Track market-moving stories before they get noisy

Key Takeaways CIEN reported fiscal Q2 revenues of $1.57 billion, up 39% year over year on strong networking demand.CIEN's backlog grew by more than $600 million sequentially to $7.7 billion in fiscal Q2.CIEN raised fiscal 2026 revenue and profitability forecasts after a strong first-half performance. Ciena Corporation (CIEN - Free Report) is successfully capitalizing on long-term networking trends despite an evolving supply environment. It recently reported fiscal second-quarter revenues of $1.57 billion, up 39% year over year, driven by strong demand for its networking solutions as enterprises and cloud providers accelerate investments in AI infrastructure, fueling the need for high-capacity optical networking and routing technologies. Ciena's backlog expanded by more than $600 million sequentially to $7.7 billion in the fiscal second quarter, underscoring strong demand for its products and continued growth traction.

Supported by robust order activity, increasing services revenues, strong customer engagement and a high-quality backlog, the company has solid visibility into fiscal 2027. It expects backlog levels to rise further by year-end. While industry demand continues to outpace supply, Ciena has effectively managed the constrained environment, enabling strong execution and multiple upward revisions to its outlook. It is working closely with suppliers to strengthen supply availability and with customers to optimize economics, positioning it to support its growing backlog while enhancing supply-chain resilience.

Driven by solid first-half performance and its ability to navigate ongoing supply challenges, Ciena upgraded its fiscal 2026 outlook. The company now anticipates full-year revenues of about $6.3 billion (+/-$100 million), indicating a midpoint growth of 32% year over year, compared with its previous guidance of $5.9-$6.3 billion. Ciena also raised its profitability forecasts, projecting adjusted gross margins of 44.5-45%, up from 43.5-44.5%. Adjusted operating expenses are now estimated at roughly $1.61 billion (+/-$20 million), reflecting investments in supply security, while adjusted operating margin is forecasted at approximately 19% (+/-50 bps), compared with the prior range of 17.5-19.5%.

CIEN is also investing to secure future supply and expects CapEx of $250-$275 miliion.

How Are CIEN’s Industry Peers Expanding Their Growth Runway?Nokia (NOK - Free Report) continues to strengthen its technology portfolio and execute its long-term strategy, riding on a large 5G intellectual property portfolio, an expanding enterprise business and growing opportunities in AI-driven networking. Demand from AI and cloud customers supported IP Networks growth in first-quarter 2026, while Nokia launched an AI Networking Innovation Lab to accelerate the development of next-generation AI-native data center networking solutions alongside ecosystem partners. The initiative expands Nokia’s presence in a structurally attractive infrastructure market and strengthens its position in AI-driven connectivity. It has raised its growth outlook for Network Infrastructure, now expecting 12–14% net sales growth in 2026 at cc.

Cisco Systems (CSCO - Free Report) took $5.3 billion of hyperscaler AI infrastructure orders year to date in fiscal 2026 and raised its full-year order outlook to $9 billion from $5 billion. Management also lifted expected fiscal 2026 AI infrastructure revenues to $4 billion from $3 billion, indicating faster conversion of orders to shipments. Third-quarter product orders increased 35% year over year (19% excluding hyperscalers), while networking orders rose more than 50%. Networking revenues grew 25%, driven by strong demand for AI-focused switching, routing and optical solutions. For fiscal 2026, management raised its outlook to revenues of $62.8-$63 billion and non-GAAP earnings of $4.27-$4.29 per share. 

CIEN Price Performance, Valuation and EstimatesShares of CIEN have gained 633.3% in the past year compared with the Communications - Components industry’s surge of 371.6%.

Image Source: Zacks Investment Research

Valuation-wise, CIEN seems attractive, as suggested by the Value Score of B. CIEN trades at a forward 12-month price-to-earnings (P/E) ratio of 79.7, above the industry’s 54.98.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CIEN’s earnings for fiscal 2026 has been marginally revised upward over the past 60 days.

Image Source: Zacks Investment Research

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

Ciena delivered strong Q2 results, with EPS of $1.64 and 40% YoY revenue growth, exceeding expectations. Management raised FY26 revenue guidance to $6.3B and operating margin to 19%, supported by a $7.7B backlog and hyperscaler Hyper-Rail wins. CIEN's business quality is evidenced by a 13.9% FCF margin, improved cash conversion cycle, and a robust, nearly net-cash balance sheet.

HANOVER, Md.--(BUSINESS WIRE)--Ciena® Corporation (NYSE: CIEN) (the “Company”), the global leader in high-speed connectivity, today announced that it has priced its private offering (the “Offering”) of $2.5 billion aggregate principal amount of 0.00% convertible senior notes due 2031 (the “Notes”). The Notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by each wholly-owned domestic subsidiary of Ciena that currently or in the future guarantees its 4.00% senior notes due 2030 or any refinancing of such notes (the “guarantees”). The size of the Offering was increased from the previously announced $2.0 billion aggregate principal amount of Notes. The Company also granted to the initial purchasers of the Notes an option to purchase up to an additional $375.0 million aggregate principal amount of the Notes within a 13-day period beginning on, and including, the first date on which the Notes are issued. The Offering and the convertible note hedge and warrant transactions described below are expected to close on June 11, 2026, subject to customary closing conditions. The closing of the Offering is not contingent upon the closing of such convertible note hedge and warrant transactions.

The Company intends to use (i) $100.0 million of the net proceeds from the Offering to pay the net cost of the convertible note hedge transactions described below (after such cost is partially offset by the proceeds of the Company’s entry into the warrant transactions described below) and (ii) approximately $140.0 million of the net proceeds to repurchase approximately 0.3 million shares of the Company’s common stock concurrently with the Offering in privately negotiated transactions effected with or through one of the initial purchasers or its affiliate, at a purchase price per share equal to the last reported sale price of $466.67 per share of the Company’s common stock on the New York Stock Exchange (“NYSE”) on June 8, 2026. The Company intends to use approximately $1.14 billion of the remaining net proceeds from the Offering to repay amounts outstanding under its term loan under its existing credit facility and pay related fees and expenses. The Company intends to use the remainder of the net proceeds for general corporate purposes, including investments to enhance supply chain capacity.

The concurrent repurchases of shares of the Company’s common stock described above may result in the Company’s common stock trading at prices that are higher than would be the case in the absence of these repurchases, which may have resulted in a higher initial conversion price for the Notes. In addition, any repurchases of the Company’s common stock following the Offering could affect the trading price of the Notes and, if conducted during an observation period for the conversion of any Notes, could affect the number of shares and value of the consideration that is due upon such conversion. Potential hedging activity in connection with the convertible note hedge and warrant transactions described below may also affect the market price of the Company’s common stock or the Notes, holders’ ability to convert the Notes or the number of shares and value of the consideration to be received upon conversion of the Notes as described below.

The Notes will be senior unsecured obligations of the Company. The Notes will not bear regular interest and the principal amount of the Notes will not accrete. The Notes will mature on September 15, 2031, unless earlier converted, redeemed or repurchased. The initial conversion rate for the Notes is 1.3393 shares of the Company’s common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $746.66 per share of the Company’s common stock), which represents a conversion premium of approximately 60.0% percent over the last reported sale price of $466.67 per share of the Company’s common stock on the NYSE on June 8, 2026.

Prior to June 15, 2031, the Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Company will satisfy any conversion by paying cash up to the aggregate principal amount of the Notes to be converted and by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Company may not redeem the Notes prior to September 20, 2029, except in the event of a cleanup redemption (as defined below). The Notes will be redeemable, in whole or in part, at the Company’s option on or after September 20, 2029, upon the satisfaction of certain conditions and subject to certain limitations. In addition, the Notes will be redeemable at any time if the aggregate principal amount of the Notes that remains outstanding is less than 10% of the aggregate principal amount of the Notes initially issued in the Offering and certain other conditions are satisfied (a “cleanup redemption”).

In connection with the pricing of the Notes, the Company has entered into convertible note hedge transactions with certain of the initial purchasers of the Notes or their respective affiliates and certain other financial institutions (the “option counterparties”). These transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the same number of shares of the Company’s common stock that will initially underlie the Notes, and are expected generally to reduce any dilutive effect on the Company’s common stock of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be. Concurrently with entry into the convertible note hedge transactions, the Company has also entered into warrant transactions with the option counterparties relating to the same number of shares of the Company’s common stock, subject to customary anti-dilution adjustments. The strike price of the warrant transactions will initially be $1,000.00 per share, which represents an approximate 114.3% premium to the last reported sale price of the Company’s common stock on the NYSE on June 8, 2026. The warrant transactions could separately have a dilutive effect on the Company’s common stock to the extent that the market price per share of the Company’s common stock exceeds the strike price of the warrants.

If the initial purchasers exercise their option to purchase additional Notes, the Company expects to enter into additional convertible note hedge transactions and additional warrant transactions with the option counterparties.

The Company has been advised by the option counterparties that, in connection with establishing their initial hedges of the convertible note hedge and warrant transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the Company's common stock and/or purchase shares of the Company’s common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Company’s common stock and/or the Notes at that time. The option counterparties or their respective affiliates may also modify their hedge positions by entering into or unwinding various derivatives with respect to the Company’s common stock and/or purchasing or selling the Company’s common stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so in connection with any conversion of the Notes, any redemption of Notes, any repurchase of the Notes upon a fundamental change or any other repurchase of Notes if the Company elects to terminate a corresponding portion of the convertible note hedge transactions). This activity could also cause or avoid an increase or a decrease in the market price of the Company’s common stock and/or the Notes, which could affect the ability of holders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the Notes.

The Notes and the guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). This release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes and the guarantees. Any offers of the Notes and the guarantees are being made only by means of a private offering memorandum. The Notes, the guarantees, and any common stock issuable upon conversion have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

About Ciena

Ciena is the global leader in high-speed connectivity. We build the world’s most advanced networks to support exponential growth in bandwidth demand. By harnessing the power of our networking systems, interconnects, automation software, and services, Ciena revolutionizes data transmission and network management. With unparalleled expertise and innovation, we empower our customers, partners, and communities to thrive in the AI era.

Note to Ciena Investors

This press release contains certain forward-looking statements that are based on our current expectations, forecasts, information and assumptions. These statements involve inherent risks and uncertainties. Actual results or outcomes may differ materially from those stated or implied, because of risks and uncertainties, including those detailed in our most recent annual and quarterly reports filed with the SEC. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies and can be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or similar words. Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

These forward-looking statements include, among others, statements regarding our ability to complete the Offering (including our intended use of proceeds), the concurrent share repurchases and the convertible note hedge and warrant transactions on favorable terms, if at all, and general market conditions which might affect the Offering, the concurrent share repurchases and the convertible note hedge and warrant transactions.

Artificial intelligence (AI) infrastructure investments have been booming this year, with the top four hyperscalers in the U.S. expected to splurge a staggering $725 billion in capital spending in 2026.

That's a 77% increase over last year's $410 billion capital expenditure incurred by Google, Amazon, Meta Platforms, and Microsoft. These hyperscalers are sitting on massive backlogs, fueled by the phenomenal demand for their AI services. However, the scope of AI spending isn't limited to these hyperscalers, as pure-play AI companies, such as OpenAI and Anthropic, and neocloud providers, such as CoreWeave and Nebius, are also rapidly scaling up their infrastructure.

Not surprisingly, there is a shortage of several components that power AI data center infrastructure, such as graphics processing units (GPUs), server processors, and memory chips. There is another mission-critical component that's now in overwhelming demand due to the AI infrastructure build-out, and it is expected to create the next bottleneck -- optical networking.

Ciena (CIEN +1.01%) is one of the top players in the optical networking space, and it has been reaping the benefits of the solid demand for these components. The company recently released its results, and the stock price action following its quarterly report suggests investors have a great opportunity to buy this fast-growing AI stock.

Here's why.

Image source: The Motley Fool.

Ciena's growth is picking up as AI fuels solid demand for optical components Optical networking components help transport enormous amounts of data in AI data centers and GPU clusters. As the name suggests, optical networking uses light rather than traditional copper cables to move data, which is why it offers high bandwidth, energy efficiency, and low latency. So, using optical transport networks means that GPUs and other AI accelerator chips won't be sitting idle for data to arrive, allowing them to quickly execute tasks.

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This explains why Ciena reported a 40% year-over-year increase in revenue for the second quarter of fiscal 2026 (which ended on May 2) to $1.57 billion. That was faster than the 33% revenue jump Ciena saw in fiscal Q1. What's more, the supply shortage in optical networking means the prices of these components are rising.

That's why Ciena's operating margin more than doubled year over year in the previous quarter to 19.5%. The company's non-GAAP earnings per share jumped by a stunning 290% from the year-ago period to $1.64 per share. Its revenue and earnings were well ahead of consensus estimates. Even better, the company has raised its full-year revenue guidance to $6.3 billion from the earlier estimate of $6.1 billion.

The updated guidance suggests that Ciena's top line will increase by 32% at the midpoint this fiscal year. However, don't be surprised if its growth comes in hotter than expected, as the company anticipates its addressable market to jump significantly. CEO Gary Smith noted on the latest earnings call:

Simply put, all customers are prioritizing high capacity, low latency, and high-speed connectivity, underpinned by the need to transport data for AI, including model training, data ingestion, and inference. To that end, our latest view is that the addressable market will approximately double over the next several years to roughly $50 billion by 2029.

Importantly, Ciena is winning more business from hyperscalers to deploy its optical components, which should allow it to convert that sizable market opportunity into revenue and earnings growth. Moreover, the supply of optical components is anticipated to remain significantly below demand through 2029, according to McKinsey, ensuring that Ciena's strong pricing power remains sustainable.

The company ended the latest quarter with an order backlog of $7.7 billion, up $600 million from the prior quarter. So, there is a strong chance Ciena's growth will outpace its guidance this year. Moreover, the $50 billion revenue opportunity that Ciena sees over the next three years, along with the supply shortage, should be a catalyst for phenomenal earnings growth.

Data by YCharts

The chart above shows that Ciena's earnings will more than double over the next couple of fiscal years, though the discussion above makes it clear it could do even better.

The stock is down, creating an opportunity for savvy investors Ciena's stock dropped over 13% after releasing its report on June 4 despite the beat-and-raise report. The drop doesn't seem justified, though it is worth noting that the company has a premium valuation. It trades at 163 times trailing earnings, and the forward earnings multiple of 79 isn't cheap either. For comparison, the tech-focused Nasdaq Composite index has an average price-to-earnings ratio of 40.

However, Ciena's remarkable earnings growth justifies the valuation. Ciena delivered $2.64 in earnings per share in fiscal 2025 (which ended on Nov. 1, 2025). The consensus estimate of $14.37 in earnings per share for fiscal 2028 (as seen in the previous chart) suggests that its bottom line will increase at a compound annual growth rate (CAGR) of 76% for the next three years.

Assuming Ciena clocks even 30% annual earnings growth in fiscal 2029 and 2030, its bottom line could reach $18.68 in the next five years. If it trades at 40 times earnings at that time, in line with the Nasdaq Composite but at a significant discount to its current multiple, its stock price could jump to $747. That's a potential upside of 60%, which is why investors can consider using the drop in this tech stock as a buying opportunity.

Of course, Ciena can deliver significantly stronger upside during this period as it benefits from a key bottleneck in AI infrastructure that should continue to drive up the price of its products, eventually leading to market-beating earnings growth over the long run.

Bearish investor sentiment on the tech sector and an upsized debt offering were two key factors driving Ciena's (CIEN +1.01%) stock down again on Tuesday. Investors eagerly sold the stock, pushing it down by almost 6%, compounding the over 4% drop it endured in Monday's trading session.

Many techies got thrashed Ciena can't escape the broader rout of legacy tech titles, driven by several negative, converging factors. The first is the suddenly sharper chance of the Federal Reserve raising interest rates this year, on the back of the latest official employment statistics showing much higher-than-expected job creation (a situation that is very likely to increase inflation).

Image source: Getty Images.

Meanwhile, the upcoming SpaceX IPO is a monster issue that will consume much capital. That's because institutional and individual investors are preparing to buy into it, with more than a few reallocating funds from existing tech positions. As if that weren't enough, artificial intelligence (AI) developers OpenAI and Anthropic -- the companies behind ChatGPT and Claude, respectively -- are also advancing in their own plans to go public.

So, although the convertible notes issue Ciena announced on Monday features terms very favorable to the company, it could be quite dilutive to existing shareholders down the road. This was exacerbated the following day, when Ciena announced it had upsized the issue considerably, to $2.5 billion from $2 billion.

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An attractive stock that looks unattractive to many now Ciena is doing its level best to mitigate that, as the complex issue features a set of hedging mechanisms. Still, the threat of dilution is very real. That's something of a shame, because the company's underlying business is quite solid, particularly in this age of aggressive AI build-outs, and on a fundamental basis, it's a very attractive enterprise.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ciena. The Motley Fool has a disclosure policy.

New York-London trial demonstrates how ultra-high-speed data can remain protected from quantum threats across 6900km of digital infrastructure

LONDON--(BUSINESS WIRE)--Colt Technology Services (Colt), the global digital infrastructure company, and Ciena (NYSE: CIEN), the global leader in high-speed connectivity, have completed one of the fastest quantum-safe data transmissions ever demonstrated and the fastest across a transatlantic route. The landmark trial successfully protected live data running across 6900km of Colt’s subsea and terrestrial network between New York and London with Ciena’s WaveLogic 6 Extreme (WL6e) encryption solution1. The trial proved that data can be securely transmitted at an 800Gb Ethernet (GbE) service rate - fast enough to move data-centre-scale volumes across the Atlantic in seconds - while remaining protected against growing quantum threats.

Businesses are moving now to protect their data from “harvest now, decrypt later” attacks, in which bad actors intercept and store data in transit waiting for future quantum computing capabilities to break through traditional data encryption methods to access it. This could be possible as early as 2030. According to research, 69% of organisations believe quantum computing poses a real risk to current encryption and 46% believe large portions of their data could be compromised2. The successful Colt and Ciena trial demonstrates that high-speed quantum-safe connectivity is ready to secure customer data reliably across continents, along one of the world’s busiest data corridors.

The trial is the latest in a series of quantum-safe encryption trials led by Colt across transatlantic subsea networks and stands out due to its:

Speed: 800GbE is still at the very early adoption stage as most deployed long-haul and subsea systems today run at 100GbE or 400GbE. The trial successfully showcased an 800GbE encrypted service across the Atlantic on one of the most popular routes in the world Security: Ciena’s WL6e 1.6T quantum-safe encryption solution on the Waveserver platform offers PQC algorithms enabling high-capacity secure connectivity that can function at extreme bandwidths over any distance3. Performance: the trial demonstrated outstanding optical performance, stability over subsea infrastructure and readiness to secure AI traffic demands Buddy Bayer, chief operating officer, Colt Technology Services said, “Quantum computing is redefining the security challenge for global connectivity. This trial marks a significant step forward in protecting the world’s data as it moves across continents. It proves that quantum-safe protection can be delivered at real-world scale. Colt’s infrastructure combines global reach, sustained investment and robust security, giving businesses, hyperscalers and neoscalers the confidence to grow. At the same time, Ciena’s quantum-safe solutions show how next-generation security can be embedded into high-speed networks, ensuring protection keeps pace with performance. Together, we’re helping customers protect critical data today while preparing for the quantum era, building future-ready networks that simply work, and are secure, scalable and ready to power the AI economy.”

Dino DiPerna, senior vice president, Global Research and Development, Ciena said, “As network demand surges, operators are raising the security bar to stay ahead of the threat posed by quantum computers. This Colt-Ciena trial shows how post-quantum cryptography and proven high-performance optical encryption can play an important role in protecting high-speed services over real-world long-haul and submarine networks, helping secure critical in-flight data across any distance.”

Following this and other successful optical network trials, Colt can offer quantum-safe services to meet a diverse range of customer needs. These include solutions based on Post-Quantum Cryptography (PQC), Quantum Key Distribution (QKD), Symmetric Key Infrastructure (SKI), and hybrid models, across both terrestrial and subsea networks. The solutions are ideal for organisations including:

Enterprises seeking resilient and secure global connectivity and reducing compliance risk Global content providers, hyperscalers and neoscalers exploring quantum-safe integration Financial institutions and healthcare providers requiring robust protection for sensitive data in transit Government and defence organisations prioritising national security and compliance Colt and Ciena have a strong track record of collaborating to drive customer success. The latest trial follows an announcement in 2025 highlighting the rollout of a powerful new terabit network to support two hyperscaler customers/global content providers, and the completion of the world’s first 1.2 terabit per second wavelength transmission across the Atlantic Ocean, announced by Colt and Ciena in November 2024.

Notes to Editors

1The solution uses National Institute of Standards and Technology (NIST)-compliant, commercially approved post-quantum cryptography (PQC) algorithms, which means it has been approved by a trusted global standards body as commercially viable.

2 DigiCert global enterprise study

3 The solution uses a new type of encryption designed to keep data secure against future quantum threats. ML-KEM (Module-Lattice-Based Key-Encapsulation Mechanism) is one of the first PQC methods to be officially standardised and approved by the National Institute of Standards and Technology (NIST) as FIPS 203.

About Colt Technology Services

We’re Colt. We own and operate exceptional digital infrastructure which powers the global AI economy, connects societies, builds communities and transforms lives. Thousands of colleagues in 65+ offices across Europe, Asia, and North America share a deep commitment to delivering an outstanding experience and making every interaction effortless for our customers.

Customers and partners choose our award-winning fibre infrastructure, digital platforms and security solutions, delivered across a network that spans continents and crosses oceans. We’re Europe’s largest B2B operator: we connect 40+ countries, 32,000 enterprise buildings, 275+ points of presence, and 12 cable landing stations and we manage eight subsea cable systems. We also co-manage AS3356 - the most widely peered network in the world.

Founded in London over 30 years ago, we’re privately funded and driven by values of fairness, inclusion and equity. We’re known for our urgent call for social and sustainable change and we're guided by our purpose in everything we do: creating effortless connections and extraordinary outcomes for our customers, communities and people. Be a part of our story: come on over to www.colt.net or join our amazing communities at LinkedIn, Instagram, TikTok, Facebook and YouTube. Media enquiry? Email us at [email protected].

About Ciena

Ciena is the global leader in high-speed connectivity. We build the world’s most advanced networks to support exponential growth in bandwidth demand. By harnessing the power of our networking systems, interconnects, automation software, and services, Ciena revolutionizes data transmission and network management. With unparalleled expertise and innovation, we empower our customers, partners, and communities to thrive in the AI era. For updates on Ciena, follow us on LinkedIn or visit the Ciena website.

Note to Ciena Investors

You are encouraged to review the Investors section of our website, where we routinely post press releases, SEC filings, recent news, financial results, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that are based on our current expectations, forecasts, information and assumptions. These statements involve inherent risks and uncertainties. Actual results or outcomes may differ materially from those stated or implied, because of risks and uncertainties, including those detailed in our most recent annual and quarterly reports filed with the SEC. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies and can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

HANOVER, Md.--(BUSINESS WIRE)--Ciena Corporation Announces Closing of $2.875 billion of 0.00% Convertible Senior Notes.

First Interstate BancSystem, Inc. (NASDAQ: FIBK - Get Free Report) has been given a consensus recommendation of "Hold" by the eight research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and three have given a buy recommendation to the company.

Posted by Defense World Staff on Apr 4th, 2026

SG Americas Securities LLC boosted its stake in shares of First Interstate BancSystem, Inc. (NASDAQ:FIBK – Free Report) by 180.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,583 shares of the financial services provider’s stock after purchasing an additional 48,648 shares during the quarter. SG Americas Securities LLC owned about 0.07% of First Interstate BancSystem worth $2,615,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of First Interstate BancSystem by 1.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,495,403 shares of the financial services provider’s stock worth $175,140,000 after buying an additional 78,835 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in First Interstate BancSystem in the 3rd quarter valued at about $2,115,000. Vestmark Advisory Solutions Inc. bought a new position in First Interstate BancSystem in the 3rd quarter valued at about $895,000. Cambria Investment Management L.P. acquired a new stake in First Interstate BancSystem during the third quarter worth approximately $9,083,000. Finally, HoldCo Asset Management LP lifted its position in First Interstate BancSystem by 10.6% during the third quarter. HoldCo Asset Management LP now owns 3,950,107 shares of the financial services provider’s stock worth $125,890,000 after acquiring an additional 380,000 shares during the last quarter. 88.71% of the stock is owned by institutional investors.

