Author: Ravi Shankar

• • Mine produced 110,000 to 137,500 Gold Equivalent Ounces (“GEOs”) between 2009 and 2016 annually and produced 52,000-88,000 GEOs between 2017 and 2022 annually.
  • Mining and processing activities concluded at the end of 2022, after the operation produced 68,000 GEOs in 2022, with mineralized material remaining in place.

Highlights:

• Cerrado acquires 100% of the issued and outstanding shares of Minera Tritón Argentina S.A. (“MTA”), from Pan American Silver Corp. (“Pan American”)
• MTA has produced approximately 1.4 million GEOs with strong silver credits since inception.
• Total consideration of US$20 million in cash: US$10 million at closing and two deferred payments of US$5 million. MTA has also granted Pan American a 1.0% net smelter returns royalty in settlement of existing indebtedness owed by MTA to Pan American
• Cerrado to acquire MTA, with its subsidiary Minera Don Nicolás providing all funding for the acquisition and start-up.
• Strong support by Government of Santa Cruz has expedited acquisition and potential return to operations
• Cerrado assumes all historical, current and future liabilities of MTA, including closure obligations, with a financial closure guarantee.
• MTA has established processing infrastructure with 2,500 tonnes per day mill capacity in place providing a platform for a rapid restart of operations and positions Cerrado for significant Gold Production Growth.
• Exploration opportunities identified around existing workings and across the wider property to grow resources.

TORONTO, Nov. 13, 2026 (GLOBE NEWSWIRE) — CERRADO GOLD INC. [TSX.V: CERT] [OTCQX: CRDOF] (“Cerrado” or the “Company”) is pleased to announce that it has entered into a share purchase agreement dated November 13, 2026 (the “Agreement”) with Pan American and Aquiline Resources Inc., a wholly-owned subsidiary of Pan American, (together, the “Vendors”) and acquired all of the issued and outstanding shares of Minera Tritón Argentina S.A. (“MTA”), the owner of the past-producing Manantial Espejo mine, and the related mining concessions located in Santa Cruz Province, Argentina (the “Property”) (the “Transaction”). All dollar amounts in this news release are expressed in United States dollars unless otherwise indicated.

Transaction Details:

• The acquisition was completed on an “as is, where is” basis.
• Upfront cash payment of US$10 million paid on closing.
• Deferred payments of US$5 million in cash payable on the first and second anniversaries of the closing date.
• MTA has granted Pan American a 1.0% net smelter returns royalty (the “NSR Royalty”) on all future production from the Property in settlement of existing indebtedness owed by MTA to Pan American. The NSR Royalty is secured by a first-degree mortgage over the mining concessions comprising the Property and a parent guarantee from Cerrado.
• The Company is not aware of any other material indebtedness of MTA other than the intercompany indebtedness settled by the NSR Royalty.
• The assumption of all historical, current and future liabilities, including closure liabilities, with the financial closure guarantee required under Santa Cruz provincial law for approximately US$13.8 million, which the Company will satisfy through a financial institution letter of credit, avoiding impact to its working capital position.

Mark Brennan, CEO and Chairman, commented: “We are extremely pleased to acquire MTA and the Manantial Espejo mine. Based on our due diligence, we have developed a phased redevelopment and refurbishment plan to bring the operations back into production in 2027. Through additional exploration and development, it is Cerrado’s objective to bring MTA back to historical production levels.”

He continued, “We believe this acquisition positions Cerrado for significant accelerated production growth in Santa Cruz. With funds available in Argentina to support our development plans, we believe this opportunity should enhance shareholder value without shareholder dilution.”

The Transaction is an arm’s-length transaction. No securities of the Company are being issued as consideration and no approval of the Company’s shareholders is required.

Property Details

MTA’s operations consist of the Manantial Espejo mine, situated in Santa Cruz Province, approximately 160 kilometers west of Puerto San Julián on Route 25, and 50 kilometers west of the town of Gobernador Gregores (population 7,000), in southern Argentina (Patagonia).

The Property consists of a total of 25 mining properties, including 17 mining properties constituting the Manantial Espejo mining group and eight other separate mining properties, covering a total of approximately 45,255 hectares. The Property also includes three surface properties (ranches) owned by MTA that will support its mining and exploration activities. Certain concessions comprising the Property are subject to a pre-existing 0.5% net smelter return royalty.

The mine was constructed in 2006 and commenced operations in 2008. Mining activities concluded at the end of 2022 and the mine was closed in early 2023, following which the operation was placed on care and maintenance. The site consists of two historical open-pit mines and additional underground workings accessed from three portals. Mining ceased while mineralized material remained in place.

Historical operations consisted of a mill capable of operating at up to 2,500 tonnes per day, and associated infrastructure including a tailings pond facility used to produce doré. Based on Cerrado’s due diligence review, the Company believes these facilities remain in good condition and management believes this positions the mine for a rapid restart. Figure 1 below highlights the historical gold and silver production and head grades reported by the previous owner. As shown in Figure 1 below, metal production reached a peak of approximately 137,500 GEOs in 2011 before declining due to lower grades and less open pit material being available to support filling the mill with a blend of open pit and underground material.

Figure 1. Historical Production and Operating Data

Source: Derived from Pan American Silver Interactive Analyst Center website data, available at https://iac.virtuaresearch.com/?Ticker=PAAS&Exchange=NASDAQGS and in Pan American’s Published Annual reports in respect of each year.

The historical production and grade information set out above and in Figure 1 is derived from Pan American’s public disclosure. That information has not been independently verified by the Company or its Qualified Persons and is not necessarily indicative of future performance or of the results that may be achieved if mining at the Property is resumed.

Gold Equivalent Production Calculated, not reported by Pan American Silver: gold production (thousand oz) + silver production (million oz) x 1,000 x annual average silver price / annual average gold price. Prices are World Bank nominal annual market averages, not company realized prices. Uses published rounded inputs; no additional recovery or payability adjustment. 2008 remains NR.

Phased Redevelopment Plan

The Company has developed a phased redevelopment plan for the Property for 2027. The initial phase will focus on de-watering the underground mine and refurbishing underground and surface infrastructure as needed. This is expected to take up to six months. A new mining fleet for surface and underground operations is also expected to be brought on site to commence mining operations when ready. Based upon current internal plans, initial commissioning of the operation and initial production are expected to be sourced by processing of low-grade stockpiles and then blending in new mineralized material from newly commenced underground mining operations. The initial phase of the redevelopment plan is targeting operation of the mill at approximately 1,000 tonnes per day, being the rate at which the operation was performing prior to shutdown. The redevelopment plan has used this throughput rate as the initial target for commissioning. This leaves spare mill capacity should exploration define additional sources of mill feed.

Cerrado’s current operations at Minera Don Nicolas (“MDN”), also in Santa Cruz Province, provide an established operating foundation in Santa Cruz. Cerrado intends to draw on its knowledge of local conditions, government, supplier and contractor relationships, procurement systems and recruitment experience to support the redevelopment of the Property. Opportunities to share technical support and apply lessons from MDN in maintenance, metallurgical control and operating discipline will be evaluated as the plan is refined. This regional experience is a practical advantage for mobilization and the rebuilding of operating capability.

The Company is not providing production guidance for the Property at this time and expects to do so once sufficient technical work has been completed. The timing and level of any future production will depend on sufficient economic feed being defined, operating performance and execution of the redevelopment program.

The planned restart timing and targeted mill throughput described above are forward-looking information, are subject to material assumptions, risks and uncertainties, including those described under “Disclaimer” below, and may not be achieved.

No mineral resource or mineral reserve has been estimated for the Property in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and no preliminary economic assessment, pre-feasibility study or feasibility study has been prepared for the Property. Any decision by the Company to resume mining at the Property would accordingly not be based on a feasibility study of mineral reserves demonstrating economic and technical viability. Projects advanced on that basis carry a materially higher risk of economic or technical failure, including the risk that grades, metallurgical recoveries, capital and operating costs, de-watering and refurbishment requirements, permitting outcomes and production rates differ materially from the Company’s current expectations, and the risk that no production is achieved at all.

Exploration Program
In parallel with the above noted mine redevelopment plan, the Company also plans to undertake an exploration drill program of approximately 40,000 metres on the Property in 2027, with the objective of generating sufficient data to support the preparation of an initial mineral resource estimate for the Property in accordance with NI 43-101. There is no certainty that the program will be completed as planned or that it will result in the delineation of mineral resources.

Based on its review of the information made available by the Vendors during its due diligence investigation, including historical mine plans, survey data and the historical drilling database for the Property, Cerrado has identified a target for further exploration in the previously mined open pit and underground areas of between 1.3MM and 1.8MM tonnes at a grade of between 1.5 and 2.8 grams per tonne gold that was left unmined at closure.

Analyzing the historical database, there is considerable exploration upside across the Property. The key target is the Punta Maria Vein, which represents the eastern extension of the project’s main mineralized structure. Three existing underground drifts have returned positive channel sample results. Beyond these drifts, eight exploration drill holes completed by Pan American have confirmed high grade mineralization along approximately 600 meters of strike length. Cerrado plans to further drill this area in a closer drilling mesh and convert these intersections into Mineral Resources to support future mine development planning and production.

Open-pit opportunities are also being evaluated across the Property. Potential pushbacks of the existing mature pits, as well as shallow, lower-grade mineralized intersections, represent additional exploration upside. The Karina and Concepción pits, both at a mature stage of development, could be further drilled along strike and at depth to assess extension potential and re-evaluate their economic viability. In addition, the Punta Maria and Puntita Maria open-pit targets contain several low-to-medium-grade mineralized intersections that should be considered in future drilling programs and economic evaluations, with the objective of defining and potentially converting these mineralized zones into Mineral Resources following appropriate verification and resource estimation work.

Figure 2. Underground and Open Pit Opportunities

CERRADO GOLD – MTA – Vein composites (Au / Ag)
TARGET	DDH	From	To	LENGTH (m)	Width (m)	Au (g/t)	Ag (g/t)	Text Composit
Punta Maria	T-1593	244.75	247.50	2.75	2.54	5.78	134.60	2.54m@ 5.78 Au g/t + 135 Ag g/t
Punta Maria	T-1590	291.10	299.20	8.10	6.99	3.97	385.05	6.99m@ 3.97 Au g/t + 385 Ag g/t
Punta Maria	T-1586	222.50	227.00	4.50	3.97	9.21	913.92	3.97m@ 9.21 Au g/t + 914 Ag g/t
Punta Maria	T-1592	304.02	306.20	2.18	1.85	7.77	1,247.54	1.85m@ 7.77 Au g/t + 1248 Ag g/t
Punta Maria	T-1589	241.70	245.10	3.40	2.96	2.61	385.16	2.96m@ 2.61 Au g/t + 385 Ag g/t
Punta Maria	T-1467	218.40	221.10	2.70	2.45	6.30	65.74	2.45m@ 6.3 Au g/t + 66 Ag g/t

CERRADO GOLD – MTA – Vein composites (Au / Ag)
TARGET	DDH	From	To	LENGTH (m)	Width (m)	Au (g/t)	Ag (g/t)	Text Composit
Punta Maria	T-0173	61.00	67.20	6.20	6.16	1.44	66.93	6.16m@ 1.44 Au g/t + 67 Ag g/t
Punta Maria	T-0567	58.55	63.84	5.29	5.01	2.88	56.58	5.01m@ 2.88 Au g/t + 57 Ag g/t
Puntita Maria	T-0841	84.30	88.00	3.70	3.05	1.99	100.50	3.05m@ 1.99 Au g/t + 101 Ag g/t
Punta Maria	T-0841	138.00	140.50	2.50	2.22	0.36	58.04	2.22m@ 0.36 Au g/t + 58 Ag g/t
Punta Maria	T-0570	50.30	55.10	4.80	4.40	1.96	62.52	4.4m@ 1.96 Au g/t + 63 Ag g/t
Puntita Maria	T-1005	32.20	38.70	6.50	5.34	2.83	81.95	5.34m@ 2.83 Au g/t + 82 Ag g/t
Punta Maria	T-1005	125.00	127.00	2.00	1.83	0.27	41.04	1.83m@ 0.27 Au g/t + 41 Ag g/t
Punta Maria	T-1005	127.50	131.50	4.00	3.66	0.32	30.87	3.66m@ 0.32 Au g/t + 31 Ag g/t

Important: The drill holes composites presented were completed by Pan American and analyzed at MDN’s internal laboratory. The available QA/QC reports were reviewed and indicate that analytical standards were generally met, with any identified failures occurring at acceptable levels. However, the assay results presented have not been verified through a re-assay program at an independent accredited laboratory. As such, these results should be considered historical in nature and require independent validation before being relied upon for Mineral Resource estimation or public disclosure. 

The MTA project is hosted in Chon Aike formation rocks. Compared with other volcanic units present in the Deseado Massif, such as the andesitic rocks of the Bajo Pobre Formation, the Chon Aike rhyolites are more closely associated with the development of large low- and intermediate-sulphidation epithermal systems. Numerous significant deposits and operating mines within the district, including Cerro Vanguardia, Cerro Negro, San José, Martha, and La Josefina, are hosted wholly or partially within Chon Aike volcanic rocks and related structure. Mineralization at these deposits is not necessarily indicative of mineralization on the Property.

