Author: Ravi Shankar

KALDVÍK AS (KLDVK) reports operating income in Q3 amounted to EURm 26.1 (EURm 9.9), while the operating loss before fair value adjustment of biomass, write-down of biomass and production tax was EURm -3.8 (EURm -5).

Harvest amounted to 4,483 (1,545) tonnes in Q3 2026.

The Company maintains harvest guidance for 2026 to approximately 17,000 tonnes.

The Q3 2026 quarterly update presentation is attached.

Kaldvík AS publishes full financial statements semi-annually (half-year and annual reports).

Webcast

A webcast presentation of the Q3 2026 quarterly update will be held at 08:00 CET (07:00 Icelandic time) today, 13 November 2026.

The presentation will be held in English by CEO Vidar Aspehaug and CFO Þórunn Ragnarsdóttir. A Q&A session will follow.

The webcast can be accessed at:

http://www.kaldvik.is/live

Contacts:

Vidar Aspehaug, CEO
+47 913 05 017 (mobile)

Þórunn Ragnarsdóttir, CFO
+354 822 7649

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachment

• Q3 2026 Quarterly Update

ZURICH-SCHLIEREN, Switzerland and CONCORD, Mass., Nov. 13, 2026 (GLOBE NEWSWIRE) — Molecular Partners AG (SIX, NASDAQ: MOLN), a clinical-stage biotech company developing a novel class of medicines known as DARPin therapeutics (“Molecular Partners” or the “Company”), today announced it will present the Company’s latest developments and outlook at the Inaugural UBS Biopharma Conference, taking place 16–17 November 2026 in London, United Kingdom.

Chief Executive Officer Patrick Amstutz will present on Tuesday, November 17 at 8am GMT (9am CET) at the Rosewood Hotel in London.

A webcast will be accessible on the Molecular Partners website, under the Events tab.

About Molecular Partners AG 
Molecular Partners AG (SIX, NASDAQ: MOLN) is a clinical-stage biotech company pioneering a novel class of medicines known as DARPin therapeutics for cancer patients underserved by existing treatment modalities. Molecular Partners focuses on the development of targeted radiotherapeutics, leveraging the unique properties of DARPin miniproteins as isotope-agnostic vector. The Company’s lead medicine MP0712, targeting DLL3 and armed with ²¹²Pb, advances in a US multicenter Phase 1/2a study for patients with small cell lung cancer and other neuroendocrine cancers (NCT07278479). Molecular Partners has established partnerships with industry leaders and academic centers covering the full value chain of radiotherapeutics. Molecular Partners, founded in 2004, has offices in both Zurich, Switzerland and Concord, MA, USA. For more information, visit www.molecularpartners.com and find us on LinkedIn.

For further details, please contact:
Seth Lewis, EVP Corporate Finance
Concord, Massachusetts, U.S.
seth.lewis@molecularpartners.com
Tel: +1 781 420 2361

Laura Jeanbart, PhD, Head of Portfolio Management & Corporate Communications
Zurich-Schlieren, Switzerland
laura.jeanbart@molecularpartners.com
Tel: +41 44 575 19 35

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended, including without limitation: implied and express statements regarding the clinical development of Molecular Partners’ current or future product candidates; expectations regarding timing for reporting data from ongoing clinical trials or the initiation of future clinical trials; the potential therapeutic and clinical benefits of Molecular Partners’ product candidates and its RDT and Switch-DARPin platforms; the selection and development of future programs; Molecular Partners’ collaboration with Orano Med including the benefits and results that may be achieved through the collaboration; Molecular Partners’ plans to streamline its organization and related workforce reductions, and its anticipated scope, cost, timing and benefits; and Molecular Partners’ expected business and financial outlook, including anticipated expenses and cash utilization for 2026 and its expectation of its current cash runway. These statements may be identified by words such as “aim”, “anticipate”, “expect”, “guidance”, “intend”, “outlook”, “plan”, “potential”, “will” and similar expressions, and are based on Molecular Partners’ current beliefs and expectations. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Some of the key factors that could cause actual results to differ from Molecular Partners’ expectations include, but are not limited to, those set forth under the heading “Risk Factors” in Molecular Partners’ Annual Report on Form 20-F for the year ended December 31, 2025 and other filings Molecular Partners makes with the SEC from time to time. These documents are available on the Investors page of Molecular Partners’ website at www.molecularpartners.com. In addition, this press release contains information relating to interim data as of the relevant data cutoff date, results of which may differ from topline results that may be obtained in the future.

Any forward-looking statements speak only as of the date of this press release and are based on information available to Molecular Partners as of the date of this release, and Molecular Partners assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

LONDON, Nov. 13, 2026 (GLOBE NEWSWIRE) — RedCloudHoldings plc (Nasdaq: RCT) (“RedCloud” or the “Company”), which is building the AI prediction infrastructure for global FMCG trade, today announced that the previously approved 100-to-1reverse share split (the “Reverse Share Split”) of the Company’s ordinary shares, nominal value £0.002 per share (the “Ordinary Shares”), is expected to become effective at 12:01 a.m. on Tuesday, November 17, 2026 (the “Effective Date”).

RedCloud expects that its Ordinary Shares will open for trading on The Nasdaq Capital Market on a reverse split-adjusted basis on November 17, 2026 under the existing trading symbol “RCT”. The new CUSIP number for the Ordinary Shares following the Reverse Share Split will be G71115 201.

The Reverse Share Split was approved by the Company’s Board of Directors under authority granted by the Company’s shareholders at a general meeting held on October 30, 2026. The Company will file an amendment to its Articles of Association to reflect the Reverse Share Split as of the Effective Date. The Reverse Share Split is intended to, among other things, increase the per share trading price of the Ordinary Shares to satisfy the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The Company’s requested oral hearing before the Nasdaq Hearings Panel will take place on November 17, 2026. Shareholders will not need to take any action with respect to the Reverse Share Split.

At the Effective Date of the Reverse Share Split, every 100 Ordinary Shares outstanding and held of record by each shareholder of the Company will be automatically reclassified into one new Ordinary Share, reducing the number of Ordinary Shares issued and outstanding from approximately 144.1 million to approximately 1.4million. The nominal value of the Ordinary Shares will be adjusted from £0.002 per share to £0.20 per share and the authorized allotment of Ordinary Shares will be proportionally adjusted to 10,000,000 following the Reverse Share Split. The Ordinary Sharesunderlying the Company’s outstanding share options and warrants also will be proportionately adjusted.

No fractional shares will be issued as a result of the Reverse Share Split. The resulting fractional shares will be sold for the best price reasonably obtainable, and each shareholder will be paid in cash its respective portion of the proceeds received from such sale in lieu of fractional shares. Each shareholder’s percentage ownership interest in the Company’s Ordinary Shares and proportional voting power of the Company’s Ordinary Shares shall remain unchanged, except for minor changes and adjustments that will result from the treatment of fractional shares.

Computershare Trust Company, N.A. is acting as transfer and exchange agent for the Reverse Share Split. Registered shareholders who hold Ordinary Shares in uncertificated book-entry form are not required to take any action to receive post-reverse split shares. Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Share Split, subject to such broker’s particular processes, and will not be required to take any action in connection with the Reverse Share Split.

About RedCloud

RedCloud Holdings plc (Nasdaq: RCT) builds AI infrastructure for the prediction of FMCG trade. More than $8.4 billion of FMCG transactions have passed through its infrastructure between early 2023 and June 2026, across more than 100,000 customers and 6,700 brands. RedCloud uses this proprietary transaction data to develop RAID (Real-time AI for Distribution), its prediction model for distribution, and deploys its infrastructure and associated products (“RedAI”) either directly or through joint ventures and local partners.

RedCloud is a British company registered in London. Justin Floyd is its Founder and Chief Executive Officer. For more information, please visit www.redcloudtechnology.com and connect on LinkedIn.

Contacts

Investor Relations: investor.relations@redcloudtechnology.com
Media Relations: media@redcloudtechnology.com

Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or RedCloud’s future financial or operating performance. For example, statements regarding the Reverse Share Split and timing thereof and RedCloud’s intention with respect to compliance with the price requirements for maintaining its listing on The Nasdaq Capital Market are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, market conditions and their impact on RedCloud’s trading price on The Nasdaq Capital Market. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements described in “Cautionary Note Regarding Forward-Looking Statements,” “Item 3. Key Information – D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in RedCloud’s most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission, as well as the Company’s periodic reports and other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by RedCloud and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. RedCloud undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Agreement advances Mobilink Bank’s “Growth with Purpose” strategy and extends VEON’s continued investment in Pakistan’s digital financial services sector

New York, Dubai and Islamabad, November 13, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator, today announced that its banking subsidiary in Pakistan, Mobilink Microfinance Bank (“Mobilink Bank”), has signed a Share Purchase Agreement (SPA) for 82.5% shareholding in Apna Microfinance Bank Limited (“Apna Bank”). The agreement is subject to regulatory approvals, including from the State Bank of Pakistan and the Competition Commission of Pakistan. VEON will communicate the transaction’s consideration and anticipated capital requirements once these approvals are obtained.

Over the years, Apna Bank has established an extensive branch network across Pakistan, with a loan book focused on agriculture and small businesses, serving rural and underserved communities that have historically had limited access to formal banking. It remains business as usual for Apna Bank’s customers while the transaction moves through the regulatory approval process. Upon completion, Apna Bank’s network of over 70 business locations will become part of Mobilink Bank’s nationwide network, giving customers broader access to its Islamic banking offerings, digital capabilities and wider financial services ecosystem.

The proposed acquisition extends Mobilink Bank’s “Growth with Purpose” strategy, which pairs disciplined, deposit-led growth with expanding access to formal financial services for underserved population and builds on Mobilink Bank’s position as one of Pakistan’s largest microfinance banks by branch network. Together, JazzCash, JazzSure Insurance (formerly TPL Insurance), FikrFree and Mobilink Bank form VEON’s financial services portfolio in Pakistan, spanning payments, insurance and banking within one integrated ecosystem that, following the acquisition, will be extended by Apna Bank’s lending portfolio in agriculture and small businesses.

“Pakistan remains a high-growth market for VEON. This agreement brings together Mobilink Bank’s digital capabilities and Apna Bank’s experience serving agriculture, and micro-enterprises, creating an opportunity to reach more underserved communities. Our focus is on disciplined investment, responsible growth and sustainable value for customers and shareholders,” said Kaan Terzioglu, Group Chief Executive Officer of VEON.

“This agreement reflects Mobilink Bank’s confidence in Pakistan’s financial sector and our commitment to prudent, well-governed growth. Our focus is on expanding financial inclusion, enabling small businesses and creating wider economic opportunity across the country, while ensuring a seamless integration as the transaction progresses,” said Haaris M. Chaudhary, President and Chief Executive Officer of Mobilink Bank.

VEON Digital Financial Group serves 59 million active financial services customers across Pakistan, Kazakhstan and Uzbekistan as of Q3 2026, a figure that reflects active user accounts across the Group’s payments, insurance and banking products and may include customers using more than one service. The proposed acquisition further advances VEON’s strategy of building leading digital financial services ecosystems across its markets, complementing recent regulatory and commercial milestones in Kazakhstan and Bangladesh.

About VEON 

VEON is a digital operator that provides connectivity and digital services to over 152 million connectivity customers and 221 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com. 

About Mobilink Microfinance Bank

Mobilink Microfinance Bank Limited operates through digital channels and a network of 132 branches across Pakistan. The Bank focuses on advancing financial inclusion through innovative, accessible, technology-enabled financial services. The Bank has recently been recognized by FinanceAsia across three Pakistan categories: Best Bank for Financial Inclusion, Best Bank for Use of Technology and Best Digital Bank and also claimed the award for Best Digital Banking Services of the year for the fourth year in a row from CFA Society Pakistan. It also ranked #1 on the State Bank of Pakistan’s Banking on Equality Scorecard for the third consecutive year. Mobilink Bank is certified as a Top Employer by the Top Employers Institute and was also named Best in Industry – Banking at the Best Place to Work Pakistan Awards 2025. For more information, visit: https://mobilinkbank.com/ 

Forward Looking Statements Disclaimer

This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to the closing of the Apna Bank acquisition, the expected impact of the acquisition and our performance and strategic ambitions. There are numerous risks and uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to closing of the Apna Bank acquisition, the expected impact of the acquisition and our performance and strategic ambitions, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.

Contact Information 

VEON
pr@veon.com

Not for release to US newswire services or distribution in the United States 

PERTH, Australia, Nov. 12, 2026 (GLOBE NEWSWIRE) — Paladin Energy Ltd (ASX:PDN, TSX:PDN) (Paladin or the Company) announces the successful completion of its fully underwritten A$525 million equity raising, comprising (i) an A$499 million ASX institutional placement of new Paladin fully paid ordinary shares (Shares) (ASX Placement), and (ii) a Canadian “bought deal” private placement to raise C$25 million (~A$26 million) pursuant to the Listed Issuer Financing Exemption (as defined herein) (TSX Bought Deal) (together, the Offer).¹

As announced on 12 November 2026, Paladin also intends to invite Eligible Shareholders (as defined herein) to participate in a non-underwritten Share Purchase Plan to acquire Shares at the same price as the ASX Placement to raise up to a further A$50 million (before costs) (SPP).

Highlights

• Successful bookbuild for a fully underwritten equity raising to raise A$525 million (before costs), comprising:
  • A fully underwritten ASX Placement of approximately 64.0 million new Shares priced at A$7.80 per Share to raise ~A$499 million (before costs); and
  • A fully underwritten TSX Bought Deal of approximately 3.3 million new Shares priced at C$7.62 per Share to raise ~A$26 million (C$25 million) (before costs)
• The Offer received strong demand from new and existing investors, which resulted in an increase in the ASX Placement component of the Offer
• Opportunity for Eligible Shareholders with registered addresses in Australia or New Zealand to participate via a non-underwritten SPP to raise up to a further A$50 million (before costs)
• The equity raising positions Paladin for its next phase of growth, funding the ongoing development of the Patterson Lake South Project (PLS Project), potential resource growth and mine life extension at Triple R, and advancing exploration opportunities across the broader Athabasca Basin region portfolio.

Paladin MD and CEO Paul Hemburrow said:

“We are pleased with the support received from high-quality existing and new institutional investors for the equity raising. This capital allows us to maintain the strong momentum we have generated at the PLS Project as it advances towards targeted first production in 2031 and accelerate exploration and growth across Paladin’s broader Athabasca Basin region tenure package.”

Details of the ASX Placement

Settlement of the ASX Placement is expected to occur on 18 November 2026 with new Shares to be allotted on 19 November 2026. New Shares will rank pari passu with Shares in Paladin, and will be issued pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1.

Macquarie Capital (Australia) Limited, Canaccord Genuity (Australia) Limited and RBC Capital Markets acted as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the ASX Placement.

Details of the TSX Bought Deal

Settlement of the TSX Bought Deal is expected to occur on 18 November 2026. New Shares will rank pari passu with Shares in Paladin, and will be issued pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1.

RBC Capital Markets and National Bank of Canada Capital Markets (Underwriters) are acting as Co-Lead Underwriters and Joint Bookrunners to the TSX Bought Deal.

Details of the Share Purchase Plan (SPP)

Eligible Shareholders, being those Paladin shareholders with a registered address in Australia or New Zealand and who are outside the United States, that held Paladin Shares as at 7.00pm (Sydney time) on 11 November 2026 (Eligible Shareholders) will be invited to participate in the SPP. Eligible Shareholders will have the opportunity to apply for up to A$30,000 worth of new Shares without incurring any brokerage or transaction costs. The SPP will be conducted at the offer price of A$7.80. The SPP is targeted to raise up to A$50 million (before costs) and is not underwritten.

