Market Signal Briefing

TSXV: ITR; NYSE American: ITRG

www.integraresources.com

, /PRNewswire/ - Integra Resources Corp. ("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to announce the results of its Feasibility Study (the "FS") for the development of its wholly-owned DeLamar Gold and Silver Heap Leach Project ("DeLamar" or the "Project"), comprised of the DeLamar and Florida Mountain deposits, located in southwestern Idaho.

(All amounts in United States ("U.S.") dollars unless otherwise stated)

Figure 1: DeLamar Project Production and Operating Cost Profile(1,2) (CNW Group/Integra Resources Corp.)

Figure 2: DeLamar Project After-tax Cash Flow Profile (base case) (1,2) (CNW Group/Integra Resources Corp.)

Figure 3: DeLamar Project Location Map (CNW Group/Integra Resources Corp.)

Figure 4: DeLamar Project Production Breakdown by Area (CNW Group/Integra Resources Corp.)

Figure 5: DeLamar Project Production Breakdown by Metal (CNW Group/Integra Resources Corp.)

Figure 6: DeLamar Project Mining Profile (CNW Group/Integra Resources Corp.)

Figure 7: DeLamar Project Heap Leach Stacking by Source (CNW Group/Integra Resources Corp.)

2025 DeLamar Feasibility Study Highlights:

Robust and resilient project returns: After-tax net present value 5% ("NPV") of $774 million ("M") and 46% after-tax internal rate of return ("IRR") using base case metal prices of $3,000 per ounce ("/oz") gold ("Au") and $35/oz silver ("Ag"); After-tax NPV of $1.7 billion ("B") and 89% after-tax IRR using spot metal prices of $4,250/oz Au and $60/oz Ag.
Increased ounces and mine-life: Addition of stockpile material enhances mine life to 10 years and total life-of-mine ("LOM") production to 1.1 million ounces ("Moz") of gold equivalent ("AuEq").
Consistent and profitable production profile1,2,3: Average production of 119 thousand ounces ("koz") AuEq from year 1 to 5 with average LOM production of 106 koz AuEq at site level cash costs of $1,179/oz AuEq (co-product) and below industry average all-in sustaining costs ("AISC") of $1,480/oz AuEq (co-product); efficient mining supports low life-of mine strip ratio of 0.54:1.
Realistic and financeable Project: Total initial capital cost of $389 M (includes $38 M of owners' cost) and sustaining capital of $305 M over the LOM; strong project financing pathway created by ongoing cash flow generation from the Company's operating Florida Canyon Mine ("Florida Canyon") and strong cash balance of ~$81 million as at the third quarter 2025.
Competitive Project metrics4: Base case NPV-to-capex ratio of 2.0 and payback of 1.8 years; spot NPV-to-capex ratio and payback improve to 4.4 and 1.1 years, respectively.
Strong free cash-flow profile in early years2: Excellent profitability at beginning of mine life; Year 1-5 average after-tax free cash flow of $165 M; smooth transitioning from Florida Mountain to DeLamar deposits with no grade or tonnage "cliffs".
Simplified Project layout and processing: Two oxide heap leach facilities ("HLF") (vs. single large HLF design in the 2022 Pre-Feasibility Study ("PFS")), and two-stage crushing (vs. three-stage in PFS); reduced mine-site footprint and enhanced water usage strategy brings potential permitting advantages.
Meaningful benefits to local communities: Excellent local support for Project development built upon years of engagement and early inclusion of local interests in Project design; an average of 300 direct permanent jobs are expected to be created at DeLamar.
Strong Tribal partnerships: Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation (the "Shoshone-Paiute") establishes a transformative and long-term partnership for the development of DeLamar; engagement underway with additional Tribal Nations near the Project area.
Significant scarcity value: DeLamar remains one of the few large-scale precious metals projects in the U.S. at the Feasibility Study level that is actively being advanced toward National Environmental Protection Act ("NEPA") federal mine permitting.
Visibility on short and long-term growth: Large Measured and Indicated sulphide resource material excluded from mine plan with multiple-near mine expansion targets open along strike and at depth; DeLamar is one of the largest undeveloped silver resources in the U.S. with a largely underexplored district scale land package.
Opportune timing: With the FS now complete and federal permitting expected to commence in the near term, the Project is well positioned to advance in one of the strongest gold–silver price environments in history, supported by favorable U.S. permitting tailwinds.

(1)     Gold equivalent calculated using base case metal prices: $3,000/oz Au and $35/oz Ag

(2)     See Cautionary Note Regarding Non-GAAP Measures

(3)     World Gold Council reported average all-in sustaining cost for gold mining industry of $1,578/oz Au in Q2 2025

(4)     NPV-to-capex ratio calculated as after-tax Project NPV5% divided by total initial capital cost

George Salamis, President, CEO and Director of Integra commented: "The Feasibility Study confirms what we have long believed: DeLamar is one of the most compelling, resilient, and capital-efficient heap leach gold-silver projects in the U.S. preparing to enter federal permitting. The FS outlines a simplified, phased, and materially de-risked development plan with outstanding economics, including a rapid 1.8-year payback, strong early free cash flow profile, and one of the highest NPV-to-capex ratios among projects of this scale. Importantly, the FS is being delivered as federal permitting is expected to commence in early 2026, positioning Integra to advance DeLamar at an opportune time. While the FS reflects a conservative, oxide-only development case, it represents only the beginning for DeLamar. The Project also hosts a large sulphide mineral resource that is not included in the mine plan, multiple near-mine expansion opportunities that remain open, and largely underexplored district-style upside.

The updated two heap leach configuration materially improves constructability, operating flexibility, and capital efficiency, while providing meaningful leverage to higher metal prices and maintaining resilience in lower-metal price environments. Updated feasibility-level engineering, metallurgy, and costing significantly enhance Project confidence, reduce execution risk, and support future permitting through a more advanced and robust water management strategy. The delivery of the FS is a major milestone for Integra and underscores our confidence in DeLamar's ability to generate long-term value for our shareholders, Tribal Nation partners, and the communities of Idaho. DeLamar is expected to support an average workforce of approximately 300 high-quality, long-term jobs over the life-of-mine. We look forward to providing further permitting guidance as the Project enters a new phase in 2026."

Integra will host a conference call and webcast to discuss the FS on Thursday, December 18, 2025 at 11:00 AM Eastern Time / 8:00 AM Pacific Time, featuring a presentation from the senior management team and a live Q&A session. A recording will be available on Integra's corporate website. To register for the webcast, please use the following link (call details are listed below):

https://events.q4inc.com/attendee/518660974

Feasibility Study Summary

The FS confirms robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation, with competitive operating costs and high rate of return. The FS outlines total production of 1.1 Moz AuEq over a 10-year operating mine life (plus two years of residual leaching), resulting in an average annual production profile of 106 koz AuEq per annum at a co-product mine-site AISC of $1,480/oz. The Project generates an after-tax NPV5% of $774 M with an after-tax IRR of 46% at base case gold and silver prices of $3,000/oz and $35/oz, respectively.

The Company retained Forte Dynamics, Inc. (now SLR Consulting Limited) ("Forte") as lead consultants, along with other engineering consultants, to complete the FS and prepare a technical report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The FS is derived from updated mineral reserve estimate effective December 8, 2025. The effective date of the FS is December 8, 2025, and a technical report prepared in accordance with NI 43-101 will be filed on the Corporation's website and under its SEDAR+ profile within 45 days of this news release.

Table 1: DeLamar Feasibility Study Highlights1

Mining

Total Tonnage Mined (k tonnes)

185,178

Total Ore Mined (k tonnes)

119,972

Strip Ratio (Waste: Ore)

0.54

Operating Mine Life (years)

10

Contained

Contained Gold (koz Au)

1,259

Contained Silver (koz Ag)

52,310

Contained Gold Equivalent (koz AuEq)

1,869

Production

Heap Leach Recovery

LOM Average Gold Recovery (%)

72.3 %

LOM Average Silver Recovery (%)

33.2 %

Payable Metals

LOM Gold Payable (koz Au)

910

LOM Silver Payable (koz Ag)

17,392

LOM Gold Equivalent Payable (koz AuEq)

1,113

Avg. Annual Gold Payable (koz Au) - Yr 1 to Yr 10

88

Avg. Annual Silver Payable (koz Ag) - Yr 1 to Yr 10

1,602

Avg. Annual Gold Equivalent Payable (koz AuEq) - Yr 1 to Yr 10

106

Avg. Annual Gold Payable (koz Au) - Yr 1 to Yr 5

102

Avg. Annual Silver Payable (koz Ag) - Yr 1 to Yr 5

1,450

Avg. Annual Gold Equivalent Payable (koz AuEq) - Yr 1 to Yr 5

119

Costs per Tonne

Mining Costs ($/t mined)

$2.51

Mining Costs ($/t processed)

$3.87

Processing Costs ($/t processed)

$4.91

G&A Costs ($/t processed)

$1.51

Total Site Operating Cost ($/t processed)

$10.29

Cash Costs

LOM Cash Cost, net-of-silver by-product ($/oz Au)2

$772

LOM Cash Cost, co-product ($/oz AuEq)2

$1,179

LOM AISC, net-of-silver by-product ($/oz Au)2

$1,142

LOM AISC, co-product ($/oz AuEq)2

$1,480

Capital Expenditure (incl. Contingency)

Pre-production Capital – incl. Contingency ($M)3

$347.0

Bonding Cash Collateral ($M)

$3.9

Owners' Cost ($M)

$38.2

Total Initial Capital ($M)

$389.1

Sustaining Capital / Equipment Financing – incl. Contingency ($M)

$304.9

Reclamation Cost ($M)4

$65.5

Salvage Value ($M)

($8.1)

Bonding Cash Collateral Return ($M)

($3.9)

Total Capital ($M)

$747.5

Base Case Metal Price Assumptions

Gold Price ($/oz)

$3,000

Silver Price ($/oz)

$35

Base Case Project Economics

After-Tax IRR (%)

46.0 %

After-Tax NPV5% ($M)

$773.7

Payback Period (years)

1.8

Average Annual Net Free Cash Flow ($M)2 – Yr 1 to Yr 10

$142.8

Total Net Free Cash Flow ($M)

$1,066.3

(1)     Gold equivalent calculated using base case metal prices: $3,000/oz Au and $35/oz Ag 

(2)     See Cautionary Note Regarding Non-GAAP Financial Measures

(3)     Assumes mobile equipment financing

(4)     Closure costs include $26.4 M ongoing water treatment reclamation liability

Figure 1: DeLamar Project Production and Operating Cost Profile1,2

(1)     Gold equivalent calculated using base case metal prices: $3,000/oz Au and $35/oz Ag

(2)     See Cautionary Note Regarding Non-GAAP Financial Measures

Figure 2: DeLamar Project After-tax Cash Flow Profile (base case)1,2

(1)     Cash flow profile shown using base case metal prices: $3,000/oz Au and $35/oz Ag

(2)     See Cautionary Note Regarding Non-GAAP Financial Measures

Table 2: DeLamar Project After-Tax NPV, IRR and Payback Sensitivity Table

$/oz Au

$/oz Ag

NPV5% ($M)

IRR (%)

Payback (years)

$2,250

$20

$178.3

16 %

4.5

$2,500

$25

$391.1

27 %

2.8

$2,750

$30

$584.6

37 %

2.2

$3,000

$35

$773.7

46 %

1.8

$3,250

$40

$961.6

55 %

1.6

$3,500

$45

$1,149.0

63 %

1.4

$3,750

$50

$1,336.2

72 %

1.3

$4,000

$55

$1,523.5

80 %

1.2

$4,250

$60

$1,710.3

89 %

1.1

$4,500

$65

$1,897.1

97 %

1.0

Property Description, Location and Access

The historic mine site and Delamar Project are located within southwestern Idaho in Owyhee County approximately 80 air kilometers southwest of Idaho's state capital of Boise. The nearest town is Jordan Valley, Oregon which is situated near U.S. highway 95, a 1.5 hour drive from Boise. The Project is within the historical Carson mining district and includes the formerly producing DeLamar silver-gold mine, which was last operated by Kinross Gold Corporation. The Project is accessed via 28 kilometers of existing road east from Jordan Valley, Oregon.