First Interstate BancSystem Price Performance NASDAQ FIBK opened at $33.48 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.09. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 11.35 and a beta of 0.77. The company has a 50 day moving average of $35.33 and a 200-day moving average of $34.12. First Interstate BancSystem, Inc. has a 1-year low of $22.95 and a 1-year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.44. The business had revenue of $205.10 million for the quarter, compared to the consensus estimate of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 earnings per share. On average, equities research analysts expect that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current fiscal year.

First Interstate BancSystem Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is 63.73%.

Insider Activity at First Interstate BancSystem In related news, major shareholder Jonathan R. Scott sold 3,173 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $36.20, for a total value of $114,862.60. Following the completion of the transaction, the insider owned 937,851 shares of the company’s stock, valued at $33,950,206.20. The trade was a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 8.20% of the company’s stock.

Analyst Upgrades and Downgrades FIBK has been the topic of several research reports. Keefe, Bruyette & Woods upped their target price on First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Piper Sandler dropped their price target on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday. Stephens lowered First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a report on Thursday, February 5th. Weiss Ratings upgraded First Interstate BancSystem from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Finally, Wells Fargo & Company lifted their target price on First Interstate BancSystem from $30.00 to $36.00 and gave the stock an “underweight” rating in a report on Monday, March 30th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.67.

View Our Latest Research Report on FIBK

First Interstate BancSystem Profile (Free Report)

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

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Posted by Defense World Staff on Apr 20th, 2026

State of Alaska Department of Revenue increased its stake in First Interstate BancSystem, Inc. (NASDAQ:FIBK – Free Report) by 1,104.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,857 shares of the financial services provider’s stock after buying an additional 45,719 shares during the period. State of Alaska Department of Revenue’s holdings in First Interstate BancSystem were worth $1,724,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. First Horizon Corp purchased a new stake in First Interstate BancSystem during the 3rd quarter valued at $26,000. EverSource Wealth Advisors LLC boosted its stake in First Interstate BancSystem by 139.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,481 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 862 shares during the last quarter. GAMMA Investing LLC boosted its stake in First Interstate BancSystem by 49.6% during the 4th quarter. GAMMA Investing LLC now owns 1,556 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 516 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in First Interstate BancSystem by 1,485.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,601 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 1,500 shares during the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in First Interstate BancSystem during the 3rd quarter valued at $52,000. 88.71% of the stock is owned by institutional investors.

Analyst Ratings Changes Several analysts have commented on the company. Wall Street Zen upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Keefe, Bruyette & Woods cut their target price on First Interstate BancSystem from $39.00 to $38.00 and set an “outperform” rating on the stock in a research note on Thursday, April 9th. Stephens downgraded First Interstate BancSystem from an “overweight” rating to an “equal weight” rating in a research note on Thursday, February 5th. DA Davidson reiterated a “buy” rating and set a $42.00 target price on shares of First Interstate BancSystem in a research note on Thursday, January 29th. Finally, Piper Sandler cut their target price on First Interstate BancSystem from $44.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, First Interstate BancSystem presently has a consensus rating of “Hold” and an average price target of $38.00.

Check Out Our Latest Research Report on FIBK

First Interstate BancSystem Price Performance NASDAQ FIBK opened at $34.62 on Monday. The business’s fifty day moving average price is $34.72 and its 200-day moving average price is $34.24. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 11.74 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.72 and a quick ratio of 0.72. First Interstate BancSystem, Inc. has a 1-year low of $24.76 and a 1-year high of $39.26.

First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.44. The firm had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $256.89 million. First Interstate BancSystem had a return on equity of 8.83% and a net margin of 21.40%.The company’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.50 EPS. On average, equities analysts predict that First Interstate BancSystem, Inc. will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend The company also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend was Tuesday, February 10th. First Interstate BancSystem’s dividend payout ratio is presently 63.73%.

First Interstate BancSystem Company Profile (Free Report)

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.

See Also Five stocks we like better than First Interstate BancSystem Want to see what other hedge funds are holding FIBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Interstate BancSystem, Inc. (NASDAQ:FIBK – Free Report).

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First Interstate BancSystem demonstrates improving profitability and asset quality, but I maintain a "Hold" rating pending further valuation progress. FIBK's net interest margin and non-interest income have improved, aided by balance sheet adjustments and a significant branch sale. Deposit quality remains a concern, with 36.2% uninsured deposits and declining loan balances, though leverage has been substantially reduced.

BILLINGS, Mont.--(BUSINESS WIRE)--First Interstate BancSystem, Inc. (NASDAQ: FIBK) (the “Company”) today reported financial results for the first quarter of 2026. For the quarter, the Company reported net income of $60.2 million, or $0.61 per diluted share, which compares to net income of $108.8 million, or $1.08 per diluted share, for the fourth quarter of 2025 and net income of $50.2 million, or $0.49 per diluted share, for the first quarter of 2025.

HIGHLIGHTS

Net interest margin increased to 3.41% for the first quarter of 2026, a 5-basis point increase from the fourth quarter of 2025 and a 22-basis point increase from the first quarter of 2025. Other borrowed funds were zero as of March 31, 2026 and December 31, 2025 as compared to $960.0 million as of March 31, 2025. Net charge-offs decreased $19.7 million to $2.4 million, or an annualized 0.06% of average loans outstanding, as of March 31, 2026, from $22.1 million, or an annualized 0.56% of average loans outstanding, as of December 31, 2025, and decreased $6.6 million from $9.0 million, or an annualized 0.21% of average loans outstanding, as of March 31, 2025. Criticized loans decreased $18.6 million to $1,033.2 million as of March 31, 2026, compared to $1,051.8 million as of December 31, 2025, and increased $7.1 million, compared to $1,026.1 million as of March 31, 2025. Non-performing assets increased $24.2 million, or 17.5%, to $162.5 million as of March 31, 2026, from $138.3 million as of December 31, 2025 and decreased $35.9 million, or 18.1%, from $198.4 million as of March 31, 2025. Total deposits decreased $205.3 million to $21,883.0 million as of March 31, 2026, compared to $22,088.3 million as of December 31, 2025 primarily due to decreases in all deposit categories except for savings deposits during the first quarter. Total deposits decreased $849.8 million, or 3.7% from March 31, 2025 with decreases in all deposit categories except for savings deposits primarily driven by the Arizona and Kansas branch sales which consisted of $641.6 million of deposits. During the first quarter of 2026, the Company repurchased 2.39 million shares of common stock for a total repurchase of approximately $84.0 million, in addition to the Company’s repurchase of approximately 3.65 million shares of common stock through December 31, 2025 for a total repurchase of approximately $117.6 million. On January 27, 2026, the board of directors authorized an increase to the repurchase program of an additional $150.0 million, or a total of $300.0 million authorized since its adoption in August of 2025. Common equity tier 1 capital ratio decreased 8 basis points during the first quarter of 2026 to 14.30%, compared to the fourth quarter of 2025, primarily as a result of shares repurchased during first quarter, partially offset by lower risk-weighted assets primarily driven by lower loan balances. “We are pleased to see continued improvement in our net interest margin and continue to execute on our previously announced share repurchase authorization,” said James A Reuter, President and Chief Executive Officer of the Company. “We are encouraged with the underlying momentum in the business as we enter the second quarter, with a strong commercial pipeline and ongoing fixed asset repricing supporting our confidence in continued earnings improvement.”

DIVIDEND DECLARATION

On April 28, 2026, the Company’s board of directors declared a dividend of $0.47 per common share, payable on May 21, 2026, to common stockholders of record as of May 11, 2026. The dividend equates to a 5.3% annualized yield based on the $35.76 per share average closing price of the Company’s common stock as reported on NASDAQ during the first quarter of 2026.

NET INTEREST INCOME

Net interest income decreased $5.7 million to $200.7 million during the first quarter of 2026, compared to net interest income of $206.4 million during the fourth quarter of 2025. Net interest income decreased $4.3 million, or 2.1%, during the first quarter of 2026 compared to the first quarter of 2025. The quarterly decline from the fourth quarter of 2025 was primarily driven by lower interest income due to reduced loan yields and balances, and fewer accrual days, partially offset by higher investment balances and yields and lower interest expense due to reduced deposit balances and rates. Year-over-year lower interest earning assets and interest bearing liabilities were partially influenced by the reduction in loans and deposits related to the sale of the Arizona and Kansas branches during the fourth quarter of 2025, which resulted in a reduction of net interest income, in the first quarter of 2026.

Interest accretion attributable to the fair value of acquired loans, related to prior acquisitions, contributed to net interest income during the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025, in the amounts of $3.1 million, $2.6 million, and $4.7 million, respectively.

Net interest margin ratio was 3.41% for the first quarter of 2026, compared to 3.36% during the fourth quarter of 2025, and 3.19% during the first quarter of 2025. Net FTE (fully-taxable equivalent) interest margin ratio1 was 3.43% for the first quarter of 2026, compared to 3.38% during the fourth quarter of 2025, and 3.22% during the first quarter of 2025. Excluding interest accretion from the fair value of acquired loans, the adjusted net FTE interest margin ratio1, was 3.38%, an increase of 4 basis points from the prior quarter, primarily driven by higher yields on higher average investment security balances and lower rates on lower interest bearing deposits, partially offset by lower loan yields on lower average loan balances. Excluding interest accretion from the fair value of acquired loans, on a year-over-year basis, the adjusted net FTE interest margin ratio increased 24 basis points, primarily as a result of lower interest expense resulting from decreased other borrowed funds balances.

PROVISION FOR CREDIT LOSSES

During the first quarter of 2026, the Company recorded a provision for credit losses of $6.7 million. This compares to a provision for credit losses of $7.1 million and $20.0 million during the fourth quarter of 2025 and the first quarter of 2025, respectively.

For the first quarter of 2026, net loan charge-offs were $2.4 million, or an annualized 0.06% of average loans outstanding, compared to net loan charge-offs of $22.1 million, or an annualized 0.56% of average loans outstanding, for the fourth quarter of 2025 and net loan charge-offs of $9.0 million, or an annualized 0.21% of average loans outstanding, for the first quarter of 2025. Net loan charge-offs in the first quarter of 2026 were composed of charge-offs of $6.5 million offset by recoveries of $4.1 million. Net loan charge-offs in the fourth quarter of 2025 were composed of charge-offs of $24.5 million, primarily related to one loan of $15.8 million, which were offset by recoveries of $2.4 million. Net loan charge-offs in the first quarter of 2025 were composed of charge-offs of $10.8 million, which were offset by recoveries of $1.8 million.

The Company’s allowance for credit losses as a percentage of period-end loans held for investment was 1.33% at March 31, 2026, compared to 1.26% at December 31, 2025 and 1.24% at March 31, 2025. Coverage of non-performing loans decreased to 125.6% at March 31, 2026, compared to 141.9% at December 31, 2025 and increased from 110.5% at March 31, 2025.

NONINTEREST INCOME

For the Quarter Ended

Mar 31,
2026

Dec 31,
2025

$ Change

% Change

Mar 31,
2025

$ Change

% Change

(Dollars in millions)

Payment services revenues

$

15.6

$

16.2

$

(0.6

)

(3.7

)%

$

17.1

$

(1.5

)

(8.8

)%

Mortgage banking revenues

1.3

1.1

0.2

18.2

1.4

(0.1

)

(7.1

)

Wealth management revenues

10.5

10.7

(0.2

)

(1.9

)

9.8

0.7

7.1

Service charges on deposit accounts

6.5

6.5

—

—

6.6

(0.1

)

(1.5

)

Other service charges, commissions, and fees

2.1

2.3

(0.2

)

(8.7

)

2.3

(0.2

)

(8.7

)

Other income

5.1

69.8

(64.7

)

(92.7

)

4.8

0.3

6.3

Total noninterest income

$

41.1

$

106.6

$

(65.5

)

(61.4

)%

$

42.0

$

(0.9

)

(2.1

)%

Noninterest income was $41.1 million for the first quarter of 2026, decreasing $65.5 million compared to the fourth quarter of 2025 and decreasing $0.9 million compared to the first quarter of 2025. The decrease from the fourth quarter of 2025 was primarily due to the $62.7 million gain recorded in other income from the sale of the Arizona and Kansas branches during the fourth quarter of 2025.

Payment services revenues decreased $0.6 million and $1.5 million during the first quarter of 2026 compared to the fourth quarter of 2025 and the first quarter of 2025, respectively. The year-over-year decrease was mainly the result of lower consumer credit card interchange during the first quarter of 2026 as compared to the first quarter of 2025, related to the outsourcing of consumer credit cards in the second quarter of 2025.

NONINTEREST EXPENSE

For the Quarter Ended

Mar 31,
2026

Dec 31,
2025

$ Change

% Change

Mar 31,
2025

$ Change

% Change

(Dollars in millions)

Salaries and wages

$

68.5

$

74.8

$

(6.3

)

(8.4

)%

$

68.6

$

(0.1

)

(0.1

)%

Employee benefits

21.2

18.5

2.7

14.6

20.0

1.2

6.0

Occupancy and equipment

18.6

19.6

(1.0

)

(5.1

)

18.7

(0.1

)

(0.5

)

Other intangible amortization

3.3

3.4

(0.1

)

(2.9

)

3.4

(0.1

)

(2.9

)

Other expenses

47.1

50.4

(3.3

)

(6.5

)

49.4

(2.3

)

(4.7

)

Other real estate owned expense, net

(1.1

)

—

(1.1

)

NM

0.5

(1.6

)

NM

Total noninterest expense

$

157.6

$

166.7

$

(9.1

)

(5.5

)%

$

160.6

$

(3.0

)

(1.9

)%

The Company’s noninterest expense was $157.6 million for the first quarter of 2026, a decrease of $9.1 million from the fourth quarter of 2025 and a decrease of $3.0 million from the first quarter of 2025.

Salary and wages expense decreased $6.3 million to $68.5 million during the first quarter of 2026 compared to the fourth quarter of 2025, primarily due to lower short-term incentive accruals of $2.9 million and lower severance accruals of $2.9 million during the first quarter of 2026. Salaries and wages expense decreased $0.1 million to $68.5 million during the first quarter of 2026 compared to $68.6 million during the first quarter of 2025.

Employee benefit expenses increased $2.7 million to $21.2 million during the first quarter of 2026, compared to $18.5 million during the fourth quarter of 2025, primarily due to the seasonal reset of payroll taxes, partially offset by lower long-term incentives and medical insurance costs. Employee benefit expenses increased $1.2 million from $20.0 million during the first quarter of 2025, primarily due to higher health insurance costs of $3.1 million, partially offset by $1.6 million of lower long-term incentive accruals during the first quarter of 2026.

Occupancy and equipment expenses decreased $1.0 million to $18.6 million during the first quarter of 2026, compared to $19.6 million during the fourth quarter of 2025, primarily due to higher depreciation expense as a result of the impairments in the fourth quarter of 2025 for the pending branch closures that occurred in the first quarter of 2026. Occupancy and equipment expenses increased $0.1 million during the first quarter of 2026 from $18.7 million during the first quarter of 2025.

Other expenses decreased $3.3 million during the first quarter of 2026 compared to the fourth quarter of 2025, primarily due to a decrease of $1.5 million in professional fees and decreases in donations and various other expense categories. Other expenses decreased $2.3 million during the first quarter of 2026 compared to the first quarter of 2025, primarily due to a decrease in FDIC special assessment accruals.

Other real estate owned expense, net decreased $1.1 million during the first quarter of 2026 compared to the fourth quarter of 2025 and decreased $1.6 million during the first quarter of 2026 compared to the first quarter of 2025, primarily due to a positive fair value adjustment to a commercial property.

BALANCE SHEET

Total assets decreased $213.8 million, or 0.8%, to $26,426.8 million as of March 31, 2026, from $26,640.6 million as of December 31, 2025, primarily due to decreases in loans and cash and cash equivalents, which were partially offset by an increase in investment securities. Total assets decreased $1,853.0 million from $28,279.8 million as of March 31, 2025, primarily due to a decrease in loans which was partially driven by the sale of the branches in Arizona and Kansas during the fourth quarter of 2025. The funds from the loan declines were partially used to pay down debt, which were partially offset by increases in investment securities and cash and cash equivalents.

Investment securities increased $379.8 million to $8,010.0 million as of March 31, 2026, from $7,630.2 million as of December 31, 2025, primarily resulting from purchases of investment securities, partially offset by pay-downs, maturities, called securities, and a $23.5 million decrease in fair market values during the first quarter. Investment securities increased $506.2 million from $7,503.8 million as of March 31, 2025, primarily resulting from purchases of investment securities and a $93.6 million increase in fair market values during the period, partially offset by pay-downs, maturities, and called securities.

The following table presents the composition and comparison of loans held for investment as of the quarters-ended:

Mar 31,
2026

Dec 31,
2025

$ Change

% Change

Mar 31,
2025

$ Change

% Change

Real Estate:

Commercial

$

8,040.5

$

8,144.4

$

(103.9

)

(1.3

)%

$

9,196.1

$

(1,155.6

)

(12.6

)%

Construction

669.1

837.2

(168.1

)

(20.1

)

1,097.3

(428.2

)

(39.0

)

Residential

2,084.3

2,108.8

(24.5

)

(1.2

)

2,161.4

(77.1

)

(3.6

)

Agricultural

619.2

629.0

(9.8

)

(1.6

)

678.1

(58.9

)

(8.7

)

Total real estate

11,413.1

11,719.4

(306.3

)

(2.6

)

13,132.9

(1,719.8

)

(13.1

)

Consumer:

Indirect

419.4

477.5

(58.1

)

(12.2

)

680.2

(260.8

)

(38.3

)

Direct and advance lines

128.0

131.5

(3.5

)

(2.7

)

132.4

(4.4

)

(3.3

)

Credit card

—

—

—

—

74.2

(74.2

)

(100.0

)

Total consumer

547.4

609.0

(61.6

)

(10.1

)

886.8

(339.4

)

(38.3

)

Commercial

2,342.9

2,359.6

(16.7

)

(0.7

)

2,770.6

(427.7

)

(15.4

)

Agricultural

426.8

520.2

(93.4

)

(18.0

)

595.8

(169.0

)

(28.4

)

Other, including overdrafts

5.8

1.7

4.1

241.2

1.8

4.0

222.2

Deferred loan fees and costs

(7.6

)

(8.3

)

0.7

(8.4

)

(10.6

)

3.0

(28.3

)

Loans held for investment, net of deferred loan fees and costs

$

14,728.4

$

15,201.6

$

(473.2

)

(3.1

)%

$

17,377.3

$

(2,648.9

)

(15.2

)%

The decline in loans was impacted by $58.1 million of continued amortization of the indirect portfolio for which the Company stopped originating loans during the first quarter of 2025, agricultural loan payoffs, and other loan paydowns and payoffs during the first quarter of 2026.

The ratio of loans held for investment to deposits was 67.3%, as of March 31, 2026, compared to 68.8% as of December 31, 2025 and 76.4% as of March 31, 2025.

Total deposits decreased $205.3 million to $21,883.0 million as of March 31, 2026, from $22,088.3 million as of December 31, 2025, primarily due to decreases in all deposit categories except for savings deposits during the first quarter. Total deposits decreased $849.8 million, or 3.7%, from $22,732.8 million as of March 31, 2025, with decreases in all deposit categories except for savings deposits during the first quarter of 2026, primarily driven by the Arizona and Kansas branch sales during the fourth quarter of 2025 which consisted of $641.6 million of deposits.

Other borrowed funds is composed of variable-rate, overnight and fixed-rate borrowings with remaining contractual tenors of up to one year through the Federal Home Loan Bank. Other borrowed funds were zero as of March 31, 2026 and December 31, 2025, respectively. Other borrowed funds decreased $960.0 million from March 31, 2025. The decrease was funded by cash flows from paydowns and maturities of investment securities and loans.

The Company is considered to be “well-capitalized” as of March 31, 2026, having exceeded all regulatory capital adequacy requirements. During the first quarter of 2026, the Company paid regular common stock dividends of approximately $45.7 million, or $0.47 per share and repurchased approximately 2.4 million shares of common stock at a weighted average price of $35.09 per share pursuant to its stock repurchase program.

CREDIT QUALITY

As of March 31, 2026, non-performing assets increased $24.2 million, or 17.5%, to $162.5 million, compared to $138.3 million as of December 31, 2025, primarily as a result of an increase in non-accrual loans related to a single client relationship comprised of $20.2 million in commercial and commercial real estate non-accrual loans and an increase of $3.2 million in OREO.

Criticized loans decreased $18.6 million, or 1.8%, to $1,033.2 million as of March 31, 2026, from $1,051.8 million as of December 31, 2025, primarily as a result of upgrades as well as paydowns and payoffs in the portfolio.

NON-GAAP FINANCIAL MEASURES

In addition to results presented in accordance with accounting principles generally accepted in the United States of America, or GAAP, this press release contains the following non-GAAP financial measures that management uses to evaluate our performance relative to our capital adequacy standards: (i) tangible common stockholders’ equity; (ii) tangible assets; (iii) tangible book value per common share; (iv) tangible common stockholders’ equity to tangible assets; (v) average tangible common stockholders’ equity; (vi) return on average tangible common stockholders’ equity; (vii) net FTE interest income; (viii) net FTE interest margin ratio; (ix) adjusted net FTE interest income; and (x) adjusted net FTE interest margin ratio. Tangible common stockholders’ equity is calculated as total common stockholders’ equity less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible assets are calculated as total assets less goodwill and other intangible assets (excluding mortgage servicing rights). Tangible book value per common share is calculated as tangible common stockholders’ equity divided by common shares outstanding. Tangible common stockholders’ equity to tangible assets is calculated as tangible common stockholders’ equity divided by tangible assets. Average tangible common stockholders’ equity is calculated as average total stockholders’ equity less average goodwill and other intangible assets (excluding mortgage servicing rights). Return on average tangible common stockholders’ equity is calculated as annualized net income available to common shareholders divided by average tangible common stockholders’ equity. Net FTE interest income is calculated as net interest income, adjusted to include its FTE interest income. Net FTE interest margin ratio is calculated as net FTE interest income divided by average interest earning assets. Adjusted net FTE interest income is calculated as net FTE interest income less purchase accounting interest accretion on acquired loans. Adjusted net FTE interest margin ratio is calculated as annualized adjusted net FTE interest income divided by average interest earning assets. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies because other companies may not calculate these non-GAAP measures in the same manner. They also should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP.

The Company adjusts the most directly comparable capital adequacy GAAP financial measures to the non-GAAP financial measures described in subclauses (i) through (vi) above to exclude goodwill and other intangible assets (except mortgage servicing rights), adjusts its GAAP net interest income to include fully taxable equivalent adjustments and further adjusts its net interest income on a fully taxable equivalent basis to exclude purchase accounting interest accretion. Management believes these non-GAAP financial measures, which are intended to complement the capital ratios defined by banking regulators and to present on a consistent basis our and our acquired companies’ organic continuing operations without regard to acquisition costs and other adjustments that we consider to be unpredictable and dependent on a significant number of factors that are outside our control, are useful to investors in evaluating the Company’s performance because, as a general matter, they either do not represent an actual cash expense and are inconsistent in amount and frequency depending upon the timing and size of our acquisitions (including the size, complexity and/or volume of past acquisitions, which may drive the magnitude of acquisition related costs, but may not be indicative of the size, complexity and/or volume of future acquisitions or related costs), or they cannot be anticipated or estimated in a particular period (in particular as it relates to unexpected recovery amounts). This impacts the ratios that are important to analysts and allows investors to compare certain aspects of the Company’s capitalization to other companies.

