Market Signal Briefing

Claude has examined how December could bring sharp moves for XRP, Shiba Inu and Pepe, setting out upside targets, downside risks and ETF-related demand, while Maxi Doge has drawn attention as a presale meme coin offering staking rewards and positioning itself as a successor to Dogecoin.

In a bid to bolster digital privacy solutions, Ethereum co-founder Vitalik Buterin has made a substantial donation of 256 ETH, valued approximately at $480,000 as of November 2025, to foster advancements in encrypted messaging. This strategic move targets enhancing privacy measures in digital communications, emphasizing the importance of metadata privacy and permissionless account creation for future developments in the sector.

Journalist

Posted: November 28, 2025

Key Takeaways
How is AAVE performing amid broader DeFi market turbulence?
Despite $10 billion in outflows and a 40% annual price drop, AAVE continues to generate over $100 million in annual revenue.

What needs to happen for the altcoin to regain momentum?
The altcoin must break above the $190 resistance level. Its steady revenue supports a potential rebound if market sentiment improves.

The market FUD hasn’t spared the DeFi ecosystem. 

According to DeFiLlama, investors withdrew nearly $60 billion across protocols, pushing total TVL down to early-July levels of around $120 billion. Aave [AAVE] was no exception, seeing about $10 billion in outflows.

And yet, AAVE is still generating over $100 million in annual revenue, with weekly revenues averaging about $3 million, highlighting the protocol’s resilience despite market turbulence.

Source: DeFiLlama

Notably, its latest income statement reports the highest five-year revenue, and total fees reached $740 million, proving that activity on the platform remains strong despite broader DeFi outflows.

In short, AAVE holds strong. 

Even as the broader DeFi market loses billions, the protocol continues to generate substantial revenue and maintain robust fee activity, cementing its position as one of the most resilient platforms in the space.

Resistance remains heavy as AAVE momentum stalls
AAVE’s technical structure reflects the broader market FUD.

Quarterly, the token is down over 30%. Yearly, it stands out as one of the weakest performers among major DeFi assets, sliding nearly 40%. This puts AAVE in a vulnerable spot heading into the year-end.

And while the protocol’s fundamentals look solid, the chart isn’t reflecting it. On the daily timeframe, flipping the $190 resistance won’t be easy. Momentum is still soft, and buyers haven’t shown enough conviction yet.

Source: TradingView (AAVE/USDT)

Going forward, AAVE needs a break above resistance to flip momentum. 

In this context, its strong fundamentals come into play. Revenue remains steady, and the protocol still sits at the center of DeFi’s lending stack. That level of consistency is rare in a market dealing with heavy FUD.

If the market stabilizes and risk appetite returns, AAVE is one of the few DeFi tokens with the fundamentals to rebound quickly. Until then, the protocol’s revenue keeps it firmly on investors’ radar.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

Despite a flood of institutional interest, the XRP price prediction remains uncertain as the token struggles to react meaningfully to a wave of new ETF launches.Over six XRP-linked ETFs have debuted in recent days, with combined assets nearing $800 million — yet XRP has posted just a 3% gain in the past week.

VANCOUVER, BRITISH COLUMBIA, November 27, 2025 – TheNewswire - GRAFTON RESOURCES INC. (CSE: GFT; OTCQB: PMSXF) (“Grafton” or the “Company”) is pleased to announce that it has closed its non-brokered private placement previously announced on October 28, 2025 (the “ Offering ”), raising aggregate gross proceeds of $2,400,000 via the issuance of 4,800,000 units (each, a “ Unit ”) of the Company at a purchase price of $0.50 per Unit. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “ Warrant ”). Each Warrant entitles the holder to purchase one common share (a “ Warrant Share ”) of the Company at a purchase price of $0.80 per Warrant Share until November 27, 2027. The Company intends to use the proceeds of the Offering towards: (i) costs of completing the acquisition of the option (the “ Option ”) to acquire a 100% interest in the Alicahue Copper Project, located in the Valparaiso Region of Chile, (ii) exploration activities, Option payments, and property commitments on Alicahue, and (iii) working capital and general corporate purposes . For further information on the Option and the Alicahue Copper Project, see the Company's press release dated October 28, 2025.

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TORONTO--(BUSINESS WIRE)--DREAM INDUSTRIAL REIT (TSX: DIR.UN) or (the “Trust”) and DREAM OFFICE REIT (TSX: D.UN) or (“Dream Office”) are pleased to announce the appointment of Mr. Gord Wadley as the Trust's Chief Operating Officer effective January 1, 2026. In his new role with the Trust, Mr. Wadley will be responsible for all aspects of portfolio operations including property management and leasing.

Mr. Wadley is currently the Chief Operating Officer of Dream Office REIT. He joined the company in 2011 and has held progressively senior positions including Vice President, Leasing and Senior Vice President, Commercial Properties. Prior to joining Dream Office, Mr. Wadley worked in commercial brokerage for CB Richard Ellis providing commercial representation to corporate clients both domestic and international. Mr. Wadley earned a degree from Acadia University and earned his MBA in Real Estate Leadership from the University of Fredericton, New Brunswick.

“We are excited to have Gord Wadley join the Dream Industrial team as Chief Operating Officer,” said Alexander Sannikov, President and Chief Executive Officer of Dream Industrial REIT. “Gord brings a proven track record of operational excellence, strategic leadership and effective execution over many years at Dream that will further strengthen our robust operating platform across our key markets. As we continue to grow our platform and portfolio, Gord’s experience and insight will be instrumental in driving efficiencies and delivering value to our shareholders, employees and customers.”

"On behalf of Dream Office REIT, I want to express our deep gratitude to Gord for fifteen years of exceptional leadership and commitment,” said Michael Cooper, Chairman and Chief Executive Officer of Dream Office REIT. “Gord played an instrumental role in shaping our strategy, strengthening our operations, and building trusted relationships that have been central to our success. We are pleased to see Gord assume a great growth opportunity within the Dream Group so that he can continue taking on increasing contributions to the organization and provide seamless transition for Dream Office to the many talented leaders ready to take on more responsibility.”

About Dream Industrial REIT

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at September 30, 2025, the REIT has an interest in and manages a portfolio which comprises 340 industrial assets (552 buildings) totalling approximately 73.2 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. The REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit www.dreamindustrialreit.ca.

About Dream Office REIT

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT owns a carefully curated portfolio of office properties totalling approximately 4.8 million square feet, predominantly in well located, central business locations within downtown Toronto. For more information, please visit www.dreamofficereit.ca.

More News From Dream Industrial REIT and Dream Office REIT

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November 27, 2025 5:00 PM EST | Source: Royal Road Minerals Limited
Toronto, Ontario--(Newsfile Corp. - November 27, 2025) - Royal Road Minerals Limited. (TSXV: RYR) (OTCQB: RRDMF) (the "Company" or "Royal Road") is pleased to announce that, further to its press release of November 3, 2025, it has successfully closed its non-brokered private placement offering (the "Offering") through the issuance of 27,772,523 ordinary shares (each, a "Share") in the capital of the Company at a price of $0.18 per Share for gross proceeds of $5,000,000.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Shares were offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 as amended by CSA Coordinated Blanket Order 45-935 (the "LIFE Exemption"). Because the Offering was completed pursuant to the LIFE Exemption, the Shares issued pursuant to the Offering are not subject to a hold period pursuant to applicable Canadian securities laws. The Offering attracted solid interest from both existing and new investors.

The Company further confirms that its largest shareholder, Rio2 Limited, maintains its approximately 15% equity stake in Royal Road following completion of the Offering.

In connection with the closing of the Offering, the Company paid certain eligible persons cash commissions in the aggregate amount of $251,319.23 and issued an aggregate of 1,396,215 broker warrants (each, a "Broker Warrant"). Each Broker Warrant entitles the holder thereof to acquire one Share at a price of $0.18 per Share for a period of thirty-six (36) months from the closing of the Offering.

The net proceeds from the Offering will be used to expand drilling programs across Royal Road's properties in Colombia and the Kingdom of Saudi Arabia, as more specifically detailed in the Company's offering document dated November 3, 2025 prepared and filed in accordance with the LIFE Exemption.

The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as insiders of the Company subscribed for an aggregate of 4,502,223 Shares. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.

The securities issued pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.

