Market Signal Briefing

Bitcoin Cash (BCH) extended its bullish momentum on November 5, climbing 3.3% to $491.80 after clearing the key $487 resistance level. According to CoinDesk Research’s technical analysis model, the cryptocurrency saw strong buying activity during the European session, supported by above-average volume and a well-defined ascending trend.

The rally began as BCH advanced from $476.10 to $491.80, with intraday volatility spanning a $33.36 range. Key higher lows were recorded at $462.67, $474.27, and $479.03—signaling steady accumulation before the breakout. Volume spiked to 33,795 units at 21:00 on November 4, a 78% increase over the 24-hour average of 13,478, highlighting robust trader engagement.

After peaking at $495.30, BCH briefly pulled back to $490.14 before quickly recovering to $492.99. Multiple attempts to break $495.00 between 16:00 and 17:00 UTC underscored the market’s strong bullish pressure. The shallow 0.65% correction from session highs was swiftly absorbed, reinforcing upward momentum.

The analysis identifies critical support at $490.00—tested during a short-lived correction—followed by the $487.00 breakout zone and $479.03 higher low. Resistance remains near $495.00, with the session high at $495.30 marking the next breakout target.

Bulls aim to push BCH beyond $500.00, eyeing continued upside as long as price action holds above $487.00. The report frames risk at the $487 support, noting that defending this level preserves the bullish structure. With a 7% daily range and sustained volume strength, market dynamics favor continued volatility and potential for further gains.

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Renowned author and financial educator Robert Kiyosaki, best known for his bestselling book Rich Dad Poor Dad, has once again urged his followers to invest in Bitcoin (BTC) and Ethereum (ETH). Taking to X (formerly Twitter), Kiyosaki described these cryptocurrencies as “people’s money,” positioning them as a safeguard against what he views as America’s growing shift toward Marxist policies.

In his latest post, Kiyosaki reacted to the recent New York mayoral election, where far-left candidate Zohran Mamdani defeated centrist Andrew Cuomo. Mamdani’s proposed policies—such as rent-stabilized housing and city-owned grocery stores—reflect a more socialist agenda. According to Kiyosaki, this victory signals a decline in America’s freedom, democracy, and capitalist values. He warned that the country’s move toward socialism threatens financial independence, urging investors to seek “real financial education” and hedge their wealth through decentralized assets like Bitcoin and Ethereum.

Kiyosaki, who has nearly three million followers on X, has long been an advocate for cryptocurrency as a hedge against inflation, government control, and economic instability. He believes that digital currencies empower individuals by allowing them to retain direct control over their money without interference from traditional financial institutions.

Earlier this year, Kiyosaki predicted that Bitcoin’s price could surge to at least $180,000 by the end of 2025, citing increasing global economic uncertainty and distrust in fiat currencies. His recent endorsement reinforces his consistent stance that crypto assets will play a vital role in protecting investors from market crashes and the erosion of purchasing power.

As political and economic tensions rise, Kiyosaki’s message continues to resonate with those seeking financial security through decentralized, people-driven alternatives like Bitcoin and Ethereum.

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According to comments made at the Ripple Swell conference, Canary Capital CEO Steven McClurg said the XRP Ledger is lining up as a set of financial rails that could rival legacy systems on Wall Street.

He argued the ledger’s payment features make it a practical tool for moving money across borders. His remarks come as several big fund managers update filings for potential XRP exchange-traded funds, and as traders watch for approvals that may arrive as soon as mid-November.

XRP Ledger Framed As Payment Rails
McClurg drew on his background as an emerging-market bond manager when he pointed to high remittance costs as a clear problem.

Workers often pay between 8% and 15% to send money home, he said. Blockchain rails like the XRPL can cut those fees, the CEO added, and that use case is part of why he believes institutional interest will grow.

He also repeated a prediction he has made before: that XRP ETFs could see $10 billion in inflows in their first month if they launch with strong backing.

I liked the ETF session at Ripple Swell.

“Way to think about XRP is to think about the XRP Ledger. It’s financial rails. A competitor to Wall Street” pic.twitter.com/KlAaOQPDpl

— Vet 🏴‍☠️ (@Vet_X0) November 4, 2025

ETF Filings Gain Momentum
Meanwhile, Franklin Templeton, Bitwise, and Canary Capital have updated S-1 filings tied to XRP funds. Franklin removed an 8(a) clause from its S-1, a change that reduces a procedural reason for delay.

Grayscale has filed a second amendment and has named key executives and counsel on its paperwork. Market participants say these moves suggest managers are preparing for a possible rollout in November, though SEC timing still matters.

Payments Utility Versus Investment Structure
McClurg argued that XRP’s role as a payments token gives it a different profile from assets that rely on staking. He suggested ETF holders would not face the tradeoff of missing staking yields, which has affected some Ethereum products.

That claim is used to explain why an XRP ETF might attract distinct flows, rather than simply following the path of prior crypto funds.

XRPUSD now trading at $2.24. Chart: TradingView
Ecosystem Bets And Industry Players
Ripple has pushed XRPL-focused products such as RLUSD and institutional services under the Ripple Prime brand. Reports mention partnerships with GTreasury and Rail to boost clearing and custody capabilities.

Those efforts are designed to make XRPL more useful for banks and large treasuries that need predictable settlement and custody options.

What Markets Might Do
Traders will watch liquidity, trading spreads, and whether early ETF buyers come from corporate treasuries, family offices, or retail channels.

A large opening month inflow, like the $10 billion McClurg projected, would change short-term price dynamics. Yet approval dates and fund structures will shape how fast capital moves.

Market observers say the timing of filings and removals of delaying clauses increases the odds of visible launches this quarter.

Featured image from Unsplash, chart from TradingView

Ripple is not planning to go public anytime soon, even as other crypto companies have moved toward public markets this year. This was confirmed by Monica Long, the president of Ripple, during the company's Swell conference in New York, in an interview reported by Bloomberg.

Robinhood Markets, Inc. (HOOD - Free Report) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +19.61%. A quarter ago, it was expected that this company would post earnings of $0.31 per share when it actually produced earnings of $0.42, delivering a surprise of +35.48%.

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

Robinhood Markets, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $1.27 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.96%. This compares to year-ago revenues of $637 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Robinhood Markets shares have added about 267.2% since the beginning of the year versus the S&P 500's gain of 15.1%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.50 on $1.21 billion in revenues for the coming quarter and $1.79 on $4.25 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

MarketAxess (MKTX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 7.

This operator of bond trading platforms is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of -11.1%. The consensus EPS estimate for the quarter has been revised 5.6% lower over the last 30 days to the current level.

MarketAxess' revenues are expected to be $206.42 million, down 0.1% from the year-ago quarter.

Consensus Cloud Solutions, Inc. (CCSI - Free Report) came out with quarterly earnings of $1.38 per share, beating the Zacks Consensus Estimate of $1.36 per share. This compares to earnings of $1.31 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.47%. A quarter ago, it was expected that this company would post earnings of $1.36 per share when it actually produced earnings of $1.46, delivering a surprise of +7.35%.

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

Consensus Cloud Solutions, which belongs to the Zacks Internet - Software industry, posted revenues of $87.77 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.07%. This compares to year-ago revenues of $87.75 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

Consensus Cloud Solutions shares have added about 20.3% since the beginning of the year versus the S&P 500's gain of 15.1%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.32 on $87.33 million in revenues for the coming quarter and $5.52 on $350.04 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Onestream (OS - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This artificial-intelligence developer is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +101.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Onestream's revenues are expected to be $148 million, up 14.6% from the year-ago quarter.

November 05, 2025 6:17 PM EST | Source: Equinox Gold Corp.
Canadian Gold Production Increasing, Setting the Stage for a Strong 2025 Finish and Momentum into 2026

Vancouver, British Columbia--(Newsfile Corp. - November 5, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce its Q3 2025 financial and operating results. The Company's unaudited condensed consolidated interim financial statements ("Financial Statements") and related management's discussion and analysis ("MD&A") are available for download on the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on the Company's website at www.equinoxgold.com. All financial figures are in US dollars, unless otherwise indicated.

Darren Hall, CEO of Equinox Gold, commented: "Equinox Gold delivered another solid quarter with record production of 236,382 ounces and all-in sustaining costs of $1,833 per oz. With Greenstone continuing to improve, Valentine ramping up well, and Nicaragua and Brazil reliably contributing to production and cash flow, we expect a strong finish to the year. The Company remains on track to deliver the mid-point of our 2025 consolidated production guidance, after the divestment of our Nevada assets, and before considering any production from Valentine.

"At Greenstone, operational performance advanced significantly during the quarter. In Q3, mining rates exceeded 185,000 tonnes per day, a 10% increase over Q2 and a 21% increase over Q1. Importantly, mill grades improved 13% in Q3 to 1.05 grams per tonne ("g/t") gold. This positive momentum has continued into Q4 with October mining rates exceeding 205,000 tonnes per day and mill grades improving to 1.34 g/t. The improvements underscore our confidence that Greenstone will deliver a strong Q4 and continue that momentum into 2026.

"At Valentine, commissioning continues ahead of expectations. From first ore on August 27 through to the end of October, the plant averaged 4,992 tonnes per day, or 73% of nameplate capacity. For October, the plant averaged 91% of nameplate and recoveries exceeded 93%, positioning the team well to deliver into the higher end of our Q4 Valentine production range of 15,000 to 30,000 ounces. With the ramp-up firmly on track, I anticipate Valentine will reach nameplate capacity by Q2 2026.

"During the quarter, we strengthened our balance sheet by reducing debt by $139 million and, subsequent to quarter-end, added $88 million in cash from the sale of our Nevada assets. These actions enhance financial flexibility and reinforce our commitment to balance sheet strength, portfolio optimization, and disciplined capital allocation.

"With Greenstone and Valentine ramping up, the Company is entering 2026 with growing Canadian production, improving cash flow, and a clear strategy to maximize per-share value through operational excellence, capital discipline, and continued debt reduction."

HIGHLIGHTS FOR Q3 2025 AND SUBSEQUENT EVENTS

First gold poured at Valentine ahead of schedule on September 14, 2025, marking the launch of a second Canadian cornerstone asset (watch the gold pour video here)Valentine process plant commissioning progress:From first ore (August 27) to October 31: 4,992 tonnes per day, or 73% of nameplate capacity (6,850 tonnes per day)October: 6,221 tonnes per day, or 91% of nameplate capacity with mill recoveries exceeding 93% from low-grade commissioning feedProduced 236,382 ounces of gold, including 56,029 ounces from Greenstone, 71,119 ounces from Nicaragua, 67,629 ounces from Brazil, 27,642 ounces from Mesquite, 10,797 ounces from Pan, 2,557 ounces from Castle Mountain and 609 ounces from ValentineConsolidated year-to-date gold production of 634,427 ounces(1), excluding production from Los Filos, Castle Mountain and Valentine, which were not included in the Company's 2025 production guidanceSold 239,311 ounces of gold at an average realized gold price of $3,397 per ozTotal cash costs of $1,434 per oz and all-in sustaining costs ("AISC") of $1,833 per oz(2)Cash flow from operations before changes in non-cash working capital of $322.1 million ($240.8 million after changes in non-cash working capital) Mine-site free cash flow before changes in non-cash working capital of $304.3 million ($223.0 million after changes in non-cash working capital)(2)Revenue of $819.0 millionAdjusted EBITDA of $420.0 million(2)Income from mine operations of $280.1 millionNet income of $85.6 million or $0.11 per share (basic)Adjusted net income of $147.4 million or $0.19 per share(2)AISC contribution margin of $1,565 per oz, driven by higher realized gold prices and cost discipline, underpinning strong adjusted EBITDA and mine-site free cash flow(2)Retired $139.3 million of debt with conversion of September 2020 convertible notesCash and equivalents (unrestricted) of $348.5 million at September 30, 2025, not including $88 million from the sale of our Nevada assets which closed after quarter endNet debt of $1,278.2 million at September 30, 2025(2)Greenstone operational improvements yielding positive results:Expit mining increased 11% in Q3 vs Q2, averaging 185,000 tonnes per dayProcess grades increased 13% in Q3 vs Q2, averaging 1.05 g/t goldCastle Mountain Phase 2 federal record of decision targeted for December 2026, following acceptance of the project into the United States Federal Permitting Improvement Steering Council's FAST-41 programPortfolio optimization underway with sale of non-core Nevada assets for $115 million (see news release dated August 7, 2025; the transaction closed on October 1, 2025)Resource expansion and discovery drilling continues across the portfolio with significant activity in Newfoundland, Nicaragua, and Mesquite, and recently commenced exploration activity at Los Filos1 Year-to-date, Q1 and Q2 production includes full-period production from the assets ("Calibre Assets") acquired through the merger with Calibre Mining from January 1, 2025, to align with the Company's 2025 Production guidance issued on June 11, 2025.
2 Cash costs per oz sold, AISC per oz sold, mine-site free cash flow, adjusted net income, adjusted earnings per share, adjusted EBITDA, sustaining expenditures, and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.

CONSOLIDATED OPERATIONAL AND FINANCIAL HIGHLIGHTS

Three months ended  
Nine months endedOperating dataUnitSeptember 30,
2025(5)June 30,
2025September 30,
2024  
September 30,
2025(5)
September 30,
2024Gold produced from operating assets included in           Updated 2025 Guidanceoz 233,216 219,122 —  
634,427
—Less: Gold produced from Calibre Assets before           close of Calibre Acquisition oz— (71,743)—  
(143,282)
—Add: Gold produced from assets not included in
          Updated 2025 Guidanceoz 3,166 3,470 —  
41,376
—Gold produced(4)oz 236,382 150,849 173,983  
532,609
407,929 Gold sold(4)oz 239,311 148,938 173,973  
536,169
405,901 Average realized gold price$/oz 3,397 3,207 2,461   
3,196
2,310 Cash costs per oz sold(1)(2)$/oz 1,434 1,478 1,720   
1,539
1,678 Cash costs per oz sold(1)(2) - excluding           Los Filos(3)$/oz 1,434 1,478 1,567   
1,494
1,567 AISC per oz sold(1)(2)$/oz 1,833 1,959 1,994   
1,932
1,994 AISC per oz sold(1)(2) - excluding Los Filos(3)$/oz 1,833 1,959 1,894   
1,904
1,872 Financial data

  

RevenueM$ 819.0 478.6 428.4   
1,721.4
939.1 Income from mine operationsM$ 280.1 159.8 101.4   
473.6
133.9 Net incomeM$ 85.6 23.8 0.3   
33.9
311.0 Earnings per share (basic)$/share 0.11 0.05 —  
0.06
0.81 Adjusted EBITDA(1)M$ 420.0 199.1 145.0   
760.5
255.6 Adjusted net income (loss)(1)M$ 147.4 55.2 40.5   
169.6
27.5Adjusted EPS(1)$/share 0.19 0.11 0.09   
0.29
0.07Balance sheet and cash flow data

  

Cash and cash equivalents (unrestricted)M$ 348.5 406.7 167.8   
348.5
167.8 Net debt(1)M$ 1,278.2 1,373.7 1,314.7   
1,278.2
1,314.7 Operating cash flow before changes in non-cash
working capitalM$ 322.1 126.0 130.1   
521.4
217.5(1) Cash costs per oz sold, AISC per oz sold, adjusted EBITDA, adjusted net income, adjusted EPS, mine-site free cash flow, AISC contribution margin and net debt are non-IFRS measures. See Non-IFRS Measures and Cautionary Notes.
(2) Consolidated cash cost per oz sold and AISC per oz sold excludes Castle Mountain results after August 31, 2024 when residual leaching commenced and Los Filos results after operations were indefinitely suspended on April 1, 2025. Consolidated cash cost per oz sold and AISC per oz sold includes Greenstone from November 6, 2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3) Consolidated cash cost per oz sold and AISC per oz sold have been adjusted to exclude the results from Los Filos which were excluded from the Updated 2025 Guidance.
(4) Gold produced for the three months ended September 30, 2025 includes 0 and 2,557 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the three months ended September 30, 2025 includes 1,973 and 2,554 ounces sold at Los Filos and Castle Mountain, respectively. Gold produced for the nine months ended September 30, 2025 includes 33,013 and 7,754 ounces produced at Los Filos and Castle Mountain, respectively; gold sold for the nine months ended September 30, 2025 includes 36,837 and 7,757 ounces sold at Los Filos and Castle Mountain, respectively.
(5) Operating and financial data for the nine months ended September 30, 2025 includes results from Pan and Nicaragua Operations from the date of completion of the Calibre Acquisition of June 17, 2025.
(6) Numbers in tables throughout this news release may not sum due to rounding.

Additional information regarding the Company's financial and operating results can be found in the Company's Q3 2025 Financial Statements and accompanying MD&A for the three and nine months ended September 30, 2025. These documents are available for download on the Company's website at www.equinoxgold.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

CONFERENCE CALL AND WEBCAST
The Company will host a conference call and webcast on Thursday, November 6, 2025, commencing at 7:00 am PT (10:00 am ET) to discuss its third quarter results.

Conference call
Toll-free in U.S. and Canada: 1-833-752-3366
International callers: +1 647-846-2813

Webcast login
Equinox Gold | Financials

ABOUT EQUINOX GOLD
Equinox Gold (TSX: EQX) (NYSE American: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact [email protected].

NON-IFRS MEASURES
This news release refers to cash costs, cash costs per oz sold, AISC, AISC per oz sold, AISC contribution margin, adjusted net income, adjusted EPS, mine-site free cash flow, adjusted EBITDA, net debt, and sustaining capital expenditures that are measures with no standardized meaning under IFRS, i.e. they are non-IFRS measures, and may not be comparable to similar measures presented by other companies. Their measurement and presentation is consistently prepared and 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. Numbers presented in the tables below may not sum due to rounding.

