Market Signal Briefing

In the latest trading session, BigBear.ai Holdings, Inc. (BBAI - Free Report) closed at $4.56, marking a -6.37% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Shares of the company have depreciated by 22.82% over the course of the past month, underperforming the Computer and Technology sector's loss of 1.09%, and the S&P 500's loss of 0%.

Analysts and investors alike will be keeping a close eye on the performance of BigBear.ai Holdings, Inc. in its upcoming earnings disclosure. On that day, BigBear.ai Holdings, Inc. is projected to report earnings of -$0.05 per share, which would represent a year-over-year decline of 25%. In the meantime, our current consensus estimate forecasts the revenue to be $32.44 million, indicating a 26% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of -$0.93 per share and a revenue of $132.81 million, demonstrating changes of +15.45% and -16.07%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for BigBear.ai Holdings, Inc. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, BigBear.ai Holdings, Inc. is carrying a Zacks Rank of #3 (Hold).

The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 143, positioning it in the bottom 42% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Core & Main (CNM - Free Report) closed the most recent trading day at $57.83, moving +1.96% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.33%. Elsewhere, the Dow gained 0.1%, while the tech-heavy Nasdaq lost 0.59%.

Heading into today, shares of the distributor of water and fire protection products had gained 0.39% over the past month, lagging the Industrial Products sector's gain of 11.29% and outpacing the S&P 500's loss of 0%.

Analysts and investors alike will be keeping a close eye on the performance of Core & Main in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.48, signifying a 45.45% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.58 billion, down 6.82% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.93 per share and revenue of $7.66 billion, indicating changes of +37.56% and +2.98%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for Core & Main. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Core & Main currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Core & Main is presently being traded at a Forward P/E ratio of 17.8. For comparison, its industry has an average Forward P/E of 20.42, which means Core & Main is trading at a discount to the group.

Investors should also note that CNM has a PEG ratio of 2.02 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Manufacturing - Tools & Related Products stocks are, on average, holding a PEG ratio of 1.83 based on yesterday's closing prices.

The Manufacturing - Tools & Related Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 29% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

In the latest trading session, Humacyte, Inc. (HUMA - Free Report) closed at $1.05, marking a -13.93% move from the previous day. This move lagged the S&P 500's daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Shares of the company have appreciated by 7.96% over the course of the past month, outperforming the Medical sector's loss of 1.02%, and the S&P 500's loss of 0%.

Investors will be eagerly watching for the performance of Humacyte, Inc. in its upcoming earnings disclosure. The company is expected to report EPS of -$0.13, up 18.75% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.25 per share and a revenue of $3.15 million, representing changes of +76.19% and 0%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Humacyte, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Humacyte, Inc. is currently a Zacks Rank #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 86, putting it in the top 36% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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SummaryNintendo is breaking records with Switch 2’s unprecedented sales and robust software attach rates, reinforcing its dominant industry position.Despite short-term headwinds from DRAM cost inflation and yen volatility, NTDOY’s diversified IP monetization and cost advantages underpin long-term resilience.Switch 2’s strong third-party support, blockbuster software pipeline, and upcoming Super Mario Galaxy movie are poised to drive further revenue growth.With a 51% implied upside to fair value, we continue to accumulate shares and expect sustainable growth beyond the Switch 2 cycle. Getty Images

This article was co-produced by Jeff Hopkins.

Introduction In our initial coverage of Nintendo (NTDOY) from October 2024, we detailed our investment thesis on the company's success, not just in the video gaming industry but also in

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

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

Rafael Rogelio Barradas Servín

Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the fourth quarter of 2025. Before we begin, I would like to remind you that this event is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially.

Hosting today's conference are Mr. Arturo Spinola, Chief Financial Official of Grupo Carso; and I, Rogelio Barradas from Investor Relations. We will first provide a brief overview of the fourth quarter financial results and then proceed to the Q&A questions -- Q&A session. I'm sorry.

Consolidated sales of Grupo Carso totaled MXN 54.9 billion, decreasing 4.7% compared to 4Q of '24, mainly explained by lower sales across divisions due to the appreciation of Mexican peso. Grupo Sanborns was the division with the largest positive impact in revenues, driven by better seasonal sales.

Consolidated operating income reached MXN 4.1 million, a 40.9% decrease versus the same period last year. This reduction came from lower profitability in several divisions attributable to the conclusion of major infrastructure projects, the impact of a stronger peso, the implementation of new IT platforms in the commercial division, and inflationary pressures on salaries and expenses. EBITDA for Grupo Carso totaled MXN 6.3 billion, decreasing 31.7% versus MXN 9.2 billion in 4Q '24 . Controlling net income totaled MXN 3.1 billion, decreasing 18.9%, mainly due to lower operating results and foreign exchange impacts.

Regarding the performance by division, Grupo Sanborns revenues reached MXN 25.8 billion, increasing 2.3%, supported by solid seasonal

HomeIndustriesConsumer ProductsEarnings ResultsEarnings ResultsMattel’s stock drops 25% after earnings, while Hasbro’s rises to highest point in six yearsPublished: Feb. 10, 2026 at 5:47 p.m. ET

Shares of Mattel sank 25% in the after-hours session Tuesday after the toymaker reported a lackluster holiday quarter, which stung all the more because rival Hasbro unveiled much better results earlier in the day and saw its stock rise to its highest point in six years.

Both toymakers faced a difficult holiday season, marred by tariffs and intensive promotions. But only one had “Magic: The Gathering.”

About the Author

Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.

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Not for distribution to US Newswire Services or for dissemination in the United States

Surrey, British Columbia--(Newsfile Corp. - February 10, 2026) - Desert Gold Ventures Inc. (TSXV: DAU) ("Desert Gold" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement of units ("Units"), whereby it issued 89,772,500 Units at a price of C$0.08 per Unit for aggregate gross proceeds of C$7,181,800 pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "Offering").

Under the Offering, each Unit consisted of one Common share of the Company ("Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to purchase one additional Common Share at a price of C$0.12 at any time on or before the date which is 24 months following the date of issuance.

The Company intends to use the net proceeds from the Offering to commission the first phase of its gravity plant at the Company's fully permitted Barani East gold oxide project in West Mali and for resource expansion and exploration drilling at its SMSZ Project in Western Mali and Tiegba Gold Project in Cote d'Ivoire, and for general working capital purposes, all as more specifically described in the Offering Document.

Closing of the Offering was conditionally approved by the TSX Venture Exchange ("TSXV"), and the securities issued under the Offering will not be subject to a four-month and one-day statutory hold period. In connection with the Offering, the Company paid an aggregate of C$265,986 in finder's fees and issued, in aggregate, 3,324,825 non-transferable finder's warrants, entitling the holder thereof to purchase one Common Share at a price of C$0.08 at any time on or before the date which is 24 months following the date of issuance. Canaccord Genuity Corp., Haywood Securities Inc., Research Capital Corporation, Red Cloud Securities Inc., and Fonds Lounge acted as finders in connection with the Offering.

The securities have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Desert Gold Ventures

Desert Gold is a gold exploration and development company which controls properties in both Mali and Cote d'Ivoire. This includes the 440km2 SMSZ Project in Western Mali as well as the newly optioned 297km2 Tiegba Gold Project in Western Cote d'Ivoire within the prolific Birimian greenstone belt.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's assessment of the Company's plans and operations relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contains these identifying words.

More particularly and without limitation, the forward‐looking information in this news release includes (i) expectations regarding the Company's financing plans; (ii) expectations concerning the Company's plans and objectives in respect of the Offering's net proceeds; (iii) final TSXV approval in respect of the Offering and the timing of receipt thereof; and (iv) expectations concerning the Company's future plans, objectives, strategies, and goals relating to its business. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect and are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283467

Source: Desert Gold Ventures Inc.

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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Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In CoreWeave (CRWV) To Contact Him Directly To Discuss Their Options

If you purchased or acquired CoreWeave securities between March 28, 2025 and December 15, 2025, and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648.

Click here to participate in the action.

NEW YORK, Feb. 10, 2026 (GLOBE NEWSWIRE) --

What’s Happening:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against CoreWeave, Inc. (“CoreWeave” or the “Company”) (NASDAQ:CRWV) in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired CoreWeave securities between March 28, 2025 and December 15, 2025, both dates inclusive (the “Class Period”). Investors have until March 13, 2026 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Allegation Details:

The lawsuit alleges that Defendants issued false and misleading statements and/or failed to disclose that: (i) Defendants had overstated CoreWeave’s ability to meet customer demand for its service; (ii) Defendants materially understated the scope and severity of the risk that CoreWeave’s reliance on a single third-party data center supplier presented for CoreWeave’s ability to meet customer demand for its services; and (iii) the foregoing was reasonably likely to have a material negative impact on the Company’s revenue. Next Steps:

If you purchased or otherwise acquired CoreWeave shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities, derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Follow us for updates on LinkedIn and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

Q4: 2026-02-09 Earnings SummaryEPS of $0.24 misses by $0.04

 |

Revenue of

$272.19M

(-4.96% Y/Y)

beats by $3.10M

Kilroy Realty Corporation (KRC) Q4 2025 Earnings Call February 10, 2026 1:00 PM EST

Company Participants

Douglas Bettisworth
Angela Aman - CEO & Director
Eliott Trencher - EVP & Chief Investment Officer
Jeffrey Kuehling - Treasurer, Executive VP & CFO
A. Paratte - Executive VP & Chief Leasing Officer

Conference Call Participants

Jana Galan - BofA Securities, Research Division
Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Seth Bergey - Citigroup Inc., Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Brendan Lynch - Barclays Bank PLC, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Michael Carroll - RBC Capital Markets, Research Division
John Kim - BMO Capital Markets Equity Research
Peter Abramowitz - Deutsche Bank AG, Research Division
Dylan Burzinski - Green Street Advisors, LLC, Research Division
Upal Rana - KeyBanc Capital Markets Inc., Research Division

Presentation

Operator

Hello, everyone, and welcome to the KRC 4Q '25 Earnings Conference Call. My name is Emily, and I'll be coordinating your call today. [Operator Instructions] I will now hand over to Doug Bettisworth, Vice President of Corporate Finance to begin. Please go ahead, Doug.

Douglas Bettisworth

Good morning, everyone. Thank you for joining us. On the call with me today are Angela Aman, CEO; Jeffrey Kuehling, EVP and CFO and Treasurer; and Eliott Trencher, EVP, CIO. In addition, Justin Smart, President; and Rob Paratte, EVP, Chief Leasing Officer, will be available for Q&A.

Please note that some of the information we will be discussing during this call is forward-looking in nature. Please refer to our supplemental package for a statement regarding the forward-looking information on this call and in the supplemental. This call is being webcast live on our website and will be

Amazon owns more than 5% of Beta Technologies' stock. Amazon invested in 2021 out of its Climate Pledge Fund.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”) (TSX: S), a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition – today reported its financial results for the three months and year ended December 31, 2025 and provided its 2026 guidance. All amounts are in Canadian dollars unless otherwise noted.

Dr. Peter Hancock, Interim Chief Executive Officer of Sherritt commented, “Following recent changes to management and the Board, Sherritt is sharpening its focus on maximizing the performance and potential of the Moa Joint Venture, particularly through optimizing mining operations. Our comprehensive operational review of the Moa mine identified key improvement opportunities, and we are taking decisive action to address them through targeted investments in equipment, expertise, and process optimization.”

Dr. Hancock continued: “We are implementing a multi-faceted turnaround plan that includes new mining equipment, additional technical expertise, and debottlenecking projects to improve efficiency and reliability. While ramping up production of mixed sulphides will take time, we are confident this plan will support increased output utilizing our recently completed expansion projects and unlock significant value over the mine’s long life.”

In addition, Sherritt announces that John Ewing has stepped down from its board of directors (the “Board”) effective today in order to dedicate his full attention to his role as Chief Investment Officer of Ewing Morris & Co. Investment Partners.

Mr. Ewing commented, “It has been a privilege to serve on Sherritt’s Board during an important period of transition and renewal. I’m pleased with how the Board has been strengthened and I have full confidence in Dr. Peter Hancock as Interim Chief Executive Officer and in the leadership team’s ability to execute Sherritt’s strategy going forward. Ewing Morris remains an engaged shareholder, and we look forward to what the future holds for the company.”

Brian Imrie, Chair of the Board commented, “I would like to extend my sincere appreciation to John for his valuable contributions to the Board and look forward to our continued engagement with him in his capacity as a valued shareholder.”

FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND SELECTED DEVELOPMENTS(1)

Operational Performance

Finished nickel and cobalt production at the Moa Joint Venture (“Moa JV”) in Q4 2025 was 3,816 tonnes and 424 tonnes, respectively, (Sherritt’s share(1)). Full year 2025 production reached 25,240 tonnes of nickel and 2,728 tonnes of cobalt (100% basis) both within revised annual guidance ranges(2). Finished nickel and cobalt sales in Q4 2025 were 3,710 tonnes and 437 tonnes, respectively. Full year 2025 sales totaled 13,145 tonnes and 1,535 tonnes, respectively. Net direct cash cost (“NDCC”)(3) was US$6.01/lb in Q4 2025. Full year 2025 NDCC(3) of US$5.96/lb was within the original guidance range, benefitting from higher cobalt by-product credits and ongoing cost optimization initiatives. Electricity production reached 210 GWh in Q4 2025. Full year 2025 production totaled 799 GWh, largely in line with the annual guidance range of 800 GWh to 850 GWh. The Boca de Jaruco facility operated in frequency control in December at the request of Unión Eléctrica (“UNE”) which had not been factored into guidance. Energas was fully compensated for this reduction. Electricity unit operating cost(3) was $23.48/MWh in Q4 2025. Full year 2025 unit operating cost(3) of $23.33/MWh was at the low end of the annual guidance range. Financial Performance

Net loss from continuing operations was $15.7 million, or $(0.03) per share in Q4 2025 and $65.4 million, or $(0.14) per share for the full year 2025. Adjusted net loss from continuing operations(3) was $13.9 million or $(0.03) per share in Q4 2025 and $77.2 million or $(0.17) per share for the full year. Q4 2025, adjusted net loss from continuing operations primarily excludes foreign exchange and net revaluation gains and losses and the $3.5 million loss from operations of Sherritt’s Oil and Gas division. Full year 2025, adjusted net loss from continuing operations primarily excludes a $32.4 million gain on debt and equity transactions (“Debt and Equity Transactions”) and $11.7 million of net revaluation gains and losses partially offset by the $22.0 million loss from Oil and Gas division operations (primarily due to updates to contractually obligated environmental rehabilitation costs on legacy assets in Spain). Adjusted EBITDA(3) was $(1.5) million in Q4 2025 and $7.1 million for the full year 2025. Available liquidity in Canada as of December 31, 2025 was $43.7 million. Strategic and Organizational Developments

Power division dividends in Canada from Energas were $7.8 million in Q4 2025 bringing full year 2025 dividends to $26.0 million – double the $13.0 million received in 2024 and in line with prior disclosure. Cost reduction initiatives were implemented in Q3 2025, which included a further workforce reduction with a focus on non-operating roles across Canadian operations. The cost reduction initiatives are expected to deliver approximately $20.0 million in annual savings (100% basis) and are in addition to the $17.0 million in annual savings (100% basis) achieved through the 2024 initiatives. Debt restructuring completed in April 2025 consolidated the Corporation’s debt, extended the maturity to November 2031, reduced debt obligations by $68.0 million(4) and decreased annual interest expense by approximately $3.0 million. Board and leadership transition: In November 2025, Brian Imrie was appointed as independent director and Chair of the Board, bringing extensive leadership, capital markets and mining-sector experience. In December, the Board also welcomed Brett Richards, an experienced mining executive with more than 37 years of industry experience, as an independent director. Dr. Peter Hancock, a seasoned mining industry executive with more than 35 years of experience that includes overseeing nickel mining operations, was appointed Interim Chief Executive Officer. Dr. Hancock previously served as an independent director since November 2021 and Chair of the Reserves, Operations and Capital Sustainability Committee since March 2022. The Board has launched a comprehensive search for a permanent Chief Executive Officer, which will include consultation with shareholders and other stakeholders. (1)

References to operational and financial metrics in this press release, unless otherwise indicated, are to “Sherritt’s share” which is consistent with the Corporation’s definition of reportable segments for financial statement purposes. Sherritt’s share of “Metals” includes the Corporation’s 50% interest in the Moa JV, its 100% interest in the utility and fertilizer operations in Fort Saskatchewan (“Fort Site”) and its 100% interests in subsidiaries established to buy, market and sell certain of the Moa JV’s nickel and cobalt production and the Corporation’s cobalt inventory received under the Cobalt Swap agreement (“Metals Marketing”). Sherritt’s share of Power includes the Corporation’s 33⅓% interest in Energas. References to Corporate and Other and Oil and Gas includes the Corporation’s 100% interest in these businesses. Corporate and Other refers to the Corporate head office and growth and market development support. Fort Site refers to the Corporation’s 100% interest in the utility and fertilizer operations.

(2)

Guidance refers to 2025 guidance as most recently updated and disclosed in the Corporation’s Management Discussion and Analysis for the three and nine months ended September 30, 2025. See the Outlook section for more information.

(3)

Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.

(4)

Principal amount of Second Lien Notes and PIK Notes at the transaction date and the premium required to be paid on maturity of the Second Lien Notes in November 2026, net of the principal amount of Amended Senior Secured Notes issued. See the Capital Resources section of the Corporation’s Management Discussion and Analysis for the year ended December 31, 2025 (“MD&A”) for details.

OPERATIONAL UPDATE AND 2026 GUIDANCE

Operational update

In early 2026 Sherritt and its joint venture partner completed an operational review of the Moa mine, establishing the foundation for an actionable turnaround plan aimed at stabilizing operations and restoring mixed sulphides production to pre-2025 levels. The review identified key opportunities for improvement, including optimizing mining operations to increase production rates, enhancing workforce stability and technical expertise, and reducing maintenance downtime at the Moa processing facility.

To address these priorities, Sherritt has initiated a comprehensive turnaround plan that includes investing in additional mining equipment, deploying experienced technical personnel, a revised mining plan and allocating resources to improve operational performance and maintenance efficiency. Sherritt is also advancing several debottlenecking initiatives to enhance production efficiency. Sherritt’s share of the 2026 turnaround investments is included in its spending on capital(1) guidance.

As these initiatives progress through 2026, Sherritt expects mixed sulphides production to recover steadily, reaching pre-2025 levels by year-end. Following the completion of the operational turnaround, Sherritt will focus on ramping up production to realize the full benefits of its expansion program.

2026 Guidance

Metals

Finished nickel and cobalt production are expected to be 26,000 to 28,000 tonnes (100% basis) and 2,750 to 2,850 tonnes (100% basis), respectively. Nickel production is up from 2025 as a result of higher mixed sulphides production which is expected to be 30,000 to 32,000 tonnes (100% basis) of contained nickel and cobalt weighted to the second half of the year as the operational turnaround plan takes effect. NDCC(1) is expected to be US$5.75 to US$6.25 per pound of nickel sold, consistent with 2025 levels benefitting from higher expected production and sales volumes, ongoing cost optimization initiatives, and higher cobalt by-product credits, partially offset by higher sulphur prices. NDCC(1) guidance for 2026 is based on a forecast cobalt reference price of US$23.50 per pound and forecast sulphur price of US$439.00 per tonne including freight and handling. Sustaining spending on capital(1): Expected to be $35.0 to $40.0 million (Moa JV 50% basis, Fort Site 100% basis), including additional mining equipment and refurbishment of various equipment as part of the operational turnaround plan at Moa. Tailings facility – expected to be $25.0 to $30.0 million (50% basis) related to the Moa JV’s tailings management project which incorporates savings and deferred spending to 2027 through design optimization, improved material sourcing, and strategic procurement, while maintaining the expected date for commencing operations at year-end 2026. Growth spending on capital(1): Improvement debottlenecking projects – expected to be $2.5 to $5.0 million (50% basis) which includes projects to enhance processing performance at Moa so the full benefit of the expansion program can be realized. Efforts are underway to finance the Metals division’s capital requirements.

Power

Electricity production is expected to be 825 to 875 GWh (33⅓% basis), reflecting expectations that the Varadero facility will operate in frequency control for the majority of 2026. Electricity unit operating cost(1) is expected to be $27.25 to $28.75 per MWh slightly above 2025 levels due to planned maintenance activities weighted toward the first half of the year. Spending on capital(1) is expected to be $3.0 million (33⅓% basis). This guidance is based on current expectations, assumptions and projections about future events, including commodity and product prices and demand, the ability to successfully source required input commodities, operational performance, and other factors. Refer to the Forward-Looking Statements for further information.

Dividends and distributions

Based on 2026 guidance estimates for production volumes, unit operating costs(1) and spending on capital(1) as well as consensus 2026 prices for nickel and cobalt:

Sherritt does not expect to receive any cash or cobalt distributions under the Cobalt Swap agreement. As defined by the agreement, any shortfall in the annual minimum payment amount will be added to the following year. Power dividends in Canada from Energas are expected to be $20.0 million to $25.0 million. Refer to the risks related to Sherritt’s corporate structure in the Corporation’s 2024 Annual Information Form for further information on risks related to distributions from the Moa JV and dividends in Canada from Energas.

DEVELOPMENTS SUBSEQUENT TO THE QUARTER

Organizational restructuring and cost optimization

Consistent with the Corporation’s strategic focus on core operations and cost discipline, Sherritt eliminated the position of Chief Commercial Officer in early 2026. As part of ongoing cost optimization initiatives, Sherritt’s executive management team has been streamlined from seven members at the beginning of 2024 to four, optimizing the organization for operational focus and efficiency.

Nickel put options

As part of its disciplined risk management approach, Sherritt purchased put options on 3,750 tonnes of nickel, or 625 tonnes per month, at an exercise price of US$7.48/lb (US$16,500/tonne) at a cost of $2.4 million for the six-month period from February 1, 2026 to July 31, 2026. Settlements are received in cash monthly based on the average monthly nickel price on the London Metal Exchange. The put options provide Sherritt with full exposure to upward changes in nickel prices, while protecting against downward changes during periods of high volatility by providing a minimum price of US$7.48/lb on a portion of nickel production from the Moa JV during the six-month period.

Geopolitical update

In early 2026, Venezuela ceased oil exports to Cuba as a result of recent geopolitical turmoil in the country. Venezuela has historically been a major supplier of oil to Cuba, and this supply disruption may exacerbate Cuba’s existing economic challenges. In addition, on January 29, 2026, the U.S. government issued an Executive Order declaring a national emergency with respect to the government of Cuba and authorized the imposition of tariffs on countries that supply oil to Cuba, which may further heighten the risk of oil supply disruption to Cuba. The Corporation continues to monitor geopolitical and regulatory developments and to engage with its Cuban joint venture partner as appropriate.

Board update

Sherritt announces that John Ewing has stepped down from the Board effective today in order to dedicate his full attention to his role as Chief Investment Officer of Ewing Morris & Co. Investment Partners.

