Author: Ravi Shankar

PEA outlines US$334 million after-tax NPV (10%), 282% IRR and a 16-year mine life, with additional exploration potential across the broader Calcatreu District

VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce the results of an updated independent Preliminary Economic Assessment (“PEA”) for its flagship Calcatreu Gold-Silver Project (“Calcatreu” or the “Project”), located in Río Negro Province, Argentina.

Prepared in accordance with National Instrument 43-101 (“NI 43-101”) by NCL Ingeniería y Construcción SpA (“NCL”), the PEA incorporates an updated Mineral Resource Estimate (“MRE”) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. The PEA outlines an approximately 16-year mine life, an after-tax NPV (10%) of approximately US$334 million, an after-tax IRR of approximately 282% and a payback period of approximately 0.6 years, based on gold and silver prices of US$3,500/oz and US$35/oz, respectively, and estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.

Highlights

• After-tax NPV (10%) of approximately US$334 million, with an after-tax IRR of approximately 282% and a 0.6-year payback period.
• Approximately 16-year mine life, with estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.
• Initial capital requirement of approximately US$52.5 million, of which approximately US$30.7 million was incurred during 2025.
• Approximately 84% of plant feed during the first five years is sourced from Measured and Indicated mineral resources.
• The updated MRE contains approximately
  • 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23/1 g/t of silver,
  • 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver, and
  • 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag (Table 1).
• The current mine plan incorporates Veta 49, Nelson, Belén, Piche Sur and Castro Sur and remains subject to further optimization, including opportunities to smooth annual production over the mine life.
• Additional mineralized structures and exploration targets have been identified across the broader Calcatreu District, and the deposits included in the MRE remain open for expansion at depth and variably along strike.

Christopher van Tienhoven, Chief Executive Officer of Patagonia, commented on the PEA results:

“The PEA provides an updated independent assessment of Calcatreu following several years of technical work and investment by Patagonia Gold. The assessment outlines a long-life operation supported by an updated MRE, with approximately 84% of leach pad feed during the first five years sourced from Measured and Indicated mineral resources.” (Table 1)

“The current mine plan is based on only five deposits within the broader, 62,900 hectare-sized Calcatreu property; Veta 49, Nelson, Piche Sur, Belén and Casto Sur. In addition to advancing the current operation, we intend to continue evaluating opportunities to expand the mineral resource base through further exploration, metallurgical and other technical work across our large, land position.”

Table 1. Mineral Resource Estimate (MRE), Calcatreu Deposit, COG 0.50 g/t AuEq

Classification	Quantity	Grade		Contained Metal
	Tonnes	Au	Ag	Au	Ag
	(kt)	(g/t)	(g/t)	(koz)	(koz)
Measured
Veta 49	1,087	3.60	25.3	126	883
Nelson Sur	247	1.40	18.0	11	143
Nelson West	107	1.69	15.1	6	52
Nelson Norte	29	1.65	11.0	2	10
Piche Sur	29	1.80	24.8	2	23
Nelson Central	–	–	–	–	–
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured	1,499	3.03	23.1	146	1,111
Indicated
Veta 49	4,129	2.61	25.2	346	3,344
Nelson Sur	464	1.44	16.2	21	241
Nelson West	397	1.57	13.9	20	177
Nelson Norte	186	1.75	10.8	10	64
Piche Sur	91	2.24	29.1	7	85
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Indicated	5,276	2.39	23.1	406	3,917
Measured and Indicated
Veta 49	5,216	2.82	25.2	472	4,227
Nelson Sur	711	1.42	16.8	33	385
Nelson West	504	1.60	14.1	26	229
Nelson Norte	214	1.74	10.8	12	74
Piche Sur	120	2.13	28.1	8	108
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured + Indicated	6,774	2.53	23.1	552	5,028
Inferred
Veta 49	1,966	1.74	15.4	110	975
Nelson Sur	27	1.16	15.4	1	13
Nelson West	188	1.48	11.9	9	72
Nelson Norte	60	1.71	11.6	3	22
Piche Sur	20	2.37	31.0	2	20
Nelson Central	11	1.26	9.0	0	3
Belén	479	1.73	26.0	27	401
Castro Sur	3,691	1.41	14.3	167	1,702
Total Inferred	6,441	1.54	15.5	319	3,208

Notes:

1. Metal prices used were US3,500 and US$35 per gold and silver ounce, respectively;
2. All mineral resources are pit constrained;
3. Effective date of the mineral resource estimate (“MRE”) is January 14, 2026;
4. “g/t“ is grams per tonne (metric);
5. The cutoff grade, in g/t, for the mineral resource estimation was 0.5 g/t gold equivalent (“AuEq”) determined with the following formula, AuEq g/t = Au grade g/t + (Ag grade g/t / (Au price/Ag price);
6. Tonnes and contained troy ounces are rounded to the nearest tonne and ounce. Gold and silver grades are rounded to 2 and 1 decimal points, respectively; and
7. The MRE and PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

Metal prices used in the MRE and PEA were based on trailing 3-year averages for gold and silver.  Spot prices as of the date of this press release were US$4,284.20 and US$64.16 per troy ounce of gold and silver, respectively.

LOM Project Economics

The PEA envisions conventional open-pit mining operations, using crushing, heap leaching and carbon-in-column (“CIC”) processing to produce gold-silver doré. (Table 2)

Table 2. PEA Results

Parameter	Value
Mine Life (LOM Years)	~16
Initial capex (US$ M)	$52.5
Sustaining capex (US$ M)	$47
After-tax NPV (@10%)	$334
After-tax IRR (%)	282
Payback (Years)	0.6
LOM Gold Recovered (K ounces)	483
LOM Silver Recovered (M ounces)	3.25
Heap Leach Recoveries (%)
Gold	63
Silver	30
Cash Cost (US$/troy ounce)	$2,139
AISC (US$/troy ounce)	$2,246

Approximately 84% of plant feed during the first five years is sourced from measured and indicated mineral resources. Of the approximately US$52.5 million initial capital estimate, approximately US$30.7 million was incurred during 2025. The PEA also estimates additional sustaining capital of approximately US$47 million over the LOM.

The economic analysis indicates that the Project’s NPV is most sensitive to changes in the gold price and comparatively less sensitive to changes in capital costs, operating costs and the discount rate. (Figure 1 and Table 3)

Figure 1.  Percent change in NPV with changes in Metal Price, Capex, Opex, and Discount Rate ^1.

¹ Base Case (0% change) metal prices per troy ounce were US$3,500 for gold and US$35 for silver.

Table 3. Changes in NPV with changes in Metal Price, Capex, Opex and Discount Rate ²

^2. Base case metal prices of US$3,500 for gold and US$35 for silver and 10% discount rate.

Figure 2.  Calcatreu site map showing the Veta 49, Nelson, Belén and Castro Sur pit outlines, waste dumps and leach pad

Exploration and Growth Potential

The production schedule evaluated in the PEA incorporates four deposits — Veta 49, Nelson, Belén and Castro Sur — within the broader Calcatreu district.

The District hosts additional mineralized structures and exploration targets outside the deposits currently incorporated into the LOM. The PEA identifies potential resource growth from additional exploration near the current deposits and across the broader district as an opportunity.