Cash Costs and Cash Costs per oz Sold

Cash costs is a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. The Company reports total cash costs on a per oz sold basis. 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 operating income and cash flow from mining operations. Cash costs are calculated as mine site operating costs, net of non-recurring items that are not reflective of the underlying operating performance of the Company, and are net of silver revenue. Cash costs are divided by ounces sold to arrive at cash costs per oz sold. In calculating cash costs, the Company deducts silver revenue as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

AISC per oz Sold

The Company uses AISC per oz of gold sold to measure performance. The methodology for calculating AISC was developed internally and is outlined below. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. The Company believes the AISC measure provides further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. AISC includes cash costs (described above) and also includes sustaining capital expenditures, sustaining lease payments, reclamation cost accretion and amortization and exploration and evaluation costs. This measure seeks to reflect the full cost of gold production from current operations; therefore, expansionary capital and non-sustaining expenditures are excluded.

The following table provides a reconciliation of cash costs per oz of gold sold and AISC per oz of gold sold to the most directly comparable IFRS measure on an aggregate basis:

$'s in millions, except ounce and per oz figures  Three months ended  
 Nine months ended  September 30,
2025  June 30,
2025  September 30,
2024  
 September 30,
2025
 September 30,
2024Operating expenses   371.9    229.7    268.3   
  894.2
  656.2 Silver revenue   (6.0)   (1.3)   (0.4)  
  (7.9)
  (1.7)Fair value adjustment on acquired inventories   (24.3)   1.4    (3.1)  
  (26.5)
  (15.7)Non-recurring charges recognized in operating expenses(1)  —   (10.7)  —  
  (36.8)
 —Pre-commercial production and development stage operating expenses (2)   (5.0)   (6.0)   (43.0)  
  (17.0)
  (50.5)Total cash costs  $ 336.6  $  213.1   $ 221.8   
 $ 806.0
 $ 588.2 Sustaining capital   84.9    62.1    30.9   
  184.4
  95.9 Sustaining lease payments   3.6    2.9    1.6   
  8.4
  6.3 Reclamation expense   6.5    6.0    3.0   
  16.2
  8.5 Sustaining exploration expense  —  —   0.2   
 —
  0.7 Pre-commercial production and development stage sustaining expenditures(2)   (1.4)   (1.7)   (0.4)  
  (3.2)
  (0.5)Total AISC  $ 430.3   $ 282.5   $ 257.2   
 $ 1,011.9
 $ 699.1 Gold oz sold   239,311    148,938    173,973   
  536,169
  405,901 Gold oz sold from entities during pre-commercial production and development stages(2)   (4,527)   (4,713)   (45,028)  
  (12,462)
  (55,386)Adjusted gold oz sold   234,784    144,225    128,945   
  523,707
  350,515 Cash costs per gold oz sold   1,434   $ 1,478   $ 1,720   
  1,539
 $ 1,678 AISC per oz sold  $ 1,833   $ 1,959  $ 1,994   
 $ 1,932
$1,994(1) Non-recurring charges recognized in operating expenses relate to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
(2) Consolidated cash cost per oz sold and AISC per oz sold exclude Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos results after March 31, 2025 as operations were indefinitely suspended on April 1, 2025 and Greenstone results for the period prior to November 6, 2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(3) Consolidated cash cost per oz sold and AISC per oz sold include results from Pan and Nicaragua (Limon and Libertad) from the date of the Calibre Acquisition of June 17, 2025.

Sustaining Capital and Sustaining Expenditures

The following table provides a reconciliation of sustaining capital expenditures to the Company's total capital expenditures for continuing operations:

  Three months ended  
 Nine months ended$'s in millions  September 30,
2025  June 30,
2025  September 30,
2024  
 September 30,
2025
 September 30,
2024Capital additions to mineral properties, plant and equipment(1)  $ 266.9   $ 118.2  $  146.9   
$  477.8
 $ 420.4 Less: Non-sustaining capital at operating sites   (50.1)   (17.9)   (14.8)  
  (109.1)
  (29.5)Less: Non-sustaining capital for pre-commercial production and development stages(3)   (98.4)   (16.2)   (92.1)  
  (116.2)
  (248.9)Less: Other non-cash additions(2)   (33.6)   (22.0)   (9.1)  
  (67.9)
  (46.1)Sustaining capital - consolidated  $ 84.9   $ 62.1   $ 30.9   
 $ 184.4
 $ 95.9 Add: Sustaining lease payments   3.6    2.9    1.6   
  8.4
  6.3 Add: Sustaining reclamation expense   6.5    6.0    3.0   
  16.2
  8.5 Add: Sustaining exploration expense  —  —   0.2   
 —
  0.7 Less: Sustaining expenditures for entities in pre-commercial production and development stages(3)  (1.4)  (1.7)  (0.4)  
 (3.2)
 (0.5)Sustaining expenditures - operating mine sites  $ 93.7   $ 69.4   $ 35.3   
  205.9
 110.8(1) Per note 7 of the consolidated financial statements. Capital additions exclude non-cash changes to reclamation assets arising from changes in discount rate and inflation rate assumptions in the reclamation provision.
(2) Non-cash additions include right-of-use assets associated with leases recognized in the period, capitalized depreciation for deferred stripping activities, and capitalized non-cash share-based compensation.
(3) Relates to Castle Mountain after August 31, 2024 when residual leaching commenced, Los Filos after March 31, 2025 as operations were indefinitely suspended on April 1, 2025, Greenstone for the period prior to November 6, 2024 when the mine reached commercial production and Valentine as the mine has not yet achieved commercial production.

Total Mine-Site Free Cash Flow

The following table provides a reconciliation of mine-site free cash flow to the most directly comparable IFRS measure on an aggregate basis:

  Three months ended   
Nine months ended$'s in millions  September 30,
2025  June 30,
2025  September 30,
2024   
September 30,
2025
 September 30,
2024Operating cash flow before non-cash changes in
working capital  $ 322.1   $ 126.0  $  130.1    $ 521.4
 $ 217.5 Fair value adjustments on acquired inventories   24.3    (1.4)   3.1    
26.5
  5.9 Non-recurring charges recognized in operating
expenses(1)  —   10.7   —   
36.8
 —Operating cash flow (generated) used by non-mine site
activity(2)   106.9    106.9    (38.5)   
253.7
  (19.1)Cash flow from operating mine sites  $ 453.3   $ 242.1   $ 94.7    $ 838.4
 $ 204.3
  
  
  
   

 
Less: Capital expenditure from operating mine sites  
  
  
   

 
Mineral property, plant and equipment additions  $266.9    118.2    146.9    $ 477.8
  420.4 Capital expenditures relating to pre-commercial                  production and development projects, corporate                  and other non-cash additions   (131.8)   (38.2)   (101.2)   
(184.0)
  (295.0)
   135.1    80.0    45.7    
293.8
  125.4
  
  
  
   

 
Less: Lease payments related to non-sustaining capital
items   5.1    5.4    3.0    
15.3
  16.3 Less: Non-sustaining exploration expense   8.9    2.1    2.1    
12.8
  5.4 Total mine-site free cash flow before changes in non-
cash working capital  $ 304.3   $ 154.5   $ 43.9    $ 516.5
 $ 57.2 (Increase) decrease in non-cash working capital  $ (81.3)  $ 23.9   $ 9.4    $ (93.2)
 $ (98.6)Total mine site free cash flow after changes in
non-cash working capital  $ 223.0   $ 178.4   $ 53.3    $ 423.3
$ (41.4)(1) Non-recurring charges recognized in operating expenses for the nine months ended September 30, 2025 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.
(2) Includes taxes paid that are not factored into mine-site free cash flow and is included in operating cash flow before non-cash changes in working capital in the statement of cash flows. Also includes operating cash flow for projects in pre-commercial production and development stage, including Castle Mountain results after August 31, 2024 when residual leaching commenced, Los Filos when the Company suspended operations on April 1, 2025, Greenstone for the period prior to November 6, 2024 when the mine reached commercial production and Valentine as the mine has not yet achieved commercial production.

AISC Contribution Margin, EBITDA and Adjusted EBITDA 

The following tables provide the calculation of AISC contribution margin, EBITDA and adjusted EBITDA, as calculated by the Company:

AISC Contribution Margin

  Three months ended
   Nine months ended$'s in millions  September 30,
2025 June 30,
2025 September 30,
2024  September 30,
2025 September 30,
2024Revenue  $ 819.0  $  478.6  $  428.4
  $  1,721.4
 $ 939.1 Less: silver revenue   (6.0)   (1.3)   (0.4)
    (7.9)
  (1.7)Less: AISC   (430.3)   (282.5)   (257.2)
    (1,011.9)
  (699.1)Less: revenue from entities during pre-commercial
production and development stages(1)  $ (15.3)  $ (14.4)   (109.5)
   $$ (39.0)
 $ (133.5)AISC contribution margin  $ 367.4   $ 180.4    61.3
   $$ 662.6
 $ 104.9Gold ounces sold   239,311    148,938    173,973
    536,169
  405,901 Less: gold oz sold from entities during pre-commercial production and development stages(1)   (4,527)   (4,713)   (45,028)
    (12,462)
  (55,386)Adjusted gold ounces sold   234,784    144,225    128,945
    523,707
  350,515 AISC contribution margin per oz sold  $ 1,565   $ 1,251   $ 475
   $ 1,265
$ 299(1) AISC contribution margin excludes Castle Mountain effective from August 31, 2024 when the Company began reporting it as a development project when residual leaching commenced; Los Filos from April 1, 2025 when the Company suspended operations; and Greenstone for the period prior to November 6, 2024 when the mine reached commercial production. Consolidated AISC per oz sold excludes corporate general and administration expenses.
(2) AISC contribution margin include results from Pan and Nicaragua (Limon and Libertad) from the date of the Calibre Acquisition of June 17, 2025.

EBITDA and Adjusted EBITDA

  Three months ended
   Nine months ended$'s in millions  September 30,
2025  June 30,
2025  September 30,
2024
   September 30,
2025
 September 30,
2024Net income (loss)  $ 85.6    23.8    0.3
   $ 33.9
  311.0 Income tax expense   29.4    25.5    36.5
    65.5
  242.9 Depreciation and depletion   172.5    95.6    59.3
    365.7
  150.1 Finance expense   50.9    45.3    19.7
    144.5
  57.8 Finance income   (3.2)   (2.5)   (2.0)
    (7.8)
  (6.3)EBITDA  $ 335.1   $ 187.8  $  113.8
   $ 601.9
$  755.5 Non-cash share-based compensation expense   6.5    4.5    2.4
    13.9
  7.6 Unrealized (gain) loss on gold contracts   16.5    (10.6)   18.0
    32.9
  28.4 Unrealized (gain) loss on foreign exchange contracts   (3.3)   (30.2)   (4.4)
    (67.8)
  33.2 Unrealized foreign exchange (gain) loss   (1.9)   11.7    4.9
    15.9
  (8.1)Change in fair value of Greenstone Contingent
Consideration   16.4    6.1    9.9
    37.5
  22.7 Change in fair value of 2025 Convertible Notes
conversion option   18.8   —  —
    18.8
 —Gain on modification of debt   (13.0)  —  —
    (13.0)
  (5.4) Gain on remeasurement of previously held
interest in Greenstone  —  —  —
   —
  (579.8)Other (income) expense   7.3    2.6    (2.8)
    11.0
  (15.0)Transaction-related costs   13.0    9.0    -
    25.3
  0.8 Fair value adjustments on acquired inventories   24.3    (1.4)   3.1
    26.5
  15.7 Non-recurring charges recognized in operating
expense(1)  —   11.7   —
    40.2
 —Non-recurring charges recognized in care and
maintenance expense  $ 0.2    8.0   —
   $ 17.6
 —Adjusted EBITDA  $ 420.0  $  199.1  $  145.0
   $ 760.5
$ 255.6(1) Non-recurring charges recognized in operating expenses for the nine months ended September 30, 20205 include a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.

Adjusted Net Income and Adjusted EPS

The following table provides the calculation of adjusted net income and adjusted EPS, as adjusted and calculated by the Company:

  Three months ended
   Nine months ended$'s and shares in millions  September 30,
2025  June 30,
2025  September 30,
2024
   September 30,
2025
 September 30,
2024Net income (loss) attributable to Equinox Gold
                 shareholders  $ 85.6  $  23.8    0.3
   $ 33.9
 $ 311.0 Add (deduct):  
  
  

   

 
Non-cash share-based compensation expense   6.5    4.5    2.4
    13.9
  7.6 Unrealized (gain) loss on gold contracts   16.5    (10.6)   18.0
    32.9
  28.4 Unrealized (gain) loss on foreign exchange contracts   (3.3)   (30.2)   (4.4)
    (67.8)
  33.2 Unrealized foreign exchange (gain) loss    (1.9)   11.7    4.9
    15.9
  (8.1)Change in fair value of Greenstone Contingent
                 Consideration   16.4    6.1    9.9
    37.5
  22.7 Change in fair value of 2025 Convertible Notes
                 conversion option   18.8   —  —
    18.8
 —Gain on modification of debt   (13.0)  —  —
    (13.0)
  (5.4) Gain on remeasurement of previously held interest in
                 Greenstone  —  —  —
   —
  (579.8)Transaction-related costs   13.0    9.0   —
    26.1
  0.8 Fair value adjustments on acquired inventories   24.3    (1.4)   3.1
    26.5
  15.7 Non-recurring charges recognized in operating
                 expense(1)  —   11.7   —
    40.2
 —Non-recurring charges recognized in care and
                 maintenance expense   0.2    8.0   —
    17.6
 —Other (income) expense   7.3    2.6    (2.8)
    11.0
  (15.0)Non-recurring charge recognized in tax expense   1.2    24.5   —
    25.6
 —Income tax impact related to above adjustments   (7.5)   5.8    (0.6)
    (15.9)
  181.5 Unrealized foreign exchange (gain) loss recognized in
                 deferred tax expense   (16.8)   (10.2)   9.6
    (33.6)
  34.8 Adjusted net income (loss)  $ 147.4   $ 55.2    40.5
   $ 169.6
 $ 27.5 Basic weighted average shares outstanding   771.3    499.4    428.5
    576.6
  381.8 Diluted weighted average shares outstanding   781.9    506.1    434.5
    583.6
  461.7 Adjusted income (loss) per share - basic ($/share)  $0.19  $0.11  $0.09
   $0.29
 $0.07Adjusted income (loss) per share - diluted ($/share)  $0.19  $0.11  $0.09
   $0.29
 $0.06(1) Non-recurring charges recognized in operating expenses relate to a write-down of heap leach ore at Los Filos driven by the indefinite suspension of operations on April 1, 2025.

Net Debt

A reconciliation of net debt is provided below.

$'s in millions  September 30,
2025  June 30,
2025 
September 30,
2024Current portion of loans and borrowings $  144.3   $ 220.3  $ 273.8 Non-current portion of loans and borrowings   1,482.4    1,560.0  $ 1,208.7 Total debt   1,626.7    1,780.3  $ 1,482.5 Less: Cash and cash equivalents (unrestricted)   (348.5)   (406.7) $ (167.8)Net debt  $ 1,278.2   $ 1,373.7  $1,314.7CAUTIONARY NOTES & FORWARD-LOOKING STATEMENTS
This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this news release includes: the Company's strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine and anticipated Castle Mountain Phase 2, receipt of required approvals and permits and effectiveness of the FAST-41 designation; the Company's ability to improve cash flow and reduce debt. Forward-looking Information is typically identified by words such as "believe", "will", "achieve", "grow", "plan", "expect", "estimate", "anticipate", "target", and similar terms, including variations like "may", "could", or "should", or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company's current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; timely execution of the Aurizona expansion and Castle Mountain permitting; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include those described in the section "Risk Factors in in the Company's MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled "Risks Related to the Business" in Equinox Gold's most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section "Risk Factors" in Calibre Mining's MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled "Risk Factors" in Calibre Mining's most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management's current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

TECHNICAL INFORMATION
David Schonfeldt, P.Geo, Vice President, Mine Geology, is the Qualified Person under NI 43-101 for Equinox Gold and has reviewed and approved the technical content of this document.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273300

November 05, 2025 6:17 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 5, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of DexCom, Inc. (NASDAQ: DXCM) between July 26, 2024 and September 17, 2025, both dates inclusive (the "Class Period") of the important December 29, 2025 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to the G6 and G7 continuous glucose monitoring ("CGM") systems that were unauthorized by the U.S. Food and Drug Administration (the "FDA"); (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) accordingly, defendants' purported enhancements to the G7, as well as the device's reliability, accuracy, and functionality, were overstated; (4) Defendants downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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

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

-------------------------------

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November 05, 2025 6:17 PM EST | Source: Golden Pursuit Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2025) - Golden Pursuit Resources Ltd. (TSXV: GDP) is pleased to announce the discovery of two new targets during its 2025 exploration program on its Myrt Lake and Kidney Pond properties (Figure 1) located in the high-grade Gordon Lake gold mining district of Canada's Northwest Territories.

This news release announces the new assay results submitted with the 2025 Myrt Lake and Kidney Pond Assessment Reports, which fulfill the mandatory requirements for maintaining our federal and territorial claims and leases until 2033.

The new results reported hereunder reinforce the high-grade gold potential and suggest polymetallic mineralization at the Gordon Lake mining district.

