Author: Ravi Shankar

NEWARK, Del., Nov. 10, 2026 (GLOBE NEWSWIRE) — Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider on the Delmarva Peninsula of water and wastewater services, and other related business services, today announced third quarter and year-to-date results for 2026.  

Third Quarter Results

Diluted net income per share decreased to $0.65, compared to $0.68 for the same period in 2025. Net income for the three months ended September 30, 2026 was $6.8 million, a $0.2 million, or 3.0%, decrease compared to net income recorded during the three months ended September 30, 2025.  

Revenues totaled $31.9 million for the three months ended September 30, 2026, $1.5 million, or 4.8%, more than revenues for the three months ended September 30, 2025.

Water sales revenue increased $0.8 million, or 3.4%, primarily the result of an increase in overall water consumption, an increase in the number of customers served, and an increase in Distribution System Improvement Charge, or DSIC, revenue. The DSIC rate effective July 1, 2026 was 0.62%. In addition, water sales revenue increased related to two temporary rate increases as permitted under Delaware law, until permanent rates are determined by the DEPSC.   

Other utility operating revenue increased approximately $0.5 million, or 12.6%, primarily due to an increase in wastewater revenue related to industrial wastewater treatment services and an increase in wastewater revenue associated with additional residential and commercial customers.

Non-utility operating revenue increased approximately $0.1 million, or 7.5%, primarily due to an increase in Service Line Protection Plan, or SLP Plan, revenue, resulting from an increase in fees that were placed into effect on January 1, 2026.

Operating expenses, excluding depreciation and income taxes, increased $1.4 million, or 8.7%. Utility operating expenses increased $1.1 million, or 8.0%, primarily the result of a $0.4 million increase in supply and treatment costs, a $0.2 million increase in payroll and employee benefit costs, a $0.2 million increase in purchased power costs, and a $0.2 million increase in administrative costs.

Federal and state income tax expense decreased $0.2 million, or 9.0%, primarily due to lower pre-tax book income and the reversal of accrued penalty and interest related to uncertain tax positions taken on the 2022 tax return for which the statute of limitations lapsed during the third quarter of 2026.

Property and other taxes increased $0.4 million, primarily due to an increase in New Castle County, Delaware tax rates on utility plant and an increase in utility plant subject to taxation. Property taxes are assessed on land, buildings and certain utility plant, which include the footage and size of pipe, hydrants and wells.

Other income decreased $0.2 million, primarily due to a decrease in allowance for funds used during construction, or AFUDC, as a result of lower long-term construction activity subject to AFUDC.

Interest charges increased $0.2 million, primarily due to an increase in long-term debt interest related to higher borrowing levels on the Company’s promissory notes and reserve for customer refund interest associated with the temporary rate increase revenue.

Year-to-Date Results

Diluted net income per share increased 3.3% to $1.87, compared to $1.81 for the same period in 2025. Net income for the nine months ended September 30, 2026 was $19.3 million, a $0.6 million, or 3.1%, increase compared to net income recorded during the nine months ended September 30, 2025.

Revenues totaled $90.4 million for the nine months ended September 30, 2026, $5.5 million, or 6.4%, more than revenues for the nine months ended September 30, 2025.

Water sales revenue increased $3.7 million, or 5.4%, primarily the result of temporary rate increases as permitted under Delaware law, until permanent rates are determined by the DEPSC, as well as increases in overall water consumption and an increase in the number of customers served.   

Other utility operating revenue increased approximately $1.3 million, or 11.8%, primarily due to an increase in revenue related to industrial wastewater treatment services and an increase in wastewater revenue associated with additional residential and commercial customers.

Non-utility operating revenue increased approximately $0.5 million, or 9.1%, primarily due to an increase in SLP Plan revenue, resulting from an increase in fees that were placed into effect on January 1, 2026 and an increase in the number of customers participating in the SLP Plans.

Operating expenses, excluding depreciation and income taxes, increased $3.4 million, or 7.4%. Utility operating expenses increased $2.8 million, or 7.4%, primarily the result of a $1.3 million increase in payroll and employee benefit costs, a $0.8 million increase in supply and treatment costs, a $0.3 million increase in purchased power costs, a $0.3 million increase in administrative costs, and a $0.2 million increase in transmission, distribution and collection costs. Non-utility operating expenses increased $0.3 million, or 10.0%, primarily due to an increase in plumbing repair costs associated with the SLP Plans.

Depreciation and amortization expense increased $0.3 million, or 2.7%, primarily due to additional depreciation from continued investment in utility plant related to providing supply, treatment, storage and distribution of water to customers and service to our wastewater customers.

Property and other taxes increased $0.2 million, primarily due to an increase in New Castle County, Delaware tax rates on utility plant and an increase in utility plant subject to taxation.

Other income decreased $0.7 million, primarily due to a decrease in AFUDC, as a result of lower long-term construction activity subject to AFUDC.

Interest charges increased $0.4 million, primarily due to an increase in long-term debt interest related to higher borrowing levels on the Company’s promissory notes and lines of credit as well as reserve for customer refund interest associated with the temporary rate increase revenue.

Capital Expenditures

As part of Artesian’s ongoing effort to ensure high-quality reliable service and compliance with emerging water quality regulations, $40.8 million was invested in the first nine months of 2026 in water and wastewater infrastructure projects. To better serve our customers, these investments include installation of new mains, services and hydrants, upgrading existing pumping and treatment stations, including PFAS treatment upgrades, construction of new wastewater treatment plants, renewals associated with the rehabilitation of aging infrastructure, upgrading and replacing our meter reading equipment, transportation equipment purchases, and computer hardware and software upgrades.

“As an essential drinking water provider, investment in treatment and infrastructure is paramount in ensuring our ability to provide safe drinking water, fire protection and reliable service,” said Nicki Taylor, Chair, President and CEO. “We continue to make thoughtful, prudent investments that protect water quality, address aging infrastructure and help ensure quality service for the communities we serve.”

About Artesian Resources
Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water and wastewater services, and several other related core business services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905.

Forward Looking Statements
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, recovery of investments in water utility plant and increased operating costs in rates charged to customers as presented in our current filing before the Delaware Public Service Commission, our growth strategy, our expectations regarding infrastructure investments, our ability to comply with future regulatory standards, continued growth in our business and the number of customers served, and our continued provision of high-quality, reliable service to customers. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests, failure to receive regulatory approval, changes in economic and market conditions generally and other matters discussed in our filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company’s views as of any date subsequent to the date of this release.

Contact:
Virginia Eisenbrey
(302) 453-6900
VEisenbrey@artesianwater.com

Artesian Resources Corporation
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
		Three months ended							Nine months ended
		September 30,							September 30,
		2026			2025				2026			2025
Operating Revenues
Water sales	$	25,678		$	24,837			$	72,299		$	68,608
Other utility operating revenue		4,256			3,780				12,044			10,777
Non-utility operating revenue		2,014			1,874				6,043			5,541
		31,948			30,491				90,386			84,926
Operating Expenses
Utility operating expenses		14,502			13,431				41,091			38,261
Non-utility operating expenses		1,228			1,265				3,736			3,396
Depreciation and amortization		3,575			3,497				10,547			10,268
State and federal income taxes		2,250			2,473				6,572			6,488
Property and other taxes		1,563			1,206				4,719			4,494
		23,118			21,872				66,665			62,907
Operating Income		8,830			8,619				23,721			22,019
Allowance for funds used during construction		303			584				1,061			1,771
Miscellaneous		1			(48	)			1,432			1,411
Income Before Interest Charges		9,134			9,155				26,214			25,201
Interest Charges		2,378			2,193				6,949			6,514
Net Income	$	6,756		$	6,962			$	19,265		$	18,687
Weighted Average Common Shares Outstanding – Basic		10,330			10,312				10,324			10,308
Net Income per Common Share – Basic	$	0.65		$	0.68			$	1.87		$	1.81
Weighted Average Common Shares Outstanding – Diluted		10,335			10,314				10,329			10,309
Net Income per Common Share – Diluted	$	0.65		$	0.68			$	1.87		$	1.81

Artesian Resources Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	September 30,			December 31,
	2026			2025
Assets
Utility Plant, at original cost less accumulated depreciation	$	842,721		$	801,694
Current Assets		33,465			21,417
Regulatory and Other Assets		27,044			28,118
	$	903,230		$	851,229
Capitalization and Liabilities
Stockholders’ Equity	$	259,839		$	249,922
Long Term Debt, Net of Current Portion		181,929			174,276
Current Liabilities		36,081			33,722
Net Advances for Construction		327			374
Contributions in Aid of Construction		342,910			311,076
Other Liabilities		82,144			81,859
	$	903,230		$	851,229

Earnings per Diluted Share Totaled $0.68 for the Quarter

Digital Asset Revenue Totaled $3.1 Million

Solana Treasury Totaled Approximately 2.35 Million SOL as of September 30, 2026

TAMPA, Fla., Nov. 10, 2026 (GLOBE NEWSWIRE) — Upexi, Inc. (NASDAQ: UPXI) (the “Company” or “Upexi”), a leading Solana-focused digital asset treasury company and consumer brands owner, today announced its financial results for the fiscal first quarter ended September 30, 2026.

Allan Marshall, Chief Executive Officer of Upexi, stated, “During the first quarter of fiscal 2027, we strengthened our balance sheet by increasing our Solana treasury to approximately 2.35 million SOL, increasing our cash on hand to $6.4 million, and increasing our stockholders’ equity to $49.2 million. Additionally, in September we successfully reduced the interest rate on our BitGo borrowings from 11.5% to 7.5%, a reduction we expect to lower annual interest expense by approximately $2.3 million.”

Financial Highlights for the Quarter Ended September 30, 2026

• Total revenue for the quarter was approximately $3.5 million, compared to $9.2 million for the quarter ended September 30, 2025. Product revenue was $0.4 million, compared to $3.2 million, reflecting the Company’s shift away from legacy health, wellness and other consumer-product lines and the exit of certain manufacturing and distribution operations.
• Digital asset revenue, which primarily consists of staking income, totaled $3.1 million, compared to $6.1 million for the quarter ended September 30, 2025. The decline was primarily due to lower SOL token prices year over year, as the number of tokens earned as staking revenue was approximately flat compared to the year ago quarter.
• General and administrative expenses were $7.1 million, compared to $9.3 million for the quarter ended September 30, 2025, a decrease of approximately 24%.
• Net income totaled $89.1 million, or $0.97 per basic share and $0.68 per diluted share, compared to net income of $66.7 million, or $1.21 per basic share and $0.76 per diluted share, for the quarter ended September 30, 2025. Net income was largely driven by $102.0 million of unrealized gains on digital assets, reflecting non-cash quarter-end fair value adjustments.
• Cash totaled $6.4 million as of September 30, 2026, up approximately 11% from June 30, 2026.
• Total stockholders’ equity was $49.2 million as of September 30, 2026, compared to negative $53.8 million as of June 30, 2026.
• As of November 10, 2026, the Company had 88,855,392 shares of common stock outstanding.

Solana Treasury

• Total SOL held of approximately 2.35 million as of September 30, 2026, with an average cost of approximately $154 per SOL.
• Over 95% of SOL held was staked as of September 30, 2026.
• Earned approximately 31,300 SOL of digital asset revenue during the quarter.
• As of November 10, 2026, the Company held approximately 2,360,265 SOL.