Figure 3: DeLamar Project Location Map

Updated Mineral Resource Estimate

Mineral resources were re-estimated from the resource model released in 2023 which includes the Florida Mountain deposit, the DeLamar deposit, and historical stockpiles and backfill.  The mineral resource estimate is based on 3,348 drillholes totaling ~383,000 meters ("m"). Gold and silver mineralization was modeled following industry-standard and Canadian Institute of Mining, Metallurgy & Petroleum ("CIM")-compliant protocols.

Key steps included:

Statistical evaluation of assay data and determination of natural grade populations.
Construction of mineral-domain wireframes using 30-meter spaced sectional control.
Projection and slicing of domain polygons across each deposit to ensure geological continuity.
Coding of block models with gold and silver using level-plan geometries.
Geostatistical analysis of mineralization trends to support estimation and classification.
Grade interpolation using inverse-distance methods into 6 × 6 × 6 m blocks at the DeLamar deposit and 6 × 8 × 8 m blocks at the Florida Mountain deposit, with domain-specific coding to constrain estimates.
The mineral resource estimate for the FS includes updated price assumptions and metallurgical recovery inputs for the pit optimization used to constrain them. Sulphide material continues to be reported in this resource mineral update, consistent with prior studies, as it continues to show potential economic extraction. Importantly, the fundamental resource methodology has not changed from the 2023 mineral resource update.

Table 3: DeLamar Project Mineral Resources

Measured

Indicated

Measured & Indicated

Mineral Resources

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

GOLD (Au)

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

DeLamar Project

Oxide

15,548

0.41

204

139,953

0.31

1,400

155,501

0.32

1,604

Sulphide

21,643

0.51

357

68,629

0.45

984

90,272

0.46

1,341

TOTAL 

Mixed

37,189

0.47

561

208,582

0.36

2,384

245,772

0.37

2,945

Measured

Indicated

Measured & Indicated

Mineral Resources

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

SILVER (Ag)

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

DeLamar Project

Oxide

15,548

20.46

10,230

139,953

13.72

61,750

155,501

14.40

71,979

Sulphide

21,643

32.90

22,922

68,629

22.30

49,254

90,272

24.90

72,176

TOTAL 

Mixed

37,189

27.70

33,152

208,582

16.60

111,004

245,772

18.20

144,155

Inferred

Inferred

Mineral Resources

Tonnes

Grade 

Ounces 

Mineral Resources

Tonnes

Grade 

Ounces 

GOLD (Au)

 (kt) 

 (g/t) 

 (koz) 

SILVER (Ag)

 (kt) 

 (g/t) 

 (koz) 

DeLamar Project

Oxide

19,813

0.26

163

DeLamar Project

Oxide

19,813

20.94

13,336

Sulphide

19,789

0.37

235

Sulphide

19,789

10.10

1,529

TOTAL 

Mixed

39,603

0.31

398

TOTAL 

Mixed

39,603

11.70

14,865

(1)

All Mineral Resource estimates have been prepared in accordance with NI 43-101 standards.

(2)

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

(3)

Jeffrey Bickel, of RESPEC Company LLC of Reno, Nevada, is a Qualified Person as defined in NI 43-101, and is responsible for reporting Mineral Resources for the DeLamar Project. Mr. Bickel is independent of the Company.

(4)

"Oxide", as listed above, is an aggregate category inclusive of all material types amenable to heap-leaching, including In-Situ Oxide, Stockpiles, and In-Situ Mixed material.

(5)

In-Situ Oxide/Mixed and Stockpile Mineral Resources are reported at a 0.17 and 0.1 g/t AuEq cut-off, respectively, in consideration of potential open-pit mining and heap leach processing.

(6)

Sulphide Mineral Resources are reported at a 0.3 g/t AuEq cut-off at DeLamar and 0.2 g/t AuEq at Florida Mountain in consideration of potential open pit mining and grinding, flotation, ultra-fine regrind of concentrates, and either Albion or agitated cyanide-leaching of the reground concentrates.

(7)

AuEq was calculated using a price of $2,650/oz Au and a price of $30/oz Ag, as well as metallurgical recoveries which were variable based on spatial area and each respective oxidation zone of the deposit.

(8)

The Mineral Resources are constrained by pit optimizations using a price of $2,650/oz Au, a price of $30/oz Ag, mining cost of $2.50/tonne, variable processing costs ranging from $3.26-$5.30/tonne, and metallurgical recoveries ranging from 45%-95% for Au and 15%-92% for Ag. Variable metallurgical recoveries and processing costs correspond to various material types including Oxide, Transition, Sulphide, and Stockpile materials, as well as spatial zones of the deposit with defined metallurgical characteristics. The pit optimizations also used a G&A cost of $0.65/tonne, pad replacement cost of $1.00/tonne for heap leach material, and refining costs of $0.00/oz and $0.50/oz for Au and Ag, respectively.

(9)

Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained metal content.

(10)

The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

(11)

Mineral Resources reported are inclusive of Mineral Reserves.

(12)

The Effective Date of the Mineral Resource Estimate is December 8, 2025

Updated Mineral Reserve Estimate

Proven and Probable Mineral Reserves for the Project utilized the updated resource model released in 2023, which was constrained by engineered pit designs based on Lerchs–Grossmann optimization shells, with appropriate cut-off grades that reflect updated metal prices, metallurgical recoveries, geotechnical criteria, and operating cost assumptions. No changes were made to the underlying reserve methodology since the PFS released in 2022. Variations in reserves from the previous PFS study are from the updated 2023 resources (which includes the addition of historical stockpile resources), revised cost assumptions, and metallurgical recoveries. Reserves have been updated for heap leach only material to streamline permitting, simplify processing and reduce capital. This removes sulphide material from the reserve. Additionally, drill-tested historic low grade ore stockpiles included in the resource have been included in the reserve.

Table 4: DeLamar Project Mineral Reserves

Proven

Probable

Proven & Probable

Mineral Reserves

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

GOLD (Au)

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

DeLamar Project

Oxide

11,675

0.40

149

108,297

0.32

1,110

119,972

0.33

1,259

Sulphide

-

-

-

-

-

-

-

-

-

TOTAL 

Mixed

11,675

0.40

149

108,297

0.32

1,110

119,972

0.33

1,259

Proven

Probable

Proven & Probable

Mineral Reserves

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

Tonnes

Grade 

Ounces 

SILVER (Ag)

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

 (kt) 

 (g/t) 

 (koz) 

DeLamar Project

Oxide

11,675

16.34

6,132

108,297

13.26

46,173

119,972

13.56

52,305

Sulphide

-

-

-

-

-

-

-

-

-

TOTAL 

Mixed

11,675

16.34

6,132

108,297

13.26

46,173

119,972

13.56

52,305

(1)

All estimates of Mineral Reserves have been prepared in accordance with NI 43-101 standards and are included within the current Measured and Indicated Mineral Resources.

(2)

Sterling K, Watson, P.Eng., of RESPEC Company LLC of Reno, Nevada, is a Qualified Person as defined in NI 43-101, and is responsible for reporting Mineral Reserves for the DeLamar Project.  Mr. Watson is independent of the Company.

(3)

Mineral Reserves are based on prices of $2,000/oz Au and $25/oz Ag. The Mineral Reserves were defined based on pit designs that were created to follow optimized pit shells created in Whittle. Pit designs followed pit slope recommendations provided by RESPEC.

(4)

Mineral Reserves are reported using block value cutoff grades representing the cost of processing.

(5)

The Mineral Reserves are constrained by pit optimizations using a price of $2,000/oz Au, a price of $25/oz Ag, mining cost of $2.50/tonne, variable processing costs ranging from $3.26-$5.30/tonne, and metallurgical recoveries ranging from 45%-95% for Au and 15%-92% for Ag.  The pit optimizations also used a G&A cost of $0.65/tonne, pad replacement cost of $1.00/tonne for heap-leach material, and refining costs of $0.00/oz and $0.50 for Au and Ag, respectively.

(6)

Energy prices of US$3.50 per gallon of diesel.

(7)

Pit optimizations were run on a range of prices from $500/oz Au to $3,000/oz Au.

(8)

The cut-off grade for Mineral Reserves is based on economics at a "Break-Even Internal" cut-off grade for the deposits. 

(9)

The Mineral Reserves purposes of reference is the point where material is fed into the crusher.

(10)

All ounces reported herein represent troy ounces, "g/t Au" represents grams per tonne gold and "g/t Ag" represents grams per tonne silver.

(11)

Mineral Resources reported are inclusive of Mineral Reserves

(12)

Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained metal content.

(13)

The estimate of Mineral Reserves may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

(14)

The Effective Date of the Mineral Reserves Estimate is December 8, 2025.

Production Profile

The contemplated operation in the FS spans 13 years, comprising one year of construction (Year -1), 10 years of active mining and gold-silver processing operations, and two years of residual leaching and nominal production.  The Project is expected to produce a total of approximately 1.1 Moz AuEq.

The first six months of the construction period focuses on establishing the Florida Mountain deposit heap leach pad, utilizing readily available historical low-grade gold-silver ore stockpile as overliner material. This material will be screened and crushed and will provide a flow channel for leachate.

This allows the stacking of fresh, higher-grade gold-silver ore from the Florida Mountain deposit and the application of leach solution to start in month seven of the construction year, unlocking the ability to produce ~7 koz AuEq in Year -1. As solution inventory builds and leach flows increase through month 20, production ramps accordingly, resulting in 119 koz AuEq produced during the first full year after construction (Year 1). The DeLamar deposit heap leach pad construction begins in Year 3 and begins to receive DeLamar deposit historic stockpile and pit ore in Year 4. Active mining operations will continue until Year 10 followed by two years of residual gold-silver leaching.

