Market Signal Briefing

November 25, 2025 7:29 PM EST | Source: HIVE Digital Technologies Ltd.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated November 25, 2025 to its short form base shelf prospectus dated October 31, 2025.

San Antonio, Texas--(Newsfile Corp. - November 25, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, today announced that it has entered into an equity distribution agreement (the "Equity Distribution Agreement") with Keefe, Bruyette & Woods, Inc., Stifel Nicolaus Canada Inc., Cantor Fitzgerald & Co., Cantor Fitzgerald Canada Corporation, Canaccord Genuity LLC, Canaccord Genuity Corp., Roth Capital Partners LLC, Roth Canada, Inc., B. Riley Securities, Inc., Northland Securities, Inc. and Rosenblatt Securities Inc. (collectively, the "Agents").

Under the Equity Distribution Agreement, the Company may offer and sell up to US$300 million shares of the Company's common stock (the "Common Shares") pursuant to an "at-the-market" equity program (the "ATM Program"). The Common Shares will be sold by the Company to the public from time to time, through the Agents, at the Company's discretion, at the prevailing market price at the time of sale.

Sales of Common Shares under the ATM Program will be made by Agents through "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions and "at-the-market offerings" under Rule 415 of the U.S. Securities Act of 1933, as amended, on the TSX Venture Exchange and the Nasdaq Stock Market. The Company is not obligated to make any sales of Common Shares under the Equity Distribution Agreement. Unless earlier terminated by the Company or the Agents as permitted therein, the Equity Distribution Agreement will terminate at such time that the aggregate gross sales proceeds of the Common Shares sold under the ATM Program reaches the aggregate amount of US$300 million.

Sales under the ATM Program will be made pursuant to a prospectus supplement dated November 25, 2025 (the "Canadian Prospectus Supplement") to the Company's short form base shelf prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada dated on October 31, 2025 (the "Canadian Base Prospectus"), and pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-291676) (the "Registration Statement") filed with the United States Securities and Exchange Commission (the "SEC") on November 20, 2025, as supplemented by a prospectus supplement (the "U.S. Prospectus Supplement") dated November 25, 2025, relating to the Common Shares to be sold under the ATM Program (the Canadian Prospectus Supplement, the Canadian Base Prospectus, U.S. Prospectus Supplement and the Registration Statement are collectively referred to as the "Offering Documents").

Copies of the Canadian Prospectus Supplement and the Canadian Base Prospectus are available on SEDAR+ at www.sedarplus.ca and copies of the Registration Statement and the U.S. Prospectus Supplement, are available on EDGAR at www.sec.gov. Copies of such documents may also be obtained from: Stifel Nicolaus Canada Inc.at 161 Bay Street, Suite 3800, Toronto, ON M5J 2S1 or by email at [email protected]; and Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, 4th Floor, New York, New York 10019 or by email at [email protected]. These documents contain important information about the ATM Program. Prospective investors should read the Offering Documents before making an investment decision.

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

About HIVE Digital Technologies Ltd.

Founded in 2017, HIVE Digital Technologies Ltd. builds and operates sustainable blockchain and AI infrastructure powered by renewable hydroelectric energy. With a global footprint across Canada, Sweden, and Paraguay offering scalable AI and cloud compute services, HIVE is committed to operational excellence, green energy leadership, and creating long-term value for its shareholders and host communities.

On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman

For further information, please contact:
Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO
Tel: (604) 664-1078

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

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to: statements with respect to the future issuance of Common Shares sold under the ATM Program; the aggregate gross proceeds of the ATM Program; the use of proceeds from any sales of Common Shares under the ATM Program; business goals and objectives of the Company; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transaction described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward looking information include, but are not limited to, the effect of government regulation and compliance on the Company; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances and risks that are more fully set out in the Company's Offering Documents, the Company's Annual Report on Form 40-F for the year ended March 31, 2025, the Company's Annual Information Form for the year ended March 31, 2025 and in other Company reports and documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.

The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275983

Merger close anticipated for Jan. 1, 2026

NASHVILLE, Tenn. & COLUMBUS, Ga.--(BUSINESS WIRE)--The proposed combination of Pinnacle Financial Partners (Nasdaq/NGS: PNFP) and Synovus Financial Corp. (NYSE: SNV) has received regulatory approval from the Board of Governors of the Federal Reserve System. With shareholders of each company approving the merger on Nov. 6, 2025, Pinnacle and Synovus anticipate completing the merger Jan. 1, 2026, subject to satisfaction of the remaining customary closing conditions.

“Federal bank regulatory approval brings us another step closer to combining two strong organizations with a shared commitment to people,” said Kevin Blair, Synovus CEO and who will be president and CEO of the combined company. “By leveraging the best of both firms, we’ll accelerate growth, expand opportunities and deliver lasting impact for clients, team members and communities.”

“I’m incredibly proud of the teams on both sides of this deal who are working in lockstep to bring us together,” said Pinnacle President and CEO Terry Turner, who will be chairman of the board for post-close Pinnacle. “This is such a complex process, but both teams are pulling in the same direction toward the end goal, which is to create a bank that’s bigger, stronger and better able to serve the needs of our clients and communities than ever before.”

See a complete update of the merger process and a timeline of what’s ahead.

Integration teams are working closely together toward closing with clear plans for how the firm will operate on Day One, while also building the blueprint for integration. Throughout 2026, team members will work to bring systems, processes and people under the Pinnacle brand. Full system and brand conversions are expected to take place in the first half of 2027. Until then, clients at both firms should see very little change in their day-to-day business, and Synovus locations will continue to operate under the Synovus brand.

“There’s no shortage of lessons learned to draw from in a merger like ours, and we’ve made decisions and taken actions to avoid pitfalls,” Blair said. “By focusing on the client and team member experiences and keeping local leadership and continuity across our markets, we’re building on Pinnacle’s legacy as one of America’s top-performing banks with engaged and purposeful teams, a loyal and growing client base and outsized shareholder returns.”

The combined firm will have $116 billion in assets and headquarters in two of the Southeast’s most important and fastest growing markets: The holding company will be based in Atlanta, GA, and Pinnacle Bank will be based in Nashville, TN, as a Tennessee state-chartered bank and member of the Federal Reserve System.

About Pinnacle

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2025 deposit data from the FDIC. Pinnacle is No. 9 on FORTUNE magazine’s 2025 list of 100 Best Companies to Work For® in the U.S., its ninth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $56.0 billion in assets as of September 30, 2025. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.

About Synovus Financial Corp.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. As of Sept. 30, 2025, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.

Forward-Looking Statements

This communication contains statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed transaction between Synovus Financial Corp. (“Synovus”) and Pinnacle Financial Partners, Inc. (“Pinnacle”), including future financial and operating results (including the anticipated impact of the proposed transaction on Synovus’ and Pinnacle’s respective earnings and tangible book value), statements related to the expected timing of the completion of the proposed transaction, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. You can identify these forward-looking statements through the use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’, Pinnacle’s or combined company’s future businesses and financial performance and/or the performance of the banking industry and economy in general.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus, Pinnacle or the combined company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus or Pinnacle and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this communication. Many of these factors are beyond Synovus’, Pinnacle’s or the combined company’s ability to control or predict. These factors include, among others, (1) the risk that the cost savings and synergies from the proposed transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to Synovus’ business and to Pinnacle’s business as a result of the announcement and pendency of the proposed transaction, (3) the risk that the integration of Pinnacle’s and Synovus’ respective businesses and operations will be materially delayed or will be more costly or difficult than expected, including as a result of unexpected factors or events, (4) the amount of the costs, fees, expenses and charges related to the transaction, (5) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the proposed transaction, (6) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (7) the dilution caused by the issuance of shares of the combined company’s common stock in the transaction, (8) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (9) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed transaction, (10) the possibility the combined company is subject to additional regulatory requirements as a result of the proposed transaction or expansion of the combined company’s business operations following the proposed transaction, (11) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Synovus, Pinnacle or the combined company and (12) general competitive, economic, political and market conditions and other factors that may affect future results of Synovus and Pinnacle including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; and capital management activities. Additional factors which could affect future results of Synovus and Pinnacle can be found in Synovus’ or Pinnacle’s filings with the Securities and Exchange Commission (the “SEC”), including in Synovus’ Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Forward-Looking Statements” and “Risk Factors,” and Synovus’ Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and Pinnacle’s Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Forward-Looking Statements” and “Risk Factors,” and in Pinnacle’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Synovus and Pinnacle do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

More News From Pinnacle Financial Partners, Inc.