The Company believes that there is potential for near-mine exploration within a 10 km radius of the operation. The map below highlights areas that have been tested by drilling (white dots) and locations where surface sampling returned gold grades greater than 0.5 g/t Au (red triangles). Several of these surface geochemical anomalies remain untested by drilling, representing potential exploration targets. As part of its expansion strategy, Cerrado plans to systematically rank, prioritize, and drill-test these anomalies to evaluate their potential for mineral resource growth in proximity to the existing mine infrastructure.

Figure 3 – Exploration Targets

Source: Cerrado Gold’s interpretation based on Due Diligence Review of information data room, with a Freezing date of Dec 2022 (Mine Shutdown). Map layout: July 2026.

The potential quantity and grade of this exploration target are conceptual in nature. There has been insufficient exploration to define a mineral resource on the Property, and it is uncertain whether further exploration will result in the target being delineated as a mineral resource. The exploration target is not a mineral resource or a mineral reserve, it has not been estimated in accordance with NI 43-101 or the CIM Definition Standards, and it must not be relied upon as if it were a mineral resource estimate. Cerrado is not treating the exploration target as a current mineral resource or mineral reserve and has not used it in any economic analysis.

Permitting and Closure Obligations
The Property is subject to an approved mine closure plan and to ongoing permitting, reporting and closure obligations under Argentine federal and Santa Cruz provincial law, which the Company has assumed on closing. Certain of the environmental and mining permits for the Property, including the environmental impact report for the project, will require updating or renewal before mining activity at the Property is resumed. The financial closure guarantee required under Santa Cruz provincial law of approximately US$13.8 million and will be satisfied through an environmental insurance policy, avoiding impact to the Company’s working capital position.

Government Cooperation and Local Employment

Cerrado is working closely with local government and the provincial Mining Secretariat as it advances the redevelopment of the Property. The acquisition supports their efforts to expand employment and economic activity in Santa Cruz, particularly in the communities surrounding the operation. A phased return to operations offers the opportunity to create direct employment, support local contractors and suppliers, and rebuild mining skills in the region.

Review of Technical Information
The scientific and technical information in this news release has been reviewed and approved by Andrew Croal, P.Eng., Chief Technical Officer for Cerrado, who is a Qualified Person as defined in NI 43-101. The geological database and drilling information in this news release have been reviewed through site visits and approved by Cid Bonfim, P. Geo., Senior Geologist at Cerrado Gold, who is a Qualified Person as defined in NI 43-101. Mr. Croal and Mr. Bonfim are employees of Cerrado and are not independent of the Company. The technical information relating to the Property was generated by the previous owner and was made available to Cerrado in the course of its due diligence investigation. The Company’s Qualified Persons have reviewed that information and have visited the site, but have not independently verified the historical sampling, analytical and test data underlying it, and the quality assurance program and quality control measures applied to the historical drilling have not been independently confirmed. Accordingly, that data has not been verified for the purposes of section 3.2 of NI 43-101, and readers are cautioned not to rely upon it.

Regulatory Filings

The Company will file a material change report in respect of the Transaction, together with a copy of the Agreement, on SEDAR+ in accordance with applicable Canadian securities laws.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp – Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamau, Quebec.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas (“MDN”) operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Massif.

In Portugal, Cerrado is focused on the development and exploration of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by existing infrastructure, Lagoa Salgada offers a low-cost entry to a significant development and exploration opportunity, already showing its mineable scale and cashflow generation potential.

In Canada, Cerrado is developing its 100% owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier project has the potential to produce a premium iron concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals.

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

Mark Brennan   
CEO and Chairman 

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com    

Disclaimer

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

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

Forward-looking statements contained in this news release include, without limitation, statements regarding the plan to bring the Property back into production during 2027, the availability of funds in Argentina to support the redevelopment plan, the expectation that the plan will enhance shareholder value without dilution, the Company’s plans for de-watering and refurbishment at the Property, the acquisition and deployment of a new mining fleet and the anticipated timing of that work, the planned commissioning and initial production from low-grade stockpiles and newly mined underground mineralized material, the targeted initial mill throughput of approximately 1,000 tonnes per day and the availability of spare mill capacity if additional sources of mill feed are defined, the expectation that the Company will provide production guidance for the Property in the future, the amount, constitution and approval of the closure guarantee, the expectation that the closure guarantee will be satisfied through an environmental insurance policy and the anticipated impact of that arrangement on the Company’s working capital, the performance of the closure, reclamation, environmental and social obligations in respect of the Property, the completion of any outstanding registrations relating to the NSR Royalty and the related mortgage, the payment of the deferred payments, the status, updating and renewal of the environmental and mining permits for the Property, the Company’s plan to complete an approximately 40,000-metre exploration drill program in 2027, the potential quantity and grade of the exploration target described above, and the objective of generating sufficient data to support an initial mineral resource estimate for the Property, the Company’s plans to drill the Punta Maria Vein at closer spacing with the objective of defining a mineral resource, the evaluation of potential open-pit opportunities on the Property, including pushbacks of the Karina and Concepción pits and the Punta Maria and Puntita Maria open-pit targets, the planned ranking, prioritization and drill-testing of surface geochemical anomalies within approximately 10 kilometres of the existing operation, the exploration potential of the Property, and the potential creation of direct employment and economic activity in Santa Cruz. In making the forward-looking statements contained in this news release, Cerrado has made certain assumptions, including that any third-party consents, certificates and registrations required for the Company’s post-closing activities will be obtained, that the Company will have access to the funds required to pay the deferred payments and to fund the planned work programs, that the historical technical information generated by the previous owner is reliable, that historical drill, channel and surface sampling results, including assays from the previous owner’s internal laboratory, will be confirmed by independent verification, that drilling contractors, equipment and personnel will be available on acceptable terms and that the planned approximately 40,000-metre drill program will be completed as contemplated, that de-watering and refurbishment will be completed within the timeframes and budgets currently expected, that the planned mining fleet will be available and deployed on the anticipated timetable, that sufficient mill feed will be available and that the mill and related infrastructure will perform as expected, that the required Argentine permits and approvals will be obtained or renewed on acceptable terms, that the financial closure guarantee can be satisfied through an environmental insurance policy on acceptable terms, and assumptions regarding future metal prices, exchange rates, inflation and operating and capital costs in Argentina. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the absence of any mineral resource or mineral reserve estimate, preliminary economic assessment, pre-feasibility study or feasibility study for the Property, the risk that the planned approximately 40,000-metre exploration program is delayed, modified or not completed and that the exploration target is not delineated as a mineral resource, the risk that historical exploration results, including assays from the previous owner’s internal laboratory, cannot be independently verified or are materially different on re-assay, the risk that exploration drilling at Punta Maria, the existing pits or untested anomalies does not result in the delineation of mineral resources or economically viable mineralization, the inherent uncertainty of mineral exploration, the risk that the planned restart timing, commissioning strategy and targeted mill throughput are not achieved, that sufficient economic mill feed is not defined or available and that the existing mill and related infrastructure do not perform as expected, the risk that the costs of de-watering, refurbishment, the new mining fleet, closure and reclamation materially exceed current estimates and that the environmental insurance policy required for the closure guarantee is unavailable or requires premiums, collateral or other terms that adversely affect the Company’s working capital, the outstanding permitting matters relating to the Property, including the environmental impact report that requires updating, the pre-existing third-party royalty on the Property, the assumption of all historical and future liabilities in respect of the Property on an “as is, where is” basis with limited recourse to the Vendors, political, legal, taxation, foreign exchange and inflation risk in Argentina, title and registration risk, fluctuations in gold and silver prices, general business, economic, competitive, political and social uncertainties, and the risks and uncertainties described under the heading “Risks & Uncertainties” in the Company’s Management’s Discussion and Analysis and other filings made with the securities commissions in Canada. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0004964-e854-4ecd-a221-694d27af7dcd
https://www.globenewswire.com/NewsRoom/AttachmentNg/091081dc-b050-4fb7-a20c-52a3ad7bec63

• • Mine produced 110,000 to 137,500 Gold Equivalent Ounces (“GEOs”) between 2009 and 2016 annually and produced 52,000-88,000 GEOs between 2017 and 2022 annually.
  • Mining and processing activities concluded at the end of 2022, after the operation produced 68,000 GEOs in 2022, with mineralized material remaining in place.

Highlights:

• Cerrado acquires 100% of the issued and outstanding shares of Minera Tritón Argentina S.A. (“MTA”), from Pan American Silver Corp. (“Pan American”)
• MTA has produced approximately 1.4 million GEOs with strong silver credits since inception.
• Total consideration of US$20 million in cash: US$10 million at closing and two deferred payments of US$5 million. MTA has also granted Pan American a 1.0% net smelter returns royalty in settlement of existing indebtedness owed by MTA to Pan American
• Cerrado to acquire MTA, with its subsidiary Minera Don Nicolás providing all funding for the acquisition and start-up.
• Strong support by Government of Santa Cruz has expedited acquisition and potential return to operations
• Cerrado assumes all historical, current and future liabilities of MTA, including closure obligations, with a financial closure guarantee.
• MTA has established processing infrastructure with 2,500 tonnes per day mill capacity in place providing a platform for a rapid restart of operations and positions Cerrado for significant Gold Production Growth.
• Exploration opportunities identified around existing workings and across the wider property to grow resources.

TORONTO, Nov. 13, 2026 (GLOBE NEWSWIRE) — CERRADO GOLD INC. [TSX.V: CERT] [OTCQX: CRDOF] (“Cerrado” or the “Company”) is pleased to announce that it has entered into a share purchase agreement dated November 13, 2026 (the “Agreement”) with Pan American and Aquiline Resources Inc., a wholly-owned subsidiary of Pan American, (together, the “Vendors”) and acquired all of the issued and outstanding shares of Minera Tritón Argentina S.A. (“MTA”), the owner of the past-producing Manantial Espejo mine, and the related mining concessions located in Santa Cruz Province, Argentina (the “Property”) (the “Transaction”). All dollar amounts in this news release are expressed in United States dollars unless otherwise indicated.

Transaction Details:

• The acquisition was completed on an “as is, where is” basis.
• Upfront cash payment of US$10 million paid on closing.
• Deferred payments of US$5 million in cash payable on the first and second anniversaries of the closing date.
• MTA has granted Pan American a 1.0% net smelter returns royalty (the “NSR Royalty”) on all future production from the Property in settlement of existing indebtedness owed by MTA to Pan American. The NSR Royalty is secured by a first-degree mortgage over the mining concessions comprising the Property and a parent guarantee from Cerrado.
• The Company is not aware of any other material indebtedness of MTA other than the intercompany indebtedness settled by the NSR Royalty.
• The assumption of all historical, current and future liabilities, including closure liabilities, with the financial closure guarantee required under Santa Cruz provincial law for approximately US$13.8 million, which the Company will satisfy through a financial institution letter of credit, avoiding impact to its working capital position.

Mark Brennan, CEO and Chairman, commented: “We are extremely pleased to acquire MTA and the Manantial Espejo mine. Based on our due diligence, we have developed a phased redevelopment and refurbishment plan to bring the operations back into production in 2027. Through additional exploration and development, it is Cerrado’s objective to bring MTA back to historical production levels.”

He continued, “We believe this acquisition positions Cerrado for significant accelerated production growth in Santa Cruz. With funds available in Argentina to support our development plans, we believe this opportunity should enhance shareholder value without shareholder dilution.”

The Transaction is an arm’s-length transaction. No securities of the Company are being issued as consideration and no approval of the Company’s shareholders is required.

Property Details

MTA’s operations consist of the Manantial Espejo mine, situated in Santa Cruz Province, approximately 160 kilometers west of Puerto San Julián on Route 25, and 50 kilometers west of the town of Gobernador Gregores (population 7,000), in southern Argentina (Patagonia).

The Property consists of a total of 25 mining properties, including 17 mining properties constituting the Manantial Espejo mining group and eight other separate mining properties, covering a total of approximately 45,255 hectares. The Property also includes three surface properties (ranches) owned by MTA that will support its mining and exploration activities. Certain concessions comprising the Property are subject to a pre-existing 0.5% net smelter return royalty.

The mine was constructed in 2006 and commenced operations in 2008. Mining activities concluded at the end of 2022 and the mine was closed in early 2023, following which the operation was placed on care and maintenance. The site consists of two historical open-pit mines and additional underground workings accessed from three portals. Mining ceased while mineralized material remained in place.

Historical operations consisted of a mill capable of operating at up to 2,500 tonnes per day, and associated infrastructure including a tailings pond facility used to produce doré. Based on Cerrado’s due diligence review, the Company believes these facilities remain in good condition and management believes this positions the mine for a rapid restart. Figure 1 below highlights the historical gold and silver production and head grades reported by the previous owner. As shown in Figure 1 below, metal production reached a peak of approximately 137,500 GEOs in 2011 before declining due to lower grades and less open pit material being available to support filling the mill with a blend of open pit and underground material.

Figure 1. Historical Production and Operating Data

Source: Derived from Pan American Silver Interactive Analyst Center website data, available at https://iac.virtuaresearch.com/?Ticker=PAAS&Exchange=NASDAQGS and in Pan American’s Published Annual reports in respect of each year.