Figure 4: DeLamar Project Production Breakdown by Area

Figure 5: DeLamar Project Production Breakdown by Metal

Mining

Mining is designed as a conventional open-pit operation using truck-and-shovel methods, focused on delivering high grade gold-equivalent production from the Florida Mountain deposit early in the Project, before transitioning to sustained mid-life production at the DeLamar deposit. The mine plan schedules 185 million tonnes ("Mt") of total material movement over the 10-year active mine life, including 120 Mt of ore with an average grade of 0.33 g/t Au and 13.6 g/t Ag, for a combined 1.3 Moz of contained gold and 52.3 Moz of contained silver. Strip ratios remain low and consistent at 0.54:1 over the life-of-mine, supporting efficient mining and strong early cash flows. Mining rates of ore are planned for 35,000 tonnes per day ("tpd") with no more than 12 benches extracted per year.

Material movement is sequenced to prioritize higher-grade Florida Mountain deposit ore in the first four years, enabling average production of ~119 koz AuEq per year during the payback window. Mid-life mining transitions to the DeLamar deposit pit, which provides consistent tonnage, stable grades, and reduced haulage requirements as backfill is incorporated into the sequencing.

Mining assumptions are built from first principles, including drill penetration rates, powder factors, cycle times, equipment availabilities, and original equipment manufacturer ("OEM")-validated haulage models. The fleet includes up to 17 haul trucks, three production drills, and a matched loading fleet of excavators and shovels sized to maintain efficient dig-and-haul cycles. Waste placement and backfilling strategies minimize external dump requirements and align with closure objectives. Overall, the mining plan reflects an executable, low-risk approach that supports strong economics, operational flexibility, and a smooth transition into reclamation activities in the later years of the Project.

Figure 6: DeLamar Project Mining Profile

Processing and Recovery

Project mineralization is amenable to conventional cyanide leaching. The Project has an updated two heap leach configuration that considers environmental, heap stability, and economic impacts. This configuration balances early capital efficiency with operational flexibility, allowing staged commissioning while managing particle fines and agglomeration risk across distinct ore domains. To reduce truck haulage requirements, one heap leach pad will be located adjacent to the Florida Mountain deposit, and the other will be located adjacent to the DeLamar deposit.

Run-of-mine ore will be transferred from the pits via haul trucks to their respective heaps leach pads for two-stage crushing before stacking.  The crushing circuit consists of a primary mineral sizer and secondary low-pressure roll crusher, reducing the particle size of run of mine ore to a P80 (particle size at which 80% of the sample material passes) of approximately 19 millimeters. The selection of crushing equipment was supported by abrasion and impact testing.

The crushed ore from the Florida Mountain deposit contains limited fines and does not require agglomeration, making it suitable for direct truck dump stacking following two-stage crushing.

A portion of the crushed ore from the DeLamar deposit pit contains enough fines and clay and will require agglomeration through a screening and agglomeration circuit followed by curing and conveyor stacking. Screening and selective agglomeration are applied only where required, minimizing operating complexity while protecting permeability and recovery performance.

Heaps leach pads will be stacked at a rate of 35,000 tpd. Cyanide solution will be applied and processed via a small Merrill-Crowe facility located near the DeLamar deposit heap leach pad, designed for a throughput of approximately 1,360 m3 per hour. Filter cakes will be further processed at Integra's Florida Canyon Mine refinery to produce doré bars, reducing initial capital requirements for DeLamar. Florida Canyon is expected to have sufficient permitted capacity to process DeLamar doré without modification.

Figure 7: DeLamar Project Heap Leach Stacking by Source

Table 5: DeLamar Project Mining & Processing Summary

Mining

DeLamar

Florida Mtn.

Stockpiles

Total

Total Tonnage Mined (kt)

75,905

76,625

32,648

185,178

Total Ore Mined (kt)

35,072

52,253

32,648

119,972

Strip Ratio (Waste: Ore)

1.16

0.47

0.00

0.54

Grade

Average Gold Grade (g/t Au)

0.33

0.37

0.24

0.33

Average Silver Grade (g/t Ag)

18.92

10.18

13.22

13.56

Contained Metals

Contained Gold (koz Au)

377

628

254

1,259

Contained Silver (koz Ag)

21,339

17,095

13,877

52,310

Contained Gold Equivalent (koz AuEq)

626

827

416

1,869

Production

Heap Leach Recovery

LOM Average Gold Recovery (%)

66.1 %

74.1 %

76.9 %

72.3 %

LOM Average Silver Recovery (%)

26.9 %

37.9 %

37.4 %

33.2 %

Payable Metals

LOM Gold Payable (koz Au)

249

465

196

910

LOM Silver Payable (koz Ag)

5,734

6,472

5,185

17,392

LOM Gold Equivalent Payable (koz AuEq)

316

540

256

1,113

Power and Infrastructure

The Project infrastructure strategy prioritizes refurbishment and targeted upgrades to minimize initial capital, while maintaining reliability and certainty around the construction schedule.

DeLamar historically operated as a fully serviced site until 1998 after which limited remediation and ongoing care and maintenance were completed. Several existing facilities and infrastructure elements remain in place and will be refurbished or augmented for the new Project. New infrastructure will be constructed only where required to meet capacity, safety, or operational performance requirements of the Project.

The Project will require up to 6.5 megawatts ("MW") of power which will be supplied to the site by the refurbished 69-kilovolt ("kV") transmission line and distributed throughout the site via a new substation and refurbished 4,160 power distribution network.  A 2 MW backup generator is planned to be installed for back-up or emergency power.

The existing water treatment plant will be upgraded and augmented with more treatment capacity for use in the Project.

On-site facilities will be selectively upgraded to align with the planned mining fleet and operation profile. The existing five-bay mobile maintenance shop will be upgraded to six-bays, large enough to accommodate 150-tonne series haul trucks. The administration building will be repaired, and site communications infrastructure will be enhanced. Existing site roads will be refurbished and upgraded limiting the need for new roads.

A small Merrill-Crowe plant will be constructed with ditches and ponds to capture contact water for treatment and industrial use. Additional new construction includes a two-stage crushing circuit, truck wash, laboratory, and warehouse.

Operating Costs

Operating costs were estimated through first principles and supplier quotes. Where possible, first principal assumptions and costs of units were compared to those experienced at the Florida Canyon Mine, Integra's active heap leach operation in Nevada.

Mining operating cost estimates were prepared by RESPEC Company LLC ("RESPEC") using first principles. This was done using estimated hourly costs of equipment and personnel against the anticipated hours of work for each. The equipment hourly costs were estimated for fuel, oil and lubrication, tires, under-carriage, repair and maintenance costs, and special wear items. First principal assumptions and the cost of mine personnel and consumables were benchmarked against Florida Canyon.

Process operating costs were developed by Forte from first principles to determine unit consumptions of materials, supplies, power and personnel, and the estimated cost of unit for these was estimated from supplier quotes and industry benchmarks. The cost of materials, supplies, power and labor were benchmarked against Florida Canyon.

Labor general and administrative ("G&A") costs were estimated based on personnel requirements for administrative, accounting, safety and security, and environmental departments to support mining and processing activities.  Costs are also included for legal, land, permit bonding and power. G&A costs were benchmarked against Florida Canyon.

Table 6: DeLamar Project Operating and Mining Cost Breakdown

Per Tonne

LOM Operating Costs (US$)

Mined

Processed

Mining

$2.51

$3.87

Processing

$4.91

G&A

$1.51

Total Site Costs

$10.29

$/oz Au

$/oz AuEq

LOM Cash Costs, AISC & AIC Breakdown

By-Product

Co-Product

Mining

$510

$417

Processing

$648

$530

G&A

$199

$163

Total Site Costs

$1,357

$1,110

Transport & Refining

$10

$8

Royalties1

$75

$61

Total Cash Costs

$1,441

$1,179

Silver By-Product Credits

($669)

-

Total Cash Costs Net of Silver by-Product

$772

$1,179

Sustaining Capital

$335

$274

Closure Costs Net of Residual Value2

$34

$28

Site Level All-in Sustaining Costs

$1,142

$1,480

(1)     Royalty summary outlined below

(2)     Closure costs for AISC calculation exclude ongoing water treatment reclamation costs

Project Royalties

The FS considers two primary royalties that apply to the Project. Triple Flag Precious Metals Corp. ("Triple Flag") holds a 2.5% net smelter returns royalty ("NSR") that applies to ~90% of the current DeLamar deposit resources and reserves, however the royalty will be reduced to 1.0% upon Triple Flag receiving total royalty payments of C$10 M. A wholly-owned subsidiary of Wheaton Precious Metals Corp. currently holds a 1.5% NSR that applies to the current DeLamar and Florida Mountain deposit resources and reserves. The production profile in the FS reflects an average royalty rate of 2.3%.

Capital Cost Estimates

Capital cost estimates emphasize constructability, vendor-supported pricing, and execution sequencing aligned with the planned development schedule.

Mining initial and sustaining capital estimates were prepared by RESPEC.  Estimates assume owner-operated mining equipment and are based on the equipment and facilities required to achieve the production schedule.  Capital costs are based on estimation guides, quotations from equipment vendors and recent costs for new equipment at the Company's operating Florida Canyon mine in Nevada. 

The process and infrastructure capital costs were developed by Forte for initial and sustaining capital. The capital costs for each phase are comprised of direct costs and indirect costs. The direct costs were developed from labor, materials, plant equipment, sub-contracts, and construction equipment.  Indirect costs were applied to the direct costs to account for items such as: construction support, engineering, procurement and construction management, vendor support during specialty construction and commissioning, spare parts, contingency, owner's costs, freight and taxes. Capital costs were estimated based on 2025 U.S. dollars and are presented with no added escalation.

Table 7: DeLamar Project Capital Cost Breakdown

Capital Cost Breakdown
($M)

Pre-Production
(Yr -1)

Sustaining 
(Yr 1 to Yr 10)

Reclamation

Combined
LOM

Capital Costs

Mining1,2

$27.8

$145.1

$172.9

Processing

$276.5

$136.1

$412.6

G&A

$5.1

$0.0

$5.1

Capex Sub-Total

$309.4

$281.2

$590.6

Contingency3

$37.6

$23.7

$61.3

Total Capital Costs

$347.0

$304.9

$651.9

Other Capital

Owners' Costs

$38.2

$38.2

Reclamation – Site4

$65.5

$65.5

Cash Collateral (bonding)

$3.9

($3.9)

$0.0

Residual Value

($8.1)

($8.1)

Total Other Capital

$42.1

$0.0

$53.5

$95.6

TOTAL CAPITAL

$389.1

$304.9

$53.5

$747.5

(1)     Assumes financing of mobile equipment. Pre-production = 10% cash down and 1 year of payments

(2)     Includes $10 M in pre-stripping

(3)     Overall contingency of 12% (Mining 5%, Processing 13%, G&A 17%)

(4)     Includes $26.4 M for ongoing water treatment post mine closure

Environmental and Permitting

The Project is supported by strong environmental and technical teams that have led major advancements in obtaining necessary approvals and permits since the 2022 PFS, including the Mine Plan of Operations completeness determination by the U.S. Bureau of Land Management ("BLM") and the completion of environmental resource baseline studies to support Project environmental effects analysis under NEPA.   Integra has an established collaborative approach with regulatory agencies and our technical teams and will continue to develop the Project to meet all applicable regulatory standards. The construction and operation of the Project require further permitting which will continue to actively advance in 2026 and 2027 through parallel U.S. Federal, State of Idaho, and Owyhee County permitting processes that address mine reclamation, air and water quality, wetland impacts and cyanidation.