Paladin reserves the right (in its absolute discretion) to scale back applications under the SPP if demand exceeds A$50 million, raise a higher amount or close the SPP at an earlier date. New Shares issued under the SPP will rank equally with existing Shares in Paladin from the date of issue. The SPP offer booklet, containing further details on the SPP, is expected to be released on the ASX and made available to Eligible Shareholders on or around 23 November 2026. The SPP is subject to the terms and conditions set out in the SPP offer booklet.

Indicative Equity Raising Timetable

An indicative timetable of the key dates in relation to the equity raising is detailed below.

Event	Time (AEDT) / Date
ASX Placement and TSX Bought Deal
Announcement of completion of ASX Placement and TSX Bought Deal2	13 November 2026
ASX and TSX Trading halt lifted	13 November 20263
Settlement of new Shares under ASX Placement and TSX Bought Deal	18 November 2026
Allotment of new Shares under ASX Placement	19 November 2026
Share Purchase Plan
Record date for eligibility to participate in SPP	7:00pm, 11 November 2026
Despatch SPP offer documents and SPP offer opens	23 November 2026
SPP closing date	7 December 2026
Announcement of SPP participation and results, and allotment of new Shares	14 December 2026

The above timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules, the Corporations Act, the requirements of the Toronto Stock Exchange (TSX) and other applicable laws. All times reference to Sydney, Australia time unless denoted otherwise.

Additional Information

Additional information in relation to the ASX Placement, the SPP and Paladin can be found in the investor presentation (Investor Presentation) released to the ASX on 12 November 2026, which contains important information, including sources and uses of funds, key risks and foreign selling restrictions with respect to the Offer. The Investor Presentation can also be accessed on the Company’s website at www.paladinenergy.com.

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

Contacts

Investor Relations Paula Raffo T: +61 8 9423 8100 E: paula.raffo@paladinenergy.com.au	Media Anthony Hasluck T: +61 438 522 194 E: anthony.hasluck@paladinenergy.com.au

Notes

___________________

¹ Assumes a 0.9767 AUD:CAD exchange rate.
² Refers to completion of the bookbuild.
3 TSX trading halt to be lifted on 14 November 2026, Sydney time.

Forward-looking statements

This document contains certain “forward-looking statements” within the meaning of Australian securities laws and “forward-looking information” within the meaning of Canadian securities laws (collectively referred to in this document as forward-looking statements). All statements in this document, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding the continued development of the PLS Project; proposed drilling and resource definition; the equity raising; closing of the equity raising, the anticipated closing date of the equity raising; the intended use of proceeds of the equity raising, including in respect of advancing PLS Project development, Triple R mine life extension and resource growth, accelerating Athabasca Basin exploration and growth, testing of regional targets across the Athabasca Basin region, and the repayment of existing debt; and the receipt of all necessary regulatory approvals, including the approval of the TSX.

Forward-looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Paladin. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, unanticipated costs, competition for, amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, rising energy costs, inflationary pressures, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. Readers are also referred to the risks and uncertainties referred to in the Company’s “2026 Annual Report” and in Paladin’s Management’s Discussion and Analysis for the year ended 30 June, 2026, each released on 26 August 2026, and in Paladin’s Annual Information Form for the year ended 30 June, 2026 released on 26 August 2026, and in Section 10 of the Investor Presentation released on the ASX on 12 November 2026, each of which is available to view at paladinenergy.com.au and on www.sedarplus.ca.

Although as at the date of this document, Paladin believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in such forward-looking statements due to a range of factors including (without limitation) fluctuations in commodity prices and exchange rates, exploitation and exploration successes, unanticipated costs, environmental, permitting and development issues, geopolitical events and political risks (including armed conflict or escalation of hostilities in the Middle East) and the impact of such events on global security conditions, economic activity, trade flows, energy markets, sanctions regimes and uranium supply and demand, Indigenous Nations engagement, climate risk, operating hazards, natural disasters, severe storms and other adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the uranium industry generally. There can be no assurance that forward-looking statements will prove to be accurate.

Readers should not place undue reliance on forward-looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this document. Any reliance by a reader on the information contained in this document is wholly at the reader’s own risk. The Joint Lead Managers and the Underwriters disclaim any liability arising from reliance on these forward-looking statements regardless of changes in circumstances. Recipients are cautioned against placing undue reliance on such projections without conducting their own due diligence with appropriate professional support. The forward-looking statements in this document relate only to events or information as of the date on which the statements are made. Paladin does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct. Except for statutory liability which cannot be excluded, Paladin, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this document and exclude all liability whatsoever (including negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission therefrom. Except as required by law or regulation, Paladin accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person, nor any obligation to furnish the person with any further information. Nothing in this document will, under any circumstances, create an implication that there has been no change in the affairs of Paladin since the date of this document. To the extent any forward-looking statement in this document constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate Paladin’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.

Not an offer of securities

This announcement has been prepared for publication in Australia and Canada and may not be released to US newswire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

Canada – TSX Bought Deal

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (NI 45-106), the new Shares issuable pursuant to the TSX Bought Deal will be offered for sale to purchasers resident in all of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by (i) in Ontario, OSC Rule 45-513 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption; and (ii) in each other jurisdiction of Canada, Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in each case as amended, supplemented or replaced from time to time (the Listed Issuer Financing Exemption). The Shares offered under the Listed Issuer Financing Exemption to purchasers resident in Canada will not be subject to a hold period pursuant  to  applicable Canadian securities laws. The new Shares may also be offered in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and similar exemptions under applicable state securities laws in those other jurisdictions outside of Canada and the United States provided that no prospectus, registration statement or similar document is required to be filed and no ongoing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions.

There is an amended and restated offering document (the Offering Document) related to the TSX Bought Deal that can be accessed under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.paladinenergy.com. Prospective investors should read the Offering Document before making an investment decision.

The TSX Bought Deal is scheduled to close on or about 18 November 2026, or such other date as the Company and the Underwriters may agree. It is expected that the ASX Placement will close contemporaneously with or shortly prior to the closing of the TSX Bought Deal. Closing of the TSX Bought Deal is conditional on the closing of the ASX Placement. Completion of the Offer is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX.

Paladin intends to rely upon the exemption set forth in Section 602.1 of the TSX Company Manual in connection with the Offer and the SPP, which provides that the TSX will not apply certain requirements in transactions involving eligible international interlisted issuers on a recognized exchange like the ASX.

THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

CALGARY, Alberta, Nov. 12, 2026 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) reported today on its financial and operating results for the quarter ended September 30, 2026.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, “One year ago, we acquired PX Energy to build a business that generates free cash flow and to prove our Homogeneous Charged Continuous Oxidation (“HCCO”) technology. We are on track for $11 million in cost savings this year and successfully tested HCCO at commercial scale. In the third quarter, a furnace failure shut the plant from late July until August 18. The team completed the repairs on schedule and on budget with no recordable safety incidents, and the retort is back above 90% efficiency.”

He added, “Since then, a minor gas release and the failure of a silo in October have shown how much maintenance the previous owners of the facility deferred. We are sharpening our focus on maintenance and corrective action. Next year’s scheduled turnaround will go further than a routine overhaul, with the aim of running the plant longer between turnarounds. A solid base is also a financial one. PX Energy’s bonds are ring-fenced: Questerre has not guaranteed them and is not required to repay them. But ring-fenced is not the same as right-sized. With a larger turnaround and a prudent contingency for unexpected maintenance next year, we believe PX Energy’s debt should be restructured to fit its cash flow and investment cycle. We will support a restructuring only if we believe it is in the interests of Questerre’s shareholders.”

“Restructuring PX Energy matters well beyond next year,” he continued. “Twenty years ago, shale gas and tight oil were thought too costly to produce, until technology changed that and revolutionized North American production. We believe oil shale could be next, and PX Energy is where we are proving the technology. We plan to run an extended test of HCCO in 2027.”

Commenting on the Company’s other assets, he added, “In Quebec, the debate on local natural gas has reopened as the province weighs how to meet its energy needs while imported and renewable gas become more expensive. Public opinion is moving too. In an October poll by Ipsos for the Montreal Economic Institute, more than two-thirds of Quebecers supported developing the province’s own natural gas. During the quarter, the Government approved our carbon storage pilot near Bécancour. We also signed a mediation protocol with the Attorney General of Quebec and the Ministry of the Economy, Innovation and Energy. In Nova Scotia, we were the successful bidder in the province’s first bid round and are negotiating a Petroleum Exploration Agreement for lands in the onshore Cumberland Basin. In Western Canada, we are building our conventional production base with a four-well drilling program.”

Highlights for Third Quarter of 2026

• Completed the unscheduled turnaround at PX Energy on schedule and on budget, with no recordable safety incidents
• Received approval from the Government of Quebec for the Company’s carbon storage pilot
• Signed a mediation protocol with the Attorney General of Quebec and the Ministry of the Economy, Innovation and Energy
• Selected by the Province of Nova Scotia as the successful bidder in its first bid round and negotiating a Petroleum Exploration Agreement
• Average production of 4,634 boe per day
• Adjusted funds flow from operations of $2.3 million, after $4.8 million of idle capacity costs during the shutdown and a $5.6 million reduction in contract liabilities as customers took delivery of pre-paid product, and net cash from operating activities of $1.7 million

Production volumes for the third quarter and first nine months of 2026 increased over the comparative periods of 2025 following the acquisition of PX Energy at the end of the third quarter of 2025. Production averaged 4,634 boe per day for the quarter (2025: 2,926 boe per day) and 5,496 boe per day year to date (2025: 2,587 boe per day)⁽¹⁾. Compared to the second quarter of 2026, production decreased from 5,694 boe per day for two reasons: the PX Energy facility was shut down from late July until August 18, and this was the first full quarter after the sale of the Kakwa Central assets, which produced approximately 650 boe per day. Production for the month of October is approximately 5,300 boe per day.

Higher production volumes and higher realized oil prices increased petroleum and natural gas revenue to $50.8 million for the quarter (2025: $11.8 million) and $143.9 million year to date (2025: $34.6 million). The Company reported a net loss of $27.6 million for the quarter (2025: $5.3 million) and $17.6 million year to date (2025: $6.0 million). The quarter included net finance expense of $24.2 million, most of it non-cash. This included $15.7 million from the change in fair value of the embedded derivative in PX Energy’s secured bonds, which increased with higher forward Brent prices. No cash interest has been paid on the bonds this year.

Adjusted funds flow from operations was $2.3 million for the quarter (2025: $2.8 million) and $41.4 million year to date (2025: $11.4 million). The third quarter reflects $4.8 million of idle capacity costs during the shutdown and a $5.6 million reduction in contract liabilities as customers took delivery of product they had paid for earlier in the year. Net cash from operating activities was $1.7 million for the quarter (2025: $1.3 million) and $14.2 million year to date (2025: $10.9 million). The working capital deficit at September 30, 2026 was $13.3 million (2025: $40.3 million), compared to $19.1 million at June 30, 2026. Capital expenditures were $2.3 million for the quarter (2025: $2.2 million) and $6.3 million year to date (2025: $21.2 million). They related largely to sustaining capital in Brazil, compared to drilling and completing wells in Alberta in the prior year.

The terms “adjusted funds flow from operations” and “working capital surplus/(deficit)” are non-GAAP measures. Please see the reconciliation elsewhere in this press release.

Questerre is an energy technology and innovation company focused on responsibly developing oil and gas resources. The Company holds a significant natural gas discovery in the Quebec Utica shale, widely recognized as one of the most important undeveloped natural gas resources in Eastern Canada. The Company believes society can successfully transition its energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, society can sustain both human progress and the natural environment.

Questerre is a believer that the future success of the energy industry depends on a balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

Advisory Regarding Forward-Looking Statements This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) within the meaning of applicable securities laws in Canada. Any statements about Questerre’s expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information is often, but not always, made through the use of words or phrases such as “anticipates”, “aims”, “strives”, “seeks”, “believes”, “can”, “could”, “may”, “predicts”, “potential”, “should”, “will”, “estimates”, “plans”, “mileposts”, “projects”, “continuing”, “ongoing”, “expects”, “intends” and similar words or phrases suggesting future outcomes. Forward-looking information in this news release includes but is not limited to : the Company’s targeted cost savings at PX Energy in 2026 and 2027, the scope, timing and objectives of the scheduled 2027 turnaround, including extending the interval between turnarounds, the restructuring of the secured bonds of PX Energy’s holding company and the Company’s support for any such restructuring, the timing and results of the extended test of the HCCO technology, the Company’s views on the potential of oil shale and its technology, the Company’s views on working towards a business and political solution in Quebec, including the mediation process and the carbon storage pilot, the negotiation of a Petroleum Exploration Agreement in Nova Scotia, and the Company’s planned drilling program in Western Canada.

Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty. Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information.

Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the following risk factors: additional funding requirements; exploration, development, and production risks; volatility in the oil and gas industry; prices, markets, and marketing of crude oil and natural gas; liquidity and the Company’s substantial capital requirements; political uncertainty; non-government organizations; changing investor sentiment; global financial market volatility; adverse economic conditions; alternatives to and changing demand for petroleum products; environmental risks; regulatory risks; inability of management to execute its business plan; competition from other issuers; expiration of licenses and leases; Indigenous claims; possible failure to realize anticipated benefits of acquisitions; and reputational risks.

Additional information regarding some of these risks, expectations or assumptions and other risk factors may be found in the Company’s Annual Information Form for the year ended December 31, 2025, and other documents available on the Company’s profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on these forward looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

(1) For the three-month period ended September 30, 2026, liquids production including light crude and natural gas liquids accounted for 3,565 bbls/d (2025: 1,512 bbls/d) and natural gas including conventional and shale gas accounted for 6,411 Mcf/d (2025: 8,485 Mcf/d). For the nine-month period ended September 30, 2026, liquids production including light crude and natural gas liquids accounted for 4,114 bbls/d (2025: 1,402 bbls/d) and natural gas including conventional and shale gas accounted for 8,299 Mcf/d (2025: 7,111 Mcf/d).

Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

This press release contains the terms “adjusted funds flow from operations” and “working capital deficit” which are non-GAAP terms. Questerre uses these measures to help evaluate its performance.

As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets.

		Three months ended Sept. 30,							Nine months ended Sept. 30,
($ thousands)		2026				2025			2026			2025
Net cash from operating activities		$	1,697			$	1,294		$	14,208		$	10,940
Transaction costs related to PX Energy Acquisition			–				2,689			–			2,689
Change in non-cash operating working capital			6,294				(1,170)			19,190			(2,268)
Change in contract liabilities			(5,646	)			–			8,005			–
Adjusted Funds Flow from Operations(1)		$	2,345			$	2,813		$	41,403		$	11,361
(1) Adjusted Funds Flow from Operations is a non-GAAP measure defined as cash flows from operating activities before changes in non-cash operating working capital and transaction costs related to the PX Energy acquisition, other than changes in non-cash contract liabilities related to minimum sales volumes, which are included in the measure.

CONTACT: For further information, please contact:

Questerre Energy Corporation
Bjorn Inge Tonnessen, Chairman +47.902.01.289 | Email : btonnessen@questerre.com
Hans Jacob Holden, Director +47.909.42.667
Jason D’Silva, Chief Financial Officer (403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com

BROSSARD, QUÉBEC, Nov. 12, 2026 (GLOBE NEWSWIRE) — G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) today reported financial and operating results for the third quarter ended September 30, 2026. Unless otherwise indicated, all dollar amounts are in U.S. dollars.