Q4 2025 FINANCIAL HIGHLIGHTS

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions, except per share amount

December 31

December 31

Change

December 31

December 31

Change

Revenue

$

55.5

$

45.7

21

%

$

177.3

$

158.8

12

%

Combined revenue(1)

163.2

160.3

2

%

532.9

577.6

(8

%)

Loss from operations and joint venture

(10.7

)

(16.9

)

37

%

(74.5

)

(43.5

)

(71

%)

Net loss from continuing operations

(15.7

)

(22.5

)

30

%

(65.4

)

(73.1

)

11

%

Net loss for the period

(15.8

)

(22.9

)

31

%

(65.7

)

(72.8

)

10

%

Adjusted EBITDA(1)

(1.5

)

14.4

(110

%)

7.1

32.4

(78

%)

Adjusted loss from continuing operations(1)

(13.9

)

(10.2

)

(36

%)

(77.2

)

(56.3

)

(37

%)

Net loss from continuing operations ($ per share)

(0.03

)

(0.06

)

50

%

(0.14

)

(0.18

)

22

%

Adjusted loss from continuing operations ($ per share)(1)

(0.03

)

(0.03

)

-

(0.17

)

(0.14

)

(21

%)

Cash provided (used) by continuing operations for operating activities

12.1

(21.5

)

156

%

21.2

(25.9

)

182

%

Combined free cash flow(1)

7.5

(20.2

)

137

%

(20.3

)

(19.2

)

(6

%)

Average exchange rate (CAD/US$)

1.395

1.398

-

1.398

1.370

2

%

2025

2024

$ millions, as at

December 31

December 31

Change

Cash and cash equivalents

Canada

$

13.4

$

32.1

(58

%)

Cuba(2)

109.4

113.0

(3

%)

Other

2.1

0.6

250

%

124.9

145.7

(14

%)

Loans and borrowings

316.0

372.5

(15

%)

The Corporation's share of cash and cash equivalents in the Moa Joint Venture, not included in the above balances:

$

12.8

$

5.7

124

%

Cash and cash equivalents were $124.9 million as at December 31, 2025 compared to $120.2 million at September 30, 2025 and $145.7 million at December 31, 2024. As at December 31, 2025, total available liquidity in Canada was $43.7 million, composed of cash and cash equivalents in Canada of $13.4 million and available credit facilities of $30.3 million.

During the quarter, significant cash inflows included $7.8 million of dividends in Canada from Energas and $12.1 million cash provided by continuing operations primarily reflecting timing of working capital receipts and payments, including $8.2 million of fertilizer spring season pre-buys at Fort Site and $12.3 million payment of interest on the Amended Senior Secured Notes. In addition, Sherritt had $5.8 million of expenditures on property, plant and equipment.

During the year, significant cash inflows included $26.0 million of dividends in Canada from Energas and $21.2 million cash provided by continuing operations primarily reflecting timing of working capital receipts and payments, including $6.2 million of proceeds on the sale of cobalt it received under the Cobalt Swap in 2024 offset by $21.0 million in payments of interest on the Second Lien and Amended Senior Secured Notes and Sherritt paid $12.1 million on contractually obligated rehabilitation and closure costs related to legacy Oil and Gas assets in Spain. In addition, Sherritt had $16.0 million of expenditures on property, plant and equipment and $15.9 million of transaction costs related to the Debt and Equity Transactions.

As at December 31, 2025, the Corporation was in compliance with all its debt covenants.

REVIEW OF OPERATIONS

Metals

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions (Sherritt's share), except as otherwise noted

December 31

December 31

Change

December 31

December 31

Change

FINANCIAL HIGHLIGHTS(1)

Revenue

$

149.1

$

148.3

1

%

$

481.6

$

526.6

(9

%)

Cost of sales

165.5

146.6

13

%

521.5

532.3

(2

%)

(Loss) earnings from operations

(18.0

)

(1.0

)

nm(3)

(48.4

)

(18.5

)

(162

%)

Adjusted EBITDA(2)

(0.5

)

14.6

(103

%)

11.3

40.0

(72

%)

CASH FLOW(1)

Cash provided by continuing operations for operating activities(2)

$

20.9

$

5.9

254

%

$

53.6

$

93.1

(42

%)

Free cash flow(2)

7.2

(0.3

)

nm(3)

7.1

59.1

(88

%)

PRODUCTION VOLUMES (tonnes)

Mixed sulphides ("MSP")(4)

2,535

3,552

(29

%)

12,650

15,847

(20

%)

Finished nickel

3,816

3,853

(1

%)

12,620

15,166

(17

%)

Finished cobalt

424

465

(9

%)

1,364

1,603

(15

%)

Fertilizer

57,486

67,648

(15

%)

227,766

250,272

(9

%)

NICKEL RECOVERY(5) (%)

82

%

84

%

(2

%)

83

%

86

%

(3

%)

SALES VOLUMES (tonnes)

Finished nickel

3,710

4,326

(14

%)

13,145

15,678

(16

%)

Finished cobalt

437

465

(6

%)

1,535

1,638

(6

%)

Fertilizer

61,135

63,299

(3

%)

166,817

179,135

(7

%)

AVERAGE-REFERENCE PRICE(6) (US$ per pound)

Nickel

$

6.75

$

7.27

(7

%)

$

6.88

$

7.63

(10

%)

Cobalt

23.10

11.59

99

%

17.69

12.77

39

%

AVERAGE-REALIZED PRICE(2) (CAD)

Nickel ($ per pound)

$

9.51

$

9.98

(5

%)

$

9.63

$

10.30

(7

%)

Cobalt ($ per pound)

25.26

12.30

105

%

18.80

13.30

41

%

Fertilizer ($ per tonne)

553.68

502.93

10

%

565.02

503.19

12

%

UNIT OPERATING COST(2) (US$)

Nickel - net direct cash cost (US$ per pound)

$

6.01

$

5.44

10

%

$

5.96

$

5.94

-

SPENDING ON CAPITAL(2)(CAD)

Sustaining

Moa JV (50% basis), Fort Site (100% basis)

$

5.9

$

1.4

321

%

$

27.2

$

15.2

79

%

Moa JV - Tailings facility (50% basis)

7.3

4.6

59

%

24.3

13.1

85

%

Growth - Moa JV (50% basis)

1.1

5.3

(79

%)

7.4

11.4

(35

%)

$

14.3

$

11.3

27

%

$

58.9

$

39.7

48

%

(1)

The amounts included in the Financial Highlights, and cash flow sections for Metals above include the combined results of the Moa JV, Fort Site and Metals Marketing. Breakdowns of revenue, Adjusted EBITDA, and the components of free cash flow (cash provided (used) by continuing operations for operating activities and Property, plant and equipment expenditures) for each of these operations are included in the Combined Revenue, Adjusted EBITDA and Free cash flow reconciliations, respectively, in the Non-GAAP and other financial measures section of this press release.

(2)

Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.

(3)

Not meaningful (“nm”).

(4)

Mixed sulphides = mixed sulphide precipitate (MSP).

(5)

The nickel recovery rate measures the amount of finished nickel that is produced compared to the original nickel content of the ore that was mined.

(6)

Reference sources: Nickel – London Metal Exchange (“LME”). Cobalt - Average chemical-grade cobalt price published per Argus.

For the three months ended December 31, 2025

Revenue

Metals revenue was $149.1 million compared to $148.3 million in the prior year period.

Nickel revenue was $77.8 million compared to $95.3 million in the prior year period. Nickel revenue was lower due to lower sales volume and a lower average-realized price(1) of nickel. Sales volume was 3,710 tonnes compared to 4,326 tonnes primarily due to lower finished production outlined below. The average-realized price(1) of nickel was $9.51/lb compared to $9.98/lb in the prior year period.

Cobalt revenue was $24.3 million compared to $12.6 million in the prior year period. Cobalt revenue was higher as the higher average-realized price(1) of cobalt more than offset the lower sales volume. Sales volume was 437 tonnes compared to 465 tonnes in the prior year period primarily due to lower finished production outlined below. The average-realized price(1) of cobalt was $25.26/lb compared to $12.30/lb in the prior year period with the 105% increase primarily due to the Democratic Republic of the Congo’s cobalt export ban implemented in February 2025 and replaced by the quota system which began in October 2025 restricting global supply.

Fertilizer revenue was $33.9 million compared to $31.8 million in the prior year period. Fertilizer revenue was higher due to the higher average-realized price(1) of fertilizers which more than offset lower sales volume. The average-realized price(1) of fertilizers was $553.68/tonne compared to $502.93/tonne the prior year period while sales volume of 61,135 tonnes compared to 63,299 tonnes consistent with lower metals production.

In addition, Metals had higher sulphuric acid revenue compared to the prior year as a result of higher sales volume and prices.

Production

Mixed sulphides production at the Moa JV was 2,535 tonnes of contained nickel and cobalt compared to 3,552 tonnes in the prior year period. Lower production was primarily due to below-plan mined ore volume, lower leach train availability, a delay in fuel oil procurement, national grid power outages and periods of reduced operating rates following Hurricane Melissa.

The continuation of lower-than-expected production of mixed sulphides at Moa impacted feed availability at the refinery in the quarter. Sherritt’s share of finished nickel and cobalt production of 3,816 tonnes and 424 tonnes, respectively, was only marginally lower compared to 3,853 tonnes and 465 tonnes in the prior year period as the refinery drew down its MSP inventory from Q3 2025. Sherritt did not acquire additional third-party feed given high payabilities in the intermediate market.

Fertilizer production of 57,486 tonnes was lower compared to 67,648 tonnes in the prior year period primarily due to the planned biennial ammonia plant turnaround.

NDCC(1)

NDCC(1) per pound of nickel sold was US$6.01/lb compared to US$5.44/lb in the prior year period.

MPR/lb was higher primarily as a result of higher input commodity prices driven by sulphur and natural gas prices which were 90% and 71% higher, respectively, compared to Q4 2024. Fuel oil and diesel prices were relatively unchanged in the current year period. Higher MPR/lb was also, in part, due to lower nickel sales volume compared to the prior year period. MPR/lb was positively impacted by the benefits from ongoing cost optimization initiatives. Higher MPR/lb was partly offset by lower third-party feed costs.

Cobalt by-product credits were higher primarily as a result of the 105% improvement in average-realized cobalt price(1) which offset lower cobalt sales volume. Fertilizer net by-product credits were lower as marginally higher fertilizer revenue was more than offset by higher production costs primarily due to higher natural gas prices and higher planned maintenance.

Spending on capital(1)

Sustaining spending on capital of $5.9 million was higher compared to $1.4 million in the prior year period.

Sustaining spending on capital related to the tailings facility was $7.3 million compared to $4.6 million in the prior year period.

Growth spending on capital was $1.1 million compared to $5.3 million in the prior year period as final spending on the Moa JV expansion program was completed during the quarter.

For the year ended December 31, 2025

Revenue

Metals revenue was $481.6 million compared to $526.6 million in the prior year.

Nickel revenue was $279.0 million compared to $355.9 million in the prior year. Nickel revenue was lower due to lower sales volume and a lower average-realized price(1) of nickel. Sales volume was 13,145 tonnes compared to 15,678 tonnes primarily due to lower finished production outlined below. The average-realized price(1) of nickel was $9.63/lb compared to $10.30/lb in the prior year.

Cobalt revenue was $63.6 million compared to $48.0 million in the prior year. Cobalt revenue was higher as the higher average-realized price(1) of cobalt more than offset the lower sales volume. Sales volume was 1,535 tonnes compared to 1,638 tonnes in the prior year primarily due to lower finished production outlined below. The average-realized price(1) of cobalt of $18.80/lb was 41% higher compared to $13.30/lb in the prior year.

Fertilizer revenue was $94.3 million compared to $90.1 million in the prior year. Fertilizer revenue was higher due to a higher average-realized price(1) of fertilizers which more than offset lower sales volume. The average-realized price(1) of fertilizers was $565.02/tonne compared to $503.19/tonne in the prior year while sales volume was 166,817 tonnes compared to 179,135 tonnes consistent with lower metals production.

In addition, Metals had higher sulphuric acid revenue compared to the prior year as a result of higher sales volume and prices.

Production

Mixed sulphides production at the Moa JV was 12,650 tonnes of contained nickel and cobalt compared to 15,847 tonnes in the prior year. Lower production was primarily due to below-plan mined ore volume, unplanned maintenance of the processing facilities in Moa and the ongoing challenging economic conditions and operating environment in Cuba.

In 2025, continued lower-than-expected production of mixed sulphides at Moa impacted feed availability at the refinery. Sherritt’s share of finished nickel and cobalt production was 12,620 tonnes and 1,364 tonnes, respectively, compared to 15,166 tonnes and 1,603 tonnes in the prior year. As well, primarily in the second half of 2025, Sherritt did not acquire additional third-party feed. Finished nickel and cobalt production were at the lower ends of their revised 2025 guidance ranges.

Fertilizer production of 227,766 tonnes was lower compared to 250,272 tonnes in the prior year primarily due to lower metals production and the planned biennial ammonia plant turnaround.

NDCC(1)

NDCC(1) per pound of nickel sold was US$5.96/lb compared to US$5.94/lb in the prior year. NDCC(1) was within the guidance range originally disclosed at the start of the year.

MPR/lb was higher, driven primarily by higher input commodity prices and the impact of lower nickel sales volume on per unit cost. During the year, sulphur and natural gas prices were 54% and 29% higher, respectively, compared to 2024. Fuel oil and diesel prices were slightly lower in the current year. MPR/lb also benefitted from ongoing cost optimization initiatives.

Cobalt by-product credits were higher primarily as a result of the 41% higher average-realized price(1) of cobalt which offset lower cobalt sales volume.

Spending on capital(1)

Sustaining spending on capital was $27.2 million compared to $15.2 million in the prior year with higher spending in 2025 partially attributable to higher mining equipment replacement costs to improve mining operations. Sustaining spending on capital for the year however was lower than revised guidance as Sherritt continued to prudently manage capital spending in light of low nickel prices during 2025.

Sustaining spending on capital related to the tailings facility was $24.3 million compared to $13.1 million in the prior year and was lower than revised guidance as the joint venture delayed non-essential spending in an effort to manage liquidity. Expenditures in 2025 included costs associated with the construction of the embankments and materials and supplies required for the tailings pipelines. This prudent approach to managing liquidity, design optimization, improved material sourcing, and strategic procurement has deferred some spending to 2027 which is not expected to affect commencement of operations by the end of 2026.

Growth spending on capital was $7.4 million compared to $11.4 million in the prior year as the Moa JV expansion program was completed in the year.

Power

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions (33 ⅓% basis), except as otherwise noted

December 31

December 31

Change

December 31

December 31

Change

FINANCIAL HIGHLIGHTS

Revenue

$

13.3

$

11.1

20

%

$

49.2

$

47.8

3

%

Cost of sales

5.5

5.9

(7

%)

20.8

30.1

(31

%)

Earnings from operations

6.6

4.8

38

%

22.2

13.5

64

%

Adjusted EBITDA(1)

7.3

5.5

33

%

24.8

16.0

55

%

CASH FLOW

Cash provided (used) by continuing operations for operating activities(1)

$

13.1

$

(1.1

)

nm(3)

$

34.2

$

(9.8

)

449

%

Free cash flow(1)

12.6

(1.6

)

888

%

32.6

(12.7

)

357

%

PRODUCTION AND SALES

Electricity (GWh(2))

210

171

23

%

799

816

(2

%)

AVERAGE-REALIZED PRICE(1)

Electricity ($/MWh(2))

$

52.99

$

53.19

-

$

53.03

$

52.01

2

%

UNIT OPERATING COSTS(1)

Electricity ($/MWh)

$

23.48

$

30.64

(23

%)

$

23.33

$

34.29

(32

%)

SPENDING ON CAPITAL(1)

Sustaining

$

0.5

$

0.3

67

%

$

1.6

$

2.9

(45

%)

Frequency control

As a result of the nationwide power outages in Cuba and challenges facing the national power grid, the government agency UNE required Energas to operate certain facilities in frequency control to help stabilize the power grid. Energas has been fully compensated for the reductions in production at its facilities and as a result there has been no impact to Power’s Adjusted EBITDA(1), earnings from operations or dividends from Energas to Sherritt in Canada.

For the three months ended December 31, 2025

Revenue

Revenue of $13.3 million was higher than the prior year period of $11.1 million primarily due to higher electricity production as discussed below.

Production

Electricity production of 210 GWh was higher than the prior year period of 171 GWh benefiting from the increased natural gas being supplied to Energas’ facilities including the new gas well that was brought online in Q4 2024 and the replacement gas well that was brought online in Q3 2025 to offset the loss of gas production from a legacy CUPET well.

Unit operating cost(1)

Unit operating cost(1) was $23.48/MWh improving from $30.64/MWh during the prior year period primarily as a result of lower maintenance costs.

Spending on capital(1)

Spending on capital(1) was $0.5 million.

Dividends from Energas

Sherritt received $7.8 million of dividends in Canada from Energas in Q4 2025 compared to $7.0 million in Q4 2024.

For the year ended December 31, 2025

Revenue

Revenue of $49.2 million was higher than the prior year of $47.8 million primarily due to higher compensation received from the Energas facilities operating in frequency control and higher average-realized prices(1) largely offset slightly lower electricity production.

Production

Electricity production was 799 GWh compared to 816 GWh in the prior year and was largely in line with the low end of the 2025 guidance range. While capable of producing more, the Boca de Jaruco facility was required by UNE to operate in frequency control for periods toward the end of 2025 to help stabilize the national power grid which had not been factored into Sherritt’s guidance. Energas was fully compensated for this reduction. The lower electricity production compared to the prior year was primarily due to operating in frequency control partially offset by increased natural gas being supplied from new and existing wells as described above.

Unit operating cost(1)

Unit operating cost(1) was $23.33/MWh improving from $34.29/MWh in the prior year and was at the lower end of the 2025 guidance range. The lower unit operating cost(1) was primarily as a result of lower maintenance costs. In the current year, maintenance costs included only one major turbine inspection which was completed in the first quarter. In the prior year, higher planned maintenance work in Q2 2024 and Q3 2024 included major inspections on three gas turbines and included bringing online another turbine to process gas being received from the new well that was brought into production in Q4 2024.

Spending on capital(1)

Spending on capital(1) was $1.6 million in line with 2025 guidance.

Dividends from Energas

Sherritt received $26.0 million in 2025 which was double the $13.0 million received in 2024 in line with Sherritt’s prior disclosure.

OUTLOOK

2025 and 2026 production volumes, unit operating costs(1) and spending on capital(1) guidance

Production volumes, unit operating costs(1) and spending on capital(1)

2025

Guidance(2)

Year-to-date

actual to

December 31, 2025

2026

Guidance

Production volumes

Metals - Moa JV (100% basis, tonnes)

Nickel, finished

25,000 - 26,000

25,240

26,000 - 28,000

Cobalt, finished

2,700 - 2,800

2,728

2,750 - 2,850

Electricity (33⅓% basis, GWh)

800 - 850

799

825 - 875

Unit operating costs(1)

Metals - NDCC (US$ per pound)

$5.75 - $6.25

$5.96

$5.75 - $6.25

Electricity - unit operating cost ($ per MWh)

$23.00 - $24.50

$23.33

$27.25 - $28.75

Spending on capital(1)($ millions)

Sustaining

Metals - Moa JV (50% basis), Fort Site (100% basis)

$30.0

$27.2

$35.0 - $40.0

Metals - Moa JV (50% basis) - Tailings facility

$30.0

$24.3

$25.0 - $30.0

Power (33⅓% basis)

$2.0

$1.6

$3.0

Growth

Metals - Moa JV (50% basis) - Expansion

$7.0

$7.4

-

Metals - Moa JV (50% basis) - Improvement debottlenecking projects

-

-

$2.5 - $5.0

Spending on capital(3)

$69.0

$60.5

$65.5 - $78.0

2026 Guidance

Metals

Finished nickel and cobalt production are expected to be 26,000 to 28,000 tonnes (100% basis) and 2,750 to 2,850 tonnes (100% basis), respectively. Nickel production is up from 2025 as a result of higher mixed sulphides production which is expected to be 30,000 to 32,000 tonnes (100% basis) of contained nickel and cobalt weighted to the second half of the year as the operational turnaround plan takes effect. NDCC(1) is expected to be US$5.75 to US$6.25 per pound of nickel sold, consistent with 2025 levels benefitting from higher expected production and sales volumes, ongoing cost optimization initiatives, and higher cobalt by-product credits, partially offset by higher sulphur prices. NDCC(1) guidance for 2026 is based on a forecast cobalt reference price of US$23.50 per pound and forecast sulphur price of US$439.00 per tonne including freight and handling. Sustaining spending on capital(1): Expected to be $35.0 to $40.0 million (Moa JV 50% basis, Fort Site 100% basis), including additional mining equipment and refurbishment of various equipment as part of the operational turnaround plan at Moa. Tailings facility – expected to be $25.0 to $30.0 million (50% basis) related to the Moa JV’s tailings management project which incorporates savings and deferred spending to 2027 through design optimization, improved material sourcing, and strategic procurement, while maintaining the expected date for commencing operations at year-end 2026. Growth spending on capital(1): Improvement debottlenecking projects – expected to be $2.5 to $5.0 million (50% basis) which includes projects to enhance processing performance at Moa so the full benefit of the expansion program can be realized. Efforts are underway to finance the Metals division’s capital requirements.

Power

Electricity production is expected to be 825 to 875 GWh (33⅓% basis), reflecting expectations that the Varadero facility will operate in frequency control for the majority of 2026. Electricity unit operating cost(1) is expected to be $27.25 to $28.75 per MWh slightly above 2025 levels due to planned maintenance activities weighted toward the first half of the year. Spending on capital(1) is expected to be $3.0 million (33⅓% basis). This guidance is based on current expectations, assumptions and projections about future events, including commodity and product prices and demand, the ability to successfully source required input commodities, operational performance, and other factors. Refer to the Forward-Looking Statements for further information.

Dividends and distributions

Based on 2026 guidance estimates for production volumes, unit operating costs(1) and spending on capital(1) as well as consensus 2026 prices for nickel and cobalt:

Sherritt does not expect to receive any cash or cobalt distributions under the Cobalt Swap agreement. As defined by the agreement, any shortfall in the annual minimum payment amount will be added to the following year. Power dividends in Canada from Energas are expected to be $20.0 million to $25.0 million. Refer to the risks related to Sherritt’s corporate structure in the Corporation’s 2024 Annual Information Form for further information on risks related to distributions from the Moa JV and dividends in Canada from Energas.

CONFERENCE CALL AND WEBCAST

Sherritt will hold its conference call and webcast February 11, 2026, at 10:00 a.m. Eastern Time to review its fourth quarter and full year 2025 results. Dial-in and webcast details are as follows:

North American callers, please dial:

1 (800) 717-1738

  International callers, please dial:

1 (289) 514-5100

  Passcode

99379

  Webcast and slide presentation:

www.sherritt.com

A recording of the webcast will be available on Sherritt’s website following the conference call.

FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”)

Sherritt’s consolidated financial statements and MD&A for the year ended December 31, 2025 are available at www.sherritt.com or on SEDAR+ at www.sedarplus.ca. and should be read in conjunction with this news release. Financial and operating data can also be viewed in the investor relations section of Sherritt’s website.

NON-GAAP AND OTHER FINANCIAL MEASURES

Management uses the following non-GAAP and other financial measures in this press release and other documents: combined revenue, adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), average-realized price, unit operating cost/net direct cash cost (NDCC), adjusted net earnings/loss from continuing operations, adjusted net earnings/loss from continuing operations per share, spending on capital, combined cash provided (used) by continuing operations for operating activities and combined free cash flow.

Management uses these measures to monitor the financial performance of the Corporation and its operating divisions and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace IFRS® Accounting Standards (“IFRS”) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies.

The non-GAAP and other financial measures are reconciled to their most directly comparable IFRS measures in the Appendix below.

ABOUT SHERRITT

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America. Sherritt’s Moa Joint Venture produces cost competitive critical minerals while maintaining high sustainability standards and has an estimated mine life of approximately 25 years.