HP (HPQ - Free Report) reported $14.64 billion in revenue for the quarter ended October 2025, representing a year-over-year increase of 4.2%. EPS of $0.93 for the same period compares to $0.93 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $14.97 billion, representing a surprise of -2.23%. The company delivered an EPS surprise of +2.2%, with the consensus EPS estimate being $0.91.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

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

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

Days in accounts payable: 139.00 Days versus 137.00 Days estimated by two analysts on average.Days of sales outstanding in accounts receivable: 35.00 Days versus the two-analyst average estimate of 31.50 Days.Days of supply in inventory: 66.00 Days versus the two-analyst average estimate of 67.00 Days.Net revenue- Personal Systems- Commercial PS: $6.97 billion versus the two-analyst average estimate of $7.34 billion. The reported number represents a year-over-year change of +6.9%.Net revenue- Personal Systems- Consumer PS: $3.38 billion versus the two-analyst average estimate of $3.38 billion. The reported number represents a year-over-year change of +10.2%.Net revenue- Personal Systems: $10.35 billion versus the two-analyst average estimate of $10.72 billion. The reported number represents a year-over-year change of +7.9%.Net revenue- Printing- Supplies: $2.76 billion versus $2.81 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.6% change.Net revenue- Printing- Commercial Printing: $1.21 billion compared to the $1.18 billion average estimate based on two analysts. The reported number represents a change of -4.2% year over year.Net revenue- Printing- Consumer Printing: $296 million compared to the $302.61 million average estimate based on two analysts. The reported number represents a change of -8.9% year over year.Net revenue- Printing: $4.27 billion versus $4.29 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -4.2% change.Earnings from operations- Personal Systems: $597 million versus the two-analyst average estimate of $632.41 million.Earnings from operations- Corporate Investments: $-34 million versus $-156.27 million estimated by two analysts on average.View all Key Company Metrics for HP here>>>

Shares of HP have returned -12.7% over the past month versus the Zacks S&P 500 composite's -1.2% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Nova Eye Medical Limited (OTCPK:ELXMF) Discusses Clinical Insights and Practice Advantages of iTrack Advance Glaucoma Device November 25, 2025 5:30 PM EST

Company Participants

Mark Flynn - Investor Relations
Thomas Spurling - MD & Executive Director

Conference Call Participants

Dr. Mahmoud Khaimi

Presentation

Mark Flynn
Investor Relations

Good morning, everyone, and thank you for joining us at Nova Eye. We're here to walk you through the clinical use of the iTrack Advance and share some direct insights from the field.

With us today is, as always, Nova Eye's Medical CEO and MD, Thomas Spurling, and also joined by Dr. Khaimi, leading glaucoma surgeon and one of the key voices in canal-based surgery in the U.S.A. and globally. I'll now hand over to Tom to introduce our guest and set the tone for today's session.

Thomas Spurling
MD & Executive Director

Thanks, Mark. Look, good morning, everyone. Thanks for coming on board. We really appreciate the interest everyone shows. I'm really excited to have Dr. Mahmoud Khaimi with us today. Dr. Khaimi is one of the most experienced canal-based surgeons -- that's Schlemm's canal-based surgeons in the world, not just the U.S., and he performed the first ab-interno canaloplasty, that's canaloplasty from inside the front of the eye, and has helped shape how surgeons -- that technique has been rolled out by our company over the years.

In addition, that work has helped us develop the iTrack Advance, which is the product you see on the screen, which that slider and the ergonomics was all work done with Dr. Khaimi back in 2022 and earlier.

Dr. Khaimi spent more than 15 years at Dean McGee Eye Institute in Oklahoma as a clinical professor. He held the James P. Luton Endowed Chair, led glaucoma services in that institution and trained the next generation of glaucoma specialists

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Dell Technologies Inc. (DELL) Q3 2026 Earnings Call November 25, 2025 4:30 PM EST

Company Participants

Paul Frantz - Vice President of Investor Relations
Jeffrey Clarke - COO & Vice Chairman
David Kennedy - Interim CFO & Senior VP of Global Business Operations and Finance

Conference Call Participants

Samik Chatterjee - JPMorgan Chase & Co, Research Division
Mark Newman - Sanford C. Bernstein & Co., LLC., Research Division
Benjamin Reitzes - Melius Research LLC
Erik Woodring - Morgan Stanley, Research Division
Wamsi Mohan - BofA Securities, Research Division
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Aaron Rakers - Wells Fargo Securities, LLC, Research Division
Michael Ng - Goldman Sachs Group, Inc., Research Division
Asiya Merchant - Citigroup Inc., Research Division
Simon Leopold - Raymond James & Associates, Inc., Research Division
David Vogt - UBS Investment Bank, Research Division
Timothy Long - Barclays Bank PLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Fiscal Year 2026 Third Quarter Financial Results Conference Call for Dell Technologies Inc. I'd like to inform all participants, this call is being recorded at the request of Dell Technologies. This broadcast is a copyright property of Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. [Operator Instructions]

I'd now like to turn the call over to Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin.

Paul Frantz
Vice President of Investor Relations

Thanks, everyone, for joining us. With me today are Jeff Clarke, David Kennedy and Tyler Johnson. Our earnings materials are available on our IR website, and I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call.

During this call, unless otherwise indicated, all references to financial

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Monad launched its main net and native MON token, adding over 100 apps in the first day. MON rose by more than 62% to $0.04, on a mix of DEX trading and listings on Coinbase and Upbit.

TLDR

Texas purchases $5 million in BlackRock’s Bitcoin ETF as part of its plan to create a state-backed crypto reserve.
The state passed legislation earlier this year, allocating $10 million for the Texas Strategic Bitcoin Reserve.
Texas issued a request for information (RFI) to industry leaders to develop best practices for managing its Bitcoin reserve.
Other states like Michigan, Wisconsin, New Hampshire, and Arizona are also exploring state-level crypto reserves.
Texas aims to be the first U.S. state to establish a formal Bitcoin reserve, with plans for custodianship and management.

Texas has made its first step toward creating a state-based cryptocurrency reserve by purchasing $5 million in BlackRock’s Bitcoin ETF. This purchase signals the state’s intention to establish a long-term investment in digital assets. Although it is not a direct cryptocurrency investment, it represents a move toward building the Texas Strategic Bitcoin Reserve.

Texas Takes Initial Step Toward a Bitcoin Reserve
According to a report by CoinDesk, the $5 million Bitcoin ETF purchase is part of Texas’ broader plan to create a state-funded crypto reserve. Texas passed legislation earlier this year, appropriating $10 million for the reserve. This purchase is seen as a placeholder until the state finalizes its strategy for direct crypto investments.

Texas officials are currently working with industry leaders to develop best practices for managing a Bitcoin reserve. The state’s comptroller’s office secured the ETF purchase as an initial step. The final goal is to set up a Bitcoin stockpile that could be maintained for future generations.

Texas also issued a request for information (RFI) to the crypto industry in September to gather insights. The RFI helped the state understand how to proceed with building a reserve and managing it efficiently. The state plans to move forward with the creation of a formal request for proposal (RFP) to select a custodian for the reserve.

Other States Begin Exploring Crypto Reserves
While Texas is making progress, other states are also exploring the idea of crypto reserves. Michigan, for example, has invested in a Bitcoin ETF with public pension funds. Wisconsin previously sold its $350 million stake in the BlackRock ETF earlier this year.