Louis-Pierre Gignac, President and Chief Executive Officer, commented: “TZ continues to perform well and remain closely aligned with the operating plan, reflecting the consistent execution of our team. Solid operational performance contributed to strong free cash flow, funding construction activities at Oko. We expect a further increase in throughput, mining rates, as well as higher grades, which will drive a significant increase in production in the fourth quarter, at lower costs, and remain on track to achieve our annual production and cost guidance. “We are making excellent progress across our project pipeline. At Oko, construction continues to advance on schedule and on budget, keeping us firmly on the path toward first gold pour in the second half of 2027. At Gurupi, the ESIA continues to progress and an updated MRE is expected to be complete before year-end, which will form the basis of a Preliminary Economic Assessment (“PEA”) targeted by the end of 2026.”

Third Quarter 2026 Highlights

• Solid operational quarter driven by strong execution and cost control – Tocantinzinho (“TZ”) delivered gold production of 44,960 ounces in the third quarter, a 22% increase over the second quarter of 2026 driven by higher grade from mine sequencing, higher throughput and recoveries. Total cash costs ⁽¹⁾ of $960 per ounce sold were 8% lower than the second quarter, and All-In Sustaining Costs (“AISC”)⁽¹⁾ of $1,591 per ounce sold were 6% lower than the second quarter, largely driven by higher production. We continue to expect full-year cost to finish within our guidance range despite industry-wide inflationary pressures, which reflects our strong cost discipline.
• Strong quarterly free cash flow⁽¹⁾ generation – Solid operational performance together with continued strength in the gold price has translated into strong financial performance. The Corporation reported quarterly net income of $99.5 million or $0.36 per basic share and adjusted net income ⁽¹⁾ of $88.8 million or $0.32 per basic share. Cash provided by operating activities before net change in working capital totaled $114.8 million, while free cash flow⁽¹⁾ reached $80.0 million.
• Annual gold production tracking to midpoint of guidance range; total cash costs and AISC annual guidance reiterated – Gold production is expected to increase in the fourth quarter, driven by a full-quarter contribution of higher-grade Phase 2 ore. As such, full-year production is tracking to the midpoint of the guided range of 160,000 to 190,000 ounces of gold for 2026. Full-year total cash costs per ounce and AISC per ounce guidance for 2026 remains unchanged at $836 to $965 and $1,330 to $1,544, respectively. Total capital expenditures guidance for 2026 (excluding capitalized exploration) remains unchanged at $583 to $649 million. Capitalized exploration is expected to be approximately $11 million above previous guidance for 2026 of $42 to $50 million due to the infill program launched in the third quarter to advance the integration of the Oko-Ghanie deposits into the expanded Oko Gold Project located in Guyana (“Oko Gold”). Further details are set out in the outlook section below.
• Oko Gold construction continues to progress on-budget and on-schedule for first gold pour in the second half of 2027 – As of September 30, 2026, $556 million had been spent on the Project, representing 57% of the approved initial capital budget of approximately $973 million, with approximately $417 million remaining to be spent through completion. Total commitments reached approximately $714 million, or 73% of the approved capital budget.
• Share repurchases – On August 28, 2026, the Toronto Stock Exchange (“TSX”) has accepted the Corporation’s notice of intention to launch a normal course issuer bid (“NCIB”). During the third quarter of 2026, GMIN repurchased and cancelled 102,500 common shares for $3.6 million (C$5.1 million), at an average price of C$49.41 per share. GMIN believes the NCIB offers flexibility to deploy cash strategically in line with its capital allocation priorities and market conditions, while preserving the financial capacity to invest in future growth.
• Strong balance sheet maintained through heavy growth capital expenditures – As of September 30, 2026, cash and cash equivalents totaled $137.0 million and long-term debt was $31.2 million, resulting in a net cash position of $105.8 million.

Overview of Financial and Operating Highlights

• Production: TZ produced 44,960 ounces of gold in the third quarter of 2026, 3% lower than the prior year period and a 22% increase from the previous quarter. Mining rates increased to average a record of 74,209 tpd in the third quarter, 35% higher than the prior year period and a 7% increase from the previous quarter. Milling rates averaged a new quarterly record of 12,372 tpd during the third quarter, a 4% increase from the prior year period and an 11% increase over the second quarter. Grades processed averaged 1.33 g/t Au during the third quarter, slightly below the prior year period but increased by 8% over the second quarter. Mill recoveries averaged 92.0% in the third quarter, in line with expectations. Gold production is expected to increase in the fourth quarter, driven by a full-quarter contribution of higher-grade Phase 2 ore.
• Costs: Total cash costs ⁽¹⁾ of $960 per ounce sold and AISC ⁽¹⁾ of $1,591 per ounce sold in the third quarter of 2026 were higher than the prior-year period due primarily to lower production volumes, higher royalties, and a stronger Brazilian real relative to the U.S. dollar. In addition, AISC ⁽¹⁾ was impacted by higher sustaining capital expenditures and higher general and administrative expenses. For the first nine months of the year, total cash costs ⁽¹⁾ of $1,010 per ounce sold and AISC ⁽¹⁾ of $1,622 per ounce sold were higher than the prior year period, driven by the same factors. Total cash costs ⁽¹⁾ and AISC ⁽¹⁾ are expected to decrease in the fourth quarter bringing full year costs in line with annual guidance.
• Capital Expenditures: Sustaining capital expenditures at TZ in the third quarter 2026 were $14.8 million, focused on the existing Tailings Storage Facility (“TSF”) dam raise, additional mining equipment and plant enhancements. In the third quarter of 2026, development capital expenditures at Oko Gold were $132.8 million and capitalized exploration expenditures were $16.2 million. For the first nine months of 2026, TZ sustaining capital expenditures were $27.6 million, Oko Gold development capital expenditures were $352.7 million and capitalized exploration were $30.0 million.
• Revenue: For the three and nine months ended September 30, 2026, the Corporation sold 43,110 oz and 114,325 oz at an average realized gold price⁽¹⁾ of $4,007/oz and $4,109/oz respectively, contributing to revenues of $172.7 million and $469.8 million, respectively. Differences between gold ounces produced and gold ounces sold are primarily due to shipment and refining timing differences.
• Net Income and Adjusted Net Income: Third quarter 2026 net income was $99.5 million ($0.36 per share) compared to net income of $72.0 million ($0.30 per share) in the second quarter of 2026. Adjusted net income⁽¹⁾ was $88.8 million ($0.32 per share). Adjusted net income includes the following adjustments for the third quarter: $(9.3) million related to the change in fair value of financial instruments and $(1.1) million related to the present value adjustment of value added taxes receivable.
• Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)⁽¹⁾: Adjusted EBITDA⁽¹⁾ increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices, partially offset by lower gold sales), partially offset by higher production costs (higher labour costs, royalty costs and energy costs).
• Cash Provided by Operating Activities: Cash provided by operating activities of $46.0 million in the third quarter of 2026 decreased when compared to the prior-year period and second quarter of 2026, primarily as a result of a $57.1 million cash outflow during the quarter related to the changes in operating assets and liabilities subsequently to the acquisition of G2 Goldfields Inc. (“G2 acquisition”). Cash provided by operating activities before changes in working capital was $114.8 million, an increase of 7% when compared to the prior-year period and an increase of 9% when compared to the second quarter of 2026.

Financial and Operating Highlights

(In thousands of $ except as noted)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Financial Results
Revenue	172,730		161,718		469,793		389,330
Cost of Goods Sold	57,471		45,879		161,350		128,329
Income from Mining Operations	115,259		115,839		308,443		261,001
Net Income	99,498		123,789		251,825		196,844
Adjusted Net Income(1)	88,790		114,124		229,983		185,601
Adjusted EBITDA(1)	125,632		122,566		337,031		283,552
Cash Provided by Operating Activities Before the Net Change in Working Capital Items	114,768		107,334		291,128		218,343
Cash Provided by Operating Activities	45,954		101,283		219,495		211,574
Capital Expenditures (Sustaining)	22,959		12,155		55,556		36,443
Capital Expenditures (Growth)	132,832		–		352,676		–
Capital Expenditures (Capitalized Exploration)	16,218		1,482		29,955		8,232
Free Cash Flow(1)	80,046		89,128		220,990		175,131
Net Income per Common Share	0.36		0.55		1.01		0.87
Adjusted Net Income(1)per Common Share	0.32		0.50		0.92		0.82
Per Ounce Data
Average Realized Gold Price(1)($/oz)	4,007		3,292		4,109		3,124
Average Gold Price Received(1)($/oz)	3,830		3,114		4,014		2,916
Total Cash Costs per Ounce of Gold Sold(1)	960		721		1,010		726
AISC per Ounce of Gold Sold(1)	1,591		1,046		1,622		1,121
Operating Results
Gold Produced (oz)	44,960		46,360		113,651		124,525
Gold Sold (oz)	43,110		49,119		114,325		124,636
Mining Activities
Ore Tonnes Mined (kt)	1,966		1,787		4,659		4,948
Waste Tonnes Mined (kt)	4,861		3,275		14,005		8,177
Total Tonnes Mined (kt)	6,827		5,062		18,664		13,125
Waste-to-Ore Ratio	2.47		1.83		3.01		1.65
Average Grade of gold (g Au/t)	0.98		1.18		0.98		1.18
Processing Activities
Tonnes of Ore Processed (kt)	1,138		1,094		3,213		3,009
Tonnes of Ore Processed per Day	12,372		11,890		11,770		11,021
Average Grade of Gold Processed (g Au/t)	1.33		1.43		1.20		1.43
Average Recovery Rate	92.0	%	92.3	%	91.5	%	90.2	%

Outlook
Gold production was 113,651 ounces in the first nine months of 2026, which was in line with the mine plan and which contemplated the processing of lower-grade ore in the first half of the year as mining focused on accelerated waste stripping and pit advancement to access higher-grade Phase 2 mineralization. The Corporation remains on track to achieve its 2026 production guidance of 160,000 to 190,000 ounces of gold. Production is expected to increase in the fourth quarter and to be the strongest quarter of the year, driven by increased throughput and ounces by a full-quarter contribution of higher-grade Phase 2 ore.

For the first nine months of the year, total cash costs⁽¹⁾ of $1,010 per ounce sold and AISC⁽¹⁾ of $1,622 per ounce sold were higher than the prior year period, driven by the same factors. Total cash costs⁽¹⁾ and AISC⁽¹⁾ are expected to decrease in the fourth quarter due to higher production and lower operating costs, bringing full year costs in line with annual guidance.

For the first nine months of 2026, sustaining capital expenditures were $27.6 million, Oko Gold development capital expenditures were $352.7 million and capitalized exploration were $30.0 million. Total capital expenditures guidance for 2026 (excluding capitalized exploration) remains unchanged at $583 to $649 million. Exploration capital is expected to be approximately $11 million above guidance for 2026 of $42 to $50 million due to the infill program launched in the third quarter to advance the integration of the Oko-Ghanie deposits into Oko Gold.

Given its strong outlook with significant free cash flow growth expected in the next several years, the Corporation expects to continue to be active in its share buyback while balancing its other capital allocation priorities.

2026 and 2027 Guidance

Operational & Cost Guidance		Q3 2026 YTD Actuals	2026 Guidance(2)	2027 Guidance(2)
In millions of $, except as otherwise noted
Gold Production	k oz	114	160 – 190	200 – 235(4)
Total Cash Costs(1)	$/oz Au	1,010	836 – 965	633 – 743
Site-Level AISC(1)	$/oz Au	1,501	1,233 – 1,430	898 – 1,054
AISC(1)	$/oz Au	1,622	1,330 – 1,544	977 – 1,146
Sustaining Capital Expenditures
Sustaining	$	27	38 – 45	19 – 23
Capitalized Stripping	$	26	31 – 36	43 – 51
Exploration (Sustaining)	$	2	–	–
Total Sustaining Capital Expenditures	$	55	69 – 81	62 – 74
Non-Sustaining Capital Expenditures(3)
TZ Exploration	$	4	8 – 10	8 – 10
Oko Gold Exploration	$	14	26-28 was 15-17	14 – 18
Gurupi Exploration	$	12	19 – 23	18 – 22
Total Exploration	$	30	53-61	40 – 50
Oko Gold Development	$	353	514 – 568	217 – 240
Total Non-Sustaining Capital Expenditures	$	383	567 – 629	257 – 290

Advancing the Next Phase of Transformational Growth
Oko Gold
The Corporation continues to rapidly advance its large-scale, long-life Oko Gold Project in Guyana, which remains on-budget and on-schedule for a first gold pour in the second half of 2027. At the end of the third quarter, $556 million was spent on the Project, representing 57% of the approved initial capital budget of $973 million, with approximately $417 million remaining to be spent through completion. Total commitments reached $714 million, or 73% of the approved capital budget. Total capital expenditures guidance at Oko Gold for 2026 and 2027 remain unchanged at $514 to $568 million, and $217 to $240 million respectively.

As of September 30, 2026, overall project progress at Oko Gold had reached 38.4% based on earned value, with rapid progress made across several key workstreams summarized below:

• On-site workforce now exceeds 2,100 employees and contractors, with 3.3 million hours worked to the date, and with over 78% local employments, demonstrating the Corporation’ s commitment to local content.
• Process plant construction continues to rapidly advance towards first gold pour in the second half of 2027:
  • Carbon-In-Leach, pipe racking and Carbon in Pulp (“CIP”) Tanks are well underway with significant progress in October.
  • Mill construction continues to advance with the mill shells delivered on-site marking the commencement of mechanical installation.
  • Installation of pre-leach thickener rings ongoing, with ring pours progressing as planned.
  • Foundation construction began on schedule for the process water tank.
• Power plant construction continues to advance ahead of schedule with mechanical module installation inside the engine hall and in the fuel treatment area completed and all generators were received, positioned, aligned and secured.
• Primary crusher concrete works reached 32% as wall construction and Mechanical Stabilized Earth (MSE) wall preparation ongoing.
• TSF earthworks continue to progress with the removal of alluvial material ongoing. Engineered fill placement on the Main Starter Dam has surpassed 44,000 m³, while grubbing activities at the South Dyke have exceeded 2,300 m³.
• Construction of the ore reclaim tunnel progressing well with completion of the mat foundation and the commencement of wall installation.
• Construction of the administration building continue to progress on schedule, with slab and foundation works completed and structural steel installation underway.
• Mining fleet includes eight fully commissioned and operational HD1500 haul trucks, along with three D375A-8 dozers. Assembly of the third PC4000 production shovel nearly complete.

The completion of the G2 acquisition creates a tier-one gold asset with potential to deliver substantially increased average annual gold production over the life of mine (LOM) once the expansion is completed, further elevating GMIN’s industry-leading near-term growth profile (see GMIN news release dated July 29, 2026). The Corporation launched an integration program aimed at advancing the Oko-Ghanie deposits through infill drilling to support an integrated mineral resource estimate (“MRE”) and an updated feasibility study for an expanded Oko Gold Project which will integrate the Ghanie and Oko Main deposits. Complementary technical programs, including metallurgical, geotechnical, and other engineering studies, has commenced.

Oko Gold Construction Progress – Below are photos highlighting recent construction progress at Oko Gold:

Four of our Komatsu HD1500, high-capacity, mechanical-drive rigid dump trucks.

