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Asset manager 21Shares has shared its XRP predictions for 2026. The ETF issuer highlighted that XRP enters 2026 with the groundwork laid out for institutional breakout.

In an X post, 21Shares outlined its XRP price predictions for 2026. In a base case scenario, 21Shares analysts predict XRP reaching $2.45, a near 30% increase from current prices. In a bull case scenario, XRP is predicted to reach $2.69, a 40% increase, while in a bear case scenario, XRP might drop 16% to $1.60.

21Shares explains the reason for its base case target to be due to regulatory stability, which supports steady ETF flows and incremental utility. It predicts a bull case of $2.69 amid institutional RWA scaling and potential repricing due to supply exhaustion. 21Shares predicts a 16% XRP drop in a bear case scenario on the basis that stagnant adoption and capital rotation might offset legal victory benefits.

XRP at definitive turning pointIn its blogpost, 21Shares noted that XRP stands at a defining turning point as 2026 progresses. The cryptocurrency eyes a decisive shift from speculative volatility to a valuation anchored in institutional fundamentals.

The final resolution of the Ripple-SEC lawsuit last year removed the structural overhang that had limited XRP’s price for years, despite underlying utility.

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Now that the legal cloud over XRP has been removed, the crypto asset has entered a phase of market driven price discovery as it can no longer rely on courtroom hype or regulatory uncertainty to drive its valuation or excuse underperformance.

What to expect?According to 21Shares, XRP's setup echoes Ethereum’s trajectory from 2017 to 2018, when abstract promise gave way to proven utility during "DeFi Summer" in 2020. XRP seems to be entering a similar phase.

If this is the case, 2026 might be shaping up to be a breakout year for XRP and its ecosystem, owing to a resilient investor base and increasing institutional adoption.

21Shares added that the XRP network may be primed for continued price appreciation as a history of sharp uncoiling after multiyear compression meets with regulatory clarity and institutional adoption.

Journalist

Posted: January 28, 2026

While Washington dangles the promise of a federal strategic reserve, South Dakota is tired of waiting.

Representative Logan Manhart (R) has officially revived a legislative push that could fundamentally alter the state’s balance sheet.

On the 27th of January, Manhart introduced House Bill 1155, an ambitious measure that would empower the State Investment Council to allocate up to 10% of state revenues directly into Bitcoin.

South Dakota’s second Bitcoin Reserve attempt The move is more than just a second attempt at a stalled 2025 proposal.

If passed, HB 1155 would not just allow South Dakota to hold Bitcoin [BTC] but also require strict security rules, with private keys stored across multiple, geographically separate data centers under direct government control.

By limiting the allocation to 10%, the state is taking a cautious, step-by-step approach.

The goal is to gradually treat Bitcoin as a legitimate public asset, similar to what Texas and Arizona are already doing. Thus, reintroducing HB 1155 shows that South Dakota’s view of digital assets is evolving.

Other states and their Bitcoin Reserve plans South Dakota isn’t the only state that’s tired of waiting around for Washington, as several other states are also moving in the same direction.

New Hampshire already allows up to 5% of certain state funds to be invested in digital assets, while Texas and Arizona have passed laws to include Bitcoin in state reserves.

Florida is also considering a similar bill aimed at using digital assets as an inflation hedge.

However, at the federal level, creating a Strategic Bitcoin Reserve is still a key goal for the current administration.

Patrick Witt, Director of the White House Crypto Council, has already acknowledged that legal complications have slowed progress.

As a result, the federal plan currently depends mainly on Bitcoin seized by the Department of Justice, rather than new purchases.

What’s more? This came at a time when BTC was trading around $89,199  at press time as per CoinMarketCap, with the Bitcoin crypto sentiment standing bullish at 81%.

Meanwhile, Bitcoin Dominance also stood at 59.55% as per TradingView, reflecting continued investor preference for the asset.

All this put together showed that the market entered 2026 with a focus on fundamentals. And with this bill, South Dakota is choosing to act rather than wait.

Final Thoughts Rather than chasing price, South Dakota is legislating infrastructure for long-term exposure. HB 1155 reflects a broader trend of states testing Bitcoin before federal execution materializes.

Ishika Kumari is a Crypto Analyst and Content Strategist at AMBCrypto, specializing in the analysis of cryptocurrency regulations, market trends, and the socio-political impact of blockchain technology. Her expertise is grounded in her academic background as a graduate of Political Science from the renowned University of Delhi. This discipline has equipped her with a sophisticated framework for analyzing complex governance models, international regulatory landscapes, and the economic principles that underpin decentralized systems. At AMBCrypto, Ishika applies this unique analytical lens to her work. She excels at breaking down intricate subjects—from the technicalities of new protocols to the nuances of global crypto legislation—into clear, accessible, and insightful content. Her primary mission is to bridge the gap between the complexity of the digital asset industry and the everyday reader, ensuring that AMBCrypto's audience is not just informed, but truly understands the forces shaping the future of finance.

Ethereum plans to launch the ERC-8004 standard for trustless AI agents on its mainnet soon. ERC-8004 enables AI agents to interact and transact within a decentralized economy. The proposal introduces on-chain identity, reputation, and validation registries for AI agents. Ethereum is rolling out this thing called ERC-8004, which sets standards for AI agents that work without needing trust from anyone specific. It was first talked about back in August 2025, and now they say it should hit the mainnet pretty soon. The idea is to let these AI agents connect with different platforms and groups on Ethereum, so they can join in on a decentralized economy where anyone can participate, no permissions needed.

The exact launch date has not been set officially yet, but Marco De Rossi, who heads AI at MetaMask and helped write the proposal, mentioned it might happen around Thursday at 9 a.m. ET. Ethereum sees this as a way to help AI agents move between organizations, carrying their credibility around and working together smoothly.

ERC-8004 is going live on mainnet soon.

By enabling discovery and portable reputation, ERC-8004 allows AI agents to interact across organizations ensuring credibility travels everywhere.

This unlocks a global market where AI services can interoperate without gatekeepers. https://t.co/Yrl0rvnSxj

— Ethereum (@ethereum) January 27, 2026 Enabling The AI Agents as Economic Participants This whole setup is meant to build an agentic economy, where AI agents do tasks and make transactions on their own in Ethereum’s world. The whole setup with this trust framework seems pretty flexible. It lets AI agents plug in different models based on how risky something is, like security tiers or whatever. That way, agents can move around to different places, discover each other, and carry their reputation without losing track of credibility.

Davide Crapis from the Ethereum Foundation AI team said Ethereum could serve as a settlement layer for AI talking to AI, linking up decentralized tech with the wider AI scene. 

Ethereum is in the unique position to be the platform that secures and settles AI-to-AI interactions.

The ERC-8004 standard is coming to mainnet. pic.twitter.com/sjMziiPuaQ

— Davide Crapis (@DavideCrapis) January 27, 2026 Identity, Reputation, and Validation Framework For the identity part, ERC-8004 uses three simple smart contract registries that work on the mainnet or Layer 2. The identity one gives each agent a portable ID that’s hard to censor, so they can be found and moved around with NFT stuff. Then there’s the reputation registry for collecting signed feedback, like ratings from users on how they perform.

Validation is part of it, too, where agents can get their outputs checked through this registry. Validators then put those responses on-chain, which keeps everything transparent. But security risks are there, like Sybil attacks from bad actors creating fake identities to disrupt things. ERC-8004 tries to address that with reputation systems, validation, and trusted environments to lower the risks. It does not fully prove the photographic safety for an agent’s capabilities, though. Sort of leaves some uncertainty, but maybe that’s okay for cutting down problems overall.

Launching this on mainnet seems like a key step for Ethereum in building decentralized AI. It sets up identity, reputation, and validation basics, so AI agents can act independently in a permissionless economy. Some people might think this opens up a lot, but others worry about the risks not being fully covered.

Highlighted Crypto News:

‌BTC Slips on Trending Cryptocurrencies List Led by PIPPIN

I specialize in Web3 and crypto writing, producing clear, research-driven content on blockchain, cryptocurrencies, and market trends.

BTC is in the 5th position on the list of trending cryptocurrencies. PIPPIN is leading the chart with a surge of 68.76% in the last 24 hours. FOGO features in the 6th position and ETH in the 7th place. BTC has slipped on the list of trending cryptocurrencies over 24 hours. The list is led by PIPPIN and has FOGO as a candidate just below Bitcoin tokens, days after Binance announced its trading pairs. It is speculated that multiple national and international factors may have changed ranks on the list.

BTC and PIPPIN as Trending Cryptocurrencies While BTC continues to dominate the global crypto market with a market cap of over $1.77 trillion, it has slipped to the 5th position on the list of trending cryptocurrencies drawn over the past 24 hours. The plunge comes despite surging slightly by 0.96% and leading the chart on many occasions.

The list of trending cryptocurrencies is now led by PIPPIN, a Solana-based AI-driven meme coin. Trading at $0.5110, the token has surged by 68.76% in the last 24 hours and now hosts a market cap of approximately $511.31 million. Positions of Bitcoin tokens and Pippin tokens are based on data from CoinMarketCap, and positions are subject to change.

Possible Influential Factors Factors that have possibly influenced the slip of BTC to the 5th position are investors shifting to a safer alternative and the policy approach of US President Donald Trump. Gold is emerging as a better alternative not just to BTC but to many more cryptocurrencies that continue to experience volatility. The precious metal just reported a new high of $5,311.31 per ounce.

The policy approach of Trump is reportedly driven by tariffs with South Korea being the latest victim. The Lee Jae Myung-led country has been threatened with a revised tariff rate of 25%, citing alleged non-enactment of earlier commitments.

Similar approaches by the US President are believed to have driven UK Prime Minister Keir Starmer to China to draft a deal. And, they are believed to have boosted the mother of all deals between India and the European Union.

FOGO as a Candidate FOGO features on the list of trending cryptocurrencies as well, but in the 6th position, just behind BTC. It has soared by 15.18% to $0.04295 with a market cap of over 161.68 million.

What has possibly fueled the rise of FOGO is the availability of its trading pairs on Binance. The platform recently announced that it would list FOGO/USDT and FOGO/USDC on January 28, 2026. Binance TH added that Spot Listing and Easy Buy/Sell functions would be effective 3 hours after the launch.

FOGO is followed by ETH. Ether has jumped by 2.62% to $2,986.85, after briefly trading above the $3k mark. Tokens on the list between PIPPIN and BTC are FIGHT, PAXG, and HYPE, in the same order.

Highlighted Crypto News Today:

Rodeo Shuts Down as NFT Platform Closures Accelerate

Curious by nature, Ankur's core topic is Web3, but he's a versatile writer who can cover many more subjects. If you catch up with him in his free time, you'll find discussions often center around different movies and TV series. He's an easy person to talk to—you can literally chat with him about anything.

Analyst says BTC’s slowdown reflects prices running ahead of ETF-driven adoption, not a broken long-term thesis.

Bitcoin (BTC) is trading around $90,000 on January 28, 2026, after several days of choppy price action that has left many traders uneasy.

However, ETF analyst Eric Balchunas has highlighted the cryptocurrency’s multi-year gains in comparison to traditional assets, arguing that recent frustration overlooks the broader picture.

Bitcoin’s Longer-Term Gains Clash with Short-Term Anxiety Balchunas wrote on X that Bitcoin has risen about 429% since 2022, compared with roughly 350% for silver, 177% for gold, and 140% for the Nasdaq-100, arguing that the current slowdown looks mild when viewed against those returns.

“In other words Bitcoin spanked everything so bad in ’23 and ’24 (which ppl seem to forget) that those other assets still haven’t caught up even after having their greatest year ever and BTC being in a coma,” the analyst said.

In his post, Balchunas traced much of Bitcoin’s strong performance to the period before and after BlackRock filed for a spot Bitcoin ETF in 2023. He said prices ran ahead of the “institutionalization” story, leaving the market in need of time while actual adoption plays out.

“People see one red candle and forget what that chart actually looks like,” one user replied, echoing a common sentiment among long-term holders.

Others struck a similar tone. Dan, a longtime crypto commentator, wrote that impatience during flat or falling markets tends to separate traders reacting to price from those holding a fundamentals-based view, something he said has happened repeatedly since 2011.

The backdrop is a market that has struggled to find direction in recent weeks, with Bitcoin failing multiple times to break resistance between $94,000 and $98,000 and then sliding below $90,000. Analysts cited patterns such as a bear flag and a failed head-and-shoulders setup, with downside targets as low as $70,000 if key support levels fail.

You may also like: Super Wednesday: Will the Fed and Oil Data Trigger Massive Bitcoin Volatility? Ripple (XRP) and Cardano (ADA) Show Deeper Undervaluation Than Bitcoin (BTC) ‘Bitcoin Isn’t in a Bull Market:’ Expert Warns $80K Wasn’t the Bottom Price Action Shows Pressure, While Narratives Stay Intact At the time of writing, CoinGecko data showed Bitcoin up about 1% in the last 24 hours but down roughly 6% over the past two weeks and more than 13% across the last year. The asset briefly dipped to around $86,000 earlier this week before rebounding, with resistance still clustered near the $90,000 to $92,000 zone. Meanwhile, its dominance sits near 57%, suggesting altcoins have not meaningfully outperformed during the pullback.

Broader risk-off conditions, such as uncertainty around U.S. monetary policy and large liquidations in derivatives markets, have contributed to some of the weakness around BTC.

Balchunas questioned whether Bitcoin even needs a fresh narrative, pointing to debt growth and currency debasement as ongoing themes, and adding that easier access through ETFs means allocation decisions can now unfold over time rather than through sudden bursts of speculation.

For now, Bitcoin’s chart may look uncomfortable on shorter timeframes, but zooming out could help explain why some analysts see the current lull less as a breakdown and more as a pause after an aggressive run.

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Journalist

Posted: January 28, 2026

Hyperliquid [HYPE] is grabbing eyeballs! After heavy selling cleared out and big players stepped in, the network is now topping key charts that traders can’t ignore.

The engine is up and at it! HYPE is on a strong run at press time, trading near $33.8 after gaining roughly 9% in the last 24 hours and more than 50% from last week’s lows.

Source: TradingView

There has been a clear breakout from the $22-$23 range, followed by a steady climb with very little pullback. The RSI was at around 90, so there was aggressive buying. Meanwhile, the MACD flipped bullish with expanding green bars.

What’s behind the rally? A big reason is that major sell pressure has finally calmed down. Wallets linked to the Tornado Cash case and Continue Fund finished dumping millions of HYPE earlier this week. That’s cleared a major overhang.

At the same time, Data traders (DATs), including Bobby Diamond via Hyperliquid Strategies, have been buying sizable positions.

AMBCrypto previously reported that Hyperliquid founder Jeff Yan claimed BTC liquidity on the platform now exceeds Binance. 

Combined with Hyperliquid’s exposure to the gold and silver rally via HIP‑3, where silver alone records over $1.1 billion in Daily Volume, the broader picture comes into focus.

Hyperliquid is pulling far ahead

Bitcoin Cryptocurrency

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Bitcoin Price Prediction Bitcoin is steady around $89,300, but traders are shifting their attention away from short-term price moves. The main issue now is that Bitcoin is falling behind silver, which has jumped to record highs above $117 per ounce. This growing gap is changing how investors view momentum.

Silver is drawing in capital as a hard-asset hedge, while Bitcoin is having trouble reaching its previous highs. Many traders now call this split ‘ugly’ instead of just a short-term blip. This isn’t about Bitcoin crashing. It’s about investors moving away from BTC as precious metals gain momentum.

Silver’s Surge Exposes a Shift in Market LeadershipSilver’s rise has been quick and strong. Prices nearly reached $118, up about 60% so far this year, thanks to safe-haven buying, limited supply for industry, and speculation. Meanwhile, Bitcoin is still stuck below $95,500, a level it has failed to break several times.

Silver Price Chart – Source: TradingviewBecause of this, the BTC/Silver ratio has dropped sharply. Many traders watch this ratio to see where money is flowing. When it falls for a long time, it usually means investors prefer physical or inflation-protected assets over riskier trades. In the past, Bitcoin often moved with metals, but now that link has broken.

Silver is gaining momentum. Bitcoin is staying in a tight range.

Rekt Capital Flags a Rare EMA Warning for BitcoinAdding to concerns, analyst Rekt Capital has pointed out a rare crossover between Bitcoin’s 21-week and 50-week exponential moving averages. This signal just appeared at the latest weekly close and last happened in April 2022, right before Bitcoin’s biggest bear market of that cycle.

EMA crossovers don’t predict timing by themselves, but traders watch them because they show the health of long-term trends. A bearish crossover means Bitcoin might need more time and stability before it can lead again, especially as other hard assets keep outperforming.

Bitcoin Price Prediction: Breaking the Downtrend Could Lead to $95K–$98KLooking at the 4-hour chart, Bitcoin price prediction is bullish as BTC is steady above $86,000 and making higher lows, but it’s still stuck below a falling trendline from the $95,500 high. This forms a descending wedge, which usually signals the trend is running out of steam instead of starting a new sell-off.

Candlestick patterns back this up. Long lower wicks between $88,500 and $89,000 show buyers are active on dips, and smaller candle bodies mean selling is slowing down. Bitcoin is also moving back above short-term EMAs, with the 50-EMA and 100-EMA coming together near $91,000 to $91,200, which is now a key area to watch.

Bitcoin Price Chart – Source: TradingviewMomentum is picking up, but it’s still under control. The RSI is moving up toward the mid-50s, showing a recovery that isn’t overdone.

If Bitcoin can break and stay above $91,200, it could move up to $93,300, then $95,500, and possibly even $98,000. But if it can’t hold $88,500, that move will be delayed and Bitcoin will likely stay in a range above $86,000.

Trade view: If Bitcoin breaks above $91,200, it could head toward $95,500 to $98,000. If it falls below $86,000, the focus returns to consolidation, not a crash.

Bitcoin Hyper: The Next Evolution of BTC on Solana?Bitcoin Hyper ($HYPER) is bringing a new phase to the BTC ecosystem. While BTC remains the gold standard for security, Bitcoin Hyper adds what it always lacked: Solana-level speed. The result: lightning-fast, low-cost smart contracts, decentralized apps, and even meme coin creation, all secured by Bitcoin.

Audited by Consult, the project emphasizes trust and scalability as adoption builds. And momentum is already strong. The presale has surpassed $31 million, with tokens priced at just $0.013645 before the next increase.

As Bitcoin activity climbs and demand for efficient BTC-based apps rises, Bitcoin Hyper stands out as the bridge uniting two of crypto’s biggest ecosystems. If Bitcoin built the foundation, Bitcoin Hyper could make it fast, flexible, and fun again.

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Ethereum has surged back above the pivotal $3,000, with bulls retesting the threshold amid a broader cryptocurrency rally.

This comes amid anticipation around the Federal Reserve’s upcoming policy decision.

Notably, the top altcoin’s price climbed as Bitcoin powered to above $89,000, likely capitalizing on a weakening US dollar that bolstered risk assets across markets.

Solana, BNB, and XRP, among other leading altcoins, also registered modest advances.

ETH retests $3,000 level Copy link to section

Ethereum’s price surged by 4.1% in the last 24 hours to $3,020, at the time of writing.