Accordingly, continued exploration success may provide opportunities to expand the mineral resource base and potentially extend and/or optimize the mine plan beyond that currently contemplated in the PEA.

Preliminary Economic Assessment Cautionary Statement

The PEA is preliminary in nature and is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Technical Report

The technical report prepared in accordance with NI 43-101 supporting the PEA and updated MRE referenced in this news release will be filed under Patagonia’s profile on SEDAR+ within 45 days of the date of this news release.

Qualified Persons

Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM; Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM; Luis Oviedo, Registered Member of the Chilean Mining Commission; and the other applicable Qualified Person(s) identified in the final Technical Report, each a Qualified Person as defined by NI 43-101, have reviewed and approved the scientific and technical information in this news release for which they are responsible.

For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the results and conclusions of the PEA; the potential development and economic performance of the Project; the proposed mine plan, production schedule, mining and processing methods and anticipated recoveries; projected mine life, production, operating costs, capital expenditures, NPV, IRR and payback period; opportunities to optimize or extend the mine plan; the potential expansion of mineral resources through further exploration; planned exploration, technical, permitting and development activities; and the timing for filing the supporting technical report. Forward-looking statements are generally identified by words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “should” and “will”, and similar expressions.

Forward-looking statements are based on management’s expectations, estimates and assumptions as at the date of this news release, including assumptions regarding the accuracy of the MRE and the geological, metallurgical, engineering, financial and economic assumptions underlying the PEA; metal prices, foreign exchange rates and metallurgical recoveries; mine plans, production schedules and processing rates; capital and operating costs; taxes, royalties and discount rates; the availability of labour, equipment, supplies, infrastructure and financing; the receipt of required permits and approvals; and the Company’s ability to conduct exploration and technical work as planned.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. These include the preliminary nature of the PEA and its reliance in part on inferred mineral resources; the uncertainty that the results of the PEA will be realized; uncertainties inherent in mineral resource estimates; fluctuations in commodity prices and foreign exchange rates; variations in recoveries, production, capital and operating costs; inflation and cost escalation; financing, permitting, environmental and regulatory risks; construction, development, operational and technical risks; political, legal, fiscal and social risks in Argentina; title, surface-rights and community-relations risks; exploration risks; and the other risks described in the Company’s public disclosure documents filed on SEDAR+.

Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, no assurance can be given that they will prove to be correct. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws.

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 news release.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b15d0355-3a63-4da9-b316-467617752572

https://www.globenewswire.com/NewsRoom/AttachmentNg/408e9938-3e72-4b97-90ff-9d30d6278a49

https://www.globenewswire.com/NewsRoom/AttachmentNg/a0926501-4e5a-4d2d-acea-fc47ed1cbd4c

PEA outlines US$334 million after-tax NPV (10%), 282% IRR and a 16-year mine life, with additional exploration potential across the broader Calcatreu District

VANCOUVER, British Columbia, Sept. 28, 2026 (GLOBE NEWSWIRE) — Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) is pleased to announce the results of an updated independent Preliminary Economic Assessment (“PEA”) for its flagship Calcatreu Gold-Silver Project (“Calcatreu” or the “Project”), located in Río Negro Province, Argentina.

Prepared in accordance with National Instrument 43-101 (“NI 43-101”) by NCL Ingeniería y Construcción SpA (“NCL”), the PEA incorporates an updated Mineral Resource Estimate (“MRE”) and provides an independent assessment of Calcatreu’s long-term technical and economic potential. The PEA outlines an approximately 16-year mine life, an after-tax NPV (10%) of approximately US$334 million, an after-tax IRR of approximately 282% and a payback period of approximately 0.6 years, based on gold and silver prices of US$3,500/oz and US$35/oz, respectively, and estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.

Highlights

• After-tax NPV (10%) of approximately US$334 million, with an after-tax IRR of approximately 282% and a 0.6-year payback period.
• Approximately 16-year mine life, with estimated life-of-mine production of approximately 483,000 ounces of gold and 3.25 million ounces of silver.
• Initial capital requirement of approximately US$52.5 million, of which approximately US$30.7 million was incurred during 2025.
• Approximately 84% of plant feed during the first five years is sourced from Measured and Indicated mineral resources.
• The updated MRE contains approximately
  • 1.50 million tonnes of measured mineral resources grading 3.03 g/t of gold and 23/1 g/t of silver,
  • 5.28 million tonnes of indicated mineral resources grading 2.39 g/t of gold and 23.1 g/t of silver, and
  • 6.44 million tonnes of inferred mineral resources grading 1.54 g/t Au and 15.5 g/t Ag (Table 1).
• The current mine plan incorporates Veta 49, Nelson, Belén, Piche Sur and Castro Sur and remains subject to further optimization, including opportunities to smooth annual production over the mine life.
• Additional mineralized structures and exploration targets have been identified across the broader Calcatreu District, and the deposits included in the MRE remain open for expansion at depth and variably along strike.

Christopher van Tienhoven, Chief Executive Officer of Patagonia, commented on the PEA results:

“The PEA provides an updated independent assessment of Calcatreu following several years of technical work and investment by Patagonia Gold. The assessment outlines a long-life operation supported by an updated MRE, with approximately 84% of leach pad feed during the first five years sourced from Measured and Indicated mineral resources.” (Table 1)

“The current mine plan is based on only five deposits within the broader, 62,900 hectare-sized Calcatreu property; Veta 49, Nelson, Piche Sur, Belén and Casto Sur. In addition to advancing the current operation, we intend to continue evaluating opportunities to expand the mineral resource base through further exploration, metallurgical and other technical work across our large, land position.”

Table 1. Mineral Resource Estimate (MRE), Calcatreu Deposit, COG 0.50 g/t AuEq

Classification	Quantity	Grade		Contained Metal
	Tonnes	Au	Ag	Au	Ag
	(kt)	(g/t)	(g/t)	(koz)	(koz)
Measured
Veta 49	1,087	3.60	25.3	126	883
Nelson Sur	247	1.40	18.0	11	143
Nelson West	107	1.69	15.1	6	52
Nelson Norte	29	1.65	11.0	2	10
Piche Sur	29	1.80	24.8	2	23
Nelson Central	–	–	–	–	–
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured	1,499	3.03	23.1	146	1,111
Indicated
Veta 49	4,129	2.61	25.2	346	3,344
Nelson Sur	464	1.44	16.2	21	241
Nelson West	397	1.57	13.9	20	177
Nelson Norte	186	1.75	10.8	10	64
Piche Sur	91	2.24	29.1	7	85
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Indicated	5,276	2.39	23.1	406	3,917
Measured and Indicated
Veta 49	5,216	2.82	25.2	472	4,227
Nelson Sur	711	1.42	16.8	33	385
Nelson West	504	1.60	14.1	26	229
Nelson Norte	214	1.74	10.8	12	74
Piche Sur	120	2.13	28.1	8	108
Nelson Central	9	2.08	18.6	1	5
Belén	–	–	–	–	–
Castro Sur	–	–	–	–	–
Total Measured + Indicated	6,774	2.53	23.1	552	5,028
Inferred
Veta 49	1,966	1.74	15.4	110	975
Nelson Sur	27	1.16	15.4	1	13
Nelson West	188	1.48	11.9	9	72
Nelson Norte	60	1.71	11.6	3	22
Piche Sur	20	2.37	31.0	2	20
Nelson Central	11	1.26	9.0	0	3
Belén	479	1.73	26.0	27	401
Castro Sur	3,691	1.41	14.3	167	1,702
Total Inferred	6,441	1.54	15.5	319	3,208