Our Komatsu PC4000 excavator starting pit stripping activities in Oko West pit.

Overview of our Process Plant and Power Plant as of September. 

Power generators in position at our Power Plant, aligned and secured in the engine hall.

Infill drilling program of the Ghanie and Oko Main deposits are expected to support an updated feasibility study targeted for second half 2027.

Progress on our Ore Reclaim Tunnel is advancing well with completion of the mat foundation and the commencement of wall installation.

Leach tanks, Pipe Racking and CIP Tanks are well underway with significant progress in October.

SAG mill shells being received on-site and being installed.

Our new Administration Building (front) has made significant progress with completed foundation, structural framing and roofing. Our Mine Maintenance Facility (back) will house our warehouse along with Light and Heavy Duty bays.

Our Wharf Landing receiving procurement orders off the barge, ready to make the one-hour journey to site.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe8c1c70-260f-4ebb-a9d9-7a3b6a689ec7

Earthworks continued at the Tailings Storage Facility, including the removal of alluvial material. Engineered fill placement on the Main Starter Dam has surpassed 44,000 m³, while grubbing activities at the South Dyke have exceeded 2,300 m³.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb04e32-9d12-405a-9ce6-2cea1390c36b

Mining activities remain focused on the Oko-Ghanie Quarry Pit, where fresh rock is closest to surface compared to other pits. This material is required to support ongoing construction activities and development of the haul road network for the expanding mining fleet.

Gurupi
At Gurupi, capitalized exploration expenditures were $5.6 million in the third quarter of 2026 and $12.0 million for the first nine months of 2026. Drilling continues to demonstrate extensions to known mineralization at the Blanket and Mandiocal deposits while maiden drilling at the Grodiocal target has identified multiple zones with near surface gold mineralization within a corridor extending approximately 5 kilometer (“km”) in strike length and up to 1 km in width.

An updated MRE is expected to be complete before year-end, which will form the basis of a PEA targeted to be completed by the end of 2026.

Exploration Activities
On September 16, 2026, the Corporation provided an update on its drilling and exploration programs at both Gurupi and TZ. Results to date support the Corporation’s strategy to grow reserves and resources, extend mine life, and enhance the long-term production profile across its portfolio of assets. Latest exploration results published to date can be found in GMIN’s press release dated September 16, 2026.

At TZ, drilling continues to show promising results that highlight the potential to offset reserve depletion and to add to the resource inventory. Drilling up to 150 metres below the current pit design confirmed the continuity of mineralization at depth. Initial results from regional drilling programs defined a 15 km by 3 km mineralized corridor hosting multiple satellite targets, which is early indication providing the case for continued exploration efforts.

At Oko Gold, the exploration strategy remains focused on: (i) increasing confidence in and evaluating opportunities to expand mineral resources along the Oko West-Oko-Ghanie mineralized corridor; (ii) integrating the GMIN and G2 datasets to enhance geological interpretation and target generation across the broader land package; and (iii) continuing regional exploration to identify additional zones of mineralization. Following the closing of the G2 Acquisition, the exploration program was refocused to prioritize infill drilling at Oko-Ghanie and the integration of the GMIN and G2 geological and exploration datasets across the combined land package. The Oko-Ghanie infill drilling program commenced during the quarter and is expected to be completed by year-end.

Capitalized exploration expenditures in the third quarter of 2026 were $16.2 million, including $9.1 million at Oko Gold, $5.6 million at Gurupi and $1.5 million at TZ. Capitalized exploration expenditures for the first nine months of 2026 were $30.0 million, including $13.8 million at Oko Gold, $12.0 million at Gurupi and $4.2 million at TZ. Total capitalized exploration expenditures for 2026 is expected to be approximately $11 million above guidance for 2026 of $42 to $50 million due to the infill program launched in the third quarter to advance the integration of the Oko-Ghanie deposits into the expanded Oko Gold Project.

Environmental, Social & Governance (ESG)
During the third quarter of 2026, TZ’s environmental performance remained strong and aligned with regulatory requirements and GMIN standards. Monitoring programs ran as planned. There was one significant spill that was rapidly contained with no ensuing environmental impact. In addition, permitting moved forward: the Installation License for the TSF raise to elevation 161 was issued in June 2026, and several other permits are progressing with Secretaria de Meio Ambiente e Sustentabilidade (“SEMAS”). The exploration permitting package advanced significantly following the execution of the land access agreement required for the installation of the exploration fly camp, with permit issuance expected during the fourth quarter of 2026. An independent gap assessment found 71% alignment with Toward Sustainable Mining and 61% with Global Industry Standard on Tailings Management. A roadmap and corrective action plan to close those gaps are being finalized. Water management at the TSF and Cyanide Tailings Storage Facility stayed within expectations.

Regarding social activities, TZ approved 18 community investment initiatives and continued work toward a Multi-Stakeholder Community Committee and a cooperation framework with artisanal miners. The grievance mechanism received 44 cases and closed 38, and there were no security incidents. TZ also began its largest community investment to date: the R$11 million revitalization of the Itaituba waterfront under Pará’s Estrutura Pará Program. The project is funded through the redirected Mining Resources Inspection Fee and is expected to benefit to more than 120,000 residents.

At Gurupi, environmental and social activities during the third quarter of 2026 remained focused on advancing environmental permitting and baseline studies for the Environmental and Social Impact Assessment (“ESIA“), supporting exploration activities, strengthening stakeholder engagement and progressing the environmental and social workstreams required for the Gurupi Project’s development. The permitting roadmap continues to target completion and filing of the ESIA with SEMAS in the fourth quarter of 2026, subject to regulatory timelines and the successful completion of field programs.

Third Quarter 2026 Financial and Operating Results Conference Call and Webcast
A conference call to discuss details of GMIN’s third quarter 2026 financial and operating results will be held by senior management on Friday, November 13, 2026, at 9:00 a.m. (ET). Participants may join the conference call using the following details:

• Conference ID: 9520726
• Toll-Free (North America): 1 (800) 715-9871
• International: 1 (646) 307-1963
• Webcast Link: https://edge.media-server.com/mmc/p/tutmtad5

The conference call will also be accessible through the GMIN investor relations website at: https://investors.gmin.gold/English/events-and-presentations/default.aspx

A replay of the webcast will be available for 12 months following the call. Replay details will be posted to the GMIN website within 24 hours of the call at https://investors.gmin.gold/English/events-and-presentations/default.aspx.

Qualified Person

Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, a QP as defined in NI 43-101, has reviewed the press release on behalf of the Corporation and has approved the technical disclosure contained in this press release.

About G Mining Ventures Corp.

G Mining Ventures Corp. is a mining company engaged in the development, operation and exploration of precious metals projects. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko Gold Project in Guyana — all with significant exploration upside and located in mining-friendly jurisdictions. GMIN trades on the TSX under the symbol GMIN.

More Information

For further information on GMIN, please visit the website at www.gmin.gold or contact:
Jean-François Lemonde 
Vice President, Investor Relations 
514.299.4926
jflemonde@gmin.gold

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained in this press release constitute “forward-looking information” and “forward-looking statements” within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. While this press release focuses on results from the 2026 third quarter’s activities, it also provides information about the production and cost guidance for TZ, the capital expenditures guidance at Oko Gold, the advancement of Oko Gold construction (including new perspectives thereat ensuing from the G2 acquisition and the ongoing integration of G2’s Oko-Ghanie), the exploration strategy and the planned exploration works across the organization, the milestones expected to be achieved at Gurupi (e.g., PEA, ESIA), and the expected strategic, financial and operational advantages from the G2 acquisition, all such information being forward-looking in its essence and nature.

Forward-looking statements contained in this press release include, without limitation, those related to (i) the gold production at TZ being expected to significantly increase in Q4-2026, driven by a full-quarter contribution of higher-grade Phase 2 ore and increased throughput, to be the strongest quarter of 2026; (ii) TZ free cash flow being expected to continue funding Oko Gold construction and to rapidly advance it; (iii) total cash costs and AISC being expected to decrease in Q4-2026; (iv) GMIN expecting to continue to be actively buying back its common shares under its NCIB; (v) the expected strategic, financial and operational benefits of the G2 acquisition, notably that it creates a tier-one gold asset with potential to deliver substantially increased gold production; (vi) the commitments as well as the projected capital expenditures for the remainder of 2026; (vii) the construction at Oko Gold rapidly advancing on schedule and on budget for first gold pour in H2-2027, with its various key workstreams (as outlined in this press release) experiencing rapid progress; (viii) the G2 acquisition being expected to further elevate GMIN’s industry-leading near term growth profile; (ix) GMIN’s free cash flow expected to grow in the next several years; (x) GMIN’s exploration plans at Gurupi and the expected growing mineral resources thereat, with an updated MRE and a PEA in H2-2026 while the ESIA is targeted for submission in Q4-2026; ((xi) gold production at TZ being expected to track to the midpoint of the guided range of 160,000 to 190,000 ounces of gold for 2026; (xii) costs per ounce and AISC per ounce guidance for 2026 being expected to remain unchanged; (xiii) capital expenditures guidance for 2026 also being expected to remain unchanged and exploration capital being expected to be above guidance; (xiv) the updated feasibility study for an expanded Oko Gold project (i.e., integrating G2’s Oko-Ghanie); (xv) the Corporation being expected to meet its ESG objectives for 2026; (xvi) the integration of GMIN and G2 data sets to enhance geological interpretation and target generation across the broader land package (i.e., the area covered by the expanded Oko Gold project); (xvii) the data featured in the “2026 and 2027 Guidance” table; (xviii) the quoted comments and expectations of GMIN’s President & Chief Executive Officer; and (xix) more generally, the whole contents of the sections entitled “Outlook”, “Advancing the Next Phase of Transformational Growth”, and “About G Mining Ventures Corp.”.

Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to GMIN’s industry-leading near term growth profile, those relating to GMIN continuing to generate strong free cash flow and strong profitability, those relating to the price of gold (in particular, its anticipated continued strength), and currency exchange rates, those outlined in the feasibility and other technical studies relating to GMIN’s mining assets, those relating to government royalties, taxes (including tax incentives) and withholdings, those supporting GMIN’s annual production and cost guidance, and those underlying the items listed on the above sections entitled “Outlook”, “Advancing the Next Phase of Transformational Growth”, and “About G Mining Ventures Corp.”.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) the G2 acquisition will transform Oko Gold into a globally significant Tier-One gold asset; (ii) GMIN’s integration program for G2’s Oko-Ghanie will meet expectations, notably the Oko Gold expansion that will create a Tier-One gold asset with potential to deliver substantially increased gold production; (iii) TZ will continue operating at steady state, enabling it to improve productivity; (iv) TZ will deliver production, recoveries and costs that will enable GMIN to meet its 2026 production, cash costs and AISC guidance, as well as its overall 2027 guidance; (v) the advancement of Oko Gold will remain fully funded through construction, commissioning and ramp-up to commercial production, and will remain on schedule and within budget for first gold pour in H2-2027; (vi) GMIN’s positive safety and environmental records will remain stable and continue over time; (vii) the expected benefits of the G2 acquisition will ever materialize; (viii) the continuing regional exploration will identify additional zones of mineralization; (ix) any of GMIN’s exploration activities at TZ, Oko Gold and Gurupi will continue to show promising results and will demonstrate extensions to known mineralization, which will in turn lead to additional resources and reserves (offsetting reserve depletion), and eventually to additional gold production; (x) Oko Gold will deliver first gold pour in H2-2027 and will achieve commercial production in early 2028, or at all; (xi) GMIN will achieve all or any of the milestones contemplated for 2026 at Gurupi (e.g., PEA, ESIA); (xii) GMIN’s free cash flow will grow over the next years; or (xiii) GMIN will use TZ and Oko Gold to grow into the next mid-tier precious metals producer; as future events could differ materially from what is currently anticipated by the Corporation. In addition, there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as several important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation’s other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation’s (i) Annual Information Form dated March 25, 2026, for the financial year ended December 31, 2025, and (iii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Consolidated Statement of Financial Position

(Unaudited – Tabular amounts expressed in Thousands of United States Dollars)

	September 30, 2026		December 31, 2025
	$		$
Assets
Current
Cash and Cash Equivalents	137,032		134,548
Receivables and Other Current Assets	13,970		8,670
Inventories	86,507		65,450
Income Tax Recoverable	1,157		6,067
	238,666		214,735
Non-current
Deferred Financing Fees	3,447		4,421
Inventories	68,848		46,557
Long-term Deposits on Equipment	28,156		42,121
Property, Plant & Equipment and Mineral Property	1,857,787		1,484,350
Intangible Assets	28,643		30,675
Exploration & Evaluation Assets	1,864,553		23,868
Income Tax Recoverable	62		3,928
Investment in Associates	15,905		3,283
Other Non-current Assets	55,077		43,794
	4,161,144		1,897,732
Liabilities
Current
Accounts Payable and Accrued Liabilities	107,211		68,390
Income Tax Payable	44,122		25,671
Current Portion of Contract Liability	40,521		34,822
Current Portion of Long-term Debt	7,474		17,616
	199,328		146,499
Non-current
Long-term Contract Liability	185,676		195,326
Long-term Debt	23,718		123,824
Deferred Tax Liability	933		2,095
Rehabilitation Provision	15,870		8,875
Other Long-term Liability	8,121		2,681
	234,318		332,801
Shareholders’ Equity
Share Capital	3,162,957		1,101,228
Share-based Payments Reserve	13,764		13,191
Accumulated Other Comprehensive Income (Loss)	(382	)	179
Retained Earnings	551,159		303,834
	3,727,498		1,418,432
	4,161,144		1,897,732

Refer to Q3 2026 Financial Statements for accompanying notes

Consolidated Statement of Income

(Unaudited – Tabular amounts expressed in Thousands of United States Dollars, expect for number of shares)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2026		2025		2026			2025
	$		$		$			$
Revenue	172,730		161,718		469,793			389,330
Cost of Goods Sold	(57,471	)	(45,879	)	(161,350		)	(128,329	)
Income from Mining Operations	115,259		115,839		308,443			261,001
Other Expenses (Income)
General & Administrative Expenses	4,439		4,155		15,046			13,459
Finance Expense	2,322		5,463		7,706			16,898
Change in Fair Value of Financial Instruments	(9,304	)	(35	)	(29,403		)	(8,335	)
Foreign Exchange	(703	)	(366	)	6,500			1,959
Other (Income) Expenses	(535	)	(1,640	)	1,396			(3,267	)
	(3,781	)	7,577		1,245			20,714
Income Before Income Tax	119,040		108,262		307,198			240,287
Current and Deferred Income Tax (Expense) Recovery	(19,542	)	15,527		(55,373		)	(43,443	)
Net Income for the Period	99,498		123,789		251,825			196,844
Net Income per Share
Basic	0.36		0.55		1.01			0.87
Diluted	0.35		0.54		1.00			0.86
Weighted Average Number of Common Shares
Basic	278,926,270		227,016,258		249,459,316			226,167,253
Diluted	281,735,056		230,189,484		252,259,021			229,185,751

Refer to Q3 2026 Financial Statements for accompanying notes

Consolidated Statements of Comprehensive Income

(Unaudited – Tabular amounts expressed in Thousands of United States Dollars)

	Three Months Ended September 30,			Nine Months Ended September 30,
	2026		2025	2026		2025
	$		$	$		$
Net Income for the Period	99,498		123,789	251,825		196,844
Currency Translation Adjustment	(1,178	)	8,048	(561	)	118,370
Comprehensive Income for the Period	98,320		131,837	251,264		315,214