In accordance with the BLM's mandate to prevent undue environmental degradation on public lands, the Project design optimization has continued to focus on the reduction of environmental impacts and surface disturbance of the mine operation through a leaching-focused process, consolidation of development rock storage facilities and the design of heap leach facilities in proximity to the open pits. Through various studies conducted on the Project over the years, the proposed mine footprint has been reduced by ~25%. This optimization will continue through the evaluation of agency-proposed alternatives and mitigations during the NEPA process to deliver a robust mine operation that is protective of water resources, air quality, cultural resources, wildlife and vegetation, and post-mine land use.

Stakeholder, Community, and Tribal Nation Engagement

Since Project acquisition in the third quarter of 2017, the Company has operated with dedicated budget and personnel to engage proactively with the communities, Tribal Nations, and other stakeholders with ties to DeLamar. With increasing frequency as the Project approaches state and federal permitting, the Company has worked to build lasting relationships with a wide range of stakeholders, including nearby residents and community members, Tribal Nations, nongovernmental organizations and various levels of government representatives. This approach reflects a deep Company-wide commitment to a high standard of social performance, achieved by acting transparently and building mutual respect and shared value.

Stakeholder engagement is guided by an External Stakeholder Plan ("ESP"), a Project site-specific plan that is updated annually to guide the activities, goals, and strategies for stakeholder engagement in a tailored manner that reflects the unique requirements of each region, individual stakeholder context, and cultural settings surrounding DeLamar. The ESP management approach specifically addresses the Company's stakeholder engagement, public communication, community involvement & investment, and monitoring & reporting – including social impact risks assessments, grievance procedures, materiality, and metric tracking.

Since 2020, Integra has worked to engage proactively and respectfully with potentially affected Tribal Nations, with the intent to exceed regulatory requirements by prioritizing early, inclusive, and respectful dialogue in order to build mutual understanding and recognize Tribal interests. In 2025, Integra and the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation entered into a Relationship Agreement that will guide a mutually beneficial partnership between the two parties over the course of the permitting, development, and future operation of the Project. Integra is concurrently advancing discussions with additional Tribal Nations to evaluate the interest in developing similar relationships.

Integra's approach of being present and active within the Project's stakeholder network has allowed the Company to build consensus and collaborate on issues of shared concern as the mine and operational designs have iteratively evolved. Potential social and community impacts have been and will continue to be considered and evaluated in accordance with the NEPA and other federal and state laws. There are no currently known social or community issues that would be expected to have a material impact on the Company's ability to mine at the Project.

Exploration Potential and Upside at DeLamar

Beyond the FS mine plan, DeLamar offers substantial longer-term upside and strategic optionality.  The FS includes an updated mineral resource statement that includes sulphide mineral resources, which are currently excluded from the Project's mineral reserves and economic analysis, preserving future processing and development optionality as technology, costs, and market conditions evolve. In addition, DeLamar hosts one of the largest undeveloped silver mineral resources in the U.S. and sits within a largely underexplored, district-scale land package with multiple near-mine and regional exploration targets open along strike and at depth. The Project layout and infrastructure contemplated in the FS also provide flexibility for potential future throughput expansion, allowing Integra to pursue disciplined growth opportunities while maintaining a simplified, low-risk development pathway.

Next Steps and Opportunities

With the FS complete, the Company is advancing permitting and construction readiness. Near-term priorities include advancing detailed engineering and execution planning. Opportunities remain to further optimize the production plan, mine sequence and heap leach facility design to maximize early production from the Florida Mountain deposit and further smooth the transition to DeLamar deposit production. The simplified oxide-focused Project design, combined with robust early cash flow potential and strong economics, positions DeLamar well for permitting, financing, and development execution. 

No Production Decision: The Company has not made a production decision for the Project. A decision to proceed with construction will only be made following the completion and review of detailed engineering, financing arrangements, and receipt of all required permits and approvals.

DeLamar Feasibility Study Conference Call & Webcast

Integra will host a conference call and webcast on Thursday, December 18, 2025, at 11:00 AM Eastern Time / 8:00 AM Pacific Time, to discuss the DeLamar FS. Details for the conference call and webcast are included below.

Dial-In Numbers / Webcast:

Conference ID: 8306105
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1952

Webcast: https://events.q4inc.com/attendee/518660974

About Integra

Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.

ON BEHALF OF THE BOARD OF DIRECTORS

George Salamis
President, CEO and Director

CONTACT INFORMATION

Corporate Inquiries: [email protected]
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by James Frost, P.Eng., Director, Technical Services of Integra Resources Corp., who is a Qualified Person as defined by NI 43-101. In reviewing and approving this disclosure, Mr. Frost has relied upon the work of other Qualified Persons, each of whom has reviewed and approved the scientific and technical information within their respective areas of expertise.

Forte Dynamics, Inc. part of SLR Consulting Limited, has led the Feasibility Study and is managing the Report with RESPEC Company LLC contributing. The following independent Qualified Persons with associated firms have reviewed and approved this news release as defined by NI 43-101:

Barry Carlson, P.E., SME-RN, Forte Dynamics, Inc.
Deepak Malhotra, Phd., P.E., SME-RN, Forte Dynamics, Inc.
Jeffrey Bickel, C.P.G., RESPEC Company LLC
Keith Watson, P.Eng., RESPEC Company LLC
Jay Nopola, P.E., RESPEC Company LLC

Data Verification

The Qualified Persons responsible for the FS technical report have verified the data for which they are accountable, including the sampling, analytical, and test data underlying the information disclosed in this news release. Geological, mine engineering and metallurgical reviews included, among other things, reviewing drill data and core logs, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the Qualified Persons, the data, assumptions, and parameters used in the sections of the FS that they are responsible for preparing are sufficiently reliable for those purposes. The technical report in respect of the FS, when filed, will contain more detailed information concerning individual Qualified Persons responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company.

Sampling and QA/QC Procedure

Thorough QA/QC protocols are followed on the Project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes. The samples are submitted directly to American Assay Labs in Reno, Nevada for preparation and analysis. Analysis of gold is performed using fire assay method with atomic absorption (AA) finish on a 1 assay ton aliquot. Gold results over 5 g/t are re-run using a gravimetric finish. Silver analysis is performed using ICP for results up to 100 g/t on a 5-acid digestion, with a fire assay, gravimetric finish for results over 100 g/t silver.

Additional supporting details regarding the information in this news release, will be provided in the FS technical report which will be available on SEDAR+ under the Company's profile within 45 days of this news release, including all qualifications, assumptions and exclusions that relate to the FS. The FS technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Forward Looking Statements

Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and in applicable United States securities law (referred to herein as forward‐looking statements). Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company, the Project and its mineral properties; results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of the FS for the Project, including cash flows, revenue potential, development, expenditures, and timing thereof, extraction rates, life-of-mine projections and cost estimates; timing of completion of a technical report summarizing the results of the FS; magnitude or quality of mineral deposits; anticipated advancement of the Project mine plan; exploration expenditures, costs and timing of the development of new deposits; costs and timing of future exploration; permitting; construction and optimization planning; estimates of metallurgical recovery rates; anticipated advancement of the Project, future prospects and prospective inclusion of Mineral Resources in future mining activities; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Project; future growth potential of the Project; and future development plans.

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the Project and the Company's mineral properties; satisfying ongoing covenants under the Company's loan facilities; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Project and the Company's mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's public disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra's Annual Information Form dated March 26, 2025 for the fiscal year ended December 31, 2024, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and available as Exhibit 99.1 to Integra's Form 40-F, which is available on the EDGAR profile for the Company at www.sec.gov.

Investors are cautioned not to put undue reliance on forward-looking statements.  The forward-looking statements contained herein are made as of the date of this news release and, accordingly, are subject to change after such date.  The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.  Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed online under the Company's profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Non-GAAP Financial Measures

Alternative performance measures in this news release such as "cash cost", "AISC" and "free cash flow" are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of DeLamar, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standardized meaning within International Financial Reporting Standards ("IFRS") and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Cash Costs

Cash costs include site operating costs (mining, processing, site G&A), refinery costs and royalties, but excludes head office G&A and exploration expenses.  While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

All-In Sustaining Cost

Site level AISC includes cash costs and sustaining and expansion capital, but excludes head office G&A and exploration expenses. The Company believes that this measure is useful to external users in assessing operating performance and the Company's ability to generate free cash flow from potential operations.

Free Cash Flow

Free cash flows are revenues net of operating costs, royalties, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company's ability to generate cash flows from the Project.

Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves

NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and resource and reserve information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

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

SOURCE Integra Resources Corp.

CALGARY, ALBERTA--(Newsfile Corp. - December 17, 2025) - Tenaz Energy Corp. ("Tenaz", "We", "Our", "Us" or the "Company") (TSX: TNZ) is pleased to announce its 2026 production and capital guidance.

Our Board of Directors has approved a capital expenditure budget of $250 to $275 million. Production guidance for 2026 is 19,500 to 22,500 boe/d1, reflecting year-over-year production growth (at mid-point of guidance) of approximately 115% from 2025.

2026 Guidance Average production volume19,500 to 22,500 boe/dCapital expenditures2 ("CAPEX")$250 to $275 millionThis organic capital investment program follows two major acquisitions in 2025, positioning Tenaz for multiple years of organic growth in natural gas production in the Netherlands, along with growth at a moderate pace in our Canadian oil project.

In our Dutch North Sea (“DNS”) asset base, three jack-up drilling rigs are currently operating. The Shelf Drilling Winner is on location in the Tenaz-operated Joint Development Area (“JDA”) drilling the K07-FB-103 well (45.6% working interest). The Borr Prospector 1 is on location at GEMS, with operator ONE-Dyas ready to re-enter and finish a partially-drilled infill well in the N05 pool (33.3% working interest). The Noble Resolute has commenced drilling the Eni operated L10-M4 Malachite well (21.4% working interest). In Canada, we expect to begin a three-well horizontal well program in Q1 2026 (87.5% working interest).  

Capital and Production Guidance Overview

The overall 2026 CAPEX program is within forecasted 2026 funds flow from operations2 based on the current forward strip. Due to the timing of drilling, workover and tie-in activity, the largest impact on production growth from the program will be realized in 2027. Based on our current project schedules and risking of outcomes, we could achieve a production exit rate for 2026 as high as 27,000 boe/d.

We will maintain flexibility in the capital plan for 2026. As projects mature throughout the year, we will add or substitute these opportunities if they are economically or strategically superior to those currently planned. Our extensive infrastructure allows development activity to convert into contribution margin with relatively low incremental cost per unit of natural gas produced.

In the Tenaz Energy Netherlands ("TEN") operated JDA and L block areas, we expect to drill three (1.6 net) wells and continue with our workover campaign. The TEN capital program reduces the magnitude of the contingent earn-out payment for 2026 by deploying cash flow into development and exploration activity. At GEMS, ONE-Dyas will continue to execute its field development plan with a four (1.4 net) well drilling program targeting a range of infill and near-field exploration opportunities. In the L10 area, Eni plans a one (0.2 net) well drilling program, with potential expansion late in 2026 depending on rig scheduling and other factors. Our Canadian program, making up 4% of our budget, is expected to be composed of three horizontal wells (2.6 net), with two unfracked multi-laterals in the Ellerslie formation and a fracked single lateral in the Sparky formation. Our capital plan allocates approximately 80% of CAPEX to drilling operations, approximately 10% to workover and optimization activities, and approximately 10% to long-lead purchases and facilities projects.