The historical assay results (Caelles, 1984 and 1985) and historical resource estimates (Knutsen, 1987) referenced in this press release were calculated prior to NI 43-101 and CIM guidelines and modern quality assurance/quality control (QA/QC) protocols. The Company has not completed sufficient work to verify the historical data underlying the estimate, and the estimate should not be relied upon as a current mineral resource. In order to upgrade and verify the historical estimate, the Company anticipates that a program of data validation and confirmatory exploration will be required, including the compilation and review of historical drill hole data, verification of collar locations and surveys, re-logging and re-sampling of available core, implementation of a modern QA/QC program, and the completion of confirmatory drilling. Additional metallurgical test work may also be necessary to demonstrate reasonable prospects for eventual economic extraction. A new mineral resource estimate prepared in accordance with NI 43-101 and CIM standards would be required before the historical estimate can be considered current.

Highlights

New high-grade results indicate two new mineralized zones at Myrt Lake: Gold assay results from samples D6-2 (25.2 g/t Au, 133 g/t Ag, and 3.61% Pb) and D10 (22.7 g/t Au and 36.2 g/t Ag) indicate the discovery of two new mineralized zones (Figure 2). This discovered area lies approximately 2 km west of the historic mine workings, with the samples aligning in a NW/SE orientation and taken from gossanous outcropping rocks approximately 900 meters apart. It should be noted that by their nature, surface samples are selective samples and may not represent the true value of underlying mineralization. Further work, including geophysics and drilling, is planned.At Myrt Lake, two styles of mineralization were identified: 1) a more abundant arsenopyrite +/- pyrite and galena style (e.g., the two new discoveries at the West Zone, i.e. D6 and D10) and 2) a locally observed style hosting pyrrhotite, chalcopyrite, and sphalerite (e.g., near the former mine area).

New high-grade results indicate a new mineralized zone at Kidney Pond: A new showing eastward of Kidney Pond identified this year (sample 308004 - Figure 3) suggests polymetallic mineralization associated with higher copper concentration (1.51% Cu), silver (18.65 g/t Ag), and gold (16.05 g/t Au). Following detailed mapping and sampling of this target is highly recommended.

Figure 1. Myrt Lake and Kidney Pond Properties Location.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/821/273351_500be019e43aba0e_002full.jpg

Figure 2. 2025 Sampling at Myrt Lake Property. Spatial distribution of interpreted structures, historic drillholes and showings, and new structural data and assay results. West Myrt area: Dome Number 6 (D6-2, below) showing 25.2 g/t Au, and Dome Number 10 (D-10, above) showing 22.7 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/821/273351_500be019e43aba0e_003full.jpg

Figure 3. 2025 Sampling at Kidney Pond Property. Highlighted red circle indicates the new mineralization target. 

Exploration History

The Gordon Lake Project has an extensive exploration history dating back to the late 1930's. There are multiple gold showings within the Project boundary that have had varying degrees of exploration and underground development. The last period of sustained exploration activity in the Kidney Pond and Lynk areas was in the 1980's. In 2020, Golden Pursuit Resources Ltd. acquired and consolidated all the properties in the Gordon Lake Project. Exploration permits for the Company's properties are approved through 2030, including First Nations approvals and permits. The Company looks forward to the construction of an all-weather road connecting Gordon Lake to Tibbit Lake, approximately 30 km long, which will dramatically reduce the Company's exploration and drilling costs.

Golden Pursuit has undertaken several significant exploration programs in the area, including LiDAR surveying, litho-structural mapping and rock sampling, geophysical IP and magnetic surveying, and 3D geological modelling.

Golden Pursuit Resources has compiled all historical data for Gordon Lake, as well as recently acquired new data (2020-2025). The Company issued NI-43 reports in 2021 and 2022 and issued recent assessment reports in 2025.

MYRT LAKE1938-1939 (Dome Mines Limited): Extensive work included trenching, diamond drilling, and bulk sampling.1959 (Sam Otto): Staked the "Myrt" claims.1959 (Walter Temawski): Staked the "WT" claim group.1938-1974 (Precambrian Mining Services): Surface rock trenching (736 feet in 33 trenches), surface diamond drilling (8226 feet in 65 holes), surface geological mapping. 1974 (Cameron Holdings Limited): Decline of 466 feet, and 405 feet of drifting and crosscutting along the #1 vein. 3,650 feet of underground drilling in 15 drillholes. A total of 3,000 tons of ore grading 0.11oz/t was mined and stockpiled. Ore reserves were estimated to be 25,275 tons grading 0.22 oz Au/ton down to 125'.1984 (Ryan Energy): 10 drillholes (5,585 feet) verified that the #1 and #3 veins continue to the northwest and at depth below 500 feet.1987-1989 (William Knutsen): Acquired the property and reported the rehabilitation of the decline. Knutsen (1987) calculated a minable resource to a depth of 110' of 17,510 tons grading 0.35 oz Au/ton, containing 6,132 oz Au. *Reported resources presented here are historical, non-compliant with NI-43 guidelines, and are not being used as current.1992 (William Knutsen): Processed 2,152 tons of gold at Yellowknife Giant Mine, with 732 oz Au recovered at a grade of 0.36 oz/t and 86% recovery rate.2020 (Golden Pursuit Resources Ltd.): Acquired the property.2021 (Golden Pursuit Resources Ltd.): LiDAR survey, prospecting, and rock sampling (Vivian and Bocking, 2022).KIDNEY POND - SENTINEL LAKE AREA
Kidney Pond (No. 1), No. 2, No. 3, No. 4, Bulge, Viv-8, and Viv-26 Zones1937-1938 (Borealis Syndicate): Initial gold discovery. Prospecting, trenching, stripping, and sampling of gold-bearing veins and zones, and drilling of "a few" X-ray diamond drill holes (Love, 1984; Caelles, 1987a; Glanville, 1988)1944 (Lynk Yellowknife Gold Mines): 2600 feet of drilling in 18 holes (Glanville, 1988).1983 (Giant Bay Resources Ltd.):
2795 feet of BQ drilling in 9 holes near Kidney Pond.
Prospecting and 254 plugger holes in the Kidney Pond - Knight Bay area (Humphries, 1983; Glanville, 1988).1984 (Giant Bay Resources Ltd.): Ground magnetometer surveying, grid mapping, trenching, and trench sampling.
No. 1 (Kidney Pond) Zone: 14667 feet of BQ drilling in 25 holes.
No. 2 Zone: 2712 feet of BQ drilling in 8 holes; 1350 feet of percussion drilling in 21 holes.
No. 3 Zone: 432 feet of BQ drilling; 280 feet of percussion drilling in 8 holes.
No. 4 Zone: 1511 of BQ drilling in 7 holes.
Bulge Zone: 718 feet of BQ drilling in 4 holes.
Viv 8 Zone: 117 feet of BQ core in 1 hole.
Viv 15 Zone: 602 feet of BQ core in 3 holes (Caelles, 1984).1985 (Giant Bay Resources Ltd.): Magnetometer and VLF surveys, geological mapping, and prospecting.
No. 1 (Kidney Pond) Zone: 1219 feet of BQ drilling in 5 holes; 1787 feet of NQ drilling in 7 holes.
No. 4 Zone: 331 feet of NQ drilling in 2 holes.
T-32 Zone: 324 feet of NQ drilling in 2 holes.
T-15 Zone: 756 feet of NQ core in 4 holes (Caelles, 1985; Fisher, 1985).1986 (Giant Bay Resources Ltd.):
No. 1 (Kidney Pond) Zone (underground): Excavated 1600 feet of decline (ramp), 540 feet of drift at the 200-foot level and 540 feet in two raises; 6042 feet of underground diamond in 70 holes on 13 sections.
No. 1 (Kidney Pond) Zone (surface): 2598 feet of NQ drilling in three holes.
No. 1, No. 2, No. 3, and No. 4 zones: Detailed mapping of mineralized areas (Burson and Caelles, 1986; Glanville, 1988).1987 (Giant Bay Resources Ltd.):
No. 1 (Kidney Pond) Zone (underground):
Dewatering.
Excavated 440 feet of drifts and 289 feet in three raises.
No. 1 (Kidney Pond) Zone (surface):
1662 feet of NQ diamond drilling in six holes (Caelles, 1987b).2021 (Golden Pursuit Resources Ltd.): Line cutting, prospecting, rock sampling, LiDAR survey (Vivian and Bocking, 2022).2022 (Golden Pursuit Resources Ltd.): Induced polarization survey, ground magnetic survey (Vivian and Bocking, 2022; Dziuba, 2022).2023 (Golden Pursuit Resources Ltd.): Compilation of historic work, geological mapping, soil sampling, 3D modelling (Prior et al., 2023; Prior and Schmidt, 2023).Table 1. Exploration history of significant mineral occurrences in the Gordon Lake gold mining district. Myrt Lake and Kidney Pond Properties.

References

Burson, M.J. and Caelles, J.C., 1986. 1986 Underground Program and Ore Reserves for the No. 1 Zone of the Gordon Lake Project. Giant Bay Resources Ltd., December 1986. (N.W.T. Geoscience Office Assessment Report #082129).Caelles, J.C., 1984. Geological report on the 1984 drill exploration program on the Giant Bay Resources Ltd. MAHE, AD, POL, AR, BEAR and LYNK claim group.Caelles, J.C., 1985a. Geological report on the 1985 drill exploration program on the Giant Bay Resources Ltd. property at Gordon Lake, N.W.T.Caelles, J.C., 1985b. 1985 mineral reserve calculation for the No. 1 Zone of the Gordon Lake gold property, Mackenzie Mining District (N.W.T.) Canada.Caelles, J.C., 1987. Summary Report on Giant Bay Resources Ltd. - Gordon Lake Property. April 1987.Clarke, W.E., 1985. Summary Report Diamond Drill Program 1984 - WT Property. Ryan Energy Corporation Limited, January 1985. (N.W.T. Geoscience Office Assessment Report #15272).Knutsen, W. G., 1987. Summary Report and Ore Reserve on the 'WT' Gold Property, Myrt Lake, NWT. Prepared for Westfort Petroleums Ltd. Precambrian Mining Service Ltd.Prior, G.; Schmidt, N., 2023. Field Report. Exploration on the Gordon Lake Property. Dahrouge Geological Consulting Ltd.Prior, G.; Schmidt, N.; Gorham, J., 2023. Summary Report on the Gordon Lake Property. Including: Burnt Island, Camlaren, H Vein, 31 Vein, May Island, Kidney Pond, Lynk, Murray Lake, Myrt Lake, Storm, Goodrock, and Vaydik mineral occurrences. Northwest Territories, Canada. Dahrouge Geological Consulting Ltd. Vivian, G; Bocking, N., 2022. Technical Report. South Gordon Lake Property, Northwest Territories, Canada. Prepared for Golden Pursuit Resources Ltd. Aurora Geosciences. Vivian, G, 202 1. Technical Report. South Gordon Lake Property, Northwest Territories, Canada. Prepared for Golden Pursuit Resources Ltd. Aurora Geosciences. Community Engagement

Golden Pursuit collaborates with First Nations organizations on whose traditional territories its projects are located, as well as with the Government of the Northwest Territories, to advance their strategic interests and discuss opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations in all its future exploration programs.

About the Gordon Lake Project

The Gordon Lake Project, about 80-90 km northeast of Yellowknife, NWT, covers 6,850 hectares and includes 18 territorial claims, 13 federal claims, and five historic mining leases-all fully owned by Golden Pursuit. The site features multiple gold showings with a history of exploration and mining dating back to 1937 and continuing into the late 1980s. Located in the Slave Structural Province of the Canadian Shield's Archean granite-greenstone craton, the property hosts gold-bearing quartz veins and breccia zones primarily in Burwash Formation metaturbidite rocks of the Yellowknife Supergroup.

About Golden Pursuit Resources

Golden Pursuit Resources focuses on gold exploration and fully owns deposits and prospects in the Northwest Territories, Canada, and Nevada, USA, with only royalty obligations on some purchased claims in the NWT. The Gordon Lake project holds active land and water permits until 2030, supporting exploration and development. The company owns 11 properties with histories of mining and exploration dating back to the 1930s, including five classified as "former producers" by the NWT government. It has conducted extensive work at Gordon Lake since 2021. Further details are available at www.goldenpursuitresources.ca.

Qualified Person

The technical information in this news release has been reviewed and approved by Cleber Peralta, COO and Director of the Company. Cleber Peralta is a Professional Geoscientist (P.Geo.) registered with the Engineers and Geoscientists of British Columbia (EGBC) and a "Qualified Person" with respect to NI 43-101. The QP supervised the 2025 Golden Pursuit's exploration program and participated in the litho-structural mapping and sampling campaigns reported here. The Issuer is not treating the historic estimates as current.

On behalf of the Board of Directors

Brian McClay

Forward-Looking Information

This news release contains forward-looking statements that involve risks, uncertainties, and assumptions that may cause actual results to differ materially. These statements, which may include references to potential mineralization, exploration plans, and engagement with First Nations, are subject to various risks, including exploration risks, regulatory changes, market volatility, environmental factors, and other uncertainties. Readers are cautioned not to place undue reliance on them. Except as required by law, Golden Pursuit assumes no obligation to update forward-looking statements, all of which are qualified by this cautionary note.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273351

TKO Group Holdings (TKO - Free Report) came out with quarterly earnings of $0.5 per share, missing the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.53 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this producer of professional wrestling events and television shows would post earnings of $1.23 per share when it actually produced earnings of $1.17, delivering a surprise of -4.88%.

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

TKO Group, which belongs to the Zacks Film and Television Production and Distribution industry, posted revenues of $1.12 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.13%. This compares to year-ago revenues of $681.2 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

TKO Group shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 15.1%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $1.01 billion in revenues for the coming quarter and $2.84 on $4.66 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Film and Television Production and Distribution is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Warner Music Group Corp. (WMG - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 20.

This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +337.5%. The consensus EPS estimate for the quarter has been revised 3% lower over the last 30 days to the current level.

Warner Music Group Corp.'s revenues are expected to be $1.68 billion, up 3.2% from the year-ago quarter.

e.l.f. Beauty (ELF - Free Report) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.77 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +19.30%. A quarter ago, it was expected that this cosmetics company would post earnings of $0.84 per share when it actually produced earnings of $0.89, delivering a surprise of +5.95%.

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

e.l.f. Beauty, which belongs to the Zacks Cosmetics industry, posted revenues of $343.94 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 6.17%. This compares to year-ago revenues of $301.08 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

e.l.f. Beauty shares have lost about 5.8% since the beginning of the year versus the S&P 500's gain of 15.1%.

What's Next for e.l.f. Beauty?While e.l.f. Beauty has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.02 on $474.31 million in revenues for the coming quarter and $3.52 on $1.65 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Cosmetics is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Nu Skin Enterprises (NUS - Free Report) , has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This seller of skin care and nutritional products through a direct-selling model is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +76.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Nu Skin Enterprises' revenues are expected to be $374.2 million, down 13% from the year-ago quarter.

Fortinet (FTNT - Free Report) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +17.46%. A quarter ago, it was expected that this network security company would post earnings of $0.59 per share when it actually produced earnings of $0.64, delivering a surprise of +8.47%.

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

Fortinet, which belongs to the Zacks Security industry, posted revenues of $1.72 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.34%. This compares to year-ago revenues of $1.51 billion. The company has topped consensus revenue estimates four times over the last four quarters.

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

Fortinet shares have lost about 9.8% since the beginning of the year versus the S&P 500's gain of 15.1%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.66 on $1.87 billion in revenues for the coming quarter and $2.52 on $6.75 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Security is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Palo Alto Networks (PANW - Free Report) , is yet to report results for the quarter ended October 2025. The results are expected to be released on November 19.

This security software maker is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of +14.1%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.

Palo Alto Networks' revenues are expected to be $2.46 billion, up 15.1% from the year-ago quarter.

Dynavax Technologies (DVAX - Free Report) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +50.00%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $0.12 per share when it actually produced earnings of $0.14, delivering a surprise of +16.67%.

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

Dynavax Technologies, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $94.88 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.23%. This compares to year-ago revenues of $80.63 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

Dynavax Technologies shares have lost about 21.3% since the beginning of the year versus the S&P 500's gain of 15.1%.

What's Next for Dynavax Technologies?While Dynavax Technologies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.05 on $77.49 million in revenues for the coming quarter and -$0.43 on $336.19 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Iovance Biotherapeutics (IOVA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This biotechnology company is expected to post quarterly loss of $0.29 per share in its upcoming report, which represents a year-over-year change of -3.6%. The consensus EPS estimate for the quarter has been revised 11.3% lower over the last 30 days to the current level.

Iovance Biotherapeutics' revenues are expected to be $70.34 million, up 20.1% from the year-ago quarter.

Grand Canyon Education, Inc. (LOPE) Q3 2025 Earnings Call November 5, 2025 4:30 PM EST

Company Participants

Sarah Collins
Brian Mueller - Chairman & CEO
Daniel Bachus - Chief Financial Officer

Conference Call Participants

Jeffrey Silber - BMO Capital Markets Equity Research
Steven Pawlak - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Grand Canyon Education Third Quarter Earnings Conference Call.

[Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sarah Collins, General Counselor. Please go ahead.

Sarah Collins

Joining me on today's call is our Chairman and CEO, Brian Mueller; and our CFO, Dan Bachus.

Please note that many of our comments today will contain forward-looking statements that involve risks and uncertainties. Various factors could cause our actual results to be materially different from any future results expressed or implied by such statements. These factors are discussed in our SEC filings, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to provide updates with regard to the forward-looking statements made during this call and we recommend that all investors review these reports thoroughly before taking a financial position in GCE.