States like New Hampshire and Arizona have also begun their own efforts toward creating crypto reserves. New Hampshire passed legislation, but no moves have been made yet. Arizona aims to use unclaimed crypto property to build its own state-backed crypto stockpile.

These efforts signal a growing interest in state-level cryptocurrency investments, with Texas leading the charge. Texas’ move is expected to influence other states, encouraging them to consider their own reserves. As of now, no state has fully launched its own direct cryptocurrency stockpile.

Texas Positioned to Lead the Nation in Crypto Reserves
Texas’ $5 million ETF purchase is a significant step toward its goal of becoming the first state in the U.S. to establish a formal Bitcoin reserve. The state’s approach will likely serve as a model for other states considering similar initiatives. Texas’ proactive steps demonstrate its commitment to cryptocurrency as part of its long-term financial strategy.

The purchase was made at a price point of $87,000 per Bitcoin, following a market drop from over $120,000. This move was celebrated by local blockchain advocates, who viewed it as a timely acquisition. Texas remains on track to finalize its Bitcoin reserve in the near future, with the next steps focused on securing custodianship and further developing its reserve management plan.

ChatGPT has assessed how far XRP, Pi Network and Shiba Inu could rise or fall in the coming month after recent market losses, outlining targets from $1 to $10 for XRP and wide ranges for PI and SHIB, while Maxi Doge presale has moved ahead outside these models.

The newly launched DOGE ETF reported roughly $1.4M in first-day trading volume, according to analyst Eric Balchunas on X. The update was shared earlier today, noting that the product’s debut failed to generate any meaningful reaction in Dogecoin’s market price.

$GDOG (first Doge ETF) saw $1.4m volume on Day One.. solid for an avg launch but low for a 'first-ever spot' product. Not too surprising tho, we actually made a rhyme a while ago predicting this: 'The further away you get from BTC, the less asset there will be.' pic.twitter.com/ermlOcID1J

— Eric Balchunas (@EricBalchunas) November 25, 2025

The modest turnover suggests limited initial demand compared with other recent crypto-linked products. Traders tracking the launch noted that DOGE’s price remained broadly unchanged during the session, signaling muted enthusiasm despite the token’s large retail following. Market participants also pointed out that the ETF’s early performance could influence short-term sentiment, particularly among investors expecting stronger inflows.

For now, attention shifts to whether volume stabilizes or improves in the coming days, which may determine how the market interprets the ETF’s relevance. Analysts will also watch for updates from the issuer regarding liquidity, creation units, or changes in trading activity as the product gains traction.

Source: Eric Balchunas on X.

Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.

This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.

In brief
Saudi Aramco installed the Kingdom’s first quantum computer, built by France-based Pasqal.
The 200-qubit system marked Saudi Arabia’s entry into the global quantum race.
Experts said current machines cannot yet break Bitcoin’s cryptography, but progress is accelerating.
Saudi Arabia has entered the global quantum computing race.

Saudi Aramco, the government-controlled energy and chemicals company, said Monday it has installed the Kingdom’s first quantum computer, in a move that adds to mounting security concerns for Bitcoin and other blockchain networks.

Aramco said the 200-qubit machine, built by Pasqal, a France-based neutral-atom quantum computing company, and installed at its Dhahran data center, has been designed for industrial applications such as energy modeling and materials research.

Pasqal said it is the most powerful system the company has delivered to date. A qubit, or quantum bit, is the basic unit of a quantum computer.

“The deployment of our most powerful quantum computer yet is a piece of history and a landmark for the Middle East’s quantum future,” Pasqal CEO Loïc Henriet said in a statement. “Pasqal continues its expansion, delivering practical quantum power to industry.”

Saudi Arabia’s move places it alongside governments in the U.S., China, the EU, the UK, Japan, India, and Canada that have funded national quantum programs intended to expand research infrastructure and train the workforce needed for future fault-tolerant systems.

Experts warn that if quantum machines ever become powerful enough, they could reveal private keys or forge signatures, allowing attackers to steal funds or crack privacy mechanisms. But just how real is that threat today?

A serious threat or a shot in the dark?Yoon Auh, founder of Bolts Technologies, said rapid progress in quantum computing has forced security communities to take the threat seriously, amid “repeated jumps” in the technology.

“With so much effort and money going into this, breakthroughs are inevitable,” he told Decrypt. “Nobody knows when, but the threat is no longer theoretical. It still can’t break ECC or RSA today, but progress is steady.”

Auh said the motivation for nation-state investment extends beyond cryptanalysis.

“Quantum computing is the first technology that could become a global digital weapon not controlled by any political system,” he said.

Still, the research is some ways off from cracking systems like the one Bitcoin is built on.

According to research scientist Ian MacCormack, a 200-qubit system is small in practical terms, since current machines are limited by noise and short coherence times that restrict how many operations they can run.

“200 qubits is enough to do some interesting experiments and demonstrations, assuming the qubits are high quality, which is hard to do with even that few of them, but nowhere near enough to do error corrected computing of the sort you would need to run Shor's Algorithm,” he said, referring to the a quantum algorithm for finding the prime factors of an integer.

Progress aheadIn September, researchers at Caltech unveiled a neutral-atom system with 6,000 qubits.

However, even machines of that scale are still used for research, simulations, and algorithm development rather than for attacking cryptography.

“What you need is a very long coherence time compared to the duration of your operations,” Caltech graduate student Elie Bataille told Decrypt. “If your operations are one microsecond and you have a second of coherence time, that means you can do about a million operations.”

Researchers say threatening modern cryptography would require thousands of error-corrected logical qubits, which translates to millions of physical qubits.

Although the Pasqal system did not change current blockchain security, it renewed attention on a long-term risk known as Q-Day, the moment a quantum computer becomes powerful enough to derive a private key from a public key and forge digital signatures.

The concern is that such a capability would not only undermine the cryptography used by Bitcoin but also the many security systems that underpin the global economy.

“What a quantum computer could do, and this is what’s relevant to Bitcoin, is forge the digital signatures Bitcoin uses today,” Justin Thaler, research partner at Andreessen Horowitz and associate professor at Georgetown University, told Decrypt. “Someone with a quantum computer could authorize a transaction, taking all the Bitcoin out of your accounts when you did not authorize it. That’s the worry.”

Today’s early-stage processors, including the 200-qubit Pasqal machine and Google’s 105-qubit Willow chip, remain well below the threshold needed for such attacks.

“Quantum computation has a reasonable probability, more than 5%, of being a major, even existential, long-term risk to Bitcoin and other cryptocurrencies,” Christopher Peikert, professor of computer science and engineering at the University of Michigan, told Decrypt. “But it’s not a real risk in the next few years; quantum-computing technology still has too far to go before it can threaten modern cryptography.”

Generally Intelligent NewsletterA weekly AI journey narrated by Gen, a generative AI model.

Bitcoin is struggling to reclaim the $90,000 level as selling pressure continues to dominate across the crypto market. The sharp decline from the all-time high has fueled growing speculation that the current cycle may have already peaked, with many analysts now calling for the beginning of a bear market. Sentiment has shifted rapidly, and fear is spreading as traders question whether the bullish structure has been permanently broken.

However, not everyone agrees with the bearish outlook. A segment of market participants still expects a rebound, arguing that the correction is part of a broader continuation pattern rather than the end of the cycle. These optimistic observers believe that higher prices could still unfold once selling exhaustion sets in.

According to top analyst Darkfost, the recent price action reflects a notable behavioral shift in traders. He explains that investors who attempted to long the market throughout the correction have finally been squeezed out.

Funding rates, which had remained elevated during the decline, have now cooled and even turned negative — a strong signal that sentiment has flipped. Darkfost notes that traders waited for Bitcoin to correct more than 30% before shifting aggressively into short positions, highlighting a delayed reaction that often appears near market inflection points.