Operational and Other Highlights During and Subsequent to the Quarter

• Amended the Company’s credit facility with BitGo Prime, LLC, reducing the interest rate from 11.5% to 7.5% per year and lowering the required collateral. Based on the $57.3 million outstanding as of September 30, 2026, the Company expects the reduction to lower annual interest expense by approximately $2.3 million.
• Issued approximately 8.8 million shares of common stock under the Company’s at-the-market program during the quarter for approximately $10.1 million of gross proceeds.
• Purchased approximately 30,100 SOL for approximately $3.5 million and sold approximately 53,000 SOL, including SOL received as staking revenue, for proceeds of approximately $4.6 million during the quarter.

The Company’s Quarterly Report on Form 10-Q for this period is available on the SEC’s website and on Upexi’s IR website.

About Upexi, Inc.

Upexi, Inc. (Nasdaq: UPXI) is a leading digital asset treasury company, where it aims to acquire and hold as much Solana (SOL) as possible in a disciplined and accretive fashion. In addition to benefiting from the potential price appreciation of Solana – the cryptocurrency of the leading high-performance blockchain – Upexi utilizes three key value accrual mechanisms in intelligent capital issuance, staking, and discounted locked token purchases. The Company operates in a risk-prudent fashion to position itself for any market environment and to appeal to investors of all kinds, and it currently holds over 2.3 million SOL. Upexi also continues to be a brand owner specializing in the development, manufacturing, and distribution of consumer products. Please see www.upexi.com for more information.

Follow Upexi on X – https://x.com/upexitreasury
Follow CEO, Allan Marshall, on X – https://x.com/upexiallan
Follow CSO, Brian Rudick, on X – https://x.com/thetinyant

Forward-Looking Statements

This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward- looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Company Contact
Brian Rudick, Chief Strategy Officer
Email: brian.rudick@upexi.com 
Phone: (203) 442-5391

Investor Contact
KCSA Strategic Communications
Valter Pinto or Jack Perkins
Upexi@KCSA.com

UPEXI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
	September 30, 2026			June 30, 2026
ASSETS
Current assets
Cash	$  6,428,420			$  5,778,586
Accounts receivable, net		75,209			97,244
Inventory, net		272,105			265,961
Due from VitaMedica		43,586			10,766
Prepaid expenses and other assets		1,594,104			988,542
Current digital assets at fair value		192,766,344			109,625,166
Total current assets		201,179,768			116,766,265
Property and equipment, net		193,320			208,044
Intangible assets, net		67,163			86,353
Goodwill		673,854			673,854
Deferred tax asset		5,948,858			5,948,858
Digital assets at fair value, net of current portion		74,833,811			55,675,516
Other assets		107,597			163,223
Right-of-use asset, net		528,354			598,678
Total noncurrent assets		82,352,957			63,354,526
Total assets	$283,532,725			$180,120,791
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable	$  1,283,557			$  277,644
Accrued compensation		3,677,100			5,277,309
Deferred revenue		3,396			4,519
Accrued liabilities		1,945,708			1,675,521
Accrued interest		1,093,629			2,349,162
Acquisition payable		–			260,652
Short-term treasury debt		57,295,723			57,295,723
Current portion of Cygnet subsidiary notes payable		–			3,694,721
Current portion of convertible notes payable		146,976,334			–
Current portion of operating lease payable		301,198			295,167
Total current liabilities		212,576,645			71,130,418
Operating lease payable, net of current portion		284,201			362,235
Convertible notes payable, net of current portion		16,419,340			162,442,056
Long-term contingent liabilities		5,035,574			–
Total long-term liabilities		21,739,115			162,804,291
Stockholders’ equity (deficit)
Preferred stock, $0.00001 par value, 10,000,000 shares authorized, and 150,000 shares issued and outstanding		2			2
Common stock, $0.00001 par value, 1,000,000,000 shares authorized, 88,428,457 and 78,702,358 shares outstanding, as of September 30, 2026 and June 30, 2026, respectively		884			787
Additional paid in capital		266,701,425			252,793,813
Accumulated deficit		(217,485,346	)		(306,608,520	)
Total stockholders’ equity (deficit)		49,216,965			(53,813,918	)
Total liabilities and stockholders’ equity (deficit)	$  283,532,725			$  180,120,791

UPEXI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended September 30,
		2026			2025
Revenue
Revenue	$  431,281			$  3,156,128
Digital asset revenue		3,052,839			6,083,617
Total revenue		3,484,120			9,239,745
Cost of revenue		88,829			956,745
Gross profit		3,395,291			8,283,000
Operating expenses
Sales and marketing		288,458			1,067,555
Distribution costs		147,342			887,596
General and administrative		7,055,956			9,257,208
Unrealized gain on digital assets		(101,999,183	)		(77,996,124	)
Realized loss on digital asset revenue conversion to USD		156,943			–
Realized loss on sale of digital assets		1,525,202			–
Stock-based compensation		3,890,744			5,756,398
Amortization of acquired intangible assets		19,190			19,190
Depreciation		14,724			135,902
Total operating expenses		(88,900,624	)		(60,872,275	)
Income from operations		92,295,915			69,155,275
Other expense, net
Interest expense, net		(3,349,109	)		(2,699,383	)
Other income, net		176,368			292,230
Other expense, net		(3,172,741	)		(2,407,153	)
Income before income tax		89,123,174			66,748,122
Income tax benefit (expense)		–			–
Net income	$89,123,174			$66,748,122
Basic income per share	$  0.97			$  1.21
Diluted income per share	$  0.68			$  0.76
Basic weighted average shares outstanding		91,509,448			55,340,634
Diluted weighted average shares outstanding		134,395,945			88,479,950

TORONTO, Nov. 10, 2026 (GLOBE NEWSWIRE) — “The third quarter of 2026 marked continued progress in the execution of Dundee’s mining strategy,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “At Shovelnose, we completed the 117-hole resource infill drilling program and advanced the technical work required to support the South Zone pre-feasibility study, which is targeted for completion in the second half of 2027. With six drills remaining active, our focus is turning to regional exploration while continuing to build the technical foundation required to make disciplined development decisions.”

“Just as importantly, our work at Shovelnose is helping Dundee build the technical, operating and organizational capabilities required as we evolve toward a more direct role in mining projects. Together with Westhaven and the experienced joint venture team, we have the opportunity not only to advance a high-quality asset, but also to strengthen the systems and processes that will support Dundee’s mining strategy,” Mr. Goodman continued.

Mr. Goodman concluded: “Beyond Shovelnose, we continue to evaluate opportunities across the mining sector. Recent market volatility reinforces the importance of maintaining both investment discipline and financial flexibility. With $142.2 million in cash at quarter-end, minimal debt, and an experienced team, Dundee has the financial flexibility to remain disciplined and acts when we see opportunities capable of creating meaningful long-term value for our shareholders.”

THIRD QUARTER AND FIRST NINE MONTHS OF 2026 RESULTS

• Reported net income from portfolio investments for the third quarter of 2026 of $52.9 million (2025 – $84.0 million). The key drivers of the current quarter’s positive performance include fair value increases of $21.3 million, $18.3 million and $7.0 million from the Corporation’s investments in Ausgold Limited (“Ausgold”), Magna Mining Inc. and Saturn Metals Limited (“Saturn”), respectively. For the nine months ended September 30, 2026, the Corporation reported a net loss from portfolio investments of $41.4 million (2025 – income of $129.6 million). Within the mining investments segment, this loss was more than offset by a $47.5 million gain on the sale of the Corporation’s net smelter royalty on the Borborema Gold Project during the first quarter of 2026 and a $6.4 million gain on the remeasurement of a derivative financial liability.

• In August 2026, OceanaGold Corporation (“OceanaGold”) announced a definitive agreement to acquire Ausgold, with Ausgold shareholders entitled to receive 0.03365 OceanaGold common shares for each Ausgold share held or elect to receive cash, subject to certain limitations. The transaction remains subject to customary approvals and closing conditions and is expected to close in December 2026.
• During the third quarter of 2026, the Corporation invested AUD$12.0 million to acquire 30.0 million shares of Saturn as part of Saturn’s total planned AUD$100.0 million private placement. The Corporation remains committed to invest an additional AUD$8.0 million for 20.0 million Saturn shares, subject to Saturn obtaining the required shareholder and regulatory approvals.

• During the first nine months of 2026, the Corporation funded $21.8 million of project expenditures under its $85.0 million Earn-In and Joint Venture Agreement with Westhaven Gold Corp. to advance the Shovelnose Project and Spences Bridge Gold Belt properties. Subsequent to quarter end, the Corporation funded an additional $6.4 million of project expenditures.
• Reported share of income from equity accounted investments of $1.5 million for the third quarter of 2026 (2025 – $9.0 million). For the nine months ended September 30, 2026, the Corporation reported nominal net income from equity accounted investments (2025 – $17.6 million).
• Reported consolidated general and administrative expenses for the third quarter of 2026 of $14.4 million (2025 – $4.0 million), including $11.3 million of stock-based compensation expense primarily attributable to the transition to cash-settled accounting and recognition of the associated liabilities. For the nine months ended September 30, 2026, the Corporation reported consolidated general and administrative expenses of $21.7 million (2025 – $12.8 million).
• Reported net earnings attributable to owners of the Corporation for the third quarter of 2026 of $41.6 million (2025 – $90.6 million), or earnings per share on a diluted basis of $0.53 (2025 – $0.92). For the nine months ended September 30, 2026, the Corporation reported net earnings attributable to owners of the Corporation of $6.8 million (2025 – $135.0 million), or earnings per share on a diluted basis of $0.18 (2025 – $1.38).

SEGMENTED FINANCIAL RESULTS  

Mining Investments

In the third quarter of 2026, the Corporation reported net earnings before tax from the mining investments segment of $58.2 million (2025 – $91.4 million). This result included net income before taxes of $56.6 million from the mining portfolio investments (2025 – $81.8 million). The key drivers of performance are described in the highlights above. The share of income before taxes from equity accounted mining investments during the third quarter of 2026 was $1.5 million (2025 – $9.0 million), which included a $1.7 million gain recognized on the Corporation’s investment in Viva Gold Corp. (“Viva”) during the quarter, representing the excess of its share of the fair value of Viva’s net assets over the purchase price.

During the nine months of 2026, the Corporation reported net earnings before tax from the mining investments segment of $12.2 million (2025 – $148.4 million). The mining portfolio investments incurred a pre-tax loss of $42.2 million (2025 – earnings of $130.1 million). This loss was offset by a $47.5 million gain on the sale of the Corporation’s net smelter royalty on the Borborema Gold Project during the first quarter of 2026 as well as a $6.4 million gain on the remeasurement of the derivative financial liability associated with the sale of New Found Gold Corp. common share purchase warrants completed in December 2025. The share of net earnings before tax from equity accounted mining investments during the first nine months of 2026 was $0.6 million (2025 – $17.5 million).

Corporate and Others

The Corporation reported a pre-tax loss from the corporate and others segment of $16.5 million (2025 – earnings of $0.3 million) during the three months ended September 30, 2026, of which $11.3 million was primarily attributable to the transition to cash-settled accounting for stock-based compensation awards. The fair value of non-mining portfolio investments in the corporate and others segment decreased by $3.8 million (2025 – increased by $2.2 million) during the third quarter and was driven mostly by the investment revaluation of Dundee’s ownership in TauRx Pharmaceuticals Ltd.

During the first nine months of 2026, the Corporation reported a pre-tax loss from the corporate and others segment of $9.9 million (2025 – $10.6 million). The fair value of non-mining portfolio investments in the segment increased by $0.8 million (2025 – decreased by $0.6 million).

Mining Services

During the third quarter of 2026, the mining services segment, comprised of the Corporation’s wholly owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $0.1 million (2025 – $0.2 million). During the first nine months of 2026, the mining services segment reported a pre-tax loss of $1.7 million (2025 – $2.4 million).

SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS
Carrying value as at	September 30, 2026			December 31, 2025
Mining Investments
Portfolio investments	$	380,124		$	374,386
Equity accounted investments		9,870			7,013
Deposit under earn-in agreement		21,784			–
Royalty		–			18,254
		411,778			399,653
Corporate and Others
Corporate		120,460			149,539
Portfolio investments ‒ other		49,581			48,801
Real estate joint ventures		2,085			2,659
		172,126			200,999
Mining Services
Subsidiaries		250			4,931
		250			4,931
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES
AND CLASS B SHARES OF THE CORPORATION	$	584,154		$	605,583
Number of shares of the Corporation issued and outstanding:
Class A Subordinate Shares		87,330,708			86,891,018
Class B Shares		3,114,491			3,114,491
Total number of shares issued and outstanding		90,445,199			90,005,509
SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS	$	6.46		$	6.73

The Corporation’s unaudited interim consolidated financial statements as at and for the three and nine months ended September 30, 2026 and 2025, along with the accompanying management’s discussion and analysis, have been filed on the System for Electronic Document Analysis and Retrieval + (“SEDAR+”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

ABOUT DUNDEE CORPORATION:

Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange (“TSX”) under the symbol “DC.A”. The Corporation is engaged in the identification, evaluation, and advancement of mineral resource opportunities within the mining sector. The Corporation is actively pursuing interests in mining and exploration projects at various stages of development. In connection with these activities, the Corporation conducts technical, geological, and financial due diligence and may enter into joint arrangements, strategic partnerships, and other arrangements with third parties, with its level of involvement in project development and operations varying depending on the nature of the opportunity. The Corporation may support the advancement of mining opportunities through involvement in development planning and oversight of key technical workstreams.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com

Royalties reach a record $5.1 million delivering $4.4 million in Adjusted EBITDA¹ at a margin of 36%

Second Quarter Fiscal 2027 Highlights	Six Month Fiscal 2027 Highlights
• Record royalties of $5.1 million	• Record royalties of $10.1 million
• Total revenues of $12.1 million	• Total revenues of $25.5 million
• Adjusted EBITDA1 of $4.4 million	• Adjusted EBITDA1 of $8.6 million
• Net profit of $2.6 million	• Net profit of $5.6 million
• Signed with two new exhibitors

MONTREAL, Nov. 10, 2026 (GLOBE NEWSWIRE) — D-BOX Technologies Inc. (“D-BOX” or the “Company”) (TSX: DBO) today reported financial results for its second quarter of fiscal 2027, the three and six month periods ended September 30, 2026.

“Royalties reached a new quarterly record and accounted for 42% of total revenues, which supported a significant improvement in our gross margin,” said Naveen Prasad, CEO of D-BOX. “System sales were lower than in an exceptionally strong second quarter last year, reflecting the more traditional slowdown in exhibitor capital spending during the summer release period. We continued to grow our installed base, which reached 1,249 active screens, and we remain focused on disciplined cost management and capital allocation. We also signed partnerships with two new exhibitors this quarter, building upon the one announced at the end of last quarter. While these relationships will take time to scale, we are confident they will contribute meaningfully to our long-term goal of growing our global screen count. As we pursue these growth opportunities, we remain equally focused on operational discipline and cash generation, with cash flows from operations reaching $5.1 million in the quarter.”

____________________
¹ See the “Non-IFRS and Other Financial Performance Measures”

Selected Financial Information (unaudited)

(in thousands of Canadian dollars)	Three month quarter ended						YTD quarter ended
Fiscal year	2027		2026		Var. (%)		2027		2026		Var. (%)
Total Revenues	12,099		16,108		25	%	25,501		29,146		13	%
Rights for use, rental and maintenance (“royalties”)	5,105		4,476		14	%	10,083		8,470		19	%
System sales	6,994		11,632		(40	)%	15,418		20,676		25	%
Gross profit	7,703		8,898		(13	)%	15,625		16,214		(4	)%
Gross margin	64	%	55	%	8	p.p.	61	%	56	%	6	p.p.
Operating expenses	5,089		4,316		18	%	10,131		9,655		5	%
Operating income	2,614		4,582		(43	)%	5,494		6,559		(16	)%
Net profit	2,621		4,526		(42	)%	5,561		6,478		(14	)%
Basic net profit per share	0.012		0.020		(42	)%	0.025		0.029		(14	)%
Diluted net profit per share	0.011		0.020		(44	)%	0.024		0.029		(18	)%
Adjusted EBITDA 1	4,384		5,594		(22	)%	8,641		8,922		(3	)%
Adjusted EBITDA margin 1	36	%	35	%	2	p.p.	34	%	31	%	3	p.p.
Operating expenses as % of total revenues 1	42	%	27	%	15	p.p.	40	%	33	%	7	p.p.
Operating margin 1	22	%	28	%	(7	) p.p.	22	%	23	%	(1	) p.p.
Cash flows provided by operating activities	4,059		1,344		202	%	5,075		4,173		22	%
As at	September 30, 2026						March 31, 2026
Total debt 1	232						323
Cash and cash equivalents	19,892						17,585
Net cash (net debt) 1	19,660						17,262
Working capital	29,317						24,694
Equity	39,731						34,634
Adjusted EBITDA (LTM) 1	15,242						16,452

Review of Second Quarter Results

Total revenues for the quarter decreased 25% to $12.1 million from $16.1 million a year earlier. Royalties increased 14% to a record $5.1 million, driven by the combination of an 28.6%² increase in the North American domestic box office and a 15.2% increase in the Company’s installed base of active screens, which broadened the base of screens generating recurring licensing and maintenance fees. The quarter’s box office was unusually concentrated, with two films accounting for more than half of domestic receipts; D-BOX royalties generally benefit from a broader slate of strong titles, which allows exhibitors to program D-BOX content across more of their equipped screens.

System sales revenues decreased 40% to $7.0 million from $11.6 million. Theatrical system sales decreased 52% to $3.1 million, reflecting a return to more typical seasonal patterns as exhibitors slowed capital deployment during the summer months, compared with an exceptionally strong prior-year quarter. Sim racing and simulation and training system sales decreased 21% and 20%, respectively, reflecting moderated demand from certain third-party OEM partners that adjusted their production schedules. Revenues by customer group were as follows:

____________________
² According to https://www.boxofficemojo.com/

(in thousands of Canadian dollars)	Three month quarter ended						YTD quarter ended
Fiscal year	2027	2026	Var. ($)		Var. (%)		2027	2026	Var. ($)		Var. (%)
Revenues from
System sales
Theatrical	3,068	6,428	(3,360	)	(52	)%	6,765	10,509	(3,744	)	(36	)%
Sim racing	2,055	2,612	(557	)	(21	)%	3,183	3,960	(777	)	(20	)%
Simulation and training	1,426	1,781	(355	)	(20	)%	4,378	4,913	(535	)	(11	)%
Other	445	811	(366	)	(45	)%	1,092	1,294	(202	)	(16	)%
Total system sales	6,994	11,632	(4,638	)	(40	)%	15,418	20,676	(5,258	)	(25	)%
Rights for use, rental and maintenance (“royalties”)	5,105	4,476	629		14	%	10,083	8,470	1,613		19	%
Total Revenues	12,099	16,108	(4,009	)	(25	)%	25,501	29,146	(3,645	)	(13	)%

Gross profit decreased 13% to $7.7 million from $8.9 million, while gross margin improved to 64% from 55%. The improvement reflects a higher proportion of high-margin rights for use, rental and maintenance revenues in the mix, together with a smaller contribution from lower-margin theatrical system sales.

Total operating expenses decreased 18% to $5.1 million, or 42% of total revenues compared with 27% a year earlier mainly reflecting higher share-based compensation, the valuation of which is influenced by the Company’s share price. Selling and marketing expenses increased 54% to $1.8 million, mainly due to higher share-based compensation ($0.2 million), professional fees ($0.2 million) and trade show travel costs ($0.1 million). Administration expenses increased 27% to $2.4 million, as a $1.0 million increase in share-based compensation was partially offset by a $0.5 million reduction in salaries. This increase reflects the Company’s commitment to tying management compensation directly to shareholder value creation. Research and development expenses decreased 28% to $0.8 million, primarily reflecting a $0.3 million increase in government assistance.

Net profit for the quarter was $2.6 million, or $0.012 per basic share and $0.011 per diluted share, compared with $4.5 million, or $0.020 per basic and diluted share, a year earlier. The decrease primarily reflects lower system sales and higher share-based compensation expense, partially offset by higher royalties and the resulting improvement in gross margin.

Review of Year-to-Date Results

For the six months ended September 30, 2026, total revenues decreased 13% to $25.5 million from $29.1 million, as lower system sales across all customer groups were partially offset by a 19% increase in royalties to $10.1 million. Gross margin improved to 61% from 56%, reflecting the higher proportion of royalties in the revenue mix. Net profit was $5.6 million, or $0.025 per basic share and $0.024 per diluted share, compared with $6.5 million, or $0.029 per basic and diluted share, and Adjusted EBITDA¹ was $8.6 million, compared with $8.9 million.

Theatrical system sales decreased 36% to $6.8 million, sim racing system sales decreased 11% to $4.4 million, simulation and training system sales decreased 20% to $3.2 million and other system sales decreased 16% to $1.1 million. Operating expenses increased 5% to $10.1 million, as higher share-based compensation was largely offset by lower salary costs, reflecting severance incurred in the prior-year period that did not recur, and by higher government assistance for research and development.

D-BOX’s revenue base continues to shift toward recurring royalties, which are linked to box office performance and to the size of the Company’s installed base. System sales, by contrast, depend on the timing of exhibitor capital spending, which is subject to seasonality and cyclicality and tends to vary with the strength of the global film slate and the cash flows of exhibitor partners. System sales in fiscal 2026 reflected an exceptionally strong period of exhibitor investment, and the level of system sales achieved in that year may not be indicative of the level of system sales in other periods. Given this variability, management continues to emphasize the importance of assessing the Company’s performance on a trailing twelve-month basis.

Financial Position, Cash Flows and Capital Allocation

Cash and cash equivalents were $19.9 million as at September 30, 2026, compared with $17.6 million as at March 31, 2026. Working capital increased $4.6 million to $29.3 million, and equity increased $5.1 million to $39.7 million, reflecting net profit and share-based compensation for the period, partially offset by share repurchases.

Total debt¹ was $0.2 million and net cash¹ was $19.7 million as at September 30, 2026, compared with net cash of $17.3 million as at March 31, 2026. The Company’s $8.0 million credit facility with National Bank of Canada remained undrawn.

For the six months ended September 30, 2026, cash flows provided by operating activities were $5.1 million, compared with $4.2 million a year earlier, mainly reflecting higher share-based compensation expense and a favorable change in the fair value of derivative financial instruments, partially offset by lower net profit. Cash flows used in investing activities were $0.6 million, compared with $0.4 million, reflecting higher additions to intangible assets. Cash flows used in financing activities were $2.2 million, compared with $1.0 million, primarily reflecting share repurchases, together with scheduled debt and lease repayments.

Under its normal course issuer bid, the Company repurchased 1,376,200 Class A common shares during the three month quarter ended and 1,860,700 Class A common shares during the six-month period for total cash consideration of $1.9 million. Of these, 1,781,000 shares were cancelled and 79,700 shares were held in treasury pending cancellation as at September 30, 2026.

Total finance leases receivable increased $0.5 million to $1.8 million, reflecting growing adoption of D-BOX’s financing offerings, which allow exhibitor partners to deploy haptic systems with reduced upfront capital.