While the uptick is a boost to buyers, the gains remain tempered as investor caution dominates ahead of the Fed’s policy decision.

Analysts say upbeat traders may be keen on clearer signals from the US central bank.

That’s specifically around whether the Fed takes the route of a widely anticipated pause in rate hikes, which will solidify the recent momentum in risk assets.

On the flip side, hawkish commentary on inflation and future policy could trigger a pullback.

As noted, Ethereum’s uptick aligned with Bitcoin climbing to $89k and strength in global equities.

The Asian markets saw major indices notch gains amid a softer dollar environment. In recent weeks, US dollar weakness has propelled rallies in traditional safe havens like gold and silver.

Analysts say crypto and stocks are playing catch-up.

Ether’s active wallet count explodes Copy link to section

Network growth remains at the center of Ethereum’s underlying strength, with key upgrades and traction for aspects such as tokenization boosting overall sentiment.

Amid this trend, on-chain data shows the network’s count of non-empty wallets has surged to over 175.5 million, eclipsing levels set by any other cryptocurrency.

On-chain data and analytics platform Santiment notes that the milestone highlights robust on-chain activity, driven largely by sustained interest in staking.

“As staking continues to be of strong interest, especially while markets move sideways, exchange supply will continue to shrink as well,” Santiment posted on X.

Whales increase exposure after ERC-8004 launch Copy link to section

Ethereum has drawn fresh market attention following the introduction of ERC-8004, a new AI-oriented standard designed to provide autonomous on-chain agents with identity, reputation, and validation capabilities.

Large Ethereum holders boosted their positions in the wake of the announcement, with whale balances rising from 104.18 million ETH to 104.61 million ETH.

The increase of roughly 430,000 ETH represents about $1.3 billion in accumulation at prevailing market prices.

Ethereum price prediction Copy link to section

As more users lock up ETH to earn yields, exchange balances will shrink, and sell-side pressure reduce.

The outlook positions Ethereum for a potential supply squeeze amid fresh demand.

Bullish sentiment across the broader market could also be a factor, with a Fed pause likely to catalyze gains.

Ethereum price chart by TradingViewIf ETH strengthens above $3,000, the next key upside target lies around $3,500, where prior resistance clusters align.

That said, the possibility of range-bound action below $3,000 remains, particularly if macroeconomic cues disappoint.

Major support levels are around $2,750-$2,600.

Ethereum researchers are considering a new mechanism designed to harden the network’s censorship resistance as the headline proposal for its next major protocol upgrade, dubbed Hegota.

Thomas Thiery, also known as "soispoke," has proposed Fork-Choice Enforced Inclusion Lists (FOCIL or EIP-7805) as the lead feature for the Hegota upgrade, which is expected to follow Glamsterdam later this year.

The proposal was previously deferred from the Glamsterdam fork but has now been put forward as a central pillar of Hegota’s design. Thiery is a researcher with the Ethereum Foundation’s Robust Incentives Group, where his work has focused on censorship resistance, proposer–builder separation, and block production centralization — areas directly targeted by the FOCIL design. Hegota was named late last year as the upgrade following Glamsterdam, as Ethereum developers mapped out the network’s 2026 roadmap.

FOCIL's proposal FOCIL is intended to provide a protocol-level guarantee that any transaction deemed valid under Ethereum’s rules will be included onchain within a bounded timeframe. It does so by allowing multiple validators, rather than a single block builder, to enforce transaction inclusion through Ethereum’s fork-choice rule. Thiery says this reduces the power of centralized intermediaries to arbitrarily filter or delay transactions.

The proposal aims to directly address concerns around the growing centralization of Ethereum’s builder market, which has been driven by MEV extraction and increasing vertical integration between builders, relays, and searchers. As Ethereum scales and becomes more dependent on specialized infrastructure, researchers argue that censorship resistance should be enforced at the protocol level rather than left to off-chain market dynamics.

"Without FOCIL, this core Ethereum value is not actually guaranteed, leaving the protocol vulnerable to mass censorship events," Thiery stated.

As a headliner proposal, FOCIL aligns with Hegota’s broader focus on integrated technical guarantees for fair and neutral transaction inclusion. According to its author, it would allow validators to contribute to censorship resistance without needing to run local builders or forgo MEV rewards, while giving users and applications stronger assurances that transactions cannot be quietly suppressed.

Tradeoffs The proposal does come with tradeoffs.

FOCIL would add some protocol complexity and does not currently support blob transactions or private MEV-carrying transactions — areas that researchers have said will need to be addressed through separate upgrades. Proponents also urged that Ethereum should proactively guard against large-scale censorship events, even if such behavior is limited today.

"Today, very few transactions are censored by dominant builders and relays," he wrote. "However, this was not always the case, and it can change suddenly and unpredictably. Our view is that Ethereum should be designed to be robust and resilient for decades to come and proactively preventing large-scale censorship through reliable inclusion guarantees, rather than being caught off guard and having to react."

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Bitcoin (BTC) institutional investors face a test of “conviction” as exchange-traded fund (ETF) holdings tumble by $6 billion.

Key points:

Bitcoin ETF investors now face falling into aggregate loss on their holdings.

Net ETF holdings drop by over 8% versus all-time highs in a “psychological pivot” point.

New ETF buyers are on the horizon, a crypto industry executive claims.

BTC price lingers near ETF realized priceNew research from onchain analytics platform CryptoQuant Wednesday shows Bitcoin ETF buyers struggling to stay in the market.

The US spot Bitcoin ETFs have seen outflows pass $6 billion since net holdings hit all-time highs of $72.6 billion in October 2025.

With BTC price action seeing its current record of $126,200 around the same time, its subsequent decline has hit institutional appetite especially hard.

Now, ETF investors face a battle to stay above their $86,600 realized price — the aggregate level at which they entered their positions.

US spot Bitcoin ETF realized price vs. BTC/USD (screenshot). Source: CryptoQuant
“With price sitting on the ETF realized price, the marginal ETF holder is no longer a seller locking in gains, but an investor deciding whether to tolerate drawdowns or exit at breakeven,” CryptoQuant contributor I. Moreno wrote. 

“Historically, this zone acts as a psychological pivot: holding above realized price reinforces conviction and stabilizes flows, while sustained trading below it tends to accelerate redemptions as investors lose their profit buffer.”Accompanying charts show ETF holdings down 8.4% since October, something that in itself “represents the first significant stress test for this relatively nascent investment cohort since ETF approval.”

Despite this and associated erratic BTC price action, ETF realized price volatility has stabilized over the past six months.

“What stands out is that despite a $6B drawdown in cumulative flows (from ~$72.6B to ~$66.5B), realized price has remained relatively stable and continues to trend higher,” Moreno continued. 

“In other words, ETF investors have already absorbed significant pressure (The sustained outflow pressure suggests distribution from less committed capital, likely late-cycle entrants or traders seeking to lock in remaining profits before deeper losses materialize).” US spot Bitcoin ETF data (screenshot). Source: CryptoQuantBitWise exec: ETF demand set for reboundThe second half of January has not been kind to the ETFs’ fortunes.

The latest data from UK-based investment company Farside Investors shows net outflows characterizing performance from Jan. 16 onward.

Only Jan. 26 managed net inflows, with these totaling a mere $6.8 million while three ETF products still lost capital.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Inivestors
Regardless, Andre Dragosch, European head of research at crypto asset manager Bitwise, eyed potential future participation as a reason for optimism.

“Major US wirehouses with 10,000s of financial advisors continue to move into Bitcoin ETFs. One of them has just greenlighted TODAY,” he reported on X Wednesday. 

“You are not even remotely bullish enough....” Dragosch said that the identity of the entity was “internal intelligence” and could not be revealed.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Binance Wallet Extension started support for TON network. The wallet hub will carry all TON tokens and apps, with additional developer tools for integration. 

Binance Wallet Extension became a gateway to the TON network after adding developer and end-user support. Until recently, TON was mostly accessible for native wallets such as Telegram Wallet, as well as independent apps Tonkeeper and MyTonWallet. 

While Telegram is a wide-reaching chat app, the TON network remains relatively isolated in the trading and access ecosystem. Binance Wallet may bring a new wave of users through its updated versions. 

Binance Wallet Extension launches TON update For browser users of Binance Wallet, TON access will be available after a manual upgrade, in case the automatic upgrade does not work. Binance’s team urged users to check for the inclusion of the new network. 

The inclusion of TON does not guarantee the safety of apps or tokens. Binance Wallet only works as a self-custody tool and a gateway to third-party apps. The wallet activities are not regulated or supervised by any authority, and the TON chain is rarely tracked for scams or exploits. 

For now, Binance Wallet remains one of the few mainstream tools to access the TON chain. The wallet reports more than 71,000 daily active users, with over 300M users in the Binance ecosystem. 

For now, Binance Wallet is mostly used for BNB swaps, with smaller usage on Arbitrum, Ethereum, and Polygon. TON may start out as a niche chain, as its DeFi and token liquidity are limited. Binance Wallet is also used to swap tokens through its most active chains, and may boost decentralized trading on TON. 

As Cryptopolitan reported, Telegram and the TON Chain seek to gain influence on the US market. TON aims to tap into US tokenized stocks and stablecoin transfers. 

TON Chain mostly relies on GameFi TON Chain liquidity remains relatively low, at around $76M locked in decentralized apps. The chain carries nearly $1B in stablecoins in its native TON Chain version. 

The chain carries DeFi lending and DEXs, but at a smaller scale compared to major networks. One of the growing fields on the TON Chain is GameFi, based on apps spreading across Telegram communities. 

TON Chain relies on GameFi and Telegram apps for some of its activities, with a constant user growth in the past year. | Source: Dune Analytics As of January, TON Chain carried 6.3M users in its GameFi apps. Gamified trading and tokenized games remain active, although closed into their own ecosystem. Older games like Hamster Kombat and MemeFi are still active in their groups.

Despite the activity, TON trades near its lower range at $1.53. The token has been sliding for the past year, despite the chain’s influence and the growth of Telegram.

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Citrea has launched ctUSD, a Bitcoin-native stablecoin offered by MoonPay and made on M0’s open stablecoin infrastructure. Citrea has also launched a user dashboard that permits users to manage assets over the ecosystem, track activity, and look out for applications. The application layer of Bitcoin, Citrea, has rolled out its mainnet, permitting lending, trading and settlement directly on the BTC network. On January 27, the rollout was publicised, indicating a step toward widening the use of BTC beyond long-term holding into on-chain financial activity. 

Citrea places itself as an application layer made particularly for BYC capital markets. Layer 1 is made to keep liquidity adhering to BTC while permitting programmable applications safeguarded by the network only. 

At rollout, the network launches cBTC, a Bitcoin-supported asset to be used across decentralised apps, and ctUSD, a native stablecoin aimed at backing on-chain liquidity. As per Citrea, cBTC leverages zero-knowledge proofs and BitVM-based confirmation to suppress dependency on custodians or multisignature trust setups.  

Any trial at deceptive activity can be challenged on the Bitcoin mainnet, provided a minimum of one honest participant is present. This model is designed to offer a higher level of security than previous Bitcoin bridge designs. 

Citrea’s Rollout  Along the side of these assets, the mainnet debuts of Citrea, having over 30 Bitcoin-ensured apps, comprising decentralised exchanges, liquidity tools, and early-stage lending and privacy-aimed services. Extra applications and structures that yield products are anticipated to launch in the coming weeks. 

To back trading with settlement, Citrea has launched ctUSD, a Bitcoin-native stablecoin offered by MoonPay and made on M0’s open stablecoin infrastructure. The stablecoin can easily be accessed in the US, except in New York, and over 160 other countries and is designed with keeping institutional compliance in mind. 

Adding more to this, Citrea has launched a user dashboard that permits users to manage assets over the ecosystem, track activity, and look out for applications. From the start, user actions on live applications are listed, with plans to widen dashboard features as a lot of tools come online. 

Moving forward, Citrea mentions it aims to grow Bitcoin-denominated financial activity and has made incentives for miners more robust via surged network usage. 

Highlighted Crypto News Today: 

SoftBank to Expand OpenAI Investment, Will AI Cryptos Respond?

A passionate journalist with a strong foundation in content writing and an experience in the crypto industry. With a commitment to self-growth, Sharmistha aims to make a meaningful impact in the media and communications landscape.

Altcoins jump as dollar slides, bitcoin holds steady: Crypto Markets TodayThe Dollar Index hit a four-year low, while altcoins surged led by HYPE, JTO and Solana memecoin PIPPIN. Jan 28, 2026, 11:40 a.m.

The weakening dollar helped lift altcoins as bitcoin held steady. (Frederick Warren/Unsplash/Modified by CoinDesk)

What to know: Bitcoin held near $89,200 and ether topped $3,000, supported by a sharp drop in the U.S. dollar index (DXY).Altcoins outperformed, with Hyperliquid’s HYPE up 25% and Solana staking token JTO extending a 31% three-day rally.Speculative tokens led gains, including Solana-based memecoin PIPPIN up 64%, as CoinDesk’s altcoin-heavy CD80 index beat CD20.Bitcoin BTC$89,347.10 traded little changed Wednesday after gaining yesterday as the dollar weakened. Ether ETH$3,017.15 gave up some of its gains.

Instead, advances came from other parts of the altcoin market. Hyperliquid's native HYPE token extended gains, adding 11% since midnight UTC, and Solana liquid staking token JTO$0.3888 surged 32%, its biggest one-day gain since December 2023, according to CoinDesk data.

STORY CONTINUES BELOW

The Dollar Index (DXY) fell to a four-year low on Tuesday, crucially below a trendline dating back to 2011 despite an attempt by President Donald Trump to reassure markets by saying the dollar is "doing great," and that he is not "concerned."

Dollar strength or weakness has a direct impact on the crypto market because the majority of assets are traded against the U.S. currency. The inverse correlation was a key talking point in the previous bear market, when the dollar rose by 22% between November 2021 and October 2022 while bitcoin lost more than 70% of its value.

Dollar breaks trendline (TradingView)

Derivatives positioningAnother $230 million in leveraged bullish crypto futures positions were liquidated in the past 24 hours, extending the trend of consistent long-side wipeouts since Monday. Bitcoin and ether 30-day and one-day implied volatility indexes remain under pressure, a sign traders do not expect major turbulence even as the Fed interest-rate decision looms. The notional open interest (OI) in futures tied to the HYPE token has surged over 20% in dollar terms in 24 hours. That is largely reflective of price gains in the token, because in token terms it remains largely unchanged near 57 million HYPE. OI in BTC, ETH, XRP and BNB has risen 2%-4%. Except ZEC, and TRX, annualized funding rates for majors remain positive, indicating a bias for bullish positioning. On Deribit, BTC and ETH puts continue to trade at a premium to calls. Activity has picked up in BTC put options at the $85,000 strike, indicating a demand for downside hedges. Block flows in BTC have been mixed, with traders chasing both put and call spreads. In ETH's case, straddles and risk reversals were in demand. Token talkWhile HYPE and JTO are among the top performers on Wednesday, the largest altcoin gain goes to PIPPIN, a Solana-based memecoin and autonomous AI agent created by AI innovator Yohei Nakajima. PIPPIN is up by 64% in the past 24 hours and is the most bought token by "smart money" investors, according to Stalkchain.Decentralized exchange tokens JUP$0.2073 and aster ASTER$0.6857 also embarked on moves to the upside, with the former increasing by 3.11% since midnight UTC to notch a 24 hour gain of 10.9%, while ASTER trades at $0.69 having risen by 5.7% since Tuesday morning.CoinDesk indexes are also indicating altcoin strength: The bitcoin-dominant CoinDesk 20 (CD20) Index is up by 2.47% in the past 24 hours and 2.38% since the turn of the year, while the altcoin heavy CoinDesk 80 (CD80) has outperformed its counterpart with a 3.7% 24-hour gain and a 7.3% increase since Jan. 1.The buoyant mood across the altcoin sector comes as bitcoin remains stuck in a tight trading range — historically a bullish period for altcoins because capital is often rotated to more speculative bets until bitcoin makes a decisive move one way or the other.More For You

Pudgy Penguins: A New Blueprint for Tokenized Culture

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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.

What to know:

Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.

The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.

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HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says

3 hours ago

HYPE has surged 50%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.

What to know:

Hyperliquid's HYPE token has surged more than 50% to $34.57 this week, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company. Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade. Top Stories

As gold prices surged to $5,300 this week, Tether and Coinbase — the two companies behind the world’s largest US dollar stablecoins — are taking different approaches to gaining exposure to the precious metal.

Spot gold climbed above $5,300 per ounce on Wednesday, posting a record high of $5,311 at 3:30 am UTC, according to TradingView data.

Amid the rally, Tether, issuer of USDt (USDT), the world’s largest stablecoin, doubled down on its gold accumulation, while Coinbase, a key partner in the USDC (USDC) stablecoin consortium, has promoted access to gold futures on its platform.

The contrasting strategies show the different ways crypto companies are positioning themselves as gold booms and Bitcoin (BTC) continues to lag, trading below $90,000, according to CoinGecko.

Tether hoards 130 tons of gold, aiming to become a “gold central bank”Tether, which also issues the gold-backed stablecoin XAUt (XAUT), has been accumulating gold as part of its reserves for some time, reporting $12 billion in exposure as of September 2025.

The company holds 520,089 troy ounces of gold for XAUT — roughly 16.2 metric tons — separately from a broader reserve of 130 metric tons, worth around $22 billion at current prices.

“Tether maintains approximately 130 metric tons of physical gold, and the gold backing every XAUT token is held separately, making it eligible for physical delivery redemption,” a spokesperson for Tether told Cointelegraph.

Countries holding between 100 tons and 200 tons of gold as of the third quarter, 2025. Source: World Gold CouncilBy holding this much gold, Tether is comparable with central banks in countries such as Mexico, South Africa and Sweden, according to reserves data from the World Gold Council.

“We are soon becoming basically one of the biggest, let’s say, gold central banks in the world,” Tether CEO Paolo Ardoino said Wednesday in an interview with Bloomberg.

Coinbase highlights gold futures trading amid bullion rallyMeanwhile, Coinbase has been highlighting its commodity futures offerings as gold rallies, reminding users that the platform allows trading in multiple metals, including gold and silver.

“You can trade precious metals on Coinbase,” Coinbase CEO Brian Armstrong said in an X post on Tuesday. “Silver, gold, copper and platinum futures are available on Coinbase,” he added.

Source: Brian ArmstrongCommentators noted that futures trading does not involve physical delivery, while some described the post as a “top signal” for traders, potentially hinting that the market is peaking.

Binance, the world’s largest crypto exchange by reported trading volumes, also launched perpetual futures tied to gold and silver in early January.

With the latest price spike, spot gold is up 90% over the past year, while Bitcoin is down 13%, and traded at $89,351 at the time of writing.

The US dollar index has declined about 10.7% over the same period, adding to gold’s appeal as a hedge.

Magazine: GameStop ‘likely to sell’ Bitcoin holdings, Ethereum preps for quantum: Hodler’s Digest, Jan. 18 – 24

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

Bitcoin [BTC] remains locked in consolidation, for now. The asset has drifted between clearly defined ranges, moving from $86,000 to $90,000, before testing another band between $90,000 and $93,000.