The historical production and grade information set out above and in Figure 1 is derived from Pan American’s public disclosure. That information has not been independently verified by the Company or its Qualified Persons and is not necessarily indicative of future performance or of the results that may be achieved if mining at the Property is resumed.

Gold Equivalent Production Calculated, not reported by Pan American Silver: gold production (thousand oz) + silver production (million oz) x 1,000 x annual average silver price / annual average gold price. Prices are World Bank nominal annual market averages, not company realized prices. Uses published rounded inputs; no additional recovery or payability adjustment. 2008 remains NR.

Phased Redevelopment Plan

The Company has developed a phased redevelopment plan for the Property for 2027. The initial phase will focus on de-watering the underground mine and refurbishing underground and surface infrastructure as needed. This is expected to take up to six months. A new mining fleet for surface and underground operations is also expected to be brought on site to commence mining operations when ready. Based upon current internal plans, initial commissioning of the operation and initial production are expected to be sourced by processing of low-grade stockpiles and then blending in new mineralized material from newly commenced underground mining operations. The initial phase of the redevelopment plan is targeting operation of the mill at approximately 1,000 tonnes per day, being the rate at which the operation was performing prior to shutdown. The redevelopment plan has used this throughput rate as the initial target for commissioning. This leaves spare mill capacity should exploration define additional sources of mill feed.

Cerrado’s current operations at Minera Don Nicolas (“MDN”), also in Santa Cruz Province, provide an established operating foundation in Santa Cruz. Cerrado intends to draw on its knowledge of local conditions, government, supplier and contractor relationships, procurement systems and recruitment experience to support the redevelopment of the Property. Opportunities to share technical support and apply lessons from MDN in maintenance, metallurgical control and operating discipline will be evaluated as the plan is refined. This regional experience is a practical advantage for mobilization and the rebuilding of operating capability.

The Company is not providing production guidance for the Property at this time and expects to do so once sufficient technical work has been completed. The timing and level of any future production will depend on sufficient economic feed being defined, operating performance and execution of the redevelopment program.

The planned restart timing and targeted mill throughput described above are forward-looking information, are subject to material assumptions, risks and uncertainties, including those described under “Disclaimer” below, and may not be achieved.

No mineral resource or mineral reserve has been estimated for the Property in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and no preliminary economic assessment, pre-feasibility study or feasibility study has been prepared for the Property. Any decision by the Company to resume mining at the Property would accordingly not be based on a feasibility study of mineral reserves demonstrating economic and technical viability. Projects advanced on that basis carry a materially higher risk of economic or technical failure, including the risk that grades, metallurgical recoveries, capital and operating costs, de-watering and refurbishment requirements, permitting outcomes and production rates differ materially from the Company’s current expectations, and the risk that no production is achieved at all.

Exploration Program
In parallel with the above noted mine redevelopment plan, the Company also plans to undertake an exploration drill program of approximately 40,000 metres on the Property in 2027, with the objective of generating sufficient data to support the preparation of an initial mineral resource estimate for the Property in accordance with NI 43-101. There is no certainty that the program will be completed as planned or that it will result in the delineation of mineral resources.

Based on its review of the information made available by the Vendors during its due diligence investigation, including historical mine plans, survey data and the historical drilling database for the Property, Cerrado has identified a target for further exploration in the previously mined open pit and underground areas of between 1.3MM and 1.8MM tonnes at a grade of between 1.5 and 2.8 grams per tonne gold that was left unmined at closure.

Analyzing the historical database, there is considerable exploration upside across the Property. The key target is the Punta Maria Vein, which represents the eastern extension of the project’s main mineralized structure. Three existing underground drifts have returned positive channel sample results. Beyond these drifts, eight exploration drill holes completed by Pan American have confirmed high grade mineralization along approximately 600 meters of strike length. Cerrado plans to further drill this area in a closer drilling mesh and convert these intersections into Mineral Resources to support future mine development planning and production.

Open-pit opportunities are also being evaluated across the Property. Potential pushbacks of the existing mature pits, as well as shallow, lower-grade mineralized intersections, represent additional exploration upside. The Karina and Concepción pits, both at a mature stage of development, could be further drilled along strike and at depth to assess extension potential and re-evaluate their economic viability. In addition, the Punta Maria and Puntita Maria open-pit targets contain several low-to-medium-grade mineralized intersections that should be considered in future drilling programs and economic evaluations, with the objective of defining and potentially converting these mineralized zones into Mineral Resources following appropriate verification and resource estimation work.

Figure 2. Underground and Open Pit Opportunities

CERRADO GOLD – MTA – Vein composites (Au / Ag)
TARGET	DDH	From	To	LENGTH (m)	Width (m)	Au (g/t)	Ag (g/t)	Text Composit
Punta Maria	T-1593	244.75	247.50	2.75	2.54	5.78	134.60	2.54m@ 5.78 Au g/t + 135 Ag g/t
Punta Maria	T-1590	291.10	299.20	8.10	6.99	3.97	385.05	6.99m@ 3.97 Au g/t + 385 Ag g/t
Punta Maria	T-1586	222.50	227.00	4.50	3.97	9.21	913.92	3.97m@ 9.21 Au g/t + 914 Ag g/t
Punta Maria	T-1592	304.02	306.20	2.18	1.85	7.77	1,247.54	1.85m@ 7.77 Au g/t + 1248 Ag g/t
Punta Maria	T-1589	241.70	245.10	3.40	2.96	2.61	385.16	2.96m@ 2.61 Au g/t + 385 Ag g/t
Punta Maria	T-1467	218.40	221.10	2.70	2.45	6.30	65.74	2.45m@ 6.3 Au g/t + 66 Ag g/t

CERRADO GOLD – MTA – Vein composites (Au / Ag)
TARGET	DDH	From	To	LENGTH (m)	Width (m)	Au (g/t)	Ag (g/t)	Text Composit
Punta Maria	T-0173	61.00	67.20	6.20	6.16	1.44	66.93	6.16m@ 1.44 Au g/t + 67 Ag g/t
Punta Maria	T-0567	58.55	63.84	5.29	5.01	2.88	56.58	5.01m@ 2.88 Au g/t + 57 Ag g/t
Puntita Maria	T-0841	84.30	88.00	3.70	3.05	1.99	100.50	3.05m@ 1.99 Au g/t + 101 Ag g/t
Punta Maria	T-0841	138.00	140.50	2.50	2.22	0.36	58.04	2.22m@ 0.36 Au g/t + 58 Ag g/t
Punta Maria	T-0570	50.30	55.10	4.80	4.40	1.96	62.52	4.4m@ 1.96 Au g/t + 63 Ag g/t
Puntita Maria	T-1005	32.20	38.70	6.50	5.34	2.83	81.95	5.34m@ 2.83 Au g/t + 82 Ag g/t
Punta Maria	T-1005	125.00	127.00	2.00	1.83	0.27	41.04	1.83m@ 0.27 Au g/t + 41 Ag g/t
Punta Maria	T-1005	127.50	131.50	4.00	3.66	0.32	30.87	3.66m@ 0.32 Au g/t + 31 Ag g/t

Important: The drill holes composites presented were completed by Pan American and analyzed at MDN’s internal laboratory. The available QA/QC reports were reviewed and indicate that analytical standards were generally met, with any identified failures occurring at acceptable levels. However, the assay results presented have not been verified through a re-assay program at an independent accredited laboratory. As such, these results should be considered historical in nature and require independent validation before being relied upon for Mineral Resource estimation or public disclosure. 

The MTA project is hosted in Chon Aike formation rocks. Compared with other volcanic units present in the Deseado Massif, such as the andesitic rocks of the Bajo Pobre Formation, the Chon Aike rhyolites are more closely associated with the development of large low- and intermediate-sulphidation epithermal systems. Numerous significant deposits and operating mines within the district, including Cerro Vanguardia, Cerro Negro, San José, Martha, and La Josefina, are hosted wholly or partially within Chon Aike volcanic rocks and related structure. Mineralization at these deposits is not necessarily indicative of mineralization on the Property.

The Company believes that there is potential for near-mine exploration within a 10 km radius of the operation. The map below highlights areas that have been tested by drilling (white dots) and locations where surface sampling returned gold grades greater than 0.5 g/t Au (red triangles). Several of these surface geochemical anomalies remain untested by drilling, representing potential exploration targets. As part of its expansion strategy, Cerrado plans to systematically rank, prioritize, and drill-test these anomalies to evaluate their potential for mineral resource growth in proximity to the existing mine infrastructure.

Figure 3 – Exploration Targets

Source: Cerrado Gold’s interpretation based on Due Diligence Review of information data room, with a Freezing date of Dec 2022 (Mine Shutdown). Map layout: July 2026.

The potential quantity and grade of this exploration target are conceptual in nature. There has been insufficient exploration to define a mineral resource on the Property, and it is uncertain whether further exploration will result in the target being delineated as a mineral resource. The exploration target is not a mineral resource or a mineral reserve, it has not been estimated in accordance with NI 43-101 or the CIM Definition Standards, and it must not be relied upon as if it were a mineral resource estimate. Cerrado is not treating the exploration target as a current mineral resource or mineral reserve and has not used it in any economic analysis.

Permitting and Closure Obligations
The Property is subject to an approved mine closure plan and to ongoing permitting, reporting and closure obligations under Argentine federal and Santa Cruz provincial law, which the Company has assumed on closing. Certain of the environmental and mining permits for the Property, including the environmental impact report for the project, will require updating or renewal before mining activity at the Property is resumed. The financial closure guarantee required under Santa Cruz provincial law of approximately US$13.8 million and will be satisfied through an environmental insurance policy, avoiding impact to the Company’s working capital position.

Government Cooperation and Local Employment

Cerrado is working closely with local government and the provincial Mining Secretariat as it advances the redevelopment of the Property. The acquisition supports their efforts to expand employment and economic activity in Santa Cruz, particularly in the communities surrounding the operation. A phased return to operations offers the opportunity to create direct employment, support local contractors and suppliers, and rebuild mining skills in the region.

Review of Technical Information
The scientific and technical information in this news release has been reviewed and approved by Andrew Croal, P.Eng., Chief Technical Officer for Cerrado, who is a Qualified Person as defined in NI 43-101. The geological database and drilling information in this news release have been reviewed through site visits and approved by Cid Bonfim, P. Geo., Senior Geologist at Cerrado Gold, who is a Qualified Person as defined in NI 43-101. Mr. Croal and Mr. Bonfim are employees of Cerrado and are not independent of the Company. The technical information relating to the Property was generated by the previous owner and was made available to Cerrado in the course of its due diligence investigation. The Company’s Qualified Persons have reviewed that information and have visited the site, but have not independently verified the historical sampling, analytical and test data underlying it, and the quality assurance program and quality control measures applied to the historical drilling have not been independently confirmed. Accordingly, that data has not been verified for the purposes of section 3.2 of NI 43-101, and readers are cautioned not to rely upon it.

Regulatory Filings

The Company will file a material change report in respect of the Transaction, together with a copy of the Agreement, on SEDAR+ in accordance with applicable Canadian securities laws.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp – Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamau, Quebec.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas (“MDN”) operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Massif.

In Portugal, Cerrado is focused on the development and exploration of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by existing infrastructure, Lagoa Salgada offers a low-cost entry to a significant development and exploration opportunity, already showing its mineable scale and cashflow generation potential.

In Canada, Cerrado is developing its 100% owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier project has the potential to produce a premium iron concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals.