Funding Rates Flip Negative as Short Dominance Takes Over
Darkfost explains that the latest shift in funding rates is more meaningful than it appears on the surface. He notes that traders often assume the neutral funding level is 0%, but that is not the case. Most exchanges — including Binance — embed an interest component of roughly 0.01% into the funding calculation.

Bitcoin Funding Rates – All Exchanges | Source: Darkfost
This means that when funding drops below 0.01%, it already reflects short-side dominance. Therefore, when funding turns negative, it signals an even stronger tilt toward aggressive short positioning. According to Darkfost, this marks a clear behavioral change among derivatives traders, suggesting that the market has transitioned from forced long unwinds to conviction-based short exposure.

Historically, these shifts tend to occur only once a correction is already deep into its progression. Darkfost highlights that such funding transitions often reflect trader capitulation — where participants who fought the downtrend finally flip and attempt to follow momentum, but only after most of the move has already unfolded.

This phenomenon has appeared in previous cycle retracements and has frequently coincided with late-stage bottoms. He adds that Bitcoin may now be entering a disbelief phase, where price begins climbing while shorts continue to pile in. If this dynamic persists, it could act as fuel for an upside reversal, especially if spot demand wakes up and liquidations pressure the short side instead.

BTC Price Testing Short-Term Supply
Bitcoin is attempting to stabilize after a sharp decline, with the chart showing price currently trading around $87,000 following a rebound from the recent plunge near $80,000. The downtrend remains clearly defined, as BTC continues to trade below the 50-day, 100-day, and 200-day moving averages, signaling persistent bearish momentum.

BTC testing fresh supply level | Source: BTCUSDT chart on TradingView
The slope of these moving averages has turned downward, reinforcing the shift in trend structure. Despite the bounce, the recovery lacks strong volume support, which suggests that buyers have not yet returned with conviction.

The chart shows that previous support levels around $95,000 and $100,000 have now become resistance areas, making them key levels to watch for any attempted recovery. A failure to reclaim these zones could trigger renewed selling pressure and a retest of the recent lows. However, the wick below $80,000 indicates aggressive buying at the lows, which could signal that a short-term bottom is forming if buyers continue to defend higher lows in the coming days.

Market sentiment remains fragile, yet the stabilization above $85,000 hints at a potential consolidation phase rather than immediate continuation of the decline. A sustained move above the 100-day moving average would be the first meaningful signal of regained bullish momentum.

Featured image from ChatGPT, chart from TradingView.com

CEO Vladimir Novakovski explains the infrastructure powering the perp DEX, and why Lighter opted for a zero-fee structure for retail users.

With major asset managers now rushing to launch their XRP ETFs, here's why the XRP price prediction is looking so bullish right now.

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The sharp TVL contraction appears largely driven by the unwinding of leveraged looping strategies that proliferated across DeFi protocols.

A high-conviction Bitcoin whale placed a $2 billion wager that the worst is over and the market bottom might be in after a brutal leverage washout stripped speculative froth from the crypto market.

On Nov. 24, Deribit, the Coinbase-owned crypto options trading platform, reported a 20,000 BTC notional block trade, which appears to signal that institutional capital is pivoting from damage control to strategic accumulation.

According to the platform:

“[The] trader lifted a long-dated 100k/106k/112k/118k call condor for Dec ’25. Signal is clear: a structured bullish view – expecting BTC to reach the 100–118k zone, not explode past it.”

What does this trade signal?This position effectively bets that the recent liquidation cascade marked a cycle-defining bottom that has cleared the runway for a march toward six figures.

Indeed, the trade structure is precise. By buying call options at $100,000 and $118,000 while selling calls at $106,000 and $112,000, the investor is targeting a specific profit corridor.

Bitcoin Block Trade (Source: Deribit)It represents a bet that the BTC will recover and settle into a high valuation band, but without the chaotic volatility that characterized the recent crash.

Meanwhile, this positioning arrives at a critical juncture. While retail investors remain hesitant, the derivatives market is signaling that the structural damage has been repaired.

So, the trade implies that the recent $27,000 plunge from the highs was a necessary cleansing event, resetting the board for the next leg of the cycle.

The 1.3 Million BTC flushTo understand the conviction behind the $1.7 billion bet, one must look at the scale of the wreckage left behind. The market has just endured its sharpest contraction in open interest of the entire cycle.

According to data from CryptoQuant, open interest in Bitcoin terms has plummeted by roughly 1.3 million BTC over the last 30 days. The vast majority of this unwind occurred on Binance, marking a decisive end to the speculative fever that had earlier driven aggregate open interest to record highs.

Bitcoin Open Interest (Source: CryptoQuant)This scale of capitulation mirrors the depths of the 2022 bear market. As a result, BTC’s recent drop from $106,000 to roughly $79,500 was primarily driven by mechanical liquidation cascades rather than fundamental decay.

This means that traders holding long positions were swept from the board in a violent feedback loop, turning a healthy correction into a crash.

However, historical patterns suggest these “cleansing phases” are often bullish signals.

By forcing the closure of overly optimistic positions and flushing out weak hands, the market builds a more stable floor. The reduction in speculative exposure implies that selling pressure from distressed leverage is now exhausted.

Whales accumulate, retail fleesMeanwhile, beneath the surface of the derivatives flush, on-chain data reveals a distinct shift in ownership that supports the bottoming thesis.

The market is transitioning from aggressive selling to an orderly unwind. Key stress metrics such as transfer volumes and realized capitalization change have subsided, a hallmark of late-cycle corrections.

More importantly, a clear divergence has emerged between investor cohorts. While retail investors (holding less than 10 BTC) have been net sellers over the last 60 days, mid-sized “sharks” and institutions are stepping in.

CryptoQuant data shows that BTC cohorts holding between 100 and 1,000 BTC, as well as those holding more than 10,000 BTC, have been steadily accumulating throughout the dip. These sophisticated players are absorbing the supply being distributed by fearful retail hands.

Bitcoin Accumulation Trend Score. (Source: CryptoQuant)However, the one remaining headwind is the 1,000 to 10,000 BTC cohort, which continues to distribute.

So, for the recovery to transition into a confirmed reversal, this group must slow its selling. As such, the $1.7 billion options bet is an early indicator that the “smart money” believes this shift is imminent.

Macro pivot pointsAt the same time, the whale’s trade timing anticipates a favorable shift in the macro environment. The week ahead is loaded with heavy economic data releases, including US PPI and PCE figures, which will anchor expectations for the Federal Reserve’s December policy meeting.

With markets pricing in an 81% probability of a rate cut, a dovish data skew would provide immediate liquidity support for risk assets.

Coin Bureau co-founder Nic Puckrin told CryptoSlate that the increased odds of a rate cut had helped push Bitcoin’s recent upward trend above $87,000.

“We could see further upside in the short term if sentiment holds, especially with longs underweighted,” he said, while cautioning that optimism is “tenuous” with the FOMC divided and no confirming data yet.

Puckrin added that the Fed’s next decision could decide whether year-end brings a “Santa rally” or a “Santa dump,” and he expects jitters to persist into the Dec. 10 meeting.

In this context, the Call Condor acts as a strategic vehicle. The sheer size of the position creates massive dealer hedging flows. As prices move toward the $100,000 activation zone, dealers who sold the structure will be forced to hedge their exposure, creating a magnetic pull toward the profit band.

Mentioned in this article

Texas is moving closer to becoming the first U.S. state to establish a long-term bitcoin reserve, taking an early step by securing $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT). According to the Texas Comptroller’s office, this purchase acts as a temporary placeholder while the state finalizes its formal plan and selects a custodian to manage the reserve. Earlier this year, lawmakers approved $10 million to fund the Texas Strategic Bitcoin Reserve, signaling a strong commitment to integrating digital assets into the state’s investment strategy.

The state recently completed an industry-wide information-gathering initiative aimed at identifying best practices for building and safeguarding a bitcoin reserve. Various crypto companies provided input on custody solutions, risk management, and operational frameworks. While ETF investments are not direct bitcoin holdings, they represent a strategic first step as Texas prepares the infrastructure necessary for long-term digital asset storage.