This range-bound behavior suggests that the market is comfortable accumulating Bitcoin, providing temporary stability and suppressing short-term price swings.

While that calm may appeal to traders wary of sharp drawdowns, Park warns that it could ultimately work against Bitcoin’s upside trajectory.

Why volatility matters for Bitcoin’s upside Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, has been explicit about what BTC needs next.

In a recent social media post, he argued that the upside many investors are waiting for will not materialize without a resurgence in volatility. Park said,

“It is very unlikely for Bitcoin to find momentum to the upside without experiencing significantly higher volatility,”

He noted that Bitcoin’s implied volatility currently sits near 38%, while month-to-date trading volume remains notably weak. Park described current volumes as “horrible,” adding that they are lower than any month recorded so far in 2025.

At the core of his argument is market participation. Park believes Bitcoin’s recent price action is being driven primarily by short-term traders, with limited involvement from large institutional players.

That institutional flow, he argues, is essential for driving parabolic moves and restoring the volatility that has historically accompanied major rallies.

To reinforce his point, Park pointed to silver, which recently surged to a new all-time high. That move, he said, was not the product of a calm spot market.

“Silver’s record-setting melt-up comes from all the shenanigans behind ‘paper silver,’ where margin rules, leveraged instruments and vehicles, and liquidity and maturity mismatches create immense pressure at breaking points,”

Park further explained,

“At those moments, no physical supply can be introduced fast enough to counter the velocity of paper supply.”

According to Park, Bitcoin may need a similar dynamic to regain strong upward momentum. He describes the current environment as “the worst possible setup for disappointment.”

Supporting Bitcoin, he argues, requires embracing its volatility. Anyone who claims otherwise, he adds, does not understand the fundamentals of the commodities market.

Positioning risks suggest volatility may be near Signs of rising volatility are already emerging beneath the surface.

The Long/Short Ratio, which tracks how traders are positioned in Bitcoin derivatives markets, shows a clear dominance of long positions over shorts.

While this reflects bullish sentiment, history suggests such imbalances can become unstable when the price fails to validate conviction.

On-chain analytics platform Alphractal recently warned that the current setup carries elevated liquidation risk. The firm said,

“As long as the BTC long-to-short ratio stays above the market average without price follow-through, the risk of further liquidations remains high,”

Source: Alphractal

Should that scenario unfold, it could generate the volatility needed to force a decisive price move.

Liquidation data already shows a significant flush of short positions, with $63.64 million wiped out compared to $15.38 million in long liquidations. That imbalance, however, could reverse quickly if momentum shifts.

Bitcoin pauses after years of outperformance Eric Balchunas, senior ETF analyst at Bloomberg, offered a broader perspective on Bitcoin’s recent underperformance relative to precious metals. He argued that the divergence is not inherently negative, framing Bitcoin’s current phase as a pause rather than a failure.

In a recent post, Balchunas noted that Bitcoin has significantly outperformed most major assets, including gold and silver, since 2022. That longer-term outperformance, he said, helps explain why Bitcoin now appears to be “taking a breather,” even as metals enjoy a stronger year.

He added that Bitcoin’s muted performance reflects how quickly the “institutionalization” narrative was priced into the market, well before many of those developments fully played out.

Source: Bloomberg

Looking ahead, Balchunas believes another narrative is forming, one that could eventually drive Bitcoin’s next major move.

“What’s the new narrative? I’m not sure it needs one beyond debt and debasement,” he said. “[That story] is clearly here to stay, and it continues growing into a bigger story every year.”

For now, Bitcoin remains caught between calm consolidation and rising tension beneath the surface, with volatility increasingly shaping the path forward.

Final Thoughts Jeff Park of Bitwise has argued that volatility remains a necessary condition for Bitcoin to transition into a sustained upward phase. That volatility may already be quietly building as the long-to-short ratio continues to lean heavily to the upside.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

It is Wednesday, Jan. 28, and the crypto market seems to have stabilized, but the charts say "not so fast." 

XRP just posted a $0 liquidation anomaly that short sellers will not forget, Bitcoin’s silent 429% run is being remembered at the worst possible moment, and Shiba Inu lines up for a February that may cement the "legendary" status for this month if price history holds.

TL;DRXRP bulls dodge liquidation entirely during short wipeout as price spikes 1.45%.Bitcoin outperformed everything since 2022; 429% surge beats even so-hyped silver and gold.SHIB’s February win rate looks locked in, with just one red candle in five years.XRP chart prints rare $0, and it is not a glitchSomething unusual just hit the XRP derivatives scene, to say the least, as bulls liquidated for exactly $0 in the last hour. That's right: zero.

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According to CoinGlass data, while $140,504 in XRP short positions got "rekt" in just one hour, long positions came through untouched. The total liquidated amount stood at $140,504, and it is all shorts. With XRP only moving +1.45% in that same hour, the essence of this event is unambiguous — somebody was on the wrong side of a very overleveraged bet.

This anomaly is not trivial in the current market environment. XRP, as any other cryptocurrency to be honest, is notoriously hostile to bulls in liquidation flows. Historically, long chasers get punished far more often.

Source: CoinGlassBut this time, it flipped. A glance at the 12-hour and 24-hour liquidation spread tells more: $1.65 million in short-side wreckage vs. $1.31 million long. It is not huge in dollar terms, but the direction is rare.

On the one-minute chart, the impulse that triggered the wipeout is represented by a mid-session breakout near $1.914, which sent the price accelerating into $1.93 before consolidating. It was not a news-driven spike but punishment for front-running downside on thin liquidity. And given the $0 bull loss, it is likely a sign of better capital control from long-side XRP whales.

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Forgotten 429% Bitcoin rally resurfacesWhile Bitcoin trades are stuck under $89,000 and everyone awaits FOMC rhetoric, a chart from Bloomberg’s Eric Balchunas is cheering the space up; since late 2022 — just before the BlackRock ETF filing — BTC is up 429%.

That figure is not small, despite all the disappointment crypto enthusiasts have right now. It crushes gold's +177%, silver's +351%, and even the Nasdaq proxy QQQ with its +135% gain.

Yes, crypto was "in a coma" for much of late 2025, but Bitcoin’s two-year performance dwarfs traditional safe havens. And that is the point Balchunas makes: the "institutionalization" rally already happened, now the price is letting fundamentals catch up.

This is not a popular view. As was said, many in the market feel left behind by BTC’s slow January and outflows from ETFs. But zoom out, and suddenly the math favors the crypto; Bitcoin priced the future in 2023-2024, while legacy markets chased 2025’s soft landing.

Source: Eric BalchunasAnd now? BTC holds higher ground.

The relative strength argument becomes even stronger when factoring in that Bitcoin delivered 429% over 25 months, with 50% fewer drawdowns than in previous cycles — a sign of a maturing market structure.

At the same time, its correlation to tech stocks broke down in late 2025, reinforcing its behavior as an independent asset class rather than a speculative tech proxy.

Some speculate that this historic outperformance sets up a “lag rotation” back into Bitcoin once macro events settle — especially post-FOMC and post-budget. If real rates soften, Bitcoin’s multiyear hedge narrative could easily reassert dominance once again.

This legendary Shiba Inu (SHIB) February streak is not to miss in 2026Popular meme coin Shiba Inu (SHIB), the biggest of its kind on Ethereum, by the way, is sneaking into February with numbers that the price history likes.

Over the last five years, as per CryptoRank, SHIB has posted positive February returns four times — with the only red month in 2025 at -26.1%. The average return for February sits at +9.26%, with the median at +10.9%. 

Compare that to Dogecoin, SHIB’s closest meme rival. DOGE shows heavier red stats across February historically, with more distribution to the downside. While DOGE has the longer data set, SHIB’s recent streak looks statistically cleaner, and that is what’s driving all the "win streak" buzz.

Source: CryptoRankThe Shiba Inu coin also enters February 2026 after a +13.1% January. That sets up a momentum carryover, especially as those seeking for higher beta lean into meme coin rotations post-tax season and before altcoin breakouts.

If the rally sustains, SHIB’s status as Ethereum’s top meme asset may gain permanence — and the “legendary” February tag becomes more than a meme.

Crypto price prediction: BTC, XRP and SHIB targets ahead of FOMCThe crypto market remains suspended in macro anticipation. Today's FOMC statement at 2:00 p.m. ET is the main event. The rate pause is already priced in, but the tone will determine the market's direction. If Powell acts more hawkish, it could make people worried. But if he acts more dovish, it could boost the value of the majors.

XRP: Immediate support sits at $1.89, with the first upside resistance at $2 — more psychological than technical threshold.

Shiba Inu (SHIB): Short-term price magnet is $0.00001018, coinciding with 200-day MA. If cleared, it opens a path to $0.000013 range, matching October 2023 peaks.

Bitcoin (BTC): Strong defense seen at $87,300, but real upside trigger lies at $90,500; clearing that will break the descending diagonal from the ATH.

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Hyperliquid (HYPE) is extending its upward rally for a third straight session, rising over 25% today, as capital continues to rotate into Hyperliquid, driven by an unexpected surge in commodity-based trading. While the broader crypto market remains selective, HYPE’s rapid rally into commodity perpetuals, particularly Silver, has reshaped short-term demand for the HYPE token.

Silver Perpetuals Push Hyperliquid Volume Past $1BThe immediate catalyst behind HYPE’s rally has been explosive growth in commodity perpetual contracts on Hyperliquid. Silver futures, introduced as part of the platform’s HIP-3 expansion, quickly became one of the most actively traded instruments, pushing daily notional volume beyond the $1 billion mark across commodity markets. 

This surge matters because it introduces a new class of traders to Hyperliquid, participants who are less sensitive to crypto-native volatility and more focused on macro and commodities exposure. As these positions scale, they directly feed into Hyperliquid’s fee engine, strengthening the economic loop that underpins HYPE’s token model. Unlike short-lived incentive-driven volume, this activity has remained elevated across multiple sessions, suggesting sustained engagement rather than one-off positioning.

HIP-3 Open Interest Signals Real Capital CommitmentHIP-3 market data shows a decisive structural shift in how traders are positioning on Hyperliquid. Recent data of Jan 28, 2026 shows that total Open interest has climbed to $920.9 million, marking one of the strongest sustained growth since the product’s rollout. The growth is not evenly distributed. 

One contract alone accounts for the bulk of positioning, with xyz contributing roughly $803.3 million. This concentration suggests large directional exposure rather than fragmented retail participation. Other HIP-3 markets, including HYNA ($64.9M), FLX ($22.00M). This activity reinforces the view that the capital is flowing across the broader HIP-3 suite rather than chasing a single trade.

Importantly, the rise in Open Interest has occurred alongside elevated trading volume, reducing the risk that the move is purely leverage-driven. When OI and volume rise together, it points to conviction-based positioning, often associated with institutional buying signs.

HYPE Price Structure Signals Further Gains AheadHyperliquid chart structure favors bullish outlook as it replicates massive accumulation in the past sessions. After breaking out of the descending channel, HYPE price has rallied more than 40% and is still aiming higher. HYPE’s current price action replicates a trend reversal and the short-term moving averages have started to curl upwards which suggests a shift in structure. 

As Hyperliquid price has showcased a bullish streak, surpassing multiple hurdles in a single shot, bulls were eyeing to reach the 200 day EMA hurdle of $38. However, if commodity volumes and HIP-3 participation remain elevated, HYPE’s momentum would continue and further rally may be possible. A clean move above $38 keeps the next psychological resistance zone of $50 in focus, while a retracement below $30 would mark a higher low formation toward $28 followed by $25 the near term.

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Arthur Hayes, who helped establish the cryptocurrency exchange BitMEX, thinks trouble with Japan’s currency could ultimately lead to a significant increase in Bitcoin prices. He’s built a reputation for making strong calls about digital currencies.

Problems with the yen and declining prices on Japanese government debt indicate serious financial weakness, Hayes says. These issues could prompt action from American officials that would ultimately benefit Bitcoin.

How intervention could boost cryptocurrency markets Hayes explained this in a blog entry called “Woomph.” The yen is weakening while yields on Japanese government bonds are increasing. That shows Japan is facing real economic strain. He thinks this situation will push the U.S. Treasury and Federal Reserve to step in.

When that happens, it’d pump new money into the system. This would exacerbate the situation. The Fed might also grow its balance sheet at the same time, which could give a boost to risky investments like Bitcoin.

This money flowing into markets would push Bitcoin and other major digital tokens, Hayes claims. It might break them out of their current flat period.

Japan’s dealing with mounting economic stress. The yen keeps losing value. That makes everything Japan imports more expensive since the country relies heavily on other nations for its energy. Rising yields on government bonds make it harder and costlier for the government to borrow.

Without outside help, Japan’s currency problems could push U.S. Treasury yields higher, Hayes stressed. America’s already running its biggest peacetime budget shortfalls ever. This would exacerbate the situation.

Hayes’s positive outlook on Bitcoin centers on how the yen’s drop and high interest rates affect the global economy. High yields on Japanese government bonds mean Japanese companies and investors are less likely to invest in foreign assets, which could initiate a damaging pattern. This could initiate a damaging pattern. U.S. Treasury yields might surge suddenly, prompting the Fed to take action.

Hayes outlined exactly how he thinks intervention would work. The New York Fed would create new bank reserves by printing dollars to trade for yen in currency markets. This would gradually push the yen’s value back up without shocking markets. Then those yen would go into Japanese government bonds, bringing yields down while the Fed assumes the interest rate risk.

Yen pressure creates global economic concerns The yen’s faced intense selling pressure recently. It’s dropped sharply against the dollar over recent months. Hayes says this happened because Japanese officials lost control over long-term government bond yields. When JGB yields rise while the yen falls at the same time, it shows investors don’t trust the government to protect the currency’s value or handle its deficits properly.

Japan needs to import most of its energy. A cheaper yen directly raises the cost of bringing goods in. This drives up prices people pay every day and makes budget decisions harder.

The Bank of Japan holds more JGBs than anyone else. It’s sitting on huge paper losses from bond prices dropping. This eats away at confidence even more.

The Fed cut rates by 1.75% starting in September 2024. However, yields on 10-year Treasury bonds actually increased a bit, Hayes pointed out. Inflation keeps going, and there’s pressure on supply. If the yen situation forces more Treasury selling, it could make this worse. A stronger dollar would hurt American companies trying to sell goods overseas, as their products would cost more.

The Bank of Japan kept rates unchanged on January 23. They needed to raise them, but didn’t. Hayes predicted officials probably asked for American help to calm things down.

Bitcoin could jump once Fed intervention confirms that more money’s entering the system, if Hayes turns out to be right. The Wall Street Journal reported on this. But risks exist too. If no intervention comes, the yen could crash completely. That’d cause worldwide deflationary pressure that would hurt crypto. Or officials could move too hard, too fast, creating short-term market swings.

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January 28, 2026 06:00 ET  | Source: Cerrado Gold Inc

Management and Directors do not believe Common Shares reflect the value of the Company's assets and future prospects
TORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Cerrado Gold Inc. [TSX.V: CERT][OTCQX: CRDOF] (“Cerrado” or the “Company”) announces today that the TSX Venture Exchange (“TSXV”) has accepted the Company’s notice to implement a normal course issuer bid (the “NCIB”) permitting the Company to repurchase, for cancellation, up to 6,794,790 common shares (“Common Shares”) of the Company, representing 5% of the issued and outstanding Common Shares.

The NCIB will commence on February 3, 2026, and will terminate on the earlier of (i) the Company purchasing 6,794,790 Common Shares, (ii) the Company providing notice of termination of the NCIB, and (iii) February 2, 2027. Under the NCIB, the Company may not acquire more than 2% of the Common Shares, equating to 2,717,916 Common Shares, in any 30-day period.

The Company's Board of Directors believes that the market price of the Common Shares does not reflect the underlying value of the Company's assets and future prospects, and that repurchasing Common Shares will enhance shareholder value.

The Company has entered into an engagement with Stifel Financial Corp. to act as its broker for the NCIB. The NCIB will be made through the facilities of the TSXV and/or alternative trading systems, and the purchase and payment for the Common Shares will be made in accordance with TSXV requirements at the market price of the Common Shares at the time of acquisition, plus brokerage fees, if any, charged by Stifel. All common shares purchased by the Company under the NCIB will be cancelled.

To the Company’s knowledge, none of the directors, senior officers, or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any Common Shares under the NCIB. The Company has not previously approved an NCIB.

A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.

For more information about Cerrado, please visit our website at: www.cerradogold.com.

Mark Brennan
CEO and Chairman

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
[email protected]

Disclaimer

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

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado. In making the forward-looking statements contained in this press release, Cerrado has made certain assumptions including the underlying value of the Company's assets and its future prospects, shareholder value that may be created in pursuing the NCIB and the number of Common Shares, if any, that the Company will purchase under the NCIB. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

INCLINE VILLAGE, Nev., Jan. 28, 2026 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (NYSE: TPH) announced today that it will release its financial results for the fourth quarter of 2025 before the market opens on Wednesday, February 25, 2026. The Company will host a conference call on the same day to discuss the results at 7:00 AM Pacific (10:00 AM Eastern). The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, Chief Operating Officer, Glenn Keeler, Chief Financial Officer, and Linda Mamet, Executive Vice President and Chief Marketing Officer.

Those interested in participating in the call can dial in toll-free at (877) 407-3982, or (201) 493-6780 for international participants. Interested parties can also listen to the call live and view the related slides on the internet under the Events & Presentations heading in the Investors section of the Company’s website at www.TriPointeHomes.com.

A replay of the call will be available for one week following the call toll-free at (844) 512-2921, or (412) 317-6671 for international participants, using the reference number 13758464. An archive of the webcast will also be available on the Company’s website for a limited time.

About Tri Pointe Homes®

One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company is one of the 2026 Fortune World’s Most Admired Companies, 2023 and 2025 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® for three consecutive years (2023 through 2025). The company was also named as a Great Place To Work-Certified™ company for five years in a row (2021 through 2025) and was named on several Great Place To Work® Best Workplaces list (2022 through 2025). For more information, please visit TriPointeHomes.com.

Investor Relations Contact:

[email protected], 949-478-8696

HONG KONG, Jan. 28, 2026 (GLOBE NEWSWIRE) -- 707 Cayman Holdings Limited (“707 Cayman” or the “Company”) (Nasdaq: JEM), a Cayman Islands company that sells quality apparel products and provides supply chain management total solutions, has filed a registration statement on Form F-1 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) relating to the potential offering and resale of up to 48,750,360 Class A Ordinary Shares (the “ELOC Shares”) issuable pursuant to an equity purchase agreement (the “Equity Line of Credit”) entered into with Hudson Global Ventures, LLC, a Nevada limited liability company (the “Investor”).

The Registration Statement, which was filed with the SEC on January 23, 2026, became effective on January 27, 2026. The prospectus contained therein provides for the registration of shares that may be offered and sold from time to time by the Investor. The Company will bear the costs, expenses and fees in connection with the registration, and sales of the ELOC Shares by the Investor are expected to occur at prevailing market prices or negotiated prices once the Registration Statement becomes effective.