Notes:

1. Metal prices used were US3,500 and US$35 per gold and silver ounce, respectively;
2. All mineral resources are pit constrained;
3. Effective date of the mineral resource estimate (“MRE”) is January 14, 2026;
4. “g/t“ is grams per tonne (metric);
5. The cutoff grade, in g/t, for the mineral resource estimation was 0.5 g/t gold equivalent (“AuEq”) determined with the following formula, AuEq g/t = Au grade g/t + (Ag grade g/t / (Au price/Ag price);
6. Tonnes and contained troy ounces are rounded to the nearest tonne and ounce. Gold and silver grades are rounded to 2 and 1 decimal points, respectively; and
7. The MRE and PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

Metal prices used in the MRE and PEA were based on trailing 3-year averages for gold and silver.  Spot prices as of the date of this press release were US$4,284.20 and US$64.16 per troy ounce of gold and silver, respectively.

LOM Project Economics

The PEA envisions conventional open-pit mining operations, using crushing, heap leaching and carbon-in-column (“CIC”) processing to produce gold-silver doré. (Table 2)

Table 2. PEA Results

Parameter	Value
Mine Life (LOM Years)	~16
Initial capex (US$ M)	$52.5
Sustaining capex (US$ M)	$47
After-tax NPV (@10%)	$334
After-tax IRR (%)	282
Payback (Years)	0.6
LOM Gold Recovered (K ounces)	483
LOM Silver Recovered (M ounces)	3.25
Heap Leach Recoveries (%)
Gold	63
Silver	30
Cash Cost (US$/troy ounce)	$2,139
AISC (US$/troy ounce)	$2,246

Approximately 84% of plant feed during the first five years is sourced from measured and indicated mineral resources. Of the approximately US$52.5 million initial capital estimate, approximately US$30.7 million was incurred during 2025. The PEA also estimates additional sustaining capital of approximately US$47 million over the LOM.

The economic analysis indicates that the Project’s NPV is most sensitive to changes in the gold price and comparatively less sensitive to changes in capital costs, operating costs and the discount rate. (Figure 1 and Table 3)

Figure 1.  Percent change in NPV with changes in Metal Price, Capex, Opex, and Discount Rate ^1.

¹ Base Case (0% change) metal prices per troy ounce were US$3,500 for gold and US$35 for silver.

Table 3. Changes in NPV with changes in Metal Price, Capex, Opex and Discount Rate ²

^2. Base case metal prices of US$3,500 for gold and US$35 for silver and 10% discount rate.

Figure 2.  Calcatreu site map showing the Veta 49, Nelson, Belén and Castro Sur pit outlines, waste dumps and leach pad

Exploration and Growth Potential

The production schedule evaluated in the PEA incorporates four deposits — Veta 49, Nelson, Belén and Castro Sur — within the broader Calcatreu district.

The District hosts additional mineralized structures and exploration targets outside the deposits currently incorporated into the LOM. The PEA identifies potential resource growth from additional exploration near the current deposits and across the broader district as an opportunity.

Accordingly, continued exploration success may provide opportunities to expand the mineral resource base and potentially extend and/or optimize the mine plan beyond that currently contemplated in the PEA.

Preliminary Economic Assessment Cautionary Statement

The PEA is preliminary in nature and is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Technical Report

The technical report prepared in accordance with NI 43-101 supporting the PEA and updated MRE referenced in this news release will be filed under Patagonia’s profile on SEDAR+ within 45 days of the date of this news release.

Qualified Persons

Donald J. Birak, an independent consulting geologist, Registered Member of SME and Fellow of AusIMM; Carlos Guzmán, Registered Member of the Chilean Mining Commission and Fellow of AusIMM; Luis Oviedo, Registered Member of the Chilean Mining Commission; and the other applicable Qualified Person(s) identified in the final Technical Report, each a Qualified Person as defined by NI 43-101, have reviewed and approved the scientific and technical information in this news release for which they are responsible.

For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp.
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the results and conclusions of the PEA; the potential development and economic performance of the Project; the proposed mine plan, production schedule, mining and processing methods and anticipated recoveries; projected mine life, production, operating costs, capital expenditures, NPV, IRR and payback period; opportunities to optimize or extend the mine plan; the potential expansion of mineral resources through further exploration; planned exploration, technical, permitting and development activities; and the timing for filing the supporting technical report. Forward-looking statements are generally identified by words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “should” and “will”, and similar expressions.

Forward-looking statements are based on management’s expectations, estimates and assumptions as at the date of this news release, including assumptions regarding the accuracy of the MRE and the geological, metallurgical, engineering, financial and economic assumptions underlying the PEA; metal prices, foreign exchange rates and metallurgical recoveries; mine plans, production schedules and processing rates; capital and operating costs; taxes, royalties and discount rates; the availability of labour, equipment, supplies, infrastructure and financing; the receipt of required permits and approvals; and the Company’s ability to conduct exploration and technical work as planned.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. These include the preliminary nature of the PEA and its reliance in part on inferred mineral resources; the uncertainty that the results of the PEA will be realized; uncertainties inherent in mineral resource estimates; fluctuations in commodity prices and foreign exchange rates; variations in recoveries, production, capital and operating costs; inflation and cost escalation; financing, permitting, environmental and regulatory risks; construction, development, operational and technical risks; political, legal, fiscal and social risks in Argentina; title, surface-rights and community-relations risks; exploration risks; and the other risks described in the Company’s public disclosure documents filed on SEDAR+.

Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, no assurance can be given that they will prove to be correct. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws.

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 news release.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b15d0355-3a63-4da9-b316-467617752572

https://www.globenewswire.com/NewsRoom/AttachmentNg/408e9938-3e72-4b97-90ff-9d30d6278a49

https://www.globenewswire.com/NewsRoom/AttachmentNg/a0926501-4e5a-4d2d-acea-fc47ed1cbd4c

MONTREAL, Sept. 28, 2026 (GLOBE NEWSWIRE) — Troilus Mining Corp. (“Troilus” or the “Company”) (TSX: TLG; OTCQX: CHXMF; FSE: CM5) is pleased to announce that it has received a credit-approved commitment letter from KfW IPEX-Bank and Societe Generale to underwrite a total of US$850 million in debt financing to support the development of its Troilus Gold-Copper Project (the “Project”) in Québec, Canada (the “Commitment Letter”). This commitment forms part of a planned total anticipated US$1.1 billion debt financing package, which includes a proposed US$250 million contribution from Export Development Canada (“EDC”) that remains subject to EDC’s final approvals.

The Commitment Letter represents a major advancement under the Company’s previously announced debt financing mandate (see May 5, 2026 press release), moving a substantial portion of the proposed debt package from mandate to credit-approved underwriting commitments. The approvals follow extensive technical, environmental, social and financial due diligence by the lenders and mark an important step toward a fully funded construction decision.