Commodity Prices and Hedging

We expect that a number of LNG projects, particularly from the United States, will continue to progress and bring additional volumes to the global market. Europe will continue to rely on securing LNG supply for consumption and storage needs, as well as displacing remaining supply from Russia, which is expected to stop before the end of 2027. For 2025, Russian LNG and pipeline supply into the European Union has averaged approximately 3.5 Bcf/d, representing 12% of gas consumption. We expect LNG growth to cover the additional requirement, but reliance on short-term contracted volumes will require ongoing price competition to secure supply.

Hedging is a key element of our risk management approach. As of today, we are 42% hedged for full year 2026 for all products on an oil-equivalent basis, with 45% of TTF exposure and 63% of AECO exposure hedged. Approximately 50% of projected revenue for 2026 is currently protected via hedging. We continue to monitor commodity prices and will look for opportunities to layer in additional revenue protection for 2026 and beyond to protect payout of capital projects and manage cash flow volatility.

About Tenaz Energy Corp.

Tenaz Energy Corp. is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the largest gas producer in the Dutch sector of the North Sea and develops crude oil and natural gas at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and at www.tenazenergy.com. Tenaz's Common Shares are listed for trading on the Toronto Stock Exchange under the symbol "TNZ".

ADVISORIES

Non‐GAAP and Other Financial Measures

This press release contains the terms funds flow from operations and capital expenditures which are considered "non-GAAP financial measures". These terms do not have a standardized meaning prescribed by GAAP. Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.

Fund flows from operations

Tenaz considers funds flow from operations to be a key measure of performance as it demonstrates the Company's ability to generate the necessary funds for sustaining capital, future growth through capital investment, and settling liabilities. Funds flow from operations is calculated as cash flow from operating activities plus income from associate and before changes in non-cash operating working capital and decommissioning liabilities settled. Funds flow from operations is not intended to represent cash flows from operating activities.

Capital expenditures

Tenaz considers capital expenditures to be a useful measure of the Company's investment in its existing asset base calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities.

Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Forward-looking Information

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "budget", "forecast", "guidance", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "potential", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to: the CAPEX budget, and production and capital guidance (including year-over-year production growth) for 2026; capital plans and activities, and impacts; anticipated operational and financial performance; potential 2026 production exit rate; contingent earn-out consideration; the relative allocation of CAPEX; hedging; and the Company's strategy.

The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Tenaz including, without limitation: the continued performance of Tenaz's oil and gas properties in a manner consistent with its past experiences; that Tenaz will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty, tariff and regulatory regimes; expectations regarding future acquisition opportunities; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures.

Tenaz believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tenaz's products; unanticipated operating results or production declines; changes in tax or environmental laws, tariffs, royalty rates or other regulatory matters; changes in development plans of Tenaz or by third party operators of Tenaz's properties; increased debt levels or debt service requirements; inaccurate estimation of reserves or resources; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; a failure to obtain necessary approvals as proposed or at all and certain other risks detailed from time to time in Tenaz's public documents.

The forward-looking information and statements contained in this press release speak only as of the date of this press release and, except as may be required pursuant to applicable laws, Tenaz does not assume any obligation to publicly update or revise them to reflect new events or circumstances.

1 The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" in the "Advisories" section of this press release.
2 This is a non-GAAP and other financial measure. Refer to "Non-GAAP and Other Financial Measures" included in the "Advisories" section.

/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278420

Source: Tenaz Energy Corp.

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Enerpac (EPAC - Free Report) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -2.70%. A quarter ago, it was expected that this industrial products company would post earnings of $0.51 per share when it actually produced earnings of $0.52, delivering a surprise of +1.96%.

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

Enerpac, which belongs to the Zacks Manufacturing - Tools & Related Products industry, posted revenues of $144.21 million for the quarter ended November 2025, missing the Zacks Consensus Estimate by 2.43%. This compares to year-ago revenues of $145.2 million. The company has topped consensus revenue estimates two times over the last four quarters.

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

Enerpac shares have lost about 4.1% since the beginning of the year versus the S&P 500's gain of 15.6%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.41 on $150.3 million in revenues for the coming quarter and $1.92 on $643.6 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - Tools & Related Products is currently in the top 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Industrial Products sector, MSC Industrial (MSM - Free Report) , has yet to report results for the quarter ended November 2025. The results are expected to be released on January 7.

This distributor of industrial tools and supplies is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of +10.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

MSC Industrial's revenues are expected to be $964.99 million, up 3.9% from the year-ago quarter.

December 17, 2025 17:15 ET

 | Source:

Paladin Energy Ltd

PERTH, Australia, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) is pleased to announce that the restructure of its syndicated debt facility (Debt Facility) with its Lenders, Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division), Nedbank Namibia Limited and Macquarie Bank was executed on 18 December 2025 with completion of the restructure conditional on the finalisation of customary conditions.

The original Debt Facility was executed in January 2024 prior to the recommencement of production at the Langer Heinrich Mine (LHM) and the Company’s acquisition of Fission Uranium Corp. The restructure aims to right-size the overall debt capacity, reducing it from US$150M to US$110M, leveraging Paladin’s enhanced liquidity position following the successful completion of the A$300M equity raise and A$100M Share Purchase Plan in 2025. The restructure also reflects Paladin’s increasing maturity as a uranium producer as it continues to progress the ramp up at the LHM, while providing greater undrawn debt capacity and balance sheet flexibility.

The restructure provides Paladin with a US$110M Debt Facility including:

Term Loan Facility of US$40M (30 September balance: US$79.8M), reducing costs associated with the current debt portfolio, maturing on 28 February 2029An undrawn Revolving Credit Facility of US$70M (30 September balance: undrawn US$50M Facility), providing additional undrawn debt capacity, maturing on 28 February 2027 with an option to extend twice by a further year As part of the restructure, a repayment of US$39.8M will be made to reduce the Term Loan Facility at completion. Please refer to Schedule 1 for the key terms of the restructured Debt Facility.

This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.

Contacts   Investor RelationsMediaHead OfficeHead Office  Paula RaffoAnthony HasluckPaladin Investor RelationsPaladin Corporate Affairs  T: +61 8 9423 8100T: +61 409 448 288E: [email protected]: [email protected]   Schedule 1 – Summary Terms of US$110M Debt Facility

 Term Loan FacilityRevolving Credit FacilityBorrowerPaladin Energy Ltd and Paladin Finance Pty Ltd (a wholly owned subsidiary of Paladin Energy Ltd)LendersNedbank Limited, Nedbank Namibia Limited and Macquarie Bank LimitedCommitmentUS$40M (drawn)US$70M (undrawn)SecuritySenior SecuredRepaymentQuarterly capital repayment
over 12 repayment periods. Voluntarily repaymentBorrowers may choose to repay and redraw anytime during the availability period. Repaid in full by final maturity date.Maturity28 February 202928 February 2027, with an option to extend twice by a further year, subject to a six month notice period and Lender approvalCovenantsCustomary covenants, representations and events of default for a secured debt financing with financial covenants including debt service coverage ratio, net Debt/EBITDA ratio, reserve tail ratio, and minimum cash balance

Vancouver, British Columbia--(Newsfile Corp. - December 17, 2025) - ImagineAR Inc. (CSE: IP) (the "Company" or "ImagineAR"), announces that, further to its news releases of November 7, 2025 and November 14, 2025, it has completed its non-brokered private placement (the "Offering") of units (each a "Unit"). The Offering, which was composed of one tranche that closed on November 14, 2025, consisted of the sale of 11,667,112 Units at a price of $0.03 per Unit for gross aggregate proceeds of $350,013.37.

Each Unit was composed of one (1) common share in the capital of the Company ("Common Shares") and one (1) non-transferable Common Share purchase warrant (the "Warrant"), with each Warrant entitling the holder to purchase one additional common share at a price of $0.05 for a period of thirty-six (36) months from the closing of the Offering. In accordance with applicable Canadian securities laws, all securities issued and issuable pursuant to the private placement will be legended with a hold period of four (4) months and one day from the date of issuance. The Offering is subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

ImagineAR intends to use the net proceeds from the proposed private placement for general working capital, and operations, legal, and sales/marketing of products.

The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any states' securities laws and may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About ImagineAR

Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) has developed an "AR-as-a-Service" platform that enables sports teams and organizations of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos, information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode software development kit ("SDK").

For more information or to explore working with ImagineAR, please email [email protected], or visit www.imagineAR.com.

All trademarks of the property of respective owners.

No stock exchange, regulation securities provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information in this news release includes, but is not limited to, the completion of the Offering on the terms described herein or at all, the expected expenditure of the proceeds of the Offering, and the Company's objectives, goals or future plans. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to receipt of regulatory and stock exchange approvals, grants of equity-based compensation, an inability to predict and counteract the effects global events on the business of the Company, including but not limited to the effects on capital market conditions, restriction on labour and international travel and supply chains etc. Forward-looking information addresses future events and conditions and therefore involves inherent risks and uncertainties, including factors beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise any forward-looking information, except as may be required by law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's financial statements and management's discussion and analysis (the "Filings"), such Filings available upon request.

/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES/

SOURCE: Imagine AR Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278381

Source: Imagine AR Inc.

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The acquisition continues AAR's accelerated growth strategy through M&A

, /PRNewswire/ -- AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today it has entered into a definitive agreement to purchase Aircraft Reconfig Technologies, a leading aircraft interiors engineering company, from ZIM Aircraft Cabin Solutions for $35 million in an all-cash transaction, subject to customary adjustments. Upon closing, the acquisition will immediately expand AAR's engineering and certification capabilities in its Repair & Engineering segment, allowing AAR to further differentiate itself as the leading independent MRO provider in North America.

Aircraft Reconfig Technologies is an engineering company specializing in passenger aircraft reconfiguration for leading global airlines. The company's full-service solutions include project management, engineering, and certification for aircraft interior reconfigurations. Founded in 1990, the company's approximately 100 team members are based in Greensboro, North Carolina.

An FAA Part 21 and 183 Organization Designation Authorization (ODA) holder, Aircraft Reconfig Technologies' robust IP portfolio includes patents, parts manufacturer approval (PMA), and supplemental type certificates. Incorporating these qualifications into AAR's Repair & Engineering segment will expand AAR's design capabilities for more complex aircraft modification work to complement its MRO offering. The ODA designation will also minimize AAR's reliance on third parties for design certification.

"AAR is excited to announce our agreement to acquire Aircraft Reconfig Technologies, a company with a strong reputation for high quality reconfiguration solutions. M&A is an important element of AAR's continued growth strategy. This acquisition will elevate AAR's engineering and in-house certification services to drive proprietary solutions as part of our broader MRO offering. We look forward to welcoming the skilled team at Aircraft Reconfig Technologies to AAR," said John M. Holmes, AAR's Chairman, President and CEO.