Key Details of the Registration Statement

The Form F-1 registration covers up to 48,750,360 Class A Ordinary Shares that may be issued to and resold by the Investor under the terms of the Equity Line of Credit.The Company will not receive any of the proceeds from shares sold by the Investor under the registration statement, except that the gross proceeds realized under the Equity Line of Credit facility may be up to approximately $9.6 million, depending on the number of shares actually sold and the market prices at the time of sale. If any proceeds are received under the facility, the Company intends to use them for working capital and general corporate purposes.The Registration Statement includes comprehensive information about the Company’s business, financial condition, risk factors, and the potential offering, as required by U.S. federal securities laws. Forward Looking Statement

This press release contains forward-looking statements that relate to the Company’s current expectations and views of future events, including, but not limited to, the timing and effectiveness of the registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission, the potential issuance and resale of ordinary shares under the equity line of credit, and the amount of proceeds, if any, that the Company may receive under such facility.

These forward-looking statements relate to events that involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as “believe,” “plan,” “expect,” “intend,” “should,” “seek,” “estimate,” “will,” “aim” and “anticipate” or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this press release, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

Additional information concerning these and other risk factors is contained in 707 Cayman’s most recent filings with the SEC, including the registration statement on Form F-1 and other filings filed or to be filed with the SEC. All subsequent written and oral forward-looking statements concerning 707 Cayman or the transactions described herein or other matters and attributable to 707 Cayman, or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. 707 Cayman does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.

About 707 Cayman Holdings Limited

707 Cayman Holdings Limited is a Hong Kong-based company that sells quality apparel products and provides supply chain management total solutions to our customers spanning from Western Europe, North America to the Middle East. Our customers include mid-size brand owners and apparel companies that have comprehensive operations with private labels that are sold worldwide.

Contact: 

707 Cayman Holdings Limited Contact:
HBK Strategy Limited
[email protected]  
+852 2156 0223

INDIANAPOLIS--(BUSINESS WIRE)--Elevance Health, Inc. (NYSE: ELV) reported fourth quarter and full year 2025 results.

"Elevance Health delivered fourth quarter results in line with our outlook, reflecting disciplined execution in a dynamic environment. As we enter 2026, our focus is on advancing affordability and making healthcare easier to access and navigate for the members we serve. Through pricing discipline and targeted investments, we are strengthening the earnings power of our diversified platform and remain confident in our ability to return to at least 12% adjusted EPS growth in 2027."

Gail K. Boudreaux
President and Chief Executive Officer

Elevance Health

Consolidated Enterprise Highlights

(Unaudited)

(In billions)

Three Months Ended

Twelve Months Ended

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2024

Operating Revenue1

$49.3

$45.0

$197.6

$175.2

Operating Gain1,2

$0.3

$0.7

$7.2

$7.9

Adjusted Operating Gain1,3

$0.4

$0.8

$7.5

$9.3

Operating Margin1

0.6%

1.5%

3.6%

4.5%

Adjusted Operating Margin1,3

0.8%

1.9%

3.8%

5.3%

Operating revenue was $49.3 billion in the fourth quarter of 2025, an increase of $4.3 billion, or 10 percent compared to the prior year quarter. Operating revenue was $197.6 billion in 2025, an increase of $22.4 billion, or 13 percent. The increase in revenue for the quarter and year was driven by higher premium yields in our Health Benefits segment, contributions from acquisitions, and growth in Medicare Advantage membership, partially offset by membership attrition in our Medicaid business.

The benefit expense ratio was 93.5 percent in the fourth quarter, an increase of 110 basis points compared to the prior year period, reflecting higher medical cost trend primarily in our Affordable Care Act health plans and heightened Medicare Part D seasonality driven by Inflation Reduction Act changes. For the year, our benefit expense ratio was 90.0 percent, an increase of 150 basis points year over year, driven by elevated medical cost trends.

Days in Claims Payable was 41.3 days as of December 31, 2025, a decrease of 0.1 days from September 30, 2025, and a decrease of 1.9 days compared to December 31, 2024.

The operating expense ratio was 11.0 percent in the fourth quarter and 10.6 percent for the full year. On an adjusted basis, the corresponding operating expense ratios were 10.8 percent and 10.5 percent. We maintained expense discipline while investing to support and strengthen our workforce, scale Carelon's capabilities, and accelerate technology adoption across the enterprise.

Cash Flow & Balance Sheet

Operating cash flow was $4.3 billion in 2025, approximately 0.8 times GAAP net income. As of December 31, 2025, cash and investments at the parent company totaled approximately $2.6 billion.

During the fourth quarter of 2025, the Company repurchased 1.4 million shares of its common stock for $471 million, at a weighted average price of $335.64, and paid a quarterly dividend of $1.71 per share, representing a distribution of cash totaling $377 million. As of December 31, 2025, the Company had approximately $6.7 billion of Board approved share repurchase authorization remaining.

Health Benefits is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses.

Health Benefits

Reportable Segment Highlights

(Unaudited)

(In billions)

Three Months Ended

Twelve Months Ended

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2024

Operating Revenue1

$41.8

$37.6

$167.1

$150.3

Operating Gain1,2

($0.2)

$0.2

$4.2

$6.2

Adjusted Operating Gain1,3

($0.2)

$0.2

$4.2

$6.3

Operating Margin1

(0.5%)

0.6%

2.5%

4.2%

Adjusted Operating Margin1

(0.5%)

0.6%

2.5%

4.2%

Health Benefits segment operating revenue was $41.8 billion in the fourth quarter of 2025, an increase of $4.3 billion, or 11 percent compared to the fourth quarter of 2024. Operating revenue was $167.1 billion in 2025, an increase of $16.8 billion, or 11 percent. The increases for the quarter and year were driven primarily by higher premium yields, contributions from acquisitions, and growth in our Medicare Advantage membership, partially offset by membership attrition in our Medicaid business.

The Company reported an adjusted operating loss of $0.2 billion in the fourth quarter of 2025 and an adjusted operating gain of $4.2 billion for the full year. Adjusted operating results in both periods were impacted primarily by higher medical cost trend.

Medical membership totaled approximately 45.2 million as of December 31, 2025, a decrease of 0.5 million, or 1 percent, year over year, driven by attrition in our Medicaid business.

Carelon is comprised of CarelonRx and Carelon Services.

Carelon

Reportable Segment Highlights

(Unaudited)

(In billions)

Three Months Ended

Twelve Months Ended

December 31,
2025

December 31,
2024

December 31,
2025

December 31,
2024

Operating Revenue1,2

$18.7

$14.7

$71.7

$53.9

Operating Gain1,3

$0.6

$0.6

$3.4

$2.9

Adjusted Operating Gain1,4,5

$0.6

$0.6

$3.4

$3.1

Operating Margin1

3.1%

3.9%

4.7%

5.4%

Adjusted Operating Margin1

3.3%

4.4%

4.8%

5.8%

1. See “Basis of Presentation.”

2. Operating revenue for the three and twelve months ended December 31, 2024 includes $0.2 and $0.8 billion, respectively, of revenue related to 2024 business dispositions and related items that have been excluded from adjusted operating gain.

3. Operating Gain for the three and twelve months ended December 31, 2025, and December 31, 2024, includes items that are excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

4. Adjusted Operating Gain for three and twelve months ended December 31, 2025 excludes $38 million of 2025 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

5. Adjusted Operating Gain for the three and twelve months ended December 31, 2024 excludes $74 and $215 million, respectively, of 2024 business dispositions and related items adjusted out of adjusted shareholders' net income for the Carelon segment.

Operating revenue for Carelon was $18.7 billion in the fourth quarter of 2025, an increase of $3.9 billion, or 27 percent compared to the prior year period, driven by growth in CarelonRx product revenue, the expansion of Carelon Services risk-based solutions, and the acquisition of CareBridge. Operating revenue was $71.7 billion in 2025, an increase of $17.8 billion, or 33 percent.

Adjusted operating gain for Carelon totaled $0.6 billion in the fourth quarter, approximately flat year over year. On a full year basis, adjusted operating gain was $3.4 billion in 2025, an increase of $0.3 billion, or 10 percent, driven by improved CarelonRx performance and growth in Carelon Services risk-based solutions.

Quarterly Dividend

On January 27, 2026, the Audit Committee of the Company's Board of Directors declared a first quarter 2026 dividend to shareholders of $1.72 per share. The first quarter dividend is payable on March 25, 2026 to shareholders of record at the close of business on March 10, 2026.

About Elevance Health

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve approximately 104 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

Conference Call and Webcast

Management will host a conference call and webcast today at 8:30 a.m. Eastern Standard Time (“EST”) to discuss the company’s fourth quarter and full year 2025 results and 2026 outlook. The conference call should be accessed at least 15 minutes prior to the start of the call with the following numbers:

888-947-9963 (Domestic)

888-566-0046 (Domestic Replay)

312-470-0178 (International)

203-369-3677 (International Replay)

The access code for today's conference call is 3972058. There is no access code for the replay. The replay will be available from 11:30 a.m. EST today, until the end of the day on February 27, 2026. The call will also be available through a live webcast at www.elevancehealth.com under the “Investors” link. A webcast replay will be available following the call.

Basis of Presentation

Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reporting segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets, gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Refer to the GAAP reconciliation tables. Operating margin is defined as operating gain divided by operating revenue. Elevance Health
Earnings Release Financial Schedules and Supplementary Information
Quarter & Year Ended December 31, 2025

Membership and Other Metrics Quarterly & Full Year Consolidated Statements of Income Condensed Consolidated Balance Sheet Condensed Consolidated Statement of Cash Flows Supplemental Financial Information - Reportable Segments Supplemental Financial Information - Reconciliation of Medical Claims Payable Reconciliation of Non-GAAP Financial Measures Financial Guidance Summary Membership Guidance Summary Elevance Health

Membership and Other Metrics

(Unaudited)

Change from

Medical Membership (in thousands)

December 31,
2025

December 31,
2024

September 30,
2025

December 31,
2024

September 30,
2025

Individual

1,307

1,287

1,354

1.6%

(3.5%)

Employer Group Risk-Based

3,617

3,713

3,616

(2.6%)

—%

Commercial Risk-Based

4,924

5,000

4,970

(1.5%)

(0.9%)

BlueCard®

6,509

6,630

6,394

(1.8%)

1.8%

Employer Group Fee-Based

20,583

20,569

20,608

0.1%

(0.1%)

Commercial Fee-Based

27,092

27,199

27,002

(0.4%)

0.3%

Medicare Advantage

2,230

2,066

2,245

7.9%

(0.7%)

Medicare Supplement

882

891

877

(1.0%)

0.6%

Total Medicare

3,112

2,957

3,122

5.2%

(0.3%)

Medicaid

8,500

8,917

8,645

(4.7%)

(1.7%)

Federal Employee Program

1,604

1,661

1,630

(3.4%)

(1.6%)

Total Medical Membership

45,232

45,734

45,369

(1.1%)

(0.3%)

  Other Metrics (in millions)

CarelonRx Quarterly Adjusted Scripts

88.5

82.9

85.0

6.8%

4.1%

Carelon Services Consumers Served

91.8

101.1

97.6

(9.2%)

(5.9%)

Elevance Health

Consolidated Statements of Income

(Unaudited)

(In millions, except per share data)

Three Months Ended

December 31

Twelve Months Ended

December 31

2025

2024

Change

2025

2024

Change

Revenues

Premiums

$

40,690

$

36,245

12.3%

$

164,639

$

144,166

14.2%

Product revenue

6,460

6,714

(3.8%)

24,470

22,630

8.1%

Service fees

2,161

2,030

6.5%

8,475

8,408

0.8%

Total operating revenue

49,311

44,989

9.6%

197,584

175,204

12.8%

Net investment income

493

527

(6.5%)

2,194

2,051

7.0%

Net losses on financial instruments

(57)

(74)

NM

(653)

(445)

NM

Gain on sale of business

—

—

NM

—

201

NM

Total revenues

49,747

45,442

9.5%

199,125

177,011

12.5%

Expenses

Benefit expense

38,065

33,500

13.6%

148,223

127,567

16.2%

Cost of products sold

5,522

6,012

(8.2%)

21,178

19,750

7.2%

Operating expense

5,415

4,804

12.7%

20,984

20,025

4.8%

Interest expense

366

340

7.6%

1,402

1,185

18.3%

Amortization of other intangible assets

164

180

(8.9%)

628

580

8.3%

Total expenses

49,532

44,836

10.5%

192,415

169,107

13.8%

Income before income tax expense

215

606

(64.5%)

6,710

7,904

(15.1%)

Income tax expense (benefit)

(331)

193

NM

1,049

1,933

(45.7%)

Net income

546

413

32.2%

5,661

5,971

(5.2%)

Net loss attributable to noncontrolling interests

1

5

NM

1

9

NM

Shareholders' net income

$

547

$

418

30.9%

$

5,662

$

5,980

(5.3%)

Shareholders' earnings per diluted share

$

2.47

$

1.81

36.5%

$

25.21

$

25.68

(1.8%)

Diluted shares

221.8

231.1

(4.0%)

224.6

232.9

(3.6%)

Benefit expense as a percentage of premiums

93.5%

92.4%

110 bp

90.0%

88.5%

150 bp

Operating expense as a percentage of total operating revenue

11.0%

10.7%

30 bp

10.6%

11.4%

(80) bp

Income before income tax expense as a percentage of total revenue

0.4%

1.3%

(90) bp

3.4%

4.5%

(110) bp

  "NM" = calculation not meaningful

  Elevance Health

Condensed Consolidated Balance Sheet

(In millions)

December 31,
2025

December 31,
2024

Assets

(Unaudited)

Current assets:

Cash and cash equivalents

$9,491

$8,288

Fixed maturity and equity securities

26,624

26,393

Premium and other receivables

21,542

19,071

Other current assets

5,344

4,700

Assets held for sale

—

490

Total current assets

63,001

58,942

Long-term investments

11,960

10,784

Property and equipment, net

4,679

4,652

Goodwill and other intangible assets

39,544

40,371

Other noncurrent assets

2,310

2,140

Total assets

$121,494

$116,889

Liabilities and equity

Liabilities

Current liabilities:

Medical claims payable

$17,084

$15,746

Short-term borrowings

150

365

Current portion of long-term debt

1,099

1,649

Other current liabilities

22,702

22,668

Liabilities held for sale

—

153

Total current liabilities

41,035

40,581

Long-term debt, less current portion

30,797

29,218

Other noncurrent liabilities

5,636

5,664

Total liabilities

77,468

75,463

Total shareholders’ equity

43,882

41,315

Noncontrolling interests

144

111

Total equity

44,026

41,426

Total liabilities and equity

$121,494

$116,889

Elevance Health

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(In millions)

Twelve Months Ended
December 31

2025

2024

Operating activities

Net income

$

5,661

$

5,971

Depreciation and amortization

1,546

1,393

Share-based compensation

276

191

Changes in operating assets and liabilities

(3,680

)

(1,719

)

Other non-cash items

487

(28

)

Net cash provided by operating activities

4,290

5,808

Investing activities

Proceeds from sale of investments, net of maturities

69

586

Net purchases of subsidiaries, net of cash acquired/sold

88

(4,446

)

Purchases of property and equipment

(1,116

)

(1,256

)

Other, net

(385

)

(51

)

Net cash used in investing activities

(1,344

)

(5,167

)

Financing activities

Net change in short-term and long-term borrowings

629

6,200

Repurchase and retirement of common stock

(2,605

)

(2,900

)

Cash dividends

(1,529

)

(1,508

)

Other, net

1,767

(599

)

Net cash provided by (used in) financing activities

(1,738

)

1,193

Effect of foreign exchange rates on cash and cash equivalents

(5

)

(6

)

Change in cash and cash equivalents

1,203

1,828

Cash and cash equivalents at beginning of period

8,288

6,526

Cash and equivalents included in assets held for sale at end of period

—

(66

)

Cash and cash equivalents at end of period

$

9,491

$

8,288

REPORTABLE SEGMENTS

Elevance Health has four reportable segments: Health Benefits (comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard®, Medicare, Medicaid, and Federal Employee Program businesses); CarelonRx; Carelon Services; and Corporate & Other (comprised of businesses that do not individually meet the quantitative thresholds for an operating division as well as corporate expenses not allocated to our other reportable segments).

Elevance Health

Reportable Segment Details

(Unaudited)

(In millions)

Three Months Ended December 31

Twelve Months Ended December 31

2025

2024

Change

2025

2024

Change

Operating Revenue

Health Benefits

$41,835

$37,580

11.3%

$167,094

$150,275

11.2%

CarelonRx

11,644

9,977

16.7%

43,400

35,961

20.7%

Carelon Services

7,015

4,769

47.1%

28,316

17,961

57.7%

Corporate & Other

(83)

(14)

NM6

463

309

49.8%

Eliminations

(11,100)

(7,323)

NM6

(41,689)

(29,302)

NM6

Total Operating Revenue1

$49,311

$44,989

9.6%

$197,584

$175,204

12.8 %

Operating Gain (Loss)

Health Benefits2

($220)

$207

NM6

$4,158

$6,243

(33.4%)

CarelonRx3

724

533

35.8%

2,418

2,172

11.3%

Carelon Services2,3

(150)

35

NM6

960

717

33.9%

Corporate & Other2,3

(45)

(102)

NM6

(337)

(1,270)

NM6

Total Operating Gain1,4

$309

$673

(54.1%)

$7,199

$7,862

(8.4%)

Operating Margin

Health Benefits

(0.5%)

0.6%

(110) bp

2.5%

4.2%

(170) bp

CarelonRx

6.2%

5.3%

90 bp

5.6%

6.0%

(40) bp

Carelon Services

(2.1%)

0.7%

(280) bp

3.4%

4.0%

(60) bp

Total Operating Margin1

0.6%

1.5%

(90) bp

3.6%

4.5%

(90) bp

Health Benefits Revenue Details

(In millions)

Three Months Ended December 31

Twelve Months Ended December 31

2025

2024

Change

2025

2024

Change

Health Benefits Operating Revenue

Commercial

$12,747

$11,851

7.6%

$50,401

$46,816

7.7%

Individual5

2,248

2,117

6.2%

9,295

8,295

12.1%

Medicare

10,762

9,054

18.9%

44,752

36,795

21.6%

Medicaid

14,500

12,755

13.7%

56,620

51,937

9.0%

Federal Employee Program

3,826

3,920

(2.4%)

15,321

14,727

4.0%

Total Health Benefits Operating Revenue1

$41,835

$37,580

11.3%

$167,094

$150,275

11.2%

1.   See “Basis of Presentation.”

2.   Operating Gain for the three and twelve months ended December 31, 2024 included $90 and $281 million, respectively, of 2024 business dispositions and related items; including $74 and $215 million, respectively, for the Carelon Services segment; and $16 and $66 million, respectively, for the Health Benefits segment. Operating Gain for the three and twelve months ended December 31, 2024 included $66 and $224 million, respectively, of transaction and integration related costs, $12 and $692 million, respectively, of litigation and settlement expenses, and $0 and $268 million, respectively, of business optimization charges, all of which reside in the Corporate & Other reportable segment.

