “estimate,” “design,” “plan,” "intend," and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the uncertainties related to the completion of the offering. All forward-looking statements are based on estimates and assumptions by Immunovant’s management that, although Immunovant believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Immunovant expected. Such risks and uncertainties include, among others: Immunovant may not be able to protect or enforce its intellectual property rights; initial results or other preliminary analyses or results of early clinical trials may not be predictive final trial results or of the results of later clinical trials; the timing and availability of data from clinical trials; the timing of discussions with regulatory agencies, as well as regulatory submissions and potential approvals; the continued development of Immunovant’s product candidates, including the number and timing of the commencement of additional clinical trials; Immunovant’s scientific approach, clinical trial design, indication selection, and general development progress; future clinical trials may not confirm any safety, potency, or other product characteristics described or assumed in this press release; any product candidate that Immunovant develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; Immunovant’s product candidates may not be beneficial to patients, or even if approved by regulatory authorities, successfully commercialized; the potential impact of global factors, such as international trade tariffs, geopolitical tensions, and adverse macroeconomic conditions on Immunovant’s business operations and supply chain, including its clinical development plans and timelines; Immunovant’s business is heavily dependent on the successful development, regulatory approval, and commercialization of IMVT-1402; Immunovant is at various stages of clinical development for IMVT-1402 and batoclimab; and Immunovant will require additional capital to fund its operations and advance IMVT-1402 and batoclimab through clinical development. These and other risks and uncertainties are more fully described in Immunovant’s periodic and other reports filed with the Securities and Exchange Commission (SEC), including in the section titled “Risk Factors” in Immunovant’s Annual Report on Form 10-K filed with the SEC on May 29, 2025, and Immunovant’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Immunovant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:
Investors
Keyur Parekh
[email protected]

Media
Stephanie Lee
[email protected]

HomeETFs and Funds AnalysisETF Analysis

SummaryThe Invesco S&P 500 GARP ETF offers a diversified 75-stock portfolio blending value and growth characteristics from the S&P 500 universe.SPGP features balanced sector exposure, superior earnings and sales growth rates, and lower valuation multiples compared to SPY.Despite matching SPY's long-term returns, SPGP has higher volatility, a lower Sharpe ratio, and recent underperformance versus both SPY and key competitor GARP.SPGP's broader sector diversification and lower concentration may appeal to investors seeking reduced company-specific risk versus more tech-heavy alternatives. Oselote/iStock via Getty Images

SPGP Strategy Invesco S&P 500 GARP ETF (SPGP) started investing operations on 06/16/2011 and tracks the S&P 500 Growth at a Reasonable Price Index. The fund has a portfolio of 75 stocks, a 30-day SEC yield of 0.59%, and an expense ratio

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

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

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SummaryMain Street Capital is a best-in-class BDC, leveraging an internally managed model for superior cost efficiency, consistent NAV growth, and resilient dividends.MAIN's multi-pronged strategy (income, NAV accretion, and equity gains) drives reliable monthly dividends and supplemental payouts, with 13 consecutive quarters of record NAV per share.Balance sheet strength is evident: conservative 0.62x leverage, $1.56 billion in liquidity, and 17% ROE, supporting continued portfolio growth and income stability even in volatile markets.Despite a 1.85x P/NAV premium, MAIN trades below historical earnings multiples, offering room for re-rating as durable DNII, robust deal flow, and disciplined risk management persist.William_Potter/iStock via Getty Images

Main Street Capital Corporation (MAIN) occupies a niche position between the private equity and private credit markets, operating as both a lender and an equity investor in small private businesses. Since its IPO in 2007, the firm has

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.

No position of MAIN in my personal portfolio. This was more of a deep-dive analysis on the stock for readers of Seeking Alpha.

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

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of GOOG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

Tom Hancock, a portfolio manager at GMO, favors companies that consistently earn a high return on capital and reinvest in the business.

 JOINT PRESS RELEASE

11 December 2025

Luxembourg / Geneva

EIB and STMicroelectronics announce €1 billion agreement to boost Europe’s competitiveness and strategic autonomy

Credit line to strengthen Europe’s semiconductor industry and support innovation, sustainability and energy efficiency in line with EU objectivesFirst €500 million tranche signed to support acceleration of R&D and high-volume chip manufacturing in Italy and France. The new agreement, the ninth between EIB and ST, brings total financing to around €4.2 billion The European Investment Bank (EIB) and STMicroelectronics (NYSE:STM, “ST”) have signed a €500 million financing agreement to boost Europe’s competitiveness and strategic autonomy. This represents the first tranche a broader €1 billion credit line recently approved by the EIB in favour of STMicroelectronics, a leading semiconductor manufacturer with a strong footprint in Europe including Italy, France and Malta and serving the automotive, industrial, personal electronics, and communication infrastructure markets.

Since 1994, the Bank has supported nine projects with ST, resulting in approximately €4.2 billion of financing. This new operation will help support ST’s investment programme in innovative semiconductor technologies and devices in Italy and France, where the company operates both research and development and high-volume manufacturing. About 60% of the agreement is focused on high-volume manufacturing capabilities, including the key sites of Catania, Agrate and Crolles, while the remaining 40% is focused on R&D.

“Europe’s ability to lead in semiconductor innovation is vital for our competitiveness, resilience and climate goals. This agreement reflects the EIB’s commitment to supporting strategic industries that enable the green and digital transitions and strengthen Europe’s technological sovereignty,” said Gelsomina Vigliotti, EIB Vice-President.

“ST continues to be committed to strengthening Europe’s semiconductor ecosystem, and this significant loan from EIB aims at bolstering our efforts in R&D for differentiated technologies and high-volume manufacturing across our sites in Italy and France”, said Jean-Marc Chery, President and CEO of STMicroelectronics. “ST’s longstanding collaboration with the EIB underscores our commitment to ensuring European technology leadership in the global semiconductor market.”  

“Semiconductors are at the heart of modern economies, powering everything from electric vehicles to digital infrastructure. By financing ST’s investments in research and advanced manufacturing, we are helping Europe secure critical technologies and create high-skilled jobs for the future,” added EIB Vice-President Ambroise Fayolle.

The agreement announced today follows last week’s visit by a high-level EIB delegation, led by Vice-Presidents Gelsomina Vigliotti and Ambroise Fayolle, to ST’s facility in Catania, a state-of-the-art plant covering the full Silicon Carbide (SiC) value chain and representing a key element of the EU Bank’s financing.

General information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.  
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.     All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.    
Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.  
High-quality, up-to-date photos of our headquarters for media use are available here. 

About STMicroelectronics

At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027.

CONTACTS

EIB

EIB: Lorenzo Squintani
[email protected]/[email protected]
Tel: +39 366 57 90 312
Website: www.eib.org/press

ST

Investor relations
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41.22.929.59.20
[email protected]

Media relations
Alexis Breton
Group VP Corporate External Communications
Tel: +33.6.59.16.79.08
[email protected]

C3376C - 251211_EN_PR_EIB-STMicroelectronics_FINAL FOR PUBLICATION