The Corporation’s Power division, through its ownership in Energas, is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. Energas processes domestically sourced raw natural gas to generate electricity for sale to the Cuban national electrical grid. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements regarding strategies, plans and estimated production amounts resulting from expansion of mining operations at the Moa JV; the results of the operational transition plan in increasing MSP, nickel and cobalt production; statements set out in the “Outlook” section of this press release; certain expectations regarding production volumes and increases, inventory levels, operating costs, capital spending and intensity, including amount and timing of spending on the tailings management facility; the availability of additional gas supplies; sales volumes; revenue, costs and earnings; the amount and timing of dividend distributions from the Moa JV, including in the form of finished cobalt or cash under the Cobalt Swap; the amount and timing of dividend distributions from Energas; growing shareholder value; expected annualized savings from cost reduction measures and workforce reduction; sufficiency of working capital management and capital project funding; strengthening the Corporation’s capital structure and amounts of certain other commitments.

Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; nickel, cobalt and fertilizer production results; realized prices for production; earnings and revenues; risks related to the U.S. government policy toward Cuba; current and future economic conditions in Cuba; the level of liquidity and access to funding; global demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; revenues and net operating results; environmental risks and liabilities; compliance with applicable environmental laws and regulations; advancements in environmental and greenhouse gas (“GHG”) reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to Environmental, Social and Governance (“ESG”) matters which are based on assumptions or developing standards; environmental rehabilitation provisions; environmental risks and liabilities; compliance with applicable environmental laws and regulations; Sherritt share price volatility; and certain corporate objectives, goals and plans for 2026. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that the assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.

The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks related to Sherritt’s operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; level of liquidity of Sherritt, including access to capital and financing; commodity risks related to the production and sale of nickel cobalt and fertilizers; the impact of global conflicts; changes in the global price for nickel, cobalt, fertilizers or certain other commodities; security market fluctuations and price volatility; the ability of the Moa Joint Venture to pay dividends; the risk to Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa Joint Venture; risk of future non-compliance with debt restrictions and covenants; political, economic and other risks of foreign operations; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; uncertainty about the pace of technological advancements required in relation to achieving ESG targets; risks to information technologies systems and cybersecurity; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; the possibility of equipment and other failure; potential interruptions in transportation; identification and management of growth opportunities; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; variability in production at Sherritt’s operations in Cuba; risks associated with mining, processing and refining activities; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates;; uncertainty of gas supply for electrical generation; reliance on key personnel and skilled workers; growth opportunity risks; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2026; and the ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents.

The Corporation, together with its Moa JV, is pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, procurement, construction, commissioning, ramp-up to commercial scale production and completion; and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant.

Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 24, 2025 for the period ending December 31, 2024, which is available on SEDAR+ at www.sedarplus.ca.

The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

APPENDIX – NON-GAAP AND OTHER FINANCIAL MEASURES

Management uses the measures below to monitor the financial performance of the Corporation and its operating divisions and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace IFRS Accounting Standards measures, and do not have a standard definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies.

The non-GAAP and other financial measures are reconciled in the sections below to the most directly comparable IFRS Accounting Standards in the sections below.

Combined revenue

The Corporation uses combined revenue as a measure to help management assess the Corporation’s financial performance across its core operations. Combined revenue includes the Corporation’s consolidated revenue, less Oil and Gas revenue, and includes the revenue of the Moa JV within the Metals reportable segment on a 50% basis. Revenue of the Moa JV is included in share of earnings of Moa Joint Venture, net of tax, as a result of the equity method of accounting and excluded from the Corporation’s consolidated revenue.

Revenue at Oil and Gas is excluded from Combined revenue as the segment is not currently exploring for or producing oil and gas and its revenue relate to ancillary drilling services, provided to a customer and agencies of the Government of Cuba, which is not reflective of the Corporation’s core operating activities or revenue generation potential.

Management uses this measure to reflect the Corporation’s economic interest in its operations prior to the application of equity accounting to help allocate financial resources and provide investors with information that it believes is useful in understanding the scope of Sherritt’s business, based on its economic interest, irrespective of the accounting treatment.

The table below reconciles combined revenue to revenue per the financial statements:

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions

December 31

December 31

Change

December 31

December 31

Change

Revenue by reportable segment

Metals(1)

$

149.1

$

148.3

1

%

$

481.6

$

526.6

(9

%)

Power

13.3

11.1

20

%

49.2

47.8

3

%

Corporate and Other

0.8

0.9

(11

%)

2.1

3.2

(34

%)

Combined revenue

$

163.2

$

160.3

2

%

$

532.9

$

577.6

(8

%)

Adjustment for Moa Joint Venture

(113.8

)

(115.6

)

(370.8

)

(434.5

)

Adjustment for Oil and Gas

6.1

1.0

510

%

15.2

15.7

(3

%)

Financial statement revenue

$

55.5

$

45.7

21

%

$

177.3

$

158.8

12

%

Adjusted EBITDA

The Corporation defines Adjusted EBITDA as earnings/loss from operations and joint venture, which excludes net finance expense, income tax expense and loss from discontinued operations, net of tax, as reported in the financial statements for the period, adjusted for: depletion, depreciation and amortization; impairment losses on non-current non-financial assets and investments; and gains or losses on disposal of property, plant and equipment of the Corporation and the Moa JV. The exclusion of impairment losses eliminates the non-cash impact of the losses.

Earnings/loss from operations at Oil and Gas (net of depletion, depreciation and amortization and impairment, if applicable) is deducted from/added back to Adjusted EBITDA as the segment is not currently exploring for or producing oil and gas and its financial results relate to ancillary drilling services, provided to a customer and agencies of the Government of Cuba, and environmental rehabilitation costs for legacy assets, which are not reflective of the Corporation’s core operating activities or cash generation potential.

Management uses Adjusted EBITDA internally to evaluate the cash generation potential of Sherritt’s operating divisions on a combined and segment basis as an indicator of ability to fund working capital needs, meet covenant obligations, service debt and fund capital expenditures, as well as provide a level of comparability to similar entities. Management believes that Adjusted EBITDA provides useful information to investors in evaluating the Corporation’s operating results in the same manner as management and the Board of Directors.

The tables below reconcile loss from operations and joint venture per the financial statements to Adjusted EBITDA:

$ millions, for the three months ended December 31

2025

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(1)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(18.0

)

$

6.6

$

(3.5

)

$

(8.5

)

$

12.7

$

(10.7

)

Add (deduct):

Depletion, depreciation and amortization

3.2

0.7

-

0.2

-

4.1

Oil and Gas earnings from operations, net of depletion, depreciation and amortization

-

-

3.5

-

-

3.5

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

14.3

-

-

-

-

14.3

Net finance expense

-

-

-

-

2.1

2.1

Income tax recovery

-

-

-

-

(14.8

)

(14.8

)

Adjusted EBITDA

$

(0.5

)

$

7.3

$

-

$

(8.3

)

$

-

$

(1.5

)

$ millions, for the three months ended December 31

2024

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(1)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(1.0

)

$

4.8

$

(18.8

)

$

(5.8

)

$

2.9

$

(17.9

)

Add (deduct):

Depletion, depreciation and amortization

2.8

0.7

0.1

0.1

-

3.7

Impairment of intangible assets

-

-

8.4

-

-

8.4

Oil and Gas earnings from operations, net of depletion, depreciation and amortization

-

-

10.3

-

-

10.3

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

12.8

-

-

-

-

12.8

Net finance expense

-

-

-

-

0.7

0.7

Income tax recovery

-

-

-

-

(3.6

)

(3.6

)

Adjusted EBITDA

$

14.6

$

5.5

$

-

$

(5.7

)

$

-

$

14.4

$ millions, for the year ended December 31

2025

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(2)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(48.4

)

$

22.2

$

(22.0

)

$

(29.8

)

$

3.5

$

(74.5

)

Add (deduct):

Depletion, depreciation and amortization

10.6

2.6

0.1

0.8

-

14.1

Oil and Gas loss from operations, net of depletion, depreciation and amortization

-

-

21.9

-

-

21.9

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

49.1

-

-

-

-

49.1

Net finance expense

-

-

-

-

9.0

9.0

Income tax recovery

-

-

-

-

(12.5

)

(12.5

)

Adjusted EBITDA

$

11.3

$

24.8

$

-

$

(29.0

)

$

-

$

7.1

$ millions, for the year ended December 31

2024

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(2)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(18.5

)

$

13.5

$

(18.3

)

$

(24.4

)

$

4.2

$

(43.5

)

Add (deduct):

Depletion, depreciation and amortization

10.5

2.5

0.2

0.8

-

14.0

Impairment of intangible assets

-

-

8.4

-

-

8.4

Oil and Gas loss from operations, net of depletion, depreciation and amortization

-

-

9.7

-

-

9.7

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

47.5

-

-

-

-

47.5

Impairment of property, plant and equipment

0.5

-

-

-

-

0.5

Net finance expense

-

-

-

-

1.0

1.0

Income tax recovery

-

-

-

-

(5.2

)

(5.2

)

Adjusted EBITDA

$

40.0

$

16.0

$

-

$

(23.6

)

$

-

$

32.4

Average-realized price

Average-realized price is generally calculated by dividing revenue by sales volume for the given product in a given segment. The average-realized price for power excludes frequency control, by-product and other revenue, as this revenue is not earned directly for power generation. Refer to the Power Review of operations section for further details on frequency control revenue, which Energas receives in compensation for lost sales of electricity as a result of frequency control.

Management uses this measure, and believes investors use this measure, to compare the relationship between the revenue per unit and direct costs on a per unit basis in each reporting period for nickel, cobalt, fertilizer and power and provide comparability with other similar external operations.

Average-realized price for fertilizer is the weighted-average realized price of ammonia and various ammonium sulphate products.

Average-realized price for nickel and cobalt are expressed in Canadian dollars per pound sold, while fertilizer is expressed in Canadian dollars per tonne sold and electricity is expressed in Canadian dollars per megawatt hour sold.

The tables below reconcile revenue per the financial statements to average-realized price:

$ millions, except average-realized price and sales volume, for the three months ended December 31

2025

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

77.8

$

24.3

$

33.9

$

13.3

$

20.0

$

(113.8

)

$

55.5

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(2.2

)

Revenue for purposes of average-realized price calculation

77.8

24.3

33.9

11.1

Sales volume for the period

8.2

1.0

61.1

210

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

9.51

$

25.26

$

553.68

$

52.99

$ millions, except average-realized price and sales volume, for the three months ended December 31

2024

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

95.3

$

12.6

$

31.8

$

11.1

$

10.5

$

(115.6

)

$

45.7

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(1.9

)

Revenue for purposes of average-realized price calculation

95.3

12.6

31.8

9.2

Sales volume for the period

9.6

1.0

63.3

171

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

9.98

$

12.30

$

502.93

$

53.19

$ millions, except average-realized price and sales volume, for the year ended December 31

2025

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

279.0

$

63.6

$

94.3

$

49.2

$

62.0

$

(370.8

)

$

177.3

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(6.9

)

Revenue for purposes of average-realized price calculation

279.0

63.6

94.3

42.3

Sales volume for the period

29.0

3.4

166.8

799

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

9.63

$

18.80

$

565.02

$

53.03

$ millions, except average-realized price and sales volume, for the year ended December 31

2024

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

355.9

$

48.0

$

90.1

$

47.8

$

51.5

$

(434.5

)

$

158.8

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(5.3

)

Revenue for purposes of average-realized price calculation

355.9

48.0

90.1

42.5

Sales volume for the period

34.6

3.6

179.1

816

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

10.30

$

13.30

$

503.19

$

52.01

(1)

Other revenue includes other revenue from the Metals reportable segment, revenue from the Oil and Gas reportable segment, a non-core reportable segment, and revenue from the Corporate and Other reportable segment.

(2)

Average-realized price may not calculate exactly based on amounts presented due to foreign exchange and rounding.

(3)

Power, average-realized price per MWh.

(4)

Fertilizer, average-realized price per tonne.

Unit operating cost/Net direct cash cost

With the exception of Metals, which uses NDCC, unit operating cost is generally calculated by dividing cost of sales as reported in the financial statements, less depreciation, depletion and amortization in cost of sales, the impact of impairment losses, gains and losses on disposal of property, plant, and equipment and exploration and evaluation assets and certain other non-production related costs, by the number of units sold.

Metals’ NDCC is calculated by dividing cost of sales, as reported in the financial statements, adjusted for the following: depreciation, depletion, amortization and impairment losses in cost of sales; cobalt by-product, fertilizer by-product and other revenue; cobalt gain/loss pursuant to the Cobalt Swap; realized gain/loss on natural gas swaps; royalties/territorial contributions; and other costs primarily related to the impact of opening and closing inventory values, by the number of finished nickel pounds sold in the period.

Unit operating costs for nickel and electricity are key measures that management and investors uses to monitor cost performance. NDCC of nickel is a widely-used performance measure for nickel producers which represents the direct cash cost associated with the mining, processing, refining and sale of finished nickel, net of by-product credits. Management uses unit operating costs/NDCC to assess how well the Corporation’s producing mine and power facilities are performing and to assess overall production efficiency and effectiveness internally across periods and compared to its competitors.

Unit operating cost (NDCC) for nickel is expressed in U.S. dollars per pound sold, while electricity is expressed in Canadian dollars per megawatt hour sold.

The tables below reconcile cost of sales per the financial statements to unit operating cost/NDCC:

$ millions, except unit cost and sales volume, for the three months ended December 31

2025

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

165.5

$

5.5

$

10.0

$

(128.8

)

$

52.2

Less:

Depletion, depreciation and amortization in cost of sales

(17.5

)

(0.6

)

148.0

4.9

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(24.3

)

-

Fertilizer by-product revenue

(33.9

)

-

Other revenue

(13.1

)

-

Realized loss on natural gas swaps

0.8

-

Royalties/territorial contributions and other non-cash costs(2)

(5.1

)

-

Changes in inventories and other adjustments(3)

(3.4

)

-

Cost of sales for purposes of unit cost calculation

69.0

4.9

Sales volume for the period

8.2

210

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

8.44

$

23.48

Unit operating cost (US$ per pound) (NDCC)(6)

$

6.01

$ millions, except unit cost and sales volume, for the three months ended December 31

2024

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

146.6

$

5.9

$

11.8

$

(120.5

)

$

43.8

Less:

Depletion, depreciation and amortization in cost of sales

(15.6

)

(0.6

)

131.0

5.3

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(12.6

)

-

Fertilizer by-product revenue

(31.8

)

-

Other revenue

(8.6

)

-

Cobalt loss

0.1

-

Royalties/territorial contributions and other non-cash costs(2)

(4.7

)

-

Changes in inventories and other adjustments(3)

0.4

-

Cost of sales for purposes of unit cost calculation

73.8

5.3

Sales volume for the period

9.6

171

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

7.66

$

30.64

Unit operating cost (US$ per pound) (NDCC)(6)

$

5.44

$ millions, except unit cost and sales volume, for the year ended December 31

2025

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

521.5

$

20.8

$

38.9

$

(417.8

)

$

163.4

Less:

Depletion, depreciation and amortization in cost of sales

(59.7

)

(2.1

)

461.8

18.7

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(63.6

)

-

Fertilizer by-product revenue

(94.3

)

-

Other revenue

(44.7

)

-

Cobalt loss

0.3

-

Realized loss on natural gas swaps

2.8

-

Royalties/territorial contributions and other non-cash costs(2)

(21.3

)

-

Changes in inventories and other adjustments(3)

0.9

-

Cost of sales for purposes of unit cost calculation

241.9

18.7

Sales volume for the period

29.0

799

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

8.35

$

23.33

Unit operating cost (US$ per pound) (NDCC)(6)

$

5.96

$ millions, except unit cost and sales volume, for the year ended December 31

2024

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

532.3

$

30.1

$

27.5

$

(451.4

)

$

138.5

Less:

Depletion, depreciation and amortization in cost of sales

(58.0

)

(2.1

)

474.3

28.0

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(48.0

)

-

Fertilizer by-product revenue

(90.1

)

-

Other revenue

(32.6

)

-

Cobalt loss

0.1

-

Royalties/territorial contributions and other non-cash costs(2)

(23.4

)

-

Changes in inventories and other adjustments(3)

1.3

-

Cost of sales for purposes of unit cost calculation

281.6

28.0

Sales volume for the period

34.6

816

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

8.15

$

34.29

Unit operating cost (US$ per pound) (NDCC)(6)

$

5.94

(1)

Other cost of sales is composed of the cost of sales of Oil and Gas, a non-core reportable segment, and cost of sales of the Corporate and Other reportable segment.

(2)

Royalties and territorial contributions are included in cost of sales but are excluded from NDCC as these costs are not direct mine cash costs. Other non-cash costs consist of inventory write-downs and other costs that are included in cost of sales but are excluded from NDCC as the costs are non-cash.

(3)

Changes in inventories and other adjustments is primarily composed of changes in inventories, the effect of average exchange rate changes and other items. These amounts are excluded from cost of sales but included in NDCC.

(4)

Unit operating cost/NDCC may not calculate exactly based on amounts presented due to foreign exchange and rounding.

(5)

Power, unit operating cost price per MWh.

(6)

Unit operating costs in US$ are converted at the average exchange rate for the period.

Adjusted net earnings/loss from continuing operations and adjusted net earnings/loss from continuing operations per share

The Corporation defines adjusted net earnings/loss from continuing operations as net earnings/loss from continuing operations less items not reflective of the Corporation’s current or future operational performance. These adjusting items include, but are not limited to, inventory write-downs/obsolescence, impairment of assets, gains and losses on the acquisition or disposal of assets, unrealized foreign exchange gains and losses, gains and losses on financial assets and liabilities and other one-time adjustments that have not occurred in the past two years and are not expected to recur in the next two years. While some adjustments are recurring (such as unrealized foreign exchange (gain) loss and revaluations of allowances for expected credit losses (ACL)), management believes that they do not reflect the Corporation’s current or future operational performance.

Net earnings/loss from continuing operations at Oil and Gas is deducted from/added back to adjusted earnings/loss from continuing operations as the segment is not currently exploring for or producing oil and gas and its financial results relate to ancillary drilling services, provided to a customer and agencies of the Government of Cuba, and environmental rehabilitation costs for legacy assets, which are not reflective of the Corporation’s core operating activities or future operational performance.

Adjusted net earnings/loss from continuing operations per share is defined consistent with the definition above and divided by the Corporation’s weighted-average number of common shares outstanding.

Management uses these measures internally and believes that they provide investors with performance measures with which to assess the Corporation’s current or future operational performance by adjusting for items or transactions that are not reflective of its current or future operational performance.

The tables below reconcile net earnings/loss from continuing operations and net earnings/loss from continuing operations per share, both per the financial statements, to adjusted net loss from continuing operations and adjusted net loss from continuing operations per share, respectively:

2025

2024

For the three months ended December 31

$ millions

$/share

$ millions

$/share

Net loss from continuing operations

$

(15.7

)

$

(0.03

)

$

(22.5

)

$

(0.06

)

Adjusting items:

Sherritt - Unrealized foreign exchange (gain) loss - continuing operations

(1.3

)

-

1.4

-

Corporate and Other - Realized gain on nickel put options

-

-

(2.5

)

(0.01

)

Corporate and Other - Unrealized loss on nickel put options

-

-

0.8

-

Metals - Moa JV - Inventory write-down/obsolescence

0.1

-

0.4

-

Metals - Fort Site - Unrealized gain on natural gas swaps

(1.0

)

-

(0.8

)

-

Metals - Fort Site - Realized loss on natural gas swaps

0.8

-

-

-

Metals - Fort Site - Inventory write-down/obsolescence

0.1

-

-

-

Metals - Metals Marketing - Cobalt loss

-

-

(0.1

)

-

Power - Gain on revaluation of GNC receivable

(1.8

)

-

(3.3

)

(0.01

)

Power - Loss (gain) on revaluation of Energas payable

0.5

-

(0.2

)

-

Oil and Gas - Impairment of intangible assets

-

-

8.4

0.02

Oil and Gas - Net loss from continuing operations, net of unrealized foreign exchange gain/loss and impairment of intangible assets

3.7

-

10.4

0.03

Total adjustments, before tax

$

1.1

$

-

$

14.5

$

0.03

Tax adjustments

0.7

-

(2.2

)

-

Adjusted net loss from continuing operations

$

(13.9

)

$

(0.03

)

$

(10.2

)

$

(0.03

)

2025

2024

For the year ended December 31

$ millions

$/share

$ millions

$/share

Net loss from continuing operations

$

(65.4

)

$

(0.14

)

$

(73.1

)

$

(0.18

)

Adjusting items:

Sherritt - Unrealized foreign exchange loss - continuing operations

(1.3

)

-

1.7

-

Sherritt's share - Severance related to restructuring and workforce reduction

3.6

0.01

3.5

0.01

Corporate and Other - Gain on Debt and Equity Transactions, net of transaction costs

(32.4

)

(0.07

)

-

-

Corporate and Other - Realized gain on nickel put options

-

-

(5.9

)

(0.02

)

Corporate and Other - Gain on repurchase of notes

-

-

(1.8

)

-

Metals - Moa JV - Impairment of property, plant and equipment

-

-

0.5

-

Metals - Moa JV - Inventory write-down/obsolescence

2.8

-

2.9

0.01

Metals - Moa JV - Cobalt loss

0.3

-

-

-

Metals - Fort Site - Inventory write-down

0.3

-

0.9

-

Metals - Fort Site - Unrealized loss (gain) on natural gas swaps

0.2

-

(0.8

)

-

Metals - Fort Site - Realized loss on natural gas swaps

2.8

-

-

-

Metals - Moa JV - Cobalt loss

-

-

(0.1

)

-

Power - Gain on revaluation of GNC receivable

(15.1

)

(0.03

)

(0.4

)

-

Power - Loss (gain) on revaluation of Energas payable

3.4

0.01

(0.2

)

-

Oil and Gas - Impairment of intangible assets

-

-

8.4

0.02

Oil and Gas - Net loss from continuing operations, net of unrealized foreign exchange gain/loss and impairment of intangible assets

22.5

0.05

9.7

0.02

Total adjustments, before tax

$

(12.9

)

$

(0.03

)

$

18.4

$

0.04

Tax adjustments

1.1

-

(1.6

)

-

Adjusted net loss from continuing operations

$

(77.2

)

$

(0.17

)

$

(56.3

)

$

(0.14

)

Spending on capital

The Corporation defines spending on capital for each segment as property, plant and equipment and intangible asset expenditures on a cash basis adjusted to the accrual basis in order to account for assets that are available for use by the Corporation and the Moa Joint Venture prior to payment and includes adjustments to accruals. The Metals segment’s spending on capital includes the Fort Site’s expenditures, plus the Corporation’s 50% share of the Moa Joint Venture’s expenditures, which is accounted for using the equity method for accounting purposes.

Combined spending on capital is the aggregate of each segment’s spending on capital or the Corporation’s consolidated property, plant and equipment and intangible asset expenditures and the property, plant and equipment and intangible asset expenditures of the Moa Joint Venture on a 50% basis, all adjusted to the accrual basis.

Combined spending on capital is used by management, and management believes this information is used by investors, to analyze the Corporation and the Moa Joint Venture’s investments in non-current assets that are held for use in the production of nickel, cobalt, fertilizers, oil and gas and power generation.