About Royal Road Minerals:

Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations center located in Jersey, Channel Islands. The Company is listed on the TSX Venture Exchange under the ticker RYR, on the OTCQB under the ticker RRDMF and on the Frankfurt Stock Exchange under the ticker RLU. The Company's mission is to apply expert skills and innovative technologies to the process of discovering and developing copper and gold deposits of a scale large enough to benefit future generations and modern enough to ensure minimum impact on the environment and no net loss of biodiversity. The Company currently explores in the Kingdoms of Saudi Arabia, Morocco and in Colombia. More information can be found on the Company's website www.royalroadminerals.com.

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

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements") describing the Company's future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words "plans", "prospective", "expect", "intend", "intends to" and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company's exploration plans.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only on the date they are made. There is no guarantee that the anticipated benefits of the Company's business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company's filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276214

Reversal from Channel Support
The reversal has triggered following several days when support was recognized at the bottom trendline of a descending channel. Of note is the 88.6% Fibonacci retracement level at $56.16, which helped identify a trend low at $57.21 along with the lower channel line. That is a close match that was followed by an intraday rally and a closing price in the top half of the day’s range. More bullish price behavior. The continuation of that signal was seen with today’s bullish price action and a strong close for the session.

Key Resistance Levels Ahead
The top downtrend line subsequently becomes an initial upside target with the 20-day average at $59.68 also in sight. But given recent consolidation the 20-day line is not so useful as a decision level other than as a minor indication. The 50-day average at $60.63 marks a key area of dynamic resistance for the current downtrend. Along with the most recent lower swing high at $60.98, these mark the two key resistance levels that need to be broken before higher prices become more likely.

Outlook
If crude oil is going to have a chance of a second bull leg up from the October swing low of $56.41, it first needs to close above $60.98 and then above $61.43. A reclaim of the 50-day will have then occurred as well, further indicating that the bulls are getting more aggressive. Following a bullish reversal of the short-term declining channel, there is a chance that the momentum could spike in a similar fashion to what was seen following the first bottom in October. Symmetry in the two rising measured moves would be achieved at $63.83 (D). That presents both a potential initial upside target based on the pattern but also an area where resistance could turn price down.

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

VANCOUVER, British Columbia, Nov. 27, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce that it has completed the second tranche of milestone payments to Skyharbour Resources Ltd. (“Skyharbour”) under the option agreement between Mustang and Skyharbour dated November 12, 2024 (the “Option Agreement”) regarding the 914W Uranium Project. Pursuant to the Option Agreement, Mustang paid Skyharbour $20,000 in cash, issued 1,098,901 common shares (each, a “Share”) in the capital of Mustang at a deemed price per Share of $0.091, and completed $100,000 in exploration expenditures on the 914W Uranium Project to satisfy the second tranche of milestone payments. The Shares are subject to a customary hold period expiring on the date that is four months and one day following the date of issuance. For more information regarding the Option Agreement and the next set of milestone payments, please refer to the Company's news release dated November 13, 2024 and December 6, 2024, as filed under the Company's profile on www.sedarplus.ca.

November 27, 2025 5:21 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 27, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Telix Pharmaceuticals Ltd. (NASDAQ: TLX) between February 21, 2025 and August 28, 2025, both dates inclusive (the "Class Period"), of the important January 9, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Telix securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Telix class action, go to https://rosenlegal.com/submit-form/?case_id=43778 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants materially overstated the progress Telix had made with regard to prostate cancer therapeutic candidates; (2) defendants materially overstated the quality of Telix's supply chain and partners; and (3) as a result, defendants' statements about Telix's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Telix class action, go to https://rosenlegal.com/submit-form/?case_id=43778 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275967

Canadian National Railway Company (CNR:CA) Desjardins Toronto Conference November 24, 2025 8:00 AM EST

Company Participants

Ghislain Houle - Executive VP & CFO
Stacy Alderson - Assistant Vice-President of Investor Relations
François Bélanger

Conference Call Participants

Benoit Poirier - Desjardins Securities Inc., Research Division

Presentation

Benoit Poirier
Desjardins Securities Inc., Research Division

Thank you very much, François, and good morning, everyone. So our first presenter is a cornerstone of the economy, those who've been a big supporter. They started with us 10 years ago. And I think Ghislain said that he was presenting 10 years ago with us. So he hasn't changed.

Ghislain Houle
Executive VP & CFO

I think I did. I'm more gray.

Benoit Poirier
Desjardins Securities Inc., Research Division

But thank you very much. So they just came out with the third quarter results. So the results were very well received. They took some action given the challenging freight environment. So today with us, Ghislain, Executive Vice President and CFO. We have Stacy Alderson, also EVP, Investor Relations. And François -- also François Bélanger, Senior Director of Sustainability. So this is our first time. So thank you very much for joining us this morning. First question, stronger-than-expected third quarter...

Ghislain Houle
Executive VP & CFO

Let me make a few comments. We agreed on that. You're changing your mind, my friend. So first of all, thank you for having us [Foreign Language]. And yes Benoit, we're supporting you, supporting Desjardins. We've been a big partner with you guys for many, many years. So maybe just a few quick comments on the business, and then we can turn over to your questions, and you've got some good questions. So I'm going to try not to steal your thunder.

When you look at the volumes and when I talk about

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TORONTO--(BUSINESS WIRE)--DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact” or the “Trust”), announced today that, at its special meeting (the “Meeting”) of unitholders of the Trust (“Unitholders”) held earlier today, Unitholders approved the resolution (the “Amendments Resolution”) approving amendments to the terms of the Trust’s outstanding 5.50% convertible unsecured subordinated debentures due 2026 (the “Debentures”) to change the conversion price of such debentures from $31.02 per unit to $2.75 per unit and to make such other consequential amendments as are required to give effect to such change, as described in more detail in the Trust’s management information circular dated October 20, 2025 (the “Circular”).

At the Meeting, the Amendments Resolution required approval by at least a simple majority of the votes cast by the Unitholders present in person or represented by proxy and entitled to vote at the Meeting.

A total of 8,183,043 units of the Trust were represented in person or by proxy at the Meeting. The Amendments Resolution was approved by approximately 95.07% of the votes cast by the Unitholders present in person or represented by proxy and entitled to vote at the Meeting (rather than 44.43% as previously announced). Details of the voting results will be filed under the Trust’s profile at www.sedarplus.com and available on the Trust’s website at www.dreamimpacttrust.ca.

The Trust will enter into an amended and restated trust indenture with respect to the Debentures in order to implement the amendments described in the Circular, including the change to the conversion price of the Debentures referred to above. The amendments are expected to be implemented in the fourth quarter of 2025, with the increase to the interest rate of the Debentures from 5.50% to 6.50% commencing for the period beginning on or about January 31, 2026.

About Dream Impact Trust

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact’s underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities. For more information, please visit: www.dreamimpacttrust.ca.

More News From Dream Impact Trust

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November 27, 2025 5:34 PM EST | Source: Simply Solventless Concentrates Ltd.
Calgary, Alberta--(Newsfile Corp. - November 27, 2025) - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC" or "the Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2025, including fiscal year to date ("YTD") revenue of $34.5 million and Adjusted EBITDA of $7.5 million, significant commercial team and process improvements, and the receipt of 91 new product listings across Canada either directly or through third parties. The information set out in this press release should be read in conjunction with SSC's condensed interim consolidated financial statements as at and for the three and nine months ended September 30, 2025 ("Financial Statements") and the related management's discussion and analysis, which are available for review on SSC's SEDAR+ profile at www.sedarplus.ca. Adjusted EBITDA is a non-IFRS measure. See discussion in the Non-IFRS Financial Measures advisories section of this press release below.

Jeff Swainson, President & CEO of SSC, stated: "Revenue for the nine months ended September 30, was up 199% from $11.5 million in the comparable period in 2024 to $34.5 million in 2025 ($46.0 million annualized). Despite demonstrating strong year over year revenue growth, which can come at the expense of profitability, our lean cost structure allows for strong returns, with 2025 YTD Adjusted EBITDA of $7.5 million ($10.0 million annualized). Moving forward we are keenly focused on driving revenue growth, spearheaded by 91 total new product listings across Canada (including 44 into two new provinces that are expected to start cash flowing in early Q1 2026), and by advancing the Humble retrofit, which we view as a very cash flow accretive investment opportunity."