With that, I'll turn the call over to Brian.

Brian Mueller
Chairman & CEO

Good afternoon, and thank you for joining Grand Canyon Education's Third Quarter 2025 Conference Call.

GCE had another strong quarter, producing online enrollment growth of 9.6% in hybrid growth, excluding the closed sites and those in teach-out of 19.3%. New ground traditional enrollment grew in the high single digits year-over-year. With that, I would like to review the results of the 4 delivery platforms at Grand Canyon Education. First, the online

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Equillium, Inc. (EQ) Discusses Aryl Hydrocarbon Receptor as a Drug Target and EQ504 Program in Immune-Mediated Diseases November 5, 2025 12:00 PM EST

Company Participants

Bruce Steel - Co-Founder, CEO & Director
Stephen Connelly - Chief Scientific Officer & President
Francisco Quintana
Brian Gordon Feagan

Conference Call Participants

Thomas Smith - Leerink Partners LLC, Research Division
Cha Cha Yang - Jefferies LLC, Research Division
Raghuram Selvaraju - H.C. Wainwright & Co, LLC, Research Division
Brian Feagan
Catherine Novack - JonesTrading Institutional Services, LLC, Research Division
Min Lee - Guggenheim Securities, LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the Equillium Bio Virtual KOL Event. [Operator Instructions] As a reminder, this call is being recorded, and a replay will be made available on the Equillium website following the conclusion of the event.

I'd now like to turn the call over to your host, Bruce Steel, Chief Executive Officer at Equillium Bio. Please go ahead, Bruce.

Bruce Steel
Co-Founder, CEO & Director

Thank you very much. Good morning and/or good afternoon to everybody for joining today. We greatly appreciate you taking your time to learn more about the aryl hydrocarbon receptor and our EQ504 program. We will, during the course of the day at the company side, be making potentially some forward-looking statements, so we refer you to our disclaimer here.

We are very pleased today to have Dr. Francisco Quintana and Dr. Brian Feagan, who are experts in their fields covering immune-mediated disorders and gastroenterology, respectively. We will be discussing an overview of the aryl hydrocarbon receptor and why this is such a compelling drug target across a range of potential immune-mediated diseases. Obviously, our focus as a company with EQ504 will be directing this program initially into the treatment of ulcerative colitis, where despite an enormous amount of investment in many approved drugs across different modalities, there remains a very high unmet medical

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Merger Creates $3 Billion Senior Housing Owner-Operator with National Scale

, /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has acted as the real estate advisor to Sonida Senior Living, Inc. (NYSE: SNDA), a leading owner and operator of senior housing communities, on its definitive agreement to acquire CNL Healthcare Properties, Inc. in a cash-and-stock transaction valued at approximately $1.8 billion. The merger will create the eighth largest1 owner of senior living assets in the United States, with a combined portfolio of 153 owned independent living, assisted living and memory care communities totaling approximately 14,700 units.

Newmark's Chad Lavender, President of Capital Markets, North America, and Ryan Maconachy, Vice Chairman and Co-Head of Healthcare and Alternative Real Estate Assets, advised on the transaction.

Upon closing, the combined operator expects to have an approximately $3.0 billion enterprise value and $1.4 billion equity market capitalization. The transaction is expected to be immediately accretive to Normalized Funds From Operations (FFO), with Sonida projecting substantial operating and structural synergies, enhanced liquidity, and deleveraging.

"This merger reflects the strength of Sonida's leadership and strategy, pairing operational excellence with a platform well-positioned to capture the long-term demographic tailwinds in the senior living sector," Maconachy said.

Sonida will retain its NYSE ticker symbol and existing leadership team post-closing. The transaction is expected to close in the first half of 2026, subject to customary approvals.

According to Newmark Research, investor interest in Seniors Housing is growing. Transaction activity in the sector reached $13 billion through the end of September, up 67% from the same period last year.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

SOURCE Newmark Group, Inc.

HOUSTON, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Itafos Inc. (TSX-V: IFOS) (OTCQX: ITFS) (the “Company”) today reported its Q3 2025 financial results and provided a corporate update. The Company’s financial statements and management’s discussion and analysis for the three and nine months ended September 30, 2025 are available under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.itafos.com. All figures are in thousands of US Dollars except as otherwise noted. A recorded webcast of management’s commentary reviewing the Q3 2025 financial results and an update on the business will be available on the Company’s website on Monday, November 10, 2025 (see details below).

CEO Commentary

Chief Executive Officer, David Delaney commented, “we are pleased to report another highly successful quarter in which the Company maintained its exceptional operational and safety performance. We were able to take advantage of a fundamentally strong phosphate market by sustaining industry-leading production rates at Conda and sales volume growth through the introduction of new dry fertilizer products at Arraias.

Adjusted EBITDA1 increased by over $17 million compared to the prior quarter and by almost $11 million on a year-over-year basis despite continued elevated raw material costs. Total adjusted EBITDA of nearly $49 million was the highest level since the fourth quarter of 2022.

We have finished mining at Rasmussen Valley and have begun the reclamation process at the site. The Husky 1 / North Dry Ridge (“H1/NDR”) infrastructure build-out is mechanically complete and stockpiles from the new mines should allow the Conda plant to continue to produce at current operating rates. Our resource delineation drilling program has commenced with further activities planned for 2026 and beyond to define the resources at our current leases and leverage our existing infrastructure with the ultimate goal to extend our mine life well beyond the current 2037 plan.

In October, we successfully monetized the equity interest in St George Mining Limited (“St George”) that was received as consideration for the sale of our Araxá Project. The sale of shares and the exercise of options generated gross proceeds of $21.8 million before taxes, fees and associated expenses. In addition, St. George elected to pay the final two instalments ahead of schedule and we have received the final US$11 million (less withholding tax payable) due under the sale agreement of the Araxa Project. Following these transactions, we are pleased to announce our Board of Directors has approved a CAD$0.17 per share special dividend payable on December 11, 2025 with a record date of November 17, 2025. This will bring total distributions associated with the Araxá sale to CAD$0.22 per share.

Although phosphate prices have moderated off recent highs driven by farmer affordability concerns, tight supply / demand dynamics remain. Looking forward, we believe the Company is well positioned to benefit from a fundamentally tight international phosphate market subject to normal seasonal price resets.”

Q3 2025 Financial Highlights

For Q3 2025, the Company’s financial highlights were as follows:

Revenues of $152.8 million in Q3 2025 compared to $120.0 million in Q3 2024;Adjusted EBITDA1 of $48.9 million in Q3 2025 compared to $38.0 million in Q3 2024;Net income of $36.2 million in Q3 2025 compared to $18.3 million in Q3 2024;Basic earnings1 of C$0.26/share in Q3 2025 compared to C$0.13/share in Q3 2024; andFree cash flow1 of $(4.8) million in Q3 2024 compared to $(22.4) million in Q3 2024. The increase in the Company’s Q3 2025 adjusted EBITDA compared to the corresponding period in the prior year was due to higher revenues, which were partially offset by higher input sulfur and sulfuric acid costs at Conda.

The increase in the Company’s Q3 2025 net income compared to Q3 2024 was primarily due to higher gross margin and fair value gain on investments, which were partially offset by higher finance expenses and higher income tax expense.

The Company’s total capex2 spend in Q3 2025 was $21.6 million compared to $21.1 million in Q3 2024, which remained relatively consistent year-over-year.

9M 2025 Financial Highlights

For 9M 2025, the Company’s financial highlights were as follows:

Revenues of $415.4 million in 9M 2025 compared to $353.1 million in 9M 2024;Adjusted EBITDA of $120.0 million in 9M 2025 compared to $114.0 million in 9M 2024;Net income of $96.9 million in 9M 2025 compared to $58.2 million in 9M 2024;Basic earnings of C$0.70/share in 9M 2025 compared to C$0.41/share in 9M 2024; andFree cash flow of $37.3 million in 9M 2025 compared to $37.8 million in 9M 2024. The increase in the Company’s 9M 2025 adjusted EBITDA compared to 9M 2024 was primarily due to higher revenues, which were partially offset by higher sulfur and sulfuric acid costs at Conda.

The increase in the Company’s 9M 2025 net income compared to 9M 2024 was primarily due to higher gross margin, the gain on the sale of the Araxá Project, fair value gain on investment and lower finance expenses, which were partially offset by withholding tax expenses related to the sale of the Araxá Project.

The Company’s total capex spend in 9M 2025 was $60.3 million compared to $57.7 million in 9M 2024 with the increase primarily due to development activities at Conda (H1/NDR and magnesium oxide reduction initiatives), and activities related to the fertilizer restart program at Arraias (the “Fertilizer Restart Program”).

As of September 30, 2025, the Company’s financial highlights were as follows:

Trailing 12 months Adjusted EBITDA2 of $165.5 million;Net debt2 of $6.1 million; andNet leverage ratio2 of 0.0x. Recent Developments

Equity interest in St George

On October 16, 2025, the Company announced that it partially monetized its ownership interest in St George that it acquired as consideration for the sale of its Araxá Project, announced in February 2025. Between October 13 and 14, 2025, the Company sold 277,893,103 SGQ Shares.On October 16, 2025, the Company issued an exercise notice to exercise the 86,111,025 options at AUD$0.04 per share.Between October 21 and 22, 2025, the Company sold the remaining 86,111,025 SGQ Shares.The total net proceeds received from the sale of 364,004,128 SGQ Shares was $21.8 million, net of the exercise price of the options. Sale of the Araxá Project

On November 5, 2025, St George made payment of the deferred cash consideration totaling $11 million (less withholding tax payable) due to the Company under the second and third instalments of the Sale Agreement relating to the acquisition by St George of the 100% interest in the Araxá Rare Earths and Niobium Project in Minas Gerais, Brazil (the “Araxá Project”). As a result of the payment, the Araxa Project sale transaction has been completed.

Special Dividend

The Board of Directors has approved a CAD$0.17 per share special dividend payable on December 11, 2025 to shareholders of record as of the close of business on November 17, 2025.

Registered shareholders who are Canadian residents as reflected in the Company’s shareholder register will receive their dividend in Canadian dollars. Registered shareholders who are resident outside of Canada as reflected in the Company’s shareholder register, including the United States (“U.S.”), will receive their dividend in U.S. dollars, based on the spot price exchange rate calculated on December 11, 2025. Intermediaries who are CDS participants may elect to have the dividend paid in U.S. dollars. Shareholders who hold their shares through a broker or intermediary should contact their broker or intermediary directly for further details.

Dividend payments to shareholders will generally be subject to Internal Revenue Service withholding tax unless reduced through the completion of tax election forms and/or in accordance with the provisions of an applicable tax treaty. Both U.S. and non-U.S. resident registered shareholders should complete the appropriate tax forms and submit them to Itafos’ transfer agent, TSX Trust Company, to be entitled to a reduced withholding tax rate. Shareholders who hold their shares through a broker or intermediary should contact their broker or intermediary directly for further details.

FY 2025 Market and Financial Outlook

Market Outlook

Phosphate fertilizer prices were elevated in Q3 2025 compared to the previous quarter, driven by continued constraints on diammonium phosphate (“DAP”) and monoammonium phosphate (“MAP”) exports from China and ongoing uncertainty surrounding US trade policy, which has limited phosphate imports. While prices have moderated off the Q3 highs, prices today remain above the historical five-year average price.

Despite strong global demand, low grain and oilseed prices continue to weigh on phosphate affordability. DAP and MAP prices relative to crop values are near 20-year lows in terms of US farmer purchasing power. With a large US corn crop currently being harvested and China continuing to source soybeans from competing suppliers, US affordability challenges are expected to persist in the near term.

However, with constrained domestic supply and steady global consumption, phosphate prices are expected to remain supported at historically elevated levels in the short run.

Looking ahead, the Company anticipates a modest softening in phosphate prices through Q4 2025 due to:

Continued weak US farmer affordability offset by a typical winter price reset to stimulate retail demand ahead of the 2026 planting season;ongoing export restrictions from China;lower US MAP production; andongoing uncertainty surrounding US phosphate import tariffs. Financial Outlook

The Company revised its guidance for 2025 as follows:

(in millions of US DollarsProjectedexcept as otherwise noted)FY 2025Sales Volumes (thousands of tonnes P2O5)3345-355Corporate selling, general and administrative expenses4$15-17Maintenance capex4$16-20Growth capex4$60-70Environmental and asset retirement obligations payments$6-8   Q3 and 9M 2025 Market Highlights

MAP New Orleans (“NOLA”) prices averaged $779/st in Q3 2025 compared to $636/st in Q3 2024, up 22% year-over-year, and averaged $688/st in 9M 2025 compared to $606/st in 9M 2024, up 14% year-over-year.

Specific factors driving the year-over-year increase in MAP NOLA prices were as follows:

lower than expected Chinese exports of MAP;continued strong global demand, particularly from Africa, India and Brazil; anduncertainty surrounding US trade policy and imposition of tariffs on imported products. September 30, 2025, Highlights

As of September 30, 2025, the Company had trailing 12 months Adjusted EBITDA of $165.5 million compared to $159.5 million as of December 31, 2024 with the increase primarily due to the same factors that resulted in higher Adjusted EBITDA during Q3 2025 as compared to Q3 2024 described above.

As of September 30, 2025, the Company had net debt of $6.1 million compared to $26.8 million as of December 31, 2024, with the reduction primarily due to higher cash and cash equivalents and lower debt balances. The Company’s net debt as of September 30, 2025 was comprised of $86.7 million in cash and $92.8 million in debt (gross of deferred financing costs). As of September 30, 2025 and the end of 2024, the Company’s net leverage ratio was 0.0x and 0.2x, respectively.

As of September 30, 2025, the Company had liquidity4 of $166.7 million comprised of $86.7 million in cash and $80.0 million in undrawn borrowing capacity under its $80.0 million asset-based revolving credit facility (“ABL Facility”).

Operations Highlights and Mine Development

Environmental, Health, and Safety (“EHS”)

For Q3 2025, the Company sustained EHS performance, including no reportable environmental releases and three recordable incidents, which resulted in a consolidated total recordable incident frequency rate (“TRIFR”) of 0.54.For 9M 2025, the Company sustained EHS performance, including no reportable environmental releases and five recordable incidents, which resulted in a consolidated TRIFR of 0.54. Conda

In Q3 2025, Conda

Produced 91,219 tonnes P2O5 compared to 92,311 tonnes P2O5 in Q3 2024, which remained relatively consistent year-over-year with higher MAP volumes offset by lower SPA volumes;Generated revenues of $134.0 million compared to $110.7 million in Q3 2024 with the increase primarily due to higher realized prices for MAP and SPA products resulting from strong phosphate market dynamics; andGenerated Adjusted EBITDA of $46.3 million compared to $37.7 million in Q3 2024 with the increase primarily due to higher realized prices from market strength outpacing higher sulfur and sulfuric acid costs. In 9M 2025, Conda:

Produced 262,025 tonnes P2O5 compared to 252,090 tonnes P2O5 in 9M 2024 with the increase primarily due to a planned short turnaround in 2025 (10 days) compared to a planned large scope turnaround in 2024 (25 days) and higher P2O5 production from higher throughput from strong plant performance;Generated revenues of $379.0 million compared to $335.4 million in 9M 2024 with the increase primarily due to higher realized prices for MAP and SPA products resulting from strong phosphate market dynamics; andGenerated Adjusted EBITDA of $120.1 million compared to $121.4 million in 9M 2024 with the increase primarily due to higher realized prices from market strength outpacing higher sulfur and sulfuric acid costs. Completion of Mining at Rasmussen Valley

The Company completed mining at the Rasmussen Valley mine in Q3 2025 after approximately seven years in operation, with reclamation activities expected to commence in Q4 2025. Expected reclamation costs for the Rasmussen Valley mine are expected to be in the range of $80 to $100 million with the majority of the spend to occur over the next 48 months.

Mine Life Extension

For the three and nine months ended September 30, 2025, the Company advanced activities related to the extension of Conda’s mine life through the development of H1/NDR as follows:

advanced H1/NDR capital activities including construction of rail loading facilities and mine development; andin June 2025, the Company received authorization from the Board of Directors to proceed with a capital project to construct a new processing facility designed to lower the magnesium content of the ore from the H1/NDR mines in order to maintain P2O5 production capacity at the plant (the “MgO Reduction Project”). Exploration and Appraisal Program at Conda

As capital work at H1/NDR continues with first ore shipments expected in Q4 2025, the Company is focused on identifying and pursuing opportunities to add additional resources and reserves to the project to extend mine life beyond the current NI 43-101 - Standards of Disclosures for Mineral Projects (“NI 43-101”) estimate of mid-2037. To pursue this objective, the Company has commenced a multi-year, multi-lease exploration program, resource evaluation and permitting program at Conda with an expected annual cost of approximately $6-8 million.

The in-fill drilling program is focused on further delineating upside potential of the Husky 1 Lease through a targeted reserve delineation appraisal that will reduce drill spacing to 250ft on center versus current spacing at 500ft.

Initial resource delineation drilling on the Dry Ridge Lease commenced in Q3 2025, with the initial program consisting of drilling on 2,400ft centers to gain crucial geologic and metallurgical information that will be used to generate initial resource models that will drive future mine planning resource estimation and permitting studies.

Core drilling and geologic modeling of the Husky 3 and Husky 4 Leases is ahead of schedule as exploration core drilling commenced in September 2025. This initial drilling will identify the site geology and characterize the resource for future mine development along the current mine trend.