This release should be read in conjunction with the Company’s unaudited interim condensed consolidated financial statements and the Management’s Discussion and Analysis dated November 10, 2026. These documents are available at www.sedarplus.ca.

Non-IFRS and Other Financial Performance Measures

D-BOX uses the following non-IFRS financial performance measures in its MD&A and other communications. The non-IFRS measures do not have any standardized meaning prescribed by IFRS and are unlikely to be comparable to similarly titled measures reported by other companies. Investors are cautioned that the disclosure of these metrics is meant to add to, and not to replace, the discussion of financial results determined in accordance with IFRS. Management uses both IFRS and non-IFRS measures when planning, monitoring and evaluating the Company’s performance. The non-IFRS performance measures are described as follows:

Adjusted EBITDA

EBITDA represents earnings before interest and financing, income taxes and depreciation and amortization. Adjustments to EBITDA are for items that are not necessarily reflective of the Company’s underlying operating performance. As there is no generally accepted method of calculating EBITDA, this measure is not necessarily comparable to similarly titled measures reported by other issuers. Adjusted EBITDA provides useful and complementary information, which can be used, in particular, to assess profitability and cash flow from operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenues. The following table reconciles adjusted EBITDA to net profit:

	Three month quarter ended		YTD quarter ended
Fiscal year	2027	2026	2027	2026
Net profit	2,621	4,526	5,561	6,478
Amortization of property and equipment	252	294	514	612
Amortization of intangible assets	120	138	235	282
Financial expenses (income)	(72)	36	(130)	61
Income taxes (recoveries)	65	20	63	20
Share-based payments	1,358	135	2,301	187
Foreign exchange loss	40	88	97	75
Restructuring costs	—	357	—	1,207
Adjusted EBITDA	4,384	5,594	8,641	8,922

Total Debt, Net Debt and Total Debt to Adjusted EBITDA

Total debt is defined as the total bank indebtedness, long-term debt (including any current portion), and net debt is calculated as total debt net of cash and cash equivalents. The Company considers total debt and net debt to be important indicators for management and investors to assess the financial position and liquidity of the Company and measure its financial leverage. These measures do not have any standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Total debt to Adjusted EBITDA ratio is calculated as total debt divided by the last four quarters’ Adjusted EBITDA. We believe that total debt to Adjusted EBITDA is a useful metric to assess the Company’s ability to manage debt and liquidity.

Supplementary Financial Measures
Gross margin is defined as gross profit divided by total revenues.
Operating expenses as a percentage of total revenues are defined as operating expenses divided by total revenues.
Operating margin is defined as operating income divided by total revenues.
Working capital is defined as current assets less current liabilities.

ABOUT D-BOX

D-BOX Technologies Inc. (TSX: DBO) is a global leader in haptic technology, delivering immersive motion experiences that engage the body and spark the imagination. Our patented systems synchronize motion, vibration, and texture with on-screen content, enhancing storytelling across various platforms. With over 25 years of innovation, D-BOX’s solutions are utilized in movie theaters, sim racing, and simulation & training. Headquartered in Montreal, Canada, with offices in Los Angeles, USA, D-BOX continues to redefine how audiences experience media worldwide. Visit https://www.d-box.com/.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Reid
Chief Financial Officer
D-BOX Technologies Inc.
dreid@d-box.com

D-BOX Media Relations

media@d-box.com 

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

Certain information included in this press release may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, business outlook, and financial performance and condition of the Company, or the assumptions underlying any of the foregoing. In this document, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on several assumptions which give rise to the possibility that actual results could differ materially from the Company’s expectations expressed in or implied by such forward-looking information and no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including but not limited to the future plans, activities, objectives, operations, strategy, business outlook and financial performance and condition of the Company.

Forward-looking information is provided in this press release for the purpose of giving information about Management’s current expectations and plans and allowing investors and others to get a better understanding of the Company’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information for any other purpose.

Forward-looking information provided in this document is based on information available at the date hereof and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control.

The risks, uncertainties and assumptions that could cause actual results to differ materially from the Company’s expectations expressed in or implied by the forward-looking information include, but are not limited to, the performance and concentration of the film slate and the box office; the level and timing of exhibitor capital spending on system purchases; demand from OEM partners in the sim racing and simulation and training markets; the sustainability of royalty revenues; fluctuations in the exchange rate between the Canadian dollar and the U.S. dollar; and the Company’s ability to maintain cost discipline. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking information are discussed under “Risk Factors” in the Company’s annual information form for the fiscal year ended March 31, 2026, a copy of which is available on SEDAR+ at www.sedarplus.ca.

Except as may be required by Canadian securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events, circumstances or otherwise.

The Company cautions readers that the risks described above are not the only ones that could have an impact on it. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial may also have a material adverse effect on the Company’s business, financial condition or results of operations.

*All dollar amounts are expressed in Canadian currency

Summary: Matador generated approximately $0.6 million in gross proceeds under its ATM Program in the quarter ended October 31, 2026, bringing total gross proceeds since the program launched in February 2026 to approximately $2.5 million. Proceeds raised during the quarter were used primarily to fund the Company’s operating expenses and general working capital.

TORONTO, Nov. 10, 2026 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV:MATA)(OTCQB:MATAF)(FSE:IU3), the Bitcoin Ecosystem Company, has filed its quarterly report on activity under its at the market equity program (the “ATM Program”) covering the three months ended October 31, 2026.

Quarterly ATM Program Activity

Between August 1, 2026 and October 31, 2026, Matador sold 20,721,100 common shares (“Common Shares”) through the ATM Program at an average price of C$0.0291 per share, generating gross proceeds of C$603,209.64. After commissions of C$15,080.24 paid to ATB Cormark Capital Markets (the “Agent”), net proceeds to the Company totalled C$588,129.40. The Company applied these proceeds primarily to operating expenses and general working capital.

Since launch, the ATM Program has delivered gross proceeds of C$2,458,096.07 from the sale of 54,231,500 Common Shares at an average price of C$0.0453 per share. Cumulative commissions to the Agent total C$61,452.40, leaving net proceeds of C$2,396,643.67. All sales were made at prevailing market prices on the TSX Venture Exchange or another Canadian marketplace.

Capital and Financing Framework

The ATM Program is governed by an equity distribution agreement between Matador and the Agent dated February 3, 2026, and permits the sale of up to C$30,000,000 of Common Shares. Approximately C$27.5 million of that capacity remained available at October 31, 2026. Sales are made under a prospectus supplement to Matador’s C$80 million base shelf prospectus, which received its final receipt from the Ontario Securities Commission on December 22, 2025. The Company retains full discretion over the timing and amount of any future sales, which will depend on market conditions, its share price, and its capital requirements.

Media Contact:

Donato Sferra
Chief Executive Officer
Email: donato@matador.network
Phone: 647.496.6282

About Matador Technologies Inc.

Matador Technologies Inc. (TSXV:MATA, OTCQB:MATAF, FSE:IU3) is a publicly traded Bitcoin ecosystem company focused on holding Bitcoin as its primary treasury asset and building products to enhance the Bitcoin network. Matador’s strategy combines strategic Bitcoin accumulation, Bitcoin native product development, and digital asset treasury management, with active participation across blockchain and digital assets infrastructure, all with a focus on disciplined capital allocation and cost efficient treasury management.

With a Bitcoin first strategy, and a clear focus on innovation, Matador is shaping the future of financial infrastructure on Bitcoin.

Visit us online at https://www.matador.network/

Cautionary Statement Regarding Forward Looking Information

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

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Forward Looking Statements. Certain information set forth in this news release may contain forward looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy, the receipt of regulatory approvals, and the timing and amount of future sales under the ATM Program. These forward looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the volatility of the price of Bitcoin, the trading price and liquidity of the Common Shares, general market and economic conditions, and changes in the regulatory environment applicable to digital assets. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. Except as required by applicable securities law, the Company assumes no obligation to update or revise any forward looking information to reflect new events or circumstances.

SOURCE: Matador Technologies Inc.

COLUMBUS, Ohio, Nov. 10, 2026 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s Net principal loss rate and Delinquency rate for the periods indicated:

	For the month ended October 31, 2026				For the month ended October 31, 2025
	(dollars in millions)
End-of-period credit card and other loans	$	18,961			$	17,694
Average credit card and other loans	$	18,846			$	17,627
Year-over-year change in average credit card and other loans		6.9	%			(1.3	%)
Net principal losses	$	107			$	112
Net principal loss rate		6.69	%			7.50	%

	As of October 31, 2026				As of October 31, 2025
	(dollars in millions)
30 days + delinquencies – principal	$	939			$	963
Period ended credit card and other loans – principal	$	16,665			$	15,903
Delinquency rate		5.64	%			6.05	%

About Bread Financial^®

Bread Financial^®(NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions deliver growth for some of the most recognized brands in travel and entertainment, specialty apparel, health and beauty, jewelry, sporting goods, technology and electronics, as well as home and furniture through our co-brand and private label credit cards and pay-over-time products providing choice and value to our shared customers. Additionally, we offer Bread Financial general purpose credit cards and saving products that empower our customers and their passions for a better life.​

Bread Financial proudly marks 30 years of success in 2026. To learn more about our global associates, our performance and our sustainability progress, visit breadfinancial.com or follow us on Instagram and LinkedIn.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including inflation, interest rates, labor market conditions, financial and capital market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; domestic and international political events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and consequently any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts, and international tensions or hostilities; local or global public health issues, climate-related events, impacts to the power grid, and natural disasters; future credit performance, including the level of future delinquency and charge-off rates; loss of, or reduction in demand for services and/or products from, significant brand partners or customers in the highly competitive markets in which we operate, including competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of agentic commerce, digital payment platforms and currencies and other alternative payment and deposit solutions; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including our credit risk management models and the amount of our Allowance for credit losses; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, executive action, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions that would place limits on credit card interest rates or late fees, interchange fees or other charges; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any liability or other adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, including the pending litigation against us in connection with the spinoff. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

Contacts   
Brian Vereb — Investor Relations   
Brian.Vereb@breadfinancial.com   
   
Susan Haugen — Investor Relations   
Susan.Haugen@breadfinancial.com   
   
Rachel Stultz — Media   
Rachel.Stultz@breadfinancial.com   

VANCOUVER, British Columbia, Nov. 10, 2026 (GLOBE NEWSWIRE) — Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) is pleased to announce that the Ministry of Energy and Mines of the Government of Ecuador (“MAE”) has issued a Change of Phase Resolution approving the La Plata concession for underground and medium-scale exploitation.

The change of phase resolution advances the project’s legal status from the Economic Evaluation Phase to the Exploitation Phase, authorizing the commencement of construction and subsequent operation of the mine. The Change of Phase authorizations issued in recent years for El Domo, Fruta del Norte, and Mirador have been fully utilized by the companies, allowing them to advance the projects towards production.

Fernando E. Ganoza, CEO and Director, commented, “We are extremely pleased to have received the final major permission required to start breaking ground at the La Plata project. Successful conclusion of this final step is a strong testament to our on-the-ground team, whose tireless efforts and capabilities secured all major permits and approvals to begin construction.” Mr. Ganoza continued, “We are thrilled to advance responsibly towards construction, develop Ecuador’s next gold and copper mine, and create significant value for all our stakeholders.”

For the National Government, the La Plata mining project is considered strategic due to its economic and social relevance. Its construction and operation will represent significant resources in terms of investment, taxes and royalties, the generation of direct and indirect employment, and opportunities for economic growth in the areas of influence.