The tables below reconcile property, plant and equipment and intangible asset expenditures per the financial statements to combined spending on capital, expressed in Canadian dollars:

$ millions, for the three months ended December 31

2025

Adjustment

for Moa

Joint Venture

Total

derived

from

financial

statements

Combined

total

Metals

Power

Other(1)

Property, plant and equipment expenditures(2)

$

13.7

$

0.5

$

-

$

14.2

$

(8.4

)

$

5.8

Intangible asset expenditures(2)

-

-

-

-

-

-

13.7

0.5

-

14.2

$

(8.4

)

$

5.8

Adjustments:

Accrual adjustment

0.6

-

-

0.6

Spending on capital

$

14.3

$

0.5

$

-

$

14.8

$ millions, for the three months ended December 31

2024

Adjustment

for Moa

Joint Venture

Total

derived from

financial

statements

Metals

Power

Other(1)

Combined

total

Property, plant and equipment expenditures(2)

$

6.2

$

0.5

$

-

$

6.7

$

(4.5

)

$

2.2

Intangible asset expenditures(2)

-

-

-

-

-

-

6.2

0.5

-

6.7

$

(4.5

)

$

2.2

Adjustments:

Accrual adjustment

5.1

(0.2

)

0.1

5.0

Spending on capital

$

11.3

$

0.3

$

0.1

$

11.7

$ millions, for the year ended December 31

2025

Adjustment

for Moa

Joint Venture

Total

derived from

financial

statements

Metals

Power

Other(1)

Combined

total

Property, plant and equipment expenditures(2)

$

46.5

$

1.6

$

0.1

$

48.2

$

(32.2

)

$

16.0

Intangible asset expenditures(2)

-

-

-

-

-

-

46.5

1.6

0.1

48.2

$

(32.2

)

$

16.0

Adjustments:

Accrual adjustment

12.4

-

-

12.4

Spending on capital

$

58.9

$

1.6

$

0.1

$

60.6

$ millions, for the year ended December 31

2024

Adjustment

for Moa

Joint Venture

Total

derived from

financial

statements

Metals

Power

Other(1)

Combined

total

Property, plant and equipment expenditures(2)

$

34.0

$

2.9

$

-

$

36.9

$

(30.3

)

$

6.6

Intangible asset expenditures(2)

-

-

0.2

0.2

-

0.2

34.0

2.9

0.2

37.1

$

(30.3

)

$

6.8

Adjustments:

Accrual adjustment

5.7

-

(0.1

)

5.6

Spending on capital

$

39.7

$

2.9

$

0.1

$

42.7

Combined cash provided (used) by continuing operations for operating activities and combined free cash flow

The Corporation defines cash provided/used by continuing operations for operating activities by segment as cash provided/used by continuing operations for operating activities for each segment calculated in accordance with IFRS Accounting Standards and adjusted to remove the impact of cash provided/used by wholly-owned subsidiaries. Combined cash provided/used by continuing operations for operating activities is the aggregate of each segment’s cash provided/used by continuing operations for operating activities including the Corporation’s 50% share of the Moa JV’s cash provided/used by continuing operations for operating activities, which is accounted for using the equity method of accounting and excluded from consolidated cash provided/used by continuing operations for operating activities.

The Corporation defines free cash flow for each segment as cash provided/used by continuing operations for operating activities by segment, less cash expenditures on property, plant and equipment and intangible assets, including exploration and evaluation assets. Combined free cash flow is the aggregate of each segment’s free cash flow or the Corporation’s consolidated cash provided/used by continuing operations for operating activities, less consolidated cash expenditures on property, plant and equipment and intangible assets, including exploration and evaluation assets, less distributions received from Moa JV, plus cash provided/used by continuing operations for operating activities for the Corporation’s 50% share of the Moa JV, less cash expenditures on property, plant and equipment and intangible assets for the Corporation’s 50% share of the Moa JV.

The Corporate and Other segment’s cash used by continuing operations for operating activities is adjusted to exclude distributions received from Moa JV. Distributions from the Moa JV excluded from Corporate and Other are included in the Adjustment for Moa Joint Venture to arrive at total cash provided/used by continuing operations for operating activities per the financial statements.

The Metals segment’s free cash flow includes the Fort Site and Metals Marketing’s free cash flow, plus the Corporation’s 50% share of the Moa JV’s free cash flow, which is accounted for using the equity method for accounting purposes.

Combined cash provided/used by continuing operations for operating activities and combined free cash flow are used by management, and management believes this information is used by investors, to analyze cash flows generated from operations and assess its operations’ ability to provide cash or its use of cash, and in the case of combined free cash flow, after funding cash capital requirements, to service current and future working capital needs and service debt.

The tables below reconcile combined cash used by continuing operations for operating activities to cash provided by continuing operations per the financial statements to combined free cash flow:

$ millions, for the three months ended December 31

2025

Adjustment

for Moa

Joint

Venture

Total

derived

from

financial

statements

Corporate

and

Other

Metals(1)(2)

Power

Oil and

Gas

Combined

total

Cash provided (used) by continuing operations for operating activities

$

20.9

$

13.1

$

5.6

$

(17.9

)

$

21.7

$

(9.6

)

$

12.1

Less:

Property, plant and equipment expenditures

(13.7

)

(0.5

)

-

-

(14.2

)

8.4

(5.8

)

Free cash flow

$

7.2

$

12.6

$

5.6

$

(17.9

)

$

7.5

$

(1.2

)

$

6.3

$ millions, for the three months ended December 31

2024

Adjustment

for Moa

Joint

Venture

Total

derived

from

financial

statements

Corporate

and

Other

Metals(1)(2)

Power

Oil and

Gas

Combined

total

Cash provided (used) by continuing operations for operating activities

$

5.9

$

(1.1

)

$

(3.2

)

$

(15.1

)

$

(13.5

)

$

(8.0

)

$

(21.5

)

Less:

Property, plant and equipment expenditures

(6.2

)

(0.5

)

-

-

(6.7

)

4.5

(2.2

)

Free cash flow

$

(0.3

)

$

(1.6

)

$

(3.2

)

$

(15.1

)

$

(20.2

)

$

(3.5

)

$

(23.7

)

$ millions, for the year ended December 31

2025

Corporate

and

Other

Total

derived

from

financial

statements

Metals(3)(4)

Power

Oil and

Gas

Combined

total

Adjustment

for Moa

Joint

Venture

Cash provided (used) by continuing operations for operating activities

$

53.6

$

34.2

$

(8.6

)

$

(51.3

)

$

27.9

$

(6.7

)

$

21.2

Less:

Property, plant and equipment expenditures

(46.5

)

(1.6

)

(0.1

)

-

(48.2

)

32.2

(16.0

)

Free cash flow

$

7.1

$

32.6

$

(8.7

)

$

(51.3

)

$

(20.3

)

$

25.5

$

5.2

$ millions, for the year ended December 31

2024

Oil and

Gas

Corporate

and

Other

Combined

total

Total

derived

from

financial

statements

Metals(3)(4)

Power

Adjustment

for Moa

Joint

Venture

Cash provided (used) by continuing operations for operating activities

$

93.1

$

(9.8

)

$

(23.9

)

$

(41.5

)

$

17.9

$

(43.8

)

$

(25.9

)

Less:

Property, plant and equipment expenditures

(34.0

)

(2.9

)

-

-

(36.9

)

30.3

(6.6

)

Intangible expenditures

-

-

(0.2

)

-

(0.2

)

-

(0.2

)

Free cash flow

$

59.1

$

(12.7

)

$

(24.1

)

$

(41.5

)

$

(19.2

)

$

(13.5

)

$

(32.7

)

(1)

Cash provided by continuing operations for operating activities for the Moa JV, Fort Site and Metals Marketing was $9.4 million, $11.3 million and $0.2 million, respectively, for the three months ended December 31, 2025 (December 31, 2024 - $19.9 million, $(12.1) million and $(1.9) million, respectively).

(2)

Property, plant and equipment expenditures and intangible expenditures for the Moa JV, Fort Site and Metals Marketing was $8.4 million, $5.3 million and nil, respectively, for the three months ended December 31, 2025 (December 31, 2024 - $4.3 million, $1.9 million and nil, respectively).

(3)

Cash provided by continuing operations for operating activities for the Moa JV, Fort Site and Metals Marketing was $6.6 million, $39.4 million and $7.6 million, respectively, for the year ended December 31, 2025 (December 31, 2024 - $55.7 million, $35.8 million and $1.6 million, respectively).

(4)

Property, plant and equipment expenditures and intangible expenditures for the Moa JV, Fort Site and Metals Marketing was $32.2 million, $14.3 million and nil, respectively, for the year ended December 31, 2025 (December 31, 2024 - $30.2 million, $3.8 million and nil, respectively).

The company said the agency wouldn't review its application on the grounds that the study testing the shot wasn't sufficient.

MONTREAL, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Stingray Group Inc. (“Stingray”), the world’s leading connected streaming media company, announced today that its subordinate voting shares and variable subordinate voting shares will trade under a single ticker on the Toronto Stock Exchange (“TSX”) effective as of February 13, 2026.

Stingray’s subordinate voting shares currently trade on the TSX under the symbol "RAY.A" and bear CUSIP number 86084H100. Stingray’s variable subordinate voting shares currently trade on the TSX under the symbol "RAY.B" and bear CUSIP number 86084H209. As of February 13, 2026, each of the subordinate voting shares and variable subordinate voting shares will trade on the TSX under a single ticker designated "RAY", will bear CUSIP number 86084H407 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Subordinate Voting and Variable Subordinate Voting Shares" of Stingray.

This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity for the variable subordinate voting shares which have historically had lower trading volumes.

The trading of Stingray subordinate voting shares and variable subordinate voting shares under a single ticker is limited solely to the administration of trading of the Stingray shares on the TSX. This change does not involve any amendment to Stingray’s articles of incorporation, by-laws or share capital structure, nor to the terms and conditions or the voting and ownership restrictions attaching to the subordinate voting shares and variable subordinate voting shares.

Pursuant to Stingray’s articles of incorporation, the subordinate voting shares may only be held and controlled by Canadians, and the variable subordinate voting shares may only be held and controlled by non-Canadians, and each class is automatically assigned based on the Canadian or non-Canadian status of their holder. If a non-Canadian acquires Stingray shares on the TSX, such holder will automatically be assigned variable subordinate voting shares. Similarly, if a Canadian acquires Stingray shares on the TSX, such holder will automatically be assigned subordinate voting shares.

The combination of trading under a single ticker on the TSX will not result in any changes to the voting procedures currently adopted by Stingray for purposes of shareholder meetings, and shareholders who wish to vote at meetings (either by proxy or by attending the meeting virtually or in person) will continue to be required to complete a Declaration of Canadian Status in order to enable Stingray to comply with the restrictions imposed by its articles and by-laws and the Broadcasting Act (Canada) on the ownership and voting of its voting securities.

In addition to declarations obtained for the purposes of voting at shareholder meetings, through periodic surveys of its beneficial shareholders conducted by its transfer agent and CDS Clearing and Depository Services Inc., Stingray will continue to regularly monitor the number of its shares beneficially held and controlled by Canadians which represent subordinate voting shares and the number of its shares beneficially held or controlled by non-Canadians which represent variable subordinate voting shares.

Additional information relating to the terms of the subordinate voting shares and variable subordinate voting shares is included in Stingray’s Annual Information Form, filed with the securities regulatory authorities in Canada, available at www.sedarplus.ca.

About Stingray 
Stingray Group Inc., the world’s leading connected streaming media company, delivers the best curated audio and video content to consumers worldwide. As a pioneer in multiplatform streaming and distribution, Stingray’s vast digital content portfolio includes thousands of live audio and radio stations, premium music channels, concerts and music documentaries, karaoke products, as well as ambience and wellness channels. Its offering is distributed via connected TVs, smart speakers, mobile, connected cars and retail. Reaching hundreds of millions of consumers every month, Stingray’s products offer an unparalleled advertising reach, enabling brands to connect with an engaged audience across the world. Home to globally renowned brands such as TuneIn, Singing Machine, Stingray Karaoke and Qello Concerts, Stingray is powered by a worldwide team of more than 1,000 employees. For more information, visit www.stingray.com.

Forward-Looking Information 
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, Stingray’s expectations that the ticker consolidation will improve the liquidity of its variable subordinate voting shares. This information is based upon certain material factors or assumptions, including that the trading volumes and liquidity of Stingray’s shares under a single ticker will more closely reflect the current trading volumes and liquidity of Stingray’s subordinate voting shares, that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors – many of which are beyond Stingray’s control – affect the operations, performance and results of Stingray and its business, including the trading activity of its shares, and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "may", "will", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Additional information about the risks and uncertainties affecting Stingray’s business can be found under the heading entitled “Risk Factors” in Stingray's Annual Information Form for the year ended March 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

For more information, please contact:

Mathieu Peloquin, CPA
Senior Vice-President, Marketing and Communications
Stingray Group Inc.
(514) 664-1244, ext. 2362
[email protected]

– Webcast to be held Wednesday, February 11, 2026, at 8:00 a.m. ET – February 10, 2026 18:00 ET  | Source: Upstream Bio

WALTHAM, Mass., Feb. 10, 2026 (GLOBE NEWSWIRE) -- Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, today announced it will report top-line results from the Phase 2 VALIANT trial of verekitug, the only known antagonist currently in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor, on Wednesday, February 11, 2026 at 8:00 a.m. ET.

The VALIANT trial (NCT06196879) is a Phase 2 global, randomized, double-blind, placebo-controlled, dose-ranging, parallel group clinical trial that evaluated the safety and efficacy of verekitug for up to 60 weeks, with a minimum of 24 weeks of treatment, in 478 patients with severe asthma. Participants were randomized into one of four groups, receiving either 100 mg of verekitug every 24 weeks, 400 mg of verekitug every 24 weeks, 100 mg of verekitug every 12 weeks, or placebo, administered subcutaneously.

Webcast Information
Upstream Bio’s webcast to discuss the top-line results from the Phase 2 VALIANT trial will begin Wednesday, February 11, 2026, at 8:00 a.m. ET. The live webcast can be accessed via this link or on the Events tab on the Investors section of the Company’s website at https://investors.upstreambio.com/news-events/events. A replay of the webcast will be available on the website following the call.

About Upstream Bio
Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. The Company is developing verekitug, the only known antagonist currently in clinical development that targets the receptor for thymic stromal lymphopoietin (TSLP), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. The Company has advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of chronic rhinosinusitis with nasal polyps (CRSwNP), severe asthma, and chronic obstructive pulmonary disease (COPD). Upstream Bio’s team is committed to maximizing verekitug’s unique attributes to address the substantial unmet needs for patients underserved by today’s standard of care. To learn more, please visit www.upstreambio.com.

Investor and Media Contact:
Meggan Buckwell
Director, Corporate Communications and Investor Relations
[email protected]

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SummaryGlencore is not only one of the giants in copper mining but is also #1 in other minerals and metals. It is also the #1 trading metals and resources firm in the world.GLNCY’s unique trading arm, recycling operations, and global logistics network drive resilience and profit from volatility in metals and energy markets.Despite its breadth, GLNCY’s share price appreciation lags that of peers, creating a misunderstood value opportunity relative to pure-play copper competitors.I see a bright future for GLNCY, underpinned by mining success, scale in recycling, and unmatched commodity-trading expertise.Looking for more investing ideas like this one? Get them exclusively at The Investor's Edge®. Learn More » Oil, Copper, and Zinc. Just 3 examples of Glencore's trading prowess.

Torsten Asmus/iStock via Getty Images

There is no “current” shortage of copper.

Yes, there is a hysteria that there will not be enough copper to physically connect what is

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

I offer my analyses for your due diligence and welcome your comments or questions.

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

The Food and Drug Administration refused to start a review of Moderna's application for its experimental flu shot, the company announced Tuesday, in another sign of the Trump administration's influence on tightening vaccine regulations in the U.S. 

Moderna said the move is inconsistent with previous feedback from the agency from before it submitted the application and started phase three trials on the shot, called mRNA-1010. The drugmaker said it has requested a meeting with the FDA to "understand the path forward." 

Moderna noted that the agency did not identify any specific safety or efficacy issues with the vaccine, but instead objected to the study design, despite previously approving it. The company added that the move won't impact its 2026 financial guidance.

Moderna's jab showed positive phase three data last year, meeting all of the trial goals. At the time, Moderna said the stand-alone flu shot was key to its efforts to advance a combination vaccine targeting both influenza and Covid-19.

The announcement follows sweeping changes to U.S. immunization policy over the past year under Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic. 

Moderna on Tuesday specifically pointed to the FDA's top vaccine regulator, Vinay Prasad, who returned to the agency in August after being ousted. Prasad, who heads the agency's Center for Biologics Evaluation and Research, or CBER, has been vocal about tightening regulations for vaccines and recently linked child deaths to Covid shots. 

In a letter signed by Prasad on Feb. 3, he said the sole reason why the FDA refused to review the application was because of how the clinical trial on the shot was designed.

The agency specifically took issue with Moderna's decision to compare its product to a standard, approved flu shot, arguing that it "does not reflect the best-available standard of care." As a result, the FDA said the study did not meet its definition of an "adequate and well-controlled" trial.

Moderna disputes that reasoning, noting that FDA rules and guidance do not actually require trials to use the most advanced or highest-dose vaccine as a comparator in clinical studies. 

"This decision by CBER, which did not identify any safety or efficacy concerns with our product, does not further our shared goal of enhancing America's leadership in developing innovative medicines," Moderna CEO Stéphane Bancel said in a release. "It should not be controversial to conduct a comprehensive review of a flu vaccine submission that uses an FDA-approved vaccine as a comparator in a study that was discussed and agreed on with CBER prior to starting."

Moderna said it expects the earliest approval for its flu shot to be in late 2026 or late 2027, pending regulatory reviews in the U.S., Europe, Canada and Australia.

The FDA said it does not comment on regulatory communications to individual sponsors.

Red Rock Resorts (RRR - Free Report) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +81.07%. A quarter ago, it was expected that this company would post earnings of $0.36 per share when it actually produced earnings of $0.68, delivering a surprise of +88.89%.

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

Red Rock Resorts, which belongs to the Zacks Gaming industry, posted revenues of $511.78 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.07%. This compares to year-ago revenues of $495.7 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Red Rock Resorts shares have added about 5.8% since the beginning of the year versus the S&P 500's gain of 1.7%.

What's Next for Red Rock Resorts?While Red Rock Resorts has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Red Rock Resorts was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.53 on $510.47 million in revenues for the coming quarter and $1.93 on $2.04 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Light & Wonder (LNWO - Free Report) , is yet to report results for the quarter ended December 2025. The results are expected to be released on February 24.

This instant-win lottery ticket maker is expected to post quarterly earnings of $1.67 per share in its upcoming report, which represents a year-over-year change of +17.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Light & Wonder's revenues are expected to be $915.39 million, up 14.9% from the year-ago quarter.

Vancouver, British Columbia--(Newsfile Corp. - February 10, 2026) - Aegis Critical Energy Defence Corp. (CSE: QESS) (OTCQB: QESSF) (FSE: JG6) ("Aegis" or the "Company") is excited to announce that Aegis and its partners, including Quantum eMotion, SEETEL New Energy, and Malahat Energy Systems, have formed working groups to drive integration with BESS, targeting a late Q2 rollout for our new collaborative product. Aegis provides a comprehensive corporate update highlighting major milestones in its strategic energy technology roadmap, ongoing business development activities, and relevant sector growth dynamics for investors and shareholders.

Battery Energy Storage System (BESS) Market & Industry Dynamics

Aegis continues to advance its core Battery Energy Storage Systems ("BESS") offerings into critical infrastructure, defence, industrial, and AI data centre markets at a time of robust sector growth. These macro trends underline growing demand for resilient grid support and mission-critical uptime solutions—a strategic area of focus for Aegis.

Long-Term 2 (LT2) Bid Participation - Ontario Capacity Stream

Aegis, through its subsidiary project company Cordelia BESS Inc., has posted a $500,000 bond and submitted a proposal in response to the Independent Electricity System Operator's ("IESO") Long-Term 2 ("LT2") Request for Proposals — Capacity Stream (C1), expected outcome of LT2 is Q2 2026. The bid contemplates development of a ~90 MWh grid-scale BESS project in Ontario adjacent to an existing substation, subject to the IESO's evaluation, regulatory approvals, and commercial conditions. The LT2 process is designed to secure dispatchable capacity amid forecasted demand growth associated with electrification and industrial activity.

Formation of Homeland Nuclear Energy Inc. - SMR & Micro-Reactor Focus

In a strategic extension of its product portfolio, Aegis announced the official formation of its new wholly-owned subsidiary, Homeland Nuclear Energy Inc., dedicated to the development, integration, and deployment of Small Modular Reactors (SMRs) and Micro Modular Reactors (MMRs) within hybrid energy systems. Homeland Nuclear will focus on:

Standardized nuclear-to-microgrid integration interfaces;

Carbon-free power solutions for remote communities, strategic ports, and defence installations;

Regulatory leadership and safety-oriented deployment pathways.

The launch aligns with emerging global and defence sector interest in scalable baseload nuclear systems that can meet energy security and decarbonization objectives—an area where projected SMR market capacity is forecast to grow materially over the next decade.

Aegis also executed a Memorandum of Understanding ("MOU") with Malahat Energy Systems Inc. and Ontario Tech University to advance research and development of hybrid nuclear energy architectures that integrate SMRs with BESS and intelligent controls. This collaboration positions Aegis at the nexus of next-generation dispatchable energy solutions for mission-critical and industrial use cases.

Partnerships & Confidential Framework Agreements - Key Highlights

Strategic Partnerships & Commercial Expansion

Aegis is expanding into high-growth critical infrastructure sectors through a strategic partnership with Pixii Americas Inc.Under the agreement, Aegis will supply next-generation battery solutions designed for telecom network resilience, uptime, and performance.Telecommunications Sector Engagement

Aegis is in active discussions with a top-three Canadian telecommunications operator.Discussions focus on deployment opportunities to strengthen network reliability across major markets.These engagements reflect strong market demand for integrated, resilient energy solutions that support uninterrupted service delivery.Joint Steering Committee to Accelerate Quantum-Secure Battery Integration for Critical Infrastructure

Following the previously announced collaboration between Aegis Critical Energy Defence Corp. and Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF):

Joint Development Steering Committee has completed its first working sessionTechnical architecture to integrate Quantum eMotion's hardware-based QRNG chips into Aegis' next-generation energy storage systems, including QRNG-secured firmware and encrypted BMS is underwayIP co-ownership and commercialization framework confirmed under Canadian jurisdictionPrototype systems targeted for Q1 2026 field trials with Canadian defence, telecom, and utility partnersOrganizational Development & Maritime Strategy

Aegis appointed a Chief Maritime Officer Raoul Jack PEng with 30 plus industry experience most recently Managing Partner of Vard Electro a key supplier to Canada Defence and Maritime industries.Role supports expansion into Maritime, Arctic, and mobile energy deployment strategies.Focus areas include integrating BESS and hybrid power systems across:Arctic & Defence Alignment

Appointment aligns with increased geopolitical focus on the Arctic, driven by:Climate changeShipping accessResource developmentNational security considerationsArctic and sub-Arctic regions require ruggedized, modular energy solutions due to:Extreme coldLimited grid accessLogistical constraintsHigh reliability requirementsAegis is aligning its capabilities with the needs of NATO-aligned governments, supporting energy resilience for:Ports and naval facilitiesRadar and communications installationsForward operating basesOther defence-critical nodesU.S. Market Expansion

Aegis initiated its first operational installation in the United States, marking a major milestone in North American growth.In February 2026, Aegis began installing the first unit of a multi-unit deployment program in the Carolinas and later in February scheduled for Indiana installations.Aegis's modular BESS solutions address challenges related to:Grid reliabilityPeak demand constraintsOperational uptime requirementsManagement views this as a foundational reference project for future U.S. opportunities inlife sciencesData centresAdvanced manufacturingCritical infrastructure sectorsInvestor & Shareholder Outlook

Aegis's strategy spans:BESS deploymentsNuclear-hybrid innovationsGlobal partnershipsdefence, data centres, industrial hubs, and remote infrastructure.Strategic Technology Partnerships

Aegis continues collaboration with:Ontario Tech UniversitySEETEL New EnergySuperQQuantum eMotion Corp.University of AlbertaSeaspanNorthwest MettechPixii Americas Inc.Joint development efforts target:Quantum-secured energy storageDefence-grade power systemsIntegration with SMRs and MMRsCyber-resilient, quantum-safe energy platformsSpin-Out of Hydrogen Storage Asset

Aegis entered into an Arrangement Agreement and Plan of Arrangement (Feb 3, 2026) with its wholly-owned subsidiary Greentech Hydrogen Innovations Corp.Patent-pending hydrogen storage and distribution system (Application No. 18/839,337) will be transferred to Spinco via the Arrangement.Spinco will become a reporting issuer in BC, Alberta, and Ontario upon completion.Board believes the Arrangement will:Streamline reorganization of the hydrogen assetAllow Aegis to focus on sales and strategic partnershipsSupport commercialization of quantum-secured energy storage and defence systemsHighlights:

On February 2, 2026, Aegis and Subco entered into a debt settlement agreement whereby Subco agreed to settle $83,314.39 of debt for the total consideration of 4,165,719 common shares of Subco ("Subco Shares") at a deemed price of $0.02 per Subco Share. As a result of the debt settlement, Subco has a total of 4,165,819 Subco Shares issued and outstanding, all of which are owned by Aegis.