In addition to these activities, preliminary work has commenced on environmental baseline resource studies that will be required for future National Environmental Policy Act permitting and regulatory approvals. These geographically near field opportunities have the potential to extend mine life beyond the current NI 43-101 estimate of mid-2037 in an efficient manner with the objective of utilizing the current infrastructure being built out at H1/NDR.

Arraias

In Q3 2025, Arraias:

Produced 26,164 tonnes of excess sulfuric acid compared to 28,483 tonnes in Q3 2024 with the decreased due to due to higher acid consumption with the start of Partially Acidulated Phosphate Rock (“PAPR”) and Granulated Partially Acidulated Phosphate Rock (“G-PAPR”) production;Produced 29,564 tonnes P2O5, compared to 12,719 tonnes P2O5 in Q3 2024, with the increase due to ramp up of Direct Application Phosphate Rock (“DAPR”) and PAPR production and the restart of the granulation plant to produce G-PAPR, as part of the Fertilizer Restart Program; andGenerated Adjusted EBITDA of $7.0 million compared to $3.7 million in Q3 2024 with the increase primarily due to sulfuric acid gross margin improvement driven by higher sales prices. In addition, the increase reflects higher sales of fertilizer products sales during Q3 2025, particularly due to the contribution from G-PAPR. In 9M 2025, Arraias:

Produced 92,812 tonnes of excess sulfuric acid compared to 78,011 tonnes in 9M 2024 driven by higher customer demand;Produced 40,291 tonnes P2O5 of DAPR and PAPR compared to 16,513 tonnes P2O5 in 9M 2024, with the increase driven by higher demand for fertilizer products in line with seasonal market trends. In addition, significant sales of DAPR and PAPR, along with the start of G-PAPR sales, have supported this growth; andGenerated Adjusted EBITDA of $12.5 million compared to $3.5 million in 9M 2024 with the increase primarily due to a combination of higher sulfuric acid gross margin driven by higher sales prices and higher volume coupled with higher fertilizer products sales in 2025, driven by significant higher sales volumes including the addition of the new product G-PAPR. Q3 2025 Financial Results and Business Update Webcast

An on-demand recorded webcast of management commentary that reviews the Q3 2025 financial results, provides an update on the business and addresses analysts’ and investors’ recent frequently asked questions will be available on Monday, November 10, 2025 at 4:30 p.m. ET. The webcast will be available on the Presentations & Events page of the Company’s website www.itafos.com/investors/presentations-fact-sheets/ and will be available for 90 days.

About Itafos

The Company is a phosphate and specialty fertilizer company with businesses and projects spanning three continents:

Conda – a vertically integrated phosphate fertilizer business located in Idaho, US, with the following production capacity: approximately 550kt per year of MAP, MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”), merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”)approximately 27kt per year of hydrofluorosilicic acid (“HFSA”) Arraias – a vertically integrated phosphate fertilizer business located in Tocantins,Brazil, with the following production capacity:approximately 500kt per year of single superphosphate (“SSP”) and SSP with micronutrients (“SSP+”) approximately 40kt per year of excess sulfuric acid (220kt per year gross sulfuric acid production capacity) Farim – a high-grade phosphate mine project located in Farim, Guinea-Bissau; andSantana – a vertically integrated high-grade phosphate mine and fertilizer plant project located in Pará, Brazil The Company is a Delaware corporation headquartered in Houston, Texas. The Company’s shares trade on the TSX-V under the ticker
“IFOS”. The Company’s shares also trade in the US on the OTCQX® Best Market (“OTCQX”) under the ticker symbol “ITFS”. The Company’s principal shareholder is CL Fertilizers Holding LLC (“CLF”). CLF is an affiliate of global private investment firm Castlelake, L.P.

For more information, or to join the Company’s mailing list, please visit www.itafos.com.

Forward-Looking Information

Certain information contained in this news release constitutes forward-looking information, including statements with respect to: the sale of the Araxá Project; the special dividend; Company guidance; import and export tariffs; the Company’s planned operations, strategies and projects, including the MgO Reduction Project; the timing for the commencement of operations and first ore at H1/NDR; the expected resource life of H1/NDR; exploration activities to extend mine life; and economic and market trends with respect to the global agriculture and phosphate fertilizer markets. All information other than information of historical fact is forward-looking information. Statements that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future include, but are not limited to, statements regarding estimates and/or assumptions in respect of the Company’s financial and business outlook are forward-looking information. The use of any of the words “intend”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward-looking information.

The forward-looking information contained in this news release is based on the opinions, assumptions and estimates of management, some of which are set out herein, which management believes are reasonable as at the date the statements are made. Those opinions, assumptions and estimates are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These include the Company’s expectations and assumptions with respect to the following: commodity prices; operating results; safety risks; changes to the Company’s mineral reserves and resources; risk that timing of expected permitting will not be met; changes to mine development and completion; foreign operations risks; changes to regulation; environmental risks; the impact of weather and climate change; risks related to asset retirement obligations, general economic changes, including inflation and foreign exchange rates; the actions of the Company’s competitors and counterparties; financing, liquidity, credit and capital risks; the loss of key personnel; impairment risks; cybersecurity risks; risks relating to transportation and infrastructure; changes to equipment and suppliers; concentration risks, adverse litigation; changes to permitting and licensing; geo-political risks; loss of land title and access rights; changes to insurance and uninsured risks; the potential for malicious acts; market and stock price volatility; changes to technology, innovation or artificial intelligence; changes to tax laws; the risk of operating in foreign jurisdictions; the risks posed by a controlling shareholder and other conflicts of interest; risks related to reputational damage, the risk associated with epidemics, pandemics and public health; the risks associated with environmental justice; and any risks related to internal controls over financial reporting risks. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions is not exhaustive.

Although the Company has attempted to identify crucial factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Additional risks and uncertainties affecting the forward-looking information contained in this news release are described in greater detail in the Company’s Annual Information Form and current Management’s Discussion and Analysis available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.itafos.com. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The reader is cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable securities law. The forward-looking information included in this news release is expressly qualified by this cautionary statement and is made as of the date of this news release.

This news release contains future-oriented financial information and financial outlook information (together, “FOFI”) about the Company’s prospective results of operations, including statements regarding expected Adjusted EBITDA, net income, basic earnings per share, corporate selling, general and administrative expenses, maintenance capex, growth capex and free cash flow. FOFI is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The Company has included the FOFI to provide an outlook of management’s expectations regarding anticipated activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s reasonable estimates and judgements; however, actual results of operations and the resulting financial results may vary from the amounts set forth herein. Any financial outlook information speaks only as of the date on which it is made and the Company undertakes no obligation to publicly update or revise any financial outlook information except as required by applicable securities laws.

NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contacts:

For Investor Relations:

Matthew O’Neill
Executive Vice President & Chief Financial Officer
[email protected]
713-242-8446

For Media:

Alliance Advisors IR
Fatema Bhabrawala
Director, Media Relations
[email protected]
647-620-5002

Scientific and Technical Information

The scientific and technical information contained in this news release related to Mineral Resources for Conda has been reviewed and approved by Jerry DeWolfe, Professional Geologist (P.Geo.) with the Association of Professional Engineers and Geoscientists of Alberta. Mr. DeWolfe is a full-time employee of WSP Canada Inc. and is independent of the Company. The scientific and technical information contained in this news release related to Mineral Reserves for Conda has been reviewed and approved by Terry Kremmel, Professional Engineer (P.E.) licensed by the States of Missouri and North Carolina. Mr. Kremmel is a full-time employee of WSP USA, Inc. and is independent of the Company. The Company’s latest technical report in respect of Conda is entitled, “NI 43-101 Technical Report Itafos Conda Project, Idaho, USA,” with an effective date of July 1, 2023 and is available under the Company’s website at www.itafos.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Non-IFRS Financial Measures

This press release contains both IFRS and certain non-IFRS measures that management considers to evaluate the Company’s operational and financial performance. Non-IFRS measures are a numerical measure of a company’s performance, that either include or exclude amounts that are not normally included or excluded from the most directly comparable IFRS measures. Management believes that the non-IFRS measures provide useful supplemental information to investors, analysts, lenders and others. In evaluating non-IFRS measures, investors, analysts, lenders and others should consider that non-IFRS measures do not have any standardized meaning under IFRS and that the methodology applied by the Company in calculating such non-IFRS measures may differ among companies and analysts. Non-IFRS measures should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with IFRS. Definitions and reconciliations of non-IFRS measures to the most directly comparable IFRS measures are included below.

DEFINITIONS

The Company defines its non-IFRS measures as follows:

Non-IFRS measureDefinitionMost directly comparable IFRS measureWhy the Company uses the measureEBITDAEarnings before interest, taxes, depreciation, depletion and amortizationNet income (loss) and operating income (loss)EBITDA is a valuable indicator of the Company’s ability to generate operating incomeAdjusted EBITDAEBITDA adjusted for non-cash, extraordinary, non-recurring and other items unrelated to the Company’s core operating activitiesNet income (loss) and operating income (loss)Adjusted EBITDA is a valuable indicator of the Company’s ability to generate operating income from its core operating activities normalized to remove the impact of non-cash, extraordinary and non-recurring items. The Company provides guidance on Adjusted EBITDA as useful supplemental information to investors, analysts, lenders, and othersBasic earnings (C$/share)Basic earnings per share denominated in US dollars ($/share) divided by the average exchange rate C$/$ during the period.Basic earnings ($/share)The Company considers that basic earnings (C$/share) is a useful indicator to investors given that the Company’s shares primarily trade in C$Trailing 12 months Adjusted EBITDA Adjusted EBITDA for the current and preceding three quartersNet income (loss) and operating income (loss) for the current and preceding three quartersThe Company uses the trailing 12 months Adjusted EBITDA in the calculation of the net leverage ratio (non-IFRS measure)Total capexAdditions to property, plant, and equipment and mineral properties adjusted for additions to asset retirement obligations, additions to right-of-use assets and capitalized interestAdditions to property, plant and equipment and mineral propertiesThe Company uses total capex in the calculation of total cash capex (non-IFRS measure)Maintenance capexPortion of total capex relating to the maintenance of ongoing operationsAdditions to property, plant and equipment and mineral propertiesMaintenance capex is a valuable indicator of the Company’s required capital expenditures to sustain operations at existing levelsGrowth capexPortion of total capex relating to the development of growth opportunitiesAdditions to property, plant and equipment and mineral propertiesGrowth capex is a valuable indicator of the Company’s capital expenditures related to growth opportunities.Total cash capexTotal capex less accrued capexAdditions to property, plant and equipment and mineral propertiesThe Company uses total cash capex in the calculation of cash growth capex (non-IFRS measure)Cash maintenance capexMaintenance capex less accrued maintenance capexAdditions to property, plant and equipment and mineral propertiesThe Company uses cash maintenance capex in the calculation of cash growth capex (non-IFRS measure)Cash growth capexGrowth capex less accrued growth capexAdditions to property, plant and equipment and mineral propertiesThe Company uses cash growth capex in the calculation of free cash flow (non-IFRS measure).Net debtDebt less cash and cash equivalents plus deferred financing costs (does not consider lease liabilities)Current debt, long-term debt and cash and cash equivalentsNet debt is a valuable indicator of the Company’s net debt position as it removes the impact of deferring financing costs.Net leverage ratioNet debt divided by trailing 12 months Adjusted EBITDACurrent debt, long-term debt and cash and cash equivalents; net income (loss) and operating income (loss) for the current and preceding three quartersThe Company’s net leverage ratio is a valuable indicator of its ability to service its debt from its core operating activities.LiquidityCash and cash equivalents plus undrawn committed borrowing capacityCash and cash equivalentsLiquidity is a valuable indicator of the Company’s liquidityFree cash flowCash flows from operating activities, which excludes payment of interest expense, plus cash flows from investing activitiesCash flows from operating activities and cash flows from investing activitiesFree cash flow is a valuable indicator of the Company’s ability to generate cash flows from operations after giving effect to required capital expenditures to sustain operations at existing levels. Free cash flow is a valuable indicator of the Company’s cash flow available for debt service or to fund growth opportunities. The Company provides guidance on free cash flow as useful supplemental information to investors, analysts, lenders, and others.Corporate selling, general and administrative expensesCorporate selling, general and administrative less share-based payments expense.Selling, general and administrative expensesThe Company uses corporate selling, general and administrative expenses to assess corporate performance.     EBITDA, ADJUSTED EBITDA AND TRAILING 12 MONTHS ADJUSTED EBITDA

For the three months ended September 30, 2025 and 2024

For the three months ended September 30, 2025, the Company had EBITDA and Adjusted EBITDA by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Net income (loss)$23,863  $5,798  $(362) $6,919  $36,218 Finance (income) expense, net 1,196   (153)  —   642   1,685 Current and deferred income tax expense 7,755   —   —   1,198   8,953 Depreciation and depletion 13,230   859   —   78   14,167 EBITDA$46,044  $6,504  $(362) $8,837  $61,023 Unrealized foreign exchange loss —   70   54   —   124 Share-based payment expense —   —   —   658   658 Transaction costs —   —   —   26   26 Other (income) expense, net 251   474   —   (13,660)  (12,935)Adjusted EBITDA$46,295  $7,048  $(308) $(4,139) $48,896                      (unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Operating income (loss)$33,067  $6,189  $(308) $(4,883) $34,065 Depreciation and depletion 13,230   859   —   78   14,167 Realized foreign exchange gain (2)  —   —   (18)  (20)Share-based payment expense —   —   —   658   658 Transaction costs —   —   —   26   26 Adjusted EBITDA$46,295  $7,048  $(308) $(4,139) $48,896                      For the three months ended September 30, 2024, the Company had EBITDA and Adjusted EBITDA by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Net income (loss)$17,928  $3,271  $(11) $(2,902) $18,286 Finance (income) expense, net 1,083   (139)  1   395   1,340 Current and deferred income tax expense (recovery) 8,573   —   —   (2,175)  6,398 Depreciation and depletion 9,658   458   3   82   10,201 EBITDA$37,242  $3,590  $(7) $(4,600)  36,225 Unrealized foreign exchange loss —   54   60   —   114 Share-based payment expense —   —   —   734   734 Transaction costs —   —   —   481   481 Other expense 439   16   2   —   457 Adjusted EBITDA$37,681  $3,660  $55  $(3,385) $38,011                      (unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Operating income (loss)$28,021  $3,202  $52  $(4,681) $26,594 Depreciation and depletion 9,658   458   3   82   10,201 Realized foreign exchange gain 2   —   —   (1)  1 Share-based payment expense —   —   —   734   734 Transaction costs —   —   —   481   481 Adjusted EBITDA$37,681  $3,660  $55  $(3,385) $38,011                      For the nine months ended September 30, 2025 and 2024

For the nine months ended September 30, 2025, the Company had EBITDA and Adjusted EBITDA by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Net income (loss)$67,279  $10,278  $(1,224) $20,575  $96,908 Finance (income) expense, net 3,666   (458)  —   3,142   6,350 Current and deferred income tax expense 19,771   —   —   3,151   22,922 Depreciation and depletion 28,604   2,152   —   232   30,988 EBITDA$119,320  $11,972  $(1,224) $27,100  $157,168 Unrealized foreign exchange (gain) loss —   (188)  318   —   130 Share-based payment expense —   —   —   4,535   4,535 Transaction costs —   —   —   130   130 Other (income) expense, net 762   686   —   (43,409)  (41,961)Adjusted EBITDA$120,082  $12,470  $(906) $(11,644) $120,002                      (unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Operating income (loss)$91,484  $10,318  $(906) $(16,239) $84,657 Depreciation and depletion 28,604   2,152   —   232   30,988 Realized foreign exchange loss (6)  —   —   (302)  (308)Share-based payment expense —   —   —   4,535   4,535 Transaction costs —   —   —   130   130 Adjusted EBITDA$120,082  $12,470  $(906) $(11,644) $120,002                      For the nine months ended September 30, 2024, the Company had EBITDA and Adjusted EBITDA by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Net income (loss)$69,911  $1,780  $(239) $(13,243) $58,209 Finance (income) expense, net 3,470   (597)  2   5,217   8,092 Current and deferred income tax expense (recovery) 22,343   —   —   (6,567)  15,776 Depreciation and depletion 24,419   1,653   13   250   26,335 EBITDA$120,143  $2,836  $(224) $(14,343)  108,412 Unrealized foreign exchange (gain) loss —   1,704   (260)  —   1,444 Share-based payment expense —   —   —   1,591   1,591 Transaction costs —   —   —   708   708 Non-recurring compensation expenses —   —   —   1,560   1,560 Other (income) expense, net 1,303   (996)  6   (40)  273 Adjusted EBITDA$121,446  $3,544  $(478) $(10,524) $113,988                      (unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Operating income (loss)$97,030  $1,891  $(491) $(14,623) $83,807 Depreciation and depletion 24,419   1,653   13   250   26,335 Realized foreign exchange gain (3)  —   —   (10)  (13)Share-based payment expense —   —   —   1,591   1,591 Transaction costs —   —   —   708   708 Non-recurring compensation expenses —   —   —   1,560   1,560 Adjusted EBITDA$121,446  $3,544  $(478) $(10,524) $113,988                      As of September 30, 2025 and December 31, 2024

As of September 30, 2025, and December 31, 2024 the Company had trailing 12 months Adjusted EBITDA5 as follows:

(unaudited in thousands of US Dollars)September 30,
2025  December 31,
2024 For the three months ended September 30, 2025$48,896  $— For the three months ended June 30, 2025 31,827   — For the three months ended March 31, 2025 39,279   — For the three months ended December 31, 2024 45,473   45,473 For the three months ended September 30, 2024 —   38,011 For the three months ended June 30, 2024 —   32,810 For the three months ended March 31, 2024 —   43,167 Trailing 12 months Adjusted EBITDA$165,475  $159,461          BASIC EARNINGS (C$/SHARE)