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

Mark Brennan   
CEO and Chairman 

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com    

Disclaimer

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

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

Forward-looking statements contained in this news release include, without limitation, statements regarding the plan to bring the Property back into production during 2027, the availability of funds in Argentina to support the redevelopment plan, the expectation that the plan will enhance shareholder value without dilution, the Company’s plans for de-watering and refurbishment at the Property, the acquisition and deployment of a new mining fleet and the anticipated timing of that work, the planned commissioning and initial production from low-grade stockpiles and newly mined underground mineralized material, the targeted initial mill throughput of approximately 1,000 tonnes per day and the availability of spare mill capacity if additional sources of mill feed are defined, the expectation that the Company will provide production guidance for the Property in the future, the amount, constitution and approval of the closure guarantee, the expectation that the closure guarantee will be satisfied through an environmental insurance policy and the anticipated impact of that arrangement on the Company’s working capital, the performance of the closure, reclamation, environmental and social obligations in respect of the Property, the completion of any outstanding registrations relating to the NSR Royalty and the related mortgage, the payment of the deferred payments, the status, updating and renewal of the environmental and mining permits for the Property, the Company’s plan to complete an approximately 40,000-metre exploration drill program in 2027, the potential quantity and grade of the exploration target described above, and the objective of generating sufficient data to support an initial mineral resource estimate for the Property, the Company’s plans to drill the Punta Maria Vein at closer spacing with the objective of defining a mineral resource, the evaluation of potential open-pit opportunities on the Property, including pushbacks of the Karina and Concepción pits and the Punta Maria and Puntita Maria open-pit targets, the planned ranking, prioritization and drill-testing of surface geochemical anomalies within approximately 10 kilometres of the existing operation, the exploration potential of the Property, and the potential creation of direct employment and economic activity in Santa Cruz. In making the forward-looking statements contained in this news release, Cerrado has made certain assumptions, including that any third-party consents, certificates and registrations required for the Company’s post-closing activities will be obtained, that the Company will have access to the funds required to pay the deferred payments and to fund the planned work programs, that the historical technical information generated by the previous owner is reliable, that historical drill, channel and surface sampling results, including assays from the previous owner’s internal laboratory, will be confirmed by independent verification, that drilling contractors, equipment and personnel will be available on acceptable terms and that the planned approximately 40,000-metre drill program will be completed as contemplated, that de-watering and refurbishment will be completed within the timeframes and budgets currently expected, that the planned mining fleet will be available and deployed on the anticipated timetable, that sufficient mill feed will be available and that the mill and related infrastructure will perform as expected, that the required Argentine permits and approvals will be obtained or renewed on acceptable terms, that the financial closure guarantee can be satisfied through an environmental insurance policy on acceptable terms, and assumptions regarding future metal prices, exchange rates, inflation and operating and capital costs in Argentina. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the absence of any mineral resource or mineral reserve estimate, preliminary economic assessment, pre-feasibility study or feasibility study for the Property, the risk that the planned approximately 40,000-metre exploration program is delayed, modified or not completed and that the exploration target is not delineated as a mineral resource, the risk that historical exploration results, including assays from the previous owner’s internal laboratory, cannot be independently verified or are materially different on re-assay, the risk that exploration drilling at Punta Maria, the existing pits or untested anomalies does not result in the delineation of mineral resources or economically viable mineralization, the inherent uncertainty of mineral exploration, the risk that the planned restart timing, commissioning strategy and targeted mill throughput are not achieved, that sufficient economic mill feed is not defined or available and that the existing mill and related infrastructure do not perform as expected, the risk that the costs of de-watering, refurbishment, the new mining fleet, closure and reclamation materially exceed current estimates and that the environmental insurance policy required for the closure guarantee is unavailable or requires premiums, collateral or other terms that adversely affect the Company’s working capital, the outstanding permitting matters relating to the Property, including the environmental impact report that requires updating, the pre-existing third-party royalty on the Property, the assumption of all historical and future liabilities in respect of the Property on an “as is, where is” basis with limited recourse to the Vendors, political, legal, taxation, foreign exchange and inflation risk in Argentina, title and registration risk, fluctuations in gold and silver prices, general business, economic, competitive, political and social uncertainties, and the risks and uncertainties described under the heading “Risks & Uncertainties” in the Company’s Management’s Discussion and Analysis and other filings made with the securities commissions in Canada. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0004964-e854-4ecd-a221-694d27af7dcd
https://www.globenewswire.com/NewsRoom/AttachmentNg/091081dc-b050-4fb7-a20c-52a3ad7bec63

As Europe accelerates efforts to improve the energy performance of its building stock, Sisecam’s latest research highlights the role of high-performance glazing in improving energy efficiency, reducing emissions and supporting building decarbonization

ISTANBUL, Nov. 13, 2026 (GLOBE NEWSWIRE) — Sisecam, the only global player operating in all core areas of glass, participated in the 31st United Nations Climate Change Conference (COP31), held in Antalya from 9–20 November, as a Climate Supporter. At COP31, the company highlighted the role of advanced glass technologies in improving building energy efficiency, supporting decarbonization, and helping cities adapt to the impacts of climate change.

As Europe seeks to accelerate its climate transition, improving the energy performance of existing buildings remains a key challenge. While decarbonizing energy generation is critical, reducing energy demand in the buildings where people live, and work is equally important. High-performance building materials can play a significant role in lowering energy consumption, improving indoor comfort and supporting climate objectives.

A study developed by Sisecam and METU-GÜNAM (Middle East Technical University Center for Solar Energy Research and Applications) examined the impact of different glazing configurations on energy consumption and emissions in residential buildings under varying climate conditions. Using advanced simulations and long-term projections through 2050, the research evaluated how glass technologies can help improve building performance and support climate goals.

High-performance glass can deliver significant emissions reductions

According to the study, the large-scale use of solar-control triple glazing with low-emissivity (Low-E) coatings across Istanbul’s residential building stock could avoid an estimated 13.1 million tons of operational CO₂ emissions cumulatively by 2050 under the SSP5-8.5 scenario, equivalent to approximately 4.4% of cumulative operational emissions from the buildings analyzed.

The research highlights that glazing performance can play an increasingly important role in reducing energy demand while improving indoor comfort. By limiting unwanted solar heat gains during warmer periods and enhancing thermal insulation throughout the year, advanced glass systems can help reduce both cooling and heating requirements.

Building performance and energy efficiency go hand in hand

One of the key findings of the study is that building energy needs are evolving as climate conditions change. While heating demand is expected to decline over time, cooling requirements are projected to increase significantly, making building-envelope performance increasingly important.

The research demonstrates that high-performance glass can help manage this changing balance by reducing overheating in warmer periods while maintaining strong thermal insulation. This contributes not only to lower energy consumption and emissions but also to greater occupant comfort and building resilience.

Targeted renovation can maximize impact

The study also highlights the value of targeted renovation strategies. Rather than applying interventions uniformly across the building stock, prioritizing buildings with the least efficient glazing and the highest saving potential can significantly improve investment effectiveness. For the best-performing zones analyzed, the abatement cost falls to approximately EUR 11 per ton of CO₂ avoided, while less than 5% of the total investment delivers around 11% of the achievable emissions savings.

These findings underline the importance of data-driven renovation programs and climate-specific glazing requirements in maximizing both environmental impact and economic efficiency.

Supporting Germany’s building renovation and climate goals

Germany’s building sector plays a central role in achieving national and European climate objectives. While the study uses Istanbul’s residential building stock as a model, its findings offer relevant insights for countries pursuing large-scale building renovation and decarbonization programmes across Europe. As policymakers, investors and property owners seek to improve energy efficiency, reduce emissions and modernize ageing building stock, the findings offer valuable insights into the role advanced glass technologies can play in this transformation.

The study suggests that renovation programs can achieve greater environmental and economic benefits when interventions are tailored to building characteristics and local climate conditions. High-performance glass can help lower energy demand, improve thermal comfort and support long-term decarbonization goals, particularly in buildings with ageing and inefficient windows.

Commenting on the findings, Can Yücel, CEO of Sisecam, said:

“Achieving climate goals requires a holistic approach that addresses not only how energy is produced, but also how it is consumed. Buildings account for a significant share of energy use and emissions, making their transformation essential to the energy transition. At Sisecam, we see high-performance glass as an important enabler of energy-efficient and lower-carbon buildings. Through our collaboration with METU-GÜNAM, we aim to provide data-driven insights that can help shape more effective renovation strategies and support the decarbonization of the built environment.”

Methodological note

The research uses EnergyPlus- an open-source building energy and water simulation engine developed by the U.S. Department of Energy- to simulate the effects of different glazing configurations. The city-scale analysis begins with a model calibrated using 2,455 residential buildings in Kadıköy (a district in İstanbul) and scales the findings to the building stock of Istanbul’s 39 other districts, assuming comparable performance for buildings within the same categories. The simulations isolate the effects of changing the glazing while keeping all other parameters constant. The emissions considered are operational emissions associated with building energy consumption and do not cover the products’ full life cycle. The study uses a 2025 baseline and considers two future scenarios to 2050: SSP5-8.5 and SSP2-4.5, incorporating different assumptions for climate change, electricity grid decarbonization, energy prices and discount rates.

About Sisecam

Sisecam is a story of progress…

Founded in 1935 by İş Bankası with the vision, Sisecam was established to build Türkiye’s glass industry. Over the decades, Sisecam has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Sisecam is one of the world’s top five producers in its sectors. Sisecam operates across four continents and 13 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Ukraine, Egypt, India, and the United States. Sisecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Sisecam delivers its products to customers in over 150 countries through its robust supply chain.

Sisecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by almost 23,000 employees, Sisecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries. With its CareForNext strategy, Sisecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals. Sisecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.

Learn more: www.sisecam.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f648547e-f9f4-4ade-953c-00fc228844dc

CONTACT: Ayşegül Akyarlı
AAKYARLI@sisecam.com

As Europe accelerates efforts to improve the energy performance of its building stock, Sisecam’s latest research highlights the role of high-performance glazing in improving energy efficiency, reducing emissions and supporting building decarbonization

ISTANBUL, Nov. 13, 2026 (GLOBE NEWSWIRE) — Sisecam, the only global player operating in all core areas of glass, participated in the 31st United Nations Climate Change Conference (COP31), held in Antalya from 9–20 November, as a Climate Supporter. At COP31, the company highlighted the role of advanced glass technologies in improving building energy efficiency, supporting decarbonization, and helping cities adapt to the impacts of climate change.

As Europe seeks to accelerate its climate transition, improving the energy performance of existing buildings remains a key challenge. While decarbonizing energy generation is critical, reducing energy demand in the buildings where people live, and work is equally important. High-performance building materials can play a significant role in lowering energy consumption, improving indoor comfort and supporting climate objectives.

A study developed by Sisecam and METU-GÜNAM (Middle East Technical University Center for Solar Energy Research and Applications) examined the impact of different glazing configurations on energy consumption and emissions in residential buildings under varying climate conditions. Using advanced simulations and long-term projections through 2050, the research evaluated how glass technologies can help improve building performance and support climate goals.

High-performance glass can deliver significant emissions reductions

According to the study, the large-scale use of solar-control triple glazing with low-emissivity (Low-E) coatings across Istanbul’s residential building stock could avoid an estimated 13.1 million tons of operational CO₂ emissions cumulatively by 2050 under the SSP5-8.5 scenario, equivalent to approximately 4.4% of cumulative operational emissions from the buildings analyzed.

The research highlights that glazing performance can play an increasingly important role in reducing energy demand while improving indoor comfort. By limiting unwanted solar heat gains during warmer periods and enhancing thermal insulation throughout the year, advanced glass systems can help reduce both cooling and heating requirements.

Building performance and energy efficiency go hand in hand

One of the key findings of the study is that building energy needs are evolving as climate conditions change. While heating demand is expected to decline over time, cooling requirements are projected to increase significantly, making building-envelope performance increasingly important.

The research demonstrates that high-performance glass can help manage this changing balance by reducing overheating in warmer periods while maintaining strong thermal insulation. This contributes not only to lower energy consumption and emissions but also to greater occupant comfort and building resilience.

Targeted renovation can maximize impact

The study also highlights the value of targeted renovation strategies. Rather than applying interventions uniformly across the building stock, prioritizing buildings with the least efficient glazing and the highest saving potential can significantly improve investment effectiveness. For the best-performing zones analyzed, the abatement cost falls to approximately EUR 11 per ton of CO₂ avoided, while less than 5% of the total investment delivers around 11% of the achievable emissions savings.

These findings underline the importance of data-driven renovation programs and climate-specific glazing requirements in maximizing both environmental impact and economic efficiency.

Supporting Germany’s building renovation and climate goals

Germany’s building sector plays a central role in achieving national and European climate objectives. While the study uses Istanbul’s residential building stock as a model, its findings offer relevant insights for countries pursuing large-scale building renovation and decarbonization programmes across Europe. As policymakers, investors and property owners seek to improve energy efficiency, reduce emissions and modernize ageing building stock, the findings offer valuable insights into the role advanced glass technologies can play in this transformation.

The study suggests that renovation programs can achieve greater environmental and economic benefits when interventions are tailored to building characteristics and local climate conditions. High-performance glass can help lower energy demand, improve thermal comfort and support long-term decarbonization goals, particularly in buildings with ageing and inefficient windows.

Commenting on the findings, Can Yücel, CEO of Sisecam, said:

“Achieving climate goals requires a holistic approach that addresses not only how energy is produced, but also how it is consumed. Buildings account for a significant share of energy use and emissions, making their transformation essential to the energy transition. At Sisecam, we see high-performance glass as an important enabler of energy-efficient and lower-carbon buildings. Through our collaboration with METU-GÜNAM, we aim to provide data-driven insights that can help shape more effective renovation strategies and support the decarbonization of the built environment.”

Methodological note

The research uses EnergyPlus- an open-source building energy and water simulation engine developed by the U.S. Department of Energy- to simulate the effects of different glazing configurations. The city-scale analysis begins with a model calibrated using 2,455 residential buildings in Kadıköy (a district in İstanbul) and scales the findings to the building stock of Istanbul’s 39 other districts, assuming comparable performance for buildings within the same categories. The simulations isolate the effects of changing the glazing while keeping all other parameters constant. The emissions considered are operational emissions associated with building energy consumption and do not cover the products’ full life cycle. The study uses a 2025 baseline and considers two future scenarios to 2050: SSP5-8.5 and SSP2-4.5, incorporating different assumptions for climate change, electricity grid decarbonization, energy prices and discount rates.

About Sisecam

Sisecam is a story of progress…

Founded in 1935 by İş Bankası with the vision, Sisecam was established to build Türkiye’s glass industry. Over the decades, Sisecam has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Sisecam is one of the world’s top five producers in its sectors. Sisecam operates across four continents and 13 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Ukraine, Egypt, India, and the United States. Sisecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Sisecam delivers its products to customers in over 150 countries through its robust supply chain.

Sisecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by almost 23,000 employees, Sisecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries. With its CareForNext strategy, Sisecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals. Sisecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.

Learn more: www.sisecam.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f648547e-f9f4-4ade-953c-00fc228844dc

CONTACT: Ayşegül Akyarlı
AAKYARLI@sisecam.com

As Spain faces rising temperatures, more frequent heatwaves and growing cooling demand, Sisecam’s latest research highlights the role of high-performance glazing in improving energy efficiency, reducing emissions and enhancing building resilience

ISTANBUL, Nov. 13, 2026 (GLOBE NEWSWIRE) — Sisecam, the only global player operating in all core areas of glass, participated in the 31st United Nations Climate Change Conference (COP31), held in Antalya from 9–20 November, as a Climate Supporter. At COP31, the company highlighted the role of advanced glass technologies in improving energy efficiency, supporting decarbonization and helping cities adapt to the impacts of climate change.

As rising temperatures and more frequent heatwaves place increasing pressure on buildings and energy systems across Southern Europe, improving the energy performance and climate resilience of existing buildings has become a critical priority. While decarbonizing energy generation remains critical, reducing energy demand in the buildings where people live, and work is equally important. High-performance building materials can play a significant role in lowering energy consumption, improving indoor comfort and supporting climate objectives.

A study developed by Sisecam and METU-GÜNAM (Middle East Technical University Center for Solar Energy Research and Applications) examined the impact of different glazing configurations on energy consumption and emissions in residential buildings under varying climate conditions. Using advanced simulations and long-term projections through 2050, the research evaluated how glass technologies can help improve building performance and support climate goals.

High-performance glass can deliver significant emissions reductions

According to the study, the large-scale use of solar-control triple glazing with low-emissivity (Low-E) coatings across Istanbul’s residential building stock could avoid an estimated 13.1 million tons of operational CO₂ emissions cumulatively by 2050 under the SSP5-8.5 scenario, equivalent to approximately 4.4% of cumulative operational emissions from the buildings analyzed.

The research highlights that glazing performance can play an increasingly important role in reducing energy demand while improving indoor comfort. By limiting unwanted solar heat gains during warmer periods and enhancing thermal insulation throughout the year, advanced glazing systems can help reduce both cooling and heating requirements.

Rising cooling demand makes building performance more critical

One of the key findings of the study is that building energy needs are evolving as climate conditions change. While heating demand is expected to decline over time, cooling requirements are projected to increase significantly, making building-envelope performance more critical than ever.

The research demonstrates that high-performance glass can help manage this changing balance by reducing solar heat gains and limiting overheating during hotter periods and maintaining strong thermal insulation year-round. This contributes not only to lower energy consumption and emissions but also to greater occupant comfort and building resilience.

Targeted renovation can maximize impact

The study also highlights the value of targeted renovation strategies. Rather than applying interventions uniformly across the building stock, prioritizing buildings with the least efficient glazing and the highest saving potential can significantly improve investment effectiveness.

For the best-performing zones analyzed, the abatement cost falls to approximately EUR 11 per ton of CO₂ avoided, while less than 5% of the total investment delivers around 11% of the achievable emissions savings.

These findings underline the importance of data-driven renovation programs and climate-specific glazing requirements in maximizing both environmental impact and economic efficiency.

Supporting Spain’s climate adaptation and energy-efficiency goals

Southern European countries, including Spain, are among the regions most exposed to rising temperatures and increasingly frequent heatwaves. As policymakers, investors and property owners seek to improve the resilience and energy performance of buildings, the findings provide valuable insights into the role advanced glass technologies can play in supporting these efforts.

The study suggests that renovation programs can achieve greater environmental and economic benefits when interventions are tailored to local climate conditions and building characteristics. High-performance glazing can help reduce solar heat gains, lower cooling demand, improve indoor comfort and support long-term decarbonization goals, particularly in buildings with ageing and inefficient windows.

Commenting on the findings, Can Yücel, CEO of Sisecam, said:

“As the impacts of climate change become increasingly visible, improving the resilience and energy performance of buildings is becoming more important than ever. Cities need solutions that can address both decarbonization and adaptation challenges. At Sisecam, we see high-performance glass as a technology that can help reduce energy demand, improve indoor comfort and support more climate-resilient urban environments. Through our collaboration with METU-GÜNAM, we aim to provide data-driven insights that can support more effective renovation strategies and accelerate the transition to a lower-carbon future.”

Methodological note

The research uses EnergyPlus- an open-source building energy and water simulation engine developed by the U.S. Department of Energy- to simulate the effects of different glazing configurations. The city-scale analysis begins with a model calibrated using 2,455 residential buildings in Kadıköy (a district in İstanbul) and scales the findings to the building stock of Istanbul’s 39 other districts, assuming comparable performance for buildings within the same categories. The simulations isolate the effects of changing the glazing while keeping all other parameters constant. The emissions considered are operational emissions associated with building energy consumption and do not cover the products’ full life cycle. The study uses a 2025 baseline and considers two future scenarios to 2050: SSP5-8.5 and SSP2-4.5, incorporating different assumptions for climate change, electricity grid decarbonization, energy prices and discount rates.

About Sisecam

Sisecam is a story of progress…

Founded in 1935 by İş Bankası with the vision, Sisecam was established to build Türkiye’s glass industry. Over the decades, Sisecam has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Sisecam is one of the world’s top five producers in its sectors. Sisecam operates across four continents and 13 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Ukraine, Egypt, India, and the United States. Şişecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Sisecam delivers its products to customers in over 150 countries through its robust supply chain.

Şişecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by almost 23,000 employees, Şişecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries. With its CareForNext strategy, Şişecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals. Sisecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.

Learn more: www.sisecam.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9de5f170-58cf-434b-a4c1-3289781073b2

CONTACT: Ayşegül Akyarlı

AAKYARLI@sisecam.com

As Spain faces rising temperatures, more frequent heatwaves and growing cooling demand, Sisecam’s latest research highlights the role of high-performance glazing in improving energy efficiency, reducing emissions and enhancing building resilience

ISTANBUL, Nov. 13, 2026 (GLOBE NEWSWIRE) — Sisecam, the only global player operating in all core areas of glass, participated in the 31st United Nations Climate Change Conference (COP31), held in Antalya from 9–20 November, as a Climate Supporter. At COP31, the company highlighted the role of advanced glass technologies in improving energy efficiency, supporting decarbonization and helping cities adapt to the impacts of climate change.

As rising temperatures and more frequent heatwaves place increasing pressure on buildings and energy systems across Southern Europe, improving the energy performance and climate resilience of existing buildings has become a critical priority. While decarbonizing energy generation remains critical, reducing energy demand in the buildings where people live, and work is equally important. High-performance building materials can play a significant role in lowering energy consumption, improving indoor comfort and supporting climate objectives.

A study developed by Sisecam and METU-GÜNAM (Middle East Technical University Center for Solar Energy Research and Applications) examined the impact of different glazing configurations on energy consumption and emissions in residential buildings under varying climate conditions. Using advanced simulations and long-term projections through 2050, the research evaluated how glass technologies can help improve building performance and support climate goals.

High-performance glass can deliver significant emissions reductions

According to the study, the large-scale use of solar-control triple glazing with low-emissivity (Low-E) coatings across Istanbul’s residential building stock could avoid an estimated 13.1 million tons of operational CO₂ emissions cumulatively by 2050 under the SSP5-8.5 scenario, equivalent to approximately 4.4% of cumulative operational emissions from the buildings analyzed.

The research highlights that glazing performance can play an increasingly important role in reducing energy demand while improving indoor comfort. By limiting unwanted solar heat gains during warmer periods and enhancing thermal insulation throughout the year, advanced glazing systems can help reduce both cooling and heating requirements.

Rising cooling demand makes building performance more critical

One of the key findings of the study is that building energy needs are evolving as climate conditions change. While heating demand is expected to decline over time, cooling requirements are projected to increase significantly, making building-envelope performance more critical than ever.

The research demonstrates that high-performance glass can help manage this changing balance by reducing solar heat gains and limiting overheating during hotter periods and maintaining strong thermal insulation year-round. This contributes not only to lower energy consumption and emissions but also to greater occupant comfort and building resilience.

Targeted renovation can maximize impact

The study also highlights the value of targeted renovation strategies. Rather than applying interventions uniformly across the building stock, prioritizing buildings with the least efficient glazing and the highest saving potential can significantly improve investment effectiveness.

For the best-performing zones analyzed, the abatement cost falls to approximately EUR 11 per ton of CO₂ avoided, while less than 5% of the total investment delivers around 11% of the achievable emissions savings.

These findings underline the importance of data-driven renovation programs and climate-specific glazing requirements in maximizing both environmental impact and economic efficiency.

Supporting Spain’s climate adaptation and energy-efficiency goals

Southern European countries, including Spain, are among the regions most exposed to rising temperatures and increasingly frequent heatwaves. As policymakers, investors and property owners seek to improve the resilience and energy performance of buildings, the findings provide valuable insights into the role advanced glass technologies can play in supporting these efforts.

The study suggests that renovation programs can achieve greater environmental and economic benefits when interventions are tailored to local climate conditions and building characteristics. High-performance glazing can help reduce solar heat gains, lower cooling demand, improve indoor comfort and support long-term decarbonization goals, particularly in buildings with ageing and inefficient windows.

Commenting on the findings, Can Yücel, CEO of Sisecam, said:

“As the impacts of climate change become increasingly visible, improving the resilience and energy performance of buildings is becoming more important than ever. Cities need solutions that can address both decarbonization and adaptation challenges. At Sisecam, we see high-performance glass as a technology that can help reduce energy demand, improve indoor comfort and support more climate-resilient urban environments. Through our collaboration with METU-GÜNAM, we aim to provide data-driven insights that can support more effective renovation strategies and accelerate the transition to a lower-carbon future.”

Methodological note

The research uses EnergyPlus- an open-source building energy and water simulation engine developed by the U.S. Department of Energy- to simulate the effects of different glazing configurations. The city-scale analysis begins with a model calibrated using 2,455 residential buildings in Kadıköy (a district in İstanbul) and scales the findings to the building stock of Istanbul’s 39 other districts, assuming comparable performance for buildings within the same categories. The simulations isolate the effects of changing the glazing while keeping all other parameters constant. The emissions considered are operational emissions associated with building energy consumption and do not cover the products’ full life cycle. The study uses a 2025 baseline and considers two future scenarios to 2050: SSP5-8.5 and SSP2-4.5, incorporating different assumptions for climate change, electricity grid decarbonization, energy prices and discount rates.

About Sisecam

Sisecam is a story of progress…

Founded in 1935 by İş Bankası with the vision, Sisecam was established to build Türkiye’s glass industry. Over the decades, Sisecam has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Sisecam is one of the world’s top five producers in its sectors. Sisecam operates across four continents and 13 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Ukraine, Egypt, India, and the United States. Şişecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Sisecam delivers its products to customers in over 150 countries through its robust supply chain.

Şişecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by almost 23,000 employees, Şişecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries. With its CareForNext strategy, Şişecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals. Sisecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.

Learn more: www.sisecam.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9de5f170-58cf-434b-a4c1-3289781073b2

CONTACT: Ayşegül Akyarlı

AAKYARLI@sisecam.com

Launch of CARDAMYST^® (etripamil) nasal spray marked by steady prescription growth, new prescriber expansion and improving commercial coverage

Company is reducing operating expenses by approximately 30% while prioritizing sales force efforts for CARDAMYST; expects cash runway into late 2028

AFib-RVR Phase 3 trial on schedule with data expected in 2H 2028

MONTREAL and CHARLOTTE, N.C., Nov. 13, 2026 (GLOBE NEWSWIRE) — Milestone Pharmaceuticals Inc. (Nasdaq: MIST) today reported financial results for the quarter ended September 30, 2026, and announced cost-efficiency measures designed to extend cash runway through the topline results from its Phase 3 trial of etripamil in atrial fibrillation with rapid ventricular rate (AFib-RVR), while preserving the sales force and core commercial activities for CARDAMYST^® (etripamil) nasal spray. CARDAMYST is FDA-approved for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults.

Third Quarter and Recent Updates

• Net product revenue for CARDAMYST of $1.0 million for Q3 2026, up 73% from the second quarter ended June 30, 2026; approximately 3,400 total prescriptions written by approximately 1,600 unique prescribers since launch; current payer coverage has increased to approximately two-thirds of commercially covered lives.
• Corporate cost-efficiency measures expected to reduce operating expenses by approximately 30%; executives, Mr. Amit Hasija (Chief Financial Officer) and Dr. David Bharucha (Chief Medical Officer) have departed from the leadership team, with Dr. Bharucha transitioning to an advisor to the Company.
• Amendment to Note Purchase Agreement with RTW Investments LP and certain of its affiliates (“RTW”) extends the payment-in-kind interest period on its convertible notes from March 31, 2027 to March 2029.
• Cash and equivalents of $145.4 million as of September 30, 2026, expected to provide operating runway into late 2028, more than one year beyond prior guidance.
• Ongoing Phase 3 pivotal trial (ReVeRA-301) evaluating etripamil nasal spray in atrial fibrillation with rapid ventricular rate (AFib-RVR) is on schedule; topline data expected in the second half of 2028.