Fiscal YTD 2025 Financial Highlights

INCOME STATEMENT FIGURESFor the nine months endedSeptember 30, 2025September 30, 2024YoY %
INCREASEGross Revenue$34.5M$11.5M199%Gross Revenue/Share$0.309$0.20451%Net Revenue$27.2M$7.2M280%Net Revenue/Share$0.244$0.12792%Gross Profit$13.0M$(0.5)M2931%Gross Profit/Share$0.116$(0.008)1535%EBITDA(1)$14.5M$(2.9)M599%EBITDA/Share$0.130$(0.051)353%Adjusted EBITDA(1)$7.5M$(2.7)M379%Adjusted EBITDA/Share(2)$0.067$(0.048)242%Net Income$11.5M$(3.1)M470%Net Income/Share(2)$0.103$(0.055)287%Normalized Net Income (NNI)(1)$2.6M$(3.3)M178%NNI/Share(2)$0.023$(0.059)139%Cash from (used in) Operations Prior to Changes in Working Capital$5.6M$(2.9)M290%Cash from (used in) Operations After Changes in Working Capital$(1.7)M$(3.7)M(53%)Gross Margin %47.7%(6.4)%54.1%(1) Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section below.
(2) Non-IFRS ratio, see discussion in the Non-IFRS Financial Measures advisories section below. Based on 111,532,488 weighted average common shares of SSC for the nine months ended September 30, 2025 and 56,524,569 weighted average common shares of SSC for the nine months ended September 30, 2024, as applicable.

During the nine months ended September 30, 2025, SSC generated $34.5 million in gross revenue (2024 - $11.5 million), an increase of 199%. The increase in gross revenue was due primarily to the completion of the Lamplighter, CannMart, ANC and Humble acquisitions, in addition to the growth of SSC's Status brand, neutral sales of SSC's Astrolab and Zest brands, and reductions in sales in SSC's Roilty, Frootyhooty, and Lamplighter brands. The reduction in sales of these particular brands is being addressed commercially as discussed in the "Commercial Improvements" section below.

Q3 2025 Financial Highlights

INCOME STATEMENT FIGURESFor the three months ended,September 30, 2025September 30, 2024YoY %
INCREASEGross Revenue$9.0M$6.3M43%Gross Revenue/Share$0.078$0.092(15%)Net Revenue$6.3M$4.1M56%Net Revenue/Share$0.055$0.059(7%)Gross Margin$2.9M$1.4M102%Gross Margin/Share$0.025$0.02120%EBITDA(1)$0.8M$(0.0)M4084%EBITDA/Share(2)$0.007$(0.000)2476Adjusted EBITDA(1)$1.1M$0.5M118%Adjusted EBITDA/Share(2)$0.009$0.00730%Net Income$(0.3)M$(0.1)M(197%)Net Income/Share(2)$(0.003)$(0.001)(77%)Normalized Net Income (NNI)(1)$(1.0)M$0.1M(942)%NNI/Share(2)$(0.008)$0.002(602)%Cash from Operations Prior to Changes in Working Capital$1.3M$0.2M405%Cash from (used in) Operations After Changes in Working Capital$0.1M$(3.4)M103%(1) Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section below.
(2) Non-IFRS ratio, see discussion in the Non-IFRS Financial Measures advisories section below. Based on 115,502,799 weighted average common shares of SSC for the three months ended September 30, 2025 and 68,872,421 weighted average common shares of SSC for the three months ended September 30, 2024, as applicable.

During the three months ended September 30, 2025, SSC generated $9.0 million in gross revenue (2024 - $6.3 million), an increase of 43%. The increase in gross revenue was due primarily to the completion of the Lamplighter, CannMart, ANC and Humble acquisitions, in addition to the growth of SSC's Status brand, neutral sales of SSC's Astrolab and Zest brands, and reductions in sales in SSC's Roilty, Frootyhooty, and Lamplighter brands. The reduction in sales of these particular brands is being addressed commercially as discussed in the "Commercial Improvements" section below.

During the three months ended September 30, 2025, SSC generated $9.0 million in gross revenue (June 30, 2025 - $13.0 million), a decrease of 31% from the three months ended June 30, 2025. The reduction is primarily attributable to large sales to third party partners during the three months ended June 30, 2025 whereas the three months ended September 30, 2025 did not have such sales. These sales relate to these partners licensing and selling SSC's brands into two new provinces. Related to this product, the third parties received 41 new product listings of SSC's brands into one of these new provinces and three new product listings into the second new province. Refer to the "Commercial Improvements" section below for more information.

The cash flows related to these new markets being entered into are expected to commence in late Q4 2025. SSC expects periodic replenishment orders from the third parties to begin in late Q4 2025 or early Q1 2026. SSC is encouraged by the positive impact to long-term sales that could result from entering these new markets.

BALANCE SHEET FIGURESAs atSeptember 30, 
2025December 31, 
2024% INCREASETotal Assets$60.3M$38.6M57%Net Assets$31.9M$15.5M106%Working Capital(1)$19.8M$1.6M1,148%Current Ratio(1)2.531.08143%Inventory Turnover(1)1.32x0.78x45%(1) Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section below.

YTD Q3 2025 Corporate Highlights:

Appointment of Ananth Krishnan as Chief Financial Officer: On August 25, 2025 SSC appointed Ananth Krishnan to the position of Chief Financial Officer. Ananth brings over twenty years of experience in investment banking, investment management, financial management, investor relations, strategy, corporate development, commercial negotiations, and cannabis operations.Appointment of Emily Riehl as Vice President, Sales: On September 3, 2025, SSC appointed Emily Riehl to the position of Vice President, Sales. Emily is a high-achieving sales executive with over seven years of experience in the Canadian cannabis industry and a track record of building relationships with key retail accounts, provincial wholesale organizations, and budtenders. National Sales Force: SSC expanded its national team of key account and regional sales representatives from two to seven and believes that this sales force can increase the sales velocity of all SSC brands.Upcoming Appointment of Vice President, Marketing: SSC has agreed to employment terms with an experienced marketing professional and is expected to announce their appointment as Vice President, Marketing in the coming months. Sluggers Hit Deal: SSC reached an agreement with Natura Life + Science, a California cannabis company, to launch Sluggers Hit, the legendary northern California cannabis brand, in Canada. SSC has exclusivity on distribution of the Sluggers brand in Canada. Promissory Note Repayment & Amendment: On July 17, 2025 SSC closed the repayment of $3.4 million of promissory notes ("Notes") through the issuance of 6,875,000 common shares of SSC at $0.50 per common share (the "Equity Issuance"). For more information regarding the Equity Issuance and Notes, including important disclaimers please see the news release dated June 3, 2025. Commercial Improvements

Simply Solventless is entering a high momentum commercial phase in its CPG channel. In addition to the significant team improvements outlined in the "Q3 Corporate Highlights" section above, we are executing a full refresh of our brand identities and product roadmap to strengthen our competitiveness, prioritize proven winning categories, and accelerate innovation across our portfolio.

SSC's renewed commercial discipline is already generating results. In November 2025 alone, we achieved our strongest listings month to date with 91 new provincial listings, either direct or through partners, across multiple brands in Alberta, Ontario, Newfoundland (a new market), and British Columbia (a new market).

See below for a summary of the 91 listings received:

Frootyhooty: 25 total listings.Backcountry Organics: 8 total listings. Status: 11 total listings.Astrolab: 25 total listings. Roilty: 5 total listings. Lamplighter: 11 total listings. Sluggers: 3 total listings.Zest: 3 total listings. These listings are comprised of the following product types:

40 infused preroll listings.18 all in one vape listings.14 510 vape listings.13 concentrates listings. 6 edibles listings.As noted above, third parties received 44 new product listings into two new provinces for the sale of SSC's CPG products. Many of these listings are expected to launch imminently and through Q1 2026 with cash flows associated with these listings to begin shortly thereafter. SSC expects periodic replenishment orders from the third parties to begin in early 2026. SSC is encouraged by the positive impact to long-term sales that could result from entering these new markets.

These wins reflect the early impact of our new team and revitalized go-to-market strategy, and position SSC for improved sell-through, greater retail visibility, and meaningful growth opportunities for the remainder of 2025 and in 2026.