"This acquisition will add incremental engineering capabilities that will further differentiate AAR and enable us to expand our total accessible market," added Tom Hoferer, AAR's Senior Vice President of Repair & Engineering. "Further, by combining Aircraft Reconfig Technologies' qualifications with AAR's leadership position in MRO, we will be able to bring certification for our engineering solutions in-house, which will enhance our offerings to customers and create opportunities for AAR to pursue additional work."

The transaction is expected to close in the fourth quarter of AAR's Fiscal Year 2026, subject to customary closing conditions, including receipt of certain regulatory approvals. The acquisition is expected to be accretive to both margins and earnings.

For more information on AAR, visit aarcorp.com.

About AAR
AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through four operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be found at aarcorp.com.

About Aircraft Reconfig Technologies
Aircraft Reconfig Technologies is a leading aircraft interiors engineering company owned by ZIM Aircraft Cabin Solutions. Established in 1990, the company's full-service solutions include project management, engineering, monument and kit production, and certification for aircraft interior reconfigurations for global airlines. Additional information can be found at https://www.art-aero.com/.

This press release contains certain statements regarding the pending acquisition of Aircraft Reconfig Technologies, including the anticipated timing of the acquisition and the expected benefits related to the acquisition, including expansion of the Company's engineering, design and certifications capabilities in its Repair & Engineering segment, execution of the Company's strategies, and impacts on the Company's financial results. Such statements are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and reflect management's expectations about future conditions. Forward-looking statements may also be identified because they contain words such as ''anticipate,'' ''believe,'' ''continue,'' ''could,'' ''estimate,'' ''expect,'' ''intend,'' ''likely,'' ''may,'' ''might,'' ''plan,'' ''potential,'' ''predict,'' ''project,'' ''seek,'' ''should,'' ''target,'' ''will,'' ''would,'' or similar expressions and the negatives of those terms. These forward-looking statements are based on beliefs of management, as well as assumptions and estimates based on information currently available to us and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For a discussion of these and other risks and uncertainties, refer to "Risk Factors" in our most recent Annual Report on Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described and the anticipated benefits of the acquisition may not be realized. These events and uncertainties are difficult or impossible to predict accurately, and many are beyond our control. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements, except as required by law.  

Contact:
Media Team
+1-630-227-5100
[email protected]

SOURCE AAR CORP.

, /PRNewswire/ -- National plaintiffs' law firm Berger Montague PC announces a class action lawsuit against James Hardie Industries plc (NYSE: JHX) ("James Hardie" or the "Company") on behalf of investors who purchased James Hardie common stock and American Depositary Shares during the period of May 20, 2025 through August 18, 2025 (the "Class Period").

Investor Deadline: Investors who purchased James Hardie securities during the Class Period may, no later than December 23, 2025, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE.

James Hardie is a global building materials company specializing in fiber cement products with headquarters in Dublin, Ireland. 

The lawsuit alleges that during the Class Period, James Hardie overstated demand in its North American Fiber Cement segment and downplayed distributor destocking that had begun months earlier. On August 19, 2025, when the Company later reported a 12% drop in segment sales, its stock price declined by more than 34%, resulting in substantial investor losses.

If you are a James Hardie investor and would like to learn more about this action, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Caitlin Adorni at [email protected] or (267)764-4865.

About Berger Montague
Berger Montague is one of the nation's preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.

For more information or to discuss your rights, please contact:
Andrew Abramowitz
Senior Counsel
Berger Montague
(215) 875-3015
[email protected]

Caitlin Adorni
Director of Portfolio & Institutional Client Monitoring Services
Berger Montague
(267) 764-4865
[email protected] 

SOURCE Berger Montague

BELO HORIZONTE, Brazil--(BUSINESS WIRE)--Afya Limited (Nasdaq: AFYA; B3: A2FY34) (“Afya” or the “Company”), the leading medical education group and medical practice solutions provider in Brazil, announced today that Mrs. Maria Tereza Azevedo notified the Company of her intent to resign as a member of the Board of Directors of the Company, effective as of December 31, 2025. Afya thanks Maria Tereza for her dedication and meaningful contributions to the Board and wishes her continued success in h.

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This Wednesday, BTC outpaced stocks as launchpads rose. More importantly, this week’s update highlights a clear structural shift in how crypto markets are being distributed.

We also take a look at M&A and fundraising over the past year, and note the drastic growth of mergers and acquisitions activity in crypto. Together, these trends point to a market where infrastructure, not listings, is becoming the primary driver of scale and access.

Indices
Markets leaned modestly risk-on over the last session, with crypto and growth assets leading while defensives lagged. BTC outperformed on the day (+1.6%), while the Nasdaq 100 (+0.1%) and Gold (+0.1%) were effectively flat, and the S&P 500 slipped modestly (-0.4%), reinforcing the view that incremental risk appetite was concentrated squarely in crypto rather than across broader macro assets. Intraday volatility was noticeable across all lines, but dips were consistently bought, particularly during the US trading window.

Within crypto, today’s tape was defined by aggressive rotation into trading themes. Launchpads (+3.9%) led the complex by a wide margin, followed by the Solana ecosystem (+2.3%) and DEXs (+2.1%). Crypto Miners (+1.9%), tokens with Buybacks (+1.9%), Exchange tokens (+1.9%) and plays like RWA (+1.9%) also finished green. On the other side, several categories saw sharp givebacks. Gaming (-6.4%) was the clear laggard, with Lending (-3.7%), Revenue Leaders (-3.5%), Ethereum ecosystem (-3.5%), and Memes (-3.4%) all posting steep declines. 

Within Revenue Leaders, HYPE (-3.0%) continues to underperform as concerns around sustainability, take fees and competition arise. Meanwhile, AAVE (-3.8%) was the worst performing asset in the index as concerns around Aave Labs and DAO alignment continue. This is despite Aave founder Stani Kulechov swapping almost $10 million of wrapped ETH into AAVE to signal “alignment” with the token.

Overall, the market action suggests tactical rotations rather than a broad risk-off shift. Volatility remains elevated and flows appear selective. Sustained follow-through will likely depend on BTC’s ability to hold recent gains and reassert leadership.

Market Update
Jupiter has integrated with Coinbase’s onchain trading stack to power swaps for Solana-based assets, bringing one of Solana’s most important liquidity layers directly into a mainstream crypto interface. The integration allows users to trade Solana tokens via Coinbase’s onchain experience, while Jupiter handles routing and execution across Solana DeFi in the background.

On average, Jupiter generates around $4 million in monthly revenue from its aggregator (ultra) offering and this integration paves the way to monetize this further. 

So what’s actually happening? Well, rather than listing new Solana assets directly on a centralized order book, Coinbase is leaning into onchain rails. Jupiter acts as the execution engine, aggregating liquidity across Solana DEXs, optimizing routes, and settling trades onchain, while Coinbase provides the distribution, UX, and on- and off-ramps. For users, this means access to a much broader universe of Solana tokens than would typically be available through centralized listings, without needing to leave the Coinbase ecosystem. 

Coinbase is one of the leading exchanges in the world, with a large user base with roughly $80-$100 billion in average monthly trading spot volume. 

Similarly, Jupiter already sits at the center of Solana spot trading activity, with roughly $50 billion in monthly trading spot volume.

Together, they significantly expand how Solana-native assets reach retail users. Notably, Coinbase isn’t competing with Solana DeFi primitives here, it’s embedding them. This reflects a broader shift where centralized platforms increasingly act as frontends to onchain liquidity. The logic behind this is that onchain trading removes the long lead times associated with centralized exchange listings, allowing markets to form where liquidity already exists. Amid a market downturn, this integration may act as a rerating catalyst for both COIN and JUP by expanding trading volume and revenue potential.

However, permissionless markets cut both ways. Access to more tokens also means exposure to illiquid or malicious assets, so verification, liquidity checks and trade sizing remain essential. The Jupiter-Coinbase integration is less about a single partnership and more about a structural shift, where major exchanges increasingly rely on DeFi infrastructure to deliver broader market access and Solana’s trading stack becomes harder to ignore.

Fundraising and M&A update
Crypto M&A activity has experienced drastic growth over the past several quarters. M&A volume in November 2025 alone reached approximately $10.7 billion, driven largely by Naver’s acquisition of Dunamu (operator of the Upbit exchange) for $10.3 billion. 

This follows a strong Q3 2025 where crypto M&A topped $10 billion for the first time, doubling the previous record of $5 billion and representing a 30x jump compared to the same period in 2024. By November 2025, total M&A deal value reached $8.6 billion across 133 deals (excluding the Dunamu mega-deal), exceeding the combined total of the previous four years. M&A has grown from $457,000 in Q1 2021 to $4.2 billion in Q2 2025, which represents a roughly 9000x increase. 

The surge has been led by major exchanges executing aggressive expansion strategies. Coinbase completed six acquisitions in 2025, including the $2.9 billion purchase of Deribit, the current leading crypto options platform. Ripple acquired four companies, including the $1.25 billion purchase of prime brokerage Hidden Road, while Kraken completed five acquisitions, including NinjaTrader for $1.5 billion and Small Exchange for $100 million. Recent deals show continued momentum into December, with Paribu acquiring CoinMENA for $240 million, Stripe acquiring wallet provider Valora, Kraken purchasing tokenization firm Backed, and Galaxy acquiring liquid staking protocol Alluvial.

Crypto fundraising has grown approximately 41%: from the previous cycle peak of $4.63 billion in January 2021 to the new high of $6.52 billion in July 2025. 

Fundraising activity has been robust throughout 2025, though with more variation month to month. Fundraising peaked in July 2025 at $6.5 billion before decreasing to around $4-5 billion monthly through Q3 and Q4. Notable recent raises include Kraken securing $800 million across two rounds in November (including $200 million from Citadel Securities at a $20 billion valuation), Kalshi raising $1 billion at an $11 billion valuation for its prediction markets platform, Monad completing a $188 million public sale at a $2.5 billion valuation, and RedotPay closing a $107 million Series B for its crypto payments infrastructure. Year-to-date fundraising through November 2025 totaled approximately $36 billion, a significant recovery from the crypto winter years of 2023-2024 when monthly fundraising often struggled to exceed $1 billion. 

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Tags0xResearch NewsletterCoinbaseM&ASolana

TL;DR

BlackRock moved close to $600 million in Bitcoin and Ethereum to Coinbase Prime amid uneven ETF flows.
The transfer followed recent outflows from the firm’s Bitcoin and Ethereum ETFs, though these figures often lag actual market activity.
The move reflects how institutional managers actively rebalance liquidity, custody, and execution, demonstrating that large transfers are not necessarily a signal of selling pressure in crypto markets.

BlackRock transferred nearly $600 million in Bitcoin and Ethereum during a period of volatile ETF flows, attracting attention from traders and analysts monitoring institutional behavior. The shift occurred as digital asset markets navigated uneven demand from spot ETFs. While large transactions often spark speculation, understanding BlackRock’s ETF mechanics provides a more nuanced view of the activity. Analysts note that these moves may also indicate preparation for additional market opportunities or internal portfolio restructuring, highlighting ongoing strategic engagement with digital assets.