Construction of the La Plata project is planned to begin in the first quarter of 2027, generating more than 600 direct employment positions and between 1200 to 1800 indirect employment positions in the construction stage and more than 300 direct employment positions and operation activities and between 600 and 900 indirect employment positions once in commercial production.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTCQX: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

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

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; and other risks and uncertainties disclosed under the heading “Risk Factors” in the Company’s Annual Information Form (“AIF”) dated September 4, 2024, filed with the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.com and as available on the Company’s website for further details.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Nov. 10, 2026 (GLOBE NEWSWIRE) — Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three and nine months ended September 30, 2026. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted.

Management Commentary

“Today we present another strong set of results for third quarter 2026 as we generated investment income of $14 million and grew our investment portfolio by 4%, net of liquidity events. We also earned $7 million of management fees from our alternative asset management business, and combined, these results translated to $9 million of EBITDA and $4 million of net profit in the quarter,” said Tope Lawani and Babatunde Soyoye, Co‑CEOs of Helios Fairfax Partners.

“During the quarter we realized liquidity of $25 million in distributions from our Trone and Helios Fund IV investments upon the listing of T2S Group Holding on the Casablanca stock exchange. Subsequent to the period end Helios Fund IV returned a further $28 million to HFP following the completion of the sale of Africa Specialty Risks.”

“On a year to date basis the investment portfolio has grown by 18% net of liquidity. EBITDA is $45 million and net profit for the year to date is $29 million, over $7 million ahead of the 2025 equivalent period. Our results equate to net profit per share of $0.27 for our shareholders through the first nine months of the year.”

(US$ million except per share)	First nine months						Third quarter
		2026			2025			2026			2025
Investment income		56.7			43.0			14.4			17.4
Management fees		19.1			—			7.2			—
Total income		79.0			43.0			21.9			17.4
EBITDA		44.7			27.7			8.6			13.0
Net profit		29.2			22.1			4.3			9.7
Net profit per share	$	0.27		$	0.20		$	0.04		$	0.09
Portfolio Investments		374.5			442.0			374.5			442.0
Total assets		587.3			460.9			587.3			460.9
Common shareholders’ equity		486.2			438.4			486.2			438.4
Tangible book value per share	$	3.50		n/a			$	3.50		n/a
Book value per share	$	4.48		$	4.05		$	4.48		$	4.05

Third Quarter 2026 Highlights

• Investment income of $14.4 million for Q3 2026, compared to $17.4 million for Q3 2025. The main drivers of investment income for Q3 2026 were fair value gains on Trone and Helios Fund IV.
• The value of portfolio investments was $374.5 million at Q3 2026. The movement from Q2 2026 was driven by the distributions from Trone and receipt of returns of capital from Helios Fund IV from the exits of underlying investments in that fund, offset by fair value gains.
• HFP delivered management fees of $7.2 million through its alternative asset management business.
• Net profit of $4.3 million for Q3 2026, compared to $9.7 million for Q3 2025, equating to net profit per share of $0.04 for Q3 2026 and $0.09 for Q3 2025.
• We have presented tangible book value per share for the first time this quarter, representing book value per share without the impact of goodwill and intangible assets. Since consolidating the Helios asset management business on January 1, 2026, the company’s BVPS includes goodwill and intangible assets arising from the Business Combination. These accounting balances are carried at historical cost or cost less accumulated amortization, while being periodically tested for impairment, and do not reflect the performance of the company’s investments or the value of the Helios franchise.
• Tangible book value per share is $3.50, up 2% from $3.44 at the end of Q2 2026.
• Book value per share up 1% to $4.48 for Q3 2026 from $4.44 for Q2 2026, HFP’s seventh consecutive quarter of book value per share growth.
• Trone’s operating subsidiary T2S Group Holding listed on the Casablanca stock exchange. HFP’s proportionate share of the cash proceeds from the IPO was $17.7 million from Trone and $7.4 million from Helios Fund IV.

YTD 2026 Highlights

• Investment income of $56.7 million for the first nine months of 2026, compared to $43.0 million for the first nine months of 2025. The main drivers of investment income for the first nine months of 2026 were distributions from Trone and Helios Fund IV and fair value and realized gains on Seven Rivers and HDV.
• Book value per share up 6% to $4.48 for Q3 2026 from $4.22 for Q4 2025.
• EBITDA of $44.7 million for the first nine months of 2026, compared to $27.7 million for the first nine months of 2025.
• Net profit of $29.2 million for the first nine months of 2026, compared to $22.1 million for the first nine months of 2025.
• HFP started to consolidate Helios’ asset management business from January 1, 2026. HFP’s MD&A and financial statements contain explanatory disclosures regarding the comparability of prior year financial information.

Subsequent events to September 30, 2026

• Helios Fund IV returned $28.5 million to HFP from proceeds of the sale of Africa Specialty Risks in October 2026.

About Helios Fairfax Partners Corporation

Helios Fairfax Partners Corporation is an investment holding company that is listed on the Toronto Stock Exchange under the symbol HFPC.U. The company invests in African businesses and other businesses with customers, suppliers or operations primarily conducted in, or dependent on, Africa. It is advised by Helios Investment Partners LLP which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. As at September 30, 2026, HFP had Portfolio Investments totaling $374.5 million.

Contact Information

investorrelations@heliosfairfax.com
www.heliosfairfax.com

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or a Portfolio Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, a Portfolio Investment, or the African market are forward-looking statements. In some cases, 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”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to: the value generating potential of HFP’s investments in a diversified set of strategies; the increased credit facility supporting further investments that would complement the portfolio; the long-term appreciation potential of the portfolio and the company’s positioning to deliver meaningful value to shareholders; and the offer to acquire the outstanding shares of CAB Payments Holdings plc.

Forward-looking statements are based on a number of key expectations and assumptions made by the company including, without limitation, that: HFP’s investments and positioning will generate the value expected; the increased credit facility will be used to support further complementary investments; and the offer to acquire the outstanding shares of CAB Payments Holdings plc will be completed on the terms currently contemplated.

Forward-looking statements are based on our opinions and estimates as of the date of this press release and they are subject to known and unknown risks and uncertainties that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: geopolitical risks, inflation, and interest rates; tariffs; financial market fluctuations; reliance on key personnel and risks associated with the Investment Advisory Agreement; concentration risk in Portfolio Investments, including geographic concentration and with respect to Class A and Class B limited partnership interests in the Portfolio Advisor; operating and financial risks of Portfolio Investments; valuation methodologies involve subjective judgments; investments may be made in foreign private businesses where information is unreliable or unavailable; use of leverage; lawsuits; cybersecurity and technology; reliance on third parties; significant ownership by Fairfax Financial Holdings Limited (“Fairfax”) and HFP Investments Holdings SARL (“Principal Holdco”) may adversely affect the market price of the subordinate voting shares; taxation risks; emerging markets; and climate change, natural disaster, and weather risks. Additional risks and uncertainties are described in the company’s 2025 annual report and annual information form, both dated March 27, 2026, which are available on SEDAR+ at www.sedarplus.ca and our website at www.heliosfairfax.com. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company 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. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

Information on
CONSOLIDATED BALANCE SHEETS
as at September 30, 2026 and December 31, 2025
(US$ thousands)

		(Unaudited)
		September 30, 2026		December 31, 2025(1)
Assets
Cash and cash equivalents		62,180		10,760
Portfolio Investments		374,491		463,746
Total cash and investments		436,671		474,506
Receivables from related parties		5,169		1,334
Distributions receivable		28,453		—
Income taxes refundable		—		814
Other assets		6,423		3,830
Property and equipment		3,992		902
Intangible assets		46,420		—
Goodwill		60,184		—
Total assets		587,312		481,386
Liabilities
Accounts payable and accrued liabilities		26,101		2,085
Income taxes payable		2,547		—
Payable to related parties		7,929		1,593
Amounts payable to other limited partners		21,537		—
Borrowings		25,139		10,000
Lease liabilities		4,702		455
Contract liabilities		4,818		—
Deferred income taxes		8,320		10,352
Total liabilities		101,093		24,485
Equity
Common shareholders’ equity		486,219		456,901
Total liabilities and equity		587,312		481,386
Tangible book value per share		3.50		n/a
Book value per share		4.48		4.22

(1) Period over period comparability may be limited. Refer to notes 5 (Business Combination) and 24 (Reclassification of Comparative Amounts) to the consolidated statements for the three and nine months ended September 30, 2026.

Information on
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS
for the third quarter and nine months ended September 30, 2026 and 2025
(US$ thousands except per share)

	(Unaudited)								(Unaudited)
	First nine months								Third quarter
		2026				2025				2026			2025(1)
Income
Investment income		56,651				43,005				14,354				17,422
Management fees		19,129				—				7,233				—
Other income		3,237				—				313				—
		79,017				43,005				21,900				17,422
Expenses
Investment and advisory fees		—				(3,477	)			—				(1,224	)
General and administration expenses		(34,302	)			(9,045	)			(13,312	)			(3,269	)
Other expenses		—				(2,745	)			—				81
EBITDA		44,715				27,738				8,588				13,010
Depreciation		(1,184	)			(111	)			(400	)			(37	)
Amortization		(5,693	)			—				(1,815	)			—
Operating profit		37,838				27,627				6,373				12,973
Finance costs		(7,254	)			(1,329	)			(2,213	)			(448	)
Profit before income taxes		30,584				26,298				4,160				12,525
Recovery of (provision for) income taxes		(1,421	)			(4,159	)			90				(2,829	)
Profit after income taxes		29,163				22,139				4,250				9,696
Net profit per share	$	0.27			$	0.20			$	0.04			$	0.09
Net profit per diluted share	$	0.27			$	0.20			$	0.04			$	0.09
Shares outstanding (weighted average)		108,361,608				108,236,381				108,450,533				108,291,576
Other comprehensive income
Exchange differences on translation of foreign operations		(54	)			—				3				—
Other comprehensive income		(54	)			—				3				—
Total comprehensive income		29,109				22,139				4,253				9,696

(1) Period over period comparability may be limited. Refer to notes 5 (Business Combination) and 24 (Reclassification of Comparative Amounts) to the consolidated statements for the three and nine months ended September 30, 2026.

USAGE OF IFRS AND OTHER NON-GAAP FINANCIAL MEASURES

The financial results are derived from the interim consolidated financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting, except as otherwise noted.

Management analyzes and assesses the financial position of the company in various ways including using non-GAAP measures that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies.

Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long-term capital appreciation, while preserving capital. Book value per share is a key performance measure of the company and is closely monitored. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

Tangible book value per share – The company considers tangible book value per share a key performance measure in evaluating its objective of long-term capital appreciation. Tangible BVPS removes goodwill and intangible assets from the BVPS calculation, giving investors a clear view of performance. Changes in tangible BVPS are driven by investment performance, fee earnings and costs. Tangible BVPS is anchored in the company’s portfolio investments, which are measured at fair value, and removes goodwill and intangible assets which are held at the values specified from acquisition accounting, being cost less accumulated amortization. This measure is equal to book value per share without the impact of goodwill and intangible assets. The impact of goodwill and intangible assets is calculated as those amounts divided by the number of common shares outstanding.

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) – This measure is used to evaluate the profitability of the entity before certain expenses, being finance costs, current and deferred taxes, depreciation and amortization. The closest GAAP measure to EBITDA is operating profit, which is reconciled to EBITDA in the below table.