Texas is not alone in exploring government-backed crypto reserves. New Hampshire, Arizona, Michigan and Massachusetts are pursuing their own initiatives, though progress varies. New Hampshire, despite passing legislation first, has yet to launch its reserve. However, it recently authorized a $100 million bitcoin bond to support crypto-focused economic development. Arizona is working to channel unclaimed crypto assets into a dedicated reserve. Other states, including Michigan and Massachusetts, are rumored to be preparing new proposals for the upcoming legislative sessions.

Advocates such as Dennis Porter of the Satoshi Action Fund continue to guide lawmakers through gradual, practical approaches to bitcoin adoption. Porter noted that recent market volatility is unlikely to derail these efforts, as current price drops have not triggered major concerns among policymakers. Texas Blockchain Council president Lee Bratcher even praised Texas for “buying the dip,” acquiring bitcoin at roughly $87,000 following a significant market pullback from above $120,000.

As more states revisit cryptocurrency legislation early next year, momentum for state-level bitcoin reserves is expected to accelerate across the U.S.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

TLDR

Five new altcoin ETFs, including Grayscale Dogecoin and Franklin XRP, are set to launch in early December.
XRP, Solana, and Ethereum ETFs are seeing strong capital inflows, with XRP ETFs reaching $420 million in inflows in just six days.
Experts predict more than 100 additional altcoin ETFs will launch within the next six months.
Solana ETFs are bucking the trend of Bitcoin outflows, recording a $57.99 million net inflow over the past 24 hours.
Ethereum’s upcoming Fusaka upgrade is expected to increase token value capture, boosting demand for Ethereum-based ETFs.

Five altcoin exchange-traded funds (ETFs) are set to launch in early December, boosting investor interest in altcoins like Solana (SOL), Ethereum (ETH), and XRP. The upcoming listings follow the recent debuts of the Fidelity Solana Fund and the Canary Marinade Solana ETF. These new altcoin ETFs include the Grayscale Dogecoin ETF, Grayscale XRP Trust, Franklin XRP ETF, Bitwise DOGE ETF, and the Grayscale Chainlink Trust.

Bloomberg senior ETF analyst Eric Balchunas forecasts that the debut of these ETFs marks only the beginning. He expects more than 100 altcoin ETFs to launch in the next six months. According to James Seyffart, an expert ETF analyst, over 150 more altcoin ETFs are in the pipeline.

Altcoin ETFs Seeing Increased Demand in the Market
Recent data highlights a surge in capital flowing into altcoins through ETFs. Over the past 24 hours, Solana ETFs recorded net inflows of $57.99 million. Ethereum and XRP also saw substantial gains, with inflows of $96.6 million and $164.04 million, respectively. This comes in stark contrast to Bitcoin’s decline, which recorded a $151.08 million outflow.

The market’s growing appetite for altcoin ETFs signals a shift in investor preference. VanEck’s Matthew Sigel attributes Bitcoin’s selloff to tightening liquidity and broader market factors. In contrast, Bitwise CIO Matt Hougan believes that Bitcoin’s retreat offers opportunities for altcoins to gain value. “Tokens are getting much better at capturing value,” Hougan stated, pointing to Ethereum, UNI, and XRP as examples of tokens benefiting from this trend.

XRP ETFs Record Impressive Debut Numbers
XRP’s growth in ETF markets is noteworthy, with the U.S. XRP ETFs posting six consecutive days of inflows exceeding $420 million. The first day of trading saw inflows of over $250 million, marking the best ETF debut performance of the year. Ray Youssef, CEO of NoOnes, stated that ETFs are providing a stable liquidity buffer, absorbing the selling pressure that has affected other crypto assets, such as Bitcoin.

The strong performance of XRP ETFs is consistent with the growing interest in altcoins. Youssef further noted that the ETF inflow trend reflects a shift toward more diversified altcoin exposure. With ETFs integrating brokerage access, retail and institutional investors now have easier access to high-beta altcoins.

Solana, Ethereum, and Other Altcoins Gaining Traction with ETFs
As altcoin ETFs continue to debut, Solana (SOL) stands out as a leading example of ETF-driven growth. ETFs tied to Solana are bucking the outflow trend seen in Bitcoin ETFs, a sign of the altcoin’s rising appeal. The upcoming December launch of the Fusaka upgrade for Ethereum is also expected to boost token value capture, benefiting Ethereum’s altcoin ETFs.

Investors are becoming increasingly focused on the potential for altcoins like XRP to benefit from changes in token economics. Youssef added that the focus on value capture through staking mechanisms could redefine the economics for altcoin holders in the future.

As altcoin ETFs continue to roll out, experts predict an uptick in market activity for these tokens. The entry of new ETFs could fuel a broader altcoin rally, especially if Bitcoin stabilizes in the coming months. Many anticipate that altcoins such as Ethereum and Solana could see substantial price increases by the end of the year.

“Altcoin ETF season could trigger an end-of-year rally,” Youssef concluded. “If ETF demand remains strong and macro volatility eases, Ethereum could surpass $3,200, XRP could hit $3, and Solana may reclaim $150.” As more altcoin ETFs hit the market, their influence on token prices and broader market dynamics is expected to intensify.

November 25, 2025 5:20 PM EST | Source: Magna Mining Inc.
Sudbury, Ontario--(Newsfile Corp. - November 25, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) (the "Company" or "Magna") is pleased to report third quarter 2025 financial results. Management will host a conference call tomorrow, November 26, 2025, at 8:00am EST to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights

The three months ended September 30, 2025 ("Q3 2025") was Magna's second full quarter of production at the McCreedy West copper-precious metals Mine ("McCreedy West"), located in Sudbury, Ontario, Canada.Total ore processed in Q3 2025 was 75,215 tons from the 700 Footwall Copper Zone (see news release dated October 22, 2025) at a grade of 2.64% copper equivalent ("CuEq")1.Quarterly production of 2.7 million pounds ("lbs") CuEq at cash costs* of US$5.10/lb CuEq was impacted by the previously disclosed compressed air system failure and power related delays, which delayed access to higher grade stopes and has since been rectified.Sustaining capital expenditures at McCreedy West totalled $4.1 million during the quarter, a 123% increase from Q2 of 2025, including $2.7 million towards critical capital development and $1.4 million in fixed and mobile machinery upgrades, focused on improving asset reliability moving forward.Underground development during the quarter totalled 1,796 feet and continues to be prioritized in Q4 to provide increased production optionality and flexibility to support a more robust operating plan in 2026.Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30 the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million.* Refer to the section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements to the financial statements.

Jason Jessup, CEO, commented "During the third quarter of 2025, Magna executed on our plan to focus on investing in the underground development, diamond drilling, equipment and site infrastructure at McCreedy West. The goal of this plan is to access new areas of the mine with higher grade stopes, build in consistency and flexibility to the mine plan and position the operation to execute profitable production in 2026. To this end, we had a successful quarter, and we will be starting to realize the benefits going into Q1 2026. Access to higher grade stopes was achieved in early November following the resolution of the operational issues which impacted Q3 2025 production. We are on track to meet the lower end of our quarterly ore sales guidance in Q4 2025 and continue to prioritize efforts to optimize McCreedy West operations in 2026. I am proud of the team that we have assembled at our McCreedy West Mine and I am confident in their abilities to deliver in the future. We are well-funded to complete this work as well as advance our other Sudbury projects, while continuing to aggressively explore for new copper and precious metals-rich footwall deposits following our recent brokered equity offering and from the exercise of warrants which expired in early November."

Table 1: Magna Mining Q3 2025 Tons Processed, Payable CuEq Pounds and Contained CuEq Grades

2025Q3Q2Q1
(March only)Tons Processed 75,21570,04520,388Cu Eq Grade (%)1
(contained)2.643.263.01Cu Eq lbs1
(payable) 2,735,0003,053,000790,0001 Copper equivalent payable pounds and copper equivalent payable grade were calculated using the following US dollar prices:
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.