Justin Reid, CEO of Troilus, commented, “These credit approvals represent one of the most significant financing milestones in Troilus’s development to date. The underwriting commitments from KfW IPEX-Bank and Societe Generale reflect the depth of work undertaken to establish the Project’s technical and economic foundations and advance our execution plan. With US$850 million in credit-approved commitments, we have taken a substantial step toward assembling the funding required to build Troilus. Our focus is now on completing the broader financing package to reach a final investment decision and financial close, while advancing permitting, detailed engineering and procurement to support construction readiness.”

Debt Financing Structure and Terms

The commitments from KfW IPEX-Bank and Societe Generale (together, the “Commercial Lenders”) comprise senior secured project finance facilities (the “Debt Facilities”) expected to form a cornerstone of the Project’s overall financing package. The Commitment Letter is subject to various conditions precedent, including, but not limited to, receiving debt commitments for the total US$1.1 billion facility, receiving approvals from each applicable export credit agency, finalization of ongoing diligence, execution of definitive documents and support arrangements, there being no material adverse change and receipt of all required regulatory approvals, among other conditions.

Structured with anticipated support from European export credit agencies, the Debt Facilities feature competitive interest margins consistent with export credit-backed project financings involving leading international lenders and sovereign support. The proposed structure combines attractive pricing with an extended repayment profile, providing a cost-effective source of capital aligned with the Project’s development and operating requirements.

The Debt Facilities include up to a three-year repayment grace period during construction, followed by a sculpted repayment profile over a notional 10-year period aligned with expected cash flow generation. Final terms and further details are expected to be disclosed upon execution of definitive financing documentation.

EDC, one of the Project’s three mandated lead arrangers alongside the Commercial Lenders, continues to advance its approval process for a proposed US$250 million financing contribution. If approved, this contribution would bring total credit-approved debt commitments to US$1.1 billion. Troilus is also working with the participating European export credit agencies on the remaining approvals and support arrangements for the broader debt financing package.

The Project represents a significant opportunity to expand Canada’s copper and gold exports, strengthen long-term supply relationships with trusted European trading partners, and deliver lasting economic benefits for Québec and Canada. As a mandated lead arranger, EDC is working closely with the lending syndicate and participating European export credit agencies to advance the financing while continuing to work toward its final approvals.

Advancing Toward Financial Close

Building on these commitments, Troilus and its project finance advisor, Auramet International Inc. (“Auramet”), are focused on finalizing definitive facility agreements, completing the broader financing package and satisfying the various conditions and completion requirements to reach a final investment decision and financial close.

Qualified Persons

The technical and scientific information in this press release has been reviewed and approved by Denis Rivard, P.Eng., EVP Projects, who is a Qualified Person as defined by NI 43-101. Mr. Rivard is an employee of Troilus and is not independent of the Company under NI 43-101.

About Troilus Mining Corp.

Troilus Mining Corp. is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. The Technical Report outlines a large-scale, approximately 26-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
info@troilusmining.com  

Cautionary Note Regarding Forward-Looking Statements and Information

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include, but are not limited to, statements regarding the anticipated completion, amount, structure and terms of the Debt Facilities and the broader project financing package; the expected role of the Debt Facilities in funding the development and construction of the Troilus Project; anticipated pricing, repayment grace periods and repayment schedules; the receipt of remaining approvals from Export Development Canada and participating European export credit agencies and the finalization of related support arrangements; the negotiation and execution of definitive financing documentation and key project contracts; the satisfaction of conditions precedent and other funding and completion requirements; the availability and drawdown of funds; the timing and achievement of a final investment decision and financial close; the anticipated disclosure of final financing terms; the advancement of permitting, detailed engineering and procurement; the timing and commencement of construction and the future development and operation of the Troilus Project; and the Project’s potential to expand Canadian copper and gold exports, strengthen supply relationships with European trading partners and generate long-term economic benefits for Québec and Canada.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the risk that the Debt Facilities may not be completed on the anticipated terms, including the risk that definitive documentation may not be finalized and executed on a timely basis and that the customary project finance terms and conditions, including conditions precedent to drawdown, may not be satisfied; uncertainties with respect to receiving approval for the additional contribution for the planned financing package; risks and uncertainties inherent to mineral resource and reserve estimates; the high degree of uncertainties inherent to feasibility studies and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; availability of financing for project development; uncertainties and risks with respect to developing mining projects; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Company’s latest Annual Information Form, its technical reports and other continuous disclosure documents of the Company available under the Company’s profile at www.sedarplus.ca. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

MONTREAL, Sept. 28, 2026 (GLOBE NEWSWIRE) — Troilus Mining Corp. (“Troilus” or the “Company”) (TSX: TLG; OTCQX: CHXMF; FSE: CM5) is pleased to announce that it has received a credit-approved commitment letter from KfW IPEX-Bank and Societe Generale to underwrite a total of US$850 million in debt financing to support the development of its Troilus Gold-Copper Project (the “Project”) in Québec, Canada (the “Commitment Letter”). This commitment forms part of a planned total anticipated US$1.1 billion debt financing package, which includes a proposed US$250 million contribution from Export Development Canada (“EDC”) that remains subject to EDC’s final approvals.

The Commitment Letter represents a major advancement under the Company’s previously announced debt financing mandate (see May 5, 2026 press release), moving a substantial portion of the proposed debt package from mandate to credit-approved underwriting commitments. The approvals follow extensive technical, environmental, social and financial due diligence by the lenders and mark an important step toward a fully funded construction decision.

Justin Reid, CEO of Troilus, commented, “These credit approvals represent one of the most significant financing milestones in Troilus’s development to date. The underwriting commitments from KfW IPEX-Bank and Societe Generale reflect the depth of work undertaken to establish the Project’s technical and economic foundations and advance our execution plan. With US$850 million in credit-approved commitments, we have taken a substantial step toward assembling the funding required to build Troilus. Our focus is now on completing the broader financing package to reach a final investment decision and financial close, while advancing permitting, detailed engineering and procurement to support construction readiness.”

Debt Financing Structure and Terms

The commitments from KfW IPEX-Bank and Societe Generale (together, the “Commercial Lenders”) comprise senior secured project finance facilities (the “Debt Facilities”) expected to form a cornerstone of the Project’s overall financing package. The Commitment Letter is subject to various conditions precedent, including, but not limited to, receiving debt commitments for the total US$1.1 billion facility, receiving approvals from each applicable export credit agency, finalization of ongoing diligence, execution of definitive documents and support arrangements, there being no material adverse change and receipt of all required regulatory approvals, among other conditions.

Structured with anticipated support from European export credit agencies, the Debt Facilities feature competitive interest margins consistent with export credit-backed project financings involving leading international lenders and sovereign support. The proposed structure combines attractive pricing with an extended repayment profile, providing a cost-effective source of capital aligned with the Project’s development and operating requirements.

The Debt Facilities include up to a three-year repayment grace period during construction, followed by a sculpted repayment profile over a notional 10-year period aligned with expected cash flow generation. Final terms and further details are expected to be disclosed upon execution of definitive financing documentation.

EDC, one of the Project’s three mandated lead arrangers alongside the Commercial Lenders, continues to advance its approval process for a proposed US$250 million financing contribution. If approved, this contribution would bring total credit-approved debt commitments to US$1.1 billion. Troilus is also working with the participating European export credit agencies on the remaining approvals and support arrangements for the broader debt financing package.