Refer to Q3 2026 Financial Statements for accompanying notes

Consolidated Statement of Cash Flows

(Unaudited – Tabular amounts expressed in Thousands of Dollars, except for number of shares)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2026			2025		2026			2025
	$			$		$			$
Operating Activities
Net Income for the Period	99,498			123,789		251,825			196,844
Items Not Involving Cash	(972		)	3,017		21,948			15,824
Current Income Taxes Expense (Recovery)	19,186			(7,774	)	56,535			42,789
Current Income Taxes Paid	(2,944		)	(11,698	)	(39,180		)	(37,114		)
	114,768			107,334		291,128			218,343
Changes in Operating Assets and Liabilities
Receivables and Other Assets	13,359			(4,306	)	2,485			(12,820		)
Inventories	(19,341		)	327		(35,868		)	(16,958		)
Accounts Payable and Accrued Liabilities	(62,832		)	(2,072	)	(38,250		)	23,009
Cash Provided by Operating Activities	45,954			101,283		219,495			211,574
Investing Activities
Acquisition of G2, net of Cash Acquired	(4,274		)	–		(4,274		)	–
Additions of PP&E and Mineral Property, net of Long-Term Deposits	(128,930		)	(87,791	)	(375,724		)	(142,826		)
E&E Expenditures	(9,913		)	(70,274	)	(23,751		)	(108,680		)
Promissory Note Issuance	(10,637		)	–		(10,637		)	–
Acquisition of Financial Instruments	(3,360		)	–		(3,360		)	–
Disposal of Financial Instruments	26,740			–		26,740			–
Investment in Associates	–			–		(12,703		)	–
Cash Used in Investing Activities	(130,374		)	(158,065	)	(403,709		)	(251,506		)
Financing Activities
Shares Issued for Cash, net of Share Issue Costs	–			–		314,613			–
Replacement Options Exercised	61			872		792			5,516
Options Exercised	340			1,623		1,814			1,623
Repayment of Long-term Debt	(2,533		)	(2,315	)	(119,936		)	(15,036		)
Repurchase of Common Shares	(3,589		)	–		(3,589		)	–
Other	74			215		(61		)	226
Cash Provided by (Used in) Financing Activities	(5,647		)	395		193,633			(7,671		)
Effect of Foreign Exchange Rate Differences on Cash and Cash Equivalents	1,365			(5,104	)	(6,935		)	1,016
Increase (Decrease) in Cash and Cash Equivalents	(88,702		)	(61,491	)	2,484			(46,587		)
Cash and Cash Equivalents, Beginning of the Period	225,734			156,119		134,548			141,215
Cash and Cash Equivalents, End of the Period	137,032	94,628					137,032			94,628

Refer to Q3 2026 Financial Statements for accompanying notes

References

⁽¹⁾ These measures are non-IFRS financial measures. Refer to section NON-IFRS FINANCIAL PERFORMANCE MEASURES for further information and detailed reconciliation to comparable IFRS measures.
⁽²⁾ 2026 guidance assumes a realized gold price of $4,300 per oz, BRL/USD of 5.15 and CAD/USD of 1.40. 2027 guidance assumes a realized gold price of $4,000 per oz, BRL/USD of 5.55 and CAD/USD of 1.40.
⁽³⁾ Comprise of costs that are not required to maintain the current level of production (where applicable) but are intended to materially improve, expand, or extend the life of the asset. It also includes exploration costs.
⁽⁴⁾ 2027 production guidance excludes production from Oko Gold.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/92de8449-6e58-4ad4-b9ed-673efdb43534

https://www.globenewswire.com/NewsRoom/AttachmentNg/9d710191-8690-4605-9cba-8579730abc63

https://www.globenewswire.com/NewsRoom/AttachmentNg/62db561f-fdc0-4000-8fb5-45df9228ff12

https://www.globenewswire.com/NewsRoom/AttachmentNg/f8080852-f8b7-4f97-b5f3-54b929e3d19f

https://www.globenewswire.com/NewsRoom/AttachmentNg/aea92917-20df-405d-82d2-351df9374f88

https://www.globenewswire.com/NewsRoom/AttachmentNg/71a0562f-4f95-40ac-a20d-de1b6d6f55fe

https://www.globenewswire.com/NewsRoom/AttachmentNg/11d3c6e6-3431-4d4a-93b3-ce9b01b6e444

https://www.globenewswire.com/NewsRoom/AttachmentNg/da6fba50-a000-4883-95a0-f563557fbb23

https://www.globenewswire.com/NewsRoom/AttachmentNg/6b0ac961-b849-44ee-a042-760827070039

https://www.globenewswire.com/NewsRoom/AttachmentNg/84751b62-980f-41ce-9322-da2ac0557e23

– FDA feedback expected in Q4 2026 on proposed use of new formulation of brilaroxazine in the RECOVER-2 trial and a future NDA submission –

– U.S. patent office has granted priority examination (Track 1) for the composition of matter patent application filed covering new formulation of brilaroxazine, with potential to extend patent protection through 2046 –

– Patient enrollment in RECOVER-2 registrational Phase 3 trial expected to begin in 1H 2027, subject to additional financing –

CUPERTINO, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Reviva Pharmaceuticals Holdings, Inc. (OTCQB: RVPH) (“Reviva” or the “Company”), a late-stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), inflammatory and cardiometabolic diseases, today reported financial results for the third quarter ended September 30, 2026 and summarized recent business highlights.

“Our near-term focus is obtaining Food and Drug Administration (FDA) feedback on the proposed use of a new formulation of brilaroxazine and preparing for the next stages of clinical development while managing our capital resources carefully,” said Laxminarayan Bhat, Founder, President, and CEO of Reviva. “We expect FDA feedback in the fourth quarter of 2026 to inform the use of this formulation in our RECOVER-2 registrational Phase 3 trial and a future New Drug Application (NDA) submission for the treatment of schizophrenia. Following that feedback, we plan to initiate a bioequivalence study to confirm comparability of the new formulation in the first quarter of 2027. We also target initiation of RECOVER-2 patient enrollment in the first half of 2027, subject to receipt of additional financing. In parallel, we have filed a composition of matter patent application for the new formulation of brilaroxazine, with the potential to extend patent protection through 2046. The U.S, patent office has granted priority examination (Track 1) for this patent application. We remain focused on disciplined execution as we advance brilaroxazine as a potentially differentiated treatment option for patients with schizophrenia.”

Clinical Program and Business Highlights

• U.S. composition of matter patent application filed for a new formulation of brilaroxazine, with potential to extend patent protection through 2046. The U.S. patent office has granted priority examination (Track 1) for this patent application.
• New brilaroxazine formulation proposed for use in the planned bridging bioequivalence study, RECOVER-2 Phase 3 trial and a future NDA submission for schizophrenia

Anticipated Milestones and Events

• FDA feedback on use of a new formulation of brilaroxazine in RECOVER-2 trial expected Q4 2026
• Bioequivalence study on the new formulation of brilaroxazine expected to initiate in Q1 2027. Patient enrollment in the RECOVER-2 Phase 3 trial expected to initiate in 1H 2027, subject to receipt of additional financing
• Additional publications on brilaroxazine for the treatment of schizophrenia expected over the next 6 months
• Pursuing partnership opportunities for the development of our pipeline
• Anticipate filing application seeking relisting of the Company’s common stock (RVPH) on Nasdaq stock exchange in 1H 2027

Financial Results for Q3 2026

• The Company reported a net loss of approximately $2.3 million, or $0.17 per share, for the three months ended September 30, 2026, compared to a net loss of approximately $4.0 million, or $1.09 per share, for the three months ended September 30, 2025. All share and per share amounts in this press release, including the accompanying tables, have been retrospectively adjusted as appropriate to reflect the Company’s one-for-twenty (1:20) reverse stock split of the Company’s issued and outstanding common stock effected on March 9, 2026.
• As of September 30, 2026, the Company’s cash and cash equivalents totaled approximately $17.5 million compared to approximately $14.4 million as of December 31, 2025.

About Reviva

Reviva is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. Reviva’s current pipeline focuses on the central nervous system (CNS), inflammatory and cardiometabolic diseases. Reviva’s pipeline currently includes two drug candidates, brilaroxazine (RP5063) and RP1208. Both are new chemical entities discovered in-house. Reviva has been granted composition of matter patents for both brilaroxazine and RP1208 in the United States, Europe, and several other countries.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act, as amended, including those relating to the Company’s plans for its brilaroxazine program including intended steps of advancing clinical development and regulatory strategy towards potential approval, statements about the Company’s planned registrational RECOVER-2 Phase 3 trial evaluating brilaroxazine for the treatment of schizophrenia, statements about the Company’s planned use of a new formulation of brilaroxazine in its RECOVER-2 Phase 3 trial and in its future NDA submission, statements about anticipated FDA feedback, and the projected timing of the foregoing, statements about the Company’s planned bioequivalence study, statements about the expected timing of initiation of patient enrollment in the RECOVER-2 Phase 3 trial, statements about the Company’s strategy to strengthen the long-term value of brilaroxazine and the potential to extend patent protection and commercial exclusivity, including the expected duration thereof, statements about potential future NDA and other future regulatory submissions, statements about the Company’s expectations regarding the anticipated clinical profile of its product candidates, including statements regarding anticipated efficacy or safety profile, and those relating to the Company’s expectations, intentions or beliefs regarding matters including product development and clinical trial plans and the timing thereof, including the anticipated timing of the availability of trial data, clinical and regulatory timelines and expenses, planned or intended additional trials or studies and the timing thereof, planned or intended regulatory submissions and the timing thereof, or trial data or results or the implications thereof generally, statements about the quotation of the Company’s common stock on the OTCQB Venture Market (which is subject to additional risks compared to being listed on a national securities exchange including the Company’s ability to maintain compliance with the standards for continued quotation on the OTC Markets, together with limited liquidity, increased volatility, sporadic trading in the public market for the Company’s common stock, and that the Company’s ability to raise additional capital while trading on the OTC Markets may be adversely impacted), statements about the Company’s intended application for relisting on Nasdaq including the projected timing thereof, which is associated with corresponding risks including that the Company’s application and associated relisting process may be delayed and/or unsuccessful, statements about market opportunity, ability to raise sufficient funding, the Company’s cash position and its projected cash runway, and the Company’s efforts to manage its capital resources, statements about competitive position, possible or assumed future results of operations, business strategies, potential opportunities for development including partnerships, growth or expansion opportunities, and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s Quarterly Reports on Form 10-Q filed since such Annual Report on Form 10-K, and the Company’s other filings from time to time with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Corporate Contact:
Reviva Pharmaceuticals Holdings, Inc.
Laxminarayan Bhat, PhD
www.revivapharma.com

Investor Relations Contact:
LifeSci Advisors, LLC
PJ Kelleher
pkelleher@lifesciadvisors.com

REVIVA PHARMACEUTICALS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

		September 30,				December 31,
		2026				2025
Assets
Cash and cash equivalents		$	17,458,418			$	14,438,792
Prepaid clinical trial costs			819,721				—
Prepaid expenses and other current assets			279,186				664,685
Total current assets			18,557,325				15,103,477
Non-current prepaid clinical trial costs			—				819,721
Total Assets		$	18,557,325			$	15,923,198
Liabilities and Stockholders’ Equity
Liabilities
Short-term debt		$	44,388			$	406,875
Accounts payable			2,476,554				3,009,074
Accrued clinical expenses			2,103,213				2,582,094
Accrued compensation			654,575				485,899
Other accrued liabilities			199,234				791,611
Total current liabilities			5,477,964				7,275,553
Total Liabilities			5,477,964				7,275,553
Stockholders’ Equity
Common stock, par value of $0.0001; 515,000,000 shares authorized; 13,110,377 and 5,872,865 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			12,378				11,655
Preferred Stock, par value of $0.0001; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Additional paid-in capital			205,147,658				192,773,942
Accumulated deficit			(192,080,675	)			(184,137,952	)
Total stockholders’ equity			13,079,361				8,647,645
Total Liabilities and Stockholders’ Equity		$	18,557,325			$	15,923,198

 REVIVA PHARMACEUTICALS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Operating expenses
Research and development		$	1,198,460			$	2,131,444			$	4,028,164			$	9,969,736
General and administrative			1,234,058				1,898,397				4,293,849				6,671,254
Total operating expenses			2,432,518				4,029,841				8,322,013				16,640,990
Loss from operations			(2,432,518	)			(4,029,841	)			(8,322,013	)			(16,640,990	)
Other income (expense)
(Loss) gain on remeasurement of warrant liabilities			—				(27,816	)			—				44,504
Interest expense			(1,174	)			(2,605	)			(10,762	)			(19,022	)
Interest income			135,329				59,103				401,002				168,061
Other income (expense), net			1,392				(6,774	)			(3,038	)			(33,769	)
Total other income, net			135,547				21,908				387,202				159,774
Loss before provision for income taxes			(2,296,971	)			(4,007,933	)			(7,934,811	)			(16,481,216	)
Provision for income taxes			1,934				2,840				7,912				16,007
Net loss		$	(2,298,905	)		$	(4,010,773	)		$	(7,942,723	)		$	(16,497,223	)
Net loss per share:
Basic and diluted		$	(0.17	)		$	(1.09	)		$	(0.71	)		$	(5.71	)
Weighted average shares outstanding
Basic and diluted			13,208,816				3,664,647				11,169,518				2,887,726

WILMINGTON, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) — Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (NASDAQ: DETX; TSXV: SCAN), a leading provider of AI-based next-generation detection solutions for concealed weapons and threats, today announced that it has engaged Global Impact Advisors LLC (“GIA”) to provide investor relations, strategic communications, and capital markets advisory services.

GIA will focus on expanding institutional investor awareness, strengthening existing shareholder relationships, and introducing Liberty to prospective investors. Its responsibilities include institutional investor outreach, shareholder communications, management meetings, non-deal roadshows, and strategic capital markets advisory services.

The engagement will be led by Kevin O’Dowd, Principal and Owner of Global Impact Advisors LLC, who brings more than 30 years of Wall Street experience spanning institutional equity sales, equity capital markets, investment management, and investor relations. Throughout his career, O’Dowd has worked with institutional investors, corporate management teams, and investment managers across North America, Europe, and Asia.

The consulting agreement became effective November 6, 2026, for an initial term of 12 months. GIA will receive a monthly cash retainer of US$10,000. Either party may terminate the agreement upon 30 days’ written notice. No stock options, warrants, or other equity-based compensation have been granted under the agreement.

GIA is an independent consulting firm and will provide services under the direction of Liberty’s management. Neither GIA or Kevin O’Dowd does not currently own or control any securities of Liberty Defense Holdings Ltd. GIA and Kevin O’Dowd are arm’s-length parties to the Company. The engagement is subject to acceptance by the TSX Venture Exchange, as applicable.

About Liberty Defense

Liberty Defense Holdings Ltd. (NASDAQ: DETX; TSXV: SCAN) is a security technology company headquartered in Wilmington, Massachusetts. Its flagship product, HEXWAVE, is a walkthrough screening system whose AI algorithm detects metal and the non-metallic threats a metal detector cannot see, from 3D-printed guns and ceramic knives to contraband concealed on people.

Built on the same hardware across three configurations, HEXWAVE screens at any door, walkway or space, including ones that cannot support a screening lane, without physical contact, ionizing radiation or stored images. The system has been selected for use in aviation, government, courts and corrections, loss prevention, and public and commercial venues.