🚨 JUST IN: BlackRock sends $382M in Bitcoin and $220M in Ethereum to Coinbase Prime.$BTC $ETH $COIN pic.twitter.com/9RCrBE3VEJ

— MarketPulseHQ (@MPulseHQ) December 17, 2025

BlackRock And The Mechanics Behind ETF Flows
On-chain data shows that BlackRock deposited thousands of Bitcoin and tens of thousands of Ethereum into Coinbase Prime, a platform used by institutions for custody and execution. This followed a day of notable net outflows from the firm’s Bitcoin and Ethereum ETFs. Bitcoin products saw redemptions exceeding $210 million, while Ethereum products recorded outflows above $220 million. Experts emphasize that ETF flows can mask complex behind-the-scenes strategies, including liquidity timing and coordination across multiple investment products.

ETF flow data tracks share creation and redemption, not immediate spot market transactions. Authorized participants manage this process and often maintain inventory buffers. Therefore, ETF outflows do not always correspond to direct selling of the underlying assets. Assets can be repositioned, consolidated, or held for future settlement without impacting market prices.

Why Bitcoin And Ethereum Transfers Matter
Using Coinbase Prime adds context. Prime accounts support custody, large-scale execution, and internal fund operations. Moving Bitcoin and Ethereum to these accounts places assets closer to liquidity but does not necessarily indicate selling. Institutional managers frequently rebalance positions, adjust custody arrangements, or prepare for redemptions while maintaining long-term allocations. The scale and timing of such moves underline how digital asset markets are now closely integrated with traditional financial operations and professional investment strategies.

Institutional Signals In A Maturing Market
From a pro-crypto perspective, BlackRock’s activity signals continued institutional engagement rather than withdrawal. Even amid volatile ETF flows, the infrastructure can absorb large transactions without destabilizing prices. For Bitcoin and Ethereum, these transfers reflect operational adjustments in a maturing market, highlighting ongoing professional participation rather than market panic.

As institutional involvement grows, such movements are likely to become routine. They emphasize that large transfers are part of strategic liquidity management and reinforce confidence in the resilience of Bitcoin and Ethereum markets.

The president issued a blockade of all sanctioned Venezuelan oil tankers, sending oil prices up, while bitcoin and stocks fell. Bitcoin Retreats After U.S. Action Against Venezuelan Regime On Sept. 2, 2025, U.S. forces struck an alleged Venezuelan drug boat, killing nine of its occupants.

XRP has recorded another win as institutional investors continue to adopt the altcoin. The CME exchange announced that it has rolled out another XRP product, which could boost its adoption and drive more inflows into its ecosystem.

Chainlink's decline today appears to have much more to do with market forces than weakening fundamentals.

It's been a very tough day for cryptocurrency investors, with most tokens in the digital assets space declining significantly today.

For investors in Chainlink (LINK 5.52%), this token unfortunately has not received a hall pass from this turmoil. Declining 5.6% over the past 24 hours (as of 4:30 p.m. ET), Chainlink's performance is certainly concerning to bulls who had hoped that greater investment in infrastructure-focused blockchain projects would accelerate by the end of the year.

Today's Change

(

-5.52

%) $

-0.71

Current Price

$

12.22

That said, given that we're about to turn the page to a new year, let's delve into the key drivers of today's move and explore whether there's hope for a turnaround ahead.

Market forces are hard to overcome today

Source: Getty Images.

I've pointed out in several of my recent pieces on Chainlink that positive catalysts are underpinning this project that can be examined. Key partnerships continue to emerge, with notable names in the traditional finance world eager to utilize Chainlink's native Cross-Chain Interoperability Protocol (CCIP) to integrate their operations with blockchain technology.

Given the efficiency that many blockchains can provide to traditional institutions in the financial world, this certainly makes sense. That said, broader market weakness tied to concerns around a deteriorating macro backdrop has been enough to derail this bullish thesis today.

Investors appear to be growing increasingly concerned about capital flows into the crypto sector, as valuations continue to get hit in speculative areas of the market. Excesses in both valuations, as well as expectations that the blistering rate of spending on technology could slow, have led to a downturn in expectations around growth for many of the fastest-growing crypto networks.

Chainlink's ability to capture fees from those utilizing its infrastructure may come under pressure if widespread panic sets in. We're not there yet, but this is undoubtedly a top project that provides some key plumbing to the digital assets sector, which could be a canary in the coal mine worth watching from here.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chainlink. The Motley Fool has a disclosure policy.

Analyst VisionPulsed warns Dogecoin could crash to $0.05 despite a potential Bitcoin bounce, citing 2022 patterns and technical divergence signals.

Newton Gitonga2 min read

17 December 2025, 10:19 PM

A technical analyst predicts Dogecoin faces significant downside risk even if Bitcoin stages a near-term rally. The warning comes as historical patterns from 2022 appear to be repeating across cryptocurrency markets.

Pseudonymous analyst VisionPulsed outlined the bearish scenario in a video posted on YouTube. The forecast centers on diverging price action between Bitcoin and Dogecoin, mirroring conditions that preceded sharp declines two years ago.

Bitcoin Shows Signs of Potential ReversalBitcoin's daily stochastic RSI indicator provides the foundation for the analysis. The oscillator is declining from overbought territory toward oversold levels. This same pattern has coincided with fresh price lows throughout October, November, and early December.

The current cycle differs from previous resets. Bitcoin may form a higher low as the indicator reaches oversold conditions. Such price action would mark the first higher low in two months.

VisionPulsed emphasized the significance of this potential shift. A confirmed higher low would signal a short- to medium-term trend reversal. This scenario could trigger a relief rally across cryptocurrency markets.

The analyst cautioned against premature optimism. The bullish case depends entirely on Bitcoin maintaining support above recent lows. A breakdown below current levels would invalidate the reversal thesis and extend the downtrend.

Bitcoin currently trades within the lower band of a seven- to eight-day Gaussian channel. The cryptocurrency has occupied this zone for approximately four weeks. During the 2022 accumulation period, Bitcoin spent 63 days in similar territory before breaking lower.

Dogecoin Divergence Signals WeaknessDogecoin's technical structure presents a stark contrast to Bitcoin. The memecoin continues printing lower lows on daily timeframes while Bitcoin attempts to stabilize. This divergence mirrors conditions observed throughout 2022.

During that period, Dogecoin declined steadily while Bitcoin formed a base with higher lows. The pattern preceded a severe capitulation event for DOGE.

VisionPulsed projects a possible relief bounce for Dogecoin if Bitcoin rallies. The analyst places resistance around $0.20 for January. He described this level as potentially the final opportunity before a deeper correction.

The base case scenario involves Dogecoin declining to the $0.05-$0.06 range. This projection represents a 60% drop from current prices.

At the time of writing, Dogecoin trades at around $0.1259, indicating a 4.74% decrease in the last 24 hours. The analyst stated Dogecoin shows no bullish indicators until it breaks its established downtrend. Current technical conditions favor continued weakness.

DOGE price chart, Source: CoinMarketCap

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Newton Gitonga

Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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BitcoinDogecoin (DOGE) News

The Hyper Foundation has submitted a proposal that could remove nearly $1 billion worth of HYPE tokens from the circulating supply.

On Tuesday evening, the organization posted a Discord message asking for a vote on whether HYPE tokens held in the Assistance Fund should be "recognized … as burned" and removed "permanently from the circulating and total supply."

The Assistance Fund is a core protocol-level mechanism for Hyperliquid that automatically converts a significant portion of the blockchain's trading fees into native HYPE tokens through an embedded process in the L1 execution layer.

In practice, the fund, managed by the Hyper Foundation, functions like a continuous buyback-and-burn system, putting deflationary pressure on HYPE's supply. The system was intentionally designed without a private key or any control mechanisms, meaning they are “mathematically irretrievable without a hard fork,” the foundation noted.

However, the tokens remain part of HYPE’s measurable supply, perhaps distorting metrics like market capitalization. About 37 million HYPE tokens are currently in the Assistance Fund, representing over 13% of HYPE’s 270 million circulating supply, according to The Block’s data.

"By voting ‘Yes,’ validators agree to treat the Assistance Fund HYPE as burned. No onchain action is required, as the tokens are already in a system address with no private key. This vote is binding social consensus to never authorize a protocol upgrade to access this address," the foundation wrote.

On Discord, most validators have signalled that they intend to vote “Yes” on the proposal. The vote will remain open until Dec. 21 at 04:00 UTC, at which point the result will be confirmed based on stake-weighted consensus.

HYPE is down over 8% on the day to trade below $25, according to The Block’s price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Markets

Memecoins Market Plunge 22% as 2025 Frenzy Flames Out

TL;DR The memecoin market has entered a correction phase, seeing a 22% drop in market capitalization and a 27% decline in trading volume over the

flash news

Analysts eye $0.081 as pivot for Dogecoin rebound

Dogecoin is trading around $0.14 as analysts flag weakening support and identify $0.081 as the next major demand zone, based on price data from CoinMarketCap

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PEPE Faces Website Breach as Market Charts Hint at Recovery vs Dogecoin

TL;DR The official PEPE website suffered a hack that redirects users to malicious pages, potentially exposing their digital wallets. The attack used harmful code from

Dogecoin News

Dogecoin Team Celebrates Major Adoption Milestone: “Doge Is Everywhere”

TL;DR Buenos Aires now accepts Dogecoin for municipal tax and fee payments. The city partners with Binance for public cryptocurrency education campaigns. Investment firm Vanguard

Dogecoin News

Dogecoin Market Gains Clarity as 21Shares Amends ETF With New Details

TL;DR 21Shares advances Dogecoin ETF plans, updating filings with fees, custodians, and partners. Amendment confirms 0.50% fee, Dogecoin payments, and delaying provision controlling effective date.

flash news

Dogecoin Holds Flat at Around $0.14 With Bearish Sentiment Dominating

The puppy memecoin is stable at $0.14. It is framed by a lack of enthusiasm from buyers and a selective market. The daily configuration reveals

Vancouver, British Columbia--(Newsfile Corp. - December 17, 2025) - Nations Royalty Corp. (TSXV: NRC) (OTCQB: NRYCF) (FSE: Y96) ("Nations Royalty" or the "Company") is pleased to announce the results from the Annual General & Special Meeting (the "AGSM") held on December 16, 2025. Shareholders voted in favour of all items of business before the AGSM, including the election of all director nominees, the appointment of the auditor, and the stock option plan.

A total of 120,281,958 votes were cast by holders of Nations Royalty common shares (the "Shares"), representing 83.09% of the total outstanding Shares;

Shareholders approved all items of business before the AGSM including the election of Directors as follows:

Director NomineesVotes For% of Votes CastAlexander Morrison120,275,25399.99Edward Clayton120,281,25899.99Robert McLeod120,275,28399.99Saga Williams120,281,25899.99Derrick Pattenden120,275,28399.99The Company welcomes Derrick Pattenden, Chief Investment Officer of the Company, to the Board of Directors.

About Nations Royalty Corp.