“We are encouraged by the early progress of CARDAMYST, and as we gain experience in the market, we believe we are better able to identify where our investments can have the greatest potential impact,” said Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals. “The actions we are announcing today reflect a more efficient approach to capital allocation, which we believe will drive continued prescription growth, expand our prescriber base and improve patient access for CARDAMYST, while reducing operating expenses. Importantly, we expect these measures to extend our cash runway beyond the anticipated Phase 3 readout of ReVeRA-301 in the second half of 2028.”

Key elements of the cost-efficiency measures include:

• Bringing the sales force in-house: the Company plans to retain the existing field sales team of approximately 45 dedicated representatives, transitioning them from a contracted model to company employees at a lower overhead cost while maintaining current sales coverage. This team reflects the territory optimization completed in August, when the field force was reduced from approximately 60 representatives to focus on the strongest-performing representatives and territories, including those covering electrophysiology and highest-prescribing cardiology accounts.  
• Operating efficiencies and cost reductions: The Company will also concentrate on its most productive targeted marketing, market access and patient support programs while discontinuing less productive initiatives. The Company is also rightsizing and internalizing selected outsourced activities and reducing its headquarters workforce. These actions are expected to reduce the Company’s operating expenses by approximately 30% and to be complete by the first quarter of 2027. The Company expects to incur approximately $2 million in one-time charges, primarily severance, conversion fees and costs related to the workforce reduction.
• Leadership changes: Consistent with the organizational reduction and runway extension, Mr. Amit Hasija (Chief Financial Officer) and Dr. David Bharucha (Chief Medical Officer) have departed from the leadership team. Anthony Krick, the Company’s Vice President of Finance, has been named Principal Financial and Principal Accounting Officer, and will lead the Finance function.
• R&D Commitment Maintained: The AFib-RVR Phase 3 program (ReVeRA-301) remains fully funded; non-essential short-term activities, including certain manufacturing scale-up work, have been deferred. AFib-RVR has an estimated addressable patient population of approximately 3 to 4 million patients in the United States (approximately 3 to 4 times the size of that for PSVT).

Financial Outlook

• As of September 30, 2026, Milestone had cash, cash equivalents, and short-term investments of $145.4 million. The Company currently expects its cash, cash equivalents and short-term investments to be sufficient to cover operating expenses and capital expenditure into late 2028, more than one year beyond prior guidance.

Third Quarter 2026 Financial Results

As of September 30, 2026, Milestone had cash, cash equivalents, and short-term investments of $145.4 million, compared to $106.0 million as of December 31, 2025.

Product revenues were $1.0 million during the three months ended September 30, 2026. For the nine months ended September 30, 2026, product revenues were $1.8 million. There was no product revenue during the three months or nine months ended September 30, 2025.

Research and development expense, net of tax credits, for the three months ended September 30, 2026, was $3.5 million, compared with $3.9 million for the prior year period. For the nine months ended September 30, 2026, research and development expense, net of tax credits, was $10.2 million, compared with $12.6 million for the same period in 2025. The decrease for the three-month period was primarily due to a decrease in outside service costs related to drug development and research. The decrease for the nine-month period was primarily due to decreases in personnel costs and outside service costs related to drug development and research.

Selling, general and administrative expense for the three months ended September 30, 2026, was $24.2 million, compared with $7.9 million for the prior year period. For the nine months ended September 30, 2026, selling, general and administrative expense was $67.5 million, compared with $32.3 million for the same period in 2025. The increases were primarily due to additional personnel costs, professional costs, and other operational expenses related to the launch of CARDAMYST.

For the three months ended September 30, 2026, net loss was $25.8 million, or $0.18 per share, compared with a net loss of $11.9 million, or $0.12 per share, for the prior year period. For the nine months ended September 30, 2026, net loss was $80.5 million, or $0.59 per share, compared with $45.6 million, or $0.60 per share, for the same period in 2025. All net loss per-share amounts are basic and diluted.

For further details on the Company’s financials, refer to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the U.S. Securities and Exchange Commission (SEC) today.

Conference Call and Webcast

Milestone will host a conference call and webcast at 8:30 am ET today, Friday, November 13. To access the live conference call, participants may register here.

Conference Call Details:

Conference Dial-in:	1-877-407-0792
International Dial-in:	1-201-689-8263
Conference ID:	13763324

Participants can use Guest dial-in #s above and be answered by an operator OR click the Call Me™ link for instant telephone access to the event. The Call Me™ link will be made active 15 minutes prior to scheduled start time.

A replay of the audio webcast of the call will be available under the News & Events section of Milestone’s website, www.milestonepharma.com.

About Milestone Pharmaceuticals
Milestone Pharmaceuticals Inc. (Nasdaq: MIST) is an emerging commercial-stage biopharmaceutical company advancing innovative cardiovascular medicines to benefit people living with certain heart conditions. Milestone’s lead product is CARDAMYST® (etripamil) nasal spray, a novel calcium channel blocker, which is FDA-approved for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. Etripamil is also in Phase 3 development for the control of symptomatic episodic attacks associated with AFib-RVR. https://milestonepharma.com/.

About CARDAMYST 
CARDAMYST^® (etripamil) nasal spray is approved by the U.S. Food and Drug Administration (FDA) for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. It is a novel calcium channel blocker nasal spray designed as a self-administered rapid response therapy for patients, thereby bypassing the need for immediate medical oversight. The product is intended to provide health care providers with a new treatment option to enable on-demand care and patient self-management. This portable treatment may provide patients with active management and a greater sense of control over their condition. CARDAMYST is well studied with a robust clinical trial program that includes a completed Phase 3 clinical-stage program for the treatment of PSVT. Currently, etripamil is in Phase 2 development for treatment of PSVT in pediatric patients and Phase 3 development for control of acute atrial fibrillation with rapid ventricular rate (AFib-RVR) in adults. For more information, please visit CARDAMYST.com. 

Indication 
CARDAMYST is indicated for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. 

IMPORTANT SAFETY INFORMATION FOR CARDAMYST (etripamil) 

What is CARDAMYST? 
CARDAMYST is a prescription medicine used to help restore normal sinus heart rhythm in adults who have symptoms of sudden episodes of fast heartbeat called paroxysmal supraventricular tachycardia (PSVT). 

It is not known if CARDAMYST is safe and effective in children. 

Do not use CARDAMYST if you: 

• are allergic to CARDAMYST or any of its ingredients. See the Patient Information for a complete list of ingredients in CARDAMYST. 
• have limitations in activities due to heart failure (moderate to severe heart failure). 
• have Wolff-Parkinson-White (WPW) syndrome, Lown-Ganong-Levine syndrome, or an abnormal heart rhythm pattern called pre-excitation (delta wave) on an electrocardiogram (ECG). 
• have sick sinus syndrome without a permanent pacemaker. 
• have second degree or higher atrioventricular (AV) block. 

Before using CARDAMYST, tell your healthcare provider about all of your medical conditions, including if you: 

• have a history of fainting. 
• have low blood pressure. 
• are pregnant or plan to become pregnant. It is not known if CARDAMYST will harm your unborn baby. 
• are breastfeeding or plan to breastfeed. It is not known if CARDAMYST passes into your breast milk. You should stop breastfeeding for 12 hours after treatment with CARDAMYST. During this time, pump and throw away your breast milk. Talk to your healthcare provider about the best way to feed your baby after using CARDAMYST. 

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. 

What are the possible side effects of CARDAMYST? 

CARDAMYST may cause serious side effects, including: 

• Fainting due to CARDAMYST effects on blood pressure, heart rate, and electrical activity of the heart. CARDAMYST may cause dizziness and fainting, especially in people with a history of fainting and certain heart problems, or people with a history of fainting during an episode of PSVT. Use CARDAMYST while sitting in a safe area where you will not fall if you become dizzy or lightheaded. Lie down if you feel dizzy or lightheaded after using CARDAMYST. If fainting occurs after using CARDAMYST, caregivers should place you on your back and seek medical help. 

The most common side effects of CARDAMYST include: 

nasal discomfort  nasal congestion  runny nose

throat irritation  nosebleed

These are not all of the possible side effects for CARDAMYST. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088. 

Please see the full Prescribing Information   
https://milestonepharma.com/etripamilprescribinginformation.pdf for CARDAMYST.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “continue,” “could,” “demonstrate,” “designed,” “develop,” “estimate,” “expect,” “may,” “pending,” “plan,” “potential,” “progress,” “will,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Milestone’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding: the continued commercialization and adoption of CARDAMYST and Milestone’s planned commercial priorities; the implementation, timing and anticipated benefits of Milestone’s cost-efficiency measures and associated one-time charges; the anticipated reduction in operating expenses of approximately 30%; planned leadership changes and their timing; Milestone’s continued funding and development of the Phase 3 AFib-RVR program, the expected timing of topline data from ReVeRA-301 and the program’s potential value to Milestone; the estimated addressable patient population for AFib-RVR; the anticipated sufficiency of Milestone’s cash resources to fund operations into late 2028 and through the anticipated ReVeRA-301 readout; and other statements not related to historical facts. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to whether Milestone’s future interactions with the EMA will have satisfactory outcomes; whether and when, if at all, Milestone’s MAA for etripamil will be approved by the EMA; uncertainties related to the timing of initiation, enrollment, completion, evaluation and results of Milestone’s clinical trials; risks and uncertainty related to the complexity inherent in cleaning, verifying and analyzing trial data; and whether the clinical trials will validate the safety and efficacy of etripamil for PSVT or other indications, among others, general economic, political, and market conditions, including deteriorating market conditions due to investor concerns regarding inflation, international tariffs and conflicts, and overall fluctuations in the financial markets in the United States and abroad, risks related to pandemics and public health emergencies, and risks related to the sufficiency of Milestone’s capital resources and its ability to raise additional capital in the current economic climate. These and other risks are set forth in Milestone’s filings with the SEC, including in its annual report on Form 10-K for the year ended December 31, 2025, under the caption “Risk Factors,” as such discussions may be updated from time to time by subsequent filings Milestone may make with the SEC, including Milestone’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. Except as required by law, Milestone assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contacts

Investor Relations

Kevin Gardner, kgardner@lifesciadvisors.com 

Media Relations 

Rebecca Novak, rnovak@milestonepharma.com 

Milestone Pharmaceuticals Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands of U.S. dollars, except share data)

		September 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	144,472			$	73,046
Short-term investments			882				32,914
Accounts receivable, net			3,929				—
License receivable			2,000				1,546
Research and development tax credits receivable			623				316
Prepaid expenses			2,513				1,805
Inventory, net			6,676				648
Other receivables			509				1,646
Total current assets			161,604				111,921
Operating lease right-of-use assets			675				1,129
Property and equipment, net			416				511
Total assets		$	162,695			$	113,561
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities
Accounts payable		$	9,235			$	5,645
Accrued liabilities			14,496				7,644
Operating lease liabilities			686				647
Deferred revenue			1,321				—
Other current liabilities			43				43
Total current liabilities			25,781				13,979
Operating lease liabilities, net of current portion			14				539
Senior secured convertible notes			60,237				57,191
Royalty financing obligation, long-term			82,829				—
Other long-term liabilities			51				83
Total liabilities			168,912				71,792
Shareholders’ (Deficit) Equity
Common shares, no par value, unlimited shares authorized, 124,498,693 shares issued and outstanding as of September 30, 2026, 106,236,344 shares issued and outstanding as of December 31, 2025			384,987				352,619
Pre-funded warrants – 16,412,925 issued and outstanding as of September 30, 2026, and 16,412,925 as of December 31, 2025			55,649				55,649
Additional paid-in capital			64,226				64,104
Accumulated deficit			(511,079	)			(430,603	)
Total shareholders’ (deficit) equity			(6,217	)			41,769
Total liabilities and shareholders’ (deficit) equity		$	162,695			$	113,561

Milestone Pharmaceuticals Inc.
Condensed Consolidated Statements of Loss (Unaudited)
(in thousands of U.S. dollars, except share and per share data)

		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Revenues
Product revenue, net		$	963			$	—			$	1,760			$	—
License and other revenue			2,000				—				2,000				—
Total revenues			2,963				—				3,760				—
Operating Expenses
Cost of product sales			325				—				371				—
Research and development, net of tax credits			3,458				3,940				10,191				12,587
Selling, general and administrative			24,232				7,889				67,543				32,296
Total operating expenses			28,015				11,829				78,105				44,883
Loss from operations			(25,052	)			(11,829	)			(74,345	)			(44,883	)
Interest income			1,438				874				4,911				2,087
Interest expense			(2,182	)			(967	)			(11,042	)			(2,853	)
Net loss and comprehensive loss		$	(25,796	)		$	(11,922	)		$	(80,476	)		$	(45,649	)
Weighted average number of shares and pre-funded warrants outstanding, basic and diluted			140,910,921				96,494,588				136,668,430				76,497,361
Net loss per share, basic and diluted		$	(0.18	)		$	(0.12	)		$	(0.59	)		$	(0.60	)

Launch of CARDAMYST^® (etripamil) nasal spray marked by steady prescription growth, new prescriber expansion and improving commercial coverage

Company is reducing operating expenses by approximately 30% while prioritizing sales force efforts for CARDAMYST; expects cash runway into late 2028

AFib-RVR Phase 3 trial on schedule with data expected in 2H 2028

MONTREAL and CHARLOTTE, N.C., Nov. 13, 2026 (GLOBE NEWSWIRE) — Milestone Pharmaceuticals Inc. (Nasdaq: MIST) today reported financial results for the quarter ended September 30, 2026, and announced cost-efficiency measures designed to extend cash runway through the topline results from its Phase 3 trial of etripamil in atrial fibrillation with rapid ventricular rate (AFib-RVR), while preserving the sales force and core commercial activities for CARDAMYST^® (etripamil) nasal spray. CARDAMYST is FDA-approved for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults.