HEXWAVE is built on technology exclusively licensed from the Massachusetts Institute of Technology (MIT), is protected by U.S. patents, and is manufactured in the United States in compliance with the Trade Agreements Act and the Buy American Act.

Liberty has also licensed millimeter wave High-Definition Advanced Imaging Technology (HD-AIT) body scanner technology.

For more information, visit www.libertydefense.com.

About Global Impact Advisors LLC

Global Impact Advisors LLC is a Boston-area investor relations and capital markets advisory firm providing institutional investor outreach, strategic communications, and capital markets advisory services to publicly traded companies. The firm draws on more than three decades of Wall Street experience and relationships across North America, Europe, and Asia to help companies strengthen their engagement with institutional investors and the broader investment community.

Forward-Looking Statements

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although Liberty believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because Liberty can give no assurance that such statements will prove to be correct. Such statements and information reflect the current view of Liberty.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause Liberty’s actual results to differ materially from those indicated or implied by forward-looking statements and information, including those appearing in Liberty’s public filings. Such factors include, among others: currency fluctuations; limited business history of the parties; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses; general development, market and industry conditions; and other factors described in Liberty’s public filings. The parties undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of their securities or their respective financial or operating results (as applicable).

Liberty cautions that the foregoing list of material factors is not exhaustive. When relying on Liberty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Liberty has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Liberty as of the date of this press release and, accordingly, is subject to change after such date. Liberty does not undertake to update this information at any particular time except as required in accordance with applicable laws.

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

CONTACT: For Further Information

Liberty Defense Holdings Ltd.

Keith Teichmann
Interim Chief Executive Officer
KTeichmann@LibertyDefense.com
www.libertydefense.com

Investor Relations

Kevin O'Dowd
Global Impact Advisors LLC
617-755-4602
kodowd@libertydefense.com

Nine-month revenue is best since 2022.
Backlog of $39.9 million.

MONTREAL, Nov. 12, 2026 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis” or “the Company”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, today announces its financial and operating results for the third quarter ended September 30, 2026.

“Q3 was an important quarter for the company. We put the finishing touches on several key initiatives to bring them across the finish line, we brought new clients into the fold, and we drove recurring business – a key strategic goal for the company,” said P. Peter Pascali, President and CEO of PyroGenesis. “Most prominently, on the operational side, we completed the acquisition of the 50% ownership in HPQ Polvere, which solidifies our long-term rights-holding of the fumed silica reactor technology for which we have very high expectations.”

Mr. Pascali continued, “On the project side, we announced receipt of final acceptance certification on a large coke-oven gas and hydrogen extraction system for a global steelmaker in India, ending the one-year operational liability period and formally transferring responsibility for future operation of the system to the client. Finally, in new business, we announced three new titanium powder clients – two of which have already placed multiple follow-up orders – plus a new plasma torch client in Europe. All in all, yet another example of our diversified business model in action, and part of the reason why we have already matched the full-year revenues for two of the past three years with our best nine-month revenue total since 2022.”

KEY Q3 2026 FINANCIAL HIGHLIGHTS

• Revenue of $3.07 million, down 5% vs. Q3 2025
• Gross margin of 35%
• Net loss of $3.2 million compared to a loss of $2.2 million in the same period a year ago
• Modified EBITDA loss of $1.5 million vs. a loss of $1.9 million in the same period a year ago
• Revenue (Order) Backlog of $39.9 million of signed and/or awarded contracts as at November 12^th, 2026, of which 85% is in U.S. dollars

Q3 2026 PRODUCTION AND SALES HIGHLIGHTS 

Energy Transaction

• In August [news release dated August 19, 2026], the Company announced a $1.4 million contract to supply two plasma torches to a European mining, metallurgy & materials entity. The client is a European research institute focused on non-ferrous metallurgy, high-purity materials, sustainable recycling, decarbonizing processes, and the circular economy. Under the contract, PyroGenesis will supply two plasma torch systems, 300 kW and 40 kW, for use in advanced metallurgy and high temperature applications related to non-ferrous metals and critical minerals. The potential for this project was previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release.

Materials Production 

• In August [news release dated August 17, 2026], the Company provided a corporate update for its fumed silica business line. As background, PyroGenesis invented a plasma-based system, the fumed silica reactor (the “FSR”), to convert quartz into fumed silica in a single eco-friendly step that represents a substantially simplified process compared to the complex multi-step process used by most conventional producers of fumed silica. The PyroGenesis FSR does not utilize any harmful chemicals that are typically required in conventional fumed silica production processes and, in addition, produces no hazardous by-products. The update included information regarding potential projects with four separate entities: a major global manufacturer of fumed silica, a potential joint venture partner, a company who uses fumed silica in its end product, and an existing Middle Eastern customer considering a fumed silica plant in their region.
• In August [news release dated August 20, 2026], the Company announced a titanium powder contract with a DOD and NASA-supported U.S. applied research facility. PyroGenesis will provide Ti64 “coarse” cut titanium powder for use in research for critical materials. The client operates one of the largest applied research laboratories supported by the U.S. Department of Defense and NASA. The facility was established at the end of World War II and currently employs more than 1,000 personnel. To receive this contract, compliance with the Defense Federal Acquisition Regulation Supplement (DFARS), which includes security-related requirements applicable to certain U.S. Department of Defense contractors, was required (and achieved) by PyroGenesis. The potential for this project was previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release.
• In August [news release dated August 24, 2026], the Company announced a titanium powder contract with a U.S.-based original equipment manufacturer serving the additive manufacturing industry. The contract was for Ti64 coarse cut titanium powder with a particle size of 45-150µm [microns] for use in directed energy deposition, a technology widely used in the aerospace and defense industries to print or repair structural metal parts and components. The potential for this project was previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release.
• In August [news release dated August 26, 2026], the Company announced a second titanium powder contract with a DOD and NASA-supported U.S. applied research facility, for Ti64 coarse cut titanium powder for use in research for critical materials. The client operates one of the largest applied research laboratories supported by the U.S. Department of Defense and NASA.
• In August [news release dated August 31, 2026], the Company announced a second titanium powder contract with a U.S.-based original equipment manufacturer serving the additive manufacturing industry. The contract was for Ti64 coarse cut titanium powder with a particle size of 45-150µm [microns] for use in directed energy deposition.
• In September [news release dated September 15, 2026], the Company announced a titanium powder contract with a U.S materials distributor. The contract was for Ti64 fine cut powder, with a particle size range of 20-80µm (microns). This powder is typically used in laser powder bed fusion, an additive manufacturing technology widely used to produce complex, high-density components for aerospace, healthcare, and automotive industries. The client supplies U.S. customers in the aerospace, defense, energy, and broader advanced manufacturing sectors. The client has indicated the potential for a monthly supply agreement of up 1,000 kg (1 tonne). The potential for this project was previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release.

Waste Processing 

• In September [news release dated September 22, 2026], the Company announced that its subsidiary Pyro Green-Gas, received the Final Acceptance Certificate for a previously announced major project undertaken for Tata Steel, one of the world’s leading diversified steel producers. The certificate confirms successful completion of the one-year operational liability period and formally transfers responsibility for future operation of the system to the client. The coke-oven gas cleaning system installed for Tata Steel covers an area equivalent to a football field and spans the height of a five-storey building.

Q3 2026 Financial Highlights 

• In August [news release dated August 6, 2026], the Company announced 2026 Q2 results: quarterly revenue of $4.4 million, up 47% year-over-year, representing the Company’s best second quarter revenue since 2022; quarterly net loss of $1.1 million compared to a loss of $2.9 million in the same period a year prior; backlog of $40.0 million.
• Post quarter end, in October [news release dated October 19, 2026], the Company announced receipt of $2.3 million (US$1,628,772) under PyroGenesis’ existing $25+ million Drosrite™ contract with Radian Oil and Gas Services Company.

Q3 2026 Operational Highlights

• In September [news release dated September 29, 2026], the Company announced completion of the acquisition of 50% ownership interest in HPQ Silica Polvere Inc. (“HSPI”), the rights-holder of the fumed silica reactor (“FSR”) technology. HSPI’s primary line of business is commercialization of the FSR, a proprietary technology originally developed and built by PyroGenesis to convert quartz (SiO2) into fumed silica in a single and eco-friendly step while eliminating the use of harmful chemicals generated by conventional methods. Fumed silica is a widely used industrial material found in thousands of products. If commercially successful, the FSR could significantly advance the reshoring of fumed silica production from China-based producers to domestic facilities by enabling localized, modular, and on-demand fumed silica production near end users’ manufacturing facilities across North America. Before completion of the acquisition, HSPI was a wholly-owned subsidiary of HPQ Silicon Inc. (“HPQ”). Since 2021 [press release dated July 6, 2021], PyroGenesis has held: (i) a 10% annual royalty on HSPI’s sales (the “Royalty”) of fumed silica, (ii) the rights, under an agreement with HPQ, to convert the Royalty into a 50% interest in HSPI, and (iii) an exclusive arrangement to be the sole supplier of equipment relating to any commercialization of the FSR. PyroGenesis previously announced its intention to convert the Royalty into an ownership interest [press release dated May 30, 2024]. With the completion of the acquisition, the Royalty has been converted into a 50% ownership interest in HSPI. PyroGenesis also retains its exclusive arrangement to serve as the sole supplier of equipment relating to any commercialization of the FSR.

FINANCIAL SUMMARY

1. Revenues

PyroGenesis recorded revenue of $3.1 million in the third quarter of 2026 (“Q3, 2026”), representing a decrease of $0.2 million compared with $3.2 million recorded in the third quarter of 2025 (“Q3, 2025”). Revenue for the nine-month period ended September 30, 2026, was $12.4 million, an increase of $3.2 million over revenue of $9.2 million in the same period of 2025.

Revenues recorded in the three and nine-months ended September 30, 2026, were generated primarily from:

A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d56cecca-62bc-4532-be84-cb35e4600e13

Q3, 2026 revenues decreased by $0.2 million, mainly as a result of:

• Biogas upgrading and pollution controls related sales decreased by $1.0 million, primarily because the level of revenue recognized on biogas projects during Q3 2025, when larger project phases were progressing, did not recur in the current quarter. Revenue recognized during Q3 2026 was limited to $0.1 million, compared with $1.0 million in the corresponding prior-year period,
• SPARC™ related sales decreased by $0.3 million, following significant delivery, installation and commissioning activities undertaken during the first half of 2026. These activities generated substantial revenue earlier in the year, whereas the third quarter reflected a lower level of recognized activity compared with Q3 2025,
• Torch-related products and services increased by $0.5 million, reflecting continued execution of plasma torch contracts that progressed through fabrication, system delivery and deployment activities during 2026. These contracts benefited from work initiated in prior periods, including the manufacturing and delivery of torch systems for installation at customer facilities,
• Development and support related to systems supplied to the U.S. Navy increased by $0.4 million, reflecting a higher level of recognized development and support work than in the comparative quarter, following the progression of assembly deliveries and related activities anticipated during 2026,
• DROSRITE™ related sales increased by $0.1 million, supported by the continuation of customer-related activities following increased spare parts orders, storage revenue and contract execution reported during the first half of 2026,
• PUREVAP™ related sales decreased by $0.1 million, following the completion of previously recognized development activities in February 2026. Subsequent activities focused on technical validation and potential commercialization opportunities, resulting in limited revenue recognition during the quarter, and,
• Other sales and services increased by $0.2 million, reflecting a higher contribution from ancillary sales and service transactions compared with the corresponding quarter of 2025.

During the nine-month period ended September 30, 2026, revenues increased by $3.1 million, mainly as a result of:

• Torch-related products and services increased by $2.4 million, primarily reflecting the progression of plasma torch contracts through manufacturing, delivery and deployment activities, including the completion of manufacturing of a plasma torch system for Castellum. Most of the increase was recorded during the first half of 2026 as these contracts advanced,
• SPARC™ related sales increased by $1.7 million, mainly due to significant system delivery, installation and commissioning activities undertaken during the first half of 2026. These activities generated higher revenue than in the comparative period, partially offset by lower revenue recognized during Q3,
• Development and support related to systems supplied to the U.S. Navy increased by $0.7 million, reflecting additional engineering, assembly delivery and support activities associated with the continued progression of these systems,
• DROSRITE™ related sales increased by $0.7 million, primarily driven by higher spare parts orders from existing customers, storage revenue and the achievement of contract milestones, with most of the increase occurring during the first six months of 2026,
• Biogas upgrading and pollution controls related sales decreased by $2.0 million, mainly because significant project phases and commissioning activities recognized in 2025 did not recur at comparable levels in 2026. The decrease was partially offset by a second-quarter adjustment relating to previously achieved milestones on a terminated project, and,
• PUREVAP™ related sales decreased by $0.4 million, following the completion of development-stage activities in February 2026, with subsequent efforts focused on technical validation and commercialization rather than revenue-generating project work.

Overall, nine-month revenue growth was driven primarily by the advancement of plasma torch and SPARC™ contracts through manufacturing, delivery and commissioning stages, partly offset by reduced activity on biogas projects.

As of November 12, 2026, revenue expected to be recognized in the future related to backlog of signed and/or awarded contracts is $39.9 million,¹ of which 85% is in US dollars. Revenue will be recognized as the Company satisfies its performance obligations under long-term contracts, which are expected to occur over a maximum period of approximately 3 years.

¹ This excludes the contract with Varennes Carbon Recycling following the March 21, 2025, announcement that the company managing the project filed for protection under the Companies Creditor Arrangement Act.

2. Cost of Sales and Services and Gross Profit

During the three months ended September 30, 2026, cost of sales and services totaled $2.0 million, compared with $2.5 million in Q3 2025, representing a decrease of $0.5 million.

The decrease was primarily attributable to lower direct material costs of $0.4 million and subcontracting costs of $0.2 million, consistent with changes in the mix and stage of project execution, including substantially lower biogas-related activity compared with the prior-year quarter. These decreases were partially offset by higher employee compensation of $0.07 million and manufacturing overhead and other costs of $0.07 million.

Gross profit for Q3 2026 was $1.1 million, or 35% of revenue, compared with $0.8 million, or 24% of revenue, in Q3 2025. The improvement in gross margin was primarily attributable to lower direct material and subcontracting costs, which more than offset the decrease in revenue, together with differences in the mix of contracts executed during the quarter.

During the nine months ended September 30, 2026, cost of sales and services totaled $8.3 million, compared with $6.0 million in the comparative period, representing an increase of $2.3 million.

The increase was primarily attributable to higher subcontracting costs of $1.2 million, reflecting greater use of external resources to support project execution, particularly during the first half of 2026 as torch-related and SPARC™ projects progressed through manufacturing, delivery and commissioning activities. Manufacturing overhead and other costs increased by $0.7 million, while employee compensation increased by $0.3 million and direct material costs by $0.1 million, reflecting higher production and project execution activity. The year-over-year increase in subcontracting costs was also affected by a one-time adjustment of $0.4 million that resulted in negative subcontracting expense during Q2 2025.

Gross profit for the nine months ended September 30, 2026, was $4.0 million, or 33% of revenue, compared with $3.2 million, or 35% of revenue, in the comparative period. Although gross profit increased due to higher revenues, the gross margin percentage decreased as subcontracting and manufacturing overhead costs increased proportionately more than revenues, together with the impact of the prior-year subcontracting adjustment.

3. Selling, General and Administrative Expenses

Included within Selling, General and Administrative expenses (“SG&A”) are costs associated with corporate administration, business development, project proposals, operations administration, investor relations and employee training.