Pursuant to the Arrangement, Aegis shall distribute 3,749,319 Subco Shares (the "Spin-Out Shares") to the shareholders of Aegis (the "Aegis Shareholders") on a pro rata basis in a manner whereby Spinco will issue 3,749,319 Spin-Out Shares to the Aegis Shareholders, subject to rounding down of the fractional shares and subject to the exercise of the rights of dissent such that the Aegis Shareholders (other than dissenting shareholders) will become holders of the Spin-Out Shares, with Aegis holding the balance of 416,500 Subco Shares.

Upon completion of the Arrangement, (i) the Asset held by Subco, which is the Company's pre-existing wholly-owned subsidiary, will become the Asset of Spinco, (ii) Spinco will become a reporting issuer in the Provinces of British Columbia, Alberta and Ontario, (iii) each Aegis Shareholder will continue to be a shareholder of the Company, (iv) all Aegis Shareholders will have become shareholders of Spinco, and (v) Aegis will retain its working capital for its assets, and subject to meeting the continuous listing requirements will remain listed on the Canadian Securities Exchange (the "CSE") and continue to trade under the trading symbol, QESS, as a technology company.

Required Approvals:

The Arrangement is subject to the approvals of the Supreme Court of British Columbia (the "Court"), the Aegis Shareholders at the annual general and special meeting to be scheduled for April 7, 2026 (the "Meeting"), and the CSE.

Details of the Arrangement will be provided in a management information circular that will be mailed to all Aegis Shareholders prior to the Meeting. At the Meeting, the Aegis Shareholders will be asked to vote on a special resolution approving the Arrangement, among other resolutions.

The Arrangement Agreement will be posted on the Company profiles on SEDAR+, the CSE and the OTCQB.

Share Distribution Record Date:

The Share Distribution Record Date will be determined by the board of directors of the Company and will be announced in advance by way of a news release following required approvals. No outstanding warrants or options of the Company will be exchanged for warrants or options of Spinco.

The Company will provide further updates to confirm the mailing of the Meeting materials and voting information.

About the Independent Electricity System Operator (IESO)

The Independent Electricity System Operator (IESO) is the Crown corporation responsible for operating and planning the electricity system and wholesale electricity market in the Province of Ontario. Established under the Electricity Act, 1998, the IESO manages Ontario's bulk electricity system and ensures the reliable supply of electricity across the province.

About Quantum eMotion

Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (FSE: 34Q0) is a Canadian deep-tech company developing quantum-safe cybersecurity solutions based on its patented Quantum Random Number Generator (QRNG) and Entropy-as-a-Service platform, securing data and communications for the quantum era. For more information, visit https://www.quantumemotion.com/

About SEETEL New Energy

SEETEL New Energy Co. Ltd. (TW: 7740) is a Taiwan-based manufacturer and systems integrator specializing in high-performance lithium battery modules and energy-storage systems for global industrial and grid applications.

Learn more at www.homelandnuclearenergy.com

About Ontario Tech University

Ontario Tech University is a leading public research institution with strengths in nuclear engineering, energy systems, cyber security, and applied technology - home to Canada's only fully accredited undergraduate nuclear engineering program and the Centre for Small Modular Reactors. For more information visit https://ontariotechu.ca/

About Pixii Americas Inc.

Pixii Americas Inc leads the way in delivering innovative Battery Energy Storage Systems (BESS), empowering a secure and sustainable energy future. With our North America headquarters in Littleton, Colorado, we combine decades of expertise in power conversion, modular design, and advanced energy management to address the evolving demands of the energy storage sector. Pixii takes pride in adhering to the highest standards of quality and security. www.pixii.com

About Malahat Energy Systems Inc.

MES, an Indigenous-led enterprise affiliated with the Malahat Nation, will play a central role in system development, manufacturing, and Indigenous participation across defence and clean energy. For more information, visit https://malahatbattery.com.

About Aegis Critical Energy Defence Corp.

Aegis Critical Energy Defence Corp. (CSE: QESS) (OTCQB: QESSF) (FSE: JG6) develops and integrates advanced battery energy storage systems for defence, critical infrastructure, industrial, and AI data centre applications. Through strategic partnerships with Indigenous communities and global technology leaders, Aegis delivers rugged, intelligent, and secure energy systems designed for the next generation of mission-critical operations.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Aegis Critical Energy Defence Corp.'s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283493

Source: Aegis Critical Energy Defence Corp.

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February 10, 2026 17:00 ET  | Source: Computer Modelling Group Ltd

CALGARY, Alberta, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) is pleased to announce the appointment of Christopher Wright to its Board of Directors, effective today. Mr. Wright brings extensive experience in global investment, board governance, and growth strategy.

Mr. Wright served on the Board of Roper Technologies (NYSE: ROP, S&P 500, Sarasota FL), a market leading vertical software and technology business, for thirty-five years. During his tenure, Roper completed over 60 acquisitions, successfully growing its enterprise value to more than US$60 Billion in June 2025 when he stepped back from its Board.

“Christopher’s track record in overseeing the scaling of publicly listed and privately owned vertical software and other businesses, along with his experience in building stakeholder value in international markets, brings a perspective that will be invaluable as we continue to execute our strategy,” commented Pramod Jain, CEO. “His deep expertise in M&A and ability to unlock opportunity in a wide range of market environments will strengthen our strategic vision and execution. It is a privilege to welcome Christopher to the Board, and I look forward to working closely with him.”

Mr. Wright was a co-founding Board member and lead external investor in Idox plc, a UK (AIM market) B2B software company focused on the UK local government applications. Until 2019, he was Chairman of a UK based asset management company focused on small-cap listed software companies. He also served as Global Head of Private Equity and sat on the group management board of Dresdner Kleinwort, a leading Anglo-German investment bank.

He remains a director of Merifin Capital, a single-family office based in Europe investing in venture, private equity and related asset classes, and has served for over a decade on the Board at Sutton Trust, a UK charitable organization.

He brings extensive experience chairing and/or serving on boards and audit, compensation, and executive committees.

Mr. Wright is graduate of Oxford University and an Hon. Fellow of Corpus Christi College, Oxford.

About CMG

CMG (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, Kuala Lumpur, Oslo, Stavanger, and Kaiserslautern. For more information, please visit www.cmgl.ca.

Contact Data For investor inquiries, please contact: Kim MacEachern Director, Investor Relations For media inquiries, please contact:

TORONTO, Feb. 10, 2026 (GLOBE NEWSWIRE) -- DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or the “Company”) announced its operating and financial results for the fourth quarter and full year ended December 31, 2025.

Highlights

(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars, and all operational and financial information contained in this news release is related to continuing operations.)

Record free cash flow generation: Generated $505 million of free cash flow1 and $492 million of cash provided from operating activities of continuing operations.Record adjusted net earnings per share: Reported adjusted net earnings1 of $443 million ($2.39 per share1) and net earnings from continuing operations of $369 million ($1.99 per share).11-year track record of operational delivery: DPM achieved its gold production guidance, producing 244,979 ounces of gold and 30.0 million pounds of copper.Vareš ramp-up to full production on-track: On track to achieve 850,000 tonnes per year by year-end, with an improved 2026 production forecast of 30,000 to 35,000 ounces of gold and 3.5 to 4.1 million ounces of silver.Advancing Čoka Rakita: Approval to initiate the Special Purpose Spatial Plan, a key milestone, received in November 2025. Mine construction is expected to commence in early 2027.Rakita camp district scale potential: Announced initial Inferred Mineral Resource Estimate for the Rakita camp of 84.4 million tonnes at a grade of 0.97 g/t Au for 2.6 million ounces of gold and at a grade of 1.02% Cu for 1.9 billion pounds of contained copper, with significant potential for continued growth as all three deposits remain open in multiple directions.2Chelopech mine life extended to 2036: Updated Mineral Reserve and Mineral Resource estimate and life of mine plan for Chelopech extends mine life to 2036 and sustains production at an annual average of approximately 160,000 GEO.3Adding value through exploration: Discovered high-grade Wedge Zone Deep prospect, located on the Chelopech mine concession, close to existing mine infrastructure and Mineral Reserves.Growing high-margin production: Average annual production of 350,000 gold equivalent ounces4 ("GEO") over the next three years, with an all-in sustaining cost of $1,450 per GEO sold1.Substantial liquidity for growth: Ended the quarter with a total of $497.8 million in cash and cash equivalents. New revolving $400 million credit facility with accordion feature to $550 million.Continued capital discipline: Returned $145.5 million, representing 29% of free cash flow, to shareholders during 2025 through dividends paid and shares repurchased. Board of Directors has authorized the repurchase of up to $200 million of shares within 2026.Track record of responsible mining: DPM scored in the top decile among metals and mining companies in the S&P Global Corporate Sustainability Assessment for the fifth consecutive year.
_______________________________
1 Free cash flow, adjusted net earnings, adjusted basic earnings per share, all-in sustaining cost per ounce of gold sold and all-in sustaining cost per GEO sold are non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
2 Refer to the "Technical Report - Mineral Resource Estimate for Dumitru Potok, Frasen and Rakita North Prospects, Eastern Serbia," dated January 16, 2026, available on the Company's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.
3 Refer to the news release "DPM Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and Resource Estimate and Life of Mine Plan" dated February 5, 2026, available on the Company's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.
4 The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective assumed metal prices, and dividing the resulting figure by assumed gold price.

CEO Commentary

David Rae, President and Chief Executive Officer, made the following comments in relation to the fourth quarter and year-end 2025 results:

“We once again generated record financial results in 2025, including $505 million of free cash flow, demonstrating the quality of our low-cost, high-margin mining operations. Our exceptional 11-year track record of delivery has created long-term shareholder value and underpins our ability to realize Vareš' full potential and grow the business with Čoka Rakita, which is on track for first concentrate production in the first half of 2029.

“Together with the Čoka Rakita project, the initial Inferred Mineral Resource Estimates for Dumitru Potok, Frasen and Rakita North prospects completed in December highlight the Rakita camp's potential as a Tier One gold asset for DPM, offering a rare combination of scale, grade and longevity. Further upside potential remains as we test the continuation of the system with step-out drilling on the adjacent licence.

“DPM continues to be in a very strong position to carry out our strategy of becoming a mid-tier gold producer. This is driven by the quality of our team, our high-margin production base generating significant free cash flow, and our financial strength to internally fund growth and exploration activities while continuing to return capital to shareholders.”

Use of non-GAAP Financial Measures

Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this news release:

mine cash costcash cost per tonne of ore processedmine cash cost of salescash cost per ounce of gold soldall-in sustaining costall-in sustaining cost per GEO soldall-in sustaining cost per ounce of gold soldadjusted earnings (loss) before interest, taxes, depreciation and amortization (“adjusted EBITDA”)adjusted net earnings (loss)adjusted basic earnings (loss) per sharecash provided from operating activities, before changes in working capitalfree cash flowaverage realized metal prices
For a detailed description of each of the non-GAAP financial measures and ratios used in this news release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release.

Key Operating and Financial Highlights from Continuing Operations

$ millions, except where noted Fourth Quarter Full YearEnded December 31, 20252024Change 20252024ChangeOperating Highlights(1)        Ore processedt786,091748,1965% 2,978,1372,916,0272%Metals contained in concentrates produced:        Gold        Chelopechoz45,71441,9019% 174,434167,0294%Ada Tepeoz24,55228,918(15%) 70,54594,306(25%)Total gold in concentrates producedoz70,26670,819(1%) 244,979261,335(6%)CopperKlbs9,8797,78127% 29,99529,6711%Payable metals in concentrates sold:        Gold        Chelopechoz40,14236,8629% 150,524142,0046%Ada Tepeoz23,31928,003(17%) 68,51592,124(26%)Total payable gold in concentrates soldoz63,46164,865(2%) 219,039234,128(6%)CopperKlbs7,6476,65215% 24,83425,062(1%)Cost of sales per ounce of gold sold(2):        Chelopech$/oz1,1721,02714% 1,1291,0706%Ada Tepe$/oz1,6381,00263% 1,7811,18151%Consolidated$/oz1,3431,01632% 1,3331,11320%All-in sustaining cost per ounce of gold sold(3):        Chelopech$/oz453799(43%) 616695(11%)Ada Tepe$/oz98969443% 1,10174548%Consolidated$/oz1,08290420% 1,12187229%Capital expenditures incurred(4):        Sustaining(5) 10.79.89% 32.834.2(4%)Growth and other(6) 17.92.1762% 55.517.2223%Total capital expenditures 28.611.9140% 88.351.472%Financial Highlights(1)        Average realized prices(3):        Gold$/oz4,3232,66362% 3,6322,43449%Copper$/lb5.153.9132% 4.644.1612%Revenue 352.5179.197% 950.5607.057%Cost of sales 101.065.953% 344.6260.732%Earnings before income taxes 183.194.394% 422.0276.153%Adjusted EBITDA(3) 230.0110.8108% 585.6326.979%Net earnings 157.386.781% 369.2243.252%Basic earnings per share$/sh0.710.4945% 1.991.3547%Adjusted net earnings(3) 170.482.6106% 443.2232.291%Adjusted basic earnings per share(3)$/sh0.770.4667% 2.391.2985%Cash provided from operating activities(7) 152.582.784% 491.6296.866%Free cash flow(3) 182.891.799% 504.9305.166% (1) Operating highlights for the fourth quarter and full year of 2025 did not include the operating results of Vareš. For a more detailed discussion on the operating results of Vareš, refer to the “Review of Operating Results by Segment – Review of Vareš Results” section of the Management’s Discussion and Analysis (“MD&A”). In the meantime, financial highlights for the year of 2025 included the pre-commercial production financial results of Vareš during the period from September 3 to December 31, 2025, in compliance with IFRS, with the exception of average realized metal price, which is a non-GAAP measure and its exclusion of Vareš was consistent with the operating highlights above.
(2) Cost of sales per ounce of gold sold represents total cost of sales for Chelopech and Ada Tepe, divided by total payable gold in concentrates sold.
(3) All-in sustaining cost per ounce of gold sold, average realized metal prices, adjusted EBITDA, adjusted net earnings, adjusted basic earnings per share, and free cash flow are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
(4) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures.
(5) Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of non-discretionary capital spending being incurred by the Company each period.
(6) Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period.
(7) Excludes cash used in operating activities of discontinued operations of $7.4 million (2024 – $61.0 million) and cash provided from operating activities of discontinued operations of $160.5 million (2024 – cash used in operating activities of discontinued operations of $152.1 million), respectively, during the fourth quarter and full year of 2025.

Performance Highlights

A table comparing production, sales and cash cost measures by asset for the fourth quarter and full year ended December 31, 2025 against 2025 guidance is located on page 17 of this news release.

In the fourth quarter and full year of 2025, the Company’s Chelopech and Ada Tepe operations delivered gold production in line with expectations, and both mines achieved production guidance for the year 2025.

Highlights include the following:

Chelopech, Bulgaria: Gold contained in concentrates produced in the fourth quarter and full year of 2025 was higher than 2024 due primarily to higher gold grades, in line with the mine plan.

Copper production in the fourth quarter of 2025 was higher than 2024 due primarily to higher copper grades. Copper production in 2025 was comparable to 2024.

Payable gold in concentrates sold in the fourth quarter and full year of 2025 was higher than 2024 due primarily to higher gold production, with favourable payable gold terms for the full year.

Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.

All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was lower than 2024 due primarily to higher by-product credits reflecting higher realized prices and volumes of copper sold, and higher volumes of gold sold, partially offset by a stronger Euro relative to the U.S. dollar, higher labour costs, higher royalties, and lower cash outlays for sustaining capital expenditures.

Ada Tepe, Bulgaria: Gold contained in concentrate produced in the fourth quarter and full year of 2025 was lower than 2024 due primarily to mining in lower grade zones, in line with the mine plan.

Payable gold in concentrate sold in the fourth quarter and full year of 2025 was consistent with the gold production compared to 2024.

All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was higher than 2024 due primarily to lower volumes of gold sold and a stronger Euro relative to the U.S. dollar, and higher rehabilitation related depreciation expenses as a result of an updated closure plan for Ada Tepe, as well as lower cash outlays for sustaining capital expenditures in the fourth quarter of the year.

Consolidated Operating Highlights

Operating highlights discussed below exclude the operating results of Vareš, except for cost of sales.

Production: Gold contained in concentrates produced in the fourth quarter of 2025 was comparable to 2024, due primarily to higher gold grades at Chelopech offset by mining in lower grade zones at Ada Tepe. Gold contained in concentrates produced in 2025 was 6% lower than 2024, due primarily to lower gold grades and recoveries at Ada Tepe.

Copper production in the fourth quarter of 2025 was 27% higher than 2024 due primarily to higher copper grades. Copper production in 2025 was comparable to 2024.

Deliveries: Payable gold in concentrates sold in the fourth quarter and full year of 2025 was 2% lower than and 6% lower than 2024, respectively, primarily reflecting gold production.

Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.

Cost measures: Cost of sales in the fourth quarter and full year of 2025 was 53% and 32% higher than 2024, respectively, due primarily to Vareš operating costs and a non-cash fair value adjustment on inventories recognized in cost of sales at Vareš following the acquisition of Adriatic, higher depreciation expense, higher labour cost, a stronger Euro relative to the U.S. dollar and higher royalties reflecting higher metal prices.

All-in sustaining cost per ounce of gold sold in the fourth quarter of 2025 was 20% higher than 2024 due primarily to higher mark-to-market adjustments to share-based compensation expenses reflecting DPM’s strong share price performance, and a stronger Euro relative to the U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices and volumes for copper sold. All-in sustaining cost per ounce of gold sold in 2025 was 29% higher than 2024 due primarily to higher mark-to-market adjustments to share-based compensation expenses, lower volumes of gold sold and a stronger Euro relative to the U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices for copper and silver sold.

Mark-to-market adjustments to share-based compensation expenses resulted in an increase of $344 and $242 per ounce of gold sold, respectively, in the fourth quarter and full year of 2025, compared to a decrease of $7 and an increase of $28 per ounce of gold sold in the corresponding periods in 2024.

Capital expenditures: Sustaining capital expenditures incurred in the fourth quarter of 2025 were 9% higher than 2024, due primarily to timing of expenditures at Chelopech, partially offset by lower deferred stripping costs as a result of lower stripping ratios at Ada Tepe. Sustaining capital expenditures incurred in 2025 were 4% lower than 2024 due primarily to changes in deferred stripping costs as a result of changes in the stripping ratios at Ada Tepe, in line with the mine plan.

Growth and other capital expenditures incurred in the fourth quarter and full year of 2025 were $15.8 million and $38.3 million higher than 2024, respectively, due primarily to costs related to the Čoka Rakita project being capitalized from 2025 as a result of the project’s advancement to the feasibility study (“FS”) stage.

Consolidated Financial Highlights

DPM achieved record financial results for 2025 in revenue, earnings and free cash flow, reflecting high realized metal prices, combined with the Company’s stable operating performance for the year. Financial results in 2025 also reflected the inclusion of Vareš for the period of September 3 to December 31, 2025.

Revenue: Revenue in the fourth quarter and full year of 2025 was 97% and 57% higher than 2024, respectively, due primarily to higher realized metal prices, partially offset by lower volumes of gold sold at Ada Tepe. Revenue in the fourth quarter and full year of 2025 also benefited from the post-acquisition revenue from Vareš.

Net earnings: Net earnings from continuing operations in the fourth quarter of 2025 were 81% higher than 2024, due primarily to higher revenue, partially offset by higher cost of sales, higher mark-to-market adjustments to share-based compensation expenses and a fair value loss on copper stream liability of $8.5 million. Net earnings from continuing operations in 2025 were 52% higher than 2024, due primarily to the same factors affecting the quarter, partially offset by the 2025 Bulgarian levy of $24.4 million Adriatic acquisition related costs of $15.4 million and a fair value loss on copper stream liability of $9.2 million.

Adjusted net earnings: Adjusted net earnings from continuing operations in the fourth quarter and full year of 2025 were 106% and 91% higher than 2024, respectively, due primarily to the same factors affecting net earnings from continuing operations, with the exception of adjusting items primarily related to the 2025 Bulgarian levy, Adriatic acquisition related costs, the non-cash fair value adjustment on inventories at Vareš, and the fair value loss on copper stream liability, as well as a net termination fee received from Osino Resources Corp. (“Osino”) in 2024.

Cash provided from operating activities: Cash provided from operating activities of continuing operations in the fourth quarter and full year of 2025 was 84% and 66% higher than 2024, respectively, due primarily to higher earnings generated in the periods and the timing of deliveries and subsequent receipt of cash, partially offset by the timing of payments to suppliers, the payments of the 2025 Bulgarian levy and higher income taxes paid.

Free cash flow: Free cash flow from continuing operations in the fourth quarter and full year of 2025 was 99% and 66% higher than 2024, respectively, due primarily to higher adjusted net earnings generated in the periods, partially offset by the payments of the 2025 Bulgarian levy. Free cash flow is calculated before changes in working capital.

Vareš Update

On September 3, 2025, DPM completed the acquisition of Adriatic, integrating the Vareš operation into its portfolio. Integration activities have progressed well, and DPM continues to advance its priorities for Vareš with a focus on ramping up to full production by year-end 2026. Development rates have continued to progress in-line with plan, and mine production recommenced in January 2026. Construction of the paste backfill plant is well-advanced, and expected to be commissioned in the third quarter.

Vareš production in 2026 is now expected to be better as compared to the estimates in the technical report entitled "Amended and Rested NI 43-101 Technical Report on the Vareš Operation, Bosnia and Herzegovina" dated June 9, 2025, with increased ore processed and higher gold and silver grades. This technical report has been posted on the Company’s website at www.dpmmetals.com and filed on SEDAR+ at www.sedarplus.ca. See the section of the news release entitled "2026 Guidance and Three-Year Outlook" for further details.

Development Projects Update

Čoka Rakita, Serbia

During the fourth quarter, DPM completed the FS for the Čoka Rakita project as planned. The FS confirmed robust economics for a high-margin underground gold mining operation with first quartile life of mine all-in sustaining costs of $644 per ounce of gold sold, and an attractive internal rate of return of 68% and net present value of $2.2 billion, using a $3,500 per ounce gold price assumption. Based on the positive results, DPM is proceeding to execution readiness and construction permitting, with first concentrate production anticipated in the first half of 2029.

Activities during 2025 focused on completing various technical studies and the FS, while advancing the design to a basic engineering level. Project execution readiness as well as operational readiness planning continued, leveraging the project’s proximity to DPM’s Chelopech underground mine and Ada Tepe processing facilities to support training and development of key personnel for future operating roles.

In November 2025, a key permitting milestone was achieved with the approval to initiate the Special Purpose Spatial Plan process. Permitting activities continue, with a detailed permitting timeline focused on supporting commencement of construction in early 2027. Most baseline studies required for the Environmental and Social Impact Assessment have been completed. The approval and adoption of the SPSP is expected in the second half of 2026, following which DPM anticipates submitting the exploitation field application in accordance with the Serbian permitting process. The Company continues to proactively engage with relevant authorities and stakeholders to support timely advancement of remaining permits and approvals.