Board of Directors & Management Changes

Steve Bjornson is stepping down from SSC's board of directors as part of his retirement. Steve was instrumental in SSC completing the reverse takeover of Dash Capital Corp. in December 2023, and we thank him for his significant contributions to SSC.

A strong candidate to replace Steve Bjornson has been identified and SSC expects to announce the appointment of this individual as an independent director in the near future.

SSC also announces that Jeff Lawrence, SSC's former Chief Commercial Officer, is no longer with the Company. SSC thanks Jeff for his many contributions to SSC over the last two years. Olen Vanderleeden, a member of SSC's board of directors, is currently assisting SSC's commercial team until a permanent appointment has been made. Olen was previously Chief Commercial Officer at Greentone Enterprises Inc. and prior thereto was Chief Commercial Officer at Zenabis Global Inc.

The financial information in this press release has been reviewed and approved by the board of directors of SSC.

About Simply Solventless Concentrates Ltd.

SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.

Simply Solventless Concentrates Ltd.
Jeff Swainson, President and CEO
Phone: 403-796-3640
Email: [email protected]

Notice on Forward-Looking Information

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning full year 2025 financial results, plans related to the Humble retrofit, new product listings with provincial wholesalers, timing and successful launch of any new products in market, associated cash flow generation from new product launches, and CPG and B2B revenue growth. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the ability to realize expected revenue and cost synergies of any acquisitions on the timelines expected, the risk that the business of any acquired entity will not be integrated successfully, the ability to maintain relationships with customers, employees and suppliers, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC.

The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

Future Oriented Financial Information

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about revenue and adjusted EBITDA, which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about SSC's future business operations. SSC and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, SSC's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. SSC disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Differences in the timing of capital expenditures or revenues and variances in production estimates can have a significant impact on the key performance measures included in SSC's guidance. SSC's actual results may differ materially from these estimates.

Non-IFRS Financial Measures

This press release contains certain financial performance measures and ratios that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the discussion below. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. These Non-GAAP Measures include, but are not limited to current ratio, inventory turnover, working capital, EBITDA, adjusted EBITDA, and normalized net income.

The definitions below should be read in conjunction with the "Cautionary Statement Regarding Non-GAAP Performance Measures" section of the Company's MD&A dated November 27, 2025, which includes discussion of the purpose and composition of the specified financial measures and detailed reconciliations to the most directly comparable IFRS financial measures.

Current ratio is calculated by dividing current assets by current liabilities and is meant to indicate whether a company is capable of servicing its current liabilities. Inventory turnover is calculated by dividing cost of goods sold by inventory, and is meant to indicate how efficient a company is at turning inventory into cash.

Working capital is an indicative measure of the Company's ability to service its short-term financial obligations with short-term assets. Management believes this measure provides useful information about the Company's current short-term liquidity. The numbers that are input into this calculation can be found in the statement of financial position in the Company's Financial Statements.

EBITDA is calculated as income before interest and finance costs, taxes, depreciation and amortization expenses. EBITDA is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of capital structure, taxation and depreciation, but may not be appropriate for other purposes. EBITDA is considered a useful measure by management to understand profitability excluding the effects of capital structure, taxation and depreciation, but may not be appropriate for other purposes.

EBITDA per share is used by the Company as a key performance indicator to evaluate the performance of SSC on a per share basis. The basic and/or diluted weighted average common shares outstanding used in the calculation of EBITDA per share is calculated using the same methodology as net income per share.

Adjusted EBITDA is not defined under IFRS and therefore should not be considered an alternative to, or more meaningful than net income (loss) and comprehensive income (loss). Adjusted EBITDA is calculated as net income before interest and finance costs, taxes, depreciation and amortization expenses, share based compensation, gain settlement or disposal or bargain purchase gains, non-recurring restructuring costs and acquisition costs, foreign exchange gains and losses and government rebates, and other gains or costs that are expected to be non-recurring. Adjusted EBITDA is considered a useful measure by management to understand profitability excluding the effects of capital structure, taxation and depreciation, and non-recurring items, but may not be appropriate for other purposes.
Adjusted EBITDA per share is used by the Company as a key performance indicator to evaluate the performance of SSC on a per share basis. The basic and/or diluted weighted average common shares outstanding used in the calculation of Adjusted EBITDA per share is calculated using the same methodology as net income per share.

NNI is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of certain non-operating items. NNI is calculated as net income less gain settlement or disposal or bargain purchase gains, non-recurring restructuring costs and acquisition costs, foreign exchange gains and losses and government rebates, income tax recovery, and other gains or costs that are expected to be non-recurring.

NNI per share is used by the Company as a key performance indicator to evaluate the performance of SSC on a per share basis. The basic and/or diluted weighted average common shares outstanding used in the calculation of NNI per share is calculated using the same methodology as net income per share.

The following table reconciles current assets and current liabilities to Working Capital:

As at,Sept 30, 2025Dec 31, 2024Cash$ 899,509$ 1,885,074Accounts receivable7,271,9143,934,569Biological assets1,011,778-Inventory22,174,62616,096,187Prepaids and deposits1,423,9561,385,115Accounts payable(4,415,431)(4,561,742)Deferred revenue-(228,009)Taxes and excise duties payable(4,046,460)(7,380,713)Short term loan(852,027)(653,533)Current portion of promissory note(1,750,442)(7,426,404)Vendor take back (400,000)(950,000)Current portion of lease liability(1,492,858)(474,412)Working capital$ 19,824,565$ 1,626,132The following table reconciles net income (loss) to EBITDA and Adjusted EBITDA:

Three months endedNine months ended
September 30,
2025June 30,
2025September 30,
2024September 30,
2025September 30,
2024Net and comprehensive income (loss)(297,281)3,398,547(100,061)11,509,274(3,112,027)

Non-operating items

Depreciation and amortization539,248289,64727,4091,415,98653,877Finance costs996,207613,16153,6542,156,260-Income tax recovery(122,269)--(219,483)154,423Deferred income tax recovery(358,944)--(358,944)-EBITDA756,9614,301,355(18,998)14,503,093(2,903,727)

Non-operating items

Restructuring costs145,050-225,348696,225225,348Acquisition costs---372,316-Foreign exchange loss13,8725,6763,85534,7233,979Impairment of intangible assets-63,970-63,970-Bargain purchase acquisition price538,299(560,288)-(7,747,902)-Gain on settlement(731,281)(833,750)(15,212)(1,565,031)(446,883)Share compensation expense332,247263,924288,8971,148,408434,554Adjusted EBITDA1,055,1483,240,887483,8907,505,802(2,686,729)Weighted Average Number of Shares115,502,799110,843,07768,872,421111,532,48856,524,569EBITDA per share0.0070.039(0.000)0.130(0.051)Adjusted EBITDA per Share0.0090.02920.0070.067(0.048)The following table reconciles net income (loss) to Normalized Net Income:

Three months endedNine months ended
September 30,
2025June 30,
2025September 30,
2024September 30,
2025September 30,
2024Net and comprehensive income(297,281)3,398,547(100,061)11,509,274(3,112,027)

Non-operating items

Restructuring costs145,050-225,348696,225225,348Acquisition costs---372,316-Foreign exchange loss13,8725,6763,85534,7233,979Impairment of intangible assets-63,970-63,970-Gain on settlement538,299(833,750)-(7,747,902)-Bargain purchase acquisition price(731,281)(560,288)(15,212)(1,565,031)(446,883)Gain on sale of asset(146,568)(47,837)-(194,405)-Income tax recovery(122,269)--(219,483)-Deferred income tax recovery(358,944)--(358,944)-Normalized Net Income(959,122)2,026,318113,9302,590,743(3,329,583)Weighted Average Number of Shares115,502,799110,843,07768,872,421111,532,48856,524,569Normalized Net Income per Share(0.008)0.0180.0020.023(0.059)This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

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.

Not for distribution to U.S. news wire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276223

A nearly 10% surge in Keysight Technologies' NYSE: KEYS stock has turned heads on Wall Street, and for good reason. The sharp upward move followed a fiscal Q4 2025 earnings report that beat expectations.

Dan Finley
CEO & Director

Good morning, and welcome to the Debenhams Group Half Year Results for the 6 months ended 31st of August 2025. My name is Dan Finley, and I'm the Group CEO. And I'm joined this morning by Phil Ellis, our Group CFO.