During the three months ended September 30, 2026, SG&A expenses totaled $4.0 million, compared with $2.6 million in Q3 2025, representing an increase of $1.4 million.

The increase was primarily attributable to non-cash share-based compensation, which increased by $1.4 million to $1.5 million, following the grant of 10 million stock options which vested immediately. Insurance and other expenses increased by $0.2 million, while professional fees increased by $0.1 million.

These increases were partially offset by a $0.2 million decrease in depreciation of right-of-use assets, consistent with the impact of changes in lease arrangements during 2026. Government grant recoveries increased by $0.1 million, while expected credit loss and bad debt recoveries resulted in a favorable variance of $0.08 million, reflecting changes in credit loss provisions between periods.

Foreign exchange resulted in a loss of $0.03 million in Q3 2026, compared with a gain of $0.07 million in Q3 2025, representing an unfavorable variance of $0.1 million, primarily attributable to fluctuations in foreign-currency-denominated transactions and balances.

During the nine months ended September 30, 2026, SG&A expenses totaled $9.3 million, compared with $9.9 million in the comparative period, representing a decrease of $0.6 million.

The decrease was primarily attributable to lower employee compensation of $0.9 million, reflecting continued cost control measures and workforce optimization. Expected credit loss and bad debt recoveries resulted in a favorable variance of $0.9 million, primarily reflecting revisions to credit loss provisions during the first half of 2026. Depreciation of right-of-use assets decreased by $0.4 million, consistent with lease terminations and asset remeasurements, while government grant recoveries increased by $0.3 million.

These decreases were partially offset by higher non-cash share-based compensation, which increased by $1.6 million to $1.8 million, primarily reflecting the stock options granted during Q3 2026. Depreciation of property and equipment, professional fees and travel expenses each increased by approximately $0.1 million.

Overall, the nine-month decrease in SG&A expenses reflects lower employee-related costs and favorable credit loss recoveries recorded earlier in the year, which more than offset the significant increase in non-cash share-based compensation recognized during the third quarter.

4. Research and Development (“R&D”) Costs, net

During the three months ended September 30, 2026, net research and development (“R&D”) expenses totaled $0.2 million, comparable to $0.2 million in Q3 2025, with no significant variations.

During the nine months ended September 30, 2026, net R&D expenses totaled $0.49 million, compared with $0.94 million in the comparative period, representing a decrease of $0.45 million.

The decrease was primarily attributable to lower materials and equipment costs of $0.3 million, reflecting reduced project-related purchases and development activity, particularly during the first half of 2026. Employee compensation decreased by $0.1 million, consistent with the lower level of R&D activity, while the other categories of expenses were comparable.

Overall, the nine-month decrease reflects lower development expenditures during the first half of 2026 compared with the corresponding period of 2025, notwithstanding the modest increase in R&D expenses during Q3. R&D expenditures may vary from period to period depending on the stage of development of the Company’s technologies and the prioritization of internal and external resources.

In addition to internally funded R&D projects, the Company incurs R&D expenditures in connection with client-funded projects. These expenditures are eligible for Scientific Research and Experimental Development (“SR&ED”) tax credits, which are applied against cost of sales and services when related to client-funded projects.

5. Finance Expenses (income), net

During the three months ended September 30, 2026, net finance expenses totaled $0.1 million, compared with $0.25 million in Q3 2025, representing a decrease of $0.1 million.

The decrease was primarily attributable to lower interest and accretion on convertible debentures of $0.07 million, consistent with the reduction in outstanding debenture obligations, together with decreases in lease liability interest of $0.03 million, secured loan accretion of $0.03 million and penalties and other interest expenses of $0.03 million. These decreases were partially offset by higher interest on secured loans of $0.03 million, while finance income from the accretion of royalties receivable increased by $0.01 million.

During the nine months ended September 30, 2026, net finance expenses totaled $0.6 million, compared with net finance income of $0.3 million in the comparative period, representing an unfavorable variance of $0.8 million.

The unfavorable variance was primarily attributable to the non-recurrence of $1.0 million in finance income recognized during Q2 2025, following the reversal of a liability associated with a business combination when the Company determined that a contractual milestone would not be achieved. In addition, interest and accretion on secured loans increased by $0.3 million, reflecting higher financing costs associated with secured borrowing arrangements during 2026.

These unfavorable movements were partially offset by lower interest and accretion on convertible debentures of $0.2 million, reflecting reduced outstanding obligations, together with decreases in lease interest of $0.1 million and penalties and other interest expenses of $0.08 million. Finance income from the accretion of royalties receivable also increased by $0.02 million.

6. Investments

During the three months ended September 30, 2026, the Company recorded a loss of $0.02 million from changes in the fair value of investments, comparable to the loss of $0.02 million recorded in Q3 2025.

During the nine months ended September 30, 2026, the Company recorded a loss of $0.02 million, compared with a loss of $2.1 million in the comparative period, representing a favorable variance of $2.1 million. The improvement primarily reflects the non-recurrence of significant fair value losses associated with the Company’s holdings in HPQ Silicon Inc. during 2025. Fair value adjustments during 2026 were limited to the remaining Beauce Gold Fields shares, which were subsequently disposed of for proceeds of approximately $0.03 million. As at September 30, 2026, the Company held no publicly traded strategic investments, compared with $0.05 million at December 31, 2025.

Other Income

During the three months ended September 30, 2026, the Company recorded no Other Income, consistent with Q3 2025.

During the nine months ended September 30, 2026, Other Income totaled $1.0 million, compared with $Nil in the comparative period. The amount was recognized during Q2 2026 and primarily comprised a gain of $0.9 million resulting from the out-of-court settlement of the purchase-option dispute relating to the Turcot manufacturing facility. The settlement resulted in the modification and derecognition of the associated right-of-use asset and lease liability.

An additional gain of $0.08 million was recognized from the disposal of equipment during Q2 2026, representing the excess of proceeds over the carrying value of the asset disposed.

7. Comprehensive Loss

During the three months ended September 30, 2026, the Company reported a comprehensive loss of $3.2 million, compared with $2.5 million in Q3 2025, representing an unfavorable variance of $0.7 million.

The increase in comprehensive loss was primarily attributable to higher SG&A expenses of $1.4 million, largely driven by non-cash share-based compensation recognized following the grant of stock options during the quarter. This increase was partially offset by higher gross profit of $0.3 million, reflecting lower direct material and subcontracting costs and improved gross margins, together with lower net finance expenses of $0.1 million. Favorable foreign currency translation movements recorded in other comprehensive income of approximately $0.2 million also partially offset the increase in loss.

During the nine months ended September 30, 2026, the Company reported a comprehensive loss of $5.4 million, compared with $10.0 million in the comparative period, representing a favorable variance of $4.6 million.

The improvement was primarily attributable to a $2.1 million reduction in losses from changes in the fair value of strategic investments, as significant investment valuation losses recognized in 2025 did not recur. Other Income of $1.0 million, recognized during Q2 2026, also contributed, primarily reflecting the settlement of the Turcot manufacturing facility dispute.

The improvement was further supported by higher gross profit of $0.8 million, driven by increased revenues from torch-related and SPARC™ projects, lower SG&A expenses of $0.6 million, primarily reflecting reduced employee compensation and favorable expected credit loss recoveries, and lower net R&D expenses of $0.4 million due to reduced development expenditures. Favorable foreign currency translation movements of approximately $0.5 million also contributed.

These favorable movements were partially offset by an unfavorable $0.8 million change in net finance expenses, primarily reflecting the non-recurrence of $1.0 million in finance income recognized during 2025 following the reversal of a liability associated with a business combination.

8. Liquidity and Capital Resources

As at September 30, 2026, the Company had cash of approximately $0.2 million, included in the net working capital deficiency of approximately $8.7 million. Certain working capital items such as billings in excess of costs and profits on uncompleted contracts do not represent a direct outflow of cash. The Company expects that with its cash, liquidity position, the proceeds available from the strategic investment and its access to capital markets it will be able to finance its operations for the foreseeable future.

The Company’s term loan was granted by the Economic Development Agency of Canada and the balance at September 30, 2026, was $197,505, compared with $247,594 as at December 31, 2025, a decrease of approximately $0.05 million reflecting scheduled principal repayments and accretion. The loan is interest free and is expected to be repaid over the applicable schedule ending in March 2029.

In February 2026, the Company entered into a secured loan agreement with the President and CEO whereby the Company borrowed $800,000, bearing interest at 5%, and was repaid in June 2026.

In March 2026, the Company raised $1,973,449 from a non-brokered private placement consisting of 3,654,537 units. Each unit includes one common share and one-half common share purchase warrant.

In June 2026, the Company completed a “bought deal” equity financing, pursuant to which the Company issued 12,514,875 units for aggregate gross proceeds of $4,255,058 at a price per unit of $0.34. Each unit includes one common share and one common share purchase warrant.

Also in June 2026, the Company announced the completion of a non-brokered private placement which was solely and entirely subscribed by the Company’s President and CEO, for 5,882,352 units at a price per unit of $0.34, for gross proceeds of $2,000,000. Each unit includes one common share and one common share purchase warrant.

At September 30, 2026, there was no balance outstanding on the convertible debenture. The final payment instalment was made at maturity, in July 2026. The average interest rate on the term loan and secured loan at September 30, 2026, is approximately 18%.

Subsequent to September 30, 2026, the Company completed the acquisition of its manufacturing facility under the settlement reached with the lessor in May 2026. The purchase price was approximately $3.1 million, financed through a mortgage loan for the same amount, bearing interest at 12.25%.

A commercial bank issued standby letters of credit on behalf of the Company to two customers in the amount $257,000 (expiring in November 2026) and €540,000 euro ($882,000 expiring in August 2027) on advance guarantees secured by Export Development Canada.

OUTLOOK 

Consistent with the Company’s past practice, and in view of the early stage of market adoption of our core lines of business, the Company is not providing specific revenue or net income (loss) guidance for 2026.

The following is an outline of the many factors that impact the Company’s strategy and future success, plus key developments that are expected to impact subsequent quarters.

Overall Strategy 

The Company develops technology to transform high temperature processes for heavy industry and defense, which can result in improved operational efficiencies, higher product quality, increased output, lower cost, lower emissions, simplified logistics, reduced carbon footprint, and safer working/living environments. Most of the technologies stem from the Company’s core expertise in plasma.

The Company has evolved from its early beginnings as a specialty-engineering firm to being a provider of a robust technology eco-system.

The Company believes its strategy to be timely, as multiple heavy industries are committing to major electrification initiatives, carbon reduction measures, and waste reduction programs at the same time as many governments are increasingly supportive – from both a policy and financial perspective – of these types of technologies and infrastructure projects. Additionally, both industry and government are developing strategies to ensure the availability of critical minerals – especially within North America and Europe – during the coming decades of increased output demand.

While there can be no guarantees, the Company believes the evolution of its strategy beyond greenhouse gas emission reduction, to an expanded focus that encapsulates the key segments listed at the start of the Recent Developments and Outlook section, both (i) improves the Company’s chances for success while (ii) also providing a clearer picture of how the Company’s wide array of offerings work in tandem to support client goals.

PyroGenesis’ heavy industry target market opportunity is significant, as major industries such as aluminum, steelmaking, manufacturing, cement, chemicals, aeronautics, and government seek factory-ready, technology-based solutions to help steer through the challenging landscape of increasing demand, tightening regulations, and material availability – areas where the Company’s technologies can be beneficial.

Additionally, over the past few years, interest in the Company’s technologies from the defense and military industries has increased considerably, to the point where identifying these industries as unique target markets is justified. Their interest encompasses an array of the Company’s offerings, including opportunities across waste destruction (especially chemical warfare agents), high temperature propulsion and protection, airframe materials testing, and titanium metal powders.

As more of the Company’s offerings reach full commercialization, PyroGenesis will remain focused on attracting influential customers in broad markets while at the same time ensuring that operating expenses are controlled to achieve profitable growth.

Cost Controls and Efficiencies

PyroGenesis has been, and continues to, scrutinize both potential and existing projects to ensure that the utilization of labour and financial resources are optimized. The Company continues to only engage in projects that reflect significant benefits to PyroGenesis and the risks of which are defined. The Company intends to intensify its focus on project and budgetary clarity during this period of elevated inflationary pressures, by identifying alternative suppliers while constantly adjusting project resources. The early-stage project assessment process has also been refined to allow for faster “go / no-go” decisions on project viability. Through an ongoing Cost Optimization Program, the Company has further identified areas to reduce costs and expenses in 2026.

Continuing the Cost Optimization Program began in fiscal 2024, which resulted in over $3 million in savings, in 2025 the Company identified savings in patent expenses, insurance and optimization of the workforce, for a net benefit of $2 million. These are recurring cost savings which will benefit the Company on a recurring annual basis.

Enhanced Sales and Marketing

Against the backdrop of its strategy, the Company continues to focus on sales, marketing, and R&D efforts in-line with – and in some cases ahead of – the growth curve for industrial change related to energy transition, electrification, protection of the critical mineral supply chain, and greenhouse gas reduction efforts.

Macroeconomic Conditions

With some continued uncertainty in the macroeconomic environment, including ambiguity in the banking sector with regard to interest rate adjustments, the continued inflationary pressures causing shifting demand dynamics across various industries at different times, and the possibility of recessionary conditions, it may be difficult to assess the future impact these events and conditions will have on our customer base, the end markets we serve, and the resulting effect on our business and operations, both in the short term and in the long term.

Despite these uncertainties, we continue to believe there is a strong need for PyroGenesis’ solutions in the industries we serve as heavy industry continues to transition and/or electrify their energy sources, decarbonize, manufacture utilizing both lighter metals (such as aluminum) and additive manufacturing, and deal with tighter hazardous waste regulations.

While we expect these uncertainties and other macroeconomic conditions to continue to impact the variability in our quarter-to-quarter revenue, we believe our diversity in both customer base and solution set will continue to be a strong mitigating factor to these challenges. Additionally, the Company’s ongoing efforts to reduce costs through various measures including the sourcing of more high quality, cost competitive suppliers, further bolsters the Company against cost fluctuations.

The various military conflicts in the Middle East and Eastern Europe continue to create some level of global economic uncertainty, as well as supply chain disruptions that can change at any time. However, it’s important to note that the Company does not have any operations, customers or supplier relationships in Russia, Belarus, Ukraine, or Iran, and as such are not directly impacted at a customer level in these countries. The Company does have customer relationships and projects in Poland and Saudi Arabia and will continue to monitor the situation in the region regarding challenges to the completion of current projects, which at this time are not inhibited.

The conflict in Iran, which began in late February 2026, has impacted international business by causing one of the largest oil supply disruptions in history. In general, this has increased freight costs, disrupted global supply chains and aviation, led to higher petroleum prices, higher air travel fares, and put additional inflationary pressures on various goods including energy.

While higher operational costs and even economic slowdowns are being seen across some regions, the long-term effects are unknown. So far, the Company cannot point to any specific client project decisions that have been attributed to this situation. As the Company’s projects are, on average, 18 months in duration, the immediate impact is mitigated to an extent by the extended project periods. Longer term project impacts are unknown.

Generally, the Company believes that broad-based threats to global supply chains increase awareness and interest in the many solutions the Company offers. This is particularly true within the minerals and metals industries, as manufacturers seek alternatives to offshore suppliers as well as technologies that could optimize output or recycle critical materials from by-products or waste – solutions that the Company currently offers.