3.   Operating Gain for the three and twelve months ended December 31, 2025 included $41 million of 2025 business dispositions and related items; including $45 million for the CarelonRx segment; ($7) million for the Carelon Services segment; and $3 million for the Corporate & Other segment. Operating Gain for the three and twelve months ended December 31, 2025 included $54 and $236 million, respectively, of transaction and integration related costs, $5 and $24 million, respectively, of litigation and settlement expenses, and ($34) and ($38) million, respectively, of business optimization charges, all of which reside in the Corporate & Other reportable segment.

4.   Operating Gain for the three and twelve months ended December 31, 2025, and December 31, 2024, included items excluded from adjusted shareholders' net income. See "GAAP Reconciliation."

5.   The Individual business, including ACA products, is reported as part of Commercial Operating Revenue.

6.   "NM" = calculation not meaningful.

Elevance Health

Reconciliation of Medical Claims Payable

Years Ended December 31

2025

2024

2023

(In millions)

(Unaudited)

Gross medical claims payable, beginning of year

$

15,580

$

15,865

$

15,348

Ceded medical claims payable, beginning of year

(13

)

(7

)

(6

)

Net medical claims payable, beginning of year

15,567

15,858

15,342

Business combinations and purchase adjustments

344

143

—

Net incurred medical claims:

Current year

145,566

125,370

121,798

Prior years redundancies1

(1,290

)

(1,731

)

(1,571

)

Total net incurred medical claims

144,276

123,639

120,227

Net payments attributable to:

Current year medical claims

130,265

110,930

107,146

Prior years medical claims

13,141

13,143

12,565

Total net payments

143,406

124,073

119,711

Net medical claims payable, end of year

16,781

15,567

15,858

Ceded medical claims payable, end of year

48

13

7

Gross medical claims payable, end of year2

$

16,829

$

15,580

$

15,865

Current year medical claims paid as a percentage of current year net incurred medical claims

89.5

%

88.5

%

88.0

%

Prior year redundancies in the current year as a percentage of prior year net medical claims payable less prior year redundancies in the current year

9.0

%

12.3

%

11.4

%

Prior year redundancies in the current year as a percentage of prior year net incurred medical claims

1.0

%

1.4

%

1.4

%

Negative amounts reported for net incurred medical claims related to prior years result from claims being settled for amounts less than originally estimated. Excludes insurance lines other than short duration. Elevance Health
GAAP Reconciliation
(Unaudited)

This document references non-GAAP measures, including “Adjusted Shareholders’ Net Income,” “Adjusted Shareholders’ Net Income Per Share,” “Adjusted EPS,” “Adjusted Operating Gain,” “Adjusted Operating Expense” and “Adjusted Operating Expense Ratio,” which are non-GAAP measures. These non-GAAP measures are intended to aid investors when comparing Elevance Health’s financial results among periods and are not intended to be alternatives to any measure calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP are available below. In addition to these non-GAAP measures, references are made to the measures “Operating Revenue” and “Operating Gain/Loss,” “Operating Margin” and “Adjusted EPS”. Operating revenue and operating gain/loss are the key measures used by management to evaluate performance in each of its reportable segments, allocate resources, set incentive compensation targets and to forecast future operating performance. Operating gain/loss is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. It does not include net investment income, net gains/losses on financial instruments, interest expense, amortization of other intangible assets and gains/losses on extinguishment of debt or income taxes, as these items are managed in a corporate shared service environment and are not the responsibility of operating segment management. Each of these measures is provided to further aid investors in understanding and analyzing Elevance Health’s operating and financial results. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein. A reconciliation of the non-GAAP measures to the most directly comparable measures calculated in accordance with GAAP, together with a reconciliation of reportable segments operating gain to income before income tax expense, is provided below. Prior amounts may be grouped differently to conform to the current presentation. Net adjustment items per share may not sum due to rounding. A reconciliation of Operating Revenue to Total Revenue is set forth in the Consolidated Statements of Income herein.

Three Months Ended
December 31

Twelve Months Ended
December 31

(In millions, except per share data)

2025

2024

Change

2025

2024

Change

Shareholders' net income

$

547

$

418

30.9

%

$

5,662

$

5,980

(5.3

%)

Add / (Subtract):

Amortization of other intangible assets

164

180

628

580

Net losses on financial instruments

57

74

653

445

Transaction and integration related costs1

54

66

236

224

Business dispositions and related items2

41

90

41

281

Litigation and settlement expenses1

5

12

24

692

Gain on sale of business

—

—

—

(201

)

Business optimization charges1

(34

)

—

(38

)

268

Tax impact of non-GAAP adjustments

(95

)

(93

)

(402

)

(575

)

Net adjustment items

192

329

1,142

1,714

Adjusted shareholders' net income

$

739

$

747

(1.1

%)

$

6,804

$

7,694

(11.6

%)

Shareholders' earnings per diluted share

$

2.47

$

1.81

36.5

%

$

25.21

$

25.68

(1.8

%)

Add / (Subtract):

Amortization of other intangible assets

0.74

0.78

2.80

2.49

Net losses on financial instruments

0.26

0.32

2.91

1.91

Transaction and integration related costs1

0.24

0.29

1.05

0.96

Business dispositions and related items2

0.18

0.39

0.18

1.21

Litigation and settlement expenses1

0.02

0.05

0.11

2.97

Gain on sale of business

—

—

—

(0.86

)

Business optimization charges1

(0.15

)

—

(0.17

)

1.15

Tax impact of non-GAAP adjustments

(0.43

)

(0.40

)

(1.79

)

(2.47

)

Net adjustment items

0.86

1.42

5.08

7.36

Adjusted shareholders' earnings per diluted share

$

3.33

$

3.23

3.1

%

$

30.29

$

33.04

(8.3

%)

Three Months Ended
December 31

Twelve Months Ended
December 31

(In millions)

2025

2024

Change

2025

2024

Change

Income before income tax expense

$

215

$

606

(64.5

%)

$

6,710

$

7,904

(15.1

%)

Net investment income

(493

)

(527

)

(2,194

)

(2,051

)

Gain on sale of business

—

—

—

(201

)

Net losses on financial instruments

57

74

653

445

Interest expense

366

340

1,402

1,185

Amortization of other intangible assets

164

180

628

580

Reportable segments operating gain

$

309

$

673

(54.1

%)

$

7,199

$

7,862

(8.4

%)

Elevance Health

GAAP Reconciliation

(Unaudited)

  Three Months Ended
December 31

Twelve Months Ended
December 31

(In millions)

2025

2024

Change

2025

2024

Change

Reportable segments operating gain

$

309

$

673

(54.1

%)

$

7,199

$

7,862

(8.4

%)

Add / (Subtract):

Transaction and integration related costs1

54

66

236

224

Business dispositions and related items2

41

90

41

281

Litigation and settlement expenses1

5

12

24

692

Business optimization charges1

(34

)

—

(38

)

268

Net adjustment items

66

168

263

1,465

Reportable segments adjusted operating gain

$

375

$

841

(55.4

%)

$

7,462

$

9,327

(20.0

%)

Three Months Ended
December 31

Twelve Months Ended
December 31

(In millions)

2025

2024

Change

2025

2024

Change

Operating expense

$

5,415

$

4,804

12.7

%

$

20,984

$

20,025

4.8

%

Add / (Subtract):

Transaction and integration related costs1

(54

)

(66

)

(236

)

(224

)

Business dispositions and related items2

(41

)

(90

)

(41

)

(281

)

Litigation and settlement expenses1

(5

)

(12

)

(24

)

(692

)

Business optimization charges1

34

—

38

(268

)

Net adjustment items

(66

)

(168

)

(263

)

(1,465

)

Adjusted operating expense

$

5,349

$

4,636

15.4

%

$

20,721

$

18,560

11.6

%

Operating revenue

$

49,311

$

44,989

9.6

%

$

197,584

$

175,204

12.8

%

Operating expense ratio

11.0

%

10.7

%

30 bp

10.6

%

11.4

%

(80) bp

Adjusted operating expense ratio

10.8

%

10.3

%

50 bp

10.5

%

10.6

%

(10) bp

Full Year
2026 Outlook

Shareholders' earnings per diluted share

At least $22.30

Add / (Subtract):

Amortization of other intangibles3

$2.00

Net losses on financial instruments3

$1.15

Transaction and integration related costs1,3

$0.90

Litigation and settlement expenses1,3

$0.10

Tax impact of non-GAAP adjustments3

Approximately ($0.95)

Net adjustment items

$3.20

Adjusted shareholders' earnings per diluted share

At least $25.50

Elevance Health

Financial Guidance Summary

(Unaudited)

Full Year 2025 Actual

Full Year 2026 Outlook

Premium Revenue

$164.6 billion

Mid single digit decline

Product Revenue

$24.5 billion

Mid single digit growth

Service Fees

$8.5 billion

Mid single digit growth

Total Operating Revenue

$197.6 billion

Low single digit decline

Benefit Expense Ratio

90.0%

90.2% +/- 50 bps

Adjusted Operating Expense Ratio

10.5%

10.6% +/- 50 bps

Adjusted Operating Gain

$7.5 billion

At least $6.8 billion

Other Pre-Tax Items:

Net Investment income

$2,194 million

$1,875 million

Interest Expense

($1,402) million

($1,530) million

Amortization of Intangible Assets

($628) million

($440) million

Adjusted Effective Tax Rate

17.6%

22.0% - 24.0%

GAAP Diluted EPS

$25.21

At least $22.30

Adjusted Diluted EPS

$30.29

At least $25.50

Diluted Shares

224.6 million

219-220 million

Operating Cash Flow

$4.3 billion

At least $5.5 billion

Segment Level Guidance Metrics

Operating Revenue Growth Rate

Health Benefits

$167.1 billion

Low single digit decline

CarelonRx

$43.4 billion

Low single digit growth

Carelon Services

$28.3 billion

Low single digit growth

GAAP Operating Margin vs. 2025

Health Benefits

2.5%

(50) - (25) bps

CarelonRx

5.6%

(25) - 0 bps

Carelon Services

3.4%

0 - 25 bps

Elevance Health

Membership Guidance Summary

(Unaudited)

Full Year 2025 Actual

Full Year 2026 Outlook

Year-End Medical Enrollment (in 000s)

Commercial Fee-Based

27,092

27,200 - 27,500

Commercial Risk-Based

4,924

4,150 - 4,250

Medicaid

8,500

7,650 - 7,850

Medicare Advantage

2,230

1,775 - 1,875

Medicare Supplement

882

Approximately 850

Federal Employee Program

1,604

Approximately 1,550

Fee-Based

27,092

27,200 - 27,500

Risk-Based

18,140

15,975 - 16,375

Total

45,232

43,175 - 43,875

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our views about future events and financial performance and are generally not historical facts. Words such as “expect,” “feel,” “believe,” “will,” “may,” “should,” “anticipate,” “intend,” “estimate,” “project,” “forecast,” “plan,” “potential,” “predict” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to: financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You are also urged to carefully review and consider the various risks and other disclosures discussed in our reports filed with the U.S. Securities and Exchange Commission from time to time, which attempt to advise interested parties of the factors that affect our business. Except to the extent required by law, we do not update or revise any forward-looking statements to reflect events or circumstances occurring after the date hereof. These risks and uncertainties include, but are not limited to: trends in healthcare costs and utilization rates; reduced enrollment; our ability to secure and implement sufficient premium rates; the impact of large scale medical emergencies, such as public health epidemics and pandemics, and other catastrophes; the impact of new or changes in existing federal, state and international laws or regulations, including laws and regulations impacting healthcare, insurance, pharmacy services and other diversified products and services, or their enforcement or application; the impact of cyber-attacks or other privacy or data security incidents or our failure to comply with any privacy, data or security laws or regulations, including any investigations, claims or litigation related thereto; failure to effectively maintain and modernize our information systems; failure of our information systems or technology, including artificial intelligence, to operate as intended; failure to effectively maintain the availability and integrity of our data; changes in economic and market conditions, as well as regulations that may negatively affect our liquidity and investment portfolios; competitive pressures and our ability to adapt to changes in the industry and develop and implement strategic growth opportunities; risks and uncertainties regarding Medicare and Medicaid programs, including those related to non-compliance with the complex regulations imposed thereon; our ability to maintain and achieve improvement in Centers for Medicare and Medicaid Services Star Ratings and other quality scores and funding risks with respect to revenue received from participation therein; a negative change in our healthcare product mix; costs and other liabilities associated with litigation, government investigations, audits or reviews; our ability to contract with providers on cost-effective and competitive terms; risks associated with providing healthcare, pharmacy and other diversified products and services, including medical malpractice or professional liability claims and non-compliance by any party with the pharmacy services agreement between us and CaremarkPCS Health, L.L.C.; the effects of any negative publicity or sentiment related to the health benefits industry in general or us in particular; risks associated with mergers, acquisitions, joint ventures and strategic alliances; possible impairment of the value of our intangible assets if future results do not adequately support goodwill and other intangible assets; possible restrictions in the payment of dividends from our subsidiaries and increases in required minimum levels of capital; our ability to repurchase shares of our common stock and pay dividends on our common stock due to the adequacy of our cash flow and earnings and other considerations; the potential negative effect from our substantial amount of outstanding indebtedness and the risk that increased interest rates or market volatility could impact our access to or further increase the cost of financing; a downgrade in our financial strength ratings; events that may negatively affect our licenses with the Blue Cross and Blue Shield Association; intense competition to attract and retain employees; risks associated with our international operations; and various laws and provisions in our governing documents that may prevent or discourage takeovers and business combinations.

More News From Elevance Health, Inc.

Includes: 7th highest intercept on project - 1.3 m @ 670 g/t Gold

Best antimony intercept - 0.16 m @ 65.9% Sb (plus 78.5 g/t Gold)

Vancouver, Canada and Melbourne, Australia--(Newsfile Corp. - January 28, 2026) - Southern Cross Gold Consolidated Ltd (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) (FSE: MV3) ("SXGC", "SX2" or the "Company") announces results from four drillholes from the Rising Sun prospect at the 100%-owned Sunday Creek Gold-Antimony Project in Victoria (Figures 1 to 6).

SDDSC196 intersected sixteen vein sets in Rising Sun across a +500 m mineralised corridor from 376 m to 936 m downhole which averaged 559 m @ 2.5 g/t AuEq (2.1 g/t Au and 0.2% Sb) uncut. The hole returned six intervals greater than 20 g/t AuEq, including three individual assays exceeding 100 g/t Au. Highlights include 1.3 m @ 670.4 g/t AuEq (670.2 g/t Au, 0.1% Sb) from 869.2 m - the 7th highest intercept on the project - and the highest individual antimony assay to date at 0.16 m @ 65.9% Sb (plus 78.5 g/t Au) from 445.9 m.

The true thickness of the mineralized intervals are interpreted to be approximately 50% to 65% of the sampled thickness for other reported holes.

Five Key Takeaways:

559 m Mineralised Corridor Confirmed: SDDSC196 intersected 16 vein sets across a 559 m corridor from 376 m to 936 m downhole, averaging 559 m @ 2.5 g/t AuEq (2.1 g/t Au, 0.2% Sb) uncut, with six intervals greater than 20 g/t AuEq including three individual assays exceeding 100 g/t Au.

Ultra High-Grade Intersection: SDDSC196 delivers 1.3 m @ 670 g/t AuEq (nearly 20 oz/t gold) from 869 m depth (Photos 1 and 2) - the 7th highest intercept on the project and further confirmation that ultra-high grade gold persists at depth.

Record Antimony Grades: The highest individual antimony assay on the project to date - 0.16 m @ 65.9% Sb (plus 78.5 g/t Au) - reinforces Sunday Creek's strategic importance as a Western antimony supply source.

Infill Success Across Additional Reported Holes: SDDSC176 returned 4.2 m @ 25.7 g/t AuEq (incl. 1.4 m @ 77 g/t AuEq) confirming RS4 high-grade core; SDDSC187 intersected seven vein sets including three not previously defined, with 5.2 m @ 7.8 g/t AuEq (incl. 0.1 m @ 127 g/t Au); SDDSC190 defined the outer margins of the Rising Sun system.

Momentum Building: Ten rigs operational with 39 holes pending results. Sunday Creek now contains 95 composite intersections exceeding 100 g/t AuEq from 239 drill holes, underscoring the high-grade potential of this deposit.

Photos 1 and 2: Visible gold in SDDSC196 in quartz + carbonate +/- stibnite veining from 869.19 m (978 g/t Au, 0.06% Sb). Field of view 2 cm in both images.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_3661f6707403b970_001full.jpg

Michael Hudson, President & CEO states: "This hole is a statement of deposit quality. A 559 m mineralized corridor averaging 2.5 g/t AuEq (uncut) - punctuated by ultra-high grades including nearly 20 ounces per tonne gold - is exactly what we hoped to see as we infill the Rising Sun system. What this means: we're confirming not just grade, but the scale and continuity required to underpin a meaningful resource.

"What makes these results particularly compelling is predictability. We infilled at 15-30 m spacing, hit where we expected to hit, and discovered four new vein sets in the process. What this means: the system is behaving consistently, and it remains open. We're not chasing isolated high-grade shoots; we're defining a coherent, stacked vein system - one of five mineralized areas hosting 95 vein sets collectively.

"The highest individual antimony assay on the project to date - 0.16 m @ 65.9% Sb (plus 78.5 g/t Au) - arrives as antimony prices have tripled since China's export restrictions, with no Western supply response yet in sight. What this means: Sunday Creek's strategic value is sharpening at exactly the right time.

"With ten rigs operating and 39 holes awaiting assays, we are systematically converting exploration potential into the drill density required for resource definition."

For Those Who Like the Details - Highlights:

SDDSC196 the standout hole traversed 559 m of mineralization (376 m to 936 m) grading 2.5 g/t AuEq (2.1 g/t Au, 0.18% Sb) - exceptional by global standards. Highlights included:

559.2 m @ 2.5 g/t AuEq (2.1 g/t Au and 0.2% Sb) from 376.4 m (uncut) including:

3.8 m @ 30.3 g/t AuEq (9.6 g/t Au, 8.7% Sb) from 376.4 m - strong width with grade (Figure 6)

0.4 m @ 113.7 g/t AuEq (2.1 g/t Au, 46.7% Sb) from 384.4 m - antimony-dominant high-grade

1.3 m @ 54.5 g/t AuEq (26.6 g/t Au, 11.6% Sb) from 445.7 m - includes record 0.16 m @ 65.9% Sb

0.3 m @ 219.1 g/t AuEq (84.1 g/t Au, 56.5% Sb) from 528.7 m - exceptional antimony grade

1.3 m @ 670.4 g/t AuEq (670.2 g/t Au, 0.1% Sb) from 869.2 m - 7th highest intercept on project; includes 0.9 m @ 978 g/t Au

1.0 m @ 24.7 g/t AuEq (24.7 g/t Au) from 930.5 m - mineralization continues to depth

SDDSC176 - High-Grade Confirmation:

4.2 m @ 25.7 g/t AuEq (15.6 g/t Au, 4.2% Sb) from 521.2 m including:

1.4 m @ 77.0 g/t AuEq; confirms RS4 high-grade core

SDDSC187 - Footprint Expansion:

5.2 m @ 7.8 g/t AuEq (5.8 g/t Au, 0.8% Sb) from 292.7 m - incl. 0.1 m @ 126.7 g/t AuEq; three new vein sets identified

0.4 m @ 57.5 g/t AuEq (24.0 g/t Au, 14.0% Sb) from 433.6 m - high-grade Au-Sb shoot

Drill Hole Discussion

Four drill holes are reported here that targeted the Rising Sun prospect from both east to west and west to east orientations.