Our turnaround continues at pace. I'm pleased with the progress that we're making, but recognize that there is still much to do. Our new business model is rolling out. Stock-light, our stock is down to GBP 68 million, minus 35% on the same period last year. Capital-light, our CapEx is now GBP 7.5 million, down 50% on the same period last year and increasingly margin rich. Our adjusted EBITDA margin, 6.7%, up 180 basis points on the same period last year.

Our financial performance is improving. Adjusted EBITDA is up GBP 20 million in the period, plus 5% on last year. Our net debt is down GBP 111 million, down 22%. And our loss before tax is down, a loss of GBP 3 million, down 97% on the same period last year. And our strategic transformation is progressing. We are creating the right operating model. Our fixed cost base has been reduced by GBP 160 million. We are supercharging Debenhams with 20% GMV growth in the period. And we are pivoting to fashion-led marketplaces with marketplace now representing 32% of our GMV.

Debenhams.com is Britain's online department store. We are supercharging Debenhams. GMV has grown at 20%. EBITDA has grown at 50%, and we're generating an EBITDA margin of circa 15%. We have a highly attractive business model. Stock-light. We don't take the stock risk. Capital-light, margin-rich and highly cash generative. We have significant take

One fast-rising biotech is gearing up for pivotal trials just as a major specialist fund walks away—here’s what long-term investors should take from that divergence.

On November 14, MPM BioImpact disclosed in a Securities and Exchange Commission filing that it sold out its entire stake in MBX Biosciences (MBX +7.03%), reducing exposure by an estimated $14.8 million.

What HappenedAccording to a filing with the Securities and Exchange Commission dated November 14, MPM BioImpact sold its entire position in MBX Biosciences during the third quarter. The fund exited 1,294,416 shares, eliminating its exposure and reducing reportable U.S. equity holdings by an estimated $14.8 million based on quarterly average pricing.

What Else to KnowTop holdings after the filing: 

NASDAQ:MDGL: $46.1 million (7.5% of AUM)NASDAQ:CGEM: $45.4 million (7.4% of AUM)NASDAQ:RNA: $33.1 million (5.4% of AUM)NASDAQ:TRVI: $31.2 million (5.1% of AUM)NASDAQ:EWTX: $27.9 million (4.6% of AUM)As of Wednesday's market close, MBX shares were priced at $33.82, up 71% over the past year and well outperforming the S&P 500, which is up 13% in the same period.

Company OverviewMetricValuePrice (as of market close Wednesday)$33.82Market capitalization$1.5 billionNet income (TTM)($80.5 million)One-year price change71%Company SnapshotMBX Biosciences develops precision peptide therapies targeting endocrine and metabolic disorders, with lead candidates including MBX 2109 for chronic hypoparathyroidism, MBX 1416 for post-bariatric hypoglycemia, and MBX 4291 for obesity and related conditions. The company operates a clinical-stage biopharmaceutical business model, generating value through research, development, and potential future commercialization or licensing of proprietary drug candidates. Primary customers are expected to include healthcare providers, endocrinologists, and specialty clinics treating metabolic and endocrine disorders, with an eventual focus on patients requiring long-acting hormone therapies.

Foolish TakeMBX has been one of the more volatile names in the biotech space, plunging roughly 75% from its September 2024 IPO through this March before rebounding sharply on strengthening clinical data and renewed investor interest. The stock now trades above its IPO price, reflecting a very different risk profile than it had just months ago.

According to the latest SEC filing, MPM sold all its stake in MBX—nearly 1.3 million shares—during the third quarter, an estimated $14.8 million reduction in a name that previously represented a meaningful allocation. The firm also exited MoonLake Immunotherapeutics and Crinetics Pharmaceuticals during the same period, signaling broader repositioning across its emerging-biotech exposure.

For its part, MBX continues to advance its pipeline: In the third quarter, the company reported positive topline Phase 2 results for canvuparatide in hypoparathyroidism, completed a $200 million upsized offering, and ended the quarter with $391.7 million in cash, which the firm says is enough to fund operations into 2029. CEO Kent Hawryluk highlighted the momentum, noting, “These strong results support our belief that canvuparatide has the potential to be best-in-class in hypoparathyroidism, an estimated multibillion-dollar market.” He also emphasized the drug's upcoming Phase 3 initiation and key 2026 milestones. For long-term investors, the message is clear: MBX is accelerating toward multiple pivotal catalysts, but its path remains highly data-dependent.

Glossary13F reportable assets: Assets disclosed by institutional investment managers in quarterly SEC Form 13F filings, showing U.S. equity holdings.

Assets under management (AUM): The total market value of investments managed by a fund or investment firm.

Exposure: The amount of capital or percentage of a portfolio invested in a particular asset or sector.

Net position change: The difference in the value or number of shares held in a security after a trade or series of trades.

Clinical-stage biopharmaceutical: A company focused on developing drugs that are being tested in human clinical trials but are not yet approved for sale.

Prodrug technology: A drug design approach where an inactive compound is converted into an active drug within the body.

Precision peptide therapies: Targeted treatments using short chains of amino acids (peptides) designed for specific biological effects.

Phase 2: The second stage of clinical trials, assessing a drug’s effectiveness and side effects in patients.

Preclinical: Research and testing of a drug candidate in the laboratory or in animals before human trials begin.

Licensing: Granting rights to another company to develop, manufacture, or sell a product, often in exchange for fees or royalties.

Endocrine disorders: Medical conditions involving hormone-producing glands, affecting metabolism, growth, or other body functions.

TTM: The 12-month period ending with the most recent quarterly report.

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A key rotation away from artificial intelligence stocks may be underway in the market.

According to Astoria Portfolio Advisors' John Davi, a broader range of stocks are getting a "green light" because liquidity is returning to the system.

"The Fed cut rates four times last year. They cut rates twice already. They're going to go again whether its December [or] January," the firm's CEO and chief investment officer told CNBC's "ETF Edge" this week. "Historically whenever the Fed cuts interest rates, usually that's a turn of a new cycle. Market leadership does tend to change quietly."

He lists the latest performance in areas ranging from emerging markets to industrials. The iShares MSCI Emerging Markets ETF, which tracks the group, is up 17% over the past six months as of Wednesday's close. The Industrial Select Sector SPDR Fund is up 9% over the same period.

"I think they can be a good offset to what's an expensive large cap tech position, which dominates most portfolios," he added. "We're living in a structurally higher inflation world. The Fed is cutting rates like, why do you want to take so much risk in just seven stocks?" and

Davi prefers a global balanced approach to investing versus an overweight position in the Magnificent 7 — which is comprised of Apple, Amazon, Meta Platforms, Nvidia, Microsoft, Tesla and Alphabet, which has been trading around all-time highs. The Mag 7 makes up about a third of the S&P 500.

Sophia Massie, CEO of ETF-issuer LionShares, is also wary of going all-in on the AI trade.

"I think analysts have an idea of how much value AI will add to our economy. I don't think we really understand how that's going to play out between different companies yet," Massie said in the same interview. "So, I have this sense that right now, we're pricing in this probability that... one company may be the one that dominates, dominates AI and ends up being a big player in the future."

BuildDirect.com Technologies Inc. (BILD:CA) Q3 2025 Earnings Call November 27, 2025 1:30 PM EST

Company Participants

Shawn Wilson - Chief Executive Officer
John Allen - Chief Operating & Integration Officer
Kerry Biggs - Chief Financial Officer

Presentation

Unknown Attendee

All right. Let's begin. Hello, everyone. Welcome to BuildDirect's Q3 2025 Financial Results Conference Call. For those who aren't familiar, BuildDirect trades on the TSXV under ticker BILD, that's B-I-L-D, BILD. And on the OTCQB under ticker symbol BDCTF. My name is Bob Chen, and I'll be the moderator for today's call.

Before we begin, I would like to note that some of the comments today will contain forward-looking information and statements under applicable securities law that reflect management's current views with respect to future events. Any such information and statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking information and statements. Please refer to the various materials the company has filed with the Canadian securities regulators for a broader description of operational and risk factors that could affect the company's performance. In addition, please note that all dollar amounts mentioned in the presentation are in U.S. dollars, unless otherwise stated.

On today's call, we'll be covering BuildDirect's Q3 2025 financial and operational highlights as well as its growth outlook for the remainder of '25 and 2026. Following comments from BuildDirect's management, the call will be open for questions. [Operator Instructions] If you're calling in to listen to this webinar, please e-mail your questions directly to [email protected].