The Company's vision is to unite First Nations and Indigenous groups across Canada, welcoming external investors to join the Company as shareholders. Together, they will combine royalties, income and commodity streams and annual benefit payment entitlements from resource projects, tapping into the growth, diversification and value potential typical of publicly traded royalty companies. As a leader in the spirit of economic reconciliation, Nations Royalty's mission includes capacity building of Indigenous People in public companies and capital markets.

Nations Royalty's foundation begins with five annual benefit payment entitlements in place in respect of the following properties in Canada:

The high-grade Brucejack gold mine operated by Newmont Corporation;The KSM Copper-Gold-Silver-Molybdenum deposit, currently in development by Seabridge Gold Inc.;The Premier Gold Project, currently evaluating a restart decision by Ascot Resources Ltd.;The Red Mountain Gold Deposit, owned by Ascot Resources Ltd.; andThe Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly LLC, majority-owned by Resource Capital Fund VI L.P.Cautionary Statement Regarding Forward-Looking Information

Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the current expectations of management of the Company. Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the industry in which the Company operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company's management's discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under the Company 's profile at www.sedarplus.ca. Although the Company has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be taken as guaranteed. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place any undue reliance on forward looking information.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278430

Source: Nations Royalty Corp.

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LOS ANGELES--(BUSINESS WIRE)--TCW Strategic Income Fund, Inc. (NYSE: TSI) today announced a quarterly distribution of $0.13 per share payable to shareholders of record on December 31, 2025, with the payable date of January 9, 2026. The distribution represents a regular quarterly distribution of $0.065 and an additional special year-end distribution of $0.065 from net investment income. The distribution is based on a policy that was approved by the Board of Directors in December 2013 which was t.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in RBLX over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.

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

The U.S. Defense Department on Wednesday said it was exercising an option to award Humana a $7.3 billion deal for health care and administrative support services.

Coinbase is making its biggest push yet to reposition itself as a mainstream trading and financial platform, moving beyond crypto and into the broader retail investing stack as competitors show there's real money in always-on engagement products.

The digital asset exchange announced Wednesday that it's rolling out a major slate of new products designed to turn Coinbase into a one-stop financial app, expanding into stocks, more advanced trading, and prediction markets, while doubling down on its on-chain ecosystem and new tools for businesses, developers, and automated financial guidance.

While many of these offerings have been telegraphed for months, Coinbase says the products are now built, and ready to go.

CEO Brian Armstrong is looking to make his platform the place to trade everything.

That includes stocks, a streamlined futures and perpetuals experience, and prediction markets through Kalshi, alongside a tokenization roadmap aimed at eventually bringing more traditional assets on-chain, including equities.

The area of prediction markets, in particular, is quickly getting crowded.

DraftKings has moved to buy its own exchange, FanDuel is teaming up with CME, and Polymarket is entering the U.S. through a newly approved venue. Robinhood, meanwhile, is putting LedgerX at the center of its regulated push.

The defining rivalry in the space remains Kalshi versus Polymarket, regulated rails versus crypto-native liquidity.

Armstrong said the category's appeal isn't just trading, but its insight into sentiment, and what people think will happen next on any given topic.

"If you look at things like economic indicators … or elections, people are using prediction markets to try to figure out what is going to happen next month," Armstrong told CNBC. "Maybe1% of people use it as an asset class to trade, and 99% of people are using it as a way to figure out what's going to happen — almost like a competitor to traditional media or maybe even entertainment."

In the company's third-quarter earnings call with analysts in October, Armstrong showed just how easily prediction market wagers can be manipulated, rattling off several words that were being bet on.

"I was a little distracted because I was tracking the prediction market about what Coinbase will say on their next earnings call," Armstrong said. "And I just want to add here the words bitcoin, ethereum, blockchain, staking and Web3 to make sure we get those in before the end of the call."

Read more CNBC tech newsApple punted on AI this year. Next year will be criticalOpenAI in talks with Amazon about investment that could exceed $10 billionShares of Chinese chipmaker MetaX soar nearly 700% in blockbuster Shanghai debutAlphabet-owned Waymo in talks to raise $15 billion in fundingRobinhood underscored that shift this week by expanding prediction markets into sports-style contracts that resemble parlays and prop bets, and by touting the category as its fastest-growing business by revenue.

Coinbase is now bringing the same kind of outcome trading into its own ecosystem, but as a part of a much wider bet that the next-generation brokerage is a single app that blends traditional assets, derivatives, and on-chain rails.

Coinbase is pairing the trading expansion with a tokenization roadmap that signals where it wants the platform to go next, bringing more traditional assets on-chain, including equities.

The company is launching Coinbase Tokenize, an institutional stack intended to support real-world asset tokenization.

Armstrong framed the expansion as a bridge to something bigger.

Trading stocks, he said, is "a good first step," but the real goal is tokenized equities. If Coinbase can get tokenized equity live, he said, it could "democratize access for people over the world," and unlock new market structure in the U.S., including more robust, professional futures markets tied to equities.

"So this is the starting point," he said.

The announcement also extends Coinbase's push to become a provider of on-chain liquidity — not just a venue for listed tokens.

For businesses and developers, Coinbase is widening its platform story beyond retail trading. The company said Coinbase Business is becoming available to eligible customers in the U.S. and Singapore, and it's rolling out an expanded API suite spanning custody, payments, trading, and stablecoins.

Armstrong's broader thesis is that crypto isn't a niche category, it's an upgrade cycle for the financial system itself.

"Crypto is updating all financial services," he said, suggesting that every major asset class will move on-chain over time, from prediction markets and equities to commodities, and eventually real-world assets like real estate.

Even the largest asset managers, he said, are signaling they want to migrate funds on-chain, positioning Coinbase as a central platform for that transition.

Coinbase is also introducing "custom stablecoins" for companies that want branded stablecoin rails, and spotlighting x402, a payments standard the company says is meant to make stablecoin payments easier to attach to web requests — including for automated commerce and agent-driven transactions.

The strategic throughline is retention and diversification.

Coinbase already owns a large crypto-native audience, and it wants that customer to stay on its platform for every asset class, even when crypto volumes cool and transaction revenue compresses.

watch now

Insmed said on Wednesday it had discontinued the development of its experimental anti-inflammatory drug to treat a chronic sinus condition after it failed to show benefit in a mid-stage study, sending its shares down nearly 17% in extended trading.

MARKHAM, Ontario, Dec. 17, 2025 (GLOBE NEWSWIRE) -- The Executive Chairman of Unisync Corp. (“Unisync”), Renting (Tim) Gu, reports that he has indirectly acquired, through a holding company controlled by him, by private transaction executed through the facilities of the Toronto Stock Exchange, a total of 800,000 common shares of Unisync at a price of $1.31 per share for total consideration of $1,048,000.

Key Takeaways
Quantum computing stocks have taken a hit recently as worries about an AI bubble pressure the tech sector.Downbeat sentiment around the sector could continue in the near term, but may change as the technology becomes more widely adopted, according to one Wall Street bull. 

Could quantum computing stocks be due for a rebound?

Shares of quantum computing favorites Rigetti Computing (RGTI) lost about 6% Wednesday, while D-Wave Quantum (QBTS) slid 7%, IonQ (IONQ) fell 8%, and Quantum Computing (QUBT) dropped 9%, extending a pullback in recent weeks amid worries about an AI bubble. But one Wall Street bull expects that to change—eventually.

Analysts at Wedbush initiatied coverage of all four stocks with "outperform" ratings on Wednesday despite expectations they could remain pressured in the near term, viewing quantum computing as a "transformational" technology able to supercharge advances in AI, with potential for significant growth in the years to come.

"We expect that by the end of the decade, quantum computing companies will represent a larger share of the total spend on compute from what is a very small base today," the analysts said, highlighting Rigetti, IonQ, D-Wave, and Quantum Computing as the only publicly listed pure-play companies in the U.S.

Why This Is Significant
Quantum computing stocks have been among the biggest beneficiaries of the AI boom this year, amid expectations that growing demand for AI will raise computing needs.

The Wedbush analysts issued a $60 target for IonQ, suggesting nearly 30% upside from Wednesday's close, while their $12 target for Quantum Computing would point to a 16% gain. Their $35 targets for Rigetti and D-Wave would suggest they see the stocks adding roughly half their value in the next 12 months.

Though well below their October highs, D-Wave shaves have still nearly tripled in value this year so far, while Rigetti has climbed close to 50%, and IonQ has added 10%. Quantum Computing is the only stock among the four in the red for the 2025, with shares down close to 40% over the period.

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Posted: December 18, 2025

In November 2024, Ripple established strong bullish dominance after XRP broke into the $2 region for the first time in its history. Since reclaiming that level, price action initially held above $2 and later pushed to an all-time high of $3.68.

That bullish phase lasted for more than a year.

However, as of the 15th of December, XRP slipped below the $2 threshold, marking a shift toward growing bearish dominance.

AMBCrypto outlined the factors behind this reversal and what they could mean for the altcoin’s outlook.

Long-term investors show fading conviction
One of the earliest signs of building bearish momentum came from long-term holders. These investors are defined as addresses that have held Ripple [XRP] for more than 155 days without transacting.

Glassnode data showed that holders aged five to seven years realized roughly $721.5 million in profits on the 11th of December. At that time, XRP closed near $2.03, while the average cost basis hovered around $0.40.

Source: Glassnode

When profit-taking occurs with such a wide gap between cost basis and market price, it signals a lack of long-term conviction in the asset’s future upside.d

Long-term holders are not alone in their decision to exit. Ripple Co-Founder Chris Larsen had sold more than 200 million XRP months earlier.

As veteran holders exited, concerns grew over the altcoin’s longer-term upside narrative.

Institutional investors step back
Institutional investors have also begun to retreat, as reflected in a steady decline in purchasing activity over the past month.

U.S. XRP Spot exchange-traded funds (ETFs) recorded a sharp shift in flows. Buying Volume fell from $246.05 million in November to just $8.54 million by the close of trading on the 16th of December.

This represented a 96.49% drop in purchasing activity, highlighting deteriorating sentiment among traditional investors.

Source: CoinGlass

Bearish pressure has also spread across the broader market.

XRP Exchange Reserves climbed to 2.66 billion tokens, indicating that more supply is readily available for potential sell-offs.

If those reserves were to enter the market, the price could face additional pressure below the $1.88 press-time level.

Notably, institutional outflows began earlier than retail selling. Retail traders appeared to react after long-term holders started exiting.

If that selling persists, downside risks could accelerate.

Whales remain largely inactive
Whales, investors that control large liquidity clusters capable of influencing market direction, have shown a muted response so far.

The Whale-to-Exchange Flow metric, which tracks the volume of coins moved between whale wallets and exchanges, has dropped to zero. This indicated an absence of significant whale-driven activity.

Source: CryptoQuant

The last notable whale movement occurred on the 25th of October. Shortly after, XRP fell from around $2.6 to roughly $2.2.

Since then, whale behavior contrasted sharply with the active July–October period. If whales resume moving funds, historical patterns suggest renewed downside risk.

Even so, Spot market data showed stronger taker buy activity. That demand helped stabilize XRP’s price action in the short term.

Final Thoughts

XRP’s recent weakness reflected a broader confidence reset rather than a single catalyst.
With long-term holders and institutions stepping back, price direction may depend on whether fresh demand replaces exiting supply.