SDDSC196

SDDSC196, drilled west to east, intersected sixteen vein sets in Rising Sun, including seven high-grade mineralized zones, four of which had not been defined before this drillhole. The hole delivered exceptional individual assays, with 3 individual results >100 g/t Au including a standout 0.9 m @ 978 g/t Au (0.1% Sb) from 869.2 m, 0.21 m @ 144 g/t Au from 459.0 m, and 0.19 m @ 127 g/t Au (46.3% Sb) from 379.74 m, alongside high-grade antimony individual assays >40% Sb with a project record of the highest individual antimony result on the project to date 0.16 m @ 65.9% Sb (78.5 g/t Au) from 445.9 m, 0.28 m @ 56.5% Sb (84.1 g/t Au) from 528.7 m, 0.23 m @ 54.7% Sb (20.3 g/t Au) from 379.5 m, and 0.42 m @ 46.7% Sb (2.1 g/t Au) from 384.4 m.

The drillhole successfully infilled between 15 m to 30 m up and downdip spacing (Figure 6) and delivered a standout intersection of 1.3 m @ 670.4 g/t AuEq (670.2 g/t Au, 0.1% Sb) from 869.2 m, the 7th best intersection on the project to date and a 36 m downdip extension of RS90. Four previously unrecognized vein sets were identified, and the hole also achieved a 39 m downdip extension of RS100, demonstrating continued mineralization at depth.

Selected highlights include:

3.8 m @ 30.3 g/t AuEq (9.6 g/t Au, 8.7% Sb) from 376.4 m, including;

1.2 m @ 90.0 g/t AuEq (27.1 g/t Au, 26.3% Sb) from 378.7 m

0.4 m @ 113.7 g/t AuEq (2.1 g/t Au, 46.7% Sb) from 384.4 m

1.3 m @ 54.5 g/t AuEq (26.6 g/t Au, 11.6% Sb) from 445.7 m

0.6 m @ 51.2 g/t AuEq (51.1 g/t Au, 0.0% Sb) from 459.0 m, including;

0.2 m @ 144.0 g/t AuEq (144.0 g/t Au, 0.0% Sb) from 459.0 m

4.8 m @ 3.2 g/t AuEq (2.9 g/t Au, 0.1% Sb) from 479.5 m

0.3 m @ 219.1 g/t AuEq (84.1 g/t Au, 56.5% Sb) from 528.7 m

5.7 m @ 2.3 g/t AuEq (2.1 g/t Au, 0.1% Sb) from 659.7 m

1.9 m @ 8.4 g/t AuEq (8.4 g/t Au, 0.0% Sb) from 847.4 m, including;

0.9 m @ 16.7 g/t AuEq (16.7 g/t Au, 0.0% Sb) from 847.4 m

1.3 m @ 670.4 g/t AuEq (670.2 g/t Au, 0.1% Sb) from 869.2 m

2.5 m @ 7.4 g/t AuEq (7.3 g/t Au, 0.0% Sb) from 885.1 m, including;

0.4 m @ 42.1 g/t AuEq (41.9 g/t Au, 0.1% Sb) from 885.1 m

1.0 m @ 24.7 g/t AuEq (24.7 g/t Au, 0.0% Sb) from 930.5 m, including;

0.3 m @ 85.8 g/t AuEq (85.8 g/t Au, 0.0% Sb) from 930.5 m

SDDSC176

SDDSC176, drilled east to west, intersected three vein sets in Rising Sun, including the confirmation of a high-grade core (30 m up-dip and downdip infill on RS 4). The hole delivered exceptional individual assays, with 1 individual result >100 g/t Au with 0.24 m @ 114 g/t Au (6.4% Sb) from 524.66 m, alongside a high-grade antimony individual assay >30% Sb of 0.36 m @ 31.6% Sb (54 g/t Au) from 523.97 m.

Selected highlights include:

2.4 m @ 9.8 g/t AuEq (7.3 g/t Au, 1.0% Sb) from 516.7 m, including;

0.6 m @ 36.0 g/t AuEq (27.5 g/t Au, 3.6% Sb) from 516.7 m

4.2 m @ 25.7 g/t AuEq (15.6 g/t Au, 4.2% Sb) from 521.2 m, including;

1.4 m @ 77.0 g/t AuEq (46.4 g/t Au, 12.8% Sb) from 524.0 m

SDDSC176 demonstrated the presence of exceptional antimony-gold mineralization within Rising Sun, with individual assays confirming the high-grade nature of the system.

SDDSC187

SDDSC187, drilled west to east, intersected seven vein sets in Rising Sun, including three vein sets not previously defined, expanding the known extent of the mineralized system. The hole identified a high-grade core and delivered outstanding individual assays, including a result >100 g/t Au with 0.11 m @ 122 g/t Au (1.98% Sb) from 297.71 m and a high-grade antimony intercept >30% Sb with 0.15 m @ 40.3% Sb (57.8 g/t Au) from 433.56 m.

Selected highlights include:

5.2 m @ 7.8 g/t AuEq (5.8 g/t Au, 0.8% Sb) from 292.7 m, including;

1.5 m @ 14.8 g/t AuEq (9.6 g/t Au, 2.2% Sb) from 292.7 m

0.1 m @ 126.7 g/t AuEq (122.0 g/t Au, 2.0% Sb) from 297.7 m

2.3 m @ 9.1 g/t AuEq (7.0 g/t Au, 0.9% Sb) from 307.0 m, including;

0.3 m @ 58.1 g/t AuEq (44.5 g/t Au, 5.7% Sb) from 309.0 m

2.2 m @ 13.1 g/t AuEq (9.6 g/t Au, 1.5% Sb) from 315.3 m, including;

0.6 m @ 40.8 g/t AuEq (30.0 g/t Au, 4.5% Sb) from 316.4 m

6.6 m @ 4.8 g/t AuEq (1.4 g/t Au, 1.4% Sb) from 322.8 m, including;

0.6 m @ 25.5 g/t AuEq (3.0 g/t Au, 9.4% Sb) from 328.5 m

0.4 m @ 57.5 g/t AuEq (24.0 g/t Au, 14.0% Sb) from 433.6 m, including;

8.6 m @ 2.7 g/t AuEq (2.5 g/t Au, 0.1% Sb) from 476.4 m, including;

1.2 m @ 9.7 g/t AuEq (9.6 g/t Au, 0.0% Sb) from 476.4 m

SDDSC187 successfully extended the Rising Sun mineralized footprint by intersecting three previously undefined vein sets, while confirming continuation of high-grade gold-antimony mineralization.

SDDSC190

SDDSC190, drilled west to east, intersected three vein sets on the peripheries of the Rising Sun structure, including one vein set not previously defined. This hole contributed to defining the outer margins of the mineralized system and provided important geological information regarding the peripheral extent of the Rising Sun system, contributing to the overall understanding of the mineralized envelope.

Selected highlights include:

8.0 m @ 1.3 g/t AuEq (1.3 g/t Au, 0.0% Sb) from 227.0 mPending Results and Update

Nine drill rigs are currently operational on the Sunday Creek project with one additional drill rig dedicated to regional exploration. Results are pending from 39 holes currently being processed and analyzed including ten holes that are actively being drilled and two abandoned holes (Figure 2). The Company continues its ongoing 200,000 m drill program through to Q1 2027.

AME Roundup 2026 - Vancouver

Southern Cross Gold will be presenting and exhibiting at AME Roundup 2026 in Vancouver this week. Head of Exploration Kenneth Bush will present in the Precious Metals Session on Wednesday, January 28 at 10:05am, covering the latest thoughts and results from the Sunday Creek Gold-Antimony Project

Also visit us at Coreshack Booth 926 on Wednesday and Thursday (January 28-29) at AME Roundup 2026 to meet Kenneth and Exploration Manager Tyler Lamb - and see some of Sunday Creek's high-grade gold core for yourself. Full schedule at roundup.amebc.ca/schedule.

About Sunday Creek

The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne within 16,900 hectares ("Ha") of granted exploration tenements. SXGC is also the freehold landholder of 1,392 Ha that forms the key portion in and around the main drilled area at the Sunday Creek Project.

Gold and antimony form in a relay of vein sets that cut across a steeply dipping zone of intensely altered rocks (the "host"). These vein sets are like a "Golden Ladder" structure where the main host extends between the side rails deep into the earth, with multiple cross-cutting vein sets that host the gold forming the rungs. At Apollo and Rising Sun these individual 'rungs' have been defined over 600 m depth extent from surface to over 1,100 m below surface, are 2.5 m to 3.5 m wide (median widths) (and up to 10 m), and 20 m to 100 m in strike.

Cumulatively, 239 drill holes for 110,332.94 m have been reported from Sunday Creek since late 2020. This amount includes five holes for 929 m that have been drilled for geotechnical purposes and 22 holes for 2,973.77 m that were abandoned due to deviation or hole conditions. Fourteen drillholes for 2,383 m have been reported regionally outside of the main Sunday Creek drill area with three additional regional holes currently being processed. A total of 64 historic drill holes for 5,599 m were completed from the late 1960s to 2008. The project now contains a total of 95 composite intersections exceeding 100 g/t AuEq and 107 composite intersections between 50-100 g/t AuEq by applying a 1 m (down hole length) @ 5 g/t AuEq lower cut.

Southern Cross Gold's systematic drill program is strategically targeting these significant vein formations, which are currently defined over 1,350 m strike of the host dyke/sediment ("rails of the ladder") from Christina to Apollo prospects, of which approximately 620 m has been more intensively drill tested (Rising Sun to Apollo). At least 95 'rungs' have been defined to date, defined by high-grade intercepts (20 g/t Au to >7,330 g/t Au) along with lower grade edges. Ongoing step-out drilling is aiming to uncover the potential extent of this mineralized system (Figure 5).

Geologically, the project is located within the Melbourne Structural Zone in the Lachlan Fold Belt. The regional host to the Sunday Creek mineralization is an interbedded turbidite sequence of siltstones and minor sandstones metamorphosed to sub-greenschist facies and folded into a set of open north-west trending folds.

Further Information

Further discussion and analysis of the Sunday Creek project is available through the interactive Vrify 3D animations, presentations and videos all available on the SXGC website. These data, along with an interview on these results with President & CEO/Managing Director Michael Hudson can be viewed at www.southerncrossgold.com.

No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness. However, during future Mineral Resource studies, the requirement for assay top cutting will be assessed. The Company notes that due to rounding of assay results to one significant figure, minor variations in calculated composite grades may occur.

Figures 1 to 6 show project location, plan and longitudinal views of drill results reported here and Tables 1 to 3 provide collar and assay data. The true thickness of the mineralized intervals are reported individually as estimated true widths ("ETW"), otherwise they are interpreted to be approximately 50% to 65% of the sampled thickness for other reported holes. Lower grades were cut at 1.0 g/t AuEq lower cutoff over a maximum width of 2 m with higher grades cut at 5.0 g/t AuEq lower cutoff over a maximum of 1 m width.

Critical Metal Epizonal Gold-Antimony Deposits

Sunday Creek (Figure 5) is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (<6 km), mesozonal (6 km to 12 km) and hypozonal (>12 km).

Epizonal deposits in Victoria often have associated high levels of the critical metal, antimony, and Sunday Creek is no exception. China claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. Antimony features highly on the critical minerals lists of many countries including Australia, the United States of America, Canada, Japan and the European Union. Australia ranks seventh for antimony production despite all production coming from a single mine at Costerfield in Victoria, located nearby to all SXGC projects. Antimony alloys with lead and tin which results in improved properties for solders, munitions, bearings and batteries. Antimony is a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors where it is a critical additive to primers in munitions.

In August 2024, the Chinese government announced it will place export limits from September 15, 2024 on antimony and antimony products. This puts pressure on Western defence supply chains and negatively affect the supply of the metal and push up pricing given China's dominance of the supply of the metal in the global markets. This is positive for SXGC as we are likely to have one of the very few large and high-quality projects of antimony in the western world that can feed western demand into the future.

Antimony represents approximately 21% to 24% in situ recoverable value of Sunday Creek at an AuEq of 2.39 ratio.

About Southern Cross Gold Consolidated Limited (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) (FSE: MV3)

Southern Cross Gold Consolidated Ltd. (TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) (FSE: MV3), is building Australia's most significant gold-antimony project at the Sunday Creek Gold-Antimony Project, located 60 km north of Melbourne. Sunday Creek has emerged as one of the Western world's most significant gold and antimony discoveries, with exceptional drilling results including 95 composite intersections exceeding 100 g/t AuEq from 115.9 km of drilling (including historic drilling). The mineralization follows a "Golden Ladder" structure over 12 km of strike length, with confirmed continuity from surface to 1,100 m depth.

Sunday Creek's strategic value is enhanced by its dual-metal profile. The Company is building a significant project - and in doing so, securing a critical mineral the Western world needs. With antimony contributing approximately 20% of in-situ value alongside gold, Sunday Creek can be developed primarily based on gold economics, which reduces antimony-related risks while maintaining strategic supply optionality. This has gained increased significance following China's export restrictions on antimony, a critical metal for defence and semiconductor applications. Southern Cross' inclusion in the US Defense Industrial Base Consortium (DIBC) and Australia's AUKUS-related legislative changes position it as a potential key Western antimony supplier.

Technical fundamentals further strengthen the investment case, with preliminary metallurgical work showing non-refractory mineralization suitable for conventional processing and gold recoveries of 93% to 98% through gravity and flotation.

With a strong cash position, 1,392 Ha of strategic freehold land ownership, and a large 200 km drill program planned through Q1 2027, SXGC is well-positioned to advance this globally significant gold-antimony discovery in a tier-one jurisdiction, delivering milestone by milestone.

- Ends -

This announcement has been approved for release by the Board of Southern Cross Gold Consolidated Ltd.

NI 43-101 Technical Background and Qualified Person

Michael Hudson, President, CEO and Managing Director of SXGC, and a Fellow of the Australasian Institute of Mining and Metallurgy, and Mr Kenneth Bush, Head of Exploration of SXGC and a RPGeo (10315) of the Australian Institute of Geoscientists, are the Qualified Persons as defined by the NI 43-101. They have prepared, reviewed, verified and approved the technical contents of this release.

Analytical samples are transported to the Bendigo facility of On Site Laboratory Services ("On Site") which operates under both an ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (PE01S method; 25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (BM011 and over-range methods as required) use aqua regia digestion and ICP-MS analysis. The QA/QC program of Southern Cross Gold consists of the systematic insertion of certified standards of known gold content, blanks within interpreted mineralized rock and quarter core duplicates. In addition, On Site inserts blanks and standards into the analytical process.

SXGC considers that both gold and antimony that are included in the gold equivalent calculation ("AuEq") have reasonable potential to be recovered and sold at Sunday Creek, given current geochemical understanding, historic production statistics and geologically analogous mining operations. Historically, ore from Sunday Creek was treated onsite or shipped to the Costerfield mine, located 54 km to the northwest of the project, for processing during WW1. The Costerfield mine corridor, now owned by Alkane Resources (previously Mandalay Resources) contains two million ounces of equivalent gold (Mandalay Resources Q3 2021 Results), and in 2020 was the sixth highest-grade global underground mine and a top 5 global producer of antimony.

SXGC considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its 2024 End of Year Mineral Reserves and Resources Press Release, dated February 20, 2025. The gold equivalence formula used by Mandalay Resources was calculated using Costerfield's 2024 production costs, using a gold price of US$2,500 per ounce, an antimony price of US$19,000 per tonne and 2024 total year metal recoveries of 91% for gold and 92% for antimony, and is as follows:

AuEq = Au (g/t) + 2.39 x Sb (%)

Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment of Sunday Creek mineralization at Costerfield, SXGC considers that a AuEq = Au (g/t) + 2.39 x Sb (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.

JORC Competent Person Statement

Information in this announcement that relates to new exploration results contained in this report is based on information compiled by Mr Kenneth Bush and Mr Michael Hudson. Mr Bush is a Member of Australian Institute of Geoscientists and a Registered Professional Geologist in the field of Mining (#10315) and Mr Hudson is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Bush and Mr Hudson each have sufficient experience relevant to the style of mineralization and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bush is Head of Exploration and Mr Hudson is President, CEO and Managing Director of Southern Cross Gold Consolidated Limited and both consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Certain information in this announcement that relates to prior exploration results is extracted from the Independent Geologist's Report dated 11 December 2024 which was issued with the consent of the Competent Person, Mr Steven Tambanis. The report is included the Company's prospectus dated 11 December 2024 and is available at www.asx.com.au under code "SX2". The Company confirms that it is not aware of any new information or data that materially affects the information related to exploration results included in the original market announcement. The Company confirms that the form and context of the Competent Persons' findings in relation to the report have not been materially modified from the original market announcement.

Certain information in this announcement also relates to prior drill hole exploration results, are extracted from the following announcements, which are available to view on www.southerncrossgold.com:

4 October, 2022 SDDSC046, 20 October, 2022 SDDSC049, 5 September, 2023 SDDSC077B, 12 October, 2023 SDDLV003 & 4, 23 October, 2023 SDDSC082, 9 November, 2023 SDDSC091, 14 December, 2023 SDDSC092, 5 March, 2024 SDDSC107, 30 May, 2024 SDDSC117, 13 June, 2024 SDDSC118, 5 September, 2024 SDDSC130, 28 October, 2024 SDDSC137W2, 28 November, 2024 SDDSC141, 9 December, 2024 SDDSC145, 18 December, 2024 SDDSC129 & 144, 28 May, 2025 SDDSC161, 16 June, 2025 SDDSC162, 26 August, 2025 SDDSC171, 8 September, 2025 SDDSC170A, The Company confirms that it is not aware of any new information or data that materially affects the information included in the original document/announcement and the Company confirms that the form and context in which the Competent Person's findings are presented have not materially modified from the original market announcement.

Forward-Looking Statement

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements include words or expressions such as "proposed", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political, social uncertainties; the state of capital markets, unforeseen events, developments, or factors causing any of the expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and other risks described in the Company's documents filed with Canadian or Australian (under code SX2) securities regulatory authorities. You can find further information with respect to these and other risks in filings made by the Company with the securities regulatory authorities in Canada or Australia (under code SX2), as applicable, and available for the Company in Canada at www.sedarplus.ca or in Australia at www.asx.com.au (under code SX2). Documents are also available at www.southerncrossgold.com The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law. 