See the “Non-GAAP Financial Measures” table included herein and the textual discussion for a reconciliation of the above-described non-GAAP financial measures to their most directly comparable GAAP financial measures.

Cautionary Note Regarding Forward-Looking Statements and Factors that Could Affect Future Results

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. Any statements about our plans, objectives, expectations, strategies, beliefs, or future performance, financial condition, results of operations, investment portfolio, market position, or events constitute forward-looking statements. Such statements are identified by words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trends,” “objectives,” “continues”, “projected,” as well as the negative forms of those words or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may,” or similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other important factors that could cause actual results to differ materially from any results, performance or events expressed or implied by such forward-looking statements. Furthermore, the following factors, among others, may cause actual results to differ materially from current expectations in the forward-looking statements, including those set forth in this press release:

new or changes in existing governmental regulations or in the way such regulations are interpreted or enforced; negative developments in the banking industry and increased regulatory scrutiny; tax legislative initiatives or assessments; more stringent capital requirements, to the extent they may become applicable to us; changes in accounting standards; any failure to comply with applicable laws and regulations, including, but not limited to, the Community Reinvestment Act and fair lending laws, the USA PATRIOT ACT of 2001, the Office of Foreign Asset Control guidelines and requirements, the Bank Secrecy Act, and the related Financial Crimes Enforcement Network and Federal Financial Institutions Examination Council Guidelines and regulations; federal deposit insurance assessment rate increases; lending risks and risks associated with loan portfolio concentrations; a decline in economic conditions that could reduce demand for our products and services and negatively impact the credit quality of loans; credit losses on loans exceeding estimates; potential effects on the U.S. economy resulting from the implementation of governmental policies, including tax regulations and changes to United States trade policies, including the imposition of tariffs and retaliatory tariffs and geopolitical uncertainty; the soundness of other financial institutions; the ability to meet cash flow needs and availability of financing sources for working capital and other needs; a loss of deposits or a change in product mix that increases the Company’s funding costs; inability to access funding or to monetize liquid assets; changes in interest rates; interest rate effect on the value of our investment securities; cybersecurity risks, including business disruptions from denial-of-service attacks, network intrusions, business e-mail compromise, and other malicious behavior that could result in the disclosure of confidential information; privacy, information security, and data protection laws, rules, and regulations that affect or limit how we collect and use personal information or otherwise have an adverse effect on us; the potential impairment of our goodwill and other intangible assets; our reliance on third parties that provide key components of our business infrastructure; events that may tarnish our reputation; mainstream and social media contagion; the loss of the services of key members of our management team and directors; our ability to attract and retain qualified employees to operate our business; costs associated with repossessed properties, including potential environmental remediation; the effectiveness of our operational processes, policies and procedures, and internal control over financial reporting; our ability to implement technology-facilitated products and services or be successful in marketing these products and services to our clients; the development and use of artificial intelligence ("AI"); risks related to acquisitions, mergers, strategic partnerships, divestitures, and other transactions; competition from new or existing financial institutions and non-banks; investing in technology; incurrence of significant costs related to mergers and related integration activities; the volatility in the price and trading volume of our common stock; “anti-takeover” provisions in our certificate of incorporation and regulations, which may make it more difficult for a third party to acquire control of us even in circumstances that could be deemed beneficial to stockholders; changes in our dividend policy or our ability to pay dividends; the possibility that we may fail to realize the anticipated benefits of our stock repurchase program; our common stock not being an insured deposit; the potential dilutive effect of future equity issuances; the subordination of our common stock to our existing and future indebtedness; the effect of global conditions, earthquakes, volcanoes, tsunamis, floods, fires, drought, and other natural catastrophic events; and the impact of climate change and environmental sustainability matters. The foregoing factors are not necessarily all of the factors that could cause our actual results, performance, or achievements to differ materially from expectations. Other unknown or unpredictable factors also could harm our results.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above and included and described in more detail in our periodic reports filed with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, under the caption “Risk Factors.” Interested parties are urged to read in their entirety such risk factors prior to making any investment decision with respect to the Company. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

First Quarter 2026 Conference Call for Investors

First Interstate BancSystem, Inc. will host a conference call to discuss the results for the first quarter of 2026 at 9:30 a.m. Eastern Time (7:30 a.m. Mountain Time) on Thursday, April 30, 2026. The conference call will be accessible by telephone and through the Internet. Participants may join the call by dialing 1-800-715-9871; the access code is 5906009. To participate via the Internet, visit www.FIBK.com. The call will be recorded and made available for replay on April 30, 2026, after 1:00 p.m. Eastern Time (11:00 a.m. Mountain Time), through May 30, 2026, prior to 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time), by dialing 1-800-770-2030; the access code is 5906009. The call will also be archived on our website, www.FIBK.com, for one year.

About First Interstate BancSystem, Inc.

First Interstate BancSystem, Inc. is a financial and bank holding company focused on community banking. Incorporated in 1971 and headquartered in Billings, Montana, the Company operates banking offices, including detached drive-up facilities, in communities across Colorado, Idaho, Iowa, Missouri, Montana, Nebraska, Oregon, South Dakota, Washington, and Wyoming, in addition to offering online and mobile banking services. Through our bank subsidiary, First Interstate Bank, the Company delivers a comprehensive range of banking products and services to individuals, businesses, municipalities, and others throughout the Company’s market areas.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)

Quarter Ended

% Change

(In millions, except % and per share data)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

1Q26 vs
4Q25

1Q26 vs
1Q25

Net interest income

$

200.7

$

206.4

$

206.8

$

207.2

$

205.0

(2.8

)%

(2.1

)%

Net interest income on a fully-taxable equivalent ("FTE") basis

202.0

207.7

208.2

208.6

206.6

(2.7

)

(2.2

)

Provision for (reduction of) credit losses

6.7

7.1

—

(0.3

)

20.0

(5.6

)

(66.5

)

Noninterest income:

Payment services revenues

15.6

16.2

16.8

17.8

17.1

(3.7

)

(8.8

)

Mortgage banking revenues

1.3

1.1

1.5

1.8

1.4

18.2

(7.1

)

Wealth management revenues

10.5

10.7

10.4

9.7

9.8

(1.9

)

7.1

Service charges on deposit accounts

6.5

6.5

7.0

6.9

6.6

—

(1.5

)

Other service charges, commissions, and fees

2.1

2.3

2.1

2.1

2.3

(8.7

)

(8.7

)

Total fee-based revenues

36.0

36.8

37.8

38.3

37.2

(2.2

)

(3.2

)

Other income

5.1

69.8

5.9

2.8

4.8

(92.7

)

6.3

Total noninterest income

41.1

106.6

43.7

41.1

42.0

(61.4

)

(2.1

)

Noninterest expense:

Salaries and wages

68.5

74.8

66.2

65.0

68.6

(8.4

)

(0.1

)

Employee benefits

21.2

18.5

18.2

17.9

20.0

14.6

6.0

Occupancy and equipment

18.6

19.6

18.5

18.6

18.7

(5.1

)

(0.5

)

Other intangible amortization

3.3

3.4

3.4

3.4

3.4

(2.9

)

(2.9

)

Other expenses

47.1

50.4

51.6

50.2

49.4

(6.5

)

(4.7

)

Other real estate owned expense, net

(1.1

)

—

—

—

0.5

NM

NM

Total noninterest expense

157.6

166.7

157.9

155.1

160.6

(5.5

)

(1.9

)

Income before income tax

77.5

139.2

92.6

93.5

66.4

(44.3

)

16.7

Provision for income tax

17.3

30.4

21.2

21.8

16.2

(43.1

)

6.8

Net income

$

60.2

$

108.8

$

71.4

$

71.7

$

50.2

(44.7

)%

19.9

%

Weighted-average basic shares outstanding

98,881

100,791

103,154

103,261

103,092

(1.9

)%

(4.1

)%

Weighted-average diluted shares outstanding

99,241

101,096

103,387

103,364

103,416

(1.8

)

(4.0

)

Earnings per share - basic

$

0.61

$

1.08

$

0.69

$

0.69

$

0.49

(43.5

)

24.5

Earnings per share - diluted

0.61

1.08

0.69

0.69

0.49

(43.5

)

24.5

NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES|
Consolidated Balance Sheets
(Unaudited)

  % Change

(In millions, except % and per share data)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

1Q26 vs
4Q25

1Q26 vs
1Q25

Assets:

Cash and due from banks

$

321.7

$

358.2

$

382.7

$

436.6

$

390.4

(10.2

)%

(17.6

)%

Interest bearing deposits in banks

886.9

951.4

1,066.4

653.5

480.9

(6.8

)

84.4

Federal funds sold

0.1

0.1

0.1

0.1

0.1

—

—

Cash and cash equivalents

1,208.7

1,309.7

1,449.2

1,090.2

871.4

(7.7

)

38.7

Investment securities, net

8,010.0

7,630.2

7,305.8

7,312.2

7,503.8

5.0

6.7

Investment in Federal Home Loan Bank and Federal Reserve Bank stock

106.3

106.3

106.8

118.1

150.1

NM

(29.2

)

Loans held for sale, at fair value

70.8

73.6

305.6

335.2

0.4

(3.8

)

NM

Loans held for investment

14,728.4

15,201.6

15,834.4

16,353.4

17,377.3

(3.1

)

(15.2

)

Allowance for credit losses

(195.8

)

(191.4

)

(205.8

)

(209.6

)

(215.3

)

2.3

(9.1

)

Net loans held for investment

14,532.6

15,010.2

15,628.6

16,143.8

17,162.0

(3.2

)

(15.3

)

Goodwill and intangible assets (excluding mortgage servicing rights)

1,178.9

1,182.2

1,185.5

1,188.9

1,192.4

(0.3

)

(1.1

)

Company owned life insurance

524.6

523.0

520.2

516.7

514.2

0.3

2.0

Premises and equipment

403.1

406.6

415.1

413.0

428.9

(0.9

)

(6.0

)

Other real estate owned

6.6

3.4

3.4

3.4

3.5

94.1

88.6

Mortgage servicing rights

22.5

23.1

23.8

24.4

24.9

(2.6

)

(9.6

)

Other assets

362.7

372.3

388.9

420.5

428.2

(2.6

)

(15.3

)

Total assets

$

26,426.8

$

26,640.6

$

27,332.9

$

27,566.4

$

28,279.8

(0.8

)%

(6.6

)%

Liabilities and stockholders' equity:

Deposits

$

21,883.0

$

22,088.3

$

22,605.0

$

22,630.6

$

22,732.8

(0.9

)%

(3.7

)%

Securities sold under repurchase agreements

476.1

479.6

485.2

509.3

528.0

(0.7

)

(9.8

)

Other borrowed funds

—

—

—

250.0

960.0

—

(100.0

)

Long-term debt

146.7

146.3

146.2

252.0

130.2

0.3

12.7

Subordinated debentures held by subsidiary trusts

149.9

149.8

163.1

163.1

163.1

0.1

(8.1

)

Other liabilities

412.6

329.6

484.7

339.6

404.4

25.2

2.0

Total liabilities

23,068.3

23,193.6

23,884.2

24,144.6

24,918.5

(0.5

)

(7.4

)

Stockholders' equity:

Common stock

2,265.5

2,350.9

2,439.3

2,463.5

2,460.2

(3.6

)

(7.9

)

Retained earnings

1,288.7

1,274.2

1,213.5

1,191.2

1,168.6

1.1

10.3

Accumulated other comprehensive loss

(195.7

)

(178.1

)

(204.1

)

(232.9

)

(267.5

)

9.9

(26.8

)

Total stockholders' equity

3,358.5

3,447.0

3,448.7

3,421.8

3,361.3

(2.6

)

(0.1

)

Total liabilities and stockholders' equity

$

26,426.8

$

26,640.6

$

27,332.9

$

27,566.4

$

28,279.8

(0.8

)%

(6.6

)%

Common shares outstanding at period end

98,820

101,106

103,967

104,874

104,910

(2.3

)%

(5.8

)%

Book value per common share at period end

$

33.99

$

34.09

$

33.17

$

32.63

$

32.04

(0.3

)

6.1

Tangible book value per common share at period end**

22.06

22.40

21.77

21.29

20.67

(1.5

)

6.7

**Non-GAAP financial measure - see “Non-GAAP Financial Measures” included herein for a reconciliation of book value per common share (GAAP) at period end to tangible book value per common share (non-GAAP) at period end.

NM - not meaningful

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Loans and Deposits
(Unaudited)

  % Change

(In millions, except %)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

1Q26 vs
4Q25

1Q26 vs
1Q25

Loans held for investment:

Real Estate:

Commercial

$

8,040.5

$

8,144.4

$

8,496.4

$

8,750.9

$

9,196.1

(1.3

)%

(12.6

)%

Construction

669.1

837.2

960.8

1,004.6

1,097.3

(20.1

)

(39.0

)

Residential

2,084.3

2,108.8

2,136.0

2,157.5

2,161.4

(1.2

)

(3.6

)

Agricultural

619.2

629.0

623.0

635.6

678.1

(1.6

)

(8.7

)

Total real estate

11,413.1

11,719.4

12,216.2

12,548.6

13,132.9

(2.6

)

(13.1

)

Consumer:

Indirect

419.4

477.5

540.3

607.1

680.2

(12.2

)

(38.3

)

Direct

128.0

131.5

134.3

134.4

132.4

(2.7

)

(3.3

)

Credit card

—

—

—

—

74.2

—

(100.0

)

Total consumer

547.4

609.0

674.6

741.5

886.8

(10.1

)

(38.3

)

Commercial

2,342.9

2,359.6

2,447.4

2,529.9

2,770.6

(0.7

)

(15.4

)

Agricultural

426.8

520.2

495.5

541.4

595.8

(18.0

)

(28.4

)

Other

5.8

1.7

10.2

2.0

1.8

241.2

222.2

Deferred loan fees and costs

(7.6

)

(8.3

)

(9.5

)

(10.0

)

(10.6

)

(8.4

)

(28.3

)

Loans held for investment

$

14,728.4

$

15,201.6

$

15,834.4

$

16,353.4

$

17,377.3

(3.1

)%

(15.2

)%

Deposits:

Noninterest bearing

$

5,229.0

$

5,286.8

$

5,555.7

$

5,579.0

$

5,590.2

(1.1

)%

(6.5

)%

Interest bearing:

Demand

6,257.3

6,319.7

6,324.7

6,465.4

6,439.2

(1.0

)

(2.8

)

Savings

7,961.7

7,843.5

7,954.0

7,789.6

7,876.4

1.5

1.1

Time, $250 thousand and over

694.7

792.9

851.1

837.3

823.4

(12.4

)

(15.6

)

Time, other

1,740.3

1,845.4

1,919.5

1,959.3

2,003.6

(5.7

)

(13.1

)

Total interest bearing

16,654.0

16,801.5

17,049.3

17,051.6

17,142.6

(0.9

)

(2.9

)

Total deposits

$

21,883.0

$

22,088.3

$

22,605.0

$

22,630.6

$

22,732.8

(0.9

)%

(3.7

)%

Total core deposits (1)

$

21,188.3

$

21,295.4

$

21,753.9

$

21,793.3

$

21,909.4

(0.5

)%

(3.3

)%

(1) Core deposits are defined as total deposits less time deposits, $250 thousand and over, and brokered deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Credit Quality
(Unaudited)

  % Change

(In millions, except %)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

1Q26 vs
4Q25

1Q26 vs
1Q25

Allowance for Credit Losses:

Allowance for credit losses

$

195.8

$

191.4

$

205.8

$

209.6

$

215.3

2.3

%

(9.1

)%

As a percentage of loans held for investment

1.33

%

1.26

%

1.30

%

1.28

%

1.24

%

As a percentage of non-accrual loans

126.49

143.37

113.33

108.77

112.19

Net loan charge-offs during quarter

$

2.4

$

22.1

$

2.3

$

5.8

$

9.0

(89.1

)%

(73.3

)%

Annualized as a percentage of average loans

0.06

%

0.56

%

0.06

%

0.14

%

0.21

%

Non-Performing Assets:

Non-accrual loans

$

154.8

$

133.5

$

181.6

$

192.7

$

191.9

16.0

%

(19.3

)%

Accruing loans past due 90 days or more

1.1

1.4

0.6

1.4

3.0

(21.4

)

(63.3

)

Total non-performing loans

155.9

134.9

182.2

194.1

194.9

15.6

(20.0

)

Other real estate owned

6.6

3.4

3.4

3.4

3.5

94.1

88.6

Total non-performing assets

$

162.5

$

138.3

$

185.6

$

197.5

$

198.4

17.5

%

(18.1

)%

Non-performing assets as a percentage of:

Loans held for investment and OREO

1.10

%

0.91

%

1.17

%

1.21

%

1.14

%

Total assets

0.61

0.52

0.68

0.72

0.70

Non-accrual loans to loans held for investment

1.05

0.88

1.15

1.18

1.10

Allowance for credit losses coverage of non-performing loans

125.59

141.88

112.95

107.99

110.47

Accruing Loans 30-89 Days Past Due

$

71.9

$

82.7

$

28.5

$

52.2

$

90.2

(13.1

)%

(20.3

)%

Criticized Loans:

Special Mention

$

544.1

$

566.3

$

697.5

$

744.9

$

543.6

(3.9

)%

0.1

%

Substandard

421.1

441.4

416.9

427.8

469.5

(4.6

)

(10.3

)

Doubtful

68.0

44.1

49.7

30.3

13.0

54.2

423.1

Total

$

1,033.2

$

1,051.8

$

1,164.1

$

1,203.0

$

1,026.1

(1.8

)%

0.7

%

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Selected Ratios - Annualized
(Unaudited)

  At or for the Quarter ended:

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

Annualized Financial Ratios (GAAP)

  Return on average assets

0.92

%

1.60

%

1.04

%

1.03

%

0.71

%

Return on average common stockholders' equity

7.08

12.40

8.22

8.46

6.07

Yield on average earning assets

4.63

4.67

4.73

4.76

4.75

Cost of average interest bearing liabilities

1.64

1.77

1.90

1.95

2.05

Interest rate spread

2.99

2.90

2.83

2.81

2.70

Efficiency ratio

63.81

52.17

61.68

61.10

63.64

Loans held for investment to deposit ratio

67.31

68.82

70.05

72.26

76.44

Annualized Financial Ratios - Operating** (Non-GAAP)

  Net FTE interest margin ratio

3.43

%

3.38

%

3.36

%

3.32

%

3.22

%

Tangible book value per common share

$

22.06

$

22.40

$

21.77

$

21.29

$

20.67

Tangible common stockholders' equity to tangible assets

8.63

%

8.90

%

8.66

%

8.47

%

8.01

%

Return on average tangible common stockholders' equity

10.77

18.79

12.53

13.01

9.42

Consolidated Capital Ratios

  Total risk-based capital to total risk-weighted assets

17.07

%

*

17.06

%

16.62

%

16.49

%

14.93

%

Tier 1 risk-based capital to total risk-weighted assets

14.30

*

14.38

13.90

13.43

12.53

Tier 1 common capital to total risk-weighted assets

14.30

*

14.38

13.90

13.43

12.53

Leverage Ratio

9.56

*

9.61

9.60

9.37

9.06

*Preliminary estimate - may be subject to change. The regulatory capital ratios presented include the assumption of the transitional method as a result of legislation by the United States Congress to provide relief for the economy and financial institutions in the United States from the COVID‑19 pandemic. The referenced relief ended on December 31, 2024, which allowed a total five-year phase-in of the impact of CECL on capital.

**Non-GAAP financial measures - see “Non-GAAP Financial Measures” included herein for a reconciliation of net interest margin (GAAP) to net FTE interest margin ratio (non-GAAP), book value per common share (GAAP) to tangible book value per common share (non-GAAP), average common stockholders’ equity to average assets (GAAP) to tangible common stockholders’ equity to tangible assets (non-GAAP), and return on average common stockholders’ equity (GAAP) to return on average tangible common stockholders’ equity.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Average Balance Sheets
(Unaudited)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

(In millions, except %)

Average
Balance

Interest(3)

Average

Rate

Average
Balance

Interest(3)

Average
Rate

Average
Balance

Interest(3)

Average
Rate

Interest earning assets:

Loans (1)

$

15,032.1

$

207.6

5.60

%

$

15,540.5

$

222.0

5.67

%

$

17,668.6

$

243.5

5.59

%

Investment securities

Taxable (2)

7,705.1

55.2

2.91

7,355.2

50.7

2.73

7,464.3

51.3

2.79

Tax-exempt

176.0

0.8

1.84

178.7

0.9

2.00

182.6

0.9

2.00

Investment in FHLB and FRB stock

106.3

1.2

4.58

106.7

1.1

4.09

175.9

2.9

6.69

Interest bearing deposits in banks

848.7

7.8

3.73

1,177.0

11.8

3.98

567.5

6.3

4.50

Federal funds sold

0.1

—

—

0.1

—

—

0.1

—

—

Total interest earning assets

$

23,868.3

$

272.6

4.63

%

$

24,358.2

$

286.5

4.67

%

$

26,059.0

$

304.9

4.75

%

Noninterest earning assets

2,613.2

2,668.6

2,759.9

Total assets

$

26,481.5

$

27,026.8

$

28,818.9

Interest bearing liabilities:

Demand deposits

$

6,199.9

$

12.8

0.84

%

$

6,316.6

$

14.9

0.94

%

$

6,412.7

$

14.4

0.91

%

Savings deposits

7,876.9

32.7

1.68

7,882.6

35.7

1.80

7,800.3

35.7

1.86

Time deposits

2,556.5

19.1

3.03

2,685.8

21.9

3.24

2,863.0

25.0

3.54

Repurchase agreements

479.6

1.0

0.85

496.4

1.2

0.96

533.0

1.2

0.91

Other borrowed funds

—

—

—

—

—

NM

1,533.5

17.5

4.63

Long-term debt

146.5

2.6

7.20

146.3

2.5

6.78

132.0

1.7

5.22

Subordinated debentures held by subsidiary trusts

149.9

2.4

6.49

150.8

2.6

6.84

163.1

2.8

6.96

Total interest bearing liabilities

$

17,409.3

$

70.6

1.64

%

$

17,678.5

$

78.8

1.77

%

$

19,437.6

$

98.3

2.05

%

Noninterest bearing deposits

5,214.2

5,424.3

5,608.2

Other noninterest bearing liabilities

411.4

442.7

418.0

Stockholders’ equity

3,446.6

3,481.3

3,355.1

Total liabilities and stockholders’ equity

$

26,481.5

$

27,026.8

$

28,818.9

Net FTE interest income (non-GAAP)(4)

$

202.0

$

207.7

$

206.6

Less FTE adjustments (3)

(1.3

)

(1.3

)

(1.6

)

Net interest income from consolidated statements of income

$

200.7

$

206.4

$

205.0

Interest rate spread

2.99

%

2.90

%

2.70

%

Net interest margin

3.41

3.36

3.19

Net FTE interest margin ratio (non-GAAP)(4)

3.43

3.38

3.22

Cost of funds, including noninterest bearing demand deposits (5)

1.27

1.35

1.59

(1)

  Average loan balances include loans held for sale and loans held for investment, net of deferred fees and costs, which include non-accrual loans. Interest income includes amortization of deferred loan fees net of deferred loan costs, which is not material for the periods presented.

(2) 

  Includes average balance of unsettled trades on investment securities.

(3)

  Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax exempt loans and securities to an FTE basis utilizing a 21% tax rate.

(4)

  Non-GAAP financial measure - see “Non-GAAP Financial Measures” included herein for a reconciliation to GAAP measures.

(5)

  Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus noninterest bearing deposits.

FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(Unaudited)

  As of or For the Quarter Ended

(In millions, except % and per share data)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

Total common stockholders' equity (GAAP)

(A)

$

3,358.5

$

3,447.0

$

3,448.7

$

3,421.8

$

3,361.3

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,178.9

1,182.2

1,185.5

1,188.9

1,192.4

Tangible common stockholders' equity (Non-GAAP)

(B)

$

2,179.6

$

2,264.8

$

2,263.2

$

2,232.9

$

2,168.9

Total assets (GAAP)

$

26,426.8

$

26,640.6

$

27,332.9

$

27,566.4

$

28,279.8

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,178.9

1,182.2

1,185.5

1,188.9

1,192.4

Tangible assets (Non-GAAP)

(C)

$

25,247.9

$

25,458.4

$

26,147.4

$

26,377.5

$

27,087.4

Average Balances:

Total common stockholders' equity (GAAP)

(D)

$

3,446.6

$

3,481.3

$

3,447.8

$

3,401.1

$

3,355.1

Less goodwill and other intangible assets (excluding mortgage servicing rights)

1,180.3

1,183.7

1,187.1

1,190.5

1,193.9

Average tangible common stockholders' equity (Non-GAAP)

(E)

$

2,266.3

$

2,297.6

$

2,260.7

$

2,210.6

$

2,161.2

Net interest income (GAAP)

(F)

$

200.7

$

206.4

$

206.8

$

207.2

$

205.0

FTE interest income

1.3

1.3

1.4

1.4

1.6

Net FTE interest income (Non-GAAP)

(G)

202.0

207.7

208.2

208.6

206.6

Less purchase accounting accretion on acquired loans

3.1

2.6

3.5

4.2

4.7

Adjusted net FTE interest income (Non-GAAP)

(H)

$

198.9

$

205.1

$

204.7

$

204.4

$

201.9

Average interest earning assets

(I)

$

23,868.3

$

24,358.2

$

24,589.5

$

25,180.1

$

26,059.0

Total quarterly average assets

(J)

26,481.5

27,026.8

27,292.4

27,898.4

28,818.9

Annualized net income available to common shareholders

(K)

244.1

431.7

283.3

287.6

203.6

Common shares outstanding

(L)

98,820

101,106

103,967

104,874

104,910

Return on average assets (GAAP)

(K) / (J)

0.92

%

1.60

%

1.04

%

1.03

%

0.71

%

Return on average common stockholders' equity (GAAP)

(K) / (D)

7.08

12.40

8.22

8.46

6.07

Average common stockholders' equity to average assets (GAAP)

(D) / (J)

13.02

12.88

12.63

12.19

11.64

Book value per common share (GAAP)

(A) / (L)

$

33.99

$

34.09

$

33.17

$

32.63

$

32.04

Tangible book value per common share (Non-GAAP)

(B) / (L)

22.06

22.40

21.77

21.29

20.67

Tangible common stockholders' equity to tangible assets (Non-GAAP)

(B) / (C)

8.63

%

8.90

%

8.66

%

8.47

%

8.01

%

Return on average tangible common stockholders' equity (Non-GAAP)

(K) / (E)

10.77

18.79

12.53

13.01

9.42

Net interest margin (GAAP)

(F*) / (I)

3.41

3.36

3.34

3.30

3.19

Net FTE interest margin ratio (Non-GAAP)

(G*) / (I)

3.43

3.38

3.36

3.32

3.22

Adjusted net FTE interest margin ratio (Non-GAAP)

(H*) / (I)

3.38

3.34

3.30

3.26

3.14

*Annualized

More News From First Interstate BancSystem, Inc.

For the quarter ended March 2026, First Interstate BancSystem (FIBK - Free Report) reported revenue of $243.1 million, down 1.6% over the same period last year. EPS came in at $0.61, compared to $0.49 in the year-ago quarter.

The reported revenue represents a surprise of -0.87% over the Zacks Consensus Estimate of $245.24 million. With the consensus EPS estimate being $0.60, the EPS surprise was +2.52%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how First Interstate BancSystem performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 63.8% compared to the 65.1% average estimate based on three analysts.Net FTE interest margin ratio: 3.4% versus the three-analyst average estimate of 3.4%.Average Balance - Total interest earning assets: $23.87 billion versus the two-analyst average estimate of $24.06 billion.Total non-performing assets: $162.5 million compared to the $126.46 million average estimate based on two analysts.Net charge-offs to average loans: 0.1% versus the two-analyst average estimate of 0.3%.Total noninterest Income: $41.1 million versus the three-analyst average estimate of $42.95 million.Mortgage banking revenues: $1.3 million compared to the $1.53 million average estimate based on two analysts.Service charges on deposit accounts: $6.5 million versus the two-analyst average estimate of $6.59 million.Net interest income on a fully-taxable equivalent basis: $202 million versus the two-analyst average estimate of $201.97 million.Net Interest Income: $200.7 million compared to the $202.24 million average estimate based on two analysts.View all Key Company Metrics for First Interstate BancSystem here>>>

Shares of First Interstate BancSystem have returned +6.8% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Posted by Defense World Staff on Apr 21st, 2026

Farther Finance Advisors LLC increased its stake in National Fuel Gas Company (NYSE:NFG – Free Report) by 84.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,329 shares of the oil and gas producer’s stock after buying an additional 8,377 shares during the quarter. Farther Finance Advisors LLC’s holdings in National Fuel Gas were worth $1,467,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NFG. Root Financial Partners LLC acquired a new position in shares of National Fuel Gas in the third quarter worth about $29,000. Richardson Financial Services Inc. raised its position in shares of National Fuel Gas by 88.5% in the 3rd quarter. Richardson Financial Services Inc. now owns 360 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 169 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of National Fuel Gas by 105.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 423 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 217 shares in the last quarter. Eastern Bank purchased a new position in shares of National Fuel Gas during the 4th quarter valued at approximately $42,000. Finally, True Wealth Design LLC grew its position in shares of National Fuel Gas by 3,883.3% during the third quarter. True Wealth Design LLC now owns 478 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 466 shares in the last quarter. 73.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets NFG has been the topic of several recent analyst reports. Zacks Research raised shares of National Fuel Gas from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Scotiabank set a $101.00 target price on shares of National Fuel Gas in a research report on Wednesday, January 21st. KeyCorp began coverage on shares of National Fuel Gas in a research note on Tuesday, April 7th. They issued an “overweight” rating and a $110.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of National Fuel Gas in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, National Fuel Gas has an average rating of “Moderate Buy” and a consensus target price of $106.00.

View Our Latest Report on National Fuel Gas

National Fuel Gas Price Performance NFG opened at $86.67 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.65 and a debt-to-equity ratio of 0.58. The company’s 50-day moving average price is $91.50 and its 200 day moving average price is $85.34. National Fuel Gas Company has a fifty-two week low of $75.73 and a fifty-two week high of $97.06. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 1.14 and a beta of 0.52.

National Fuel Gas (NYSE:NFG – Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $2.06 EPS for the quarter, topping the consensus estimate of $1.91 by $0.15. National Fuel Gas had a net margin of 27.65% and a return on equity of 21.45%. The business had revenue of $651.51 million during the quarter, compared to analyst estimates of $650.70 million. During the same quarter in the prior year, the firm earned $1.66 earnings per share. The company’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, sell-side analysts expect that National Fuel Gas Company will post 7.81 earnings per share for the current year.

National Fuel Gas Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.535 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.14 annualized dividend and a yield of 2.5%. National Fuel Gas’s dividend payout ratio is presently 29.85%.

National Fuel Gas Company Profile (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

Further Reading Five stocks we like better than National Fuel Gas Want to see what other hedge funds are holding NFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for National Fuel Gas Company (NYSE:NFG – Free Report).

Receive News & Ratings for National Fuel Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National Fuel Gas and related companies with MarketBeat.com's FREE daily email newsletter.

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Wall Street expects a year-over-year increase in earnings on higher revenues when National Fuel Gas (NFG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on April 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis energy company is expected to post quarterly earnings of $2.74 per share in its upcoming report, which represents a year-over-year change of +14.6%.

Revenues are expected to be $823.87 million, up 12.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.55% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for National Fuel Gas?For National Fuel Gas, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +5.20%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that National Fuel Gas will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that National Fuel Gas would post earnings of $1.91 per share when it actually produced earnings of $2.06, delivering a surprise of +7.85%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

National Fuel Gas appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

All amounts in Canadian dollars unless otherwise noted

Vancouver, British Columbia--(Newsfile Corp. - April 27, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce that it has closed its previously announced "bought deal" public offering of 38,870,000 common shares of the Company (the "Common Shares") at a price of $2.96 per Common Share (the "Offering Price"), including the exercise, in full, of the Underwriters' (as defined below) over-allotment option (the "Over-Allotment Option") of 5,070,000 Common Shares at the Offering Price per Common Share, for aggregate gross proceeds of $115,055,200 (the "Offering").

The Offering was completed pursuant to an underwriting agreement, dated April 22, 2026, entered into among the Company and a syndicate of underwriters led by BMO Capital Markets and SCP Resource Finance LP and including Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Limited, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada (collectively, the "Underwriters").

Both EdgePoint Investment Group Inc. and Mr. Eric Sprott participated in the Offering with co-lead orders. Mr. Sprott has maintained his approximate 19% shareholdings.

In connection with the closing of the Offering, the Company paid to the Underwriters a cash fee in the aggregate amount of $5,160,441, representing (i) 5.25% of the gross proceeds of the Offering, other than the gross proceeds raised from certain sales pursuant to a president's list (the "President's List Sales"); and (ii) 1.0% of the gross proceeds raised from President's List Sales. BMO Capital Markets, SCP Resource Finance LP, Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Limited, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada each received $1,967,418, $1,722,297, $245,121, $245,121, $245,121, $245,121, $98,048, $98,048, $98,048, $98,048 and $98,048, respectively.

The net proceeds from the Offering will be used by the Company to advance its 100% owned Queensway Gold Project ("Queensway") and for general corporate and working capital purposes.

The Common Shares were offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut, by way of a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated May 23, 2025 (the "Base Shelf Prospectus"). The Common Shares were also offered by way of a U.S. prospectus supplement to the Company's base shelf prospectus (the "U.S. Prospectus") forming part of the Company's registration statement on Form F-10 in the United States. Copies of the Prospectus Supplement, Base Shelf Prospectus, U.S. Prospectus and documents incorporated by reference therein are available electronically on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov under New Found Gold's issuer profile, as applicable.

The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

Certain directors and officers of the Company participated, directly or indirectly, in the Offering, along with the Company's cornerstone investor, Mr. Eric Sprott, who is considered a "related party" of New Found Gold due to his shareholdings (collectively, the "Insiders"). The Insiders' participation in the Offering constitutes "a related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such related party participation.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and Pine Cove milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Throughout 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under NI 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

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.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including statements regarding the Offering, the use of proceeds of the Offering; the approval by the TSXV of the Offering; the Company's focus on advancing Queensway to production and bringing the Hammerdown deposit into commercial gold production; and the Company's focus on growth and value creation. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV and NYSE American LLC , the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca and on the website of the United States Securities and Exchange Commission at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294314

Source: New Found Gold Corp.

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WILLIAMSVILLE, N.Y., April 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2026 fiscal year.

SECOND QUARTER FISCAL 2026 SUMMARY

GAAP earnings of $247.7 million, or earnings per share (EPS) of $2.59, compared to GAAP earnings of $216.4 million, or $2.37 per share, in the prior year.Adjusted EPS of $2.71, an increase of 13% from the prior year. See non-GAAP reconciliation on page 2.Net cash provided by operating activities of $657 million, with free cash flow of $160 million (as defined on page 22) through the second quarter year-to-date, a $111 million increase from the prior year.Integrated Upstream and Gathering segment adjusted EPS of $1.67, an increase of 21% compared to the prior year, driven by a 17% increase in natural gas price realizations.Utility segment net income of $65 million, an increase of 3% compared to the prior year, as continued investments in system modernization programs in New York and Pennsylvania supported an increase in revenue.Supply Corporation entered into a precedent agreement to provide 94,000 dekatherms per day of incremental capacity in connection with its new Line N System Upgrade Project in southwest Pennsylvania, targeted for completion in late 2028.Commenced construction on both the Tioga Pathway and Shippingport Lateral expansion projects, which remain on track for a late calendar year 2026 in-service date.The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.45 to $7.75 per share, or $7.60 per share at the midpoint. MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel had a solid second quarter, with adjusted EPS increasing 13% over the prior year. Operationally, our resilient natural gas system and dedicated workforce performed extremely well during the severe weather of Winter Storm Fern, delivering the safe and reliable production, transmission, storage, and distribution services that customers across our businesses expect.

“Looking forward, we’ve taken meaningful steps to position National Fuel for the next phase of our long-term growth strategy. In our regulated Pipeline and Storage business, our two major expansion projects are expected to be in-service late this calendar year, and we’ve signed an agreement for another expansion on our Line N system. At the Utility, our Ohio acquisition is on track to close in the calendar fourth quarter. Lastly, in our Integrated Upstream and Gathering business, we have decades of high-quality Appalachian inventory and a great track record of improving capital efficiency. With our ongoing testing to optimize well designs across our development footprint and our focus on continuously improving our integrated development plans, we expect to see further benefits in the future.

“With these positive catalysts across our operations, including line of sight to earnings growth at our regulated businesses and increasing free cash flow generation at our non-regulated businesses, National Fuel is well positioned to deliver long-term value to shareholders.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

           Three Months Ended March 31,  (Thousands) (Per Share)   2026   2025  2026   2025Reported GAAP Earnings $247,668  $216,358 $2.59  $2.37Items impacting comparability:        Costs related to the pending Ohio gas utility acquisition  2,499   —  0.03   —Tax impact of costs related to the pending Ohio acquisition  (579)  —  (0.01)  —Impact of equity issuance related to pending Ohio acquisition, net of interest benefits  (3,422)  —  0.09   —Tax impact of net interest benefit from equity issuance  793   —  0.01   —Other/rounding (refer to Segment results for details)  274   1,975  —   0.02Adjusted Earnings $247,233  $218,333 $2.71  $2.39
FISCAL 2026 GUIDANCE UPDATE

National Fuel is revising its adjusted EPS guidance for fiscal 2026, which is now expected to be within a range of $7.45 to $7.75, or $7.60 at the midpoint. This updated range incorporates second quarter results as well as modest changes to certain assumptions for the remainder of the fiscal year, primarily related to natural gas prices. The Company is now assuming the NYMEX natural gas price will average $3.00 per MMBtu for the remaining six months of fiscal 2026 (a decrease of $0.75 from previous guidance), which approximates the current NYMEX forward curve at this time.

Integrated Upstream and Gathering fiscal 2026 production is now expected to be 425 to 440 Bcf, a moderate decrease from our prior guidance. This decrease reflects the weather impacts during the period around Winter Storm Ferm, which primarily delayed flowback and completion timing. In addition, there were modest production impacts from a six-well pad in Tioga County where tests of a new Gen 4 Lower Utica well design and a new Upper Utica performed as expected, however, older generation Lower Utica wells underperformed projections. While these factors are expected to impact the fiscal year, they do not change the long-term production growth outlook, which we still expect will be in the mid-single digits over the next few years. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year. Capital expenditure guidance remains unchanged; however, higher oil and diesel prices related to the Iranian conflict and increased land activity represent potential headwinds that could result in capital trending toward the higher end of the range.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.

The Company’s other fiscal 2026 guidance assumptions remain largely unchanged and are detailed in the table on page 6.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2026 is summarized in a tabular form on pages 7 and 8 of this report (earnings drivers for the six months ended March 31, 2026 are summarized on pages 9 and 10).

Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Integrated Upstream and Gathering Segment

The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC (“Seneca”) and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.

 Three Months Ended March 31,(in thousands) 2026  2025  VarianceGAAP Earnings$152,030 $124,170  $27,860 Premiums paid on early redemption of debt —  2,385   (2,385)Tax impact of premiums paid on early redemption of debt —  (642)  642 Unrealized (gain) loss on derivative asset (2022 CA asset sale) —  335   (335)Tax impact of unrealized (gain) loss on derivative asset —  (90)  90 Adjusted Earnings$152,030 $126,158  $25,872       Adjusted EBITDA$302,439 $267,098  $35,341 
The Integrated Upstream and Gathering segment's second quarter GAAP earnings increased $27.9 million versus the prior year. Excluding items impacting comparability, adjusted earnings increased $25.9 million from the prior year, primarily due to higher realized natural gas prices, partially offset by modestly lower production volumes and additional third-party gathering expenses.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $3.45 per Mcf, an increase of $0.51 per Mcf, or 17%, from the prior year due to higher NYMEX prices.

During the second quarter, Seneca produced 102.0 Bcf of natural gas, a decrease of 3.5 Bcf, or 3%, from the prior year. During the quarter, production was lower than the prior year due to weather-driven completion delays and typical natural gas production declines on producing wells.

 Three Months Ended March 31,(Cost per Mcf) 2026  2025 VarianceUpstream General and Administrative Expense (“G&A”)$0.18 $0.18 $—Lease Operating Expense (“LOE”)$0.17 $0.12 $0.05Adjusted Gathering Operation and Maintenance Expense ("O&M")$0.14 $0.12(1) $0.02Taxes and Other$0.07 $0.07 $—Adjusted Total Cash Operating Costs$0.56 $0.49(1) $0.07Depreciation, Depletion and Amortization Expense (“DD&A”)$0.79 $0.72 $0.07Adjusted Total Operating Costs$1.35 $1.21(1) $0.14 (1)Adjusted Gathering O&M Expense of $0.12 per Mcf for the quarter ended March 31, 2025 excludes a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.
On a per unit basis, second quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. The increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses due to new production brought online during the quarter, as well as modestly higher costs related to winter weather conditions. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

 Three Months Ended March 31,(in thousands) 2026  2025 VarianceGAAP Earnings$31,606 $31,707 $(101)      Adjusted EBITDA$71,963 $70,169 $1,794 
The Pipeline and Storage segment’s second quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher expenses, the majority of which was higher DD&A as a result of a higher average depreciable plant in service compared to the prior year.

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

 Three Months Ended March 31,(in thousands) 2026  2025 VarianceGAAP Earnings$65,349 $63,544 $1,805      Adjusted EBITDA$99,763 $95,270 $4,493
The Utility segment’s second quarter GAAP earnings increased $1.8 million, or 3%, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $9.1 million. The biggest contributors to increased customer margin were the implementation of year two of the Utility’s three-year rate agreement in New York and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense, as well as higher DD&A expense due to a larger average depreciable plant in service compared to the prior year.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $1.3 million in the second quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, April 30, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.

National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Analyst Contact:Natalie M. Fischer716-857-7315Media Contact:Karen L. Merkel716-857-7654 Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to complete strategic transactions, such as the pending transaction with CenterPoint Energy Resources Corp., including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the six months ended March 31, 2026, which reduced earnings by $0.18 per share, and expected financing and acquisition related costs during the six months ending September 30, 2026.

The revised adjusted earnings per share guidance range also excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2026, including after-tax unrealized losses on other investments, which reduced earnings by $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining six months ending September 30, 2026, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

 Previous FY 2026 Guidance Updated FY 2026 Guidance    Consolidated Adjusted Earnings per Share$7.60 - $8.10 $7.45 - $7.75Consolidated Effective Tax Rate~ 25.5% ~ 25.5%    Capital Expenditures (Millions)   Integrated Upstream and Gathering$560 - $610 $560 - $610Pipeline and Storage$210 - $250 $210 - $250Utility$185 - $205 $185 - $205 Consolidated Capital Expenditures$955 - $1,065 $955 - $1,065    Integrated Upstream & Gathering Segment Guidance        Commodity Price Assumptions(price for remaining nine months) (price for remaining six months)NYMEX natural gas price (per MMBtu)$3.75 $3.00Appalachian basin spot price (per MMBtu)$2.85 $2.20     Production (Bcf)440 to 455 425 to 440     Integrated Operating Costs ($/Mcf)   Upstream General and Administrative Expense~$0.18 ~$0.18Lease Operating Expense$0.17 - $0.18 $0.16 - $0.17Gathering Operation and Maintenance Expense~$0.11 ~$0.12Depreciation, Depletion and Amortization$0.76 - $0.81 $0.76 - $0.81    Pipeline and Storage Segment Revenues (Millions)$415 - $430 $420 - $435    Utility Segment Guidance (Millions)   Customer Margin(1)$470 - $490 $470 - $490O&M Expense$250 – $260 $250 – $260Non-Service Pension & OPEB Income$23 - $27 $23 - $27 (1) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

 NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSQUARTER ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /  (Thousands of Dollars)& Gathering Storage Utility All Other Consolidated(1)          Second quarter 2025 GAAP earnings$124,170  $31,707  $63,544  $(3,063) $216,358 Items impacting comparability:         Premiums paid on early redemption of debt 2,385         2,385 Tax impact of premiums paid on early redemption of debt (642)        (642)Unrealized (gain) loss on derivative asset 335         335 Tax impact of unrealized (gain) loss on derivative asset (90)        (90)Unrealized (gain) loss on other investments       (17)  (17)Tax impact of unrealized (gain) loss on other investments       4   4 Second quarter 2025 adjusted earnings 126,158   31,707   63,544   (3,076)  218,333 Drivers of adjusted earnings(2)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production (8,162)        (8,162)Higher (lower) realized natural gas prices, after hedging 40,515         40,515 Higher (lower) other operating revenues 2,560         2,560 Pipeline and Storage Revenues         Higher (lower) operating revenues   1,493       1,493 Utility Margins(3)         Impact of usage and weather     (1,172)    (1,172)Impact of new rates in New York     3,128     3,128 Regulatory revenue adjustments     3,562     3,562 Higher (lower) other operating revenues     891     891 Operating Expenses         Lower (higher) lease operating expenses (3,846)        (3,846)Lower (higher) operating expenses (3,210)  (419)  (2,911)  (1,014)  (7,554)Lower (higher) depreciation / depletion (4,023)  (1,117)  (1,158)    (6,298)Other Income (Expense)         Higher (lower) other income   (525)    1,599   1,074 (Higher) lower interest expense 4,209       564   4,773 Income Taxes         Lower (higher) income tax expense / effective tax rate (2,023)  187   (665)  168   (2,333)          All other / rounding (148)  280   130   7   269 Second quarter 2026 adjusted earnings 152,030   31,606   65,349   (1,752)  247,233 Items impacting comparability:         Costs related to the pending Ohio gas utility acquisition       (2,499)  (2,499)Tax impact of costs related to the pending Ohio gas utility acquisition       579   579 Net interest benefit from equity issuance       3,422   3,422 Tax impact of net interest benefit from equity issuance       (793)  (793)Unrealized gain (loss) on other investments       (347)  (347)Tax impact of unrealized gain (loss) on other investments       73   73 Second quarter 2026 GAAP earnings$152,030  $31,606  $65,349  $(1,317) $247,668           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.  NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHAREQUARTER ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /   & Gathering Storage Utility All Other Consolidated(1)          Second quarter 2025 GAAP earnings per share$1.36  $0.35  $0.70  $(0.04) $2.37 Items impacting comparability:         Premiums paid on early redemption of debt, net of tax 0.02         0.02 Unrealized (gain) loss on derivative asset, net of tax —         — Unrealized (gain) loss on other investments, net of tax       —   — Second quarter 2025 adjusted earnings per share 1.38   0.35   0.70   (0.04)  2.39 Drivers of adjusted earnings(2)(4)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production (0.09)        (0.09)Higher (lower) realized natural gas prices, after hedging 0.44         0.44 Higher (lower) other operating revenues 0.03         0.03 Pipeline and Storage Revenues         Higher (lower) operating revenues   0.02       0.02 Utility Margins(3)         Impact of usage and weather     (0.01)    (0.01)Impact of new rates in New York     0.03     0.03 Regulatory revenue adjustments     0.04     0.04 Higher (lower) other operating revenues     0.01     0.01 Operating Expenses         Lower (higher) lease operating expenses (0.04)        (0.04)Lower (higher) operating expenses (0.04)  —   (0.03)  (0.01)  (0.08)Lower (higher) depreciation / depletion (0.04)  (0.01)  (0.01)    (0.06)Other Income (Expense)         Higher (lower) other income   (0.01)    0.02   0.01 (Higher) lower interest expense 0.05       0.01   0.06 Income Taxes         Lower (higher) income tax expense / effective tax rate (0.02)  —   (0.01)  —   (0.03)          All other / rounding —   —   (0.01)  —   (0.01)Second quarter 2026 adjusted earnings per share(4) 1.67   0.35   0.71   (0.02)  2.71 Items impacting comparability(4):         Costs related to the pending Ohio gas utility acquisition, net of tax       (0.02)  (0.02)Impact of equity issuance related to pending acquisition, net of interest benefits (0.08)  (0.02)  (0.03)  0.03   (0.10)Unrealized gain (loss) on other investments, net of tax       —   — Second quarter 2026 GAAP earnings per share$1.59  $0.33  $0.68  $(0.01) $2.59           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.(4)As a result of the equity issuance, drivers of adjusted earnings, second quarter 2026 adjusted earnings per share, and items impacting comparability for the second quarter 2026 have been calculated using adjusted diluted shares of 91,289,437.             NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSSIX MONTHS ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /  (Thousands of Dollars)& Gathering Storage Utility All Other Consolidated(1)Six months ended March 31, 2025 GAAP earnings$104,538  $64,162  $96,043  $(3,399) $261,344 Items impacting comparability:         Impairment of assets 141,802         141,802 Tax impact of impairment of assets (37,169)        (37,169)Premiums paid on early redemption of debt 2,385         2,385 Tax impact of premiums paid on early redemption of debt (642)        (642)Unrealized (gain) loss on derivative asset 684         684 Tax impact of unrealized (gain) loss on derivative asset (184)        (184)Unrealized (gain) loss on other investments       2,600   2,600 Tax impact of unrealized (gain) loss on other investments       (546)  (546)Six months ended March 31, 2025 adjusted earnings 211,414   64,162   96,043   (1,345)  370,274 Drivers of adjusted earnings(2)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production 17,244         17,244 Higher (lower) realized natural gas prices, after hedging 69,357         69,357 Higher (lower) gathering revenues (1,020)        (1,020)Higher (lower) other operating revenues 5,050         5,050 Pipeline and Storage Revenues         Higher (lower) operating revenues   1,721       1,721 Utility Margins(3)         Impact of usage and weather     1,646     1,646 Impact of new rates in New York     6,077     6,077 Regulatory revenue adjustments     4,552     4,552 Higher (lower) other operating revenues     1,285     1,285 Operating Expenses         Lower (higher) lease operating expenses (8,723)        (8,723)Lower (higher) operating expenses (5,772)  (599)  (6,653)  (1,953)  (14,977)Lower (higher) property, franchise and other taxes (787)        (787)Lower (higher) depreciation / depletion (12,273)  (1,525)  (2,464)    (16,262)Other Income (Expense)         Higher (lower) other income (688)  (1,715)    1,163   (1,240)(Higher) lower interest expense 6,798     (870)  (1,313)  4,615 Income Taxes         Lower (higher) income tax expense / effective tax rate (4,382)  575   (579)  (29)  (4,415)          All other / rounding (141)  206   402   50   517 Six months ended March 31, 2026 adjusted earnings 276,077   62,825   99,439   (3,427)  434,914 Items impacting comparability:         Costs related to the pending Ohio gas utility acquisition       (10,186)  (10,186)Tax impact of costs related to the pending Ohio gas utility acquisition       2,361   2,361 Net interest benefit from equity issuance       3,931   3,931 Tax impact of net interest benefit from equity issuance       (911)  (911)Unrealized gain (loss) on other investments       (1,008)  (1,008)Tax impact of unrealized gain (loss) on other investments       212   212 Six months ended March 31, 2026 GAAP earnings$276,077  $62,825  $99,439  $(9,028) $429,313           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.  NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARESIX MONTHS ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /   & Gathering Storage Utility All Other Consolidated(1)Six months ended March 31, 2025 GAAP earnings per share$1.15  $0.70  $1.05  $(0.04) $2.86 Items impacting comparability:         Impairment of assets, net of tax 1.14         1.14 Premiums paid on early redemption of debt, net of tax 0.02         0.02 Unrealized (gain) loss on derivative asset, net of tax 0.01         0.01 Unrealized (gain) loss on other investments, net of tax       0.02   0.02 Rounding       0.01   0.01 Six months ended March 31, 2025 adjusted earnings per share 2.32   0.70   1.05   (0.01)  4.06 Drivers of adjusted earnings(2)(4)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production 0.19         0.19 Higher (lower) realized natural gas prices, after hedging 0.76         0.76 Higher (lower) gathering revenues (0.01)        (0.01)Higher (lower) other operating revenues 0.06         0.06 Pipeline and Storage Revenues         Higher (lower) operating revenues   0.02       0.02 Utility Margins(3)         Impact of usage and weather     0.02     0.02 Impact of new rates in New York     0.07     0.07 Regulatory revenue adjustments     0.05     0.05 Higher (lower) other operating revenues     0.01     0.01 Operating Expenses         Lower (higher) lease operating expenses (0.10)        (0.10)Lower (higher) operating expenses (0.06)  (0.01)  (0.07)  (0.02)  (0.16)Lower (higher) property, franchise and other taxes (0.01)        (0.01)Lower (higher) depreciation / depletion (0.13)  (0.02)  (0.03)    (0.18)Other Income (Expense)         Higher (lower) other income (0.01)  (0.02)    0.01   (0.02)(Higher) lower interest expense 0.07     (0.01)  (0.01)  0.05 Income Taxes         Lower (higher) income tax expense / effective tax rate (0.05)  0.01   (0.01)  —   (0.05)          All other / rounding (0.01)  0.01   0.01   —   0.01 Six months ended March 31, 2026 adjusted earnings per share(4) 3.02   0.69   1.09   (0.03)  4.77 Items impacting comparability(4):         Costs related to the pending Ohio gas utility acquisition, net of tax       (0.09)  (0.09)Impact of equity issuance related to pending acquisition, net of interest benefits (0.08)  (0.02)  (0.03)  0.04   (0.09)Unrealized gain (loss) on other investments, net of tax       (0.01)  (0.01)Six months ended March 31, 2026 GAAP earnings per share$2.94  $0.67  $1.06  $(0.09) $4.58           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.(4)As a result of the equity issuance, drivers of adjusted earnings, six months ended March 31, 2026 adjusted earnings per share, and items impacting comparability for the six months ended March 31, 2026 have been calculated using adjusted diluted shares of 91,265,508.         NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES        (Thousands of Dollars, except per share amounts)        Three Months Ended Six Months Ended March 31, March 31, (Unaudited) (Unaudited)SUMMARY OF OPERATIONS 2026   2025   2026   2025 Operating Revenues:       Utility Revenues$425,788  $343,574  $684,837  $571,998 Integrated Upstream and Gathering Revenues 358,823   315,191   682,045   567,499 Pipeline and Storage Revenues 73,762   71,185   142,999   139,935   858,373   729,950   1,509,881   1,279,432 Operating Expenses:       Purchased Gas 207,851   135,338   293,457   200,675 Operation and Maintenance:       Utility 67,060   63,447   126,957   118,691 Integrated Upstream and Gathering and Other 61,064   47,269   117,370   90,174 Pipeline and Storage 30,660   30,153   57,446   56,730 Property, Franchise and Other Taxes 25,274   25,214   50,037   47,270 Depreciation, Depletion and Amortization 119,329   111,277   241,354   220,647 Impairment of Assets —   —   —   141,802   511,238   412,698   886,621   875,989         Operating Income 347,135   317,252   623,260   403,443         Other Income (Expense):       Other Income 17,002   15,232   25,235   22,952 Interest Expense on Long-Term Debt (30,083)  (39,662)  (63,596)  (73,024)Other Interest Expense (3,651)  (5,095)  (13,514)  (9,476)        Income Before Income Taxes 330,403   287,727   571,385   343,895         Income Tax Expense 82,735   71,369   142,072   82,551         Net Income Available for Common Stock$247,668  $216,358  $429,313  $261,344         Earnings Per Common Share       Basic$2.61  $2.39  $4.61  $2.88 Diluted$2.59  $2.37  $4.58  $2.86         Weighted Average Common Shares:       Used in Basic Calculation 95,026,278   90,500,162   93,077,818   90,640,333 Used in Diluted Calculation 95,691,950   91,176,327   93,805,419   91,312,334   NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited)   March 31, September 30,(Thousands of Dollars) 2026  2025 ASSETS   Property, Plant and Equipment$15,832,704 $15,406,329 Less - Accumulated Depreciation, Depletion and Amortization 7,902,521  7,693,687 Net Property, Plant and Equipment 7,930,183  7,712,642 Current Assets:   Cash and Temporary Cash Investments 26,596  43,166 Receivables - Net 292,548  180,801 Unbilled Revenue 52,963  16,219 Gas Stored Underground 4,768  33,468 Materials and Supplies - at average cost 53,773  50,545 Unrecovered Purchased Gas Costs 13,005  5,769 Other Current Assets 63,943  80,759 Total Current Assets 507,596  410,727 Other Assets:   Recoverable Future Taxes 96,226  89,247 Unamortized Debt Expense 5,307  6,236 Other Regulatory Assets 127,061  135,486 Deferred Charges 81,332  73,941 Other Investments 65,870  68,346 Goodwill 5,476  5,476 Prepaid Pension and Post-Retirement Benefit Costs 182,682  169,228 Fair Value of Derivative Financial Instruments 116,014  39,388 Other 9,857  8,387 Total Other Assets 689,825  595,735 Total Assets$9,127,604 $8,719,104 CAPITALIZATION AND LIABILITIES   Capitalization:   Comprehensive Shareholders' Equity   Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and   Outstanding - 95,027,447 Shares and 90,379,095 Shares, Respectively$95,027 $90,379 Paid in Capital 1,388,193  1,050,918 Earnings Reinvested in the Business 2,340,168  2,012,529 Accumulated Other Comprehensive Income (Loss) 1,111  (59,222)Total Comprehensive Shareholders' Equity 3,824,499  3,094,604 Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,084,882  2,382,861 Total Capitalization 5,909,381  5,477,465 Current and Accrued Liabilities:   Notes Payable to Banks and Commercial Paper 41,300  150,200 Current Portion of Long-Term Debt 300,000  300,000 Accounts Payable 143,180  184,046 Amounts Payable to Customers 288  968 Dividends Payable 50,840  48,353 Interest Payable on Long-Term Debt 13,738  14,393 Customer Advances —  17,188 Customer Security Deposits 27,805  29,853 Other Accruals and Current Liabilities 242,760  174,689 Fair Value of Derivative Financial Instruments 236  6,074 Total Current and Accrued Liabilities 820,147  925,764 Other Liabilities:   Deferred Income Taxes 1,325,733  1,225,262 Taxes Refundable to Customers 303,199  306,335 Cost of Removal Regulatory Liability 314,865  307,659 Other Regulatory Liabilities 116,509  121,944 Pension and Other Post-Retirement Liabilities 3,741  5,252 Asset Retirement Obligations 228,105  236,787 Other Liabilities 105,924  112,636 Total Other Liabilities 2,398,076  2,315,875 Commitments and Contingencies —  — Total Capitalization and Liabilities$9,127,604 $8,719,104       NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)  Six Months Ended  March 31,(Thousands of Dollars)  2026   2025      Operating Activities:    Net Income Available for Common Stock $429,313  $261,344 Adjustments to Reconcile Net Income to Net Cash    Provided by Operating Activities:    Impairment of Assets  —   141,802 Depreciation, Depletion and Amortization  241,354   220,647 Deferred Income Taxes  68,296   25,787 Premium Paid on Early Redemption of Debt  —   2,385 Stock-Based Compensation  9,941   10,487 Other  14,319   14,317 Change in:    Receivables and Unbilled Revenue  (146,459)  (197,553)Gas Stored Underground and Materials and Supplies  25,472   27,861 Unrecovered Purchased Gas Costs  (7,236)  (3,562)Other Current Assets  16,726   13,737 Accounts Payable  13,469   17,322 Amounts Payable to Customers  (680)  (8,327)Customer Advances  (17,188)  (19,373)Customer Security Deposits  (2,048)  (5,907)Other Accruals and Current Liabilities  56,167   21,528 Other Assets  (18,864)  (20,282)Other Liabilities  (25,303)  (28,343)Net Cash Provided by Operating Activities $657,279  $473,870      Investing Activities:    Capital Expenditures $(498,267) $(434,260)Other  523   8,881 Net Cash Used in Investing Activities $(497,744) $(425,379)     Financing Activities:    Changes in Notes Payable to Banks and Commercial Paper $(108,900) $117,700 Shares Repurchased Under Repurchase Plan  —   (50,471)Reduction of Long-Term Debt  (300,000)  (954,086)Net Proceeds From Issuance of Long-Term Debt  —   989,019 Dividends Paid on Common Stock  (99,187)  (93,543)Net Proceeds from Common Stock Sale  338,403   — Net Repurchases of Common Stock Under Stock and Benefit Plans  (6,421)  (4,026)Net Cash Provided by (Used in) Financing Activities $(176,105) $4,593      Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash  (16,570)  53,084 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period  43,166   38,222 Cash, Cash Equivalents, and Restricted Cash at March 31 $26,596  $91,306            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          INTEGRATED UPSTREAM AND GATHERING SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceTotal Operating Revenues$358,823  $315,191  $43,632  $682,045 $567,499 $114,546 Operating Expenses:         Operation and Maintenance:         Upstream General and Administrative Expense 18,472   18,847   (375)  37,878  38,173  (295)Lease Operating Expense 17,362   12,494   4,868   34,187  23,145  11,042 Gathering Operation and Maintenance Expense 13,805   9,160   4,645   24,193  15,894  8,299 All Other Operation and Maintenance Expense 3,102   3,310   (208)  6,481  7,178  (697)Property, Franchise and Other Taxes 3,643   4,282   (639)  8,426  7,430  996 Depreciation, Depletion and Amortization 80,548   75,456   5,092   164,810  149,274  15,536 Impairment of Assets —   —   —   —  141,802  (141,802)  136,932   123,549   13,383   275,975  382,896  (106,921)          Operating Income 221,891   191,642   30,249   406,070  184,603  221,467           Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit (Cost) (81)  37   (118)  (162) 73  (235)Interest and Other Income 380   194   186   573  525  48 Interest Expense on Long-Term Debt —   (3,283)  3,283   —  (3,283) 3,283 Interest Expense (15,111)  (19,541)  4,430   (31,245) (38,952) 7,707 Income Before Income Taxes 207,079   169,049   38,030   375,236  142,966  232,270 Income Tax Expense 55,049   44,879   10,170   99,159  38,428  60,731 Net Income$152,030  $124,170  $27,860  $276,077 $104,538 $171,539 Net Income Per Share (Diluted)$1.59  $1.36  $0.23  $2.94 $1.15 $1.79            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          PIPELINE AND STORAGE SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$73,762  $71,185  $2,577  $142,999 $139,935 $3,064 Intersegment Revenues 37,701   38,388   (687)  75,365  76,251  (886)Total Operating Revenues 111,463   109,573   1,890   218,364  216,186  2,178 Operating Expenses:         Purchased Gas (7)  162   (169)  (7) 121  (128)Operation and Maintenance 31,172   30,642   530   58,435  57,677  758 Property, Franchise and Other Taxes 8,335   8,600   (265)  16,981  17,266  (285)Depreciation, Depletion and Amortization 19,961   18,547   1,414   39,063  37,132  1,931   59,461   57,951   1,510   114,472  112,196  2,276           Operating Income 52,002   51,622   380   103,892  103,990  (98)          Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit 536   952   (416)  1,073  1,905  (832)Interest and Other Income 1,405   1,794   (389)  2,365  3,833  (1,468)Interest Expense (11,779)  (11,700)  (79)  (23,580) (23,428) (152)Income Before Income Taxes 42,164   42,668   (504)  83,750  86,300  (2,550)Income Tax Expense 10,558   10,961   (403)  20,925  22,138  (1,213)Net Income$31,606  $31,707  $(101) $62,825 $64,162 $(1,337)Net Income Per Share (Diluted)$0.33  $0.35  $(0.02) $0.67 $0.70 $(0.03)           NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          UTILITY SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$425,788  $343,574  $82,214  $684,837 $571,998 $112,839 Intersegment Revenues 126   119   7   215  203  12 Total Operating Revenues 425,914   343,693   82,221   685,052  572,201  112,851 Operating Expenses:         Purchased Gas 244,860   171,777   73,083   367,145  273,249  93,896 Operation and Maintenance 68,129   64,444   3,685   129,126  120,704  8,422 Property, Franchise and Other Taxes 13,162   12,202   960   24,365  22,313  2,052 Depreciation, Depletion and Amortization 18,601   17,135   1,466   37,081  33,962  3,119   344,752   265,558   79,194   557,717  450,228  107,489           Operating Income 81,162   78,135   3,027   127,335  121,973  5,362           Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit 12,059   12,299   (240)  17,813  18,170  (357)Interest and Other Income 1,265   714   551   2,370  1,242  1,128 Interest Expense (11,138)  (10,927)  (211)  (22,744) (21,643) (1,101)Income Before Income Taxes 83,348   80,221   3,127   124,774  119,742  5,032 Income Tax Expense 17,999   16,677   1,322   25,335  23,699  1,636 Net Income$65,349  $63,544  $1,805  $99,439 $96,043 $3,396 Net Income Per Share (Diluted)$0.68  $0.70  $(0.02) $1.06 $1.05 $0.01            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,ALL OTHER 2026   2025  Variance  2026  2025 VarianceTotal Operating Revenues$—  $—  $—  $— $— $— Operating Expenses:         Operation and Maintenance —   —   —   —  —  —   —   —   —   —  —  —           Operating Loss —   —   —   —  —  — Other Income (Expense):         Interest and Other Income (Deductions) 1,248   (222)  1,470   1,225  (358) 1,583 Interest Expense (118)  (131)  13   (254) (248) (6)Income (Loss) before Income Taxes 1,130   (353)  1,483   971  (606) 1,577 Income Tax Expense (Benefit) 262   (82)  344   225  (141) 366 Net Income (Loss)$868  $(271) $1,139  $746 $(465)$1,211 Net Income (Loss) Per Share (Diluted)$0.01  $—  $0.01  $0.01 $(0.01)$0.02        Three Months Ended Six Months Ended March 31, March 31,CORPORATE 2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$—  $—  $—  $— $— $— Intersegment Revenues 1,435   1,341   94   2,872  2,683  189 Total Operating Revenues 1,435   1,341   94   2,872  2,683  189 Operating Expenses:         Operation and Maintenance 9,002   5,219   3,783   16,244  9,266  6,978 Property, Franchise and Other Taxes 134   130   4   265  261  4 Depreciation, Depletion and Amortization 219   139   80   400  279  121   9,355   5,488   3,867   16,909  9,806  7,103           Operating Loss (7,920)  (4,147)  (3,773)  (14,037) (7,123) (6,914)Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Costs (217)  (212)  (5)  (435) (423) (12)Interest and Other Income 37,810   41,785   (3,975)  77,164  82,846  (5,682)Interest Expense on Long-Term Debt (30,083)  (36,379)  6,296   (63,596) (69,741) 6,145 Other Interest Expense (2,908)  (4,905)  1,997   (12,442) (10,066) (2,376)Loss before Income Taxes (3,318)  (3,858)  540   (13,346) (4,507) (8,839)Income Tax Benefit (1,133)  (1,066)  (67)  (3,572) (1,573) (1,999)Net Loss$(2,185) $(2,792) $607  $(9,774)$(2,934)$(6,840)Net Loss Per Share (Diluted)$(0.02) $(0.04) $0.02  $(0.10)$(0.03)$(0.07)                     Three Months Ended Six Months Ended March 31, March 31,INTERSEGMENT ELIMINATIONS 2026   2025  Variance  2026  2025 VarianceIntersegment Revenues$(39,262) $(39,848) $586  $(78,452)$(79,137)$685 Operating Expenses:         Purchased Gas (37,002)  (36,601)  (401)  (73,681) (72,695) (986)Operation and Maintenance (2,260)  (3,247)  987   (4,771) (6,442) 1,671   (39,262)  (39,848)  586   (78,452) (79,137) 685 Operating Income —   —   —   —  —  — Other Income (Expense):         Interest and Other Deductions (37,403)  (42,109)  4,706   (76,751) (84,861) 8,110 Interest Expense 37,403   42,109   (4,706)  76,751  84,861  (8,110)Net Income$—  $—  $—  $— $— $— Net Income Per Share (Diluted)$—  $—  $—  $— $— $—              NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES            SEGMENT INFORMATION (Continued)(Thousands of Dollars)             Three Months Ended Six Months Ended March 31, March 31, (Unaudited) (Unaudited)     Increase     Increase  2026   2025 (Decrease)  2026   2025 (Decrease)            Capital Expenditures:           Integrated Upstream and Gathering(1)$165,727 (1)$123,363(3)$42,364  $307,576 (1)(2)$258,992(3)(4)$48,584 Pipeline and Storage 37,026 (1) 15,626(3) 21,400   74,628 (1)(2) 35,417(3)(4) 39,211 Utility 30,500 (1) 41,867(3) (11,367)  73,594 (1)(2) 78,298(3)(4) (4,704)Total Reportable Segments 233,253   180,856  52,397   455,798   372,707  83,091 All Other —   —  —   —   —  — Corporate 249   174  75   425   378  47 Eliminations (546)  —  (546)  (546)  —  (546)Total Capital Expenditures$232,956  $181,030 $51,926  $455,677  $373,085 $82,592  (1)Capital expenditures for the quarter and six months ended March 31, 2026, include accounts payable and accrued liabilities related to capital expenditures of $71.6 million, $5.1 million and $6.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2026, since they represent non-cash investing activities at that date.(2)Capital expenditures for the six months ended March 31, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the six months ended March 31, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2026.(3)Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $51.6 million, $2.4 million and $4.8 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represented non-cash investing activities at that date.(4)Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.           DEGREE DAYS                Percent Colder       (Warmer) Than:Three Months Ended March 31,Normal 2026 2025 Normal(1) Last Year(1)Buffalo, NY3,226 3,282 3,116 1.7 5.3Erie, PA3,023 3,079 3,017 1.9 2.1          Six Months Ended March 31,         Buffalo, NY5,352 5,563 5,000 3.9 11.3Erie, PA4,917 5,200 4,714 5.8 10.3           (1)Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.  NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES             INTEGRATED UPSTREAM AND GATHERING INFORMATION               Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase   2026  2025 (Decrease)  2026  2025 (Decrease)             Gas Production/Prices:            Production (MMcf)            Appalachia  102,004  105,514  (3,510)  211,185  203,232  7,953              Average Prices (Per Mcf)            Weighted Average $3.92 $3.02 $0.90  $3.33 $2.64 $0.69 Weighted Average after Hedging  3.45  2.94  0.51   3.16  2.74  0.42                           Selected Operating Performance Statistics:            Upstream General and Administrative Expense per Mcf(1) $0.18 $0.18 $—  $0.18 $0.19 $(0.01)Lease Operating Expense per Mcf(1) $0.17 $0.12 $0.05  $0.16 $0.11 $0.05 Adjusted Gathering Operation and Maintenance Expense per Mcf(1)(2) $0.14 $0.12 $0.02  $0.11 $0.11 $— Depreciation, Depletion and Amortization per Mcf(1) $0.79 $0.72 $0.07  $0.78 $0.73 $0.05               (1)Refer to page 14 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment.(2)Adjusted Gathering O&M Expense of $0.12 per Mcf and $0.11 per Mcf for the three and six months ended March 31, 2025, respectively, each exclude a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.              NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES             Pipeline and Storage Throughput - (millions of cubic feet - MMcf)                   Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase  2026 2025 (Decrease) 2026 2025 (Decrease)Firm Transportation - Affiliated 45,486 49,240 (3,754) 80,018 81,110 (1,092)Firm Transportation - Non-Affiliated 201,460 185,490 15,970  381,001 356,502 24,499 Interruptible Transportation 583 454 129  608 515 93   247,529 235,184 12,345  461,627 438,127 23,500                           Utility Throughput - (MMcf)              Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase  2026 2025 (Decrease) 2026 2025 (Decrease)Retail Sales:            Residential Sales 32,934 32,111 823  54,775 50,587 4,188 Commercial Sales 5,581 5,420 161  9,130 8,339 791 Industrial Sales 305 302 3  495 501 (6)  38,820 37,833 987  64,400 59,427 4,973 Transportation 25,502 25,086 416  45,171 42,028 3,143   64,322 62,919 1,403  109,571 101,455 8,116               NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and six months ended March 31, 2026 and 2025:

  Three Months Ended Six Months Ended  March 31, March 31,(in thousands except per share amounts)  2026   2025   2026   2025 Reported GAAP Earnings $247,668  $216,358  $429,313  $261,344 Items impacting comparability:        Impairment of assets  —   —   —   141,802 Tax impact of impairment of assets  —   —   —   (37,169)Premiums paid on early redemption of debt  —   2,385   —   2,385 Tax impact of premiums paid on early redemption of debt  —   (642)  —   (642)Unrealized (gain) loss on derivative asset  —   335   —   684 Tax impact of unrealized (gain) loss on derivative asset  —   (90)  —   (184)Costs related to the pending Ohio gas utility acquisition  2,499   —   10,186   — Tax impact of costs related to the pending Ohio gas utility acquisition  (579)  —   (2,361)  — Net interest benefit from equity issuance  (3,422)  —   (3,931)  — Tax impact of net interest benefit from equity issuance  793   —   911   — Unrealized (gain) loss on other investments  347   (17)  1,008   2,600 Tax impact of unrealized (gain) loss on other investments  (73)  4   (212)  (546)Adjusted Earnings $247,233  $218,333  $434,914  $370,274          Reported GAAP Earnings Per Share $2.59  $2.37  $4.58  $2.86 Items impacting comparability:        Impairment of assets, net of tax  —   —   —   1.14 Premiums paid on early redemption of debt, net of tax  —   0.02   —   0.02 Unrealized (gain) loss on derivative asset, net of tax  —   —   —   0.01 Costs related to the pending Ohio gas utility acquisition, net of tax  0.02   —   0.09   — Impact of equity issuance related to pending acquisition, net of interest benefits  0.10   —   0.09   — Unrealized (gain) loss on other investments, net of tax  —   —   0.01   0.02 Rounding  —   —   —   0.01 Adjusted Earnings Per Share $2.71  $2.39  $4.77  $4.06  Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2026 and 2025:

  Three Months Ended Six Months Ended  March 31, March 31,(in thousands)  2026   2025   2026   2025 Reported GAAP Earnings $247,668  $216,358  $429,313  $261,344 Depreciation, Depletion and Amortization  119,329   111,277   241,354   220,647 Other (Income) Deductions  (17,002)  (15,232)  (25,235)  (22,952)Interest Expense  33,734   44,757   77,110   82,500 Income Taxes  82,735   71,369   142,072   82,551 Impairment of Assets  —   —   —   141,802 Costs related to the pending Ohio gas utility acquisition(1)  2,499   —   4,506   — Adjusted EBITDA $468,963  $428,529  $869,120  $765,892          Adjusted EBITDA by Segment        Integrated Upstream and Gathering Adjusted EBITDA $302,439  $267,098  $570,880  $475,679 Pipeline and Storage Adjusted EBITDA  71,963   70,169   142,955   141,122 Utility Adjusted EBITDA  99,763   95,270   164,416   155,935 Corporate and All Other Adjusted EBITDA  (5,202)  (4,008)  (9,131)  (6,844)Total Adjusted EBITDA $468,963  $428,529  $869,120  $765,892  (1)For the six months ended March 31, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $5.7 million of acquisition costs for the six months ended March 31, 2026 are recognized in interest expense.     NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA     Three Months Ended Six Months Ended March 31, March 31,(in thousands) 2026   2025   2026   2025 Integrated Upstream and Gathering Segment       Reported GAAP Earnings$152,030  $124,170  $276,077  $104,538 Depreciation, Depletion and Amortization 80,548   75,456   164,810   149,274 Other (Income) Deductions (299)  (231)  (411)  (598)Interest Expense 15,111   22,824   31,245   42,235 Income Taxes 55,049   44,879   99,159   38,428 Impairment of Assets —   —   —   141,802 Adjusted EBITDA$302,439  $267,098  $570,880  $475,679         Pipeline and Storage Segment       Reported GAAP Earnings$31,606  $31,707  $62,825  $64,162 Depreciation, Depletion and Amortization 19,961   18,547   39,063   37,132 Other (Income) Deductions (1,941)  (2,746)  (3,438)  (5,738)Interest Expense 11,779   11,700   23,580   23,428 Income Taxes 10,558   10,961   20,925   22,138 Adjusted EBITDA$71,963  $70,169  $142,955  $141,122         Utility Segment       Reported GAAP Earnings$65,349  $63,544  $99,439  $96,043 Depreciation, Depletion and Amortization 18,601   17,135   37,081   33,962 Other (Income) Deductions (13,324)  (13,013)  (20,183)  (19,412)Interest Expense 11,138   10,927   22,744   21,643 Income Taxes 17,999   16,677   25,335   23,699 Adjusted EBITDA$99,763  $95,270  $164,416  $155,935         Corporate and All Other       Reported GAAP Earnings$(1,317) $(3,063) $(9,028) $(3,399)Depreciation, Depletion and Amortization 219   139   400   279 Other (Income) Deductions (1,438)  758   (1,203)  2,796 Interest Expense (4,294)  (694)  (459)  (4,806)Income Taxes (871)  (1,148)  (3,347)  (1,714)Costs related to the pending Ohio gas utility acquisition 2,499   —   4,506   — Adjusted EBITDA$(5,202) $(4,008) $(9,131) $(6,844) Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. For the six months ended March 31, 2026, net cash provided by operating activities was $661 million; net cash used in investing activities was $501 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $160 million. For the six months ended March 31, 2025, net cash provided by operating activities was $474 million; net cash used in investing activities was $425 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $49 million. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

  Natalie M. Fischer
Investor Relations
716-857-7315Timothy J. Silverstein
Chief Financial Officer
716-857-6987

National Fuel Gas Company (NFG) Q2 2026 Earnings Call Transcript

Vancouver, British Columbia--(Newsfile Corp. - May 4, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce further results confirming the continuity of gold mineralization in the AFZ Core from 2025 infill drilling on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Keats West zone (“Keats West”) highlights include:

9.51 g/t Au over 19.85 m from 64.15 m (NFGC-25-2618) 3.50 g/t Au over 20.45 m from 14.00 m (NFGC-25-2616)2.56 g/t Au over 20.40 m from 8.00 m (NFGC-25-2607)3.35 g/t Au over 14.15 m from 8.35 m (NFGC-25-2619)2.68 g/t Au over 16.40 m from 19.60 m (NFGC-25-2586)Iceberg zone (“Iceberg”) highlights include:

8.40 g/t Au over 12.45 m from 35.55 m (NFGC-25-2391)5.59 g/t Au over 12.00 m from 114.85 m (NFGC-25-2367)14.1 g/t Au over 2.40 m from 187.60 m (NFGC-25-2378)Keats zone, including Keats South zone (“Keats”) highlights include:

36.1 g/t Au over 2.00 m from 32.40 m (NFGC-25-2483)9.15 g/t Au over 7.15 m from 153.50 m (NFGC-25-2492)12.5 g/t Au over 2.95 m from 36.00 m (NFGC-25-2525)Melissa Render, President of New Found Gold stated: "These final Queensway Phase 1 Keats West, Iceberg and Keats open pit infill results continue to demonstrate the continuity of gold mineralization in the block model and mine plan. In addition, step-out drilling below the Phase 2 Iceberg and Keats open pits returned high gold grades over broad widths, demonstrating the potential to add to the resource base proximal to the AFZ Core. These new mineralized intercepts will be followed up as part of our 2026 program."

Work Summary and Results
The results presented in this press release include the final results from infill drilling of Phase 1 open pits at Keats West, Iceberg and Keats, step-out drilling below Keats and Iceberg Phase 2 open pits, and pre-development drilling for proposed site infrastructure, geotechnical drilling and hydrogeological drilling completed in 2025 (Figure 1). The total meterage reported in this press release is 22,796 m of drilling in 201 diamond drill holes ("DDH"). Further results from other portions of the 2025 drill program, representing approximately 6% of the 74,377 m 2025 drill program, remain outstanding.

Figure 1: Plan view map of the AFZ Core with location of Keats West, Iceberg, Keats and Keats South.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_001full.jpg

Infill Drilling

Infill drilling of the Phase 1 open pits was a priority in the 2025 program and the results reported comprise all remaining Phase 1 open pit infill DDH from Keats West (2,380 m in 29 DDH), Iceberg (1,371 m in 12 DDH) and Keats (3,226 m in 29 DDH; Figures 1 - 3). Infill drilling at Keats West, Iceberg and Keats was designed to upgrade mineral resources from the inferred to the indicated category within the Phase 1 open pits as outlined in the Preliminary Economic Assessment ("PEA"; see the New Found Gold press release dated July 21, 2025), with some DDH also testing portions of the Phase 2 open pits. The infill drill results align well with the initial mineral resource estimate ("MRE"; see the New Found Gold press release dated March 24, 2025) block model and will be incorporated into the next mineral resource update.

Keats West infill highlights include:

9.51 g/t Au over 19.85 m from 64.15 m (NFGC-25-2618)3.50 g/t Au over 20.45 m from 14.00 m (NFGC-25-2616)2.56 g/t Au over 20.40 m from 8.00 m (NFGC-25-2607)3.35 g/t Au over 14.15 m from 8.35 m (NFGC-25-2619)2.68 g/t Au over 16.40 m from 19.60 m (NFGC-25-2586)2.86 g/t Au over 14.35 m from 34.00 m (NFGC-25-2619)1.68 g/t Au over 18.05 m from 55.10 m (NFGC-25-2619)2.16 g/t Au over 11.10 m from 43.95 (NFGC-25-2622)1.92 g/t Au over 11.45 m from 22.00 m (NFGC-25-2618)1.28 g/t Au over 15.15 m from 44.30 m (NFGC-25-2602)1.37 g/t Au over 13.95 m from 38.40 m (NFGC-25-2607)1.33 g/t Au over 10.25 m from 43.65 (NFGC-25-2586)Iceberg infill highlights include:

8.40 g/t Au over 12.45 m from 35.55 m (NFGC-25-2391)5.59 g/t Au over 12.00 m from 114.85 m (NFGC-25-2367)Keats infill highlights include:

36.1 g/t Au over 2.00 m from 32.40 m (NFGC-25-2483)12.5 g/t Au over 2.95 m from 36.00 m (NFGC-25-2525) Below-Pit Drilling

The 2025 program also targeted proposed crown pillars directly below planned Phase 2 Keats and Iceberg open pits (2,640 m in 12 DDH), with two areas of significant mineralization identified (Figures 2 and 3):

9.15 g/t Au over 7.15 m (NFGC-25-2492) below the northern extent of the Keats pit in proximity to a Phase 3 underground panel, and14.1 g/t Au over 2.40 m (NFGC-25-2378) below the central portion of the Iceberg pitThese two areas are currently being evaluated for follow-up testing as part of the 2026 drill program.

Figure 2: Inclined view map of Keats West, Iceberg and Keats.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_002full.jpg

Figure 3: Long section of the Keats and Iceberg PEA Phase 2 open pits (looking west, +/- 50m).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_003full.jpg

Pre-development Data Collection

In addition, this press release includes results from pre-development work comprising condemnation drilling for proposed site infrastructure (9,435 m in 87 DDH), geotechnical drilling (2,610 m in 20 DDH) and hydrogeological drilling (1,134 m in 12 DDH; Figure 4). This work provided critical information to support ongoing engineering studies for site development in advance of mining. Condemnation drilling was successful in confirming the absence of mineralization beneath key sites planned for infrastructure, while the geotechnical and hydrogeological drilling programs provided feasibility level data to support Phase 1 open pit design.

Figure 4: Plan view map of the AFZ Core highlighting the condemnation drilling program beneath proposed site infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_004full.jpg

Looking Ahead

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan as outlined in the Company's PEA and 25% focused on exploration targets such as the Dropkick zone ("Dropkick"). To date, approximately 6% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

The 2026 Queensway drill program is underway, with four drill rigs currently active (see the New Found Gold press release dated January 21, 2026). Initial 2026 infill drilling is targeting PEA Phase 2 open pit resource conversion and will transition later in the year to PEA Phase 3 underground resource conversion.

The Company plans to expand its grade control drilling beginning later in Q2/26. The next phase of work will leverage results from the 2025 program to optimize drill hole spacing and program scope (see the New Found Gold press releases dated March 1, 2026, February 2, 2026 and December 1, 2025). This will include completing the grade-control drilling started in 2025 at the Iceberg excavation, commencing grade-control drilling at the Lotto excavation and potentially expanding the grade-control drilling at the Keats and Iceberg excavations. The objective of this work is to improve confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits.

Exploration drilling will focus on AFZ Core resource expansion, including an initial grid-based program targeting the prospective corridor adjacent to the Appleton Fault Zone ("AFZ") at the Bullseye prospect, located immediately northeast of the AFZ Core, continued step-out drilling at Dropkick, located 11 km north of the AFZ Core, and targeted segments of the AFZ at AFZ Peripheral. A regional drilling program testing advanced targets at Queensway South is in the planning phase and expected to commence in H2/26.

The Company plans to file an updated Technical Report for Queensway, which will include an updated mineral resource, in H2/26.

Table 1: Drill Result Highlights.

KEATS MAINHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-248332.4034.402.0036.0570-95KeatsIncluding32.4032.850.45154.1370-95NFGC-25-2492153.50160.657.159.1530-60KeatsIncluding154.25155.000.7569.4830-60KeatsKEATS SOUTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-252536.0038.952.9512.5025-55Keats SouthIncluding37.1037.500.4081.9725-55KEATS WESTHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-258619.6036.0016.402.6855-85Keats WestAnd43.6553.9010.251.3370-95NFGC-25-260244.3059.4515.151.2860-90Keats WestNFGC-25-26078.0028.4020.402.5670-95Keats WestAnd38.4052.3513.951.3765-95NFGC-25-261614.0034.4520.453.5070-95Keats WestIncluding14.4515.000.5516.3870-95Including18.5519.050.5055.5370-95NFGC-25-261822.0033.4511.451.9270-95Keats WestAnd64.1584.0019.859.5170-95Including68.0069.551.5528.3670-95Including76.9078.601.7028.0370-95Including80.7581.200.4577.4070-95Including82.1582.500.3542.8370-95NFGC-25-26198.3522.5014.153.3570-95Keats WestAnd34.0048.3514.352.8670-95And55.1073.1518.051.6870-95NFGC-25-262243.9555.0511.102.1670-95Keats WestICEBERGHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2367114.85126.8512.005.5970-95Iceberg EastIncluding125.20125.600.40114.0870-95Including126.55126.850.3014.2770-95NFGC-25-237699.90109.9510.051.0115-45Iceberg EastNFGC-25-2378187.60190.002.4014.14UnknownIceberg EastIncluding187.60189.101.5022.19UnknownNFGC-25-239135.5548.0012.458.4045-75IcebergIncluding38.2539.200.9579.4545-75Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all drill holes reported in this release are included in Table 2 and Table 3 below.

Table 2: Summary of composite drill hole results reported in this press release.