The Project represents a significant opportunity to expand Canada’s copper and gold exports, strengthen long-term supply relationships with trusted European trading partners, and deliver lasting economic benefits for Québec and Canada. As a mandated lead arranger, EDC is working closely with the lending syndicate and participating European export credit agencies to advance the financing while continuing to work toward its final approvals.

Advancing Toward Financial Close

Building on these commitments, Troilus and its project finance advisor, Auramet International Inc. (“Auramet”), are focused on finalizing definitive facility agreements, completing the broader financing package and satisfying the various conditions and completion requirements to reach a final investment decision and financial close.

Qualified Persons

The technical and scientific information in this press release has been reviewed and approved by Denis Rivard, P.Eng., EVP Projects, who is a Qualified Person as defined by NI 43-101. Mr. Rivard is an employee of Troilus and is not independent of the Company under NI 43-101.

About Troilus Mining Corp.

Troilus Mining Corp. is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. The Technical Report outlines a large-scale, approximately 26-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
info@troilusmining.com  

Cautionary Note Regarding Forward-Looking Statements and Information

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include, but are not limited to, statements regarding the anticipated completion, amount, structure and terms of the Debt Facilities and the broader project financing package; the expected role of the Debt Facilities in funding the development and construction of the Troilus Project; anticipated pricing, repayment grace periods and repayment schedules; the receipt of remaining approvals from Export Development Canada and participating European export credit agencies and the finalization of related support arrangements; the negotiation and execution of definitive financing documentation and key project contracts; the satisfaction of conditions precedent and other funding and completion requirements; the availability and drawdown of funds; the timing and achievement of a final investment decision and financial close; the anticipated disclosure of final financing terms; the advancement of permitting, detailed engineering and procurement; the timing and commencement of construction and the future development and operation of the Troilus Project; and the Project’s potential to expand Canadian copper and gold exports, strengthen supply relationships with European trading partners and generate long-term economic benefits for Québec and Canada.

Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the risk that the Debt Facilities may not be completed on the anticipated terms, including the risk that definitive documentation may not be finalized and executed on a timely basis and that the customary project finance terms and conditions, including conditions precedent to drawdown, may not be satisfied; uncertainties with respect to receiving approval for the additional contribution for the planned financing package; risks and uncertainties inherent to mineral resource and reserve estimates; the high degree of uncertainties inherent to feasibility studies and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; availability of financing for project development; uncertainties and risks with respect to developing mining projects; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Company’s latest Annual Information Form, its technical reports and other continuous disclosure documents of the Company available under the Company’s profile at www.sedarplus.ca. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

New appointments strengthen marketing, hospitality, category, and international commercial leadership as BrewDog advances long-term growth under Tilray Brands

ELLON, Scotland and LONDON, Sept. 28, 2026 (GLOBE NEWSWIRE) — BrewDog, a leader in U.K. craft beer and one of the world’s most recognised beer brands, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), today announced a series of senior leadership appointments designed to strengthen execution, sharpen brand and commercial focus, and support BrewDog’s next phase of growth across the United Kingdom and international markets.

The appointments reflect BrewDog’s continued investment in the people, capabilities, and leadership needed to unlock the full potential of its iconic global brand and build on the momentum of its next chapter as part of the Tilray Brands family.

The senior leadership appointments include:

• John Beasley, Chief Marketing Officer — leads BrewDog’s marketing strategy, with responsibility for strengthening brand building, consumer engagement and commercial momentum across key markets. With more than 25 years of beverage marketing experience, including leadership roles at Red Bull and Monster Energy, John brings proven brand-building expertise and a global perspective to support BrewDog’s next phase of growth.
• Gemma Hampton-Stone, Managing Director of Bars and Hospitality — leads BrewDog’s bars and hospitality business, with responsibility for creating standout customer experiences while strengthening performance and growth across the hospitality estate. With nearly two decades of hospitality leadership experience, including overseeing a portfolio of more than 36 pubs, restaurants, hotels and live music venues, Gemma brings the operational expertise and customer-first mindset needed to strengthen BrewDog’s bars business and enhance the guest experience.
• Ridesh Sharma, Category Director — leads BrewDog’s category strategy, with responsibility for sharpening the portfolio, deepening customer and consumer insight, and identifying growth opportunities across markets. Ridesh combines category, commercial, and revenue growth expertise with a strong understanding of customer needs, making him ideally suited to strengthen BrewDog’s portfolio and support its next phase of growth.
• Faisal Khan, Commercial Director, Beverages – Rest of the World (ROW) — leads BrewDog’s commercial efforts across international markets outside Europe, with responsibility for identifying new opportunities and accelerating growth across BrewDog’s global portfolio. Faisal’s extensive experience building businesses and managing distributor networks across high-growth international markets makes him ideally positioned to accelerate BrewDog’s expansion and unlock new opportunities around the world.

Rajnish Ohri, President, International at Tilray Brands, said, “We are entering an exciting new chapter for BrewDog — one defined by renewed ambition, stronger execution and a clear vision for the future. BrewDog is an iconic global brand with an incredible community, talented people, great beer and enormous potential. As part of the Tilray Brands family, we are investing in the leadership, capabilities and focus needed to build on everything that has made BrewDog special while bringing even greater ambition to where we go next.”

Mr. Ohri continued, “These appointments reflect our commitment to building a stronger BrewDog for the future, with the right people empowered to lead and the focus, energy and leadership needed to execute effectively. Our ambition is clear: to make BrewDog stronger, continue to innovate and lead, and build one of the world’s most exciting and influential craft beer brands for the long term. BrewDog’s next chapter is underway, and we believe its best years are ahead.”

Together, the strengthened leadership bench brings additional focus across brand building, consumer engagement, hospitality, category strategy and international commercial growth, supporting BrewDog’s strategy to strengthen the core brand, accelerate innovation and unlock opportunities across retail, hospitality and global markets.

With an expanded leadership team, the strength and scale of Tilray Brands behind it, and a clear focus on long-term growth, BrewDog is building for the future with renewed momentum, stronger execution and confidence in what its teams can accomplish together.

About BrewDog  
BrewDog has always had one mission: to make people as passionate about great beer as we are.  From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007. Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognisable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future continues to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.  

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages. 

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms. 

Forward-Looking Statements
 Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.  

Tilray Brands Contacts:
Media 
news@tilray.com

Investor Relations 
investors@tilray.com

New appointments strengthen marketing, hospitality, category, and international commercial leadership as BrewDog advances long-term growth under Tilray Brands

ELLON, Scotland and LONDON, Sept. 28, 2026 (GLOBE NEWSWIRE) — BrewDog, a leader in U.K. craft beer and one of the world’s most recognised beer brands, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), today announced a series of senior leadership appointments designed to strengthen execution, sharpen brand and commercial focus, and support BrewDog’s next phase of growth across the United Kingdom and international markets.

The appointments reflect BrewDog’s continued investment in the people, capabilities, and leadership needed to unlock the full potential of its iconic global brand and build on the momentum of its next chapter as part of the Tilray Brands family.