Consistent with its approach across all operations, DPM seeks to build and maintain strong partnerships with local communities and governments. The Company has had a local presence in Serbia since 2004 and has developed strong relationships in the region. Proactive stakeholder engagement continued throughout 2025 and remains a core component of the Company’s approach as the project advances.

Planning for the Čoka Rakita project continues to emphasize responsible environmental management, social development, and the design, operation, and closure of the mine in accordance with industry best practices and applicable Serbian and European Union standards.

In 2025, the Company incurred $38.4 million of growth capital expenditures for the Čoka Rakita project. For 2026, the Company has planned $49 million to $53 million of growth capital expenditures primarily related to pre-construction activities, including detailed engineering, environmental and permitting activities, early works, and operational readiness planning. Subject to permitting progress and schedule acceleration, approximately $42 million of pre-committed initial capital for the project was also included in the 2026 detailed guidance related to early contractor engagement and procurement activities in advance of a formal construction decision, which is expected in early 2027.

See the “NI 43-101 Technical Report Čoka Rakita Project Feasibility Study, Eastern Serbia” dated January 9, 2026, for additional information, which has been posted on the Company’s website at www.dpmmetals.com and filed on SEDAR+ at www.sedarplus.ca.

Exploration

Rakita Camp, Serbia

During the fourth quarter, DPM published an Inferred Mineral Resource Estimate for the Dumitru Potok, Frasen and Rakita North prospects. The prospects are located on the Čoka Rakita and the Potaj Čuka exploration license, and are within one kilometre of the Čoka Rakita project. The total Inferred Mineral Resource Estimate, effective as of October 23, 2025, comprises 2.6 million ounces of gold and 1.9 billion pounds of copper contained within 84.4 million tonnes grading 0.97 g/t gold and 1.02% copper, and assumes an underground mining scenario. The Inferred Mineral Resource Estimate demonstrates the Rakita camp’s potential as a district-scale gold-copper system. Each of Dumitru Potok, Rakita North and Frasen remain opens in multiple directions and sits alongside several high-potential targets along a six-kilometre trend.

When viewed separately, the Dumitru Potok Mineral Resource represents a significant higher-grade core totalling 64.1 Mt grading 1.07 g/t gold for 2.2 million ounces of contained gold and 1.08% copper for 1.5 billion pounds of contained copper. The Rakita North Inferred Mineral Resource totals 17.9 million tonnes grading 0.56 g/t gold for 0.3 million ounces of contained gold and 0.84% copper for 0.3 billion pounds of contained copper. The Frasen Inferred Mineral Resource totals 2.4 million tonnes grading 1.21 g/t gold for 95 thousand ounces of contained gold and 0.70% copper for 37 million pounds of contained copper.

Drilling is currently paused on the Čoka Rakita licence pending the normal course renewal of permits and is anticipated to recommence in the second quarter of 2026. Field work focused on the Potaj Čuka and Pešter Jug exploration licences, including scout drilling campaigns at the Valja Saka prospect and other Potaj Čuka targets, with 13,674 metres of drilling completed during the fourth quarter of 2025 and 60,528 metres year-to-date.

On the Potaj Čuka licence, the main focus was the Valja Saka prospect, which has been prioritized for further exploration. During the fourth quarter, the drilling campaign continued with six drill rigs to test higher-grade mineralization. Drilling also encountered different mineralization styles and confirmed the interpreted structural architecture. At other Potaj Čuka targets, individual gold grades were intersected along with alteration styles that represent an excellent vector toward potentially mineralized zones, which will support the design of a follow-up program.

In 2025, the Company incurred $36.1 million for Rakita camp exploration activities. In 2026, the Company has planned a total of $25 million to $30 million, primarily focused on Čoka Rakita and Potaj Čuka licences.

Chelopech, Bulgaria

DPM remains committed to extending the life of the Chelopech mine through its focused in-mine exploration program targeting resource development. During 2025, the Company completed 44,464 metres of drilling with 14,798 meters dedicated to extensional drilling. The program aimed to expand the existing mineralization, improve ore boundary definition, and increase confidence in the Mineral Resource Estimate.

In November 2025, DPM announced the discovery of new high-grade mineralization at the WZD target, which is located within the northern flank of the Chelopech mine concession and approximately 300 metres below existing Mineral Reserves and current mine infrastructure. This significant discovery, which was made in a relatively underexplored and deep area of the mine concession demonstrates that the level of the WZD target is highly prospective, and that the hydrothermal system has potential for additional discoveries at this depth. Given the significance of the WZD target, DPM has planned an additional 10,000 metres of drilling, which is expected to be completed within the first quarter of 2026. DPM intends to provide an update on results from drilling in the second quarter of 2026.

Brownfield exploration continued within the Chelopech mine concession and Brevene exploration licence during the fourth quarter of 2025 with a total of 12,587 metres of exploration and target delineation drilling across eight active diamond drill rigs. The Company continues to advance the process of converting the Brevene exploration licence to a Commercial Discovery, the next phase of work towards converting the licence to a mining concession under the Bulgarian permitting process. Surface drilling continues sequentially, following receipt of drilling permits, with six drill rigs focused on assessing the mineral resource potential in the Vozdol area and prioritized targets within the exploration licence.

In 2025, the Company incurred $10.8 million for Chelopech brownfield exploration activities. In 2026, the Company has planned a total of $16 million to $17 million for Chelopech brownfield exploration activities, primarily focused on testing near-mine targets on the Chelopech mine concession.

For more information regarding the Wedge Zone Deep prospect, see the Company news release dated November 19, 2025, entitled "DPM Metals Announces Discovery of New High-Grade Mineralization at the Chelopech Mine; Results Include 68.3 metres at 7.42 g/t AuEq," available on DPM's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.

Vareš, Bosnia and Herzegovina

During the fourth quarter of 2025, exploration activities at Vareš focused on the Seliste and Brezik West prospects, which are located on the Veovaca-Orti-Seliste-Mekuse and Droskovac-Brezik exploration licences, respectively, approximately 10 kilometres to the southeast of the Rupice mine and along the same geological trend. Work undertaken included drilling, mapping, soil/rock sampling and three-dimensional modelling. A total of 968 metres were drilled with two diamond rigs. Nine scout holes from Seliste returned positive results, supporting planned infill and extensional drilling in 2026.

In 2025, the Company incurred $2.2 million for Vareš exploration activities. In 2026, the Company has planned a total of $10 million to $11 million in expenditures for Vareš brownfield exploration, and $1 million to $2 million for Bosnia greenfield exploration. This will include testing the extension of mineralization to the east and at depth, as well as scout drilling of newly outlined geophysical targets along the same mineralization trend and to the south of the known orebody.

Senior Management Team Update

DPM today announced the appointment of João Zanon as Senior Vice President, Capital Projects and Evaluations, effective March 2, 2026. In this newly created executive leadership position, Mr. Zanon will lead the strategic direction and execution of capital projects from pre-feasibility, construction and handover to operations, optimizing asset value and ensuring alignment with the Company's strategy. He will also oversee technical evaluations for potential acquisitions, supporting the corporate development team.

Mr. Zanon brings over twenty years of global experience in delivering complex capital projects safely, leading projects from their conceptual design through to operations. Most recently, he was Director, Project Management for Maaden, responsible for leading $2 billion in project development activities annually. He has also held Vice President project development roles with Ero Copper Corp. and Vale S.A.

Kelly Stark-Anderson, Executive Vice-President, Corporate Affairs, General Counsel and Corporate Secretary, has provided her resignation from DPM effective May 31, 2026. Ms. Stark-Anderson has been a critical part of the Company's leadership team, first joining DPM in 2017 to head up the Legal and Compliance department, growing her responsibilities to include Human Resources and Business Optimization, and, for a period of time, Sustainability. One of the areas of significant impact includes her leadership of the refresh of our corporate purpose and values in 2020, which continues to act as the foundation of DPM’s culture and strategic direction. Ms. Stark-Anderson also played a significant role in shaping the Company’s successful growth, including the recent acquisition of Adriatic, and she has developed a strong team which will help to ensure a seamless transition. A search process has been initiated for a suitable replacement.

Dr. Nikolay Hristov, Senior Vice President, Sustainable Business Development, will be departing the company at the end of April 2026. Dr. Hristov began working with DPM at the Chelopech mine in 2004, becoming Vice President and General Manager in 2011, and led the capital project to expand the mine. He relocated to Toronto in 2015 to lead the Sustainability function, where he has been a passionate advocate for DPM’s leadership position as a responsible mining company, driving the incorporation of sustainability across all levels of the organization, strategy and operating model. Dr. Hristov consistently provided support to operations and projects navigating complex social and political environments, and helped to establish and support the Loma Larga project team. He will continue to support a smooth transition over the coming months.

Balance Sheet Strength and Financial Flexibility

The Company continues to maintain a strong cash and liquidity position and is well-positioned to fund growth, ending the year with a cash position of $497.8 million, no debt and an undrawn $400.0 million new committed revolving credit facility (the "New RCF”).

Cash and cash equivalents decreased by $137.0 million in 2025 due primarily to cash consideration paid for the acquisition of Adriatic, the repayment of Adriatic debt immediately after the closing of the acquisition, payments for shares repurchased under the Normal Course Issuer Bid (“NCIB”), cash outlays for capital expenditures, dividends paid and income taxes paid, partially offset by earnings generated in the period, a net cash inflow of $160.5 million related to the DPM Tolling Agreement, and cash interest received.

In February 2026, DPM replaced its current RCF with the New RCF with a consortium of five banks that matures in February 2030. Overall, this facility contains more favourable terms and conditions than the current RCF, providing added flexibility, a four-year extended term, and lower pricing. Initially, DPM is permitted to borrow up to an aggregate principal amount of $400.0 million, which can be increased pursuant to an accordion feature that permits, subject to certain conditions, the facility to be increased to $550.0 million.

Return of Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return excess capital to shareholders, which currently includes a sustainable quarterly dividend and periodic share repurchases under the NCIB.

During 2025, the Company returned a total of $145.5 million to shareholders through the repurchase of approximately 10.0 million shares, for a total cash payment of $116.1 million, and $29.4 million of dividends paid.

The Company’s Board of Directors has approved the renewal of the NCIB (the “New Bid”) and the Company expects to seek approval from the TSX for the New Bid in due course during the first quarter of 2026. If accepted, the New Bid will be made in accordance with the applicable rules and policies of the TSX and applicable Canadian securities laws. The Company expects to be able to purchase up to 5% of its issued and outstanding common shares over a period of twelve months under the New Bid.

The Company’s Board of Directors has authorized management to repurchase up to $200 million of the Company’s shares under the New Bid.

The actual timing and number of common shares that may be purchased under the NCIB will be undertaken in accordance with DPM’s capital allocation framework, having regard for such things as DPM’s financial position, business outlook and ongoing capital requirements, as well as its share price relative to market peers and intrinsic value and overall market conditions.

On February 10, 2026, the Company declared a dividend of $0.04 per common share payable on April 15, 2026 to shareholders of record on March 31, 2026.

Three-Year Outlook (2026 to 2028)

The following sections of this news release, under the headings “Detailed 2026 Guidance” and “Three-Year Outlook (2026 to 2028)”, represent forward-looking information and readers are cautioned that actual results may vary materially from the Company’s expectations. Refer to the “Cautionary Note Regarding Forward Looking Statements” located on page 18 of this news release and the “Risks and Uncertainties” section of the MD&A issued on February 10, 2026, available on the Company’s website (www.dpmmetals.com) and filed on SEDAR+ (www.sedarplus.ca).

The Company’s three-year outlook and 2026 detailed guidance include operating and financial results of Vareš. The Company continues to fund its high-quality organic growth pipeline and exploration activities, and accelerate precious metals production from the Vareš mine as it ramps up to full production in the fourth quarter of 2026. As reflected in the outlook, DPM continues to maintain low-cost, high-margin mining operations, in line with its proven track record of delivering long-term shareholder value.

Starting in 2026, the Company will report and provide guidance and outlook on metals production and all-in sustaining cost on a gold equivalent ounce (“GEO”) basis, reflecting the addition of the polymetallic Vareš mine. Highlights of the three-year outlook include:

Metals production: Metals production is expected to average approximately 350,000 GEO annually over the next three years. The growth in production is driven primarily by the contribution from Vareš and stable production at Chelopech, partially offset by lower production at Ada Tepe as it reaches the end of its mine life by mid-2026.Maintains low-cost position: Consolidated all-in sustaining cost over the next three years is expected to average approximately $1,450 per GEO sold. This outlook reflects variations in metals production and sales year over year, as well as the impact of higher local currency operating costs, combined with a stronger Euro relative to the U.S. dollar as compared to 2025.Exploration expenses: Exploration activities remain a strategic focus for the Company. Reflecting the success of its exploration programs at increasing shareholder value, DPM is increasing its investment in exploration in 2026 by approximately $10 million as compared to 2025. In 2026, exploration expenses will continue to support drilling at prospective targets around the Čoka Rakita project and surrounding licences, extending the mine life at Chelopech, advancing the geological understanding at Vareš, together with disciplined exploration spending related to other targets and new opportunities in Serbia, Bulgaria and Bosnia and Herzegovina. The Company has allocated approximately $30 million to $40 million for 2027 and 2028, consistent with previous three-year outlook, with potential for further investment in exploration based on ongoing success and the prospectivity of the Company’s exploration prospects.Sustaining capital expenditures: Chelopech is expected to maintain stable sustaining capital expenditures over the next three years. Vareš is expected to incur approximately $10 million to $20 million sustaining capital each year primarily related to the underground capital development. No sustaining capital expenditures are expected at Ada Tepe as the mine reaches the end of its life by mid-2026.Growth capital expenditures: The three-year outlook for growth capital expenditures primarily relates to the initial capital for the Čoka Rakita project, which is expected to commence construction in early 2027 and achieve first production of concentrate in the first half of 2029. In 2026, growth capital for Čoka Rakita project also includes pre-construction activities, such as detailed engineering, environmental and permitting, early works and operational readiness. Growth capital expenditures in 2026 also include expenditures at Vareš to support the development and ramp-up to commercial production, as well as limited expenditures related to the Loma Larga project, comprising primarily of running costs. DPM is planning to minimize spending at the Loma Larga project pending resolution of the revocation of the environmental licence.
The Company’s three-year outlook is set out in the following table:

$ millions, unless otherwise indicated 2025
Results, excluding Vareš(1)2026
Guidance(2)2027
Outlook(2)2028
Outlook(2)Gold contained in concentrates produced(3)Koz245195 - 225200 - 220155 - 175ChelopechKoz174150 - 170160 - 175125 - 140Ada TepeKoz7115 - 20  VarešKoz 30 - 3540 - 4530 - 35Silver contained in concentrate produced(3)Koz2973,700 - 4,4005,200 - 5,9005,100 - 5,700ChelopechKoz297200 - 300200 - 300200 - 300VarešKoz 3,500 - 4,1005,000 - 5,6004,900 - 5,400Copper contained in concentrate produced(3)Mlbs3034 - 4028 - 3330 - 35ChelopechMlbs3029 - 3421 - 2522 - 26VarešMlbs 5 - 67 - 88 - 9Zinc contained in concentrate produced - Vareš(3)Mlbs 59 - 7191 - 10183 - 92Lead contained in concentrate produced - Vareš(3)Mlbs 35 - 4246 - 5250 - 56GEO produced(3),(4),(5)Koz288305 - 365355 - 400320 - 365ChelopechKoz217185 - 215190 - 210160 - 180Ada TepeKoz7115 - 20  VarešKoz 105 - 130165 - 190160 - 185GEO sold(4),(5)Koz255265 - 310285 - 325255 - 290ChelopechKoz186170 - 190165 - 185135 - 155Ada TepeKoz6915 - 20  VarešKoz 80 - 100120 - 140120 - 135All-in sustaining cost per GEO sold(4),(5),(6),(7)$/GEO1,4771,300 - 1,4501,350 - 1,5001,450 - 1,600Exploration expenses(4) 5760 - 7030 - 4030 - 40Sustaining capital expenditures(4),(8) 3325 - 3235 - 4631 - 42Chelopech 1916 - 1816 - 1816 - 18Ada Tepe 12   Vareš  8 - 1218 - 2614 - 22Corporate 21 - 21 - 21 - 2Growth capital expenditures(4),(8),(9) 56200 - 230179179 (1) Full year 2025 results did not include the operating and financial results of Vareš as it was acquired on September 3, 2025.
(2) The Company’s 2026 guidance and three-year outlook are forecast to vary from quarter to quarter depending on mine sequencing, the timing of concentrate deliveries and planned maintenances, as well as the schedule for, and execution of each capital project.
(3) Metals contained in concentrates produced are prior to deductions associated with smelter terms.
(4) Based on, where applicable, a Euro/US$ exchange rate of 1.20, and metal prices of $50/oz for silver, $5.00/lb for copper, and $1.30/lb for zinc for all years. Lead prices are assumed to be $0.90/lb in 2026, and $0.95/lb in 2027 and 2028. Gold prices are assumed to be $4,200/oz in 2026, $3,900/oz in 2027 and $3,600/oz in 2028.
(5) The Company uses conversion ratios for calculating GEO for its silver, zinc, lead and copper production, which are calculated by multiplying the volumes of metal produced by the respective assumed metal prices, and dividing the resulting figure by assumed gold prices for each of the three years in the outlook.
(6) All-in sustaining cost per GEO is calculated as all-in sustaining cost divided by GEO sold for each of the years in the outlook.
(7) Current assumptions for royalties are at a rate of 1.5% and 6% for Chelopech and Ada Tepe, respectively, based on the gross value of metals contained in ore mined, and at a rate of $2.18 per tonne of ore mined for Vareš for all years. On January 30, 2026, the Bulgarian government adopted new royalty rates for applicable mining concessions, increasing the royalty rates to 2% - 6% for gold and silver, and 2% - 5% for copper. These new rates do not apply to the existing Chelopech concession, which is subject to fixed royalty terms and expires in 2029. The new rates will become applicable to Chelopech upon renewal of its concession agreement in 2029.
(8) Represent capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.
(9) The 2026 to 2028 three-year outlook provided for growth capital expenditures relates primarily to the estimated construction costs for the Čoka Rakita project, as per the “NI 43-101 Technical Report Feasibility Study Čoka Rakita Project Eastern Serbia” dated January 9, 2026. See the “Development and Other Major Projects – Čoka Rakita Project” section contained in this MD&A for further details. In 2026, growth capital expenditures also include the ramp-up and development cost for the Vareš mine and the capitalized pre-commercial production operating costs at Vareš with a total of $100 million to $125 million, the pre-construction costs of $49 million to $53 million for the Čoka Rakita project, as well as the estimated cost for the Loma Larga project of approximately $5 million.

Detailed 2026 Guidance

The Company’s detailed guidance for 2026 is set out in the following table:

$ millions, unless otherwise indicated ChelopechAda TepeVarešCorporate
and OtherConsolidated
GuidanceOre processedKt2,100 - 2,200350 - 400420 - 500 2,870 - 3,100Cash cost per tonne of ore processed(1),(2),(3)$/t69 - 7499 - 110251 - 289  Metals contained in concentrates produced(4)      GoldKoz150 - 17015 - 2030 - 35 195 - 225SilverKoz200 - 300 3,500 - 4,100 3,700 - 4,400CopperMlbs29 - 34 5 - 6 34 - 40ZincMlbs  59 - 71 59 - 71LeadMlbs  35 - 42 35 - 42GEO produced(1),(5)Koz185 - 21515 - 20105 - 130 305 - 365Payable metals in concentrates sold      GoldKoz135 - 15515 - 2025 - 30 175 - 205SilverKoz200 - 300 3,100 - 3,700 3,300 - 4,000CopperMlbs25 - 29 1 - 2 26 - 31ZincMlbs  44 - 53 44 - 53LeadMlbs  27 - 32 27 - 32GEO sold(1),(5)Koz170 - 19015 - 2080 - 100 265 - 310All-in sustaining cost per GEO(1),(2),(6),(7)$/GEO1,250 - 1,4001,850 - 2,200900 - 1,050 1,300 - 1,450Corporate general and administrative expenses(8)    25 - 3025 - 30Exploration expenses(1)     60 - 70Sustaining capital expenditures(1),(9) 16 - 18 8 - 121 - 225 - 32Growth capital expenditures(1),(9),(10) 4 - 5 100 - 12596 - 100200 - 230 (1) Based on, where applicable, a Euro/US$ exchange rate of 1.20, and metal prices of $4,200/oz for gold, $50/oz for silver, $5.00/lb for copper, $1.30/lb for zinc and $0.90/lb for lead.
(2) Current assumptions for royalties are at a rate of 1.5% and 6% for Chelopech and Ada Tepe, respectively, based on the gross value of metals contained in ore mined, and at a rate of $2.18 per tonne of ore mined for Vareš. On January 30, 2026, the Bulgarian government adopted new royalty rates for applicable mining concessions, increasing the royalty rates to 2% - 6% for gold and silver, and 2% - 5% for copper. These new rates do not apply to the existing Chelopech concession, which is subject to fixed royalty terms and expires in 2029. The new rates will become applicable to Chelopech upon renewal of its concession agreement in 2029.
(3) 2026 cash cost per tonne of ore processed for Vareš is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed.
(4) Metals contained in concentrates produced are prior to deductions associated with smelter terms.
(5) The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective assumed metal prices, and dividing the resulting figure by assumed gold price.
(6) All-in sustaining cost per GEO is a non-GAAP financial ratio and is calculated as all-in sustaining cost divided by GEO sold. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
(7) Allocated general and administrative expenses are reflected in the consolidated all-in sustaining cost per GEO, however are not reflected in the all-in sustaining cost per GEO for each of the mine operations, given that the nature of such expenses is more reflective of the Company’s consolidated all-in sustaining cost and not pertaining to the individual operations of the Company.
(8) Excludes share-based compensation expense of approximately $6 million, before mark-to-market adjustments from movements in the Company’s share price, given the volatile nature of this expense.
(9) Represent capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.
(10) Growth capital expenditures in Corporate and Other include $91 million to $95 million for the Čoka Rakita project, consisting of $49 million to $53 million in pre-construction costs and, subject to permitting progress and schedule acceleration, approximately $42 million in pre-committed initial capital, as well as approximately $5 million of estimated costs for the Loma Larga project.

Key Assumptions and Sensitivities

Certain key cost measures in the Company’s detailed guidance for 2026 are sensitive to market assumptions, including copper price and foreign exchange rates. The following table demonstrates the effect of a 10% change in these market assumptions for the remainder of the year on the consolidated all-in sustaining cost provided in the 2026 guidance.

 AssumptionsHypothetical
changeGEO Sold
(Koz)All-in
sustaining cost
($/GEO)Metal Prices    Gold$4,200/oz+/- 10%-10 / +12+50 / -56Silver$50/oz+/- 10%+/- 5-/+ 21Copper$5.00/lb+/- 10%+/- 3-/+ 15Zinc$1.30/lb+/- 10%+/- 2-/+ 7Lead$0.90/lb+/- 10%+/- 1-/+ 3Foreign Exchange    Euro/US$1.20+/- 10% +/- 93
Additional detail on the Company’s three-year outlook is set out below:

Chelopech

The three-year outlook for gold and copper production at Chelopech is in line with the updated mine plan released on February 5, 2026.

Cash cost per tonne of ore processed in 2026 is expected to be higher than 2025 due primarily to a weaker U.S. dollar relative to the Euro and higher local currency operating costs.

All-in sustaining cost per GEO sold in 2026 is expected to be higher than 2025 due primarily to a weaker U.S. dollar relative to the Euro, higher local currency operating costs and lower volumes of GEO sold.