Figure 1: Sunday Creek plan view showing selected results from holes SDDSC176, SDDSC187, SDDSC190 and SDDSC196 reported here (dark blue highlighted box, black trace), with selected prior reported drill holes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_64b5d290a4b86a17_005full.jpg

Figure 2: Sunday Creek plan view showing selected drillhole traces from holes SDDSC176, SDDSC187, SDDSC190 and SDDSC196 reported here (black trace), with prior reported drill holes (grey trace) and currently drilling and assays pending hole traces (dark blue).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_3661f6707403b970_003full.jpg

Figure 3: Sunday Creek longitudinal section across A-B in the plane of the dyke breccia/altered sediment host looking towards the NW (striking 56 degrees) indicating mineralized vein sets. Showing holes SDDSC176, SDDSC187, SDDSC190 and SDDSC196 reported here (dark blue highlighted box, black trace), with selected intersections and prior reported drill holes. The vertical extents of the vein sets are limited by proximity to drill hole pierce points. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_3661f6707403b970_004full.jpg

Figure 4: Sunday Creek regional plan view showing soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas tested by 12 holes for 2,383 m drill program. The regional drill areas are at Tonstal, Consols and Leviathan located 4,000-7,500 m along strike from the main drill area at Golden Dyke- Apollo. Map in GDA94/ MGA Zone 55.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_3661f6707403b970_005full.jpg

Figure 5: Location of the Sunday Creek project, along with the 100% owned Redcastle Gold-Antimony Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_3661f6707403b970_006full.jpg

Figure 6: Sunday Creek longitudinal section across C-D in the plane of the dyke breccia/altered sediment host looking towards the East (striking 346 degrees) indicating mineralized vein set RS01. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11541/281898_3661f6707403b970_007full.jpg

Table 1: Drill collar summary table for recent drill holes in progress.

This Release Hole IDDepth (m)ProspectEast
GDA94 Z55North
GDA94 Z55Elevation
(m)DipAzimuth
GDA94 Z55SDDSC176865.8Golden Dyke330950.25868006.1313.7-53.2257.3SDDSC187518.3Rising Sun330510.75867852.7295.4-50.575.4SDDSC190451.8Rising Sun330511.45867852.5295.5-40.880.1SDDSC1961082.53Rising Sun330484.25867893.4289.5-64.474.8 Currently being processed and analyzed Hole IDDepth (m)ProspectEast
GDA94 Z55North
GDA94 Z55Elevation
(m)DipAzimuth
GDA94 Z55SDDSC1801159.77Christina330753.25867732.9306.8-45273.1SDDSC191W11132.9Christina330753.55867733306.8-46.3275.2SDDSC193668.1Golden Dyke330775.45867891295.5-58.6262.2SDDSC194929Golden Dyke330811.45867596.4295.1-64.4310SDDSC194W11438.86Golden Dyke330811.45867596.4295.1-64.4311.2SDDSC195152.15Apollo330989.75867715.6318-53.360.5SDDSC197791.5Golden Dyke330217.85867664.2268.9-58.750.8SDDSC198273.6Apollo331180.45867849.1306.1-31.5248.6SDDSC199503.43Apollo330887.55867704.5312.7-42.852.2SDDSC200320.54Apollo330887.25867704.3312.7-47.853SDDSC201321.4Rising Sun330948.35868003.4313.3-28.9231.3SDDSC202In Progress plan 1100 mApollo331596.25867936.6345.6-43.4266.9SDDSC203547Golden Dyke330775.35867888.9295.5-47.5253.4SDDSC2041208.3Apollo331615.65867952.4346.5-58.2270.4SDDSC205In Progress plan 1320 mRising Sun330339.85867858.5276.8-64.675.8SDDSC206286.2Golden Dyke330752.75867734.4306.9-33301SDDSC207584.25Christina330094.85867459.3278.3-48.820.7SDDSC208929.3Christina330753.55867733306.7-47.1281SDDSC209271.58Apollo East331463.35867746.4341.2-30.534SDDSC210512Golden Dyke330813.65867847.5301.1-43.6264.3SDDSC211380.02Golden Dyke330700.35867880.2299.4-40.1250.4SDDSC212438.7Apollo East331464.95867866.4333.2-33.2261.3SDDSC213941.4Golden Dyke330094.25867458.6278.3-62.614.6SDDSC214431.6Apollo331615.55867952.7346.8-55.2269SDDSC214W1In Progress plan 1150 mApollo331615.55867951.7346.800SDDSC215476.39Regional331603.65867183.7304.9-38.215.4SDDSC216A572.36Golden Dyke330701.25867880.5299.6-46.1250.6SDDSC217490.7Apollo East331481.25867839.5335.4-25261.9SDDSC218In Progress plan 700 mGolden Dyke330813.65867847.5301.1-47.6265.5SDDSC219392.2Golden Dyke330701.55867880.3299.6-49.2247.8SDDSC220In Progress plan 830 mChristina329780.95867551.9286.5-2670.8SDDSC221926.6Golden Dyke330754.15867733307-50.6284.1SDDSC223In Progress plan 370 mApollo East3314815867842336.2-34262SDDSC224496.9Golden Dyke330700.35867880.2299.4-37245.8SDDSC225In Progress plan 1270 mGolden Dyke330753.55867733306.8-52.8283.8SDDSC226In Progress plan 1900 mRising Sun331273586712429056336.5SDDSC228In Progress plan 440 mGolden Dyke330701.55867880.3299.6-47245 Regional holes currently being processed and analyzed Hole IDPress Release DepthProspectEast
GDA94 Z55North
GDA94 Z55Elevation
(m)DipAzimuth
GDA94 Z55SDDRE016410.5Redcastle3027325927292194.61-5068SDDRE017In Progress plan 359.8 mRedcastle305388.65926618206.62-5070SDDTS009In Progress plan 425 mTonstall3369925870553524.6-28.3285 Abandoned Drillholes currently being processed and analyzed Hole IDPress Release DepthProspectEast
GDA94 Z55North
GDA94 Z55Elevation
(m)DipAzimuth
GDA94 Z55SDDSC191864.4Christina330753.55867733306.8-46.1275.2SDDSC216131.2Golden Dyke330700.35867880.2299.4-46.5252.3Table 2: Table of mineralized drill hole intersections reported from SDDSC176, SDDSC187, SDDSC190 and SDDSC196 with two cutoff criteria. Lower grades cut at 1.0 g/t AuEq lower cutoff over a maximum of 2 m with higher grades cut at 5.0 g/t AuEq cutoff over a maximum of 1 m. Significant intersections and interval depths are rounded to one decimal place.

Hole numberFrom (m)To (m)Interval (m)Au g/tSb %AuEq g/tSDDSC176516.67519.072.407.31.09.8Including516.67517.270.6027.53.636.0SDDSC176521.15525.354.2015.64.225.7Including523.97525.371.4046.412.877.0SDDSC176550.45551.651.204.40.24.9SDDSC187238.06239.661.602.31.35.4Including238.27239.571.302.41.55.9SDDSC187241.29245.193.901.10.11.4SDDSC187266.00269.803.800.70.21.1SDDSC187278.87278.970.101.812.531.7SDDSC187281.07284.173.100.30.61.8SDDSC187292.67297.875.205.80.87.8Including292.67294.171.509.62.214.8Including297.71297.810.10122.02.0126.7SDDSC187302.27305.172.900.80.21.3SDDSC187307.02309.322.307.00.99.1Including309.00309.300.3044.55.758.1SDDSC187315.33317.532.209.61.513.1Including316.44317.040.6030.04.540.8SDDSC187319.34319.840.506.70.88.8SDDSC187322.80329.406.601.41.44.8Including322.80324.401.602.21.25.1Including328.49329.090.603.09.425.5SDDSC187433.56433.960.4024.014.057.5SDDSC187472.12472.620.503.31.36.5SDDSC187476.44485.048.602.50.12.7Including476.44477.641.209.60.09.7SDDSC190222.00222.900.903.40.03.5SDDSC190227.00235.008.001.30.01.3SDDSC190428.06428.960.906.60.16.8SDDSC196376.43380.233.809.68.730.3Including378.69379.891.2027.126.390.0SDDSC196384.35384.750.402.146.7113.7SDDSC196389.59391.491.903.80.03.9SDDSC196430.15431.351.200.50.51.7SDDSC196438.27440.572.301.60.73.2Including440.38440.580.2016.67.033.4SDDSC196445.71447.011.3026.611.654.5SDDSC196458.97459.570.6051.10.051.2Including458.97459.170.20144.00.0144.0SDDSC196465.85466.450.603.20.75.0SDDSC196473.29474.190.901.20.52.5SDDSC196479.45484.254.802.90.13.2SDDSC196514.00514.500.5010.00.010.0SDDSC196528.72529.020.3084.156.5219.1SDDSC196656.44657.140.702.30.84.1SDDSC196659.72665.425.702.10.12.3Including665.10665.400.3023.50.123.8SDDSC196673.17673.770.604.20.45.2SDDSC196705.03709.434.400.20.82.0SDDSC196716.30716.400.1037.111.163.6SDDSC196722.03724.032.001.20.01.3SDDSC196847.38849.281.908.40.08.4SDDSC196860.08860.480.407.50.07.5SDDSC196869.19870.491.30670.20.1670.4SDDSC196885.10887.602.507.30.07.4Including885.10885.500.4041.90.142.1SDDSC196930.50931.501.0024.70.024.7Including930.50930.800.3085.80.085.8Table 3: All individual assays reported from SDDSC176, SDDSC187, SDDSC190 and SDDSC196 reported here >0.1g/t AuEq. Individual assay and sample intervals are reported to two decimal places.

Hole numberFrom (m)To (m)Interval (m)Au g/tSb %AuEq g/tSDDSC176499.73500.761.030.170.000.18SDDSC176516.67517.030.3645.300.3046.02SDDSC176517.03517.270.240.718.4420.88SDDSC176517.27517.490.220.680.562.02SDDSC176517.49517.930.440.290.301.01SDDSC176518.47519.050.580.820.141.15SDDSC176519.59520.030.440.290.170.70SDDSC176521.15521.550.402.050.192.50SDDSC176521.91522.080.170.760.191.21SDDSC176522.53523.030.500.230.080.43SDDSC176523.24523.80.561.000.001.01SDDSC176523.97524.330.3654.0031.60129.52SDDSC176524.33524.440.111.010.061.16SDDSC176524.44524.660.2225.300.0825.50SDDSC176524.66524.90.24114.006.38129.25SDDSC176524.9525.170.2720.803.7829.83SDDSC176525.17525.340.1732.5020.9082.45SDDSC176535.16535.870.710.780.010.80SDDSC176547.87549.171.300.040.030.10SDDSC176549.88550.450.570.760.080.95SDDSC176550.45550.650.202.431.175.23SDDSC176550.65551.380.730.270.060.41SDDSC176551.38551.630.2517.800.0417.90SDDSC176556.06556.170.111.952.046.83SDDSC176556.17556.620.451.440.231.99SDDSC176556.62557.921.300.160.030.22SDDSC176558.72559.270.550.370.020.41SDDSC176567.54567.990.452.310.022.36SDDSC176569.02570.211.190.350.060.49SDDSC176570.21570.660.450.690.050.81SDDSC176570.66571.881.220.100.020.14SDDSC176587.87588.520.650.160.000.17SDDSC176588.52588.640.121.840.011.86SDDSC176602.47603.260.790.220.010.23SDDSC176658.95659.60.650.250.010.26SDDSC187236.5237.370.870.140.010.15SDDSC187238.06238.270.211.690.021.73SDDSC187238.27238.570.303.386.3918.65SDDSC187239.18239.50.320.300.030.37SDDSC187239.5239.610.1118.700.5019.90SDDSC187241.29241.750.461.010.993.38SDDSC187241.75242.050.300.420.060.56SDDSC187242.56242.710.151.060.011.09SDDSC187243.44243.840.405.960.015.99SDDSC187244.16244.520.360.520.010.53SDDSC187244.52245.170.651.000.011.03SDDSC187245.17245.420.250.380.020.42SDDSC187245.78246.460.680.230.000.24SDDSC187246.46246.90.440.350.000.36SDDSC187246.9247.140.245.360.025.40SDDSC187247.14247.860.720.670.000.68SDDSC187247.86248.460.600.280.000.29SDDSC187249.25249.880.630.590.000.60SDDSC187249.98250.30.320.380.000.39SDDSC187252.28252.460.180.050.421.05SDDSC187258.64258.760.122.393.099.78SDDSC187259.02259.240.220.211.122.89SDDSC187259.24260.10.860.500.030.57SDDSC187265.47265.720.250.680.020.72SDDSC187266266.380.381.180.011.19SDDSC187266.66266.970.311.320.452.40SDDSC187266.97267.740.770.390.281.06SDDSC187267.74268.520.780.350.020.39SDDSC187268.52269.210.690.680.431.71SDDSC187269.21269.80.590.960.101.20SDDSC187270.5271.420.920.460.100.69SDDSC187271.42271.80.380.360.190.81SDDSC187272.3273.240.940.800.010.83SDDSC187277.62277.980.360.260.010.28SDDSC187277.98278.870.890.180.010.21SDDSC187278.87278.980.111.8312.5031.71SDDSC187279.152800.850.310.280.98SDDSC187280281.071.070.120.020.16SDDSC187281.07281.190.120.200.832.18SDDSC187281.19282.170.980.110.020.16SDDSC187282.17282.610.440.620.471.74SDDSC187282.61283.180.570.160.020.20SDDSC187283.18283.680.500.203.017.39SDDSC187283.88284.140.261.680.051.79SDDSC187284.14285.050.910.400.010.42SDDSC187285.05286.071.020.300.020.34SDDSC187288.37288.50.131.181.204.05SDDSC187289.68290.420.740.080.090.29SDDSC187290.76291.320.560.150.220.68SDDSC187292.21292.670.460.340.020.39SDDSC187292.67293.10.4323.003.5331.44SDDSC187293.1293.380.280.680.080.87SDDSC187293.38293.490.117.786.1222.41SDDSC187293.49293.830.341.571.585.35SDDSC187293.83294.170.348.501.6212.37SDDSC187294.17294.870.700.250.050.36SDDSC187294.87295.440.570.970.622.45SDDSC187295.79296.030.241.770.122.06SDDSC187296.03296.520.491.380.041.47SDDSC187296.52296.880.360.290.010.32SDDSC187296.88297.210.330.600.471.72SDDSC187297.21297.710.500.300.020.34SDDSC187297.71297.820.11122.001.98126.73SDDSC187300.78301.220.440.250.030.32SDDSC187301.95302.270.320.180.250.78SDDSC187302.27302.90.632.450.443.50SDDSC187303.32303.450.130.641.233.58SDDSC187303.45303.850.400.500.160.88SDDSC187303.85304.790.940.300.030.37SDDSC187304.79305.20.410.790.101.03SDDSC187305.2305.950.750.430.030.50SDDSC187307.02307.440.426.760.848.77SDDSC187307.44308.240.800.560.040.66SDDSC187308.43090.600.580.020.63SDDSC187309309.270.2744.505.7158.15SDDSC187309.27309.570.300.920.020.96SDDSC187309.57309.780.210.700.010.73SDDSC187309.78310.250.470.270.020.32SDDSC187310.25310.970.720.450.050.56SDDSC187310.97311.340.370.930.041.03SDDSC187311.34311.570.234.620.134.93SDDSC187311.57311.930.360.610.040.71SDDSC187313.95314.640.690.200.030.27SDDSC187314.64315.330.690.490.020.54SDDSC187315.33315.980.654.020.134.33SDDSC187315.98316.440.461.410.572.77SDDSC187316.44316.680.2471.009.0392.58SDDSC187316.68316.870.191.030.251.63SDDSC187316.87317.020.151.252.607.46SDDSC187317.33317.50.170.561.083.14SDDSC187317.88318.740.860.230.010.26SDDSC187319.34319.640.300.210.431.24SDDSC187319.64319.790.1519.801.6923.84SDDSC187319.79320.360.570.170.100.41SDDSC187321.26321.370.111.670.663.25SDDSC187321.86321.970.110.220.310.96SDDSC187321.97322.180.210.100.190.55SDDSC187322.45322.80.350.240.120.53SDDSC187322.8323.160.360.931.725.04SDDSC187323.16323.590.434.822.3810.51SDDSC187323.59324.250.660.230.120.52SDDSC187324.25324.360.117.771.4111.14SDDSC187324.36324.870.510.170.020.22SDDSC187324.87324.980.110.340.501.54SDDSC187324.98325.590.610.400.030.48SDDSC187325.59325.90.310.300.030.36SDDSC187325.9326.070.176.347.2223.60SDDSC187326.07326.170.102.240.373.12SDDSC187326.17326.80.631.080.101.32SDDSC187327.12327.260.144.883.7013.72SDDSC187327.26327.520.260.990.211.49SDDSC187328.08328.490.410.710.040.80SDDSC187328.49328.750.263.7514.2037.69SDDSC187328.75329.060.312.385.3715.21SDDSC187329.06329.360.300.960.051.07SDDSC187329.36329.770.410.230.160.61SDDSC187329.77330.40.630.120.030.20SDDSC1873333341.000.290.010.31SDDSC1873373381.000.100.010.12SDDSC187345.42345.740.320.320.020.36SDDSC187359.28360.51.220.090.010.10SDDSC187406.9407.450.550.190.000.20SDDSC187407.45407.660.212.360.012.38SDDSC187427.4428.71.300.160.020.22SDDSC187430.5431.81.300.760.070.93SDDSC187431.8432.280.480.290.240.86SDDSC187432.59433.560.970.340.180.77SDDSC187433.56433.710.1557.8040.30154.12SDDSC187433.714340.296.570.407.53SDDSC187434.57434.770.200.640.010.67SDDSC187440.86441.270.410.260.000.27SDDSC187442.47443.771.300.100.010.12SDDSC187445.2446.261.060.090.000.10SDDSC187467.05468.030.980.190.050.30SDDSC187468.3468.640.340.320.591.73SDDSC187468.64469.190.550.570.311.31SDDSC187469.92470.360.440.630.100.86SDDSC187472.12472.420.300.350.501.55SDDSC187472.42472.620.207.812.5313.86SDDSC187474475.131.130.220.020.26SDDSC187475.13475.340.210.560.030.63SDDSC187476.44477.631.199.610.059.73SDDSC187477.63478.240.610.600.070.77SDDSC187478.24478.810.570.210.080.39SDDSC187479.4479.60.201.050.181.48SDDSC187479.95480.50.550.220.040.31SDDSC187480.5480.90.4010.900.0010.90SDDSC187480.9481.91.000.530.040.62SDDSC187481.9482.050.151.170.181.60SDDSC187482.05482.750.700.830.522.07SDDSC187482.754830.251.600.011.61SDDSC1874834841.001.100.171.51SDDSC1874844851.001.940.042.03SDDSC187489.85490.650.800.170.010.19SDDSC187491.84931.200.110.010.12SDDSC190207207.90.900.180.010.19SDDSC190209.25209.70.450.020.551.33SDDSC190210.65211.330.680.200.000.21SDDSC190214.45215.40.950.160.010.17SDDSC190215.4216.61.201.210.021.26SDDSC1902202211.000.320.010.34SDDSC190222222.90.903.430.013.45SDDSC190222.92241.100.240.020.28SDDSC1902252261.000.130.020.19SDDSC1902272281.001.160.011.19SDDSC1902282291.003.150.023.19SDDSC1902292301.000.770.010.80SDDSC190230230.450.450.730.010.76SDDSC190230.452310.550.290.010.30SDDSC1902312321.001.240.011.25SDDSC1902322331.001.240.011.25SDDSC1902332341.000.430.010.45SDDSC1902342351.002.050.002.06SDDSC190235235.650.650.280.000.29SDDSC1902382391.000.300.000.31SDDSC190423.03424.161.130.790.030.86SDDSC190424.16425.461.300.170.010.20SDDSC190425.46426.761.300.170.020.21SDDSC190426.76428.061.300.160.010.19SDDSC190428.06428.570.516.400.056.51SDDSC190428.57428.950.386.940.067.08SDDSC190428.95430.251.300.190.010.21SDDSC190433.27434.31.030.160.010.18SDDSC190434.67435.881.210.100.010.12SDDSC196369.14370.060.920.420.411.40SDDSC196370.06371.361.300.040.030.11SDDSC196373.83375.131.300.040.020.09SDDSC196376.43377.731.301.600.031.68SDDSC196377.73378.690.960.270.010.30SDDSC196378.69379.310.621.442.627.70SDDSC196379.31379.510.2019.3048.30134.74SDDSC196379.51379.740.2320.3054.70151.03SDDSC196379.74379.930.19127.0046.30237.66SDDSC196379.93380.20.271.070.051.18SDDSC196380.2380.910.710.160.010.18SDDSC196380.91381.070.160.810.010.84SDDSC196381.07382.020.950.120.050.23SDDSC196382.02382.880.860.090.020.13SDDSC196382.88383.520.640.180.020.22SDDSC196384.35384.770.422.1146.70113.72SDDSC196384.77386.071.300.120.010.15SDDSC196389.59389.990.401.100.011.12SDDSC196389.99390.90.914.800.034.86SDDSC196390.9391.510.614.160.004.16SDDSC196391.51392.81.290.080.000.08SDDSC1964194201.000.640.010.66SDDSC1964204211.000.410.000.42SDDSC196426.5427.150.650.370.210.87SDDSC196427.15428.151.000.190.040.28SDDSC196428.15429.151.000.150.010.17SDDSC196430.15430.90.750.730.572.09SDDSC196430.9431.30.400.150.391.08SDDSC196434.82435.620.800.580.020.63SDDSC196436.22436.530.310.370.110.63SDDSC196438.27438.70.431.250.402.21SDDSC196439.48439.70.221.110.803.02SDDSC196439.7440.380.680.120.050.24SDDSC196440.38440.540.1616.607.0333.40SDDSC196445.71445.930.2211.3019.9058.86SDDSC196445.93446.090.1678.5065.90236.00SDDSC196446.094470.9121.200.1121.46SDDSC1964474481.000.120.020.16SDDSC1964484491.000.490.020.53SDDSC1964494501.000.440.010.47SDDSC1964504511.000.180.010.20SDDSC1964514521.000.150.040.25SDDSC196453.83455.031.200.100.010.12SDDSC196458.97459.180.21144.000.02144.04SDDSC196459.18459.580.402.370.062.52SDDSC196461.81462.150.340.180.140.51SDDSC196464.99465.330.340.390.070.55SDDSC196465.33465.850.520.340.200.82SDDSC196465.85466.40.553.230.745.00SDDSC196466.44670.600.220.060.36SDDSC196469.2470.080.880.030.060.17SDDSC196470.67470.970.300.600.010.62SDDSC196473.29474.150.861.210.542.50SDDSC196476.73477.190.460.610.070.77SDDSC196478.06478.460.400.290.030.36SDDSC196479.45479.690.2417.400.2217.93SDDSC196479.69479.820.130.590.351.43SDDSC196479.82480.660.840.230.070.39SDDSC196480.66480.810.153.050.564.39SDDSC196480.81481.010.2017.300.5118.52SDDSC196482.18482.390.2114.200.9416.45SDDSC196483.6484.270.673.770.073.93SDDSC196485.74486.781.040.250.010.28SDD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Table 1
Section 1 Sampling Techniques and Data