For the three and nine months ended September 30, 2025 and 2024, the Company had basic earnings (C$/share) as follows:

(unaudited in thousands of US DollarsFor the three months ended
September 30,  For the nine months ended
September 30, except as otherwise noted)
2025  2024  2025  2024 Basic earnings ($/share)$0.19  $0.10  $0.50  $0.30 Basic earnings (C$/share)$0.26  $0.13  $0.70  $0.41 Average exchange rate (C$/$) 1.3773   1.3641   1.3988   1.3604                  TOTAL CAPEX

For the three months ended September 30, 2025 and 2024

For the three months ended September 30, 2025, the Company had capex by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Additions to property, plant and equipment$24,002  $712  $28  $17  $24,759 Additions to mineral properties (1,346)  943   67   —   (336)Additions to property, plant and equipment related asset retirement obligations (533)  (128)  —   —   (661)Additions to right-of-use assets —   (109)  —   —   (109)Capitalized interest in property, plant, and equipment and mineral properties (2,066)  —   —   —   (2,066)Total capex$20,057  $1,418  $95  $17  $21,587 Accrued capex 3,800   —   —   —   3,800 Total cash capex$23,857  $1,418  $95  $17  $25,387 Maintenance capex$2,002  $106  $—  $17  $2,125 Accrued maintenance capex 467   —   —   —   467 Cash maintenance capex$2,469  $106  $—  $17  $2,592 Growth capex$18,055  $1,312  $95  $—  $19,462 Accrued growth capex 3,333   —   —   —   3,333 Cash growth capex$21,388  $1,312  $95  $—  $22,795                      For the three months ended September 30, 2024, the Company had capex by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Additions to property, plant and equipment$11,633  $710  $—  $5  $12,348 Additions to mineral properties 18,738   —   108   —   18,846 Additions to property, plant and equipment related asset retirement obligations (7,261)  (120)  —   —   (7,381)Additions to right-of-use assets —   (5)  —   —   (5)Capitalized interest in property, plant, and equipment and mineral properties (2,714)  —   —   —   (2,714)Total capex$20,396  $585  $108  $5  $21,094 Accrued capex 8,152   —   —   —   8,152 Total cash capex$28,548  $585  $108  $5  $29,246 Maintenance capex$2,250  $324  $—  $5  $2,579 Accrued maintenance capex 9,623   —   —   —   9,623 Cash maintenance capex$11,873  $324  $—  $5  $12,202 Growth capex$18,146  $261  $108  $—  $18,515 Accrued growth capex (1,471)  —   —   —   (1,471)Cash growth capex$16,675  $261  $108  $—  $17,044                      For the nine months ended September 30, 2025 and 2024

For the nine months ended September 30, 2025, the Company had capex by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Additions to property, plant and equipment$64,685  $6,116  $49  $17  $70,867 Additions to mineral properties 7,151   1,168   481   —   8,800 Additions to asset retirement obligations (1,541)  (760)  —   —   (2,301)Additions to right-of-use assets (11,710)  (420)  (15)  —   (12,145)Capitalized interest in property, plant, and equipment and mineral properties (4,905)  —   —   —   (4,905)Total capex$53,680  $6,104  $515  $17  $60,316 Accrued capex (2,112)  —   —   —   (2,112)Total cash capex$51,568  $6,104  $515  $17  $58,204 Maintenance capex$14,326  $217  $—  $17  $14,560 Accrued maintenance capex (108)  —   —   —   (108)Cash maintenance capex$14,218  $217  $—  $17  $14,452 Growth capex$39,354  $5,887  $515  $—  $45,756 Accrued growth capex (2,004)  —   —   —   (2,004)Cash growth capex$37,350  $5,887  $515  $—  $43,752                      For the nine months ended September 30, 2024, the Company had capex by segment as follows:

(unaudited in thousands of US Dollars)Conda  Arraias  Development
and
exploration  Corporate  Total Additions to property, plant and equipment$32,475  $3,725  $(2) $8  $36,206 Additions to mineral properties 29,585   —   495   —   30,080 Additions to asset retirement obligations (6,171)  646   —   —   (5,525)Additions to right-of-use assets —   (346)  2   —   (344)Capitalized interest in property, plant, and equipment and mineral properties (2,714)  —   —   —   (2,714)Total capex$53,175  $4,025  $495  $8  $57,703 Accrued capex (4,911)  —   —   —   (4,911)Total cash capex$48,264  $4,025  $495  $8  $52,792 Maintenance capex$22,966  $2,697  $—  $8  $25,671 Accrued maintenance capex (23)  —   —   —   (23)Cash maintenance capex$22,943  $2,697  $—  $8  $25,648 Growth capex$30,209  $1,328  $495  $—  $32,032 Accrued growth capex (4,888)  —   —   —   (4,888)Cash growth capex$25,321  $1,328  $495  $—  $27,144                      NET DEBT AND NET LEVERAGE RATIO

As of September 30, 2025, and December 31, 2024 the Company had net debt and net leverage ratio as follows:

(unaudited in thousands of US DollarsSeptember 30,  December 31, except as otherwise noted)2025  2024 Current debt$11,048  $11,163 Long-term debt 79,715   86,804 Cash and cash equivalents (86,681)  (74,372)Deferred financing costs related to the Credit Facilities 1,997   3,207 Net debt$6,079  $26,802 Trailing 12 months Adjusted EBITDA$165,475  $159,461 Net leverage ratio0.0x  0.2x        LIQUIDITY

As of September 30, 2025, and December 31, 2024 the Company had liquidity as follows:

 September 30,  December 31, (unaudited in thousands of US Dollars)2025  2024 Cash and cash equivalents$86,681  $74,372 ABL Facility undrawn borrowing capacity 80,000   80,000 Liquidity$166,681  $154,372          FREE CASH FLOW

For the three and nine months ended September 30, 2025 and 2024, the Company had free cash flow as follows:

 For the three months ended
September 30,  For the nine months ended
September 30, (unaudited in thousands of US Dollars)2025  2024  2025  2024 Cash flows from operating activities$19,753  $6,342  $85,884  $88,853 Cash flows used by investing activities (24,572)  (28,771)  (48,595)  (51,099)Free cash flow$(4,819) $(22,429) $37,289  $37,754                  CORPORATE SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

For the three and nine months ended September 30, 2025 and 2024, the Company had corporate selling, general and administrative expenses as follows:

 For the three months ended
September 30,  For the nine months ended
September 30, (unaudited in thousands of US Dollars)2025  2024  2025  2024 Selling, general and administrative expenses$4,883  $4,681  $16,239  $14,623 Share-based payments expense (658)  (734)  (4,535)  (1,591)Corporate selling, general and administrative expenses$4,225  $3,947  $11,704  $13,032                 
________________________________

1 Adjusted EBITDA, basic earnings, and free cash flow are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below. International Financial Reporting Standards (“IFRS”).

2 Total capex, trailing 12 months Adjusted EBITDA, net debt, and net leverage ratio are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below.

3 Sales volumes reflect quantity in P2O5 of Conda sales projections.

4 Corporate selling, general and administrative expenses, maintenance capex, growth capex and liquidity are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below.

5 Please refer to the press releases issued by the Company relating to the filings for the June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 periods for the quantitative reconciliation.

Data center and AI-related investments account for 80% of U.S. private domestic demand growth in the first half of 2025. 
These investments include data center and power construction, information processing equipment, software, and research and development. 
Preliminary research highlights early productivity gains amid labor market shifts. 

, /PRNewswire/ -- S&P Global released new economic research today showing that data center and related technology investments have become a dominant contributor to U.S. economic growth. Estimates indicate these activities accounted for 80% of the increase in final private domestic demand during the first half of 2025. 

Key topics explored in the research, "Data Center Investments Are Increasingly Moving The Macro Needle," include: 

Data center investment: While the AI race is global, the U.S. leads in data center capacity, accounting for over 40% of the global total, a share that S&P Global 451 Research expects to increase. 

Moving the macroeconomic needle and driving growth: Even as higher borrowing costs and policy uncertainty have weighed on private investment generally, business investment related to AI has surged and is offsetting weakness in other areas and the economy at large. 

Sustained growth and forecast: The AI revolution, including ongoing data center investment and potential larger macroeconomic payoff down the road, will inevitably raise distribution issues. The technology holds great promise, but its effects will not be uniform. 

"The data center boom powering the AI revolution is clearly moving the macro needle, especially in the U.S.," said PaulGruenwald, Global Chief Economist at S&P Global Ratings and member of the S&P Global Look Forward Council. "This goes well beyond physical construction. We're seeing a fundamental shift in how technology companies invest, with their capital expenditure footprint now resembling traditional manufacturing rather than the historically light capex model." 

This article is part of S&P Global's upcoming research journal, Look Forward: Data Center Frontiers, publishing in December 2025. The full journal will deliver a global perspective on AI-driven data center growth, with future-focused insights on sector economics, energy resources, financing, geopolitics, and technological advancements. 

The S&P Global Look Forward Council brings together leading experts from across the organization to deliver research that illuminates long-term trends and transformative market shifts. Covering areas from capital and commodity markets to energy and sustainability, the Council provides the forward-looking intelligence S&P Global clients need to navigate uncertainty and make confident, informed decisions.

Data Center Investments Are Increasingly Moving The Macro Needle: https://www.spglobal.com/en/research-insights/special-reports/look-forward/data-center-investment-moves-macro-needle

Explore All Look Forward Research: https://www.spglobal.com/en/research-insights/special-reports/look-forward

Media Contact: 

Orla O'Brien
S&P Global
+1 857-407-8559
[email protected] 

About S&P Global

S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through sustainability and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world. 

We are widely sought after by many of the world's leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world's leading organizations plan for tomorrow, today. 

SOURCE S&P Global

CALGARY, Alberta, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported third quarter results today. All results are presented in U.S. dollars unless otherwise stated.

2025 THIRD QUARTER OPERATIONAL HIGHLIGHTS

Revenue was $237.3 million, up 13% from $209.4 million in 2024.Gross profit margin was 32.6%, up from 32.5% in 2024.Adjusted EBITDA(1) improved to $66.8 million, up 15% from $58.3 million in 2024.Adjusted EBITDA margin(1) rose to 28.2%, up from 27.8% in 2024.Revenue per truck per month (“RPT”)(1) was $47,921, compared to $44,297 in 2024.Adjusted net earnings per share(1) was $0.91, up 25% from $0.73 in 2024.The Company's board of directors has approved a quarterly cash dividend of CAD$0.1875 per common share for the fourth fiscal quarter of 2025, to all shareholders of record at the close of business on December 31, 2025, with payment to be made on or after January 15, 2026. “Strong results in the third quarter underscore the investments made in our fleet to support continued demand for our non-destructive excavation services in our key end markets. Third quarter revenue grew 13% to $237.3 million, and Adjusted EBITDA increased 15% year-over-year, reflecting our ongoing efforts to strengthen margins and deliver profitable growth. The team's successful execution of our business strategies during the peak season has set a solid foundation for Badger’s continued momentum," said Rob Blackadar, President & Chief Executive Officer.

“Through disciplined pricing and targeted sales efforts, we’re focused on driving revenue and fleet utilization while supporting our growing customer needs across diverse end markets. On a year-to-date basis, we’ve grown revenue by 11%, Adjusted EBITDA by 16%, and Adjusted net earnings per share by 40%. This demonstrates our field team's ability to execute on our strategy of delivering customer-centric services safely and efficiently. Badger remains committed to delivering sustainable value for our shareholders while advancing our long-term growth strategies.”

FINANCIAL HIGHLIGHTS
   Three months ended
September 30,
  Nine months ended
September 30, ($ U.S. thousands except RPT, per share amounts, share information and ratios)
Revenue: 2025
  2024  2025  2024 Non-destructive excavation service 226,354  198,344  588,605  527,528 Other 10,985  11,032  29,573  30,248 Total revenue 237,339  209,376  618,178  557,776 RPT - Consolidated (U.S. dollars)(1)(2)$47,921 $44,297 $41,643 $39,958 Adjusted EBITDA(1) 66,813  58,300  153,323  132,110 Adjusted EBITDA per share, basic and diluted(1)$1.98 $1.69 $4.53 $3.83 Adjusted EBITDA margin(1) 28.2%  27.8%  24.8%  23.7% Earnings before income tax 37,942  31,595  68,195  50,488 Net earnings 29,024  23,314  50,782  37,003 Net earnings per share, basic and diluted(1)$0.86 $0.68 $1.50 $1.07 Adjusted net earnings(1) 30,786  25,094  57,473  45,472 Adjusted net earnings per share, basic and    diluted(1)$0.91 $0.73 $1.70 $1.32 Cash flow from operating activities before    working capital and other adjustments 66,706  58,387  153,130  132,201 Cash flow from operating activities before    working capital and other adjustments    per share, basic and diluted(1)$1.98 $1.69 $4.52 $3.84 Total debt to compliance EBITDA(1) 1.3x  1.5x  1.3x  1.5x Capital expenditures 36,077  24,495  91,316  83,647 Hydrovac truck count 1,703  1,625  1,703  1,625 Dividends paid 4,620  4,446  13,493  13,503 Cash paid to repurchase common shares under    the NCIB —  1,043  12,744  1,043 Common shares repurchased and cancelled    under the NCIB —  44,400  492,800  44,400 Weighted average common shares    outstanding(3) 33,740,238  34,462,529  33,855,557  34,467,982 
(1)   "Adjusted EBITDA", "Adjusted EBITDA per share", "Adjusted EBITDA margin", "Adjusted net earnings", "Adjusted net earnings per share", "Compliance EBITDA", "Total Debt" and "RPT" are not standardized financial measures prescribed by IFRS® Accounting Standards ("IFRS") and may not be comparable to similar measures presented by other companies or entities. See “Non-IFRS Financial Measures” and p.15-18 of the Management's Discussion and Analysis for the year ended December 31, 2024 (the "Annual MD&A) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total Debt. See "Key Financial Metrics and Other Operational Metrics" and p.13-14 of the Annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period. .
(2) Effective January 31, 2025, the Company changed the reporting segment disclosure to one consolidated segment. As a result, RPT is presented as a consolidated total in U.S. dollars. Comparative periods were restated to reflect the change.
(3)   See “Share Capital” in the Company’s Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2025 and 2024 for additional details and Note 12 of the Company's interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 for additional details on the changes to share capital.

BUSINESS OUTLOOK

Badger’s end markets have largely recovered from the period of uncertainty we experienced in the second half of 2024 and the first half of 2025. For the remainder of 2025 and into 2026, we see opportunities for growth continuing across several of our end markets, particularly in the U.S. and large, metropolitan areas. Our focus and strategies remain unchanged. We will continue to leverage our relationships with our customers, both locally and through our National Accounts team, to drive density in our major markets.

Over the past year, we have been focused on driving efficiency and utilization opportunities in our existing hydrovac fleet, growing the fleet by 5% since the third quarter of 2024. As Badger’s growth in revenue and business volumes have risen, we have increased our rate of manufacturing to meet end market demand and to ensure we have the appropriate capacity to meet our customers’ needs. Accordingly, we anticipate 2025 hydrovac production at the upper end of the 180 to 210 unit range. We have successfully converted our Denver franchise to a corporate branch, and have accelerated the planned renewal of its fleet. The conversion of this franchise will allow Badger to bring its size and scale to this market to accelerate the Company's growth in this region. Consequently, we expect 2025 retirements to be at the upper end of the 90 to 130 unit range. Our 2025 refurbishment program has lagged expectations, mainly due to third-party facility capacity. We are reducing our 2025 refurbishment range to 30 to 40 units from the original 50 to 60 units. We intend to develop our own refurbishment facility in the central U.S. to better control the pace and cost of this program. This is expected to be operational in 2026.

With the increase in hydrovac production, the noted consolidation of a Badger franchise and targeted growth in branch locations, we anticipate the range of overall 2025 capital spending to increase to between $115 million to $130 million from the original $95 million to $115 million.

 Revised 2025 OutlookNew builds
Retirements
Refurbishments180 units to 210 units
90 units to 130 units
30 units to 40 unitsTotal Capital Spend(1)$115 million to $130 million
(1) Total capital spend includes the cost to manufacture new hydrovacs, refurbishments, ancillary equipment and other capital projects and does not include the potential impact of tariffs or retaliatory tariffs.

There continues to be uncertainty in the tariff and trade environment. To date, Badger’s manufactured units remain Canada-United States-Mexico Agreement ("CUSMA") compliant and we have not incurred direct tariffs on the units delivered to the U.S..

Badger continues to manage its financial leverage. With total debt to compliance EBITDA at 1.3x at September 30, 2025, down from 1.5x at September 30, 2024, we have capacity to continue to invest in our organic growth opportunities. Further, we renewed our NCIB program in the third quarter of 2025, maintaining our ability to make opportunistic share purchases in addition to returning capital to our shareholders through dividends.

ABOUT BADGER INFRASTRUCTURE SOLUTIONS LTD.

Badger Infrastructure Solutions Ltd. (TSX:BDGI) is North America’s largest provider of non-destructive excavating and related services. Badger works for contractors and facility owners in a broad range of infrastructure industries and in general commercial construction. Badger’s customers typically operate near high concentrations of underground power, communication, water, gas and sewer lines, where safety and economic risks are high and where non-destructive excavation provides a safe alternative for certain customer excavation requirements.