	Third quarter				First nine months
	2026		2025		2026		2025
Operating profit	6,373		12,973		37,838		27,627
Add back: Depreciation	400		37		1,184		111
Add back: Amortization	1,815		—		5,693		—
EBITDA	8,588		13,010		44,715		27,738

• Donlin Gold acquisition expected to close December 1: NOVAGOLD to acquire Paulson’s 40% interest in Donlin Gold and establish a new U.S. parent company, NovaGold Corporation.
• NYSE listing expected December 2: NovaGold Corporation voting common stock expected to begin trading on the New York Stock Exchange under the ticker symbol “NG.”
• Delisting from NYSE American and TSX: Existing NOVAGOLD shares expected to cease trading on NYSE American after market close on December 1, with TSX delisting to follow.

VANCOUVER, British Columbia, Nov. 10, 2026 (GLOBE NEWSWIRE) — NOVAGOLD RESOURCES INC. (“NOVAGOLD” or the “Company”) (NYSE American, TSX: NG) has obtained the requisite shareholder approvals as per the November 4, 2026 release titled “NOVAGOLD Shareholders approve transaction to consolidate 100% ownership of Donlin Gold”, in connection with a special resolution approving an arrangement (the “Arrangement”), relating to the transactions announced on July 22, 2026, pursuant to which, subject to the satisfaction of certain closing conditions, upon the consummation thereof, NovaGold Corporation, a newly incorporated Delaware corporation, will acquire all of the issued and outstanding common shares of NOVAGOLD by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia), becoming the ultimate parent of NOVAGOLD and its subsidiaries, and will acquire the 40% interest in Donlin Gold LLC (“Donlin Gold”) held by Paulson Advisers LLC and certain of its affiliates (collectively, “Paulson”) through Donlin Gold Holdings LLC (“Donlin Gold Holdings”)¹, increasing NOVAGOLD’s ownership in Donlin Gold, a Tier One² gold development project in Alaska, from 60% to 100% (the “Transactions”).

The Arrangement was subsequently approved by order of the Supreme Court of British Columbia on November 9, 2026. The Arrangement and related Transactions remain subject to customary closing conditions and are expected to become effective at 12:01 a.m. (Vancouver time) on December 1, 2026.

Upon completion of the Transactions, NovaGold Corporation will become a public company and the ultimate parent company of NOVAGOLD and its subsidiaries, and will own, directly and indirectly, 100% of Donlin Gold. NovaGold Corporation voting common stock is expected to begin trading on the New York Stock Exchange (NYSE) under the existing ticker symbol “NG” at the start of trading on December 2, 2026. NOVAGOLD common shares are expected to cease trading on NYSE American LLC (NYSE American) after market close on December 1, 2026, and to be delisted from the Toronto Stock Exchange (TSX) as promptly as practicable following completion of the Arrangement (with such delisting anticipated to be effective no later than two or three business days following delivery of materials to the TSX). NovaGold Corporation common stock will not be listed on NYSE American or the TSX.

The voting common stock of NovaGold Corporation has been assigned CUSIP number 66986U102 and ISIN number US66986U1025.

About NOVAGOLD

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (approximately 560 million tonnes at an average grade of 2.22 grams per tonne, on a 100% basis)³ inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded as one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2025 Technical Report and the 2025 Technical Report Summary (each as defined below), the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis once in production.⁴

About Donlin Gold Holdings

Donlin Gold Holdings, 100% wholly-owned by Paulson Advisers LLC and its affiliates, is the 40% owner of the Donlin Gold project. Donlin Gold Holdings, together with NOVAGOLD, owns 100% of Donlin Gold and shares equal voting and operating control with NOVAGOLD through its operating agreement.

NOVAGOLD Contacts

Mélanie Hennessey
Vice President, Corporate Communications

Frank Gagnon
Manager, Investor Relations

604-669-6227 or 1-866-669-6227
info@novagold.com
www.novagold.com

Cautionary Note Regarding Forward-Looking Statements

This communication includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “continue”, “ongoing”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, “would” or “should” occur or be achieved. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the expected outcomes of the Transactions; the commencement of trading of the common stock of NovaGold Corporation; the delisting of the NOVAGOLD common shares from NYSE American and the TSX, and the timing thereof; the ability of NOVAGOLD, NovaGold Corporation and Paulson to complete the Transactions on the terms described herein, or at all, including receipt of required regulatory approvals and satisfaction of other customary closing conditions; the expected synergies related to the Transactions in respect of strategy, operations and other matters; projections related to expansion; and the impact of the Transactions on NovaGold Corporation and its stakeholders. Forward-looking statements contained herein are based on a number of material assumptions, including but not limited to the following, which could prove to be inaccurate: the expected outcomes of the Transactions; the commencement of trading of the common stock of NovaGold Corporation; the ability of NOVAGOLD, NovaGold Corporation and Paulson to complete the Transactions on the terms described herein, or at all, including receipt of required regulatory approvals and satisfaction of other customary closing conditions; the expected synergies related to the Transactions in respect of strategy, operations and other matters; projections related to expansion; our ability to achieve production at Donlin Gold; the cost estimates and assumptions contained in the 2025 Technical Report and the 2025 Technical Report Summary; anticipated timing of updated reports and/or studies including the Donlin Gold Bankable Feasibility Study and draft Supplemental Environmental Impact Statement; repayment of the Barrick Mining Corporation promissory note and the timing thereof; sufficiency of working capital; future capital raising activities and potential sources of funding; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and operating or regulatory risks. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are not historical facts but instead represent NOVAGOLD management’s expectations, estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties; availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold to advance the Donlin Gold project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD’s website at www.novagold.com, or the SEC’s website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions, and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

______________________________________
¹ Donlin Gold Holdings LLC is wholly owned by Paulson.
² NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve.
³ Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA” with an effective date of November 30, 2025 (the “2025 Technical Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (the “2025 Technical Report Summary”), dated November 30, 2025. Donlin Gold possesses Measured Resources of approximately 9 Mt grading 2.67 g/t and Indicated Resources of approximately 551 Mt grading 2.21 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 6 Mt of Measured Resources and approximately 330 Mt of Indicated Resources inclusive of Mineral Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1.4 Mt grading 1.18 g/t and Indicated Resources of approximately 175 Mt grading 1.32 g/t, of which approximately 0.9 Mt of Measured Resources and approximately 105 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 9 Mt grading 2.29 g/t and Probable Reserves of approximately 495 Mt grading 2.02 g/t, each on a 100% basis, of which approximately 6 Mt of Proven Reserves and approximately 297 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
⁴ Anticipated average annual gold production during full life of mine if put into production as contemplated in the 2025 Technical Report and the 2025 Technical Report Summary.

CALGARY, Alberta, Nov. 10, 2026 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy” or the “Company”) (TSX:TOT) announces its consolidated financial results for the three months ended September 30, 2026.

Financial Highlights
($000’s except per share data, unaudited)

	Three months ended September 30							Nine months ended September 30
		2026		2025	Change				2026		2025	Change
Revenue	$	342,995	$	260,702	32	%		$	986,854	$	763,027	29	%
Operating income		26,633		19,352	38	%			87,491		67,729	29	%
EBITDA(1)		51,415		42,907	20	%			167,426		138,791	21	%
Cashflow		67,423		41,362	63	%			169,453		124,706	36	%
Net income		21,584		14,584	48	%			72,581		50,622	43	%
Attributable to shareholders		21,516		14,504	48	%			72,347		50,581	43	%
Per Share Data (Diluted)
EBITDA(1)	$	1.40	$	1.13	24	%		$	4.57	$	3.64	26	%
Cashflow	$	1.84	$	1.09	69	%		$	4.62	$	3.27	41	%
Attributable to shareholders:
Net income	$	0.59	$	0.38	55	%		$	1.97	$	1.33	48	%
Common shares (000’s)(4)
Basic		36,439		37,159	(2	%)			36,514		37,535	(3	%)
Diluted		36,609		37,890	(3	%)			36,669		38,088	(4	%)
									September 30		December 31
Financial Position at									2026		2025	Change
Total Assets								$	1,112,179	$	1,000,102	11	%
Long-Term Debt and Lease Liabilities (excluding current portion)									26,503		75,236	(65	%)
Working Capital(2)									48,579		108,023	(55	%)
Net Debt(3)									–		–	–
Shareholders’ Equity									635,535		601,311	6	%

Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy’s results for the three months ended September 30, 2026 reflect continued strength in the Compression and Process Service segment, stable Australian activity and improving North American drilling and completion industry conditions.  Cash provided by operating activities during the quarter was a record $112.6 million.  Negatively impacting 2026 third quarter financial results was $15.9 million of share-based compensation expense arising from the substantial year to date increase in the market value of the Company’s shares. 

Contract Drilling Services (“CDS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025		Change			2026			2025		Change
Revenue	$	112,188		$	82,374		36	%	$	304,079		$	244,683		24	%
EBITDA (1)	$	27,929		$	19,921		40	%	$	74,308		$	61,180		21	%
EBITDA (1) as a % of revenue		25	%		24	%	4	%		24	%		25	%	(4	%)
Operating days(2)		3,132			2,326		35	%		8,154			7,044		16	%
Canada		1,951			1,407		39	%		4,736			4,252		11	%
United States		269			62		334	%		619			353		75	%
Australia		912			857		6	%		2,799			2,439		15	%
Revenue per operating day(2), dollars	$	35,820		$	35,414		1	%	$	37,292		$	34,736		7	%
Canada		25,260			24,606		3	%		26,784			26,278		2	%
United States		31,227			30,016		4	%		29,611			29,666		–
Australia		59,765			53,551		12	%		56,770			50,216		13	%
Utilization		37	%		25	%	48	%		32	%		25	%	28	%
Canada		33	%		21	%	57	%		27	%		21	%	29	%
United States		24	%		6	%	300	%		19	%		11	%	73	%
Australia		58	%		55	%	5	%		60	%		53	%	13	%
Rigs, average for period		93			102		(9	%)		93			102		(9	%)
Canada		64			73		(12	%)		64			73		(12	%)
United States		12			12		–			12			12		–
Australia		17			17		–			17			17		–

⁽¹⁾  See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
⁽²⁾  Operating days includes drilling and paid standby days.

CDS segment activity during the third quarter of 2026 was higher than the prior year in all jurisdictions.  Increased equipment utilization and higher day rates received for upgraded equipment resulted in a substantial year over year increase in third quarter segment revenue and EBITDA. 

Rentals and Transportation Services (“RTS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025					2026			2025		Change
Revenue	$	22,916		$	21,041		9	%	$	61,089		$	60,251		1	%
EBITDA (1)	$	8,285		$	7,623		9	%	$	20,150		$	21,657		(7	%)
EBITDA (1) as a % of revenue		36	%		36	%	–			33	%		36	%	(8	%)
Revenue per utilized piece of equipment, dollars	$	13,616		$	13,754		(1	%)	$	42,246		$	43,072		(2	%)
Pieces of rental equipment		8,019			8,050		–			8,019			8,050		–
Canada		6,855			6,867		–			6,855			6,867		–
United States		1,164			1,183		(2	%)		1,164			1,183		(2	%)
Rental equipment utilization		21	%		19	%	11	%		18	%		18	%	–
Canada		19	%		17	%	12	%		16	%		15	%	7	%
United States		32	%		30	%	7	%		33	%		32	%	3	%
Heavy trucks		58			62		(6	%)		58			62		(6	%)
Canada		40			40		–			40			40		–
United States		18			22		(18	%)		18			22		(18	%)

⁽¹⁾ See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.

Third quarter RTS segment revenue increased compared to 2025 due primarily to increased activity in Canada.  The year over year increase in third quarter segment EBITDA was driven by increased equipment utilization as price increases implemented to the end of the third quarter of 2026 were not sufficient to fully offset significant cost inflation over the past year.