Hole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2431No Significant IntervalsKeatsNFGC-25-2433No Significant IntervalsKeatsNFGC-25-2435No Significant IntervalsKeatsNFGC-25-2438No Significant IntervalsKeatsNFGC-25-244020.9024.904.001.2170-95KeatsNFGC-25-244410.3014.003.701.3155-85KeatsAnd 35.8038.552.751.7965-95NFGC-25-244626.0033.457.452.0070-95KeatsIncluding28.0028.800.8010.0670-95And40.0042.452.451.0670-95And47.0049.002.001.4270-95NFGC-25-2449No Significant IntervalsKeatsNFGC-25-24548.6010.602.001.0465-95KeatsAnd13.9016.002.101.0765-95And33.3035.302.002.2855-85NFGC-25-24566.008.002.001.1560-90KeatsAnd9.6512.002.351.1560-90And13.8516.002.151.4960-90NFGC-25-245813.7516.502.751.0845-75KeatsAnd24.1026.302.201.1645-75NFGC-25-2460No Significant ValuesKeatsNFGC-25-246366.0069.453.451.0660-90KeatsNFGC-25-2467No Significant ValuesKeatsNFGC-25-2468109.95112.452.502.2860-90KeatsIncluding111.25111.750.5010.5960-90NFGC-25-247243.2546.002.754.7160-90KeatsIncluding43.2543.800.5510.4860-90And72.8075.102.301.2010-40And95.2597.602.351.3335-65NFGC-25-2474105.95108.002.054.48UnknownKeatsIncluding105.95106.700.7512.08UnknownAnd136.65139.002.351.4265-95NFGC-25-247516.3018.602.303.4155-85KeatsIncluding17.0017.350.3518.7955-85NFGC-25-247711.2013.502.301.2270-95KeatsNFGC-25-2478No Significant ValuesKeatsNFGC-25-2479No Significant ValuesKeatsNFGC-25-248326.3029.002.701.1460-90KeatsAnd32.4034.402.0036.0570-95Including32.4032.850.45154.1370-95NFGC-25-248465.7070.905.202.1670-95KeatsAnd65.7066.300.6015.9770-95NFGC-25-248861.0064.903.901.2170-95KeatsNFGC-25-248948.7050.902.201.5670-95KeatsNFGC-25-2492153.50160.657.159.1530-60KeatsIncluding154.25155.000.7569.4830-60KeatsNFGC-25-2495No Significant ValuesKeatsNFGC-25-2499No Significant ValuesKeatsNFGC-25-250042.0544.202.151.8970-95KeatsNFGC-25-2507No Significant ValuesKeatsNFGC-25-2510No Significant ValuesKeatsNFGC-25-2514No Significant ValuesKeatsNFGC-25-2530No Significant ValuesKeatsNFGC-25-2537No Significant ValuesKeatsNFGC-25-2545No Significant ValuesKeatsKEATS NORTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-255121.8528.006.151.7370-95Keats NorthAnd36.2043.757.551.4070-95Including36.2036.550.3516.0470-95And49.5552.152.601.0770-95NFGC-25-2554No Significant ValuesKeats NorthKEATS SOUTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-251926.0028.252.251.02UnknownKeats SouthAnd41.5543.652.102.8060-90Including42.3042.700.4010.5360-90And55.1557.752.602.5420-50And92.9095.302.401.0470-95NFGC-25-252536.0038.952.9512.5025-55Keats SouthIncluding37.1037.500.4081.9725-55And52.0054.252.253.0970-95And85.9588.602.651.6545-75And101.40110.008.601.42UnknownAnd127.55129.702.151.0540-70KEATS WESTHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2307135.50138.603.101.2270-95Keats West NFGC-25-2311No Significant Values Keats West NFGC-25-2321118.00122.004.003.5670-95Keats West NFGC-25-2325136.60141.354.753.1070-95Keats West NFGC-25-255726.0028.452.451.8265-95Keats WestNFGC-25-255828.0030.002.001.1945-75Keats WestNFGC-25-256232.6036.253.652.7670-95Keats WestNFGC-25-256517.2020.002.801.2970-95Keats WestNFGC-25-256726.9029.002.101.2370-95Keats WestNFGC-25-256911.7516.154.401.8470-95Keats WestNFGC-25-25704.808.353.551.2270-95Keats WestNFGC-25-257110.6512.802.152.5270-95Keats WestAnd32.0037.755.751.5370-95NFGC-25-25747.059.752.701.0270-95Keats WestAnd14.0016.552.555.2070-95NFGC-25-2577No Significant ValuesKeats WestNFGC-25-2581No Significant ValuesKeats WestNFGC-25-2583No Significant ValuesKeats WestNFGC-25-25866.8015.508.702.2570-95Keats WestAnd19.6036.0016.402.6855-85And43.6553.9010.251.3370-95NFGC-25-259125.9028.252.352.5970-95Keats WestNFGC-25-259218.0021.903.901.6870-95Keats WestAnd32.4535.152.701.4670-95NFGC-25-2593No Significant ValuesKeats WestNFGC-25-2597No Significant ValuesKeats WestNFGC-25-2599No Significant ValuesKeats WestNFGC-25-2600100.90106.355.451.05UnknownKeats WestNFGC-25-260237.5039.652.151.7970-95Keats WestAnd44.3059.4515.151.2860-90NFGC-25-260340.9543.002.052.8065-95Keats WestNFGC-25-260519.5521.602.051.1570-95Keats WestNFGC-25-26063.005.002.003.5770-95Keats WestAnd50.1052.302.201.0670-95NFGC-25-26078.0028.4020.402.5670-95Keats WestAnd38.4052.3513.951.3765-95NFGC-25-260923.7526.202.451.6370-95Keats WestNFGC-25-261012.0019.457.451.1570-95Keats WestAnd22.4524.552.101.2870-95And32.2537.655.401.8070-95And50.2553.002.751.0170-95NFGC-25-26125.3512.106.751.2570-95Keats WestAnd16.3522.255.901.3570-95And54.9557.152.201.0570-95NFGC-25-261330.4533.402.951.5545-75Keats West And93.7597.754.003.8570-95Including93.7594.400.6518.0770-95NFGC-25-261614.0034.4520.453.5070-95Keats WestIncluding14.4515.000.5516.3870-95Including18.5519.050.5055.5370-95NFGC-25-261822.0033.4511.451.9270-95Keats WestAnd51.5054.002.501.1350-80And64.1584.0019.859.5170-95Including68.0069.551.5528.3670-95Including76.9078.601.7028.0370-95Including80.7581.200.4577.4070-95Including82.1582.500.3542.8370-95NFGC-25-26198.3522.5014.153.3570-95Keats WestAnd34.0048.3514.352.8670-95And55.1073.1518.051.6870-95NFGC-25-262235.6039.153.551.4070-95Keats WestAnd43.9555.0511.102.1670-95NFGC-25-262340.9043.252.351.7970-95Keats WestAnd112.20114.752.551.63UnknownICEBERGHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2345No Significant ValuesIceberg EastNFGC-25-234832.5534.652.102.2270-95Iceberg EastNFGC-25-2349138.10140.402.301.3975-95Iceberg EastAnd159.45161.502.051.0115-45NFGC-25-2356137.80143.055.251.8360-90Iceberg EastAnd146.40149.002.601.4260-90NFGC-25-2361No Significant ValuesIceberg EastNFGC-25-2364118.15121.553.402.0770-95Iceberg EastNFGC-25-2366No Significant ValuesIceberg EastNFGC-25-2367114.85126.8512.005.5970-95Iceberg EastIncluding125.20125.600.40114.0870-95Including126.55126.850.3014.2770-95NFGC-25-2370No Significant ValuesIceberg EastNFGC-25-2374No Significant ValuesIceberg EastNFGC-25-237699.90109.9510.051.0115-45Iceberg EastNFGC-25-2378115.65118.002.351.2815-45Iceberg EastAnd187.60190.002.4014.14UnknownIncluding187.60189.101.5022.19UnknownNFGC-25-2382No Significant ValuesIceberg EastNFGC-25-2384No Significant ValuesIceberg EastNFGC-25-2387No Significant ValuesIceberg EastNFGC-25-239135.5548.0012.458.4045-75IcebergIncluding38.2539.200.9579.4545-75NFGC-25-2393No Significant ValuesIcebergNFGC-25-2395No Significant ValuesIcebergNFGC-25-2398No Significant ValuesIcebergNFGC-25-240259.6062.002.401.27UnknownIcebergAnd134.90138.153.254.9670-95Including137.55138.150.6013.5870-95NFGC-25-2406No Significant ValuesIcebergNFGC-25-2410No Significant ValuesIcebergNFGC-25-2415No Significant ValuesIcebergNFGC-25-2420No Significant ValuesIceberg EastNFGC-25-2421No Significant ValuesIcebergNFGC-25-2425151.10157.256.151.6270-95IcebergCONDEMNATIONHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2342No Significant ValuesCondemnationNFGC-25-2502No Significant ValuesCondemnationNFGC-25-2512No Significant ValuesCondemnationNFGC-25-2517No Significant ValuesCondemnationNFGC-25-2522No Significant ValuesCondemnationNFGC-25-2527No Significant ValuesCondemnationNFGC-25-2532No Significant ValuesCondemnationNFGC-25-2536No Significant ValuesCondemnationNFGC-25-2542No Significant ValuesCondemnationNFGC-25-2548No Significant ValuesCondemnationNFGC-25-2553No Significant ValuesCondemnationNFGC-25-2559No Significant ValuesCondemnationNFGC-25-2563No Significant ValuesCondemnationNFGC-25-2568No Significant ValuesCondemnationNFGC-25-2573No Significant ValuesCondemnationNFGC-25-2578No Significant ValuesCondemnationNFGC-25-2585No Significant ValuesCondemnationNFGC-25-2589No Significant ValuesCondemnationNFGC-25-2595No Significant ValuesCondemnationNFGC-25-2598No Significant ValuesCondemnationNFGC-25-2604No Significant ValuesCondemnationNFGC-25-2614No Significant ValuesCondemnationNFGC-25-2617No Significant ValuesCondemnationNFGC-25-2621No Significant ValuesCondemnationNFGC-25-2625No Significant ValuesCondemnationNFGC-25-2630No Significant ValuesCondemnationNFGC-25-2634No Significant ValuesCondemnationNFGC-25-2638No Significant ValuesCondemnationNFGC-25-2642No Significant ValuesCondemnationNFGC-25-2645No Significant ValuesCondemnationNFGC-25-2649No Significant ValuesCondemnationNFGC-25-2654No Significant ValuesCondemnationNFGC-25-2657No Significant ValuesCondemnationNFGC-25-2660No Significant ValuesCondemnationNFGC-25-2662No Significant ValuesCondemnationNFGC-25-2664No Significant ValuesCondemnationNFGC-25-2667No Significant ValuesCondemnationNFGC-25-2668No Significant ValuesCondemnationNFGC-25-2670No Significant ValuesCondemnationNFGC-25-2671No Significant ValuesCondemnationNFGC-25-2674No Significant ValuesCondemnationNFGC-25-2676No Significant ValuesCondemnationNFGC-25-2677No Significant ValuesCondemnationNFGC-25-2678No Significant ValuesCondemnationNFGC-25-2679No Significant ValuesCondemnationNFGC-25-2682No Significant ValuesCondemnationNFGC-25-2681No Significant ValuesCondemnationNFGC-25-2683No Significant ValuesCondemnationNFGC-25-2684No Significant ValuesCondemnationNFGC-25-2685No Significant ValuesCondemnationNFGC-25-2687No Significant ValuesCondemnationNFGC-25-2688No Significant ValuesCondemnationNFGC-25-2689No Significant ValuesCondemnationNFGC-25-2691No Significant ValuesCondemnationNFGC-25-2692No Significant ValuesCondemnationNFGC-25-2693No Significant ValuesCondemnationNFGC-25-2694No Significant ValuesCondemnationNFGC-25-2695No Significant ValuesCondemnationNFGC-25-2696No Significant ValuesCondemnationNFGC-25-2698No Significant ValuesCondemnationNFGC-25-2700No Significant ValuesCondemnationNFGC-25-2701No Significant ValuesCondemnationNFGC-25-2702No Significant ValuesCondemnationNFGC-25-2703No Significant ValuesCondemnationNFGC-25-2704No Significant ValuesCondemnationNFGC-25-2705No Significant ValuesCondemnationNFGC-25-2706No Significant ValuesCondemnationNFGC-25-2707No Significant ValuesCondemnationNFGC-25-2708No Significant ValuesCondemnationNFGC-25-2709No Significant ValuesCondemnationNFGC-25-2710No Significant ValuesCondemnationNFGC-25-2711No Significant ValuesCondemnationNFGC-25-2712No Significant ValuesCondemnationNFGC-25-2713No Significant ValuesCondemnationNFGC-26-2715No Significant ValuesCondemnationNFGC-26-2718No Significant ValuesCondemnationNFGC-26-2721No Significant ValuesCondemnationNFGC-26-2723No Significant ValuesCondemnationNFGC-26-2729No Significant ValuesCondemnationNFGC-26-2733No Significant ValuesCondemnationNFGC-26-2736No Significant ValuesCondemnationNFGC-26-2738No Significant ValuesCondemnationNFGC-26-2743No Significant ValuesCondemnationNFGC-26-2747No Significant ValuesCondemnationNFGC-26-2751No Significant ValuesCondemnationNFGC-26-2753No Significant ValuesCondemnationNFGC-26-2756No Significant ValuesCondemnationHYDROGEOLOGICALHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-HY-00115.2520.605.353.0910-40Iceberg EastNFGC-25-HY-002No Significant ValuesCokesNFGC-25-HY-00352.8064.6011.802.6140-70Keats WestNFGC-25-HY-004No Significant ValuesPowerlineNFGC-25-HY-005No Significant ValuesMonte CarloNFGC-25-HY-006No Significant ValuesJackpotMONITORING WELLHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-MW-01DNo Significant ValuesMonitoring WellNFGC-25-MW-01SNo Significant ValuesMonitoring WellNFGC-25-MW-02DNo Significant ValuesMonitoring WellNFGC-25-MW-02SNo Significant ValuesMonitoring WellNFGC-25-MW-03DNo Significant ValuesMonitoring WellNFGC-25-MW-08DNo Significant ValuesMonitoring WellKEATS MAINHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2431No Significant IntervalsKeatsNFGC-25-2433No Significant IntervalsKeatsNFGC-25-2435No Significant IntervalsKeatsNFGC-25-2438No Significant IntervalsKeatsNFGC-25-244020.924.941.2170-95KeatsNFGC-25-244410.3143.71.3155-85KeatsAnd 35.838.552.751.7965-95NFGC-25-24462633.457.45270-95KeatsIncluding2828.80.810.0670-95And4042.452.451.0670-95And474921.4270-95NFGC-25-2449No Significant IntervalsKeatsNFGC-25-24548.610.621.0465-95KeatsAnd13.9162.11.0765-95And33.335.322.2855-85NFGC-25-24566821.1560-90KeatsAnd9.65122.351.1560-90And13.85162.151.4960-90NFGC-25-245813.7516.52.751.0845-75KeatsAnd24.126.32.21.1645-75NFGC-25-2460No Significant ValuesKeatsNFGC-25-24636669.453.451.0660-90KeatsNFGC-25-2467No Significant ValuesKeatsNFGC-25-2468109.95112.452.52.2860-90KeatsIncluding111.25111.750.510.5960-90NFGC-25-247243.25462.754.7160-90KeatsIncluding43.2543.80.5510.4860-90And72.875.12.31.210-40And95.2597.62.351.3335-65NFGC-25-2474105.951082.054.48UnknownKeatsIncluding105.95106.70.7512.08UnknownAnd136.651392.351.4265-95NFGC-25-247516.318.62.33.4155-85KeatsIncluding1717.350.3518.7955-85NFGC-25-247711.213.52.31.2270-95KeatsNFGC-25-2478No Significant ValuesKeatsNFGC-25-2479No Significant ValuesKeatsNFGC-25-248326.3292.71.1460-90KeatsAnd32.434.4236.0570-95Including32.432.850.45154.1370-95NFGC-25-248465.770.95.22.1670-95KeatsAnd65.766.30.615.9770-95NFGC-25-24886164.93.91.2170-95KeatsNFGC-25-248948.750.92.21.5670-95KeatsNFGC-25-2492153.5160.657.159.1530-60KeatsIncluding154.251550.7569.4830-60KeatsNFGC-25-2495No Significant ValuesKeatsNFGC-25-2499No Significant ValuesKeatsNFGC-25-250042.0544.22.151.8970-95 KeatsNFGC-25-2507No Significant ValuesKeatsNFGC-25-2510No Significant ValuesKeatsNFGC-25-2514No Significant ValuesKeatsNFGC-25-2530No Significant ValuesKeatsNFGC-25-2537No Significant ValuesKeatsNFGC-25-2545No Significant ValuesKeatsKEATS NORTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-255121.85286.151.7370-95Keats NorthAnd36.243.757.551.470-95Including36.236.550.3516.0470-95And49.5552.152.61.0770-95NFGC-25-2554No Significant ValuesKeats NorthKEATS SOUTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%) ZoneNFGC-25-25192628.252.251.02UnknownKeats SouthAnd41.5543.652.12.860-90Including42.342.70.410.5360-90And55.1557.752.62.5420-50And92.995.32.41.0470-95NFGC-25-25253638.952.9512.525-55Keats SouthIncluding37.137.50.481.9725-55And5254.252.253.0970-95And85.9588.62.651.6545-75And101.41108.61.42UnknownAnd127.55129.72.151.0540-70KEATS WESTHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%) ZoneNFGC-25-2307135.5138.63.11.2270-95Keats West NFGC-25-2311No Significant Values Keats West NFGC-25-232111812243.5670-95Keats West NFGC-25-2325136.6141.354.753.170-95Keats West NFGC-25-25572628.452.451.8265-95Keats WestNFGC-25-2558283021.1945-75Keats WestNFGC-25-256232.636.253.652.7670-95Keats WestNFGC-25-256517.2202.81.2970-95Keats WestNFGC-25-256726.9292.11.2370-95Keats WestNFGC-25-256911.7516.154.41.8470-95Keats WestNFGC-25-25704.88.353.551.2270-95Keats WestNFGC-25-257110.6512.82.152.5270-95Keats WestAnd3237.755.751.5370-95NFGC-25-25747.059.752.71.0270-95Keats WestAnd1416.552.555.270-95NFGC-25-2577No Significant ValuesKeats WestNFGC-25-2581No Significant ValuesKeats WestNFGC-25-2583No Significant ValuesKeats WestNFGC-25-25866.815.58.72.2570-95Keats WestAnd19.63616.42.6855-85And43.6553.910.251.3370-95NFGC-25-259125.928.252.352.5970-95Keats WestNFGC-25-25921821.93.91.6870-95Keats WestAnd32.4535.152.71.4670-95NFGC-25-2593No Significant ValuesKeats WestNFGC-25-2597No Significant ValuesKeats WestNFGC-25-2599No Significant ValuesKeats WestNFGC-25-2600100.9106.355.451.05UnknownKeats WestNFGC-25-260237.539.652.151.7970-95Keats WestAnd44.359.4515.151.2860-90NFGC-25-260340.95432.052.865-95Keats WestNFGC-25-260519.5521.62.051.1570-95Keats WestNFGC-25-26063523.57UnknownKeats WestAnd50.152.32.21.0670-95NFGC-25-2607828.420.42.5670-95Keats WestAnd38.452.3513.951.3765-95NFGC-25-260923.7526.22.451.6370-95Keats WestNFGC-25-26101219.457.451.1570-95Keats WestAnd22.4524.552.11.2870-95And32.2537.655.41.870-95And50.25532.751.0170-95NFGC-25-26125.3512.16.751.2570-95Keats WestAnd16.3522.255.91.3570-95And54.9557.152.21.0570-95NFGC-25-261330.4533.42.951.5545-75Keats West And93.7597.7543.8570-95Including93.7594.40.6518.0770-95NFGC-25-26161434.4520.453.570-95Keats WestIncluding14.45150.5516.3870-95Including18.5519.050.555.5370-95NFGC-25-26182233.4511.451.9270-95Keats WestAnd51.5542.51.1350-80And64.158419.859.5170-95Including6869.551.5528.3670-95Including76.978.61.728.0370-95Including80.7581.20.4577.470-95Including82.1582.50.3542.8370-95NFGC-25-26198.3522.514.153.3570-95Keats WestAnd3448.3514.352.8670-95And55.173.1518.051.6870-95NFGC-25-262235.639.153.551.470-95Keats WestAnd43.9555.0511.12.1670-95NFGC-25-262340.943.252.351.7970-95Keats WestAnd112.2114.752.551.63UnknownICEBERGHole No.From (m)To (m)Interval (m)Au (g/t) True Width (%)ZoneNFGC-25-2345No Significant ValuesIceberg EastNFGC-25-234832.5534.652.12.2270-95Iceberg EastNFGC-25-2349138.1140.42.31.3975-95Iceberg EastAnd159.45161.52.051.0115-45NFGC-25-2356137.8143.055.251.8360-90Iceberg EastAnd146.41492.61.4260-90NFGC-25-2361No Significant ValuesIceberg EastNFGC-25-2364118.15121.553.42.0770-95Iceberg EastNFGC-25-2366No Significant ValuesIceberg EastNFGC-25-2367114.85126.85125.5970-95Iceberg EastIncluding125.2125.60.4114.0870-95Including126.55126.850.314.2770-95NFGC-25-2370No Significant ValuesIceberg EastNFGC-25-2374No Significant ValuesIceberg EastNFGC-25-237699.9109.9510.051.0115-45Iceberg EastNFGC-25-2378115.651182.351.2815-45Iceberg EastAnd187.61902.414.14UnknownIncluding187.6189.11.522.19UnknownNFGC-25-2382No Significant ValuesIceberg EastNFGC-25-2384No Significant ValuesIceberg EastNFGC-25-2387No Significant ValuesIceberg EastNFGC-25-239135.554812.458.445-75IcebergIncluding38.2539.20.9579.4545-75NFGC-25-2393No Significant ValuesIcebergNFGC-25-2395No Significant ValuesIcebergNFGC-25-2398No Significant ValuesIcebergNFGC-25-240259.6622.41.27UnknownIcebergAnd134.9138.153.254.9670-95Including137.55138.150.613.5870-95NFGC-25-2406No Significant ValuesIcebergNFGC-25-2410No Significant ValuesIcebergNFGC-25-2415No Significant ValuesIcebergNFGC-25-2420No Significant ValuesIceberg EastNFGC-25-2421No Significant ValuesIcebergNFGC-25-2425151.1157.256.151.6270-95IcebergCONDEMNATIONHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2342No Significant ValuesCondemnationNFGC-25-2502No Significant ValuesCondemnationNFGC-25-2512No Significant ValuesCondemnationNFGC-25-2517No Significant ValuesCondemnationNFGC-25-2522No Significant ValuesCondemnationNFGC-25-2527No Significant ValuesCondemnationNFGC-25-2532No Significant ValuesCondemnationNFGC-25-2536No Significant ValuesCondemnationNFGC-25-2542No Significant ValuesCondemnationNFGC-25-2548No Significant ValuesCondemnationNFGC-25-2553No Significant ValuesCondemnationNFGC-25-2559No Significant ValuesCondemnationNFGC-25-2563No Significant ValuesCondemnationNFGC-25-2568No Significant ValuesCondemnationNFGC-25-2573No Significant ValuesCondemnationNFGC-25-2578No Significant ValuesCondemnationNFGC-25-2585No Significant ValuesCondemnationNFGC-25-2589No Significant ValuesCondemnationNFGC-25-2595No Significant ValuesCondemnationNFGC-25-2598No Significant ValuesCondemnationNFGC-25-2604No Significant ValuesCondemnationNFGC-25-2614No Significant ValuesCondemnationNFGC-25-2617No Significant ValuesCondemnationNFGC-25-2621No Significant ValuesCondemnationNFGC-25-2625No Significant ValuesCondemnationNFGC-25-2630No Significant ValuesCondemnationNFGC-25-2634No Significant ValuesCondemnationNFGC-25-2638No Significant ValuesCondemnationNFGC-25-2642No Significant ValuesCondemnationNFGC-25-2645No Significant ValuesCondemnationNFGC-25-2649No Significant ValuesCondemnationNFGC-25-2654No Significant ValuesCondemnationNFGC-25-2657No Significant ValuesCondemnationNFGC-25-2660No Significant ValuesCondemnationNFGC-25-2662No Significant ValuesCondemnationNFGC-25-2664No Significant ValuesCondemnationNFGC-25-2667No Significant ValuesCondemnationNFGC-25-2668No Significant ValuesCondemnationNFGC-25-2670No Significant ValuesCondemnationNFGC-25-2671No Significant ValuesCondemnationNFGC-25-2674No Significant ValuesCondemnationNFGC-25-2676No Significant ValuesCondemnationNFGC-25-2677No Significant ValuesCondemnationNFGC-25-2678No Significant ValuesCondemnationNFGC-25-2679No Significant ValuesCondemnationNFGC-25-2682No Significant ValuesCondemnationNFGC-25-2681No Significant ValuesCondemnationNFGC-25-2683No Significant ValuesCondemnationNFGC-25-2684No Significant ValuesCondemnationNFGC-25-2685No Significant ValuesCondemnationNFGC-25-2687No Significant ValuesCondemnationNFGC-25-2688No Significant ValuesCondemnationNFGC-25-2689No Significant ValuesCondemnationNFGC-25-2691No Significant ValuesCondemnationNFGC-25-2692No Significant ValuesCondemnationNFGC-25-2693No Significant ValuesCondemnationNFGC-25-2694No Significant ValuesCondemnationNFGC-25-2695No Significant ValuesCondemnationNFGC-25-2696No Significant ValuesCondemnationNFGC-25-2698No Significant ValuesCondemnationNFGC-25-2700No Significant ValuesCondemnationNFGC-25-2701No Significant ValuesCondemnationNFGC-25-2702No Significant ValuesCondemnationNFGC-25-2703No Significant ValuesCondemnationNFGC-25-2704No Significant ValuesCondemnationNFGC-25-2705No Significant ValuesCondemnationNFGC-25-2706No Significant ValuesCondemnationNFGC-25-2707No Significant ValuesCondemnationNFGC-25-2708No Significant ValuesCondemnationNFGC-25-2709No Significant ValuesCondemnationNFGC-25-2710No Significant ValuesCondemnationNFGC-25-2711No Significant ValuesCondemnationNFGC-25-2712No Significant ValuesCondemnationNFGC-25-2713No Significant ValuesCondemnationNFGC-26-2715No Significant ValuesCondemnationNFGC-26-2718No Significant ValuesCondemnationNFGC-26-2721No Significant ValuesCondemnationNFGC-26-2723No Significant ValuesCondemnationNFGC-26-2729No Significant ValuesCondemnationNFGC-26-2733No Significant ValuesCondemnationNFGC-26-2736No Significant ValuesCondemnationNFGC-26-2738No Significant ValuesCondemnationNFGC-26-2743No Significant ValuesCondemnationNFGC-26-2747No Significant ValuesCondemnationNFGC-26-2751No Significant ValuesCondemnationNFGC-26-2753No Significant ValuesCondemnationNFGC-26-2756No Significant ValuesCondemnationHYDROGEOLOGICALHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-HY-00115.2520.65.353.0910-40Iceberg EastNFGC-25-HY-002No Significant ValuesCokesNFGC-25-HY-00352.864.611.82.6140-70Keats WestNFGC-25-HY-004No Significant ValuesPowerlineNFGC-25-HY-005No Significant ValuesMonte CarloNFGC-25-HY-006No Significant ValuesJackpotMONITORING WELLHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-MW-01DNo Significant ValuesMonitoring WellNFGC-25-MW-01SNo Significant ValuesMonitoring WellNFGC-25-MW-02DNo Significant ValuesMonitoring WellNFGC-25-MW-02SNo Significant ValuesMonitoring WellNFGC-25-MW-03DNo Significant ValuesMonitoring WellNFGC-25-MW-08DNo Significant ValuesMonitoring WellNote that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Table 3: Details of drill holes reported in this press release.