Our presenters today will be the CEO of BuildDirect, Shawn Wilson; CFO, Kerry Biggs; and COIO, Jay Allen. I will now turn the conference call over to Shawn.

Shawn Wilson
Chief Executive Officer

Thanks, Bob, and to everyone joining us today, welcome. Let me start with

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VANCOUVER, BC — TheNewswire - November 27, 2025 — Giant Mining Corp. (CSE: BFG | OTC: BFGFF | FWB: YW5 | CSE: BFG.WT.A | CSE: BFG.WT.B) (“Giant Mining”  or the  “Company”) is pleased to announce the appointment of Mr. John Percival as Non-Executive Chairman of the Board of Directors. Mr. Percival brings more than five decades of global capital markets experience, with an extensive history of raising over $1 billion for public companies. He has a deep and influential presence in Australian financial markets, one of the largest and most active global capital hubs for mining investment, with over $12–15 billion typically raised annually across the mining and exploration sector. During 2024 and 2025, Australian mining markets experienced significant inflows driven by copper, uranium, critical metals, and gold, making Australia the most active global jurisdiction for junior and mid-tier mining financing.

TORTOLA, British Virgin Islands, Nov. 27, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim financial statements and management's discussion and analysis for the three and nine month periods ended September 30, 2025 (“Q3 2025”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

Jay Lyons, Chief Executive Officer, commented:

“Orca delivered strong operational results in Q3 2025, with gas deliveries rising 7% over the quarter and 4% year-to-date. The growth was driven by higher industrial consumption and increased demand for our services and products.”

“The Company ended the period with cash and cash equivalents of $127.9 million and working capital of $56.2 million, supported by the collection of arrears from TANESCO under the April 2025 Settlement Agreement.”

“We continue to actively manage the ongoing legal proceedings in Tanzania, remaining focused on protecting the Company's rights and our shareholders' interests. Looking ahead, Orca will keep its capital expenditures and allocation under review as we look to continue to focus on safety, essential maintenance, and cost efficiency across our operations.”

Highlights

Revenue decreased by 12%, or $3.0 million, for Q3 2025 and by 4%, or $3.3 million, for the nine months ended September 30, 2025 over the comparable prior year periods, primarily as a result of the increases in the Tanzanian Petroleum Development Corporation (“TPDC”) share of revenue as an outcome of decreased capital expenditures and lower Cost Gas revenue (as defined in the Management's Discussion & Analysis for the three and nine months ended September 30, 2025) recoveries by the Company.Gas deliveries increased by 7%, or 4.7 MMcfd, for Q3 2025 and by 4%, or 2.7 MMcfd, for the nine months ended September 30, 2025 compared to the same prior year periods. The increases were mainly a result of increased consumption by industrial customers due to a higher demand for services and products. Additionally, the end of the Protected Gas (defined below) regime Q3 2024 resulted in higher deliveries of Additional Gas (defined below) to Tanzania Portland Cement PLC (“TPCPLC”) from August 2024 onward. This was partially offset by the completion of the Julius Nyere Hydropower Project in 2024 leading to increased availability of hydro power and causing lower lifting from power customers.On August 7, 2024, PanAfrican Energy Tanzania Limited (“PAET”) and Pan African Energy Corporation (Mauritius) (“PAEM”) issued a notice of dispute (the “Notice of Dispute”) in respect of an investment treaty claim against the Government of Tanzania (the “GoT”) for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (the “BIT”), and a contractual dispute against the GoT and TPDC, for breaches of the: (i) the Production Sharing Agreement between PAET, TPDC and the GoT (the “PSA”), and (ii) the Gas Agreement between the GoT, TPDC, Songas Limited (“Songas”) and PAET (the “Gas Agreement”). Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company’s Counsel subsequently submitted a letter to the Ministry of Energy (the “MoE”), requesting an urgent meeting to address the issues. In July 2025, our counsel received a letter from the Permanent Secretary to the MoE, dated June 26, 2025, advising PAET that the MoE was working on the Songo Songo Development License (the “License”) extension application and that feedback would be available in due course. The letter also advised against interference in the independence of the MoE, in the interests of good governance and proper processing of the application. The Company’s Counsel submitted a response to the MoE advising that the approaches made to the MoE were reasonable and proportionate enquiries into the status of the application, given the lengthy inaction and engagement to date. The letter urged immediate engagement to resolve the matter of the License extension. The MoE has recently proposed the parties meet to discuss the current License and terms of a License extension proposal submitted by TPDC to be made for consideration by the Minister and GoT. The Company has requested the MoE submit an economically viable proposal for review before parties agree to meet. To date, no proposal in response to this request has been received.On April 15, 2025, PAET and TPDC signed a settlement agreement with the Tanzanian Electric Supply Company Limited (“TANESCO”) (the “Settlement Agreement”), for TANESCO to pay PAET $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field and late payment interest, which unpaid amounts totaled $104,164,507.41 as of January 9, 2025, comprising of $33.7 million of principal amount owing and approximately $70.5 million of default interest. The Settlement Agreement required TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO paid the settlement amount when required and in full while remaining current on amounts owed. As at September 30, 2025, TANESCO has paid the full $52.0 million due under the Settlement Agreement, and the Company has duly waived the remaining balance of the default interest owing by TANESCO. Payments on account of the settlement amount have been allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, the Company has retained approximately $35.5 million of the settlement amount with TPDC receiving the balance.Net income attributable to shareholders increased by 834%, or $17.4 million, for Q3 2025 and by 889%, or $37.7 million, for the nine months ended September 30, 2025 compared to the same prior year periods, primarily as a result of the reversal of loss allowance and the recognition of interest income following the collection of TANESCO long-term arrears and default interest pursuant to the Settlement Agreement.Net cash flows from operating activities increased by 215%, or $22.0 million, for Q3 2025 and by 306%, or $63.7 million, for the nine months ended September 30, 2025 compared to the same prior year periods primarily as a result of higher payments from TANESCO in Q2 2025 and Q3 2025 pursuant to the Settlement Agreement.Capital expenditures decreased by 98%, or $9.2 million, for Q3 2025 and by 94%, or $12.0 million, for the nine months ended September 30, 2025 compared to the same prior year periods. The capital expenditures in Q1, Q2 and Q3 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. Following the successful replacement of the SS-9 flowline, the flowline replacement program for the SS-5 well was further deferred to Q4 2025. Inclement weather through the wet season and SE (Kusini) winds caused delay to the completion of the project and with it the employment of some capital. Given the lump-sum costs for the project, total capital expenditure is not expected to increase when the project resumes in Q4 2025. The capital expenditures in Q1, Q2 and Q3 2024 primarily related to the costs of the SS-7 well workover program.The Company exited Q3 2025 with $56.2 million in working capital (December 31, 2024: $21.9 million) and cash and cash equivalents of $127.9 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $117.3 million, as at September 30, 2025 (December 31, 2024: $87.1 million). Of the total cash balance of $127.9 million, $24.7 million was posted as security in respect to an appeal initiated by the Company relating to a judgment received from the Tanzania High Court (Commercial Division) for a claim brought by a contractor against PAET relating to alleged losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. PAET is currently appealing the judgement.The TANESCO long-term receivable as at December 31, 2024 was $22.0 million and had been fully provided for. As at September 30, 2025, the Company has received all amounts due under the Settlement Agreement. Accordingly, the provision has been reversed in full and the long-term receivable balance as at September 30, 2025 is $ nil. Subsequent to September 30, 2025, the Company has invoiced TANESCO $4.8 million for October 2025 gas deliveries and TANESCO has paid the Company $4.5 million.On April 25, 2025, Swala Oil & Gas (Tanzania) Plc, in liquidation (“Swala”) submitted a claim to the Tanzania High Court (the “Court”) against Orca, PAEM and PAET for alleged breach of oral contract, unlawful conspiracy, unjust enrichment and breach of fiduciary duty. Swala claims damages of approximately $237,930,013 in addition to pre- and post-judgment interest. This breaks down to: (i) $167,930,013 for damages arising from breach of contract or conspiracy; (ii) $50.0 million for general damages, and (iii) $20.0 million for punitive and exemplary damages. The Company believes there is no merit to the claim (the “Swala Dispute”). In August 2025, ORCA, PAEM, and PAET filed a security for costs application against Swala. The Court is scheduled to rule on this application on November 21, 2025. If successful, and if Swala fails to pay any ordered security within the requisite period of time, the Swala Dispute will be dismissed. In September 2025, Swala filed an application (the “Prejudgment Application”) seeking certain prejudgment orders: (a) an Order that Orca, PAEM, and PAET pay the entire specified damages amount of $167,930,013 (which has not been proven) as security, or (b) in the alternative, an order for the attachment of all PAET bank accounts in Tanzania, or (c) in the further alternative an order requiring: (i) Orca not to pay any money to any owner of Class A Common Shares, Class B Subordinate Shares, First Preference Shares, an interest in Orca's Long-term Retention Plan, or an owner in any new securities created or issued by Orca, (ii) requiring PAEM not to transfer any money in any manner or purpose, to any bank outside of the Republic of Mauritius other than to comply with third-party obligations in the normal course of business, and (iii) requiring PAET not to transfer any money to any bank outside of Tanzania other than to comply with third-party obligations in the normal course of business. The relief sought in the Prejudgment Application is extraordinary and the law requires Swala to strictly satisfy the requisite legal conditions of cogent evidence. The Company does not believe Swala has done so. The next court appearance for the Prejudgment Application is scheduled for December 8, 2025, where this matter will come up "for mentions", following which a hearing on the merits of the Prejudgment Application will need to be scheduled.On 24 October 2025, the Company filed an anti-suit injunction (the “ASI”) against Swala on behalf of Orca, PAEM, and PAET in the High Court of England and Wales Commercial Court, seeking to enjoin Swala from taking steps to pursue the Swala Dispute in Tanzania. If successful, and if Swala fails to comply with the order, its failure may result in a finding of contempt of court and exposure for both Swala and the liquidator to commercial and criminal sanctions.On August 1, 2025, PAEM submitted a Request for Arbitration (an “RFA”) to the International Centre for Settlement of Investment Disputes (“ICSID”), an arm of the World Bank, against the GoT for various breaches of the investment protections provisions of the BIT; and PAET submitted two separate RFA’s to ICSID against the GoT and TPDC for breaches of the PSA and the Gas Agreement. The three claims (the “Claims”) arise out of a series of actions and omissions by Tanzania and TPDC that threaten the viability of the Songo Songo Gas-to-Electricity Project (the “Project”) and breach multiple obligations under the BIT, the PSA and the Gas Agreement. On August 28, 2025, ICSID registered all three RFAs. PAEM has appointed its arbitrator for the BIT proceedings, and we expect the tribunal in this case to be constituted by the end of 2025. PAET, the GoT, and TPDC have agreed to consolidate the two proceedings brought under the PSA and the Gas Agreement, and once this consolidation is complete the parties will proceed with the tribunal appointment process.Considering the anticipated reduction in capital expenditure going forward, with safety and maintenance being the main focus for the remainder of the License, the Company intends to review its capital allocation policy in the near term and will update the market as appropriate. Financial and Operating Highlights for the Three and Nine Months Ended September 30, 2025