Third Quarter and Recent Updates

• Net product revenue for CARDAMYST of $1.0 million for Q3 2026, up 73% from the second quarter ended June 30, 2026; approximately 3,400 total prescriptions written by approximately 1,600 unique prescribers since launch; current payer coverage has increased to approximately two-thirds of commercially covered lives.
• Corporate cost-efficiency measures expected to reduce operating expenses by approximately 30%; executives, Mr. Amit Hasija (Chief Financial Officer) and Dr. David Bharucha (Chief Medical Officer) have departed from the leadership team, with Dr. Bharucha transitioning to an advisor to the Company.
• Amendment to Note Purchase Agreement with RTW Investments LP and certain of its affiliates (“RTW”) extends the payment-in-kind interest period on its convertible notes from March 31, 2027 to March 2029.
• Cash and equivalents of $145.4 million as of September 30, 2026, expected to provide operating runway into late 2028, more than one year beyond prior guidance.
• Ongoing Phase 3 pivotal trial (ReVeRA-301) evaluating etripamil nasal spray in atrial fibrillation with rapid ventricular rate (AFib-RVR) is on schedule; topline data expected in the second half of 2028.

“We are encouraged by the early progress of CARDAMYST, and as we gain experience in the market, we believe we are better able to identify where our investments can have the greatest potential impact,” said Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals. “The actions we are announcing today reflect a more efficient approach to capital allocation, which we believe will drive continued prescription growth, expand our prescriber base and improve patient access for CARDAMYST, while reducing operating expenses. Importantly, we expect these measures to extend our cash runway beyond the anticipated Phase 3 readout of ReVeRA-301 in the second half of 2028.”

Key elements of the cost-efficiency measures include:

• Bringing the sales force in-house: the Company plans to retain the existing field sales team of approximately 45 dedicated representatives, transitioning them from a contracted model to company employees at a lower overhead cost while maintaining current sales coverage. This team reflects the territory optimization completed in August, when the field force was reduced from approximately 60 representatives to focus on the strongest-performing representatives and territories, including those covering electrophysiology and highest-prescribing cardiology accounts.  
• Operating efficiencies and cost reductions: The Company will also concentrate on its most productive targeted marketing, market access and patient support programs while discontinuing less productive initiatives. The Company is also rightsizing and internalizing selected outsourced activities and reducing its headquarters workforce. These actions are expected to reduce the Company’s operating expenses by approximately 30% and to be complete by the first quarter of 2027. The Company expects to incur approximately $2 million in one-time charges, primarily severance, conversion fees and costs related to the workforce reduction.
• Leadership changes: Consistent with the organizational reduction and runway extension, Mr. Amit Hasija (Chief Financial Officer) and Dr. David Bharucha (Chief Medical Officer) have departed from the leadership team. Anthony Krick, the Company’s Vice President of Finance, has been named Principal Financial and Principal Accounting Officer, and will lead the Finance function.
• R&D Commitment Maintained: The AFib-RVR Phase 3 program (ReVeRA-301) remains fully funded; non-essential short-term activities, including certain manufacturing scale-up work, have been deferred. AFib-RVR has an estimated addressable patient population of approximately 3 to 4 million patients in the United States (approximately 3 to 4 times the size of that for PSVT).

Financial Outlook

• As of September 30, 2026, Milestone had cash, cash equivalents, and short-term investments of $145.4 million. The Company currently expects its cash, cash equivalents and short-term investments to be sufficient to cover operating expenses and capital expenditure into late 2028, more than one year beyond prior guidance.

Third Quarter 2026 Financial Results

As of September 30, 2026, Milestone had cash, cash equivalents, and short-term investments of $145.4 million, compared to $106.0 million as of December 31, 2025.

Product revenues were $1.0 million during the three months ended September 30, 2026. For the nine months ended September 30, 2026, product revenues were $1.8 million. There was no product revenue during the three months or nine months ended September 30, 2025.

Research and development expense, net of tax credits, for the three months ended September 30, 2026, was $3.5 million, compared with $3.9 million for the prior year period. For the nine months ended September 30, 2026, research and development expense, net of tax credits, was $10.2 million, compared with $12.6 million for the same period in 2025. The decrease for the three-month period was primarily due to a decrease in outside service costs related to drug development and research. The decrease for the nine-month period was primarily due to decreases in personnel costs and outside service costs related to drug development and research.

Selling, general and administrative expense for the three months ended September 30, 2026, was $24.2 million, compared with $7.9 million for the prior year period. For the nine months ended September 30, 2026, selling, general and administrative expense was $67.5 million, compared with $32.3 million for the same period in 2025. The increases were primarily due to additional personnel costs, professional costs, and other operational expenses related to the launch of CARDAMYST.

For the three months ended September 30, 2026, net loss was $25.8 million, or $0.18 per share, compared with a net loss of $11.9 million, or $0.12 per share, for the prior year period. For the nine months ended September 30, 2026, net loss was $80.5 million, or $0.59 per share, compared with $45.6 million, or $0.60 per share, for the same period in 2025. All net loss per-share amounts are basic and diluted.

For further details on the Company’s financials, refer to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the U.S. Securities and Exchange Commission (SEC) today.

Conference Call and Webcast

Milestone will host a conference call and webcast at 8:30 am ET today, Friday, November 13. To access the live conference call, participants may register here.

Conference Call Details:

Conference Dial-in:	1-877-407-0792
International Dial-in:	1-201-689-8263
Conference ID:	13763324

Participants can use Guest dial-in #s above and be answered by an operator OR click the Call Me™ link for instant telephone access to the event. The Call Me™ link will be made active 15 minutes prior to scheduled start time.

A replay of the audio webcast of the call will be available under the News & Events section of Milestone’s website, www.milestonepharma.com.

About Milestone Pharmaceuticals
Milestone Pharmaceuticals Inc. (Nasdaq: MIST) is an emerging commercial-stage biopharmaceutical company advancing innovative cardiovascular medicines to benefit people living with certain heart conditions. Milestone’s lead product is CARDAMYST® (etripamil) nasal spray, a novel calcium channel blocker, which is FDA-approved for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. Etripamil is also in Phase 3 development for the control of symptomatic episodic attacks associated with AFib-RVR. https://milestonepharma.com/.

About CARDAMYST 
CARDAMYST^® (etripamil) nasal spray is approved by the U.S. Food and Drug Administration (FDA) for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. It is a novel calcium channel blocker nasal spray designed as a self-administered rapid response therapy for patients, thereby bypassing the need for immediate medical oversight. The product is intended to provide health care providers with a new treatment option to enable on-demand care and patient self-management. This portable treatment may provide patients with active management and a greater sense of control over their condition. CARDAMYST is well studied with a robust clinical trial program that includes a completed Phase 3 clinical-stage program for the treatment of PSVT. Currently, etripamil is in Phase 2 development for treatment of PSVT in pediatric patients and Phase 3 development for control of acute atrial fibrillation with rapid ventricular rate (AFib-RVR) in adults. For more information, please visit CARDAMYST.com. 

Indication 
CARDAMYST is indicated for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. 

IMPORTANT SAFETY INFORMATION FOR CARDAMYST (etripamil) 

What is CARDAMYST? 
CARDAMYST is a prescription medicine used to help restore normal sinus heart rhythm in adults who have symptoms of sudden episodes of fast heartbeat called paroxysmal supraventricular tachycardia (PSVT). 

It is not known if CARDAMYST is safe and effective in children. 

Do not use CARDAMYST if you: 

• are allergic to CARDAMYST or any of its ingredients. See the Patient Information for a complete list of ingredients in CARDAMYST. 
• have limitations in activities due to heart failure (moderate to severe heart failure). 
• have Wolff-Parkinson-White (WPW) syndrome, Lown-Ganong-Levine syndrome, or an abnormal heart rhythm pattern called pre-excitation (delta wave) on an electrocardiogram (ECG). 
• have sick sinus syndrome without a permanent pacemaker. 
• have second degree or higher atrioventricular (AV) block. 

Before using CARDAMYST, tell your healthcare provider about all of your medical conditions, including if you: 

• have a history of fainting. 
• have low blood pressure. 
• are pregnant or plan to become pregnant. It is not known if CARDAMYST will harm your unborn baby. 
• are breastfeeding or plan to breastfeed. It is not known if CARDAMYST passes into your breast milk. You should stop breastfeeding for 12 hours after treatment with CARDAMYST. During this time, pump and throw away your breast milk. Talk to your healthcare provider about the best way to feed your baby after using CARDAMYST. 

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. 

What are the possible side effects of CARDAMYST? 

CARDAMYST may cause serious side effects, including: 

• Fainting due to CARDAMYST effects on blood pressure, heart rate, and electrical activity of the heart. CARDAMYST may cause dizziness and fainting, especially in people with a history of fainting and certain heart problems, or people with a history of fainting during an episode of PSVT. Use CARDAMYST while sitting in a safe area where you will not fall if you become dizzy or lightheaded. Lie down if you feel dizzy or lightheaded after using CARDAMYST. If fainting occurs after using CARDAMYST, caregivers should place you on your back and seek medical help. 

The most common side effects of CARDAMYST include: 

nasal discomfort  nasal congestion  runny nose

throat irritation  nosebleed

These are not all of the possible side effects for CARDAMYST. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088. 

Please see the full Prescribing Information   
https://milestonepharma.com/etripamilprescribinginformation.pdf for CARDAMYST.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “continue,” “could,” “demonstrate,” “designed,” “develop,” “estimate,” “expect,” “may,” “pending,” “plan,” “potential,” “progress,” “will,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Milestone’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding: the continued commercialization and adoption of CARDAMYST and Milestone’s planned commercial priorities; the implementation, timing and anticipated benefits of Milestone’s cost-efficiency measures and associated one-time charges; the anticipated reduction in operating expenses of approximately 30%; planned leadership changes and their timing; Milestone’s continued funding and development of the Phase 3 AFib-RVR program, the expected timing of topline data from ReVeRA-301 and the program’s potential value to Milestone; the estimated addressable patient population for AFib-RVR; the anticipated sufficiency of Milestone’s cash resources to fund operations into late 2028 and through the anticipated ReVeRA-301 readout; and other statements not related to historical facts. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to whether Milestone’s future interactions with the EMA will have satisfactory outcomes; whether and when, if at all, Milestone’s MAA for etripamil will be approved by the EMA; uncertainties related to the timing of initiation, enrollment, completion, evaluation and results of Milestone’s clinical trials; risks and uncertainty related to the complexity inherent in cleaning, verifying and analyzing trial data; and whether the clinical trials will validate the safety and efficacy of etripamil for PSVT or other indications, among others, general economic, political, and market conditions, including deteriorating market conditions due to investor concerns regarding inflation, international tariffs and conflicts, and overall fluctuations in the financial markets in the United States and abroad, risks related to pandemics and public health emergencies, and risks related to the sufficiency of Milestone’s capital resources and its ability to raise additional capital in the current economic climate. These and other risks are set forth in Milestone’s filings with the SEC, including in its annual report on Form 10-K for the year ended December 31, 2025, under the caption “Risk Factors,” as such discussions may be updated from time to time by subsequent filings Milestone may make with the SEC, including Milestone’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. Except as required by law, Milestone assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Contacts

Investor Relations

Kevin Gardner, kgardner@lifesciadvisors.com 

Media Relations 

Rebecca Novak, rnovak@milestonepharma.com 

Milestone Pharmaceuticals Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands of U.S. dollars, except share data)

		September 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	144,472			$	73,046
Short-term investments			882				32,914
Accounts receivable, net			3,929				—
License receivable			2,000				1,546
Research and development tax credits receivable			623				316
Prepaid expenses			2,513				1,805
Inventory, net			6,676				648
Other receivables			509				1,646
Total current assets			161,604				111,921
Operating lease right-of-use assets			675				1,129
Property and equipment, net			416				511
Total assets		$	162,695			$	113,561
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities
Accounts payable		$	9,235			$	5,645
Accrued liabilities			14,496				7,644
Operating lease liabilities			686				647
Deferred revenue			1,321				—
Other current liabilities			43				43
Total current liabilities			25,781				13,979
Operating lease liabilities, net of current portion			14				539
Senior secured convertible notes			60,237				57,191
Royalty financing obligation, long-term			82,829				—
Other long-term liabilities			51				83
Total liabilities			168,912				71,792
Shareholders’ (Deficit) Equity
Common shares, no par value, unlimited shares authorized, 124,498,693 shares issued and outstanding as of September 30, 2026, 106,236,344 shares issued and outstanding as of December 31, 2025			384,987				352,619
Pre-funded warrants – 16,412,925 issued and outstanding as of September 30, 2026, and 16,412,925 as of December 31, 2025			55,649				55,649
Additional paid-in capital			64,226				64,104
Accumulated deficit			(511,079	)			(430,603	)
Total shareholders’ (deficit) equity			(6,217	)			41,769
Total liabilities and shareholders’ (deficit) equity		$	162,695			$	113,561