CriteriaJORC Code explanationCommentarySampling techniquesNature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralization that are Material to the Public Report.In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.Sampling has been conducted on drill core (half core for >90% and quarter core for check samples), grab samples (field samples of in-situ bedrock and boulders; including duplicate samples), trench samples (rock chips, including duplicates) and soil samples (including duplicate samples).
Locations of field samples were obtained by using a GPS, generally to an accuracy of within 5 metres. Drill hole and trench locations have been confirmed to <1 metre using a differential GPS.
Samples locations have also been verified by plotting locations on the high-resolution Lidar mapsDrill core is marked for cutting and cut using an automated diamond saw used by Company staff in Kilmore.
Samples are bagged at the core saw and transported to the Bendigo On Site Laboratory for assay.
At On Site samples are crushed using a jaw crusher combined with a rotary splitter and a 1 kg split is separated for pulverizing (LM5) and assay.Standard fire assay techniques are used for gold assay on a 30 g charge by experienced staff (used to dealing with high sulfide and stibnite-rich charges). On Site gold method by fire assay code PE01S.Screen fire assay is used to understand gold grain-size distribution where coarse gold is evident.ICP-OES is used to analyse the aqua regia digested pulp for an additional 12 elements (method BM011) and over-range antimony is measured using flame AAS (method known as B050).Soil samples were sieved in the field and an 80-mesh sample bagged and transported to ALS Global laboratories in Brisbane for super-low level gold analysis on a 50 g samples by method ST44 (using aqua regia and ICP-MS).Grab and rock chip samples are generally submitted to On Site Laboratories for standard fire assay and 12 element ICP-OES as described above.Drilling techniquesDrill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).HQ or NQ diameter diamond drill core, oriented using Axis Champ orientation tool with the orientation line marked on the base of the drill core by the driller/offsider.
A standard 3 metre core barrel has been found to be most effective in both the hard and soft rocks in the project.Drill sample recoveryMethod of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.Core recoveries were maximised using HQ or NQ diamond drill core with careful control over water pressure to maintain soft-rock integrity and prevent loss of fines from soft drill core. Recoveries are determined on a metre-by-metre basis in the core shed using a tape measure against marked up drill core checking against driller's core blocks.Plots of grade versus recovery and RQD (described below) show no trends relating to loss of drill core, or fines.LoggingWhether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged.Geotechnical logging of the drill core takes place on racks in the company core shed.
Core orientations marked at the drill rig are checked for consistency, and base of core orientation lines are marked on core where two or more orientations match within 10 degrees.
Core recoveries are measured for each metre
RQD measurements (cumulative quantity of core sticks > 10 cm in a metre) are made on a metre-by-metre basis.Each tray of drill core is photographed (wet and dry) after it is fully marked up for sampling and cutting.The ½ core cutting line is placed approximately 10 degrees above the orientation line so the orientation line is retained in the core tray for future work.Geological logging of drill core includes the following parameters:
Rock types, lithology
Alteration
Structural information (orientations of veins, bedding, fractures using standard alpha-beta measurements from orientation line; or, in the case of un-oriented parts of the core, the alpha angles are measured)
Veining (quartz, carbonate, stibnite)
Key minerals (visible under hand lens, e.g. gold, stibnite)100% of drill core is logged for all components described above into the company MX logging database.Logging is fully quantitative, although the description of lithology and alteration relies on visible observations by trained geologists.Each tray of drill core is photographed (wet and dry) after it is fully marked up for sampling and cutting.Logging is considered to be at an appropriate quantitative standard to use in future studies.Sub-sampling techniques and sample preparationIf core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled.Drill core is typically half-core sampled using an Almonte core saw. The drill core orientation line is retained.Quarter core is used when taking sampling duplicates (termed FDUP in the database).Sampling representivity is maximised by always taking the same side of the drill core (whenever oriented), and consistently drawing a cut line on the core where orientation is not possible. The field technician draws these lines.Sample sizes are maximised for coarse gold by using half core, and using quarter core and half core splits (laboratory duplicates) allows an estimation of nugget effect.In mineralized rock the company uses approximately 10% of ¼ core duplicates, certified reference materials (suitable OREAS materials), laboratory sample duplicates and instrument repeats.In the soil sampling program duplicates were obtained every 20th sample and the laboratory inserted low-level gold standards regularly into the sample flow.Quality of assay data and laboratory testsThe nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.The fire assay technique for gold used by On Site is a globally recognised method, and over-range follow-ups including gravimetric finish and screen fire assay are standard. Of significance at the On Site laboratory is the presence of fire assay personnel who are experienced in dealing with high sulfide charges (especially those with high stibnite contents) - this substantially reduces the risk of in accurate reporting in complex sulfide-gold charges.Where screen fire assay is used, this assay will be reported instead of the original fire assay. The ICP-OES technique is a standard analytical technique for assessing elemental concentrations. The digest used (aqua regia) is excellent for the dissolution of sulfides (in this case generally stibnite, pyrite and trace arsenopyrite), but other silicate-hosted elements, in particular vanadium (V), may only be partially dissolved. These silicate-hosted elements are not important in the determination of the quantity of gold, antimony, arsenic or sulphur.A portable XRF has been used in a qualitative manner on drill core to ensure appropriate core samples have been taken (no pXRF data are reported or included in the MX database).Acceptable levels of accuracy and precision have been established using the following methods
¼ duplicates - half core is split into quarters and given separate sample numbers (commonly in mineralized core) - low to medium gold grades indicate strong correlation, dropping as the gold grade increases over 40 g/t Au.
Blanks - blanks are inserted after visible gold and in strongly mineralized rocks to confirm that the crushing and pulping are not affected by gold smearing onto the crusher and LM5 swing mill surfaces. Results are excellent, generally below detection limit and a single sample at 0.03 g/t Au.
Certified Reference Materials - OREAS CRMs have been used throughout the project including blanks, low (<1 g/t Au), medium (up to 5 g/t Au) and high-grade gold samples (> 5 g/t Au). Results are automatically checked on data import into the MX database to fall within 2 standard deviations of the expected value.
Laboratory splits - On Site conducts splits of both coarse crush and pulp duplicates as quality control and reports all data. In particular, high Au samples have the most repeats.
Laboratory CRMs - On Site regularly inserts their own CRM materials into the process flow and reports all data
Laboratory precision - duplicate measurements of solutions (both Au from fire assay and other elements from the aqua regia digests) are made regularly by the laboratory and reported.Accuracy and precision have been determined carefully by using the sampling and measurement techniques described above during the sampling (accuracy) and laboratory (accuracy and precision) stages of the analysis.Soil sample company duplicates and laboratory certified reference materials all fall within expected ranges.Verification of sampling and assayingThe verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data.The Independent Geologist has visited Sunday Creek drill sites and inspected drill core held at the Kilmore core shed.Visual inspection of drill intersections matches both the geological descriptions in the database and the expected assay data (for example, gold and stibnite visible in drill core is matched by high Au and Sb results in assays).In addition, on receipt of results Company geologists assess the gold, antimony and arsenic results to verify that the intersections returned expected data.The electronic data storage in the MX database is of a high standard. Primary logging data are entered directly by the geologists and field technicians and the assay data are electronically matched against sample number on return from the laboratory.Certified reference materials, ¼ core field duplicates (FDUP), laboratory splits and duplicates and instrument repeats are all recorded in the database.Exports of data include all primary data, from hole SDDSC077B onwards after discussion with SRK Consulting. Prior to this gold was averaged across primary, field and lab duplicates.Adjustments to assay data are recorded by MX, and none are present (or required).Twinned drill holes are not available at this stage of the project.Location of data pointsAccuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control.Differential GPS used to locate drill collars, trenches and some workingsStandard GPS for some field locations (grab and soils samples), verified against Lidar data.The grid system used throughout is Geocentric datum of Australia 1994; Map Grid Zone 55 (GDA94_Z55), also referred to as ELSG 28355. Reported azimuths also relate to MGA55 (GDA94_Z55).Topographic control is excellent owing to sub 10 cm accuracy from Lidar data.Data spacing and distributionData spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied.The data spacing is suitable for reporting of exploration results - evidence for this is based on the improving predictability of high-grade gold-antimony intersections.At this time, the data spacing and distribution are not sufficient for the reporting of Mineral Resource Estimates. This however may change as knowledge of grade controls increase with future drill programs.Samples have been composited to a 1 g/t AuEq over 2.0 m width for lower grades and 5 g/t AuEq over 1.0 m width for higher grades in table 3. All individual assays above 0.1 g/t AuEq have been reported to two decimal places with no compositing in table 4. Orientation of data in relation to geological structureWhether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.The true thickness of the mineralized intervals reported are interpreted to be approximately 50-65% of the sampled thickness. Drilling is oriented in an optimum direction when considering the combination of host rock orientation and apparent vein control on gold and antimony grade.
The steep nature of some of the veins may give increases in apparent thickness of some intersections, but more drilling is required to quantify.A sampling bias is not evident from the data collected to date (drill holes cut across mineralized structures at a moderate angle).Sample securityThe measures taken to ensure sample security.Drill core is delivered to the Kilmore core logging shed by either the drill contractor or company field staff. Samples are marked up and cut by company staff at the Kilmore core shed, in an automated diamond saw and bagged before loaded onto strapped secured pallets and trucked by company staff to Bendigo for submission to the laboratory. There is no evidence in any stage of the process, or in the data for any sample security issues.Audits or reviewsThe results of any audits or reviews of sampling techniques and data.Continuous monitoring of CRM results, blanks and duplicates is undertaken by geologists and the company data geologist. Mr Michael Hudson for SXG has the orientation, logging and assay data.Southern Cross Gold (SXG) ASX Announcement
Section 2 Reporting of Exploration Results

CriteriaJORC Code explanationCommentaryMineral tenement
and land tenure
statusType, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.The Sunday Creek Goldfield, containing the Clonbinane Project, is covered by the Retention Licence RL 6040 and is surrounded by Exploration Licence EL6163 and Exploration Licence EL7232. All the licences are 100% held by Clonbinane Goldfield Pty Ltd, a wholly owned subsidiary company of Southern Cross Gold Ltd.Exploration done by
other parties Acknowledgment and appraisal of exploration by other parties.The main historical prospect within the Sunday Creek project is the Clonbinane prospect, a high level orogenic (or epizonal) Fosterville-style deposit. Small scale mining has been undertaken in the project area since the 1880s continuing through to the early 1900s. Historical production occurred with multiple small shafts and alluvial workings across the Clonbinane Goldfield permits. Production of note occurred at the Clonbinane area with total production being reported as 41,000 oz gold at a grade of 33 g/t gold (Leggo and Holdsworth, 2013)Work in and nearby to the Sunday Creek Project area by previous explorers typically focused on finding bulk, shallow deposits. Beadell Resources were the first to drill deeper targets and Southern Cross have continued their work in the Sunday Creek Project area. EL54 - Eastern Prospectors Pty Ltd
Rock chip sampling around Christina, Apollo and Golden Dyke mines.
Rock chip sampling down the Christina mine shaft. Resistivity survey over the Golden Dyke. Five diamond drill holes around Christina, two of which have assays.ELs 872 & 975 - CRA Exploration Pty Ltd
Exploration focused on finding low grade, high tonnage deposits. The tenements were relinquished after the area was found to be prospective but not economic.
Stream sediment samples around the Golden Dyke and Reedy Creek areas. Results were better around the Golden Dyke. 45 dump samples around Golden Dyke old workings showed good correlation between gold, arsenic and antimony.
Soil samples over the Golden Dyke to define boundaries of dyke and mineralization. Two costeans parallel to the Golden Dyke targeting soil anomalies. Costeans since rehabilitated by SXG.ELs 827 & 1520 - BHP Minerals Ltd
Exploration targeting open cut gold mineralization peripheral to SXG tenements.ELs 1534, 1603 & 3129 - Ausminde Holdings Pty Ltd
Targeting shallow, low grade gold. Trenching around the Golden Dyke prospect and results interpreted along with CRAs costeans. 29 RC/Aircore holes totalling 959 m sunk into the Apollo, Rising Sun and Golden Dyke target areas. ELs 4460 & 4987 - Beadell Resources Ltd
ELs 4460 and 4497 were granted to Beadell Resources in November 2007. Beadell successfully drilled 30 RC holes, including second diamond tail holes in the Golden Dyke/Apollo target areas.Both tenements were 100% acquired by Auminco Goldfields Pty Ltd in late 2012 and combined into one tenement EL4987. Nagambie Resources Ltd purchased Auminco Goldfields in July 2014. EL4987 expired late 2015, during which time Nagambie Resources applied for a retention licence (RL6040) covering three square kilometres over the Sunday Creek Goldfield. RL6040 was granted July 2017.Clonbinane Gold Field Pty Ltd was purchased by Mawson Gold Ltd in February 2020.
Mawson drilled 30 holes for 6,928 m and made the first discoveries to depth.Geology Deposit type, geological setting and style ofmineralization.Refer to the description in the main body of the release.Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the followinginformation for all Material drill holes:easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collardip and azimuth of the holedown hole length and interception depth hole length.If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.Refer to appendicesData aggregation methodsIn reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated.See "Further Information" and "Metal Equivalent Calculation" in main text of press release.Relationship
between
mineralization
widths and
intercept lengthsThese relationships are particularly important in the reporting of Exploration Results.If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g 'down holelength, true width not known').See reporting of true widths in the body of the press release.DiagramsAppropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.The results of the diamond drilling are displayed in the figures in the announcement.Balanced reportingWhere comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.All results above 0.1 g/t Au have been tabulated in this announcement. The results are considered representative with no intended bias.Core loss, where material, is disclosed in tabulated drill intersections.Other substantive exploration dataOther exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.Preliminary testing was reported in January 11, 2024. This established the general metallurgical test procedure for samples from the Sunday Creek deposits and demonstrated the basis for confidence in establishing prospects for economic recovery of contained gold and antimony to three separate products:Metallic gold product by gravity recoveryAntimony-gold flotation concentratePyrite-arsenopyrite-gold flotation concentrateTesting has now been expanded to include samples from additional zones of the mineral deposits and to refine metallurgical processes. The aim was to improve aspects of antimony concentrate production, maximise gold recovery to a high-grade metallic product, and to further investigate the nature of gold occurrence.The work, conducted by ALS Burnie Laboratories, focused on:Improving selectivity between sulphide minerals in the antimony flotation stage whilst maintaining high overall gold recovery.Further processing of the flotation concentrates, to assess the metallurgical response of contained gold.Mineralogical examination of selected product samples.It was demonstrated that, with appropriate process conditions, high antimony and gold recovery could be maintained whilst rejecting arsenic and iron sulphides in the first flotation stage. The antimony concentrate produced (~50% Sb, <0.2% As) is deemed to be attractive to the smelter market.Recovery of antimony to concentrate varied with feed type, and ranged from 83% to 93% for the samples tested from the antimony rich zones.Additional metallic gold was recovered from the flotation concentrate by gravity separation.The gold grade of the concentrate is a function of the proportion of feed gold associated with arsenic-iron sulphides, the ratio of gold to antimony in the feed, the gold recovered to the metallic gold product, and the flotation rate of gold in the first flotation stage.High overall gold recovery was achieved with all samples tested.Further WorkAdditional characterization testing across deposit zonesLocked cycle testing to confirm overall recoveriesMulti-stage cleaning optimization to maximize concentrate qualityPilot plant evaluation of larger samples Process plant design studies targeting Q1 2027 completionFurther workThe nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.The Company has stated it will drill 200,000 m through 2025 to Q1 2027. See diagrams in presentation which highlight current and future drill plans.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281898

Source: Southern Cross Gold Consolidated Ltd.

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