The senior leadership appointments include:

• John Beasley, Chief Marketing Officer — leads BrewDog’s marketing strategy, with responsibility for strengthening brand building, consumer engagement and commercial momentum across key markets. With more than 25 years of beverage marketing experience, including leadership roles at Red Bull and Monster Energy, John brings proven brand-building expertise and a global perspective to support BrewDog’s next phase of growth.
• Gemma Hampton-Stone, Managing Director of Bars and Hospitality — leads BrewDog’s bars and hospitality business, with responsibility for creating standout customer experiences while strengthening performance and growth across the hospitality estate. With nearly two decades of hospitality leadership experience, including overseeing a portfolio of more than 36 pubs, restaurants, hotels and live music venues, Gemma brings the operational expertise and customer-first mindset needed to strengthen BrewDog’s bars business and enhance the guest experience.
• Ridesh Sharma, Category Director — leads BrewDog’s category strategy, with responsibility for sharpening the portfolio, deepening customer and consumer insight, and identifying growth opportunities across markets. Ridesh combines category, commercial, and revenue growth expertise with a strong understanding of customer needs, making him ideally suited to strengthen BrewDog’s portfolio and support its next phase of growth.
• Faisal Khan, Commercial Director, Beverages – Rest of the World (ROW) — leads BrewDog’s commercial efforts across international markets outside Europe, with responsibility for identifying new opportunities and accelerating growth across BrewDog’s global portfolio. Faisal’s extensive experience building businesses and managing distributor networks across high-growth international markets makes him ideally positioned to accelerate BrewDog’s expansion and unlock new opportunities around the world.

Rajnish Ohri, President, International at Tilray Brands, said, “We are entering an exciting new chapter for BrewDog — one defined by renewed ambition, stronger execution and a clear vision for the future. BrewDog is an iconic global brand with an incredible community, talented people, great beer and enormous potential. As part of the Tilray Brands family, we are investing in the leadership, capabilities and focus needed to build on everything that has made BrewDog special while bringing even greater ambition to where we go next.”

Mr. Ohri continued, “These appointments reflect our commitment to building a stronger BrewDog for the future, with the right people empowered to lead and the focus, energy and leadership needed to execute effectively. Our ambition is clear: to make BrewDog stronger, continue to innovate and lead, and build one of the world’s most exciting and influential craft beer brands for the long term. BrewDog’s next chapter is underway, and we believe its best years are ahead.”

Together, the strengthened leadership bench brings additional focus across brand building, consumer engagement, hospitality, category strategy and international commercial growth, supporting BrewDog’s strategy to strengthen the core brand, accelerate innovation and unlock opportunities across retail, hospitality and global markets.

With an expanded leadership team, the strength and scale of Tilray Brands behind it, and a clear focus on long-term growth, BrewDog is building for the future with renewed momentum, stronger execution and confidence in what its teams can accomplish together.

About BrewDog  
BrewDog has always had one mission: to make people as passionate about great beer as we are.  From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007. Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognisable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future continues to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.  

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages. 

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms. 

Forward-Looking Statements
 Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.  

Tilray Brands Contacts:
Media 
news@tilray.com

Investor Relations 
investors@tilray.com

Preclinical data demonstrate prolonged KRAS target engagement and potent antitumor activity across multiple KRAS-mutant cancer models, supporting the continued advancement of BH-501284 toward an IND submission in Q1 2027

Novel Switch-II scaffold and pseudo-irreversible binding designed to enable prolonged, potent and selective inhibition of mutant KRAS to potentially achieve improved efficacy and tolerability

SAN DIEGO, Sept. 28, 2026 (GLOBE NEWSWIRE) — BlossomHill Therapeutics, Inc. (Nasdaq: BLSM), a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines for the treatment of cancer, today announced the presentation of preclinical data on BH-501284 at the American Association for Cancer Research (AACR) Conference on Pancreatic Cancer: New Frontiers in Biology and Therapeutic Development, taking place September 25-28, 2026, in San Diego, CA. BH-501284 is a novel, orally bioavailable, non-covalent, pseudo-irreversible pan-KRAS inhibitor designed to overcome limitations of current KRAS-targeted therapies.

“KRAS mutation has historically been one of the most challenging oncogenic drivers to target, and while recent advances have validated its therapeutic potential, we believe there remains an opportunity to develop a pan-KRAS inhibitor capable of delivering potent and durable target inhibition across a broad range of KRAS mutations,” said Jean Cui, Ph.D., Founder and Chief Executive Officer of BlossomHill Therapeutics. “We designed BH-501284 with a novel Switch-II chemical scaffold and pseudo-irreversible binding characteristics intended to achieve prolonged, potent and selective inhibition of KRAS mutations, which we believe may result in improved efficacy and tolerability. These preclinical data demonstrate sustained KRAS pathway suppression, and deep and durable antitumor activity across multiple KRAS-mutant tumor models, further supporting the advancement of BH-501284 toward an IND submission in Q12027.”

Presentation highlights:

• BH-501284 exhibited potent and prolonged activity across a broad range of KRAS mutations. BH-501284 showed a target residence time of more than 54 hours in a SPR study using GDP- state KRAS G12D protein, extended KRAS signaling inhibition in KRAS-mutant cell lines, and potent cellular activity across multiple KRAS mutations, while sparing HRAS and NRAS.
• BH-501284 showed deep and durable antitumor activity across multiple preclinical KRAS-mutant tumor models. Treatment resulted in tumor regression across pancreatic, lung and colorectal cancer models with KRAS G12V, D or C mutation at relatively low doses. In a KRAS G12C lung cancer model, pseudo-irreversible BH-501284 achieved tumor regression comparable to covalent, irreversible KRAS G12C inhibitors.
• BH-501284 demonstrated deeper and more durable tumor regression than tricomplex RAS inhibitors. In a KRAS G12D pancreatic cancer model, BH-501284 achieved deeper and more durable tumor regression than tricomplex inhibitors when administered at similar doses.
• BH-501284 also demonstrated the potential to combine with an anti-PD-1 treatment. In a KRAS G12D colorectal cancer model, the combination demonstrated prolonged survival compared with either treatment alone.

About BH-501284
BH-501284 is an investigational, orally bioavailable pan-KRAS inhibitor, which utilizes a novel Switch-II chemical scaffold to achieve prolonged, potent and selective inhibition of KRAS mutations. We believe this molecule, which uses a non-covalent scaffold, is unique in its potential to achieve tight and durable binding, a feature described as “pseudo-irreversible” binding. In preclinical studies, BH-501284 demonstrated sustained blocking of KRAS signaling leading to deeper and more durable antitumor activities in KRAS mutant cells and tumor models at low dose levels.

About BlossomHill Therapeutics
BlossomHill Therapeutics, Inc. is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines that address significant unmet medical needs in cancer treatment. Founded and led by industry veteran J. Jean Cui, Ph.D., with her proven track record in oncology drug design and development – including three FDA-approved drugs – BlossomHill Therapeutics applies cutting-edge science with a goal to address key oncogenic drivers and improve patient outcomes in difficult-to-treat cancers. The company’s lead clinical program is BH-30643, an investigational, non-covalent, macrocyclic, brain active, mutant-selective OMNI-EGFR™ inhibitor for the treatment of EGFR-mutant non-small cell lung cancer (NSCLC), which has received Fast Track designation for the C797S resistance population after 3rd generation EGFR TKI treatment. The company is also conducting clinical development of BH-30236, an investigational macrocyclic CDC-like kinase (CLK) inhibitor initially being studied in a clinical trial for the treatment of relapsed or refractory acute myeloid leukemia (R/R AML) and higher-risk myelodysplastic syndromes (HR-MDS). The company’s pipeline also includes BH-501284, a preclinical, non-covalent, selective, pan-KRAS Switch-II inhibitor for potential future development in diverse KRAS-mutant tumors.