The Company’s key technology is the Badger HydrovacTM, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquify the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger is unique in the non-destructive excavation industry because it designs and manufactures all of its hydrovac units at its plant in Red Deer, Alberta, which has an annual production capacity of more than 350

hydrovac units. The Company has a refurbishment program to extend the service life of certain units when it is financially prudent to do so based on the condition of the unit at the end of its normal useful life. To complement the Badger Hydrovac and expand the Company's service offerings, the Company has a select number of specialty units, mainly combo trucks, sewer and flusher units, and airvacs.

2025 THIRD QUARTER CONFERENCE CALL

A conference call and webcast for investors, analysts and brokers to discuss the 2025 third quarter results is scheduled for 7:00 a.m. MT on Thursday, November 6 2025. To join the call and ask a question during the live questions and answers session, or to join the call with audio only: https://event.cwebcast.com/ses/awN2il3- qSuWDxjt9r6FVQ~~.

2025 THIRD QUARTER DISCLOSURE DOCUMENTS

Badger’s third quarter 2025 MD&A and interim condensed consolidated financial statements for the three and nine months ended September 30, 2025, along with all Badger's previous public filings may be found on SEDAR+ at www.sedarplus.ca.

NON-IFRS FINANCIAL MEASURES

This press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See “Non-IFRS Financial Measures” in the Company’s Annual MD&A for detailed reconciliations of non-IFRS financial measures.

“Adjusted EBITDA” is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company’s operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company’s principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment and right of use assets as these gains and losses are considered incidental and secondary to the principal business activities, gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company’s control; and share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company’s common shares.

“Adjusted EBITDA margin” is Adjusted EBITDA as defined above, expressed as a percentage of revenues.

"Adjusted net earnings" is net earnings adjusted for share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange, tax impacted using the effective tax rate.

“Compliance EBITDA” is earnings before interest, taxes, depreciation, amortization, and certain other items, calculated on a 12-month trailing basis, and is used by the Company to calculate compliance with its debt covenants.

“Total Debt” consists of long-term debt, surety bonds and issued letters of credit, less cash on hand. Total debt is used by the Company to calculate compliance with its debt covenants.

KEY FINANCIAL METRICS AND OTHER OPERATIONAL METRICS

“Revenue per truck per month” (“RPT”) is a measure of non-destructive excavation fleet utilization. It is calculated using non-destructive excavation revenue only. RPT is calculated on a consolidated basis by dividing non-destructive excavation revenue only, in the Company's reporting currency, by the average number of non- destructive excavation units in service in the Company during the period.

See “Key Financial Metrics and Other Operational Metrics” on page 11 of the Company’s 2025 third quarter MD&A for additional details on RPT.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as “could”, “should”, “can”, “anticipate”, “expect”, “believe”, “will”, “may”, “continue”, “focus on”, "grow", "intend", "plan", "ensure" and similar expressions relating to matters that are not historical facts, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release.

In particular, forward-looking information and statements in this press release include, but are not limited to the following:

the quarterly cash dividend for the fourth fiscal quarter of 2025, including the anticipated timing for payment thereof;Badger’s expectations with respect to continued momentum;Badger’s focus on driving revenue and fleet utilization while supporting growing customer needs across diverse end markets;Badger’s ability to deliver sustainable value to shareholders while advancing long-term growth strategies;Badger's expectations with respect to its opportunities for growth across its end markets, particularly in the U.S. and large metropolitan areas;Badger’s expectations with respect to the production, retirement and refurbishments of non-destructive excavation units;Badger’s intentions to develop a refurbishment facility in the central U.S., and the anticipated timing and benefits thereof;Badger’s expectations that increasing its rate of manufacturing will meet end market demand and ensure it has appropriate capacity to meet customer needs;Badger's ability to leverage its customer relationships, both locally and through the National Accounts team, to drive density in its major markets;Badger's anticipated capital spending in 2025;disclosure under the heading "Business Outlook"; andgeneral business strategies and objectives. The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger’s services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that:

Badger will maintain its financial position and financial resources will continue to be available to Badger;the overall market for Badger's services or its ability to provide service will not be adversely affected in the long-term by economic disruption, or other factors beyond Badger's control such as weather, natural disasters, global events, the imposition of tariffs by the U.S. or other governments, other legislation or regulatory changes and technological advances;there will be long-term sustained customer demand for non-destructive excavation and related services from a broad range of end use markets in North America;Badger will maintain relationships with current customers and develop successful relationships with new customers;Badger will collect customer payments in a timely manner;Badger will be able to compete effectively for the demand for its services;there will not be significant changes in profit margins due to pricing changes driven by market conditions, competition, regulatory factors or other unforeseen factors;Badger will realize and continue to realize the efficiencies and benefits of the executed business restructuring activities and other business improvement initiatives;
Badger will be able to successfully implement its plans, programs, and procedures as expected; andBadger will obtain all labour, parts and supplies necessary to complete the planned Badger non- destructive excavation unit builds at the costs and on the timeline expected. Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; loss of key customers; cybersecurity breaches; terrorism; industry competition; safety risks; Badger’s ability to attract and retain key personnel; reduction in customer spending; litigation; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; reputation risks; fluctuation in fuel costs; fluctuations in foreign exchange or interest rates; and changes in the tariff and trade environment.

Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR+ website (www.sedarplus.ca) or at the Company’s website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

For further information:
Robert Blackadar, President & Chief Executive Officer
Robert Dawson, Chief Financial Officer

Badger Infrastructure Solutions Ltd.
#3100, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
Telephone: (403) 264-8500
[email protected]
www.badgerinc.com

Source: Badger Infrastructure Solutions Ltd.

Q3: 2025-11-04 Earnings SummaryEPS of $0.53 beats by $0.01

 |

Revenue of

$109.44M

(-8.20% Y/Y)

beats by $771.75K

Sixth Street Specialty Lending, Inc. (TSLX) Q3 2025 Earnings Call November 5, 2025 8:30 AM EST

Company Participants

Cami VanHorn
Joshua Easterly - CEO & Chairman of the Board
Robert Stanley - President
Ian Simmonds - Chief Financial Officer

Conference Call Participants

Brian Mckenna - Citizens JMP Securities, LLC, Research Division
Finian O'Shea - Wells Fargo Securities, LLC, Research Division
Melissa Wedel - JPMorgan Chase & Co, Research Division
Arren Cyganovich - Truist Securities, Inc., Research Division
Kenneth Lee - RBC Capital Markets, Research Division
Robert Dodd - Raymond James & Associates, Inc., Research Division
Paul Johnson - Keefe, Bruyette, & Woods, Inc., Research Division
Mickey Schleien - Clear Street LLC

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Sixth Street Specialty Lending, Inc. Q3 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Cami VanHorn, Head of Investor Relations. Please go ahead.

Cami VanHorn

Thank you. Before we begin today's call, I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Sixth Street Specialty Lending, Inc.'s filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. Yesterday, after the market closed, we issued our earnings press release for the third quarter ended September 30, 2025, and posted a presentation to the Investor Resources section of our website, www.sixthstreetspecialtylending.com.

Recommended For You

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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.

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HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today reported financial results for the quarter ended September 30, 2025.

Kinetik reported net income including noncontrolling interest of $15.5 million and $109.2 million for the three and nine months ended September 30, 2025, respectively. Kinetik generated Adjusted EBITDA1 of $242.6 million and $735.6 million, Distributable Cash Flow1 of $158.5 million and $468.8 million, and Free Cash Flow1 of $50.9 million and $179.2 million for the three and nine months ended September 30, 2025, respectively.

Highlights

Closed divestiture of 27.5% non-operated equity interest in EPIC Crude Holdings, LP (“EPIC Crude”)

Achieved full commercial in-service at the Kings Landing Complex (“Kings Landing”) in late September 2025

Revising 2025 Adjusted EBITDA1 Guidance range to $965 million to $1.005 billion as outlined in the Outlook & Guidance section

Refining 2025 Capital Guidance range to $485 million to $515 million, including growth and maintenance

Reached final investment decision (“FID”) on the acid gas injection (“AGI”) project at Kings Landing

Finalized agreement for a residue natural gas pipeline connection for a new 1,350 MW gas-fired power generation facility owned by Competitive Power Ventures, Inc. (“CPV”)

Executed new five-year liquefied natural gas (“LNG”) pricing agreement with INEOS Energy (“INEOS”) for a total of 0.5 million tonnes per annum (“MTPA”) at Port Arthur LNG

Secured additional natural gas transport capacity to the U.S. Gulf Coast to meet growing customer demand

CEO Commentary

“Kinetik achieved a significant milestone in the third quarter of 2025 with the full commercial in-service of Kings Landing, adding critical processing capacity in New Mexico,” said Jamie Welch, Kinetik’s President & Chief Executive Officer. “The additional processing capacity is a significant step for our Delaware North customers, returning new volumes behind our system that had been curtailed for up to two years while also enabling resumption of development plans and new activity across the system. And today, we announced FID on the AGI project at Kings Landing, further positioning Kinetik to capture the significant sour gas opportunity in the Northern Delaware.”

“The Permian continues to stand out - it remains one of the lowest cost sources of incremental hydrocarbons globally, and its producers continue to extract efficiency gains as they do more with less. That said, the Permian is not fully insulated from the current commodity headwinds. Delaware Basin rig count is down nearly 20% since the start of the year, and the Permian experienced substantial production shut-ins as Waha natural gas prices were negative. Industry consultants’ updated forecasts are corroborating what we are seeing from our customers, which is slowing producer activity that likely results in slightly slower Permian natural gas production growth. In the face of these volume-related headwinds, the Company’s positioning within the Delaware Basin, upcoming natural gas liquids contract expirations, and backlog of low multiple, high return organic investments reinforce management’s conviction in Kinetik’s long-term value proposition.”

Financial Highlights

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2025

(In thousands, except ratios)

Net income including noncontrolling interest

$

15,549

$

109,227

Adjusted EBITDA1

$

242,634

$

735,584

Midstream Logistics Adjusted EBITDA1

$

151,358

$

462,763

Pipeline Transportation Adjusted EBITDA1

$

95,454

$

286,104

Corporate and Other Adjusted EBITDA1

$

(4,178

)

$

(13,283

)

Distributable Cash Flow1

$

158,488

$

468,772

Dividend Coverage Ratio1,2

1.3x

1.3x

Capital Expenditures3

$

153,888

$

358,229

Free Cash Flow1

$

50,882

$

179,158

Net Debt1,4

$

4,153,863

Leverage Ratio1,5

3.9x

Net Debt to Adjusted EBITDA Ratio1,6

4.3x

Common stock issued and outstanding7

161,664

Other Financial Updates

The Midstream Logistics segment generated Adjusted EBITDA1 of $151 million, a 13% decrease year-over-year. For the three months ended September 30, 2025, Kinetik processed natural gas volumes of 1.84 Bcf/d, an 8% increase year-over-year. Third quarter 2025 results were negatively affected by the delayed start-up of Kings Landing with lower than expected volumes at the complex in August and September, Waha price-related production shut-ins due to capacity constraints on Permian-to-Gulf Coast residual natural gas pipelines, and higher cost of goods sold on the Delaware South system.

The Pipeline Transportation segment generated Adjusted EBITDA1 of $95 million, a nearly 1% decrease year-over-year with mostly in-line performance at the Company’s operated and non-operated assets.

The Company has repurchased $176 million8 of Class A common stock year to date under the existing Repurchase Program, of which $100 million was repurchased during the third quarter of 2025.

In October, Kinetik closed the sale of its 27.5% equity interest in EPIC Crude. Proceeds of over $500 million in net upfront cash paid down the Company’s Revolving Credit Facility balance and ultimately will be utilized to fund attractive, mid-single digit organic growth and cost reduction projects over the next two years.

Outlook & Guidance

Kinetik now estimates full year 2025 Adjusted EBITDA1 to be between $965 million and $1.005 billion as a result of the following:

The slower than expected ramp to commercial in-service at Kings Landing in August and September;

Several short-term producer development delays and existing production curtailments from crude-focused customers driven by ongoing weakness in crude oil pricing and highly negative short-term Waha natural gas prices due to scheduled and unscheduled Permian natural gas pipeline maintenance;

Lower average commodity prices compared to Guidance assumptions; and

Adjusted for the EPIC Crude sale closing in October.

The Company is tightening the 2025 Capital Guidance range to be between $485 million and $515 million, including the contingent consideration paid to Morgan Stanley Energy Partners in October 2025.

Kinetik plans to provide 2026 Adjusted EBITDA1 and Capital Guidance with full year 2025 results in February 2026.

Strategic Projects & Commercial Update

Kinetik achieved full commercial in-service at Kings Landing in late September 2025. The new processing complex in Eddy County, New Mexico adds over 200 Mmcf/d of gas processing capacity. Construction progressed in the third quarter at the ECCC Pipeline which will connect the western portion of Kinetik’s system between Eddy and Culberson counties. In-service is expected during the second quarter of 2026.

Adding to the projects currently in backlog, Kinetik reached FID on its AGI project at Kings Landing, enabling the Company to take high levels of H2S and CO2 at all three of the Delaware North processing complexes. The project in-service date is expected by year end 2026. In addition, commercial negotiations continue as the Company works toward finalizing the next stage of a processing capacity expansion at Kings Landing.

Kinetik is also pursuing scalable power solutions in the Permian Basin:

Kinetik finalized an agreement with CPV to connect its owned and operated residue gas pipeline into the 1,350 MW CPV Basin Ranch Energy Center (“CPV Basin Ranch”) in Ward County, Texas that will be used as one of the primary sources of residue natural gas supply for that plant. CPV Basin Ranch reached FID in October with expected in-service in 2029, and the capital for the Kinetik pipeline connection will be fully reimbursed by CPV.

Additionally, Kinetik executed new commercial arrangements to support Permian residue gas takeaway:

A five-year LNG pricing agreement with INEOS at Port Arthur LNG, commencing in early 2027. Under the contract, Kinetik will deliver residue natural gas at a designated interconnect on the Permian Highway Pipeline, ultimately representing approximately 0.5 MTPA. The gas will be priced monthly based on the European TTF index, offering Kinetik producer customers further diversification of natural gas pricing. This agreement underscores Kinetik’s differentiated service offering and its commitment to unique, innovative, and competitive solutions in the Permian Basin.

Additional firm transport capacity to the U.S. Gulf Coast, which is expected to commence in 2028. This pipeline capacity enhances market access for Kinetik’s Permian producers and reflects its continued support to address the critical takeaway constraints at the Waha Hub.

Conference Call & Webcast

Kinetik will host its third quarter 2025 results conference call on Thursday, November 6, 2025 at 8:00 am Central Time (9:00 am Eastern Time). To access a live webcast of the conference call, please visit the Investors section of Kinetik’s website at www.ir.kinetik.com. A replay of the conference call will be available on the website following the call.

Investor Presentation

An updated investor presentation will be available under Events and Presentations in the Investors section of the Company’s website at www.ir.kinetik.com.

About Kinetik Holdings Inc.

Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.

Forward-looking statements

This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, outlooks, guidance or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the Company’s future business strategy and plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, sustainability goals and initiatives, technology adoption, portfolio monetization opportunities, growth, expansion, cost reduction and other capital projects and the timing and cost thereof, future operations, and financial guidance, growth opportunities, the amount and timing of future shareholder returns, the Company’s projected dividend amounts and the timing thereof, and the Company’s leverage and financial profile. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future development, or otherwise, except as may be required by law.

Additional information

Additional information follows, including a reconciliation of Adjusted EBITDA, Distributable Cash Flow, Free Cash Flow, and Net Debt (non-GAAP financial measures) to the GAAP measures.

Non-GAAP financial measures

Kinetik’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in accordance with GAAP. Adjusted EBITDA, Distributable Cash Flow, Free Cash Flow, Dividend Coverage Ratio, Net Debt and Leverage Ratio are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. See “Reconciliation of GAAP to Non-GAAP Measures” elsewhere in this news release. This news release also includes certain forward-looking non-GAAP financial information. Reconciliations of these forward-looking non-GAAP measures to their most directly comparable GAAP measure are not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measure, that have not yet occurred, are out of Kinetik’s control and/or cannot be reasonably predicted. Accordingly, such reconciliation is excluded from this new release. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

A non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Measures” for further details.

Dividend Coverage Ratio is Distributable Cash Flow divided by total declared dividends.

Net of contributions in aid of construction and returns of invested capital from unconsolidated affiliates.

Net Debt is defined as total current and long-term debt, excluding deferred financing costs, less cash and cash equivalents.

Leverage Ratio is total debt less cash and cash equivalents divided by last twelve months Adjusted EBITDA, calculated per the Company’s credit agreement. The calculation includes EBITDA Adjustments for Qualified Projects, Acquisitions and Divestitures.

Net Debt to Adjusted EBITDA Ratio is defined as Net Debt divided by last twelve months Adjusted EBITDA.

161.7 million shares, issued and outstanding shares as of September 30, 2025, is the sum of 64.1 million shares of Class A common stock and 97.6 million shares of Class C common stock.

Dollar value of Kinetik Class A common stock repurchased year to date as of October 31, 2025.