Sustaining capital expenditures over the next three years are expected to remain consistent with 2025. Growth capital expenditures relating to resource development drilling and margin improvement projects are expected to be comparable to the previous outlook as the Company accelerates the conversion of resources to reserves to support mine life extension.

Ada Tepe

Gold production at Ada Tepe for 2026 is expected to be between 15,000 and 20,000 ounces as the mine reaches the end of its life by mid-2026. The processing facilities are scheduled to be dismantled and transported for refurbishment and installation to support the Čoka Rakita project’s construction schedule.

Cash metrics are expected to be higher in 2026 as compared to 2025, due primarily to lower volumes of ore processed and lower volumes of gold sold.

The Company is actively planning and preparing the mine closure, with the major rehabilitation related activities expected to commence in 2027.

Vareš

2026 represents a transitional year for Vareš, as DPM progresses the ramp-up to 850,000 tonnes per annum. Metals production is expected to be heavily weighted to the second half of the year, representing approximately two-thirds of 2026 GEO production.

In 2026, a significant portion of cash operating costs at Vareš is expected to be capitalized to growth capital expenditures prior to the mine achieving commercial production. As reflected in the detailed 2026 guidance, DPM is accelerating precious metals production, with gold and silver production expected to be higher than previously anticipated in the technical report entitled “Amended and Restated NI 43-101 Technical Report on the Vareš Mine, Bosnia and Herzegovina” dated June 9, 2025 (the “Vareš Technical Report”). The Company is forecasting cash operating costs, before capitalization, to be higher than previously anticipated in the Vareš Technical Report, offset by higher projected cash flow and margins as a result of increased metals prices. As the mine achieves commercial production, the Company will be evaluating opportunities to optimize the cost structure for 2027 and beyond, targeting the cash cost per tonne metrics outlined in the Vareš Technical Report.

Growth capital expenditures at Vareš in 2026 is expected to range between $100 million and $125 million. Approximately half of these expenditures relate to the capitalization of operating costs prior to commercial production, with the remainder attributable to the ramp-up and development of the mine to achieve an 850,000 tonne per year operating rate by the fourth quarter of 2026. Expenditures include mine ventilation improvements, optimization of the mine design and mining methods, and completing construction of the paste backfill plant, which is on track to be commissioned during the third quarter of 2026.

Čoka Rakita project

Growth capital expenditures for 2026 associated with the Čoka Rakita project of $49 million to $53 million are expected to cover pre-construction activities, including early works and detailed engineering, environmental and permitting, as well as operational readiness. The Company is targeting commencement of construction in early 2027 and has provided a three-year outlook for the growth capital related to the construction of the Čoka Rakita project.

Loma Larga project

DPM is considering all its options to preserve value and optionality for shareholders following the revocation of the environmental licence in October 2025, including evaluation of all legal avenues.

As a result, the Company is planning to minimize spending at Loma Larga until the matter related to the environmental licence is resolved.

Exploration expenses

With the Company’s continued strategic focus on growth initiatives, exploration activities will be centred on the brownfield projects in Serbia, Bulgaria and Bosnia to grow the existing resource base. Exploration expenditures in 2026.

Selected Production, Delivery and Cost Performance, excluding Vareš, versus 2025 Guidance

  Q4 202520252025 Consolidated Guidance
 ChelopechAda TepeConsolidatedChelopechAda TepeConsolidatedOre processedKt550.0236.1786.12,181.5796.72,978.22,700 – 2,900Metals contained in concentrates produced        GoldKoz45.724.670.3174.470.5244.9225 – 265CopperMlbs9.9–9.930.0–30.028 – 33Payable metals in concentrates sold        GoldKoz40.123.363.5150.568.5219.0205 – 240CopperMlbs7.6–7.624.8–24.825 – 29All-in sustaining cost per ounce of gold sold$/oz4539891,0826161,1011,121780 – 900
For additional information regarding the Company's detailed guidance for 2025 and current three-year outlook, please refer to the “Three-Year Outlook” section of the MD&A.

Fourth Quarter 2025 Results Conference Call and Webcast

At 9 a.m. EDT on Wednesday, February 11, 2026, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link provided below to receive the dial-in information as well as a unique PIN code to access the call.

The call registration and webcast details are as follows:

This news release and DPM’s audited consolidated financial statements and MD&A for the quarter and year ended December 31, 2025 are posted on the Company’s website at www.dpmmetals.com and have been filed on SEDAR+ at www.sedarplus.ca.

Qualified Person

The technical and scientific information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Director, Corporate Technical Services, of DPM, who is a Qualified Person as defined under NI 43-101, and who is not independent of the Company.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Listing (symbol: DPM).

For further information, please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
[email protected]

Cautionary Note Regarding Forward Looking Statements

This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “guidance”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this news release relate to, among other things: forecasted results of production in 2026 and onward and the ability of the Company to meet previously provided guidance in respect thereof; expected cash flows; the price of gold, copper, and silver, and other minerals; estimated capital costs, all-in sustaining costs, operating costs and other financial metrics, including those set out in the outlook and guidance provided by the Company; the integration of the Vareš operation into the Company's portfolio of assets; expectations regarding production from the Vareš operation and the anticipated timing thereof; next steps in the development of the Vareš operation; currency fluctuations; results of economic studies; the intention to complete the FS in respect of the Čoka Rakita project and the anticipated timing thereof; anticipated steps in the continued development of the Čoka Rakita project, including exploration, permitting activities, environmental assessments, and stakeholder engagement, and the timing for completion and anticipated results thereof; exploration activities at the Company’s operating and development properties, including the Rakita camp, and the anticipated results thereof; actions which may be taken by the Company following the revocation of the environmental license for the Loma Larga project; permitting requirements, the ability of the Company to obtain such permits, and the anticipated timing thereof; anticipated amounts of future expenditures at the Company's operating and development properties, including expenses related to exploration activities; statements under the heading “2026 Guidance and Three-year Outlook”; timing of payments and amounts of dividends; and the number of common shares of the Company that may be purchased under the NCIB.

Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Person (in the case of technical and scientific information), as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this news release, such factors include, among others: fluctuations in metal prices and foreign exchange rates; risks arising from the current economic environment and the impact on operating costs and other financial metrics, including risks of recession; the commencement, continuation or escalation of geopolitical crises and armed conflicts and their direct and indirect effects on the operations of DPM; risks arising from counterparties being unable to or unwilling to fulfill their contractual obligations to the Company; the speculative nature of mineral exploration, development and production, including changes in mineral production performance, exploitation and exploration results; the Company’s dependence on its operations at the Chelopech and Ada Tepe mines and the Vareš operation; changes in tax and tariff regimes in the jurisdictions in which the Company operate or which are otherwise applicable to the Company’s business, operations, or financial condition; possible inaccurate estimates relating to future production, operating costs and other costs for operations; possible variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic evaluations, economic studies and mine plans; uncertainties with respect to the results of technical studies of the Company's exploration and development projects and the results thereof; the Company’s dependence on continually developing, replacing and expanding its mineral reserves; uncertainties and risks inherent to developing and commissioning new mines into production, which may be subject to unforeseen delays; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the Company's initiatives are still in the early stages and may not materialize; risks related to the Company's ability to develop the Loma Larga project and to obtain necessary permits in respect thereof; changes in project parameters, including schedule and budget, as plans continue to be refined; risks related to the financial results of operations, changes in interest rates, and the Company's ability to finance its operations; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; accidents, labour disputes and other risks inherent to the mining industry; failure to achieve certain cost savings; risks related to the Company's ability to manage environmental and social matters, including risks and obligations related to closure of the Company's mining properties; risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; land reclamation and mine closure requirements, and costs associated therewith; the Company's controls over financial reporting and obligations as a public company; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; opposition by social and non-governmental organizations to mining projects; uncertainties with respect to realizing the anticipated benefits from the development of the Company's exploration and development projects; cyber-attacks and other cybersecurity risks; competition in the mining industry; exercising judgment when undertaking impairment assessments; claims or litigation; limitations on insurance coverage; changes in values of the Company's investment portfolio; changes in laws and regulations, including with respect to taxes, and the Company's ability to successfully obtain all necessary permits and other approvals required to conduct its operations; employee relations, including unionized and non-union employees, and the Company's ability to retain key personnel and attract other highly skilled employees; ability to successfully integrate acquisitions or complete divestitures; unanticipated title disputes; volatility in the price of the common shares of the Company; potential dilution to the common shares of the Company; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to holding assets in foreign jurisdictions; conflicts of interest between the Company and its directors and officers; the timing and amounts of dividends; there being no assurance that the Company will purchase additional common shares of the Company under the NCIB, as well as those risk factors discussed or referred to in the MD&A, the Company's most recent AIF, the Company's management information circular dated July 11, 2025, and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR+ at www.sedarplus.ca.

The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Other than as it may be required by law, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

Non-GAAP Financial Measures

Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are used by management and investors to assist with assessing the Company’s performance, including its ability to generate sufficient cash flow to meet its return objectives and support its investing activities and debt service obligations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

Cash cost and all-in sustaining cost measures 

Mine cash cost; mine cash cost of sales; and all-in sustaining cost are non-GAAP financial measures. Cash cost per tonne of ore processed; cash cost per ounce of gold sold; all-in sustaining cost per ounce of gold sold, and all-in sustaining cost per GEO sold are non-GAAP ratios. These measures capture the important components of the Company’s production and related costs. Management and investors utilize these metrics as an important tool to monitor cost performance at the Company’s operations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance.

The following table provides a reconciliation of the Company’s cash cost per tonne of ore processed to its cost of sales, excluding Vareš:

$ thousands Fourth Quarter Full Yearunless otherwise indicated 2025 2024  2025 2024        Chelopech      Ore processedt550,018 550,678  2,181,462 2,143,664 Cost of sales 47,050 37,872  169,892 151,926 Add/(deduct):      Depreciation and amortization (9,105)(8,004) (34,498)(31,746)Change in concentrate inventory 2,019 (215) 2,072 276 Mine cash cost(1) 39,964 29,653  137,466 120,456 Cost of sales per tonne of ore processed(2)$/t86 69  78 71 Cash cost per tonne of ore processed(2)$/t73 54  63 56        Ada Tepe      Ore processedt236,073 197,518  796,675 772,363 Cost of sales 38,201 28,053  122,059 108,775 Add/(deduct):      Depreciation and amortization (21,399)(13,922) (64,851)(54,855)Change in concentrate inventory 83 (74) 38 (152)Mine cash cost(1) 16,885 14,057  57,246 53,768 Cost of sales per tonne of ore processed(2)$/t162 142  153 141 Cash cost per tonne of ore processed(2)$/t72 71  72 70  (1) Cash costs are reported in U.S. dollars, although the majority of costs incurred are denominated in non-U.S. dollars, and consist of all production related expenses including mining, processing, services, royalties and general and administrative.
(2) Represents cost of sales and mine cash cost, respectively, divided by tonnes of ore processed.

The following tables provide, for the periods indicated, a reconciliation of the Company’s cash cost per ounce of gold sold, all-in sustaining cost per ounce of gold sold and all-in sustaining cost per GEO sold to its cost of sales, excluding Vareš:

$ thousands, unless otherwise indicated Chelopech

Ada Tepe
Consolidated,
excluding Vareš
For the quarter ended December 31, 2025Cost of sales(1) 47,050 38,201 85,251 Add/(deduct):    Depreciation and amortization (9,105)(21,399)(30,504)Treatment charges, transportation and other related selling costs(2) 22,879 483 23,362 By-product credits(3) (48,556)(991)(49,547)Mine cash cost of sales 12,268 16,294 28,562 Rehabilitation related accretion and depreciation expenses(4) 14 4,922 4,936 Allocated general and administrative expenses(5) - - 27,426 Cash outlays for sustaining capital expenditures(6) 5,395 1,626 7,021 Cash outlays for leases(6) 505 213 718 All-in sustaining cost, net of by-product credits 18,182 23,055 68,663 Payable gold in concentrates soldoz40,142 23,319 63,461 Cost of sales per ounce of gold sold(7)$/oz1,172 1,638 1,343 Cash cost per ounce of gold sold(7)$/oz306 699 450 All-in sustaining cost per ounce of gold sold(7)$/oz453 989 1,082 All-in sustaining cost, before by-product credits 66,738 24,046 118,210 GEO sold(8)oz51,290 23,551 74,841 All-in sustaining cost per GEO sold(9)$/GEO1,301 1,021 1,579  $ thousands, unless otherwise indicated Chelopech
Ada Tepe
Consolidated,
excluding Vareš
For the quarter ended December 31, 2024Cost of sales(1) 37,872 28,053 65,925 Add/(deduct):    Depreciation and amortization (8,004)(13,922)(21,926)Treatment charges, transportation and other related selling costs(2) 20,259 1,481 21,740 By-product credits(3) (27,790)(329)(28,119)Mine cash cost of sales 22,337 15,283 37,620 Rehabilitation related accretion expenses(4) 73 484 557 Allocated general and administrative expenses(5) - - 9,785 Cash outlays for sustaining capital expenditures(6) 6,677 3,492 10,169 Cash outlays for leases(6) 351 178 529 All-in sustaining cost, net of by-product credits 29,438 19,437 58,660 Payable gold in concentrates soldoz36,862 28,003 64,865 Cost of sales per ounce of gold sold(7)$/oz1,027 1,002 1,016 Cash cost per ounce of gold sold(7)$/oz606 546 580 All-in sustaining cost per ounce of gold sold(7)$/oz799 694 904  (1) Included in cost of sales were share-based compensation expenses of $3.9 million (2024 – $0.3 million) in the fourth quarter of 2025.
(2) Represent revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Represents copper and silver revenue.
(4) Included in cost of sales and finance cost in the consolidated statements of earnings (loss).
(5) Represent an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $21.4 million (2024 – $0.7 million) for the fourth quarter of 2025, based on Chelopech’s and Ada Tepe’s proportion of total revenue, including revenue from Vareš in 2025 and revenue from discontinued operations in 2024. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for Chelopech and Ada Tepe.
(6) Included in cash used in investing activities and financing activities, respectively, in the consolidated statements of cash flows.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, net of by-product credits, respectively, divided by payable gold in concentrates sold.
(8) The Company uses conversion ratios for calculating GEO for its silver and copper production and sales, which are calculated by multiplying the volumes of metal sold, as applicable, by the respective average realized metal prices, and dividing the resulting figure by the average realized gold price. GEO sold for the fourth quarter of 2025 was based on average realized prices of $4,323/oz for gold, $70.72/oz for silver and $5.15/lb for copper.
(9) Represents all-in sustaining cost, before by-product credits, divided by GEO sold.

$ thousands, unless otherwise indicated Chelopech
Ada Tepe
Consolidated,
excluding
Vareš
For the year ended December 31, 2025Cost of sales(1) 169,892 122,059 291,951 Add/(deduct):    Depreciation and amortization (34,498)(64,851)(99,349)Treatment charges, transportation and other related selling costs(2) 69,502 877 70,379 By-product credits(3) (129,686)(1,790)(131,476)Mine cash cost of sales 75,210 56,295 131,505 Rehabilitation related accretion and depreciation expenses(4) 55 6,720 6,775 Allocated general and administrative expenses(5) - - 77,326 Cash outlays for sustaining capital expenditures(6) 15,282 11,611 26,893 Cash outlays for leases(6) 2,169 789 2,958 All-in sustaining cost, net of by-product credits 92,716 75,415 245,457 Payable gold in concentrates soldoz150,524 68,515 219,039 Cost of sales per ounce of gold sold(7)$/oz1,129 1,781 1,333 Cash cost per ounce of gold sold(7)$/oz500 822 600 All-in sustaining cost per ounce of gold sold(7)$/oz616 1,101 1,121 All-in sustaining cost, before by-product credits 222,402 77,205 376,933 GEO sold(8)oz186,394 69,003 255,397 All-in sustaining cost per GEO sold(9)$/GEO1,193 1,119 1,476  $ thousands, unless otherwise indicated 
Chelopech
Ada Tepe
Consolidated,
excluding
Vareš
For the year ended December 31, 2024Cost of sales(1) 151,926 108,775 260,701 Add/(deduct):    Depreciation and amortization (31,746)(54,855)(86,601)Treatment charges, transportation and other related selling costs(2) 70,095 3,063 73,158 By-product credits(3) (109,113)(1,108)(110,221)Mine cash cost of sales 81,162 55,875 137,037 Rehabilitation related accretion expenses(4) 232 1,454 1,686 Allocated general and administrative expenses(5) - - 36,844 Cash outlays for sustaining capital expenditures(6) 16,136 10,562 26,698 Cash outlays for leases(6) 1,154 722 1,876 All-in sustaining cost, net of by-product credits 98,684 68,613 204,141 Payable gold in concentrates soldoz142,004 92,124 234,128 Cost of sales per ounce of gold sold(7)$/oz1,070 1,181 1,113 Cash cost per ounce of gold sold(7)$/oz572 607 585 All-in sustaining cost per ounce of gold sold(7)$/oz695 745 872  (1) Included in cost of sales were share-based compensation expenses of $7.4 million (2024 – $2.1 million) in 2025.
(2) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Represents copper and silver revenue.
(4) Included in cost of sales and finance cost in the consolidated statements of earnings (loss).
(5) Represents an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $52.8 million (2024 – $11.1 million) in 2025, based on Chelopech and Ada Tepe’s proportion of total revenue, including revenue from Vareš in 2025 and revenue from discontinued operations in 2024. Allocated general and administrative expenses are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for Chelopech and Ada Tepe.
(6) Included in cash used in investing activities and financing activities, respectively, in the consolidated statements of cash flows.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, net of by-product credits, respectively, divided by payable gold in concentrates sold.
(8) The Company uses conversion ratios for calculating GEO for its silver and copper production and sales, which are calculated by multiplying the volumes of metal sold, as applicable, by the respective average realized metal prices, and dividing the resulting figure by the average realized gold price. GEO sold for 2025 was based on average realized prices of $3,632/oz for gold, $54.50/oz for silver and $4.64/lb for copper.
(9) Represents all-in sustaining cost, before product credits, divided by GEO sold.

Adjusted net earnings (loss) and adjusted basic earnings (loss) per share

Adjusted net earnings (loss) is a non-GAAP financial measure and adjusted basic earnings (loss) per share is a non-GAAP ratio used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings (loss) are defined as net earnings, adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including:

impairment charges or reversals thereof;unrealized and realized gains or losses related to investments carried at fair value;significant tax adjustments not related to current period earnings; andnon-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis. The following table provides a reconciliation of adjusted net earnings to net earnings from continuing operations:

$ thousands, except per share amounts Fourth Quarter Full YearEnded December 31, 20252024  20252024 Net earnings 157,33886,762  369,226243,240 Add/(deduct):      Adriatic acquisition related costs, net of income taxes of $nil --  15,406- Non-cash fair value adjustment on inventories, net of income tax recoveries of $3,051(1) 4,534-  27,457- 2025 Bulgarian levy, net of income tax recoveries of $2,438(2) --  21,938- Fair value loss on copper stream liability, net of taxes of $nil 8,522-  9,216- Net termination fee received from Osino, net of income taxes of $nil --  -(6,901)Deferred tax recovery adjustments not related to current period earnings(3) -(4,099) -(4,099)Adjusted net earnings 170,39482,663  443,243232,240 Basic earnings per share$/sh0.710.49  1.991.35 Adjusted basic earnings per share$/sh0.770.46  2.391.29  (1) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(2) Represents a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.
(3) Represents income tax recoverables and changes in unrecognized tax benefits included in net earnings for the year ended December 31, 2024, which were related to an accelerated tax depreciation on depreciable assets directly related to the ore deposit at Ada Tepe.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure used by management and investors to measure the underlying operating performance of the Company’s operating segments. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods. In addition, the Human Capital and Compensation Committee of the Board of Directors uses adjusted EBITDA, together with other measures, to set incentive compensation goals and assess performance.

Adjusted EBITDA excludes the following from earnings before income taxes:

depreciation and amortization;interest income;finance cost;impairment charges or reversals thereof;unrealized and realized gains or losses related to investments carried at fair value; andnon-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis. The following table provides a reconciliation of adjusted EBITDA to earnings (loss) before income taxes from continuing operations:

$ thousandsFourth Quarter Full YearEnded December 31,2025 2024  2025 2024 Earnings before income taxes183,032 94,357  421,979 276,127 Add/(deduct):     Depreciation and amortization35,360 22,669  107,404 89,249 Finance costs1,069 875  4,686 3,098 Interest income(3,023)(7,075) (27,933)(34,640)Non-cash fair value adjustment on inventories(1)5,038 -  30,508 - Adriatic acquisition related costs- -  15,406 - Fair value loss on copper stream liability8,522 -  9,216 - 2025 Bulgarian levy(2)- -  24,376 - Net termination fee received from Osino- -  - (6,901)Adjusted EBITDA229,998 110,826  585,642 326,933  (1) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(2) Represents a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.

Cash provided from operating activities, before changes in working capital

Cash provided from operating activities, before changes in working capital, is a non-GAAP financial measure defined as cash provided from operating activities excluding changes in working capital as set out in the Company’s consolidated statements of cash flows. This measure is used by the Company and investors to measure the cash flow generated by the Company’s operating segments prior to any changes in working capital, which at times can distort performance.

Free cash flow

Free cash flow is a non-GAAP financial measure defined as cash provided from operating activities, before changes in working capital which includes changes in share-based compensation liabilities, less cash outlays for sustaining capital expenditures, mandatory principal repayments and interest payments related to debt and leases. Free cash flow excludes non-recurring or unusual income or expenses that are not related to the Company’s operating segments. This measure is used by the Company and investors to measure the cash flow available to fund growth related initiatives and capital expenditures, dividends and share repurchases.

The following table provides a reconciliation of cash provided from operating activities, before changes in working capital and free cash flow to cash provided from operating activities of continuing operations:

$ thousandsFourth Quarter Full YearEnded December 31,2025 2024  2025 2024 Cash provided from operating activities(1)152,519 82,689  491,562 296,771 Excluding:     Changes in working capital(2)44,794 21,981  26,800 45,368 Cash provided from operating activities, before changes in working capital(3)197,313 104,670  518,362 342,139 Adriatic acquisition related costs- -  15,406 - Fair value loss on copper stream liability8,522 -  9,216 - 2025 Bulgarian levy(4)(12,188)-  - - Cash outlays for sustaining capital expenditures(5)(7,528)(11,028) (28,002)(29,771)Principal repayments related to leases(5)(2,803)(1,365) (7,361)(4,998)Interest payments(5)(512)(601) (2,688)(1,792)Other non-cash items- -  - (500)Free cash flow182,804 91,676  504,933 305,078  (1) Excludes cash used in operating activities of discontinued operations of $7.4 million (2024 – $61.0 million) and cash provided from operating activities of discontinued operations of $160.5 million (2024 – cash used in operating activities of discontinued operations of $152.1 million), respectively, during the fourth quarter and full year of 2025.
(2) Excludes an unfavourable change of $7.4 million(2024 – an unfavourable change of $65.3 million) and a favourable change of $160.5 million (2024 – an unfavourable change of $166.1 million) in working capital from discontinued operations, respectively, during the fourth quarter and full year of 2025.
(3) Excludes cash provided from operating activities of discontinued operations, before changes in working capital, of $4.3 million and $14.0 million, respectively, during the fourth quarter and full year of 2024.
(4) Represents an accrual of a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines. During the fourth quarter of 2025, $12.2 million was paid in cash. As at December 31, 2025.
(5) Included in cash used in investing and financing activities, respectively, in the consolidated statements of cash flows.

Average realized metal prices

Average realized gold and copper prices are non-GAAP ratios used by management and investors to highlight the price actually realized by the Company relative to the average market price, which can differ due to the timing of sales, hedging and other factors.