Table 2: McCreedy West 2025 Underground Development

2025Development
(feet)Q1
(Jan & Feb Under Prior Operator)568Q21,444Q31,796Table 3: Q3 2025 Operating and Financial Highlights

In 000s, except per units and per share amountsQ3 2025Q2 2025Q1 2025Q3 2024Financial results

Net revenue from mining operations16,28218,4664,453 - Cash margin1(2,041)(1,191)269 - Net income (loss)(10,642)(9,501)29,098 (4,498)Adjusted net loss1(10,410)(8,930)(5,442)(4,907)Operating cash flow(10,781)(11,560)(2,584)(3,635)Free cash flow1(14,350)(10,718)(10,584)(3,635)

Per share information:

Net earnings (loss) (0.05)(0.05)0.15(0.03) Adjusted net loss1 (0.05)(0.04)(0.03)(0.03) Operating cash flow1(0.05)(0.06)(0.01)(0.02) Free cash flow1(0.07)(0.05)(0.05)(0.02)

Selected Financial Statement data:

Cash and cash equivalents63,121 27,018 38,250 3,941 Working capital70,39331,91439,330871 Total assets212,656 163,534 168,132 25,202 Total non-current liabilities63,102 65,276 68,601 869

Operational results

Ore Processed (Dry tons)

700 Copper Zone75,215 59,100 13,911 - Intermain Nickel Zone - 10,9456,477 - Throughput75,215 70,045 20,388 -

Copper equivalent grade (%)

700 Copper Zone22.643.353.04 - Intermain Nickel Zone2 - 2.772.96 -
2.643.263.01 -

Metals Payable

Copper (000s lbs)1,949 1,629 552 - Nickel (000s lbs)193 327 132 - Cobalt (000s lbs)2 4 2 - Platinum (ozs)4791,156- - Palladium (ozs)641 1,218 13 - Gold (ozs)55284 - - Silver (ozs)13,105 9,499 1,638 - Cu equivalent payable pounds (000s)22,735 3,053 790 -

Average realized price (per lb Cu Eq payable)16.28 6.08 6.32 - Cash costs (per lb Cu Eq payable)1,27.03 6.47 5.98 - Cash margin (per lb Cu Eq payable)1(0.75)(0.39)0.34 - AISC (per lb Cu Eq payable)1,29.01 7.55 6.65 -

Production costs/ton processed1200 219 194 -

Exchange Rates

Average 1 USD → CAD exchange rates1.3773 1.3841 1.4359 1.3637 Cost Metrics (in USD)

Cash costs1,25.10 4.67 4.16 - AISC1,26.54 5.45 4.63 -

1 Refer to the section entitled "Non-IFRS Performance Measures" for the reconciliation of these non-IFRS measurements
to the financial statements.
2 Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were
calculated using the following US dollar prices:
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.

Q3 Financial Highlights

Quarterly production of 2.7 million lbs CuEq, consisting of 1.95 million lbs copper, 0.2 million lbs nickel, 479 ounces platinum, 641 ounces palladium, 55 ounces gold, and 13,105 ounces silver.Quarterly net revenue from mining operations was $16.3 million. Mining and processing costs in the quarter were $15.0 million, for production costs of $200 per ton processed. Q3 cash costs were $7.03/lb CuEq, or US$5.10/lb CuEq.Q3 all in sustaining costs ("AISC") were $9.01/lb CuEq, or US$6.54/lb CuEq, which includes $4.1 million of sustaining mine capital development, equipment, and exploration, a 123% increase from the previous quarter. Operating cash outflow in the quarter was $10.8 million or ($0.06) per share. Free cash outflow in the quarter was $14.4 million or ($0.07) per share.Adjusted net loss of $10.4 million or ($0.05) per share. Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30, 2025, the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million. Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.

Q3 2025 Quarterly Results Conference Call and Webcast

The company will be holding its Q3 results conference call and webcast on Wednesday November 26, 2025 at 8:00am EST. The conference call details are as follows:

To view the live Webcast in listen-only mode: https://edge.media-server.com/mmc/p/xxh36742

To participate in the live conference call (obtain a dial-in number and unique PIN): https://register-conf.media-server.com/register/BIfc83dc419540403380a832570e704494

Qualified Person

The scientific or technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "might", "potential", "expect", "anticipate", "estimate", "believe", "could", "should", "would", "will", "continue", "intend", "plan", "forecast", "prospective", "significant" or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling to support assumptions, expectations or estimates of potential mineralization, metal tonnes or grade, such as the mineralization of the Morrison Deposit at the Levack mine, the failure of additional drilling to support expansion or delineation of currently estimated resources, the lack of availability of drill rigs or platforms to implement exploration or other programs or the failure to proceed as quickly as planned with additional exploration, production or other drilling, continued delays for assay results, the failure to proceed as quickly as planned with or to complete additional development work as anticipated, such as additional development at the McCreedy West mine to access new stopes or the development of a ramp from the surface of, or recommissioning of the hoisting plant at, Levack, the failure to proceed as quickly as planned with a restart of mining at Levack, assuming there will be any restart, the failure to realize anticipated or assumed production and operational improvements from current or planned optimization initiatives at McCreedy West, the failure to successfully realize on talent or technical expertise to unlock the long-term, sustainable potential of McCreedy West, Levack or other assets of the Company and other risks disclosed in the Company's most recent annual management discussion and analysis, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and platinum group metals (PGM) assets located in the world-class Sudbury mining district of Ontario, Canada. The Company's primary asset is the McCreedy West Mine, currently in production, supported by a pipeline of highly prospective past-producing properties including Levack, Crean Hill, Podolsky, and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at www.magnamining.com and through the Company's public filings on the SEDAR+ website at www.sedarplus.ca.

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

NON-IFRS PERFORMANCE MEASURES

Please see below for the reconciliation of non-IFRS measures referred to in this news release to the consolidated financial statements.

Average realized price per copper equivalent payable pound

Average realized price per copper equivalent payable pound is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Average realized price per copper equivalent payable pound is calculated by dividing total metal proceeds received by the Company for the relevant period by the copper equivalent payable pounds. It may not be comparable to information in other issuers' reports and filings.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements (a)
16,282

18,466

4,453
Treatment and refining charges
1,838

1,634

539
Recognition of deferred streaming revenue
(941)
(1,550)
-
Copper equivalent revenue from mining operations (a)
17,179

18,550

4,992

 

 

 
Copper equivalent pounds sold (000s) (b)
2,735

3,053

790

 

 

 
Average realized price copper equivalent sold CAD (c) = (a) ÷ (b)
6.28

6.08

6.32

 

 

 
Average 1 USD → CAD exchange rate (d)
1.3773

1.3841

1.4359

 

 

 
Average realized price copper equivalent sold USD (c) ÷ (d)
4.56

4.39

4.40

 

 

 
Cash costs per copper equivalent payable pound

Cash cost per copper equivalent payable pound is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers' reports and filings. The Company has included this non-IFRS Accounting Standards performance measure throughout this document as Magna believes that this generally accepted industry performance measure provides a useful indication of the Company's operational performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following table provides a reconciliation of total cash costs per copper equivalent payable pound to cost of sales per the financial statements for each of the last eight quarters:

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements
19,380

20,275

4,422
Smelting, treatment and refining charges
1,838

1,634

539
Depletion and depreciation
(1,998)
(2,168)
(238)Cash costs (a)
19,220

19,741

4,723

 

 

 
Copper equivalent payable pounds (000s) (b)
2,735

3,053

790

 

 

 
Cash costs per copper equivalent payable pound (c) = (a) ÷ (b)
7.03

6.47

5.98

 

 

 
Average 1 USD → CAD exchange rate (d)
1.3773

1.3841

1.4359

 

 

 
Cash costs per copper equivalent payable pound USD (c) ÷ (d)
5.10

4.67

4.16

 