Compression and Process Services (“CPS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025		Change			2026			2025		Change
Revenue	$	170,548		$	125,801		36	%	$	517,554		$	365,250		42	%
EBITDA (1)	$	21,036		$	15,097		39	%	$	69,655		$	52,994		31	%
EBITDA (1) as a % of revenue		12	%		12	%	–			14	%		15	%	(7	%)
Horsepower of equipment on rent at period end		38,665			51,313		(25	%)		38,665			51,313		(25	%)
Canada		22,465			23,763		(5	%)		22,465			23,763		(5	%)
United States		16,200			27,550		(41	%)		16,200			27,550		(41	%)
Rental equipment utilization during the period (HP)(2)		80	%		75	%	7	%		70	%		69	%	1	%
Canada		80	%		78	%	3	%		66	%		66	%	–
United States		79	%		73	%	8	%		75	%		71	%	6	%
Sales backlog at period end, $ million	$	733.8		$	380.8		93	%	$	733.8		$	380.8		93	%

⁽¹⁾  See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
⁽²⁾  Rental equipment utilization is measured on a horsepower basis.

Third quarter CPS segment revenue was higher compared to 2025 due to increased North American fabrication sales and parts and service activity that was partially offset by lower compression rental fleet revenue in the United States following the sale of several active compression rental units in 2025.  The year over year increase in third quarter segment EBITDA was driven by increased fabrication and parts and service activity and improved fabrication margins.  The year over year decline in higher margin rental revenues resulted in a modestly lower segment EBITDA margin for the first nine months of 2026 as compared to 2025.  The quarter end fabrication sales backlog increased to $733.8 million compared to the $380.8 million backlog at September 30, 2025. Sequentially, the quarter-end fabrication sales backlog increased by $179.3 million, or 32%, compared to the $554.5 million backlog at June 30, 2026.
  
Well Servicing (“WS”)

		Three months ended September 30								Nine months ended September 30
		2026			2025		Change			2026			2025		Change
Revenue	$	37,343		$	31,486		19	%	$	104,132		$	92,843		12	%
EBITDA (1)	$	11,214		$	4,727		137	%	$	32,498		$	13,490		141	%
EBITDA (1) as a % of revenue		30	%		15	%	100	%		31	%		15	%	107	%
Service hours(2)		31,400			29,298		7	%		90,293			85,806		5	%
Canada		15,702			13,702		15	%		44,783			40,396		11	%
United States		–			1,405		nm			108			5,697		(98	%)
Australia		15,698			14,191		11	%		45,402			39,713		14	%
Revenue per service hour(2), dollars	$	1,189		$	1,075		11	%	$	1,153		$	1,082		7	%
Canada		938			893		5	%		934			919		2	%
United States		–			934		nm			898			921		(2	%)
Australia		1,440			1,264		14	%		1,370			1,271		8	%
Utilization(3)		40	%		29	%	38	%		38	%		29	%	31	%
Canada		35	%		27	%	30	%		33	%		27	%	22	%
United States		–			13	%	nm			3	%		17	%	(82	%)
Australia		59	%		54	%	9	%		58	%		51	%	14	%
Rigs, average for period		61			79		(23	%)		61			79		(23	%)
Canada		49			55		(11	%)		49			55		(11	%)
United States		–			12		nm			–			12		nm
Australia		12			12		–			12			12		–

⁽¹⁾  See Note 1 of the Notes to the Financial Highlights set forth at the end of this release.
⁽²⁾  Service hours is defined as well servicing hours of service provided to customers and includes paid rig move and standby.
⁽³⁾  The Company reports its service rig utilization for its operational service rigs in North America based on service hours of 3,650 per rig per year to reflect standard 10 hour operations per day. Utilization for the Company’s service rigs in Australia is calculated based on service hours of 8,760 per rig per year to reflect standard 24 hour operations.
“nm” – calculation not meaningful

Third quarter Well Servicing segment revenue increased compared to 2025 due to increased activity in Australia and Canada following the upgrade and reactivation of several service rigs over the past year.  Increased revenue from Australian and Canadian operations was partially offset by lower WS segment revenue in the United States following the discontinuance of U.S. operations in January 2026.  Segment EBITDA for the third quarter of 2026 was higher compared to 2025 due primarily to an improvement in Australian financial performance and the cessation of operating losses in the United States.

Corporate  

During the third quarter of 2026, Total Energy continued to execute on its $120.1 million 2026 capital expenditure program with $31.7 million of capital expenditures that were primarily directed towards the upgrade of drilling and service rigs in Australia and Canada, the construction of a new service rig for Australia, expansion of CPS segment fabrication capacity in the United States and additions to the RTS segment’s North American rental fleet.  Capital expenditures for the first nine months of 2026 totaled $97.5 million, which includes approximately $19.9 million of the $24.5 million of capital commitments carried forward from 2025.     

Total Energy exited the third quarter of 2026 with $48.6 million of positive working capital, including $93.4 million of cash.  At September 30, 2026 there was $170.0 million of available credit under the Company’s $175.0 million of revolving bank credit facilities and the interest rate on the Company’s outstanding bank debt was 4.12%.

$18.8 million was returned to shareholders during the third quarter of 2026 by way of dividends and share repurchases.  Bank debt was reduced by $20.0 million during the quarter.  Cash on hand exceeded bank debt by $88.4 million at September 30, 2026.

Further to the news release issued on September 14, 2026, Total Energy is pleased to welcome Elizabeth (Liz) Dammann to its Board of Directors.  Ms. Dammann is a professional engineer with over 25 years of experience in the oil and gas industry and currently serves as Vice President, Production and Capital Operations for Tundra Oil and Gas Ltd.

Outlook

Despite continued political and economic uncertainty and capital discipline on the part of oil and gas producers, elevated oil prices began to translate into higher Canadian drilling activity in the second quarter, with U.S. drilling activity following in the third quarter.  The current outlook for the upcoming winter drilling season in Canada is positive, with all the Company’s high capacity singles, AC doubles and triples committed.  Conversion of a second idle Canadian mechanical double to a state of the art AC triple is on time and on budget and such rig has been contracted and is expected to commence drilling by January 2027.  The previously announced upgrade of three Canadian service rigs and one Australian drilling rig are also expected to be completed and the rigs operating by January 2027.  A new service rig being constructed for Australia is expected to be completed and commence operations during the second quarter of 2027.

North American demand for compression and process equipment remains very strong.  The CPS segment’s record $733.8 million fabrication sales backlog at September 30, 2026 provides visibility for the CPS segment’s fabrication business into 2028 and quoting activity remains vibrant.  The U.S. facility expansion is on time and on budget, with completion scheduled for the first quarter of 2027.  Following facility completion, U.S. production is expected to ramp up over the next several quarters as personnel and major components are procured.

Relatively strong natural gas prices realized by Australian producers continued to support stable industry conditions in the third quarter of 2026.  However, recent intervention by the Australian federal government in the natural gas market intended to lower domestic prices threatens such stability and has adversely impacted industry sentiment.  The introduction of legislation to the Australian Parliament in October 2026 relating to the Domestic Gas Reservation Scheme has caused uncertainty around future investment in developing Australia’s natural gas resource.  While there are indications the federal government may modify the scheme in response to state and industry concerns, failure to do so could negatively impact industry activity levels. 

Subsequent to September 30, 2026, Total Energy repaid the remaining $5.0 million drawn on its revolving credit facilities and the Company currently has no bank debt.  This strong financial position allows Total Energy to fund its remaining $47.1 million of capital expenditure commitments while at the same time continuing to pursue attractive investment opportunities and providing shareholders with industry leading returns through dividends and share buybacks.

Conference Call

At 9:00 a.m. Alberta Time (10:00 a.m. EST) on November 12, 2026 Total Energy will conduct a conference call and webcast to discuss its third quarter financial results.  Daniel Halyk, President & Chief Executive Officer, will host the conference call.  A live webcast of the conference call will be accessible on Total Energy’s website at www.totalenergy.ca by selecting “Webcasts”.  Persons wishing to participate in the conference call may do so by calling (800) 715-9871 or (647) 932-3411.  Those who are unable to listen to the call live may listen to a recording of it on Total Energy’s website.  A recording of the conference call will also be available until December 12, 2026 by dialing (800) 770-2030 (passcode 1002576).

Selected Financial Information

Selected financial information relating to the three and nine months ended September 30, 2026 and 2025 is included in this news release.  This information should be read in conjunction with the condensed interim consolidated financial statements of Total Energy and the notes thereto as well as management’s discussion and analysis to be issued in due course and the Company’s 2025 Annual Report.

Consolidated Statements of Financial Position
(in thousands of Canadian dollars)

		September 30			December 31
		2026			2025
		(unaudited)			(audited)
Assets
Current assets:
Cash and cash equivalents		$	93,396		$	59,637
Accounts receivable			198,571			165,991
Inventory			107,022			127,022
Prepaid expenses and deposits			39,400			18,268
			438,389			370,918
Property, plant and equipment			669,737			625,131
Goodwill			4,053			4,053
		$	1,112,179		$	1,000,102
Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities		$	209,508		$	152,214
Deferred revenue			148,767			89,826
Contingent consideration on business acquisition			–			2,796
Income taxes payable			20,669			7,518
Dividends payable			4,357			3,635
Current portion of lease liabilities			6,509			6,906
			389,810			262,895
Long-term debt			5,000			55,000
Lease liabilities			21,503			20,236
Deferred income tax liability			60,331			60,660
Shareholders’ equity:
Share capital			231,740			228,041
Contributed surplus			1,065			5,841
Accumulated other comprehensive loss			(4,091	)		(16,523	)
Non-controlling interest			611			377
Retained earnings			406,210			383,575
			635,535			601,311
		$	1,112,179		$	1,000,102

Consolidated Statements of Income
(in thousands of Canadian dollars except per share amounts)
(unaudited)

			Three months ended September 30						Nine months ended September 30
		2026			2025			2026			2025
Revenue		$	342,995		$	260,702		$	986,854		$	763,027
Cost of services			263,489			203,044			765,318			583,858
Selling, general and administration			15,062			13,571			42,172			40,877
Other income			(1,974	)		(543	)		(2,791	)		(1,232	)
Share-based compensation			15,919			1,983			23,315			2,795
Depreciation			23,866			23,295			71,349			69,000
Operating income			26,633			19,352			87,491			67,729
Gain on sale of property, plant and equipment			916			260			8,586			2,062
Finance costs, net			(488	)		(1,195	)		(844	)		(3,921	)
Net income before income taxes			27,061			18,417			95,233			65,870
Current income tax expense			7,654			3,248			23,836			10,916
Deferred income tax expense (recovery)			(2,177	)		585			(1,184	)		4,332
Total income tax expense			5,477			3,833			22,652			15,248
Net income		$	21,584		$	14,584		$	72,581		$	50,622
Net income (loss) attributable to:
Shareholders of the Company		$	21,516		$	14,504		$	72,347		$	50,581
Non-controlling interest			68			80			234			41
Income per share
Basic		$	0.59		$	0.39		$	1.98		$	1.35
Diluted		$	0.59		$	0.38		$	1.97		$	1.33

Consolidated Statements of Comprehensive Income 
(in thousands of Canadian dollars except per share amounts)
(unaudited)

			Three months ended September 30				Nine months ended September 30
			2026		2025		2026	2025
Net income		$	21,584	$	14,584	$	72,581	$	50,622
Foreign currency translation			1,597		5,391		12,432		(3,085	)
Total other comprehensive income (loss) for the period			1,597		5,391		12,432		(3,085	)
Total comprehensive income		$	23,181	$	19,975	$	85,013	$	47,537
Total comprehensive income (loss) attributable to:
Shareholders of the Company		$	23,113	$	19,895	$	84,779	$	47,496
Non-controlling interest			68		80		234		41

Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)
(unaudited)

		Three months ended September 30						Nine months ended September 30
		2026			2025			2026			2025
Cash provided by (used in):
Operations:
Net income for the period		$	21,584		$	14,584		$	72,581		$	50,622
Add (deduct) items not affecting cash:
Depreciation			23,866			23,295			71,349			69,000
Share-based compensation			15,919			1,983			23,315			2,795
Gain on sale of property, plant and equipment			(916	)		(260	)		(8,586	)		(2,062	)
Finance costs, net			488			1,195			844			3,921
Foreign currency translation			205			(902	)		(1,776	)		(2,834	)
Current income tax expense			7,654			3,248			23,836			10,916
Deferred income tax expense (recovery)			(2,177	)		585			(1,184	)		4,332
Income taxes recovered (paid)			800			(2,366	)		(10,926	)		(11,984	)
Cashflow			67,423			41,362			169,453			124,706
Changes in non-cash working capital items:
Accounts receivable			12,844			(919	)		(32,580	)		(12,560	)
Inventory			17,252			(35,741	)		20,000			(32,874	)
Prepaid expenses and deposits			(8,332	)		(5,699	)		(21,132	)		(3,370	)
Accounts payable and accrued liabilities			(30,685	)		25,827			(5,888	)		31,266
Deferred revenue			54,113			32,677			58,962			31,987
Cash provided by operating activities			112,615			57,507			188,815			139,155
Investing:
Purchase of property, plant and equipment			(31,735	)		(17,157	)		(97,520	)		(77,926	)
Payment of deferred purchase price			(2,817	)		–			(2,817	)		–
Proceeds on disposal of property, plant and equipment			1,090			1,016			12,028			3,910
Changes in non-cash working capital items			4,965			2,231			30,705			8,389
Cash used in investing activities			(28,497	)		(13,910	)		(57,604	)		(65,627	)
Financing:
Advances on long-term debt			–			–			–			30,000
Repayment of long-term debt			(20,000	)		(10,000	)		(50,000	)		(50,947	)
Repayment of lease liabilities			(1,888	)		(1,790	)		(5,718	)		(5,611	)
Dividends to shareholders			(4,375	)		(3,723	)		(12,416	)		(10,942	)
Repurchase of common shares			(14,396	)		(3,988	)		(28,849	)		(13,721	)
Shares issued on exercise of stock options			–			174			647			174
Interest paid			(576	)		(1,341	)		(1,116	)		(3,813	)
Cash used in financing activities			(41,235	)		(20,668	)		(97,452	)		(54,860	)
Change in cash and cash equivalents			42,883			22,929			33,759			18,668
Cash and cash equivalents, beginning of period			50,513			34,158			59,637			38,419
Cash and cash equivalents, end of period		$	93,396		$	57,087		$	93,396		$	57,087

Segmented Information

The Company provides a variety of products and services to the energy and other resource industries through five reporting segments, which operate substantially in three geographic regions.  These reporting segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labor required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in energy and other industrial operations, Compression and Process Services, which includes the fabrication, sale, rental and servicing of gas compression and process equipment and Well Servicing, which includes the contracting of service rigs and the provision of labor required to operate the equipment.  Corporate includes activities related to the Company’s corporate and public issuer affairs.

As at and for the three months ended September 30, 2026 (unaudited, in thousands of Canadian dollars)

As at and for the three months ended		Contract		Rentals and			Compression			Well			Corporate			Total
September 30, 2026		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	$	112,188	$	22,916		$	170,548		$	37,343		$	–		$	342,995
Cost of services		81,304		12,682			144,663			24,840			–			263,489
Selling, general and administration		3,648		2,036			4,882			1,356			3,140			15,062
Other income		–		–			–			–			(1,974	)		(1,974	)
Share-based compensation		–		–			–			–			15,919			15,919
Depreciation		12,922		4,877			2,934			2,745			388			23,866
Operating income (loss)		14,314		3,321			18,069			8,402			(17,473	)		26,633
Gain on sale of property, plant and equipment		693		87			33			67			36			916
Finance income (costs), net		63		(48	)		(98	)		(8	)		(397	)		(488	)
Net income (loss) before income taxes		15,070		3,360			18,004			8,461			(17,834	)		27,061
Goodwill		–		2,514			1,539			–			–			4,053
Total assets		481,853		160,151			335,210			128,407			6,558			1,112,179
Total liabilities		80,707		38,284			228,545			7,588			121,520			476,644
Capital expenditures		13,142		8,273			6,071			4,198			51			31,735

		Canada		United States		Australia		International		Total
Revenue	$	167,666	$	98,198	$	77,131	$	–	$	342,995
Non-current assets (2)		384,910		114,947		173,933		–		673,790

As at and for the three months ended September 30, 2025 (unaudited, in thousands of Canadian dollars)

		Contract			Rentals and			Compression			Well			Corporate			Total
		Drilling			Transportation			and Process			Servicing			(1)
		Services			Services			Services
Revenue	$	82,374		$	21,041		$	125,801		$	31,486		$	–		$	260,702
Cost of services		59,867			11,371			107,078			24,728			–			203,044
Selling, general and administration		2,582			2,230			3,706			2,032			3,021			13,571
Other income		–			–			–			–			(543	)		(543	)
Share-based compensation		–			–			–			–			1,983			1,983
Depreciation		12,156			5,376			3,121			2,495			147			23,295
Operating income (loss)		7,769			2,064			11,896			2,231			(4,608	)		19,352
Gain (loss) on sale of property, plant and equipment		(4	)		183			80			1			–			260
Finance Income (costs), net		15			(49	)		(126	)		(13	)		(1,022	)		(1,195	)
Net income (loss) before income taxes		7,780			2,198			11,850			2,219			(5,630	)		18,417
Goodwill		–			2,514			1,539			–			–			4,053
Total assets		440,485			167,067			306,589			90,928			10,318			1,015,387
Total liabilities		72,987			32,099			157,376			5,947			152,867			421,276
Capital expenditures		10,929			1,025			1,582			3,599			22			17,157

		Canada		United States		Australia		International		Total
Revenue	$	125,564	$	71,214	$	63,924	$	–	$	260,702
Non-current assets (2)		371,460		129,973		136,030		–		637,463

(1) Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities.
(2) Includes property, plant and equipment and goodwill.

As at and for the nine months ended September 30, 2026 (unaudited, in thousands of Canadian dollars)

		Contract		Rentals and			Compression			Well			Corporate			Total
		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	$	304,079	$	61,089		$	517,554		$	104,132		$	–		$	986,854
Cost of services		221,092		35,695			434,701			73,830			–			765,318
Selling, general and administration		9,564		5,863			14,107			3,941			8,697			42,172
Other income		–		–			–			–			(2,791	)		(2,791	)
Share-based compensation		–		–			–			–			23,315			23,315
Depreciation		38,545		15,269			8,633			7,974			928			71,349
Operating income (loss)		34,878		4,262			60,113			18,387			(30,149	)		87,491
Gain on sale of property, plant and equipment		885		619			909			6,137			36			8,586
Finance income (costs), net		146		(148	)		(309	)		(25	)		(508	)		(844	)
Net income (loss) before income taxes		35,909		4,733			60,713			24,499			(30,621	)		95,233
Goodwill		–		2,514			1,539			–			–			4,053
Total assets		481,853		160,151			335,210			128,407			6,558			1,112,179
Total liabilities		80,707		38,284			228,545			7,588			121,520			476,644
Capital expenditures		53,977		11,768			16,375			15,314			86			97,520

		Canada		United States		Australia		International		Total
Revenue	$	454,456	$	311,104	$	221,294	$	–	$	986,854
Non-current assets (2)		384,910		114,947		173,933		–		673,790

As at and for the nine months ended September 30, 2025 (unaudited, in thousands of Canadian dollars)

		Contract		Rentals and			Compression			Well			Corporate			Total
		Drilling		Transportation			and Process			Servicing			(1)
		Services		Services			Services
Revenue	$	244,683	$	60,251		$	365,250		$	92,843		$	–		$	763,027
Cost of services		176,498		32,196			300,916			74,248			–			583,858
Selling, general and administration		8,048		6,614			11,764			5,484			8,967			40,877
Other income		–		–			–			–			(1,232	)		(1,232	)
Share-based compensation		–		–			–			–			2,795			2,795
Depreciation		36,621		15,464			9,071			7,173			671			69,000
Operating income (loss)		23,516		5,977			43,499			5,938			(11,201	)		67,729
Gain on sale of property, plant and equipment		1,043		216			424			379			–			2,062
Finance income (costs), net		35		(132	)		(335	)		(40	)		(3,449	)		(3,921	)
Net income (loss) before income taxes		24,594		6,061			43,588			6,277			(14,650	)		65,870
Goodwill		–		2,514			1,539			–			–			4,053
Total assets		440,485		167,067			306,589			90,928			10,318			1,015,387
Total liabilities		72,987		32,099			157,376			5,947			152,867			421,276
Capital expenditures		44,213		15,276			3,630			14,756			51			77,926

		Canada		United States		Australia		International		Total
Revenue	$	340,039	$	245,964	$	173,249	$	3,775	$	763,027
Non-current assets (2)		371,460		129,973		136,030		–		637,463

   ⁽¹⁾        Corporate includes the Company’s corporate activities and obligations pursuant to long-term credit facilities.
   ⁽²⁾        Includes property, plant and equipment and goodwill.

Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and service to the energy and other resource industries from operation centres in North America and Australia.  The common shares of Total Energy are listed and trade on the TSX under the symbol TOT. 

For further information, please contact Daniel Halyk, President & Chief Executive Officer at (403) 216-3921 or Yuliya Gorbach, Vice-President Finance and Chief Financial Officer at (403) 216-3920 or by e-mail at:  investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.

Notes to the Financial Highlights

(1)	EBITDA means earnings before interest, taxes, depreciation and amortization and is equal to net income (loss) before income taxes plus finance costs plus depreciation.  EBITDA is not a recognized measure under IFRS. Management believes that in addition to net income (loss), EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Company’s primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions as well as the cash generated by the Company’s primary business activities without consideration of the timing of the monetization of non-cash working capital items. Readers should be cautioned, however, that EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of Total Energy’s performance. Total Energy’s method of calculating EBITDA may differ from other organizations and, accordingly, EBITDA may not be comparable to measures used by other organizations.
(2)	Working capital equals current assets minus current liabilities.
(3)	Net Debt equals long-term debt plus lease liabilities plus current liabilities minus current assets. Management believes this measure provides a useful indication of the Company’s liquidity.
(4)	Basic and diluted shares outstanding reflect the weighted average number of common shares outstanding for the periods. See note 5 to the Company’s Q3 2026 Condensed Interim Consolidated Financial Statements.

Certain statements contained in this press release, including statements which may contain words such as “could”, “should”, “expect”, “believe”, “will” and similar expressions and statements relating to matters that are not historical facts are forward-looking statements.  Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning industry activity levels, including expectations regarding Total Energy’s future activity levels, market share and compression and process production activity.  Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, central bank interest rate policy, the demand for products and services provided by Total Energy, Total Energy’s ability to attract and retain key personnel and other factors. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements.  Reference should be made to Total Energy’s most recently filed Annual Information Form and other public disclosures (available at http://www.sedarplus.ca/) for a discussion of such risks and uncertainties.

The TSX has neither approved nor disapproved of the information contained herein.