BlossomHill Therapeutics is headquartered in San Diego, California. For more information, visit bhtherapeutics.com and follow us on LinkedIn and X.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws, including, without limitation, statements regarding: the therapeutic potential, clinical benefits, safety and potential competitive differentiation of the company’s product candidates, including BH-30643, BH-30236 and BH-501284; the design, enrollment, timing, progress and results of the company’s clinical trials and preclinical studies; the company’s planned regulatory interactions and submissions; anticipated program milestones, including the timing of program and data updates; statements by the company’s management; and the company’s development plans and continued advancement of its pipeline. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “upcoming,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially, including, without limitation: the company’s limited operating history, history of significant losses and the early stage of development of its product candidates; the risk that preclinical data may not be predictive of results in clinical trials; the risk that preliminary and interim clinical data are subject to further analysis and may not be predictive of, may be inconsistent with, or may be more favorable than, data generated as clinical trials continue or data from future clinical trials; uncertainties inherent in the initiation, timing, design and enrollment of clinical trials, and the availability and timing of data from ongoing and future trials; the company’s ability to successfully demonstrate the safety and efficacy of its product candidates and to obtain and maintain regulatory approvals; the timing and outcome of planned interactions with, and submissions to, the FDA and other regulatory authorities, including whether an accelerated approval pathway will be available to the company; competition from third parties that are developing products for similar indications; the prior success of the company’s management team not being indicative of future success; the company’s reliance on third parties, including contract research organizations and contract manufacturing organizations; the company’s ability to obtain, maintain and protect its intellectual property; and the company’s need for additional financing and its estimates regarding operating expenses and capital requirements. These and other risks are described in greater detail under the heading “Risk Factors” in the company’s filings with the Securities and Exchange Commission (the “SEC”), including the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as well as in the company’s subsequent filings with the SEC. Any forward-looking statements represent the company’s views only as of the date of this press release, and the company expressly disclaims any obligation to update any forward-looking statements, except as required by law.

Company Contact:
Michael Moore, BlossomHill Therapeutics
michael.moore@bhtherapeutics.com

Media:
Ashlea Kosikowski, 1AB
ashlea@1abmedia.com

Preclinical data demonstrate prolonged KRAS target engagement and potent antitumor activity across multiple KRAS-mutant cancer models, supporting the continued advancement of BH-501284 toward an IND submission in Q1 2027

Novel Switch-II scaffold and pseudo-irreversible binding designed to enable prolonged, potent and selective inhibition of mutant KRAS to potentially achieve improved efficacy and tolerability

SAN DIEGO, Sept. 28, 2026 (GLOBE NEWSWIRE) — BlossomHill Therapeutics, Inc. (Nasdaq: BLSM), a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines for the treatment of cancer, today announced the presentation of preclinical data on BH-501284 at the American Association for Cancer Research (AACR) Conference on Pancreatic Cancer: New Frontiers in Biology and Therapeutic Development, taking place September 25-28, 2026, in San Diego, CA. BH-501284 is a novel, orally bioavailable, non-covalent, pseudo-irreversible pan-KRAS inhibitor designed to overcome limitations of current KRAS-targeted therapies.

“KRAS mutation has historically been one of the most challenging oncogenic drivers to target, and while recent advances have validated its therapeutic potential, we believe there remains an opportunity to develop a pan-KRAS inhibitor capable of delivering potent and durable target inhibition across a broad range of KRAS mutations,” said Jean Cui, Ph.D., Founder and Chief Executive Officer of BlossomHill Therapeutics. “We designed BH-501284 with a novel Switch-II chemical scaffold and pseudo-irreversible binding characteristics intended to achieve prolonged, potent and selective inhibition of KRAS mutations, which we believe may result in improved efficacy and tolerability. These preclinical data demonstrate sustained KRAS pathway suppression, and deep and durable antitumor activity across multiple KRAS-mutant tumor models, further supporting the advancement of BH-501284 toward an IND submission in Q12027.”

Presentation highlights:

• BH-501284 exhibited potent and prolonged activity across a broad range of KRAS mutations. BH-501284 showed a target residence time of more than 54 hours in a SPR study using GDP- state KRAS G12D protein, extended KRAS signaling inhibition in KRAS-mutant cell lines, and potent cellular activity across multiple KRAS mutations, while sparing HRAS and NRAS.
• BH-501284 showed deep and durable antitumor activity across multiple preclinical KRAS-mutant tumor models. Treatment resulted in tumor regression across pancreatic, lung and colorectal cancer models with KRAS G12V, D or C mutation at relatively low doses. In a KRAS G12C lung cancer model, pseudo-irreversible BH-501284 achieved tumor regression comparable to covalent, irreversible KRAS G12C inhibitors.
• BH-501284 demonstrated deeper and more durable tumor regression than tricomplex RAS inhibitors. In a KRAS G12D pancreatic cancer model, BH-501284 achieved deeper and more durable tumor regression than tricomplex inhibitors when administered at similar doses.
• BH-501284 also demonstrated the potential to combine with an anti-PD-1 treatment. In a KRAS G12D colorectal cancer model, the combination demonstrated prolonged survival compared with either treatment alone.

About BH-501284
BH-501284 is an investigational, orally bioavailable pan-KRAS inhibitor, which utilizes a novel Switch-II chemical scaffold to achieve prolonged, potent and selective inhibition of KRAS mutations. We believe this molecule, which uses a non-covalent scaffold, is unique in its potential to achieve tight and durable binding, a feature described as “pseudo-irreversible” binding. In preclinical studies, BH-501284 demonstrated sustained blocking of KRAS signaling leading to deeper and more durable antitumor activities in KRAS mutant cells and tumor models at low dose levels.

About BlossomHill Therapeutics
BlossomHill Therapeutics, Inc. is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop innovative small molecule medicines that address significant unmet medical needs in cancer treatment. Founded and led by industry veteran J. Jean Cui, Ph.D., with her proven track record in oncology drug design and development – including three FDA-approved drugs – BlossomHill Therapeutics applies cutting-edge science with a goal to address key oncogenic drivers and improve patient outcomes in difficult-to-treat cancers. The company’s lead clinical program is BH-30643, an investigational, non-covalent, macrocyclic, brain active, mutant-selective OMNI-EGFR™ inhibitor for the treatment of EGFR-mutant non-small cell lung cancer (NSCLC), which has received Fast Track designation for the C797S resistance population after 3rd generation EGFR TKI treatment. The company is also conducting clinical development of BH-30236, an investigational macrocyclic CDC-like kinase (CLK) inhibitor initially being studied in a clinical trial for the treatment of relapsed or refractory acute myeloid leukemia (R/R AML) and higher-risk myelodysplastic syndromes (HR-MDS). The company’s pipeline also includes BH-501284, a preclinical, non-covalent, selective, pan-KRAS Switch-II inhibitor for potential future development in diverse KRAS-mutant tumors.