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NProspectNFGC-25-2307110-561916579485427793Keats WestNFGC-25-2311109-612006579485427764Keats WestNFGC-25-2321106-431616579475427764Keats WestNFGC-25-2325109-45.51736579485427793Keats WestNFGC-25-2342300-451526592745428877Iceberg AlleyNFGC-25-2345300-45476589035428155Iceberg EastNFGC-25-2348300-45446588705428144Iceberg EastNFGC-25-2349289-45.51796588805428062Iceberg EastNFGC-25-2356282-44.51886587945427998Iceberg EastNFGC-25-2361296-461826587945427997Iceberg EastNFGC-25-2364315-43.51526587945427999Iceberg EastNFGC-25-2366163-551286586155427986Iceberg EastNFGC-25-2367320-451466586625427908Iceberg EastNFGC-25-2370180-601346586135427937Iceberg EastNFGC-25-2374179-45.51256585865427963Iceberg EastNFGC-25-2376163-591316585865427963Iceberg EastNFGC-25-2378321-50.52066586555427864Iceberg EastNFGC-25-2382280-451496586535428017Iceberg EastNFGC-25-2384110-651196586545428016Iceberg EastNFGC-25-238785-501136587055428135Iceberg EastNFGC-25-2391119-461436585025427922IcebergNFGC-25-2393120-55.51046585355427897IcebergNFGC-25-2395170-651016585355427895IcebergNFGC-25-2398330-46.52426585685427789IcebergNFGC-25-2402345-452366585685427790IcebergNFGC-25-2406300-562756585655427718IcebergNFGC-25-2410328-572516585605427716IcebergNFGC-25-2415288-45.53506586235427652IcebergNFGC-25-2420280-53.52006588895428057Iceberg EastNFGC-25-2421300-451796583795427718IcebergNFGC-25-2425155-452036583255427916IcebergNFGC-25-2431300-45296581585427579KeatsNFGC-25-2433260-55716581205427556KeatsNFGC-25-2435309-47686581215427558KeatsNFGC-25-243899-45596580955427540KeatsNFGC-25-244099-551196581075427557KeatsNFGC-25-2444111-65746581055427556KeatsNFGC-25-2446110-45866580745427522KeatsNFGC-25-244974-641046580745427522KeatsNFGC-25-2454315-45716580285427430KeatsNFGC-25-2456338-57716580285427429KeatsNFGC-25-2458342-66956580285427429KeatsNFGC-25-2460300-45596580085427412KeatsNFGC-25-2463300-451106579965427387KeatsNFGC-25-2467325-421046579975427388KeatsNFGC-25-246895-621586580705427404KeatsNFGC-25-2472300-451136579765427366KeatsNFGC-25-2474117-661676580705427404KeatsNFGC-25-24750-55296579775427343KeatsNFGC-25-247789-60746579535427310KeatsNFGC-25-2478119-551166579715427290KeatsNFGC-25-2479135-661826580695427404KeatsNFGC-25-248334-54656579395427253KeatsNFGC-25-248444-481076579275427222KeatsNFGC-25-2488300-45.51516580455427377KeatsNFGC-25-2489299-42926579015427216KeatsNFGC-25-2492302-53.52156582545427461KeatsNFGC-25-2495120-45.51646580465427376KeatsNFGC-25-2499118-60.51016582275427450KeatsNFGC-25-2500301-48.51706580495427345KeatsNFGC-25-2502300-451526590895427914Mineralized StockpileNFGC-25-25070-651136580305427285KeatsNFGC-25-2510318-441646581265427262KeatsNFGC-25-2512298-45.51016591915427943Mineralized StockpileNFGC-25-2514311-541226580265427230KeatsNFGC-25-2517299-461016592205427839Mineralized StockpileNFGC-25-2519290-421766577595427021Keats SouthNFGC-25-2522300-451046592475427736Mineralized StockpileNFGC-25-2525290-551676577605427021Keats SouthNFGC-25-2527300-451106592725427631Mineralized StockpileNFGC-25-2530294-492246582495427357KeatsNFGC-25-2532300-451106593025427530Mineralized StockpileNFGC-25-2536300-451016593315427430Mineralized StockpileNFGC-25-2537306-45.52306582505427358KeatsNFGC-25-2542300-451106591525427272Mineralized StockpileNFGC-25-2545300-451706582495427292KeatsNFGC-25-2548300-451106591265427374Mineralized StockpileNFGC-25-2551300-421016582235427790Keats NorthNFGC-25-2553300-451046590955427476Mineralized StockpileNFGC-25-2554120-45356582225427778Keats NorthNFGC-25-255745-70596578815428196Keats WestNFGC-25-255845-80476579235428156Keats WestNFGC-25-2559300-451016590665427578Mineralized StockpileNFGC-25-256245-65626578955428142Keats WestNFGC-25-2563300-451016590435427682Mineralized StockpileNFGC-25-256545-65536579205428129Keats WestNFGC-25-256745-65446579475428117Keats WestNFGC-25-2568300-451226589885427888Mineralized StockpileNFGC-25-256945-65476579745428107Keats WestNFGC-25-257045-65506579815428079Keats WestNFGC-25-257145-65776579505428088Keats WestNFGC-25-2573300-451106588105427729Mineralized StockpileNFGC-25-257445-70656579255428077Keats WestNFGC-25-257745-65536579225428098Keats WestNFGC-25-2578300-451016588385427627Mineralized StockpileNFGC-25-258136-47.5806578875428097Keats WestNFGC-25-258345-70536578615428111Keats WestNFGC-25-2585300-451016585085427356Industrial TerraceNFGC-25-2586290-551106579055428067Keats WestNFGC-25-2589300-451106586375427281Industrial TerraceNFGC-25-259145-70686579305428055Keats WestNFGC-25-259245-65806579355428031Keats WestNFGC-25-2593160-45476579715427842Keats WestNFGC-25-2595300-451016587655427204Industrial TerraceNFGC-25-259745-90776579355428009Keats WestNFGC-25-2598300-451046585635427151Industrial TerraceNFGC-25-2599240-55926579695427854Keats WestNFGC-25-26000-701136579625428016Keats WestNFGC-25-260245-65776579295427889Keats WestNFGC-25-260345-45656579295427889Keats WestNFGC-25-2604300-451496606005427496Waste Rock Storage FacilityNFGC-25-260545-65806579395427920Keats WestNFGC-25-260645-65626579455427969Keats WestNFGC-25-26070-70686579675427890Keats WestNFGC-25-260945-65716579225427951Keats WestNFGC-25-26100-70866579755427917Keats WestNFGC-25-261245-65836579495427940Keats WestNFGC-25-2613105-501526580275427807Keats WestNFGC-25-2614300-451016604235427577Waste Rock Storage FacilityNFGC-25-261620-55806581085428056Keats WestNFGC-25-2617300-451106602545427674Waste Rock Storage FacilityNFGC-25-2618240-651706580255427862Keats WestNFGC-25-261930-551106580685427978Keats WestNFGC-25-2621300-451046600795427777Waste Rock Storage FacilityNFGC-25-2622110-521226581225427970Keats WestNFGC-25-2623110-521466580795427881Keats WestNFGC-25-2625300-45986601795427950Waste Rock Storage FacilityNFGC-25-2630300-451016603515427851Waste Rock Storage FacilityNFGC-25-2634300-451076604545428022Waste Rock Storage FacilityNFGC-25-2638300-451016602795428123Waste Rock Storage FacilityNFGC-25-2642300-451076599065427875Waste Rock Storage FacilityNFGC-25-2645300-451106597335427977Waste Rock Storage FacilityNFGC-25-2649297-491016598335428150Waste Rock Storage FacilityNFGC-25-2654300-451196600105428048Waste Rock Storage FacilityNFGC-25-2657300-451106601065428223Waste Rock Storage FacilityNFGC-25-2660300-451196599325428323Waste Rock Storage FacilityNFGC-25-2662300-451646604055428743Waste Rock Storage FacilityNFGC-25-2664299-45.51016597595428423Waste Rock Storage FacilityNFGC-25-2667300-451046598595428593Waste Rock Storage FacilityNFGC-25-2668300-451076602335428843Waste Rock Storage FacilityNFGC-25-2670300-451136600585428944Waste Rock Storage FacilityNFGC-25-2671300-451046600315428495Waste Rock Storage FacilityNFGC-25-2674300-45986602065428397Waste Rock Storage FacilityNFGC-25-2676300-451016598855429045Waste Rock Storage FacilityNFGC-25-2677300-451016597875428870Waste Rock Storage FacilityNFGC-25-2678300-451016584855427027Industrial TerraceNFGC-25-2679300-451046603785428298Waste Rock Storage FacilityNFGC-25-2681300-451046604805428468Waste Rock Storage FacilityNFGC-25-2682300-451046588935427133Industrial TerraceNFGC-25-2683300-451076601605429116Waste Rock Storage FacilityNFGC-25-2684301-451046603065428570Waste Rock Storage FacilityNFGC-25-2685300-451016586835427083Industrial TerraceNFGC-25-2687300-451016603335429016Waste Rock Storage FacilityNFGC-25-2688300-451076601335428670Waste Rock Storage FacilityNFGC-25-2689300-451046586185426946Industrial TerraceNFGC-25-2691300-451016607745429214Overburden Storage FacilityNFGC-25-2692300-451076587655426859Industrial TerraceNFGC-25-2693300-45926604285429413Overburden Storage FacilityNFGC-25-2694300-451616594505428569Waste Rock AuxiliaryNFGC-25-2695300-451016607365429351Overburden Storage FacilityNFGC-25-2696300-451046604645429276Overburden Storage FacilityNFGC-25-2698300-451046607005429486Overburden Storage FacilityNFGC-25-2700300-451016605005429140Overburden Storage FacilityNFGC-25-2701300-451016595005428450Waste Rock AuxiliaryNFGC-25-2702300-451106606645429623Overburden Storage FacilityNFGC-25-2703300-451196593915428425Waste Rock AuxiliaryNFGC-25-2704300-451046605375429003Overburden Storage FacilityNFGC-25-2705300-451136593805428760Waste Rock AuxiliaryNFGC-25-2706300-451016610105429423Overburden Storage FacilityNFGC-25-2707300-451046594055428331Waste Rock AuxiliaryNFGC-25-2708300-451016608615429051Overburden Storage FacilityNFGC-25-2709300-451346594125428828Waste Rock AuxiliaryNFGC-25-2710300-451076609745429559Overburden Storage FacilityNFGC-25-2711300-451166593175428296Waste Rock AuxiliaryNFGC-25-2712300-451016609295429700Overburden Storage FacilityNFGC-25-2713300-451016595425428753Waste Rock AuxiliaryNFGC-25-HY-0010-90446587805428112Iceberg EastNFGC-25-HY-002130-452316577435427453CokesNFGC-25-HY-003125-461466581225427968Keats WestNFGC-25-HY-004160-452276583085428508PowerlineNFGC-25-HY-005139-461736586755429215Monte CarloNFGC-25-HY-006300-451816591575429800JackpotNFGC-25-MW-01D0-90306592975427634Mineralized StockpileNFGC-25-MW-01S0-9096592975427636Mineralized StockpileNFGC-25-MW-02D0-90316587365428900LottoNFGC-25-MW-02S0-9066587355428902LottoNFGC-25-MW-03D0-90296592605429986JackpotNFGC-25-MW-08D0-90276582915427910Keats NorthNFGC-26-2715299-45.51016596155428884Waste Rock AuxiliaryNFGC-26-2718300-451076595895428986Waste Rock AuxiliaryNFGC-26-2721300-451196595945429069Waste Rock AuxiliaryNFGC-26-2723300-451046595145428855Waste Rock AuxiliaryNFGC-26-2729300-451016594865428959Waste Rock AuxiliaryNFGC-26-2733300-451016593845428930Waste Rock AuxiliaryNFGC-26-2736300-451016594515429065Waste Rock AuxiliaryNFGC-26-2738300-451076595225428351Waste Rock AuxiliaryNFGC-26-2743300-451046595495428249Waste Rock AuxiliaryNFGC-26-2747300-451046594475428220Waste Rock AuxiliaryNFGC-26-2751300-451016593445428194Waste Rock AuxiliaryNFGC-26-2753300-451226592425428167Waste Rock AuxiliaryNFGC-26-2756299-461076595295428606Waste Rock AuxiliarySampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep and condemnation holes, the core size may be reduced to NQ. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core samples are shipped to ALS for sample preparation and gold analysis in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.

New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Through 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.

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.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's 2025 and 2026 drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results; planned reporting of the remaining results from 2025 drilling and channel sampling from the Lotto excavation; the excavation programs and the timing and results thereof; future drill and excavation programs and the timing and focus thereof; exploration, drilling and mineralization at Queensway; the extent of mineralization and the continuity of high-grade gold mineralization; the planned conversion of mineral resources; the potential resource expansions; planned filing of an updated Technical Report for Queensway, including an updated mineral resource estimate, and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

[1] g/t Au = grams of gold per tonne, m = metres

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295440

Source: New Found Gold Corp.

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Vancouver, British Columbia--(Newsfile Corp. - June 2, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC)  ("New Found Gold" or the "Company") is pleased to announce the expansion of a fully funded $44M work program (the "Program") on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Melissa Render, President of New Found Gold, stated "We are excited to announce the expanded scope of the Program at Queensway outlining a larger exploration program with an increased focus on discovery and resource growth. Two additional drill rigs are being mobilized to add to the four rigs active since January, marking the start of several targeted exploration drill campaigns."

"At the AFZ Core, previous deep drilling has confirmed the system is open below the current mineral resource to more than 1,000 metres. The Program will build on this success with the objective of further expanding the deposit at depth. In addition, we are looking forward to returning to the Dropkick Zone, where aggressive step-out drilling will test strike extensions and explore this zone where it is open east of the Appleton Fault Zone. Concurrently, our regional exploration team is looking to find the next deposit with the launch of an expansive trenching and drill campaign across multiple highly prospective targets throughout our extensive land package at Queensway. Since commencing in January, the Program has primarily focused on project-related drilling within the AFZ Core to support our development objectives as we advance Queensway toward first ore processed in late 2027 and now, we're focusing on discovery and resource growth", continued Ms. Render.

Program Overview

The Program will include 90,000 metres ("m") of diamond drilling, along with surface exploration in key areas across the Company's 100% owned 220,000 hectare Project (Figure 1). As announced in the January 21, 2026 New Found Gold press release, the Program commenced in January with four drills focused on resource conversion drilling at AFZ Core. In mid-June, the Program will expand to a total of six drills, with the 90,000 m of planned 2026 drilling allocated as follows:

45% Discovery and Growth Focus: Targeting expansion of the initial mineral resource estimate[1] ("MRE") and new discoveries, including:AFZ Core: Building on high-grade intercepts at depth below the initial MRE, drilling will target potential extensions to the Golden Dome and Dome zones, as well as the mineralized corridor below and between the Keats, Iceberg and Keats West zones, with the objective of further delineating and expanding the mineralized system in the AFZ Core,

AFZ Peripheral: Continue testing extensions of the Dropkick Zone ("Dropkick"), which is open along strike and to depth. Drilling in 2025 expanded this target from surface to a vertical depth of 300 metres ("m") and for 1.4 kilometres ("km") along strike, with a high-grade domain west of the Appleton Fault Zone ("AFZ") that demonstrates excellent continuity (see the New Found Gold new release dated April 22, 2026). Drilling at Dropkick east of the AFZ in 2025 returned encouraging results, highlighting the potential for new discoveries in this emerging target. Extensions immediately north, south and east of Dropkick will be tested, along with additional new targets northward along the AFZ, and

Regional Targets: Initial and follow-up exploration is planned at Pauls Pond, Greenwood, Gazeebow South, and other newly identified prospects across the Project (Figure 1). The Pauls Pond, Greenwood, and Gazeebow South priority target areas, which are defined by large-scale gold-in-soil, gold-in-till, and bedrock geochemical anomalies, represent compelling opportunities for additional discovery and highlight the potential scale of the mineralized systems being advanced on the Project outside of the initial MRE. Collectively, these target areas are situated along the projected trend of the AFZ, reinforcing the significance of this regional-scale structural corridor as a key control on gold mineralization and supports the broader exploration potential across the Project

Pauls Pond: In Queensway South, approximately 65 km south of the AFZ Core, trenching and drilling is planned at Paul's Pond to expand upon the success of earlier campaigns and test recently generated targets within the broader mineralized corridor.

Greenwood: South of Pauls Pond, past trenching at Greenwood has exposed gold-in-bedrock in multiple locations and outlined a robust mineralized footprint that extends over a 4.7 km x 2.0 km area. Across the Pauls Pond-Greenwood region, previous drill programs intersected visible gold in 32 diamond drill holes (See the New Found Gold Press Release dated May 25, 2023).

Gazeebow South: In Queensway North, 7 km north of Dropkick and on strike along the AFZ, this prospect is characterized by an expansive gold-in-till anomaly that follows the interpreted eastern side of the AFZ. This prospect, with a 2.4 km x 0.8 km footprint, represents a high-priority target for follow-up trenching.

55% Project Focus:Resource Conversion: Conversion of inferred to indicated mineral resources in Phase 2 open pits and Phase 3 underground as outlined in the Queensway Preliminary Economic Assessment[2] ("PEA"),

Grade Control: Leveraging results from the highly successful 2025 grade control program, drilling in the Program will optimize drill hole spacing and broaden the scope to continue to increase confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits, and

Geotechnical and Hydrogeological Drilling: Continued work to support mine planning.

The Program will also include an extensive surface exploration program throughout several areas of both Queensway North and Queensway South. This work will include regional-scale prospecting, regional and prospect-scale soil sampling, geological mapping, ground-based geophysics and an expansive trenching program to test geochemical targets across the Paul's Pond-Greenwood, Dog Bay Line North (Duder Lake) and Gazeebow South areas.

Looking Ahead

To date a total of 32,000 m of drilling has been completed in the 90,000 m Program. This primarily focused on project-related drilling, mostly infill drilling of inferred resources, within the AFZ Core to support the Company's development objectives for Queensway.

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan, as outlined in the Company's PEA, and 25% focused on exploration targets such as Dropkick. To date, approximately 8% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

Figure 1: Queensway plan view map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/299741_8c340fdb64ca4942_001full.jpg

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Through 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.

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.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's 2025 and 2026 drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results; planned expansion of the Program to a total of six drills in mid-June, including expansion of the initial MRE, advanced exploration targeting conversion of inferred to indicated category mineralization in Phase 2 open pits and Phase 3 underground, drilling to support mine planning, and detailed drilling in the Keats, Iceberg and Lotto excavations; planned reporting of the remaining results from 2025 drilling and channel sampling from the Lotto excavation; the planned conversion of mineral resources; the planned resource expansions; planned filing of an updated Technical Report for Queensway, including an updated MRE, and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

[1] See New Found Gold's Press Release dated March 24, 2025 and Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", dated Sept. 2, 2025 prepared by SLR Consulting (Canada) Ltd.

[2] See New Found Gold's Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", dated Sept. 2, 2025 prepared by SLR Consulting (Canada) Ltd.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299741

Source: New Found Gold Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Delivery to the Mill nearing steady-state requirements, with gold reconciling from the block model to the Mill Fully staffed with 40 new jobs created to date and over 90% of new hires from the province Project remains on schedule for commercial production in H2/26 Vancouver, British Columbia--(Newsfile Corp. - June 11, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to provide an update on New Found Gold's 100% owned Hammerdown Gold Project ("Hammerdown" or the "Project"), currently advancing towards commercial production in Newfoundland and Labrador, Canada. Hammerdown, which includes the Hammerdown deposit and the Pine Cove Mill ("Pine Cove" or the "Mill") was acquired by the Company as a strategic acquisition of the permitted Mill to fast-track production at its 100% owned flagship Queensway Gold Project ("Queensway"; see the New Found Gold press release dated November 13, 2025).

Key Takeaways National Fuel Gas raised its quarterly dividend 4% to 55.5 cents, payable July 15, 2026. NFG's annualized dividend rises to $2.22, with 56 straight years of annual dividend increases. NFG expects its CenterPoint Ohio deal to support 5-7% regulated adjusted EPS growth. National Fuel Gas Company (NFG - Free Report) announced that its board of directors has approved a 4% hike in the quarterly dividend payment, lifting the payout to 55.5 cents per share. The dividend is payable on July 15, 2026, and will be distributed to shareholders of record as of June 30, 2026.

The company’s new annualized dividend is $2.22 per share compared with the previous annual dividend of $2.14. Its current dividend yield is 2.79%, higher than the Zacks S&P 500 composite's average of 1.44%.

The company has paid dividends for 124 consecutive years and has increased its annual dividend for 56 straight years. NFG’s long history of dividend distribution reflects its strong operational performance and resilient cash-flow generation.

NFG's Dividend Sustainability OutlookAlthough dividend payments are never guaranteed from one quarter to the next, a company’s strategic efforts to improve earnings and operational performance can help assess the sustainability of its dividend policy.

National Fuel Gas benefits from rising natural gas demand driven by data center growth, extensive shale assets, enhanced well designs, strategic acquisitions and disciplined capital investments that support long-term production, earnings and dividend growth.

NFG in October 2025 announced that it has agreed to acquire CenterPoint’s Ohio natural gas utility business for $2.62 billion, expected to close in the fourth quarter of calendar 2026. The transaction is expected to enhance long-term regulated adjusted EPS growth of 5-7% and strengthen dividend prospects by increasing regulated earnings.

The company generated nearly $160 million in free cash flow in the second quarter of fiscal 2026. NFG plans to increase free cash flow through strategic investments and operational improvements in its production and gathering businesses, supporting future dividend increases and stronger shareholder returns.

The company plans capital investment of $0.96-$1.07 billion in fiscal 2026. Its systematic capital spending to strengthen its natural gas and oil operations is positively impacting total production.

Consistent Dividend-Paying HistoryNFG is not the only company with a long history of dividend distribution. Chevron Corporation (CVX - Free Report) , Exxon Mobil (XOM - Free Report) and Occidental Petroleum (OXY - Free Report) are the other players from the same sector that have a long history of dividend payment.

Chevron has been increasing shareholder value through consistent annual dividend hikes for 39 consecutive years. Currently, the company’s quarterly dividend is $1.78 per share, resulting in an annualized dividend of $7.12.

CVX's dividend yield is 3.83%. The Zacks Consensus Estimate for Chevron's 2026 earnings is pegged at $15.88 per share, suggesting year-over-year growth of 117.83%.

Exxon Mobil’s dividends per share have grown at an average annual rate of 5.8% over the last 43 years. The company’s board has approved a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12.

XOM's dividend yield is 2.81%. The Zacks Consensus Estimate for Exxon Mobil's 2026 earnings is pegged at $11.80 per share, suggesting year-over-year growth of 66.81%.

Occidental Petroleum also has a long history of paying dividends. On Feb. 18, 2026, the board approved an 8% increase in the quarterly dividend to 26 cents per share, raising the annualized payout to $1.04 per share.

OXY's dividend yield is 1.87%. The Zacks Consensus Estimate for Occidental Petroleum's 2026 earnings is pegged at $5.79 per share, suggesting year-over-year growth of 161.99%.

NFG's Stock Price PerformanceIn the past month, the company’s shares have plunged 3.7% compared with the industry’s 1.8% fall.

Image Source: Zacks Investment Research

NFG’s Zacks RankNFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Independent Bank raised its dividend to 64 cents per share, marking six increases in five years.Micron Technology, Elbit Systems and Applied Materials also announced recent dividend hikes.Dividend-paying stocks gain appeal as inflation, rates and geopolitical tensions drive volatility. The U.S. economy is navigating a period of heightened volatility, as economic and geopolitical uncertainties intensify. February’s nonfarm payrolls report delivered a surprise, showing a loss of 92,000 jobs instead of the expected growth. Unemployment edged up to 4.4% from 4.3% in January. Although wage growth slightly beat expectations, other labor indicators, such as the participation rate and workweek hours, softened.

Inflation remains sticky, with the Consumer Price Index relatively stable at around 2.4% annually. But the upward trend in the Producer Price Index (0.7% monthly and 3.4% annually), alongside rising oil prices, suggests that inflation is intensifying once again. As a result, the Federal Reserve has kept interest rates at 3.50-3.75%, with little indication of near-term cuts until inflation cools significantly.  A sluggish labor market and high borrowing costs are weighing on investors' sentiment.

Geopolitical tensions are also adding to economic pressure. The conflict involving Iran and the closure of the Strait of Hormuz have pushed oil prices above $100 per barrel. This raises concerns about further inflation and supply chain risk. Though some companies continue to perform well, the overall sentiment remains fragile.

Amid such market conditions, investors who wish to diversify their portfolios can pick dividend-paying stocks. Some of the prominent names are: Independent Bank (INDB - Free Report) , Micron Technology, Inc. (MU - Free Report) , Elbit Systems (ESLT - Free Report) , Applied Materials (AMAT - Free Report) and Wheaton Precious Metals (WPM - Free Report) . Companies that pay out dividends consistently indicate a healthy business model. Stocks that have raised dividends recently exhibit a sound financial structure and can counter market upheavals. Moreover, stocks that tend to reward investors with a high dividend payout outperform non-dividend-paying entities in a highly volatile market.

Independent Bank

Independent Bank is a community-oriented commercial bank, providing products and services to individuals and small-to-medium sized businesses in the United States. This Rockland, MA-based company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

On March 19, INDB declared that its shareholders would receive a dividend of 64 cents a share on April 9, 2026. INDB has a dividend yield of 3.2%.

Over the past five years, INDB has increased its dividend six times, and its payout ratio presently sits at 42% of earnings. Check Independent Bank’s dividend history here.

Micron Technology

Micron Technology is headquartered in Boise, ID. This Zacks Rank #3 (Hold) company has established itself as one of the leading worldwide providers of semiconductor memory solutions.

On March 18, MU declared that its shareholders would receive a dividend of 15 cents a share on April 15, 2026. MU has a dividend yield of 0.1%.

In the past five years, MU has increased its dividend three times. Its payout ratio is currently 2% of earnings. Check Micron Technology’s dividend history here.

Elbit Systems

Elbit Systems is a worldwide leader in Night Vision Goggles Head-Up Displays (NVG-HUD). This Haifa, Israel-based company currently carries a Zacks Rank #2.

On March 16, ESLT announced that its shareholders would receive a dividend of 83 cents a share on April 27, 2026. ESLT has a dividend yield of 0.2%.

Over the past five years, ESLT has increased its dividend six times. Its payout ratio now sits at 18% of earnings. Check Elbit Systems' dividend history here.

Applied Materials

Applied Materials is one of the world’s largest suppliers of equipment for the fabrication of semiconductor, flat panel liquid crystal displays, and solar photovoltaic cells and modules. The Zacks Rank #1 (Strong Buy) company operates from Santa Clara, CA.

On March 12, AMAT declared that its shareholders would receive a dividend of 53 cents a share on June 11, 2026. AMAT has a dividend yield of 0.5%.

Over the past five years, AMAT has increased its dividend six times, and its payout ratio presently sits at 20% of earnings. Check Applied Materials' dividend history here.

Wheaton Precious Metals

Wheaton Precious Metals is headquartered in Vancouver, Canada. This Zacks Rank #3 company is one of the largest precious metal streaming companies in the world that generates its revenues from the sale of precious metals and cobalt.

On March 12, WPM declared that its shareholders would receive a dividend of 20 cents a share on April 10, 2026. WPM has a dividend yield of 0.6%.

In the past five years, WPM has increased its dividend six times. Its payout ratio is currently 22% of earnings. Check Wheaton Precious Metals’ dividend history here.

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ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, announced the following details for its first quarter 2026 earnings release and conference call:

Earnings Release: Thursday, April 16, 2026, after the market close

Conference Call (held via Webcast): Friday, April 17, 2026, at 10:00 AM Eastern Time

How to Join Webcast: Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

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