 Three months
ended September 30
 % Change Nine months
ended September 30 % Change (Expressed in $’000 unless indicated otherwise)2025 2024 Q3/25 vs
Q3/24 2025 2024 Ytd/25 vs
Ytd/24 OPERATING            Daily average gas delivered and sold (MMcfd)71.1
 66.4 7%70.5
 67.8 4%Industrial20.9
 17.7 18%19.5
 14.8 32%Power50.2
 48.7 3%51.0
 53.0 (4)%Average price ($/mcf)            Industrial7.79 8.71 (11)%7.86 8.94 (12)%Power3.95 3.89 2%3.96 3.87 2%Weighted average5.08 5.18 (2)%5.04 4.98 1%Operating netback ($/mcf)2.00 2.98 (33)%2.51 2.97 (15)%           FINANCIAL          Revenue21,746 24,787 (12)%71,411 74,738 (4)%Net income attributable to shareholders19,475 2,086 834%41,978 4,243 889%per share – basic and diluted ($)0.99 0.11 834%2.12 0.21 889%Net cash flows from operating activities32,294 10,255 215%84,506 20,832 306%per share – basic and diluted ($)1.63 0.52 215%4.28 1.05 306%Capital expenditures182 9,354 (98)%774 12,736 (94)%Weighted average Class A and Class B Shares (‘000)19,765 19,770 0%19,765 19,781 0%   September 30,
2025 As at
December 31,
2024 % Change Working capital (including cash) 56,161 21,904 156%Cash and cash equivalents 127,868 90,076 42%Outstanding shares (‘000)      Class A 1,750 1,750 0%Class B 18,015 18,022 0%Total shares outstanding 19,765 19,772 0%See Non-GAAP Financial Measures and Ratios.
Outlook

The recent and widely reported civil unrest seen in Tanzania during October’s national elections did not impact our operations, and our 2025 volume guidance is unchanged. Although demand for gas declined slightly during the unfortunate events, GoT institutions, customers and other stakeholders quickly resumed business operations and demand has returned to normal levels. Guidance levels for production for 2026 are between 60 – 65 MMcfd. This decrease from 2025 is due to the field decline and seasonal variations due to hydro.

There remains no tangible progress on the Songo Songo Licence extension application, as we continue to await meaningful engagement with the GoT, who have been asked, but are yet to, propose economically viable, commercially reasonable terms. Consequently, it is necessary to continue to pursue the arbitration process.

Given the increasing uncertainty relating to the License extension, the assessment of the long-term sustainability of the Company’s business in Tanzania has been very significantly and negatively impacted. The combined effect of the GoT's actions and inactions, together with the proliferation of unfounded commercial disputes, has materially reduced confidence in the stability of the operating framework for the Songo Songo project and its long-term prospects. While domestic demand for natural gas remains strong, the Company’s ability to invest in development initiatives to sustain current demand and meet incremental demand is contingent on securing an extension of the Licence on commercially acceptable terms, within a predictable legal and regulatory environment, and achieving satisfactory resolution of the governmental and commercial disputes currently affecting the Company’s operations in Tanzania.

Given these complex and challenging circumstances, the Board of Directors of Orca is undertaking a comprehensive strategic review to assess viable options to mitigate the risks described above and elsewhere in this news release and the Management, Discussion & Analysis for the nine-month period ended September 30, 2025 with the objective of protecting the Company's best interests and preserving or maximizing shareholder value.

The forward-looking information in this Outlook section (i) assumes that the current delays in resolving the regulatory and contractual disputes affecting the Company's operations in Tanzania continue and (ii) is subject to the risks and uncertainties disclosed in the Company's Management, Discussion & Analysis for the 12-month period ended December 31, 2024 and the three and six-month periods ended March 31 and June 30, 2025 . To the extent required under applicable Canadian securities laws, management will revise its outlook if conditions change materially, or if previously disclosed forward-looking information becomes unreliable.

The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management’s Discussion & Analysis for the three and nine months ended September 30, 2025 may be found on the Company’s website at www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Orca Energy Group Inc.

Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas” and “Additional Gas”. The Gas Agreement deals further with the parties’ entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.