KINETIK HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

(In thousands, except per share data)

Operating revenues:

Service revenue

$

103,338

$

103,100

$

343,918

$

301,710

Product revenue

357,608

290,423

981,703

787,092

Other revenue

3,023

2,839

8,349

8,411

Total operating revenues

463,969

396,362

1,333,970

1,097,213

Operating costs and expenses:

Costs of sales (exclusive of depreciation and amortization shown separately below) (1)

235,391

144,586

615,452

444,786

Operating expenses

76,137

55,804

207,785

143,278

Ad valorem taxes

7,099

5,896

20,449

18,400

General and administrative expenses

30,096

29,619

91,932

94,846

Depreciation and amortization expenses

95,409

87,583

281,845

236,250

Loss (gain) on disposal of assets, net

50

—

(15

)

4,090

Total operating costs and expenses

444,182

323,488

1,217,448

941,650

Operating income

19,787

72,874

116,522

155,563

Other income (expense):

Interest and other income

303

1,872

3,820

2,272

Loss on debt extinguishment

—

—

(635

)

(525

)

Gain on sale of equity method investment

—

29,953

—

89,837

Interest expense

(61,721

)

(66,029

)

(173,949

)

(167,545

)

Equity in earnings of unconsolidated affiliates

58,289

53,244

174,472

169,668

Total other (expense) income, net

(3,129

)

19,040

3,708

93,707

Income before income taxes

16,658

91,914

120,230

249,270

Income tax expense

1,109

8,260

11,003

21,261

Net income including noncontrolling interest

15,549

83,654

109,227

228,009

Net income attributable to Common Unit limited partners

10,284

57,891

74,187

153,504

Net income attributable to holders of Class A Common Stock

$

5,265

$

25,763

$

35,040

$

74,505

Net income attributable to holders of Class A Common Stock, per share

Basic

$

0.03

$

0.35

$

0.41

$

1.03

Diluted

$

0.03

$

0.35

$

0.41

$

1.02

Weighted-average shares

Basic

61,866

59,811

61,256

59,116

Diluted

62,428

60,424

62,120

59,852

KINETIK HOLDINGS INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

(In thousands)

Net Income Including Noncontrolling Interests to Adjusted EBITDA

Net income including noncontrolling interest (GAAP)

$

15,549

$

83,654

$

109,227

$

228,009

Add back:

Interest expense

61,721

66,029

173,949

167,545

Income tax expense

1,109

8,260

11,003

21,261

Depreciation and amortization expenses

95,409

87,583

281,845

236,250

Amortization of contract costs

1,744

1,655

5,054

4,965

Proportionate EBITDA from unconsolidated affiliates

87,715

88,229

263,345

262,553

Share-based compensation

14,229

15,171

44,577

52,868

Loss (gain) on disposal of assets, net

50

—

(15

)

4,090

Loss on debt extinguishment

—

—

635

525

Commodity hedging unrealized loss

6,485

—

—

—

Contingent liability fair value adjustment

5,700

1,400

5,700

1,400

Integration costs

6,650

2,540

12,621

5,091

Transaction costs

812

31

812

3,538

Other one-time costs or amortization

3,916

3,717

15,708

8,448

Deduct:

Interest income

166

572

1,274

1,459

Gain on sale of equity method investment

—

29,953

—

89,837

Commodity hedging unrealized gain

—

8,817

13,131

1,935

Equity income from unconsolidated affiliates

58,289

53,244

174,472

169,668

Adjusted EBITDA(1) (non-GAAP)

$

242,634

$

265,683

$

735,584

$

733,644

Distributable Cash Flow(2)

Adjusted EBITDA (non-GAAP)

$

242,634

$

265,683

$

735,584

$

733,644

Proportionate EBITDA from unconsolidated affiliates

(87,715

)

(88,229

)

(263,345

)

(262,553

)

Returns on invested capital from unconsolidated affiliates

78,263

71,028

205,204

223,670

Interest expense

(61,721

)

(66,029

)

(173,949

)

(167,545

)

Unrealized loss (gain) on interest rate swaps

779

12,336

(632

)

2,770

Maintenance capital expenditures

(13,752

)

(10,631

)

(34,090

)

(28,411

)

Distributable cash flow (non-GAAP)

$

158,488

$

184,158

$

468,772

$

501,575

Free Cash Flow(3)

Distributable cash flow (non-GAAP)

$

158,488

$

184,158

$

468,772

$

501,575

Cash interest adjustment

36,229

27,401

46,427

(1,994

)

Realized gain on interest rate swaps

750

3,994

406

11,899

Growth capital expenditures

(153,625

)

(49,840

)

(342,835

)

(130,253

)

Capitalized interest

(4,449

)

(2,955

)

(12,308

)

(4,885

)

Investments in unconsolidated affiliates

(221

)

—

(1,206

)

(3,273

)

Returns of invested capital from unconsolidated affiliates

—

1,549

2,853

2,789

Contributions in aid of construction

13,710

390

17,049

1,798

Free cash flow (non-GAAP)

$

50,882

$

164,697

$

179,158

$

377,656

KINETIK HOLDINGS INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)

Nine Months Ended September 30,

2025

2024

(In thousands)

Reconciliation of net cash provided by operating activities to Adjusted EBITDA

Net cash provided by operating activities

$

494,030

$

493,356

Net changes in operating assets and liabilities

(13,652

)

24,981

Interest expense

173,949

167,545

Amortization of deferred financing costs

(5,892

)

(5,497

)

Current income tax expense

509

1,528

Returns on invested capital from unconsolidated affiliates

(205,204

)

(223,670

)

Proportionate EBITDA from unconsolidated affiliates

263,345

262,553

Derivative fair value adjustment and settlement

13,763

(835

)

Commodity hedging unrealized gain

(13,131

)

(1,935

)

Interest income

(1,274

)

(1,459

)

Integration costs

12,621

5,091

Transaction costs

812

3,538

Other one-time cost or amortization

15,708

8,448

Adjusted EBITDA(1) (non-GAAP)

$

735,584

$

733,644

September 30,

June 30,

March 31,

2025

2025

2025

(In thousands)

Net Debt(4)

Short-term debt

$

178,600

$

189,300

$

148,800

Long-term debt, net

3,956,330

3,736,972

3,568,457

Plus: Debt issuance costs, net

26,670

28,028

26,543

Total debt

4,161,600

3,954,300

3,743,800

Less: Cash and cash equivalents

7,737

10,733

8,845

Net debt (non-GAAP)

$

4,153,863

$

3,943,567

$

3,734,955

KINETIK HOLDINGS INC.

RESULTS OF OPERATIONS BY SEGMENT

The following tables present the Segment Adjusted EBITDA of the Company’s reportable segments and reconciliations of the segment profits to consolidated income before income tax expenses for the three and nine months ended September 30, 2025 and 2024:

Midstream Logistics

Pipeline Transportation

Corporate and Other(1)

Elimination

Consolidated

For the three months ended September 30, 2025

(In thousands)

Revenue

$

458,621

$

2,325

$

—

$

—

$

460,946

Other revenue

3,021

2

—

—

3,023

Intersegment revenue(2)

—

5,793

—

(5,793

)

—

Total segment operating revenue

461,642

8,120

—

(5,793

)

463,969

Costs of sales (excluding depreciation and amortization expense)

(236,001

)

610

—

—

(235,391

)

Intersegment costs of sales

(5,793

)

—

—

5,793

—

Operating expenses(3)

(82,486

)

(750

)

—

—

(83,236

)

General and administrative expenses

(6,610

)

(241

)

(23,245

)

—

(30,096

)

Proportionate EMI EBITDA

—

87,715

—

—

87,715

Other segment items(4)

20,606

—

19,067

—

39,673

Segment Adjusted EBITDA(5)

$

151,358

$

95,454

$

(4,178

)

$

—

$

242,634

Reconciliation of Segment Adjusted EBITDA to income before income taxes

Segment Adjusted EBITDA(5)

$

151,358

$

95,454

$

(4,178

)

$

—

$

242,634

Add back:

Other interest income

—

—

166

—

166

Equity in earnings of unconsolidated affiliates

—

58,289

—

—

58,289

Deduct:

Interest expense

37

—

61,684

—

61,721

Depreciation and amortization expenses

93,095

2,308

6

—

95,409

Contract assets amortization

1,744

—

—

—

1,744

Proportionate EMI EBITDA

—

87,715

—

—

87,715

Share-based compensation

—

—

14,229

—

14,229

Loss on disposal of assets, net

50

—

—

—

50

Commodity hedging unrealized loss

6,485

—

—

—

6,485

Contingent liabilities fair value adjustment

5,700

—

—

—

5,700

Integration costs

6,552

—

98

—

6,650

Acquisition / divestiture transaction costs

—

—

812

—

812

Other one-time costs or amortization

(12

)

—

3,928

—

3,916

Income (loss) before income taxes

$

37,707

$

63,720

$

(84,769

)

$

—

$

16,658

Midstream Logistics

Pipeline Transportation

Corporate and Other(1)

Elimination

Consolidated

For the three months ended September 30, 2024

(In thousands)

Revenue

$

391,331

$

2,192

$

—

$

—

$

393,523

Other Revenue

2,837

2

—

2,839

Intersegment revenue(2)

—

6,748

—

(6,748

)

—

Total segment operating revenue

394,168

8,942

—

(6,748

)

396,362

Costs of sales (excluding depreciation and amortization expense)

(144,648

)

62

—

—

(144,586

)

Intersegment costs of sales

(6,748

)

—

—

6,748

—

Operating expenses(3)

(61,010

)

(690

)

—

—

(61,700

)

General and administrative expenses

(6,542

)

(409

)

(22,668

)

—

(29,619

)

Proportionate EMI EBITDA

—

88,229

—

—

88,229

Other segment items(4)

(1,597

)

—

18,594

—

16,997

Segment Adjusted EBITDA(5)

$

173,623

$

96,134

$

(4,074

)

$

—

$

265,683

Reconciliation of Segment Adjusted EBITDA to income before income taxes

Segment adjusted EBITDA(5)

$

173,623

$

96,134

$

(4,074

)

$

—

$

265,683

Add back:

Other interest income

—

—

572

—

572

Gain on sale of equity method investment

—

29,953

—

—

29,953

Commodity hedging unrealized gain

8,817

—

—

—

8,817

Equity in earnings of unconsolidated affiliates

—

53,244

—

—

53,244

Deduct:

Interest expense

2,666

—

63,363

—

66,029

Depreciation and amortization expenses

85,273

2,305

5

—

87,583

Contract assets amortization

1,655

—

—

—

1,655

Proportionate EMI EBITDA

—

88,229

—

—

88,229

Share-based compensation

—

—

15,171

—

15,171

Contingent liabilities fair value adjustment

1,400

—

—

—

1,400

Integration costs

1,208

—

1,332

2,540

Acquisition transaction costs

—

—

31

—

31

Other one-time costs or amortization

1,657

—

2,060

—

3,717

Income (loss) before income taxes

$

88,581

$

88,797

$

(85,464

)

$

—

$

91,914

Midstream Logistics

Pipeline Transportation

Corporate and Other(1)

Elimination

Consolidated

For the nine months ended September 30, 2025

(In thousands)

Revenue

$

1,318,459

$

7,162

$

—

$

—

$

1,325,621

Other revenue

8,343

6

—

—

8,349

Intersegment revenue(2)

—

18,271

—

(18,271

)

—

Total segment operating revenue

1,326,802

25,439

—

(18,271

)

1,333,970

Costs of sales (excluding depreciation and amortization expense)

(615,624

)

172

—

—

(615,452

)

Intersegment costs of sales

(18,271

)

—

—

18,271

—

Operating expenses(3)

(226,283

)

(1,951

)

—

—

(228,234

)

General and administrative expenses

(18,731

)

(901

)

(72,300

)

—

(91,932

)

Proportionate EMI EBITDA

—

263,345

—

—

263,345

Other segment items(4)

14,870

—

59,017

—

73,887

Segment Adjusted EBITDA(5)

$

462,763

$

286,104

$

(13,283

)

$

—

$

735,584

Reconciliation of Segment Adjusted EBITDA to income before income taxes

Segment adjusted EBITDA(5)

$

462,763

$

286,104

$

(13,283

)

$

—

$

735,584

Add back:

Other interest income

—

—

1,274

—

1,274

Gain on disposal of assets

15

—

—

—

15

Commodity hedging unrealized gain

13,131

—

—

—

13,131

Equity income from unconsolidated affiliates

—

174,472

—

—

174,472

Deduct:

Interest expense

97

—

173,852

—

173,949

Depreciation and amortization expenses

274,903

6,924

18

—

281,845

Contract assets amortization

5,054

—

—

—

5,054

Proportionate EMI EBITDA

—

263,345

—

—

263,345

Share-based compensation

—

—

44,577

—

44,577

Loss on debt extinguishment

—

—

635

—

635

Contingent liabilities fair value adjustment

5,700

—

—

—

5,700

Integration costs

10,999

—

1,622

—

12,621

Acquisition / divestiture transaction costs

—

—

812

—

812

Other one-time costs or amortization

3,702

—

12,006

—

15,708

Income (loss) before income taxes

$

175,454

$

190,307

$

(245,531

)

$

—

$

120,230

Midstream Logistics

Pipeline Transportation

Corporate and Other(1)

Elimination

Consolidated

For the nine months ended September 30, 2024

(In thousands)

Revenue

$

1,082,236

$

6,566

$

—

$

—

$

1,088,802

Other revenue

8,122

289

—

—

8,411

Intersegment revenue(2)

—

19,288

—

(19,288

)

—

Total segment operating revenue

1,090,358

26,143

—

(19,288

)

1,097,213

Costs of sales (excluding depreciation and amortization expense)

(444,767

)

(19

)

—

—

(444,786

)

Intersegment costs of sales

(19,288

)

—

—

19,288

—

Operating expenses(3)

(159,455

)

(2,223

)

—

—

(161,678

)

General and administrative expenses

(13,766

)

(1,263

)

(79,817

)

—

(94,846

)

Proportionate EMI EBITDA

—

262,553

—

—

262,553

Other segment items(4)

11,083

—

64,105

—

75,188

Segment Adjusted EBITDA(5)

$

464,165

$

285,191

$

(15,712

)

$

—

$

733,644

Reconciliation of Segment Adjusted EBITDA to income before income taxes

Segment adjusted EBITDA(5)

$

464,165

$

285,191

$

(15,712

)

$

—

$

733,644

Add back:

Other interest income

—

—

1,459

—

1,459

Gain on sale of equity method investment

—

89,837

—

—

89,837

Equity income from unconsolidated affiliates

—

169,668

—

—

169,668

Commodity hedging unrealized gain

1,935

—

—

—

1,935

Deduct:

Interest expense

5,273

—

162,272

—

167,545

Depreciation and amortization expenses

229,336

6,897

17

—

236,250

Contract assets amortization

4,965

—

—

—

4,965

Proportionate EMI EBITDA

—

262,553

—

—

262,553

Share-based compensation

—

—

52,868

—

52,868

Loss on disposal of assets

4,090

—

—

—

4,090

Loss on debt extinguishment

—

—

525

—

525

Contingent liabilities fair value adjustment

1,400

—

—

—

1,400

Integration costs

1,792

—

3,299

—

5,091

Acquisition transaction costs

—

—

3,538

—

3,538

Other one-time costs or amortization

4,048

—

4,400

—

8,448

Income (loss) before income taxes

$

215,196

$

275,246

$

(241,172

)

$

—

$

249,270

More News From Kinetik Holdings Inc.

November 05, 2025 17:15 ET

 | Source:

LifeMD, Inc.

NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual healthcare services and pharmacy, today announced that the Company has rescheduled its third quarter 2025 earnings release and conference call to Monday, November 17, 2025. The Company expects to file a Form 12b-25, as needed, notifying the U.S. Securities and Exchange Commission of a late filing of its Form 10-Q for the period ended September 30, 2025.

The change to LifeMD’s third quarter 2025 earnings release date relates to corrections the Company identified related to the recognition of revenue with offsetting related balance sheet accounts for the twelve months ended December 31, 2023, December 31, 2024 and the six months ended June 30, 2025. The cumulative impact of these changes will be approximately $4.6 million, or approximately 1.4% of cumulative revenue reported for the twelve months ended December 31, 2024 and six months ended June 30, 2025. Based on the Company’s assessment, these required adjustments will not materially impact how reported revenue results compared to guidance for the reporting periods during this timeframe. The required adjustments will not impact the Company’s cash flow or cash position.

LifeMD expects to issue its third quarter 2025 earnings press release on or around 4:05 p.m. Eastern time on Monday, November 17, 2025 followed by the conference call at 4:30 p.m. Eastern time. Information for the rescheduled conference call is as follows:

Conference Call & Webcast Details

Date:Monday, November 17thTime:4:30 p.m. Eastern timeToll-Free Dial-In:800-245-3047International Dial-In:203-518-9765Conference ID:LIFEMDLive & Archived Webcast:Link   About LifeMD, Inc.

LifeMD® is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s and women’s health, mental health, and weight management. The Company leverages a vertically integrated, proprietary digital care platform, a 50-state affiliated medical group, a state-of-the-art affiliated compounding pharmacy, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.

Cautionary Note Regarding Forward Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the impact of recently discovered errors that originated in prior periods and were identified by the Company in the preparation of its third quarter 2025 financial statements that the Company is evaluating, including the potential impact of these matters on internal control over financial reporting. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” “predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. The preliminary determinations above are subject to adjustment as the Company prepares its financial statements and disclosures for the three and nine months ended September 30, 2025, and such adjustments may be significant. The Company's auditors have not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary determinations described above. Factors that could materially affect these forward looking statements include, but are not limited to: the completion of the review of the accounting matters identified, including the potential impact on internal control over financial reporting, as well as those factors set forth in our Form 10-K (and other forms) filed with the Securities and Exchange Commission.

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

Investor Contact
Marc Benathen, Chief Financial Officer
[email protected]

Media Contact
Jessica Friedeman, Chief Marketing and Product Officer
[email protected]