 

 
Production costs per ton processed

Mine-site cost per ton processed is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers' reports and filings. As illustrated in the table below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and depreciation, royalties and inventory level changes and then dividing by tons processed through the smelter. Management believes that mine-site cost per ton processed provides additional information regarding the performance of mining operations and allows Management to monitor operating costs on a more consistent basis as the per ton processed measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each ton mined, the estimated revenue on a per ton basis must be in excess of the production cost per ton processed in order to be economically viable. Management is aware that this per ton processed measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with production costs prepared in accordance with IFRS Accounting Standards. This measure supplements production cost information prepared in accordance with IFRS Accounting Standards and allows investors to distinguish between changes in production costs resulting from changes in production versus changes in operating performance.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales per financial statements
19,380

20,275

4,422
Depletion and depreciation
(1,998)
(2,168)
(238)Royalties and streaming expense
(2,346)
(2,772)
(223)Mining and processing costs (a)
15,036

15,335

3,961

 

 

 
Ore processed (tons) (b)
75,214

70,045

20,388

 

 

 
Production costs per ton processed (a) ÷ (b)
200

219

194

 

 

 
Cash Margin

Cash margin is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers' reports and filings. It is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations and cash mine site operating costs (see Cash cost per ounce of gold sold under this Section above) per the Company's Financial Statements. The Company believes it illustrates the performance of the Company's operating mines and enables investors to better understand the Company's performance in comparison to other metal producers who present results on a similar basis.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Copper equivalent revenue from mining operations (per above)
17,179

18,550

4,992
Cash costs (per above)
19,220

19,741

4,723
Cash margin
(2,041)
(1,191)
269

 

 

 
Per pound of copper equivalent payable (Canadian dollar):
 

 

 

 

 

 
Average realized price (a)
6.28

6.08

6.32
Cash costs (b)
7.03

6.47

5.98
Cash margin (a) - (b)
(0.75)
(0.39)
0.34

 

 

 
All-in Sustaining Costs

All-in sustaining costs ("AISC") include mine site operating costs incurred at Magna mining operations, sustaining mine capital and development expenditures, mine site exploration expenditures and equipment lease payments related to the mine operations and corporate administration expenses. The Company believes that this measure represents the total costs of producing copper equivalent payable pounds from current operations and provides Magna and other stakeholders with additional information that illustrates the Company's operational performance and ability to generate cash flow. This cost measure seeks to reflect the full cost of copper production from current operations on a per-pound basis of copper equivalent payable. New project and growth capital are not included.

In 000s, except per unit amounts
Q3 2025

Q2 2025

Q1 2025

Cost of sales, per financial statements
19,380

20,275

4,422
Smelting, treatment and refining charges
1,838

1,634

539
Depletion and depreciation
(1,998)
(2,168)
(238)Cash costs
19,220

19,741

4,723
Sustaining mine exploration and development
2,780

468

-
Sustaining mine capital equipment
1,342

1,381

-
Corporate and general
1,576

2,191

997
Less: KGHM Integration costs
(285)
(742)
(465)All-in Sustaining costs (AISC) (a)
24,633

23,039

5,255

 

 

 
Pounds of copper equivalent payable (b)
2,735

3,053

790

 

 

 
AISC (c) = (a) ÷ (b)
9.01

7.55

6.65

 

 

 
Average 1 USD → CAD exchange rate (d)
1.3773

1.3841

1.4359

 

 

 
AISC USD (c) ÷ (d)
6.54

5.45

4.63

 

 

 
Free cash flow and operating and free cash flow per share

Free cash flow is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments as reported in the Company's financial statements. Free cash flow per share is calculated by dividing free cash flow by the weighted average number of shares outstanding for the period.

Operating cash flow per share is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Operating cash flow per share is calculated by dividing cash flow from operating activities in the Company's Financial Statements by the weighted average number of shares outstanding for each year. It may not be comparable to information in other issuers' reports and filings.

In 000s, except per share amounts
Q3 2025

Q2 2025

Q1 2025

Net cash provided by operating activities per financial statements (c)
(10,781)
(11,560)
(2,584)Sustaining mine exploration and development
(2,780)
(468)
-
Sustaining mine capital equipment
(1,342)
(1,381)
-
Purchase of Project Nikolas Company Inc.
-

-

(5,000)Site maintenance capital equipment
666

(231)
-
Funds held against standby letters of credit
(113)
2,926

(3,000)Interest on resticted funds
 

(4)
-
Payment of lease liabilities
 

-

-
Free cash flows (a)
(14,350)
(10,718)
(10,584)

 

 

 
Weighted number of shares (000s) (b)
211,308

203,647

197,739

 

 

 
Per Share data
 

 

 
Operating cash flow (c) ÷ (b)
(0.05)
(0.06)
(0.01)Free cash flow (a) ÷ (b)
(0.07)
(0.05)
(0.05)

 

 

 
Adjusted net loss and Adjusted net loss per share

Adjusted net loss and adjusted net loss per share are non-IFRS Accounting Standards performance measures and do not constitute a measure recognized by IFRS Accounting Standards and do not have standardized meanings defined by IFRS Accounting Standards, as well both measures may not be comparable to information in other issuers' reports and filings. Adjusted net loss is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets, non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to current period's income, as detailed in the table below. Magna discloses this measure, which is based on its financial statements, to assist in the understanding of the Company's operating results and financial position.

In 000s, except per share amounts
Q3 2025

Q2 2025

Q1 2025

Net income (loss) per financial statements
(10,642)
(9,501)
29,098

 

 

 
Adjustments for:
 

 

 
Gain on bargain purchase of KGHM assets
-

-

(57,227) Project Nikolas Company Inc. Integration costs
285

742

779
Transaction Costs
30

35

2,426
Flow-through premium income
-

-

-
Total adjustments
315

777

(54,022)Related income tax effect
(83)
(206)
10,236
Recognition of mining taxes
-

-

9,246

232

571

(34,540)Adjusted net loss (a)
(10,410)
(8,930)
(5,442)

 

 

 
Weighted number of shares (000s) (b)
211,308

203,647

197,739

 

 

 
Per Share data
 

 

 
Adjusted net loss (a) ÷ (b)
(0.05)
(0.04)
(0.03)

 

 

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275916

Miami International Holdings to Retain 10% Stake in the Exchange and Clearinghouse

, /PRNewswire/ -- Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has entered into an agreement to sell 90% of the issued and outstanding equity in MIAX Derivatives Exchange (MIAXdx™), a wholly owned subsidiary of MIAX, to Robinhood Markets, Inc. (Robinhood) (NASDAQ: HOOD) in partnership with Susquehanna International Group. MIAX will retain the remaining 10% of the issued and outstanding equity of MIAXdx.

MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with regulatory approval from the Commodity Futures Trading Commission (CFTC) to list and clear fully collateralized futures, options on futures and swaps.

"Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "The transaction with Robinhood closely aligns with our strategy of partnering with industry leaders to offer innovative trading products to the market, and we're excited about the opportunity to gain exposure to prediction markets through this initiative. The transaction represents a logical step forward for MIAX as we continue to focus on strategic growth opportunities within our core exchanges."

"We're excited to continue working with MIAX as investors in this exchange," said JB Mackenzie, VP and GM of Futures and International at Robinhood. "MIAX is a market leading exchange operator and we look forward to exploring future partnership opportunities to deliver products that meet the needs of Robinhood's customers."

Mr. Gallagher added, "We have evaluated alternatives to facilitate our entry to the prediction markets, and we believe that today's strategic alignment is the right lever for offering institutional and retail futures traders exposure in the growing prediction markets while providing MIAX with potential long-term value."

The transaction is expected to close in the first quarter of 2026 and is subject to customary closing conditions and certain filings with the CFTC.