BlossomHill Therapeutics is headquartered in San Diego, California. For more information, visit bhtherapeutics.com and follow us on LinkedIn and X.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws, including, without limitation, statements regarding: the therapeutic potential, clinical benefits, safety and potential competitive differentiation of the company’s product candidates, including BH-30643, BH-30236 and BH-501284; the design, enrollment, timing, progress and results of the company’s clinical trials and preclinical studies; the company’s planned regulatory interactions and submissions; anticipated program milestones, including the timing of program and data updates; statements by the company’s management; and the company’s development plans and continued advancement of its pipeline. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “upcoming,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially, including, without limitation: the company’s limited operating history, history of significant losses and the early stage of development of its product candidates; the risk that preclinical data may not be predictive of results in clinical trials; the risk that preliminary and interim clinical data are subject to further analysis and may not be predictive of, may be inconsistent with, or may be more favorable than, data generated as clinical trials continue or data from future clinical trials; uncertainties inherent in the initiation, timing, design and enrollment of clinical trials, and the availability and timing of data from ongoing and future trials; the company’s ability to successfully demonstrate the safety and efficacy of its product candidates and to obtain and maintain regulatory approvals; the timing and outcome of planned interactions with, and submissions to, the FDA and other regulatory authorities, including whether an accelerated approval pathway will be available to the company; competition from third parties that are developing products for similar indications; the prior success of the company’s management team not being indicative of future success; the company’s reliance on third parties, including contract research organizations and contract manufacturing organizations; the company’s ability to obtain, maintain and protect its intellectual property; and the company’s need for additional financing and its estimates regarding operating expenses and capital requirements. These and other risks are described in greater detail under the heading “Risk Factors” in the company’s filings with the Securities and Exchange Commission (the “SEC”), including the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as well as in the company’s subsequent filings with the SEC. Any forward-looking statements represent the company’s views only as of the date of this press release, and the company expressly disclaims any obligation to update any forward-looking statements, except as required by law.

Company Contact:
Michael Moore, BlossomHill Therapeutics
michael.moore@bhtherapeutics.com

Media:
Ashlea Kosikowski, 1AB
ashlea@1abmedia.com

Amended and Extended Credit Agreement for Revolver and Term Loan A Facility and Issued a New $500 Million Term Loan B

LOUISVILLE, Ky., Sept. 28, 2026 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (Nasdaq: CHDN, “CDI,” “the Company”) announced today that CDI successfully closed its amended and extended Credit Facility and new Term Loan B (“2033 TLB”).

CDI closed an amendment to its senior secured credit agreement (the “Credit Agreement Amendment”) to extend the maturity date of its existing revolving credit facility and term loan A facility from 2029 to 2031 and to make certain other changes to its existing credit agreement.   The interest rate applicable to borrowings on the Credit Agreement Amendment will be SOFR-based plus a spread, determined by CDI’s total net leverage ratio.

CDI also closed its previously announced $500 million in aggregate principal amount of senior secured Term Loan B due 2033 (“2033 TLB”). The 2033 TLB has an interest rate of SOFR plus 175 basis points and issued at 99.875% of the principal amount.

CDI intends to use the net proceeds from 2033 TLB (i) to repay outstanding Term Loan B loans, (ii) to repay outstanding revolving loans, (iii) to fund related transaction fees and expenses, and (iv) for working capital and other general corporate purposes.

On September 18, 2026, CDI issued a conditional redemption notice to redeem the 5.50% Senior Notes due 2027 (the “2027 Notes”) on October 19, 2026. CDI intends to fund the 2027 Notes redemption amount from its revolving credit facility.

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has created extraordinary entertainment experiences for over 150 years, beginning with the Company’s most iconic and enduring asset, Churchill Downs Racetrack, the home of the Kentucky Derby and premier races of the Thoroughbred Championship Series. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. https://www.churchilldownsincorporated.com/

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions, and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; cybersecurity risk, including cybersecurity breaches, loss or misuse of our confidential information as a result of a breach including customers’ personal information, or IT system operational disruptions, could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events, system failures, errors or defects disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates, disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; whether the objective of a strategic alternative review process will be achieved; the terms, structure, benefits and costs of any strategic transaction; the timing of any strategic transaction and whether any strategic transaction will be consummated on the terms proposed or at all; the risk that the announcement or exploration of strategic alternatives could have an adverse effect on our ability to retain key personnel and maintain relationships with partners, suppliers, employees, shareholders and other business relationships; the risk of any unexpected costs or expenses resulting from the exploration of strategic alternatives; the risk of any litigation relating to the exploration of strategic alternatives or any strategic transaction; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact: Sam Ullrich                                        
(502) 638-3906                                                        
Sam.Ullrich@kyderby.com     

This press release was published by a CLEAR® Verified individual.

Amended and Extended Credit Agreement for Revolver and Term Loan A Facility and Issued a New $500 Million Term Loan B

LOUISVILLE, Ky., Sept. 28, 2026 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (Nasdaq: CHDN, “CDI,” “the Company”) announced today that CDI successfully closed its amended and extended Credit Facility and new Term Loan B (“2033 TLB”).

CDI closed an amendment to its senior secured credit agreement (the “Credit Agreement Amendment”) to extend the maturity date of its existing revolving credit facility and term loan A facility from 2029 to 2031 and to make certain other changes to its existing credit agreement.   The interest rate applicable to borrowings on the Credit Agreement Amendment will be SOFR-based plus a spread, determined by CDI’s total net leverage ratio.

CDI also closed its previously announced $500 million in aggregate principal amount of senior secured Term Loan B due 2033 (“2033 TLB”). The 2033 TLB has an interest rate of SOFR plus 175 basis points and issued at 99.875% of the principal amount.

CDI intends to use the net proceeds from 2033 TLB (i) to repay outstanding Term Loan B loans, (ii) to repay outstanding revolving loans, (iii) to fund related transaction fees and expenses, and (iv) for working capital and other general corporate purposes.

On September 18, 2026, CDI issued a conditional redemption notice to redeem the 5.50% Senior Notes due 2027 (the “2027 Notes”) on October 19, 2026. CDI intends to fund the 2027 Notes redemption amount from its revolving credit facility.

About Churchill Downs Incorporated

Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has created extraordinary entertainment experiences for over 150 years, beginning with the Company’s most iconic and enduring asset, Churchill Downs Racetrack, the home of the Kentucky Derby and premier races of the Thoroughbred Championship Series. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. https://www.churchilldownsincorporated.com/

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions, and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; cybersecurity risk, including cybersecurity breaches, loss or misuse of our confidential information as a result of a breach including customers’ personal information, or IT system operational disruptions, could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events, system failures, errors or defects disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates, disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; whether the objective of a strategic alternative review process will be achieved; the terms, structure, benefits and costs of any strategic transaction; the timing of any strategic transaction and whether any strategic transaction will be consummated on the terms proposed or at all; the risk that the announcement or exploration of strategic alternatives could have an adverse effect on our ability to retain key personnel and maintain relationships with partners, suppliers, employees, shareholders and other business relationships; the risk of any unexpected costs or expenses resulting from the exploration of strategic alternatives; the risk of any litigation relating to the exploration of strategic alternatives or any strategic transaction; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact: Sam Ullrich                                        
(502) 638-3906                                                        
Sam.Ullrich@kyderby.com     

This press release was published by a CLEAR® Verified individual.