Milestone Pharmaceuticals Inc.
Condensed Consolidated Statements of Loss (Unaudited)
(in thousands of U.S. dollars, except share and per share data)

		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Revenues
Product revenue, net		$	963			$	—			$	1,760			$	—
License and other revenue			2,000				—				2,000				—
Total revenues			2,963				—				3,760				—
Operating Expenses
Cost of product sales			325				—				371				—
Research and development, net of tax credits			3,458				3,940				10,191				12,587
Selling, general and administrative			24,232				7,889				67,543				32,296
Total operating expenses			28,015				11,829				78,105				44,883
Loss from operations			(25,052	)			(11,829	)			(74,345	)			(44,883	)
Interest income			1,438				874				4,911				2,087
Interest expense			(2,182	)			(967	)			(11,042	)			(2,853	)
Net loss and comprehensive loss		$	(25,796	)		$	(11,922	)		$	(80,476	)		$	(45,649	)
Weighted average number of shares and pre-funded warrants outstanding, basic and diluted			140,910,921				96,494,588				136,668,430				76,497,361
Net loss per share, basic and diluted		$	(0.18	)		$	(0.12	)		$	(0.59	)		$	(0.60	)

At an international panel organized at COP31, Sisecam shared research results demonstrating the critical role of high-performance glass in helping cities achieve their 2050 climate targets, while also introducing its innovative solutions that contribute to energy efficiency

ISTANBUL, Nov. 13, 2026 (GLOBE NEWSWIRE) — Sisecam, a global player in the glass and chemicals sectors, participated as a Climate Supporter in the COP31 Climate Summit, which was held in Antalya between November 9-20. At the summit, Sisecam showcased its innovative glass solutions that contribute to energy efficiency, while also hosting a special panel with international experts to discuss the role of buildings and high-performance glass in the fight against climate change.

During the summit, the company both exhibited its innovative products that support energy efficiency in buildings and hosted a high-level panel addressing the strategic role of glass in cities’ fight against climate change.

The panel, titled “The Strategic Role of Glass in Climate-Resilient Cities” and moderated by Sisecam CEO Can Yücel, evaluated how cities can be made more resilient to rising energy demands and climate risks, how energy consumption in buildings can be reduced, and the contributions that high-performance glass technologies can make to this transition. The session also addressed climate-compatible building solutions, data-driven renovation approaches, and how these solutions can be scaled up through standards, financing mechanisms, and public policies.

Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA), attended the panel as the guest of honor. Other prominent speakers sharing their views included Claire O’Neill, UK Former Minister for Energy and Climate Change; Atila Erenler, Atila Erenler, Deputy Director General for Professional Services at the Ministry of Environment, Urbanization and Climate Change of Türkiye; İdil Gürsel, Deputy Head of Türkiye Infrastructure at the EBRD; and Prof. Dr. İpek Gürsel Dino, Faculty Member at the Middle East Technical University (METU) Department of Architecture.

One of the standout highlights of the panel was the presentation of the results of a joint research project conducted by Sisecam in collaboration with the Middle East Technical University Solar Energy Research and Applications Center (METU-GUNAM). The research revealed that high-performance coated glass can act as a major lever in helping cities achieve their 2050 climate targets by reducing the energy consumption of buildings. The findings of this study were shared with COP31 participants and the public for the first time.

High-Performance Glass Systems Can Prevent 13.1 million Tons of Carbon Emissions in Istanbul

Delivering the opening speech of the panel and emphasizing that the climate crisis is a shared responsibility that cannot be postponed, Sisecam CEO Can Yücel stated that reducing energy consumption is of great importance alongside the energy transition to reach net-zero targets.

Yücel expressed that Sisecam is focused on both transitioning the energy sources used in its production to more sustainable alternatives and reducing the energy demand of buildings through the high-performance glass technologies it develops. He added that the study carried out in cooperation with METU-GUNAM demonstrates the impact of correct material selection on a city scale with concrete data.

Pointing out that if high-performance glass is widely adopted in residential buildings in Istanbul, 13.1 million tons of carbon emissions could be prevented by 2050, Yücel noted that with proper prioritization, the unit cost of carbon reduction can drop to as low as 11 Euros per ton.

Emphasizing that glass is no longer just a construction material but a technology that directly affects energy performance, Yücel stated:

“This data clearly shows that glass is a strategic solution component in cities’ processes of decarbonization and building resilience against climate change. Turning this potential into reality is only possible through strong cooperation among the public sector, private sector, and academia. Thanks to performance-oriented renovation programs, well-designed financing models, and targeted incentive mechanisms, we can reach our climate targets faster and at a lower cost. As Sisecam, we are ready to contribute to this collective transformation.”

The Future Energy Agenda: Cooling

Due to the effects of global warming, the cooling-related energy demand in Istanbul is expected to increase by 60% to 75% by 2050. This outlook reveals that energy efficiency in buildings is critical not only for reducing carbon emissions but also for strengthening the climate resilience of cities against rising temperatures.

The research conducted by Sisecam in cooperation with METU-GUNAM presents concrete data on the role that high-performance glass can play in this transition. According to the striking findings of the study, if high-performance coated glass is popularized in residences across Istanbul, the resulting carbon emission reduction would have an impact equivalent to:

• The carbon emissions of approximately 231 thousand households over 25 years,
• The annual carbon emissions of approximately 2.8 million passenger cars.

The research results show that correct material choices and energy-efficient building solutions can serve as a powerful lever for cities to both reach their climate targets and alleviate the energy pressure stemming from increasing cooling demands. It is particularly highlighted that energy-efficiency-oriented renovations to be carried out on the existing building stock represent one of the most important solution areas that can generate high impact at a low cost.

The Transformative Power of Glass

With its production power across 13 countries on four continents and a global network reaching more than 150 countries, Sisecam uses the transformative power of materials for a better life. It continues to contribute to the construction of a sustainable future with its high-performance glass that supports energy efficiency and solar energy glass that contributes to renewable energy solutions.

About Sisecam

Sisecam is a story of progress…

Founded in 1935 by İş Bankası with the vision, Sisecam was established to build Türkiye’s glass industry. Over the decades, Sisecam has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Sisecam is one of the world’s top five producers in its sectors.

Sisecam operates across four continents and 13 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Ukraine, Egypt, India, and the United States. Sisecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Sisecam delivers its products to customers in over 150 countries through its robust supply chain.

Sisecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by almost 23,000 employees, Sisecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries.

With its CareForNext strategy, Sisecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals. Sisecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.

Learn more: www.sisecam.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86b23a6a-ef99-4807-b535-90d2c4c3bffc

CONTACT: Ayşegül Akyarlı
AAKYARLI@sisecam.com

At an international panel organized at COP31, Sisecam shared research results demonstrating the critical role of high-performance glass in helping cities achieve their 2050 climate targets, while also introducing its innovative solutions that contribute to energy efficiency

ISTANBUL, Nov. 13, 2026 (GLOBE NEWSWIRE) — Sisecam, a global player in the glass and chemicals sectors, participated as a Climate Supporter in the COP31 Climate Summit, which was held in Antalya between November 9-20. At the summit, Sisecam showcased its innovative glass solutions that contribute to energy efficiency, while also hosting a special panel with international experts to discuss the role of buildings and high-performance glass in the fight against climate change.

During the summit, the company both exhibited its innovative products that support energy efficiency in buildings and hosted a high-level panel addressing the strategic role of glass in cities’ fight against climate change.

The panel, titled “The Strategic Role of Glass in Climate-Resilient Cities” and moderated by Sisecam CEO Can Yücel, evaluated how cities can be made more resilient to rising energy demands and climate risks, how energy consumption in buildings can be reduced, and the contributions that high-performance glass technologies can make to this transition. The session also addressed climate-compatible building solutions, data-driven renovation approaches, and how these solutions can be scaled up through standards, financing mechanisms, and public policies.

Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA), attended the panel as the guest of honor. Other prominent speakers sharing their views included Claire O’Neill, UK Former Minister for Energy and Climate Change; Atila Erenler, Atila Erenler, Deputy Director General for Professional Services at the Ministry of Environment, Urbanization and Climate Change of Türkiye; İdil Gürsel, Deputy Head of Türkiye Infrastructure at the EBRD; and Prof. Dr. İpek Gürsel Dino, Faculty Member at the Middle East Technical University (METU) Department of Architecture.

One of the standout highlights of the panel was the presentation of the results of a joint research project conducted by Sisecam in collaboration with the Middle East Technical University Solar Energy Research and Applications Center (METU-GUNAM). The research revealed that high-performance coated glass can act as a major lever in helping cities achieve their 2050 climate targets by reducing the energy consumption of buildings. The findings of this study were shared with COP31 participants and the public for the first time.

High-Performance Glass Systems Can Prevent 13.1 million Tons of Carbon Emissions in Istanbul

Delivering the opening speech of the panel and emphasizing that the climate crisis is a shared responsibility that cannot be postponed, Sisecam CEO Can Yücel stated that reducing energy consumption is of great importance alongside the energy transition to reach net-zero targets.

Yücel expressed that Sisecam is focused on both transitioning the energy sources used in its production to more sustainable alternatives and reducing the energy demand of buildings through the high-performance glass technologies it develops. He added that the study carried out in cooperation with METU-GUNAM demonstrates the impact of correct material selection on a city scale with concrete data.

Pointing out that if high-performance glass is widely adopted in residential buildings in Istanbul, 13.1 million tons of carbon emissions could be prevented by 2050, Yücel noted that with proper prioritization, the unit cost of carbon reduction can drop to as low as 11 Euros per ton.

Emphasizing that glass is no longer just a construction material but a technology that directly affects energy performance, Yücel stated:

“This data clearly shows that glass is a strategic solution component in cities’ processes of decarbonization and building resilience against climate change. Turning this potential into reality is only possible through strong cooperation among the public sector, private sector, and academia. Thanks to performance-oriented renovation programs, well-designed financing models, and targeted incentive mechanisms, we can reach our climate targets faster and at a lower cost. As Sisecam, we are ready to contribute to this collective transformation.”

The Future Energy Agenda: Cooling

Due to the effects of global warming, the cooling-related energy demand in Istanbul is expected to increase by 60% to 75% by 2050. This outlook reveals that energy efficiency in buildings is critical not only for reducing carbon emissions but also for strengthening the climate resilience of cities against rising temperatures.

The research conducted by Sisecam in cooperation with METU-GUNAM presents concrete data on the role that high-performance glass can play in this transition. According to the striking findings of the study, if high-performance coated glass is popularized in residences across Istanbul, the resulting carbon emission reduction would have an impact equivalent to:

• The carbon emissions of approximately 231 thousand households over 25 years,
• The annual carbon emissions of approximately 2.8 million passenger cars.

The research results show that correct material choices and energy-efficient building solutions can serve as a powerful lever for cities to both reach their climate targets and alleviate the energy pressure stemming from increasing cooling demands. It is particularly highlighted that energy-efficiency-oriented renovations to be carried out on the existing building stock represent one of the most important solution areas that can generate high impact at a low cost.

The Transformative Power of Glass

With its production power across 13 countries on four continents and a global network reaching more than 150 countries, Sisecam uses the transformative power of materials for a better life. It continues to contribute to the construction of a sustainable future with its high-performance glass that supports energy efficiency and solar energy glass that contributes to renewable energy solutions.

About Sisecam

Sisecam is a story of progress…

Founded in 1935 by İş Bankası with the vision, Sisecam was established to build Türkiye’s glass industry. Over the decades, Sisecam has grown from a local initiative into a global player in glass and chemicals. As the only global company operating in all core areas of glass production, Sisecam is one of the world’s top five producers in its sectors.

Sisecam operates across four continents and 13 countries, including Türkiye, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia and Herzegovina, Russia, Georgia, Ukraine, Egypt, India, and the United States. Sisecam plays a pioneering role in flat glass, glassware, glass packaging, chemicals, auto glass, glass fiber, mining, energy, and recycling industries. By placing innovation and technology at the core of its operations, Sisecam delivers its products to customers in over 150 countries through its robust supply chain.

Sisecam makes a meaningful difference in its industries with 90 years of expertise, a skilled workforce, and the use of smart technologies. Supported by almost 23,000 employees, Sisecam is steadily advancing toward its goal of becoming one of the top three global producers in its core industries.

With its CareForNext strategy, Sisecam works to ensure the sustainability of the glass and chemicals industries from the perspectives of protecting the planet, empowering communities, and transforming lives in line with the United Nations Sustainable Development Goals. Sisecam is pursuing a better future through technology and innovation and continues its story of progress together with its entire ecosystem.

Learn more: www.sisecam.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86b23a6a-ef99-4807-b535-90d2c4c3bffc

CONTACT: Ayşegül Akyarlı
AAKYARLI@sisecam.com