About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates nine exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, MIAXdx™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX, please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

MIAX Contacts:

Investors
[email protected]

Media
[email protected]

SOURCE MIAX

Key Takeaways
A report that a Big Tech giant is mulling using Google's AI chips pressured shares of several top chipmakers on Tuesday, Nov. 25, 2025, while an electronics retailer's stock got a boost from strong earnings.
Shares of Nvidia and Advanced Micro Devices dropped following a report that Meta might use specialized AI chips from Google.Demand from consumers replacing older electronic devices helped Best Buy surpass quarterly earnings estimates, and its shares moved higher.

Several top AI chipmakers lost ground as a potential deal between two Big Tech giants underscored competitive pressures in the market. Meanwhile, shares of an electronics retailer moved higher after a strong quarterly report.

Major U.S. equities indexes rose for the third straight session as investors grew increasingly optimistic that the Federal Reserve could cut interest rates at its December meeting. The Dow rose 1.4%, the S&P 500 gained 0.9%, and the Nasdaq ended 0.7% higher. See here for more from Investopedia on Tuesday's market moves.

Keysight Technologies (KEYS) shares jumped 10% to log Tuesday's top performance in the S&P 500, after the provider of electronic test and measurement solutions topped quarterly earnings estimates. The company's sales outlook came in ahead of expectations, boosted by strong demand from AI data centers. Keysight also announced a new $1.5 billion share repurchase program.

Shares of companies exposed to the housing market extended their recent rise amid growing optimism about a cut in interest rates, which would lead to lower mortgage rates. Builders FirstSource (BLDR) stock surged close to 9% Tuesday, adding to solid gains posted by the residential construction materials supplier in the prior session.

Consumer electronics retailer Best Buy (BBY) reported better-than-expected same-store sales, revenue, and adjusted profit for the third quarter, and its shares powered over 5% higher. The company also raised its full-year outlook, pointing to consumer resilience as well as gains in the computer, tablet, and gaming categories as customers upgrade and replace older devices.

Shares of chipmaker Advanced Micro Devices (AMD) dropped about 4%, falling the most of any S&P 500 stock Tuesday, while Nvidia (NVDA) slipped nearly 3% following a report that Meta Platforms (META) is evaluating using AI chips from Google. Shares of Google parent Alphabet (GOOGL) climbed close to 2% to finish at a fresh high.

J.M. Smucker (SJM) stock lost 3.7% after the parent of its namesake fruit spreads, Jif peanut butter, and Folgers coffee released its fiscal second-quarter earnings report. Although sales for the period edged out forecasts and adjusted profit matched expectations, Smucker's full-year profit outlook disappointed. The company has raised its coffee prices as it navigates tariff pressures but said it would refrain from additional price hikes this winter after the U.S. excluded raw coffee from tariffs.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

David Thodey

Well, good morning, ladies and gentlemen. Great to have you here this morning. For those who don't know me, my name is David Thodey, and I'm the Chair of Ramsay Healthcare. So on behalf of the Board and the management team, a very warm welcome to our 2025 Annual General Meeting. And of course, we welcome those of you who have tuned in online and part of the webcast. So welcome to you as well.

Now I'm informed that we have a quorum present, and accordingly, I declare this Annual General Meeting open.

So I'd like to begin by acknowledging the Traditional Custodians of the land on which we're meeting today, the Gadigal people of the Eora Nation, and I pay my respects to Elders, past, present and emerging. I'd also like to acknowledge the many First Nations employees who contribute so greatly to our company right across the country, which we appreciate greatly.

So let me begin by introducing the Board of Directors, all of whom are present with us today. But I will start on my right with Natalie Davis, our Group CEO and Managing Director, who did attend last year, but she was really observing at that time. But it's great to have her here today. But so starting from my far left and then moving to the right, firstly, Helen Kurincic. Helen is a member of the Audit Committee and the Risk Management Committee.

Then we have Craig Drummond. As you know, Craig joined our Board in July, and he will address the meeting

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, announced that today the Company has made a voluntary prepayment of $130.0 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire Hathaway”). The prepayment is being made from the proceeds of recent property sales including the sale of the Company's Aventura, FL.

-

Patel, who announced plans to open an additional 52 new restaurants by 2030, will assume ownership and operation of 85 restaurants previously operated by Colonel’s Limited, LLC

ATLANTA--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced that it has refranchised restaurants previously owned and operated by Colonel’s Limited, LLC, a joint venture between Papa Johns and Steeplechase Express, Inc. Pie Investments, led by Chris Patel, a leading franchisee operator and now one of Papa Johns largest domestic franchise partners, has assumed control of 85 Papa Johns restaurants in the Washington, D.C. and Baltimore markets. Through a joint venture with Papa Johns, the restaurants were previously owned and operated by Colonel’s Limited, LLC, led by William Freitas, one of Papa Johns longest-standing franchisee partners, who is retiring. Papa Johns and Pie Investments also announced plans to open 52 additional new restaurants by 2030 to expand Papa Johns footprint across the Greater Philadelphia, Washington, D.C. and Baltimore markets.

The strategic refranchising follows a period of growth for Patel and Pie Investments, who operate Papa Johns restaurants across the Northeast. With this refranchising, Pie Investments now operates more than 150 Papa Johns restaurants, furthering Pie Investments’ goal of owning 250 restaurants by 2030.

“Chris Patel’s growth mindset and entrepreneurial spirit are exactly the qualities Papa Johns is looking to emphasize among our franchisees as we work to be the best pizza makers in the business,” said Ravi Thanawala, Chief Financial Officer and President, North America at Papa Johns. “Chris has built a team of leaders passionate about pizza, and his impressive record in acquiring restaurants and improving their profitability is well known across the Papa Johns system.”

“Papa Johns well-known commitment to quality continues to make the brand an attractive investment for entrepreneurs,” said Chris Patel, COO and equal partner of Pie Investments. “Papa Johns leadership is empowering franchisees to drive success, with tools to elevate our operations and enhance our customer experience. We’re looking forward to continued growth with Papa Johns and bringing the brand promise of Better Ingredients. Better Pizza. to new groups of pizza lovers.”

Colonel’s Limited, LLC, led by William Freitas and his family, opened its first Papa Johns restaurant in 1993, and helped grow Papa Johns into the world’s third-largest pizza delivery company. The franchisee was one of the first pizza restaurant owners to embrace digital channels, enabling Papa Johns to become the first major pizza chain to offer online ordering.

“Bill Freitas and his team at Colonel’s Limited will be remembered as pioneers among those like Chris Patel who are following in their footsteps,” Thanawala said.

Forward-Looking Statements

Certain matters discussed in this press release which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Part I. Item 1A. - Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 29, 2024. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

About Papa Johns

Papa John’s International, Inc. (Nasdaq: PZZA) opened its doors in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.® Papa Johns believes that using high-quality ingredients leads to superior quality pizzas. Its original dough is made of only six ingredients and is fresh, never frozen. Papa Johns tops its pizzas with real cheese made from mozzarella, pizza sauce made with vine-ripened tomatoes that go from vine to can in the same day and meat free of fillers. It was the first national pizza delivery chain to announce the removal of artificial flavors and synthetic colors from its entire food menu. Papa Johns is co-headquartered in Atlanta, Ga. and Louisville, Ky. and is the world’s third-largest pizza delivery company with approximately 6,000 restaurants in approximately 50 countries and territories. For more information about the company or to order pizza online, visit www.PapaJohns.com or download the Papa Johns mobile app for iOS or Android.

About Pie Investments

Pie Investments Management LLC now owns and operates more than 150 Papa Johns restaurants across six states, making it one of the system’s fastest-growing franchise platforms. The company is committed to building high-performing teams, elevating the guest experience, and driving operational excellence throughout its portfolio. Pie Investments continues to invest in people, technology, and store-level operations to support disciplined, long-term growth within the Papa Johns system. With a performance-driven culture and a strong commitment to its communities, the company partners closely with its employees, brand leadership, and local neighborhoods to deliver exceptional results for guests and stakeholders alike.

More News From Papa John’s International, Inc.

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

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