Average realized gold and copper prices represent the average per unit price recognized in the Company’s consolidated statements of earnings (loss) prior to any deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

The following table provides a reconciliation of the Company’s average realized gold and copper prices to its revenue, excluding Vareš:

$ thousands, unless otherwise stated Fourth Quarter Full YearEnded December 31, 2025 2024  2025 2024 Total revenue 352,434 179,101  950,481 606,992 Add/(deduct):      Vareš revenue (51,914)-  (93,733)- Treatment charges and other deductions(1) 23,362 21,740  70,379 73,158 Silver revenue (10,202)(2,094) (16,337)(5,950)Revenue from gold and copper 313,680 198,747  910,790 674,200 Revenue from gold 274,335 172,726  795,650 569,917 Payable gold in concentrates soldoz63,461 64,865  219,039 234,128 Average realized gold price per ounce$/oz4,323 2,663  3,632 2,434 Revenue from copper 39,345 26,021  115,140 104,283 Payable copper in concentrate soldKlbs7,647 6,652  24,834 25,062 Average realized copper price per pound$/lb5.15 3.91  4.64 4.16  (1) Represent revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

New Glasgow, Nova Scotia--(Newsfile Corp. - February 10, 2026) - Crombie Real Estate Investment Trust (TSX: CRR.UN) ("Crombie") today announced results for its fourth quarter and year ended December 31, 2025. Management will host a conference call to discuss the results at 10:00 a.m. (EST), February 11, 2026.

"All pillars of our Building Together strategy combined to deliver a standout 2025. Disciplined execution across the platform produced record committed occupancy of 97.7%, robust commercial same-asset property cash NOI growth of 3.7%, and FFO(1) per unit and AFFO(1) per unit growth of 4.8% and 6.5% for the year," said Mark Holly, President and CEO.

"Prudent financial management continued to strengthen our balance sheet, earning us a credit rating upgrade from BBB (low) to BBB and enabling a $0.01 per unit increase to our annual distribution. We also established programmatic partnerships in Halifax and Vancouver that contribute management and development fees while preserving balance sheet flexibility. Looking ahead to 2026, we will continue executing against our Building Together strategy: owning and operating essential real estate at the heart of Canadian communities, deploying capital with discipline, and growing cash flow while compounding long-term value for Unitholders." 

FOURTH QUARTER SUMMARY
(In thousands of Canadian dollars, except per Unit amounts and square feet and as otherwise noted)

Information in this press release is a select summary of results. This press release should be read in conjunction with Crombie's Management's Discussion and Analysis for three months and year ended December 31, 2025 and Consolidated Financial Statements and Notes for the years ended December 31, 2025, and December 31, 2024. Full details on our results can be found at www.crombie.ca and www.sedarplus.ca.

Operational Highlights

Committed occupancy of 97.7% and economic occupancy of 97.4%; a 90 basis point increase on both measures, compared to the fourth quarter of 2024Renewals of 239,000 square feet at rents 10.0% above expiring rental ratesAn increase of 12.1% for the three months ended December 31, 2025 using the weighted average rental rate during the renewal termAcquired one grocery-anchored retail property in Etobicoke, Ontario, representing 51,000 square feet, for total purchase price of $28,472 Invested $13,984 in modernizations during the quarter(1) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of FFO, AFFO, commercial same-asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA.

Financial Highlights

Three months ended December 31,

2025

2024

Variance

%
Property revenue$122,118
$121,595
$523

0.4 %
Revenue from management and development services$2,549
$1,397
$1,152

82.5 %
Operating income attributable to Unitholders$25,235
$76,143
$(50,908)
(66.9) %
Funds from operations ("FFO") (1) per Unit - basic and diluted$0.33
$0.32
$0.01

3.1 %
Adjusted funds from operations ("AFFO") (1) per Unit - basic and diluted$0.29
$0.28
$0.01

3.6 %
Commercial same-asset property cash ("NOI") (1)$84,329
$81,031
$3,298

4.1 %
Available Liquidity$669,229
$682,218
$(12,989)
(1.9) %
Debt to gross fair value (1) (2)
42.1 %

43.6 %

 

(1.5) %
Debt to trailing 12 months adjusted EBITDA (1) (2)
7.69x

7.96x

-0.27x

(3.4) %
(1) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of FFO, AFFO, commercial same-asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA.
(2) At Crombie's proportionate share including joint ventures. 

Operational Metrics

December 31, 2025

December 31, 2024
Number of investment properties (1)
298

295
Gross leasable area (2)
18,255,000

18,433,000
Economic occupancy (3)
97.4 %

96.5 %
Committed occupancy (4)
97.7 %

96.8 %
Total properties inclusive of joint ventures and residential property (5)
308

304
Gross leasable area inclusive of joint ventures and residential property
18,872,000

19,050,000
(1) This includes properties owned at full and partial interests, excluding joint ventures, wholly owned residential, and properties under development.
(2) Gross leasable area is adjusted to reflect Crombie's proportionate interest in partially owned properties, excluding joint ventures and a wholly owned residential asset.
(3) Represents space currently under lease contract and rent has commenced.
(4) Represents current economic occupancy plus completed lease contracts for future occupancy of currently vacant space.
(5) Inclusive of properties under development.

Committed occupancy of 97.7% included 59,000 square feet of space committed at December 31, 2025. VECTOM and Major Markets represent 28,000 square feet of committed space. The increase in committed occupancy compared to September 30, 2025 was due to new leasing activity.

New commercial leases increased occupancy by 259,000 square feet at December 31, 2025, at an average first-year rate of $16.67 per square foot.

Renewal activity for the fourth quarter of 2025 consisted of 239,000 square feet with an increase of 10.0% over expiring rental rates. The primary driver of renewal growth in the quarter was 239,000 square feet of retail renewals.

When comparing the expiring rental rates to the weighted average rental rate for the renewal term, Crombie achieved an increase of 12.1% for the three months ended December 31, 2025.

Financial Metrics

Three months ended December 31,

 

Year ended December 31,

2025

2024

Variance
% 

2025

2024

Variance

%
Net property income (1)$78,828
$78,150
$678
0.9 % 
$316,789
$301,685
$15,104

5.0 %
Operating income attributable to Unitholders$25,235
$76,143
$(50,908)(66.9) % 
$116,479
$158,265
$(41,786)
(26.4) %
Commercial same-asset property cash NOI (1)$84,329
$81,031
$3,298
4.1 % 
$329,872
$318,173
$11,699

3.7 %
FFO (1)$60,614
$58,131
$2,483
4.3 % 
$240,126
$227,049
$13,077

5.8 %
Per Unit - Basic and diluted$0.33
$0.32
$0.01
3.1 % 
$1.30
$1.24
$0.06

4.8 %
Payout ratio (1)
69.2 %

70.3 %

 
(1.1) % 

69.1 %

71.6 %

 

(2.5) %
AFFO (1)$53,663
$51,298
$2,365
4.6 % 
$212,366
$197,304
$15,062

7.6 %
Per Unit - Basic and diluted$0.29
$0.28
$0.01
3.6 % 
$1.15
$1.08
$0.07

6.5 %
Payout ratio (1)
78.2 %

79.7 %

 
(1.5) % 

78.1 %

82.4 %

 

(4.3) %
(1) Net property income, commercial same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio are non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of net property income, commercial same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio.

Fourth Quarter and Year-End 2025 Results

Operating income attributable to Unitholders

The decrease in operating income in the fourth quarter of 2025 was primarily due to a gain on the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, higher tenant incentive amortization from modernizations, higher depreciation and amortization primarily due to accelerated depreciation on properties scheduled for redevelopment, and higher general and administrative expenses primarily due to increased Unit-based compensation costs driven by a higher Unit price. The decrease in operating income was offset in part by growth in property revenue from renewals and new leasing, lower net impairments of investment properties compared to the same period in 2024, and an increase in development fees from newly formed joint ventures.

In addition to the items discussed above for the quarter, the annual decrease was further driven by decreased property revenue from dispositions and an increase in interest expense from the 2024 net issuance of senior unsecured notes. This was partially offset by higher net property income from the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, year-over-year growth in property revenue from supplemental rent from modernization investments, lease terminations, and recently completed developments. Further offsetting the decrease was recognition of deferred revenue related to development management services provided to a third party, higher gain on disposal of investment properties, and increased gain on derecognition of a right-of-use asset compared to the prior year.

Commercial same-asset property cash NOI

The increase in commercial same-asset property cash NOI for the quarter was primarily due to renewals, contractual rent step-ups, and new leasing.

The annual increase was driven by the items discussed above for the quarter as well as increased supplemental rent from modernization investments.

FFO

The increase in FFO in the quarter was primarily due to property revenue growth as discussed above, and increased revenue from management and development services. This was offset in part by higher general and administrative expenses primarily due to increased Unit-based compensation costs driven by higher Unit price.

In addition to the items discussed above for the quarter, the annual increase was further driven by higher net property income from the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, increased supplemental rent from modernization investments, lease termination income from disposed properties, and property revenue growth from recently completed developments. This was partially offset by decreased property revenue from dispositions and an increase in general and administrative expenses related to filling vacant roles and increased Unit-based compensation costs primarily driven by higher Unit price, and an increase in interest expense from the 2024 net issuance of senior unsecured notes.

AFFO

The increase in AFFO was primarily due to the same factors impacting FFO for both the quarter and on an annual basis. 

Financial Condition Metrics

December 31, 2025

December 31, 2024
Fair value of unencumbered investment properties$3,911,000
$3,662,000
Available liquidity (1)$669,229
$682,218
Debt to gross book value - cost basis (2)
45.5 %

45.7 %
Debt to gross fair value (3) (4)
42.1 %

43.6 %
Weighted average interest rate
4.1 %

4.1 %
Debt to trailing 12 months adjusted EBITDA (3) (4)
7.69x

7.96x
Interest coverage ratio (3) (4) (5)
3.39x

3.31x
(1) Represents the undrawn portion on the credit facilities, excluding joint facilities with joint operation partners.
(2) See Capital Management note in the Financial Statements.
(3) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of debt to gross fair value, debt to trailing 12 months adjusted EBITDA, and interest coverage ratio.
(4) See Debt Metrics section in the Management's Discussion and Analysis.
(5) For the three months ended December 31, 2025 and December 31, 2024. 

Portfolio Optimization

Our development program is divided into major development projects with a total estimated cost greater than $50,000, and non-major development projects with a total estimate cost below $50,000.

Major Development

Crombie currently has one active major development, held within a joint venture, The Marlstone, a 291-unit residential rental project in Halifax, Nova Scotia, under construction. Demolition and existing building upgrades have occurred and construction continues to progress. Pre-leasing began in October 2025 and completion is expected in the second quarter of 2026.

Non-major Development

Non-major developments are shorter in duration and thus carry less overall risk as compared to Crombie's major development pipeline. These projects have the ability to create value while enhancing the overall quality of the portfolio.

In the fourth quarter of 2025, Crombie invested $13,984 in its modernization program.

The table below summarizes active non-major developments within Crombie's portfolio at December 31, 2025.

At Crombie's Share
Type
Project Count

Estimated GLA on Completion

Estimated Total Cost

Estimated Cost to Complete (2)
Land-use intensification, redevelopments and other
1

26,000
$10,700
$8,883
Modernizations (1)
61

-

38,002

-
Total non-major developments
62

26,000
$48,702
$8,883
(1) Modernizations are capital investments to modernize/renovate Crombie-owned grocery-anchored properties in exchange for a defined return and potential extended lease term. The spend on completed modernizations for the three months and year ended December 31, 2025 was $13,984 and $38,002, respectively (three months and year ended December 31, 2024 - $7,067 and $38,223, respectively).
(2) Estimated cost to complete reflects approved projects currently in progress. It does not include potential future projects for which approvals have not yet been obtained.

Highlighted Subsequent Events 

Acquisition Activity

On February 10, 2026, Crombie entered into a binding agreement to acquire a 100% interest in a retail support centre industrial property from Empire totalling 484,000 square feet for $115,400, excluding closing and transaction costs. This acquisition is scheduled to close in February 2026. 

Conference Call and Webcast

Crombie will provide additional details regarding its fourth quarter and year ended December 31, 2025 results on a conference call to be held Wednesday, February 11, 2026, beginning at 10:00 a.m. (EST). Accompanying the conference call will be a presentation that will be available on the Investors section of Crombie's website. To join this conference call, you may dial (412) 717-9224 or (844) 763-8274. To join the conference call without operator assistance, you may register and enter your details at https://registrations.events/easyconnect/3377788/recpoH9ccxztPd8Qe/ to receive an instant automated call back. You may also listen to a live audio webcast of the conference call by visiting the Investors section of Crombie's website at www.crombie.ca.

Replay will be available until midnight February 18, 2026 by dialing (855) 669-9658 and entering passcode 6450280#, or on the Crombie website for 90 days following the conference call. 

Non-GAAP Measures and Cautionary Statements

Net property income, commercial same-asset property cash NOI, FFO, AFFO, FFO payout ratio, AFFO payout ratio, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio are non-GAAP financial measures that do not have a standardized meaning under International Financial Reporting Standards ("IFRS"). These measures as computed by Crombie may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing Crombie's financial performance. For additional information on these non-GAAP measures see our Management's Discussion and Analysis for the three months and year ended December 31, 2025.

The reconciliations for each non-GAAP measure included in this press release are outlined as follows:

Net Property Income

Management uses net property income as a measure of performance of properties period over period.

Net property income is as follows:

Three months ended December 31,
 
Year ended December 31,

2025

2024

Variance
 
2025

2024

Variance
Property revenue$122,118
$121,595
$523
 $488,711
$471,025
$17,686
Property operating expenses
(43,290)
(43,445)
155
 
(171,922)
(169,340)
(2,582)Net property income$78,828
$78,150
$678
 $316,789
$301,685
$15,104
Same-Asset Property Cash NOI

Crombie measures certain performance and operating metrics on a same-asset basis to evaluate the period-over-period performance of those properties owned and operated by Crombie. "Same-asset" refers to those properties that were owned and operated by Crombie for the current and comparative reporting periods. Properties that will be undergoing a redevelopment in a future period and those for which planning activities are underway are also in this category until such development activities commence and/or tenant leasing/renewal activity is suspended. Same‐asset property cash NOI reflects Crombie's proportionate ownership of jointly operated properties (and excludes any properties held in joint ventures).

Management uses net property income on a cash basis (property cash NOI) as a measure of performance, as it reflects the cash generated by properties period over period.Net property income on a cash basis, which excludes non-cash straight-line rent recognition and amortization of tenant incentive amounts, is as follows:

Three months ended December 31,
 
Year ended December 31,

2025

2024

Variance
 
2025

2024

Variance
Net property income$78,828
$78,150
$678
 $316,789
$301,685
$15,104
Non-cash straight-line rent
(939)
(872)
(67) 
(3,784)
(5,035)
1,251
Non-cash tenant incentive amortization (1)
9,352

7,725

1,627
 
32,945

29,227

3,718
Property cash NOI
87,241

85,003

2,238
 
345,950

325,877

20,073
Acquisitions and dispositions property cash NOI
576

292

284
 
11,575

968

10,607
Development property cash NOI
262

1,097

(835) 
2,429

4,153

(1,724)Acquisitions, dispositions, and development property cash NOI
838

1,389

(551) 
14,004

5,121

8,883
Same-asset property cash NOI$86,403
$83,614
$2,789
 $331,946
$320,756
$11,190

 

 

 
 
 

 

 
Commercial same-asset property cash NOI(*) $84,329
$81,031
$3,298
 $329,872
$318,173
$11,699
Residential same-asset property cash NOI(*) (2)
2,074

2,583

(509) 
2,074

2,583

(509)Same-asset property cash NOI(*) $86,403
$83,614
$2,789
 $331,946
$320,756
$11,190
(1) Refer to "Amortization of Tenant Incentives" in the Management's Discussion and Analysis for a breakdown of tenant incentive amortization.
(2) Residential includes 100% owned residential property.

FFO

Crombie follows the recommendations of the Real Property Association of Canada ("REALPAC") publication "REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)" in calculating FFO and has applied these recommendations to the FFO amounts included in this press release.

The reconciliation of FFO for the three months and year ended December 31, 2025 and 2024 is as follows:

Three months ended December 31,
 
Year ended December 31,

2025

2024

Variance
 
2025

2024

Variance
Decrease in net assets attributable to Unitholders$(16,543)$37,845
$(54,388) $(51,874)$(4,052)$(47,822)Add (deduct):
 

 

 
 
 

 

 
Amortization of tenant incentives
9,352

7,725

1,627
 
32,945

29,227

3,718
Net (gain) loss on disposal of investment properties
-

996

(996) 
(3,089)
(1,167)
(1,922)Gain on acquisition of control of joint venture
-

(51,794)
51,794
 
-

(51,794)
51,794
Gain on derecognition of right-of-use-asset
-

(405)
405
 
(1,770)
(405)
(1,365)Impairment of investment properties
8,400

3,100

5,300
 
8,400

5,100

3,300
Reversal of impairment of investment properties
(6,680)
-

(6,680) 
(6,680)
-

(6,680)Depreciation and amortization of investment properties
22,621

20,826

1,795
 
87,219

80,054

7,165
Adjustments for equity-accounted investments
882

841

41
 
3,481

4,548

(1,067)Principal payments on right-of-use assets
65

62

3
 
214

242

(28)Internal leasing costs
739

637

102
 
2,927

2,979

(52)Distributions to Unitholders
41,975

40,889

1,086
 
165,901

162,587

3,314
Change in fair value of financial instruments (1)
(197)
(2,591)
2,394
 
2,452

(270)
2,722
FFO$60,614
$58,131
$2,483
 $240,126
$227,049
$13,077
Weighted average Units - basic and diluted (in 000's)
186,458

183,657

2,801
 
185,431

182,567

2,864
FFO per Unit - basic and diluted$0.33
$0.32
$0.01
 $1.30
$1.24
$0.06
FFO payout ratio (%)
69.2 %

70.3 %

(1.1) %
 
69.1 %

71.6 %

(2.5) %
(1) Includes the fair value changes of Crombie's deferred unit plan and fair value changes of financial instruments which do not qualify for hedge accounting.

AFFO

Crombie follows the recommendations of the "REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)" in calculating AFFO and has applied these recommendations to the AFFO amounts included in this press release.

The reconciliation of AFFO for the three months and year ended December 31, 2025 and 2024 is as follows:

Three months ended December 31, Year ended December 31,
20252024Variance 20252024VarianceFFO$60,614$58,131$2,483 $240,126$227,049$13,077Add (deduct):       Straight-line rent adjustment(939)(872)(67) (3,784)(5,035)1,251Straight-line rent adjustment included in loss from equity-accounted investments(13)(2)(11) (34)153(187)Internal leasing costs(739)(637)(102) (2,927)(2,979)52Maintenance expenditures on a square footage basis(5,260)(5,322)62 (21,015)(21,884)869AFFO$53,663$51,298$2,365 $212,366$197,304$15,062Weighted average Units - basic and diluted (in 000's)186,458183,6572,801 185,431182,5672,864AFFO per Unit - basic and diluted$0.29$0.28$0.01 $1.15$1.08$0.07AFFO payout ratio (%)78.2 %79.7 %(1.5) % 78.1 %82.4 %(4.3) %Debt Metrics

Debt to gross fair value is a non-GAAP measure and may not be comparable to that used by other entities.

The fair value included in this calculation reflects the fair value of the properties as at December 31, 2025 and December 31, 2024, respectively, based on each property's current use as a revenue-generating investment property. Additionally, as properties are prepared for redevelopment, Crombie considers each property's progress through entitlement in determining the fair value of a property.

December 31, 2025December 31, 2024Fixed rate mortgages$807,091$827,930Senior unsecured notes1,500,0001,500,000Unsecured non-revolving credit facility50,00050,000Construction financing facility-13,447Joint operation credit facility3,6233,520Unsecured bilateral credit facility10,000-Debt held in joint ventures, at Crombie's share (1) (2)244,495185,991Lease liabilities31,12933,937Adjusted debt$2,646,338$2,614,825
  Investment properties, fair value$5,841,000$5,604,000Investment properties held in joint ventures, fair value, at Crombie's share (2)347,500285,000Other assets, cost (3)77,73882,296Other assets, cost, held in joint ventures, at Crombie's share (2) (3) (4)4,3925,755Cash and cash equivalents1,66110,021Cash and cash equivalents held in joint ventures, at Crombie's share (2)6,2843,434Deferred financing charges9,09311,669Gross fair value$6,287,668$6,002,175Debt to gross fair value42.1 %43.6 %(1) Includes Crombie's share of fixed rate mortgages, floating rate construction loans, floating rate revolving credit facilities, and lease liabilities held in joint ventures.
(2) See the "Joint Ventures" section in the Management's Discussion and Analysis.
(3) Excludes tenant incentives, accumulated amortization, and accrued straight-line rent receivable.
(4) Includes deferred financing charges.

The following table presents a reconciliation of operating income attributable to Unitholders to adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and should not be considered an alternative to operating income attributable to Unitholders, and may not be comparable to that used by other entities.

Three months ended
December 31, 2025December 31, 2024Operating income attributable to Unitholders$25,235$76,143Amortization of tenant incentives9,3527,725Net loss on disposal of investment properties-996Gain on acquisition of control of joint venture-(51,794)Gain on derecognition of right-of-use asset-(405)Impairment of investment properties8,4003,100Reversal of impairment of investment properties(6,680)-Depreciation and amortization23,20121,196Finance costs - operations24,54425,401Loss from equity-accounted investments241130Property revenue in joint ventures, at Crombie's share3,8683,797Amortization of tenant incentives in joint ventures, at Crombie's share8178Property operating expenses in joint ventures, at Crombie's share(1,263)(1,199)General and administrative expenses in joint ventures, at Crombie's share(30)(43)Taxes - current34Adjusted EBITDA [1]$86,952$85,129Trailing 12 months adjusted EBITDA [3]$344,072$328,558
  Finance costs - operations$24,544$25,401Finance costs - operations in joint ventures, at Crombie's share2,0151,922Amortization of deferred financing charges(734)(1,433)Amortization of deferred financing charges in joint ventures, at Crombie's share(201)(210)Adjusted interest expense [2]$25,624$25,680
  Debt outstanding (see Debt to Gross Fair Value) (1) [4]$2,646,338$2,614,825
  Interest coverage ratio {[1]/[2]}3.39x3.31xDebt to trailing 12 months adjusted EBITDA {[4]/[3]}7.69x7.96x(1) Includes debt held in joint ventures, at Crombie's share.

This press release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects, and opportunities. Wherever possible, words such as "may", "will", "estimate", "anticipate", "believe", "expect", "intend", "plan", "continue", and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2024 annual Management's Discussion and Analysis under "Risk Management" and the Annual Information Form for the year ended December 31, 2024 under "Risks", could cause actual results, performance, achievements, prospects, or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements.

Specifically, this document includes, but is not limited to, forward-looking statements regarding expected timing, cost, and completion of entitlement and development, which may be impacted by ordinary real estate market cycles, the availability of labour, ability to attract tenants, estimated GLA, tenant rents, building sizes, financing and the cost of any such financing, capital resource allocation decisions and general economic conditions, as well as entitlement and development activities undertaken by related parties not under the direct control of Crombie, Crombie's ability to earn recurring development and management fees, and its ability to make decisions that maximize Unitholder value. 

About Crombie REIT

Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the country's leading owners, operators, and developers of quality real estate assets, Crombie's portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties. As at December 31, 2025, our portfolio contained 308 properties comprising approximately 18.9 million square feet, inclusive of joint ventures at Crombie's share, and a significant pipeline of future development projects. Learn more at www.crombie.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283431

Source: Crombie Real Estate Investment Trust

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