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

Abbreviations

mcfthousand cubic feetMMcfmillion standard cubic feetMMcfdmillion standard cubic feet per day
Non-GAAP Financial Measures and Ratios

In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (“IFRS”), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

Non-GAAP Financial Measures

Capital expenditures

Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows:

 Three Months ended
September 30  Nine Months ended
September 30 $’0002025 2024  2025 2024 Pipelines, well workovers and infrastructure182 9,286  774 12,364 Other capital expenditures– 68  – 372 Capital expenditures182 9,354  774 12,736 Change in non-cash working capital334 (5,622) 9,518 (5,520)Net cash used in investing activities516 3,732  10,292 7,216 
Operating netback

Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

 Three Months ended
September 30  Nine Months ended
September 30 $’0002025 2024  2025 2024 Revenue21,746 24,787  71,411 74,738 Production, distribution and transportation expenses(4,479)(6,566) (12,857)(14,725)Net Production Revenue17,267 18,221  58,554 60,013 Less current income tax adjustment (recorded in revenue)(4,145)(38) (10,211)(4,756)Operating netback13,122 18,183  48,343 55,257 Sales volumes MMcf6,547 6,108  19,250 18,581 Netback $/mcf2.00 2.98  2.51 2.97 
Non-GAAP Ratios

Operating netback per mcf

Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

Supplementary Financial Measures

Working capital

Working capital is defined as current assets less current liabilities, as reported in the Company’s Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

Net cash flows from operating activities per share

Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

Weighted average Class A and Class B Shares

In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

Forward-Looking Statements

This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company’s expectations regarding the demand for natural gas and power supply; costs, outcomes and timing in respect to the outcome of the Notice of Dispute and the Claims; costs, outcomes and timing in respect to the outcome of the Swala Dispute; merit, outcomes, position and timing in respect of the Notice of Dispute and Claims; expectations in relation to the Notice of Dispute and Claims; merit, outcomes, position and timing in respect of the Swala Dispute; expectations in relation to the Swala Dispute; the amount of damages that may be payable by the Company relating to the Swala Dispute; expectations in relation to the ASI; merit, outcomes, position and timing in respect of the ASI; the amount of damages that may be received by the Company in respect to the Claims; extension of the License and the Company’s expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of interest from TANESCO; the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement; the Company’s plans to provide updates on the Notice of Dispute, Claims, and/or Swala Dispute; that the flowlines project will resume in Q4 2025; and the Company's intention to review its capital allocation policy in the near term and will update the market as appropriate. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: uncertainties involving the Notice of Dispute, Claims and RFA’s, Swala Dispute, and the ASI; various uncertainties involved in the extension of the License; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company’s average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute; risk that the Company may incur losses and legal expenses as a result of the RFA’s and Claims and/or the Swala Dispute; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute and/or Claims; uncertainties regarding quantum of damages payable by the Company in respect of the Swala Dispute; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company’s various development programs and studies in 2025 are different than expected; risk of damage to the Company’s infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company's operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company’s tax liabilities and the implementation of further legislation and the Company’s interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; failure to extend the License on favorable terms or at all; inability to continue the Company’s operating activities beyond the expiry of the License; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company’s ability to complete sales of Additional Gas; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risk relating to the Company’s relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential 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 dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company’s assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under “Business Risks” in our management discussion and analysis for the three and nine month periods ended September 30, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute, Claims, the Swala Dispute, and the ASI; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company’s relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute, Claims and the Swala Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company’s ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company’s cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company’s ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company’s expectations; accurate assessment by the Company of the merits of the claims brought forward by the Company pursuant to the Claims and the RFA’s, and the Swala Dispute; that the amount of damages recoverable by the Company under the Notice of Dispute and Claims will be in line with expectations; the Company’s interpretation and prediction of the effects regarding changes to the Company’s tax liabilities and the implementation of further legislation is accurate in all material respects; the Company’s ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

TORTOLA, British Virgin Islands, Nov. 27, 2025 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“Orca” or the “Company”) (TSX-V: ORC.A, ORC.B) today announced that its Board of Directors has declared a quarterly cash dividend of $0.10 (Cdn) per Class A Common Voting Share ("Class A Shares") of the Company and $0.10 (Cdn) per Class B Subordinate Voting Share ("Class B Shares") of the Company. The dividend will be payable on January 14, 2026 to holders of Class A Shares and Class B Shares of record on December 31, 2025.

About Orca Energy Group Inc.

Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

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

TORONTO--(BUSINESS WIRE)--Samsung hosted its National Skills & Repair Competitions, celebrating the top Mobile Experience and Consumer Electronics technicians.

Class Action Targets Offering Documents for Failure to Disclose "Known Trends" Adversely Affecting Operations and Liquidity

, /PRNewswire/ -- Ticket resale giant StubHub Holdings, Inc. (NYSE: STUB) is facing a proposed securities class action stemming from its highly anticipated initial public offering just weeks before it released disappointing third-quarter results.

Hagens Berman is investigating whether StubHub's IPO materials were misleading and urges investors in StubHub who purchased or otherwise acquired company shares pursuant to the IPO or on the open market to submit your losses now.

Class Period: Sept. 17, 2025 – Nov. 24, 2025
Lead Plaintiff Deadline: Jan. 23, 2026
Visit: www.hbsslaw.com/investor-fraud/stub
Contact the Firm Now: [email protected]
                                       844-916-0895

StubHub Holdings (STUB) Securities Class Action

The lawsuit, styled Salabaj v. StubHub Holdings, Inc., et al., No 1:25-cv-09776 (S.D.N.Y.), seeks to represent investors who acquired common shares in the company's September 17, 2025, IPO. The offering saw StubHub issue approximately 34 million shares at $23.50 apiece.

Allegations of Misrepresented Financial Health

The litigation centers on allegations that StubHub's IPO offering documents were negligently prepared and contained untrue statements while failing to disclose crucial information to prospective investors.

Specifically, the complaint alleges the company did not disclose "known trends, events or uncertainties" that were already having, or were likely to have, an adverse impact on StubHub's operations and key financial metrics.

The plaintiffs highlight the company's strong emphasis on "free cash flow" in the offering documents, which the company positioned as a "meaningful indicator of liquidity for management and investors." This metric, according to the documents, was the amount of cash generated from operations that could be used for strategic initiatives.

Post-IPO Plunge

The narrative, according to the complaint, began to unravel on Nov. 13, 2025, when the company announced its Q3 2025 financial results.

StubHub reported a negative free cash flow of $4.6 million, marking a staggering 143% decline from the prior year period.
Net cash provided by operations plummeted to $3.8 million, a 69% decrease year-over-year.
The company notably withheld Q4 2025 guidance, adding to investor uncertainty.

StubHub attributed the decline to "changes in timing of payments to vendors." At the time of the earnings release, the company's CFO commented, "From the outset, we anticipated that 2025 would present a more challenging growth environment for our market."

The news triggered an immediate and sharp reaction in the market. StubHub shares were driven down approximately 20% in the subsequent trading session, closing at $14.87—more than 36% below the initial $23.50 IPO price.

Hagens Berman's Investigation

Prominent shareholder rights firm Hagens Berman has opened an investigation into the alleged claims. The firm is specifically examining whether the IPO materials may have misled investors about the company's market opportunity, growth prospects, and the scope of its regulatory scrutiny.

Reed Kathrein, the Hagens Berman partner leading the firm's investigation, commented on the situation, stating: "We're focused on whether StubHub's IPO materials may have misled investors about known trends in its business that, when disclosed in November, wiped out over $1 billion of market capitalization."

If you invested in StubHub and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like answers to frequently asked questions about the StubHub case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding StubHub should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

SOURCE Hagens Berman Sobol Shapiro LLP

Sika AG (OTCPK:SXYAY) Shareholder/Analyst Call November 27, 2025 4:00 AM EST

Company Participants

Dominik Slappnig - Head of Corporate Communications & Investor Relations
Thomas Hasler - Chief Executive Officer
Adrian Widmer - Chief Financial Officer
Philippe Jost - Regional Manager of Asia/Pacific
Christine Kukan - Head Investor Relations

Conference Call Participants

Cedar Ekblom - Morgan Stanley, Research Division
Pujarini Ghosh - Sanford C. Bernstein & Co., LLC., Research Division
Patrick Rafaisz - UBS Investment Bank, Research Division
Priyal Mulji - Jefferies LLC, Research Division

Presentation

Dominik Slappnig
Head of Corporate Communications & Investor Relations

So good morning. It's a pleasure to welcome you today to our Fast Forward Media Investor Conference. With me today on the stage is Thomas Hasler, our CEO; Adrian Widmer, our CFO; and Philippe Jost, our Manager, Asia Pacific. As well present today, here in the room is our chair, Thierry Vanlancker; and the members of our group management. Thank you very much to be here as well.

With this, I hand over to Thomas to start the conference.

Thomas Hasler
Chief Executive Officer

Good. Thank you, and also a warm welcome from my side. And for all the guests from far and near. And also the online participants here, a special welcome to the early birds in the U.S. that have a very long Thanksgiving today. So that's the good part, but it's 4 a.m. to join this next 90 minutes. I would also like to welcome my team, colleagues, employees of the Sika Group, and it is them that enables us here in front to present a strong Sika with clear way forward and clarity on the Fast Forward program that we will comment in the coming 60 minutes.

But I would like also, before we go into the program, talk about the foundation of Sika a little bit. It's a foundation from

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