BUSINESS LINE DEVELOPMENTS

The upcoming milestones which are expected to confirm the validity of our strategies are outlined below. Please note that these timelines are estimates based on information provided to us by the clients/potential clients, and while we do our best to be accurate, timelines can and will shift, due to protracted negotiations, client technical and resource challenges, or other unexpected situations beyond our or the clients’ control:

Financial:

Payments for Outstanding Major Receivables:

Regarding the outstanding receivable under the Company’s existing $25 million+ Drosrite™ contract, and as previously announced, PyroGenesis had agreed to a strategic extension of the payment plan, by the customer and its end-customer, geared to better align the pressures on the end-user’s operating cash flows created by increased business opportunities. In the Q2 Outlook, it was indicated that the next payment(s) to PyroGenesis were expected in the near term. Post quarter end, in October [news release dated October 19, 2026], the Company announced receipt of $2.3 million (US$1,628,772) under PyroGenesis’ existing $25+ million Drosrite™ contract with Radian Oil and Gas Services Company. With the original contract now fully paid, this business line development will be removed from future Outlooks.

Energy Transition:

Alumina Calcination:
As reported in previous Outlooks, the Company had been in advanced discussions with one of the largest mining companies in the world, to study the use of plasma torches in the calcination of alumina. The project would simulate the replacement of natural gas burners by plasma torches in a flash calciner furnace for producing smelter-grade alumina. The Q2 2026 Outlook stated that the Company and this client continued discussions and that an announcement may be expected in the near term.

During Q3, the project commenced. The first phase, which identified the extent of plasma power required for such a furnace, was completed. Phase 2 of this project is underway and will provide the next layer of operational modelling and analysis, with final results expected to be delivered to the client during Q4 2026. The goal is the conversion of an existing large calcination furnace.

Super High-Powered Plasma Torch for Aluminum Producer:
As reported in the previous Outlooks, the Company has been in discussions with one of the largest aluminum companies globally, toward the eventual purchase of a 5MW plasma torch. Initial discussions were centred around engineering support to develop a feasibility study in conjunction with the client, with a possible torch purchase in 2026. Subsequently, a feasibility study was prepared, and a formal proposal was submitted to the client, for the potential purchase of two 2MW plasma torch systems (in place of the previous potential purchase of one 5MW torch), for use in large molten aluminum furnaces. During Q1, the client requested a larger feasibility study for a full-scale conversion (to plasma torches) of an entire aluminum casthouse containing multiple furnaces. The Q2 2026 Outlook stated that PyroGenesis submitted plans and estimates for this study, and a decision may be expected in the near term. During Q3, at the behest of the client, the Company developed a proposal to evaluate three separate locations in North America and Europe for possible full conversion to plasma, and is awaiting approval.

Advanced Cement Research:
The Company is in discussions with a university research centre in North Africa for the use of a plasma furnace in research into advanced cement production and calcination.

Plasma Torch for Metallurgy:
The Company is in discussions with a European research institute for multiple plasma torches for use in advanced metallurgy research. This project was announced post-quarter end, on October 14, 2026.

Plasma Torch for Research:
The Company is in discussions with a European research institute for sale of a plasma torch system for advanced research. This potential client recently renewed discussions after engaging with PyroGenesis several years prior.

Plasma Torch for Furnace Manufacturer:
In discussion with a major European industrial furnace manufacturer for the potential replacement of furnace burners with plasma torches in industrial glass production furnaces.

Plasma Torch for Glass Manufacturing:
In discussion with an international engineering group for the potential trial replacement of furnace burners with plasma torches in industrial glass production furnaces.

Plasma Torch for Aerospace Re-Entry testing
In discussion with an American hypersonic research laboratory for a plasma torch system to be used in atmospheric re-entry testing.

Plasma Torch for Material Testing:
In discussion with a European public research and development agency for a plasma torch system for advanced material testing.

Materials Production:

Battery Materials Production:

The Company is in advanced discussions to be a key part of a major European initiative, for the use of plasma reactors to produce battery materials. PyroGenesis was approached for this initiative, and for the past two months the Company has been working with the potential client to outline how PyroGenesis’ plasma reactors can meet the client’s requirements, which are substantial. This project is well funded by both private and public sector entities. If awarded, this project will require a large number of plasma reactors, with a combined estimate of between $100 million and $250 million depending on scale. The Company anticipates an announcement in the near to mid term.

Semi-Conductor Research:
The Company is in discussions with a company in India for the use of plasma in raw material production related to semi-conductors.

Semi-Conductor Research:
The Company is in discussions with a government research centre in North Africa for the use of plasma in raw material production related to semi-conductor research. During Q3 the company provided an estimate for a hybrid furnace for use as both a plasma furnace and plasma reactor. An announcement may be expected in the near term.

Fumed Silica Reactor (“FSR”) Project:
It has been noted in previous Outlooks (and various news releases) that PyroGenesis has been designing, engineering, and constructing the fumed silica reactor pilot plant to convert quartz into fumed silica in a single and eco-friendly step, for HPQ Polvere (“Polvere”), a wholly owned subsidiary of HPQ Silicon Inc. (“HPQ”). The plant is operational and undergoing various tests to replicate the lab-scale test at pilot plant scale. It has also been stated that modifications to the system and continued testing to improve the fumed silica are ongoing, with more announcements expected in the near term, including for potential customers.

During Q1, [news release dated January 22, 2026] the Company announced the signing of a memorandum of understanding (“MOU”) toward a joint venture for the development of a commercial scale fumed silica plant. Specifically, that its client HPQ, through Polvere, and an industrial Joint Venture partner, have signed a non-binding MOU to form a joint venture company (the “JV”), for the purpose of operating a 1,000 tonne per year fumed silica production plant. PyroGenesis, under an exclusive manufacturing arrangement, would build the fumed silica reactor for US$20.0 million (approximately CA$27.3 million).

As stated in the January 22, 2026, news release, the formation of the JV will be contingent upon the successful negotiation and execution of one or more definitive agreements pertaining to the JV and related obligations by the parties thereto. Negotiations continued throughout Q3 2026 and remain ongoing.

Separately, the Company has started discussions with other major entities for potential joint ventures related to fumed silica production plants.

Plasma-based Pyrolysis for Oil Extraction from Recycled Tires:
The Company is in discussions with a U.S. company to utilize plasma in the pyrolysis of old tires for the purpose of extracting oil and producing carbon black. The Company has presented solutions including an initial feasibility study to assess the potential client’s materials.

Titanium Metal Powder:

The company is currently in discussions with several companies for titanium powder orders, including:

• • An existing customer, who established a powder supply agreement, announced December 15, 2025, for off-cut powder on an as-needed basis. This client may require other powder cuts in addition to the off-cuts.
  • An existing client, a global aerospace leader, for whom the Company was certified as an official supplier.
  • A European company who has previously purchased powder from PyroGenesis.
  • A European company who previously tested PyroGenesis powder samples, for the potential annual purchase of very fine titanium powder.
  • A European company also considering the purchase of very fine cut titanium powder.
  • A French materials company considering the purchase of fine cut powder.
  • A US-based materials broker, for a month power supply agreement for up to 500 kg per month. The first order with this client was announced September 15, 2026. The Company is also in discussions with this client for a potential sale of NexGen plasma atomization systems to produce metal powder, on a joint-venture basis.
  • A major US university, for use in research and course work. The first two order with this client were announced August 20 and August 26, 2026.
  • A Canadian contract manufacturer specializing in additive manufacturing.
  • A US-based technology provider in the additive manufacturing industry. The first order with this client was announced August 24, 2026, with subsequent orders announced August 31 and post-quarter end on October 22.
  • A European university, for purchase of fine cut powders.

Other Metal (Non-Titanium) Powders:
The Company has ongoing discussions with a major US aerospace firm, for a large, long-term metal powder supply agreement.

The Company had previously been in discussions with a Middle Eastern firm who is seeking a partner to produce aluminum and stainless-steel powders. As of Q3, there has been no movement on this file, so this entry will be removed from future outlooks.

Agricultural Material Development:
The Company is in discussions with company to use plasma in the production of various chemicals and materials used in the agricultural industry.

Waste Processing:

Waste-to-Energy:
In discussion with a European consumer product company, the largest of its kind in the world with 2025 revenue exceeding $60 billion, for a waste disposal system to turn factory waste into energy.

Radioactive Vitrification:
In discussion with a German company for a solution to treat radioactive materials through vitrification in a plasma reactor.

SPARC system for Refrigerant Gas Destruction:
In discussion with a large Middle Eastern chemical company to safely destroy hazardous refrigerants using a PyroGenesis SPARC system.

Plastic Waste:
The company is in discussions with a North American company for the use of plasma in plastic waste conversion.

Drosrite:
The company continues to in advanced discussions with a European company for the sale of Drosrite systems, with announcements potentially in the near term.

The company in advanced discussions with a second European company for the sale of Drosrite systems, with announcements potentially in the near term.

Drosrite Systems:
It was stated in the Q1 2026 Outlook that the company had recently begun discussions with a major aluminum company in India, for the potential sale of Drosrite systems. In Q2 and Q3 PyroGenesis provided technical material to the client team for plant evaluation. The Company anticipates a potential announcement in Q4 2026.

Plasma-Based Glass Valorization:
It was stated in previous Outlook’s that the Company is in final negotiations with an entity in Canada, for a plasma-based furnace for use in the melting and valorization of recycled glass, with an estimated contract value of approximately $2 million, and that this potential client is currently assembling funds from a consortium of international contributors, across government and private entities, with the amount secured determining a potential start and/or the scope of the project. It was also stated that the project scope has risen to between $3-$5 million. As of Q3, due to the complexities of the negotiations regarding several private and public partners, discussions continue, with an announcement still expected in the near term.

SPARC Refrigerant Waste Destruction System:
It was announced previously that the Company is in negotiations with a Middle Eastern customer regarding PyroGenesis’ SPARC system for the safe destruction of hazardous end-of-life refrigerants such as CFCs, HCFCs, and HFCs. The customer has access to a very large existing stockpile of these hazardous materials. Discussions continue as a possible co-venture, whereby PyroGenesis would receive revenue on a profit-sharing basis. PyroGenesis is conducting due diligence on key elements related to the potential business model, and a contract is currently being finalized. As of Q3 2026 the parties are in final negotiations and an announcement is expected in the near term, for either equipment sale or joint venture.

Business Line Developments: Mid Term (3 – 6 months)

Energy Transition:

Ore Pelletization Torch Trials:

CLIENT B:
As mentioned in previous Outlooks, plasma torch tests within an iron ore pelletization furnace of a client previously identified as Client B, a major international iron ore producer, were underway. The client has conducted live furnace tests using four 1 MW PyroGenesis plasma torch systems, with the possibility of replacing fossil fuel burners across multiple pelletization furnace systems. Live trials using PyroGenesis plasma torches will continue at the client’s discretion until they determine they have sufficient performance data, with no estimated timeline.

CLIENT C:
Client C, a global market-leading client and a significant player in both the iron ore pelletization and steel industries, has been working with PyroGenesis over the past few years on various potential initiatives related to using plasma for decarbonization. PyroGenesis was previously awarded official supplier status to Client C as part of an impending initiative that was subsequently announced during Q4 2024 [news release dated November 19, 2024], for a contract to assess the applicability of PyroGenesis’ fully electric plasma torches for use in part of the customer’s electric arc furnace (EAF) steelmaking and casting process. The initial project was completed during Q2 2025 as anticipated. A comprehensive report was assembled and submitted to the client in early Q3 2025. The client is assessing potential next steps, with no estimated timeline.

Plasma Systems for Aerospace Testing:
The Company is in discussions with a US university for a plasma torch to test materials in atmospheric re-entry conditions. Discussions continue.

Plasma Systems for Aerospace Testing:
The Q2 Outlook indicated that the Company is in discussions with a US university for a plasma torch for advanced aerospace applications. In Q3 the company submitted a testing contract, anticipated to commence in Q1 2027.

Steel Production:
The company is in discussions with a North Africa entity for the use of plasma in the steel production process.

Materials Production:

Mineral Extraction:
The Company is in discussions with a North American mining company to test plasma to help extract critical minerals such as alkali metals from silicates. A proposal is being developed, and an announcement may be expected in the mid or near term.

Plasma Systems for Hydrogen Production:
The Company is in discussions with a North American gas distributor to use plasma in the large-scale production of hydrogen.

Plastic Pyrolysis to Produce Hydrogen and Carbon Black:
The Company previously announced it is in discussions with a North American clean-tech company as part of a project to produce hydrogen and carbon black from plastic. Negotiations with the client continues. As of Q3, the client is awaiting funding and have requested an updated quotation.

Carbon Black from Pyrolysis of Fossil Fuel Derivatives:
The Company is in discussions with a large European oil company interested in using plasma for high temperature pyrolysis of a fossil fuel derivative to produce syngas and carbon black. PyroGenesis conducted initial tests with this client in December 2024, and new discussions are underway. In Q1 the Company developed a proof-of-concept lab test, and discussions are underway for next phase. In Q2 the Company submitted a detailed report and are awaiting next steps. During Q3, the client completed its review of PyroGenesis’ analysis and the carbon black samples produced. PyroGenesis submitted a proposal for continued testing at the client’s behest, with approval anticipated in Q1 2027.

Plasma to Convert Carbon Black to Graphene:
The Company is in discussions with an international consultancy to use plasma to convert recovered carbon black from tire pyrolysis into high-quality graphene.

Plasma to Convert Methane into High Quality Carbon Black and Hydrogen:
The Company is in discussions with an entity to use plasma to convert methane into high-quality carbon black and hydrogen.

Methane and Plasma:
The Company is in discussions with a major US university (not related to the above) for the use of plasma in applications related to methane.

Fumed Silica:
The Company is in discussion with a potential client in the Middle East for fumed silica.

Carbon Black/Graphite:
The Company is in discussion with a potential client in the Middle East for carbon black and graphite production.

Battery Materials:
The Company is in discussions with a major global automaker for the production of battery materials.

Graphite Purification:
The Company is in discussions with a North American entity to use plasma to extract and purify graphite.

Agricultural Material:
In Q2 Outlook, it was stated that the Company was in discussions with US company who develops material for use in the agricultural industry, for both low-powered (up to 40 kW) and hyper-high powered (6 MW) plasma torches. The first project with this client for a 40 kW system was announced post-quarter end of Q3 (press release dated October 28, 2026) and will be removed from future Outlooks.

Fumed Silica:
The Company is in discussions with a Middle Eastern company for the potential purchase of fumed silica reactors to product fumed silica for the Middle Eastern region.

Metal Powder Qualifications:
The Company has started the process to qualify its metal powder with an Asian 3D printing and scientific instruments OEM. Once qualified, the client could use the Company’s powder for internal operations and recommend it to their customers. The Company did not move forward with this initiative after further consideration, and this entry will be removed from future Outlooks.

NexGen System Sales:
The Company has started discussions with an Asian industrial equipment firm interested in a purchase or licensing agreement for the Company’s Nexgen plasma atomization system. While the Company has not previously considered requests for system sales, the scale of the potential deal indicated a potential benefit, so very preliminary discussions have started.

The Company is in discussions with a Middle Eastern firm for the sale of NexGen plasma atomization systems to produce metal powder.

The Company is in discussions with an existing client, a US-based materials broker, for a potential sale of NexGen plasma atomization systems to produce metal powder, on a joint-venture basis.

Titanium Metal Powder:
The Company continues to be in discussion with companies who have expressed interested in titanium metal powders.

Waste Processing:

Drosrite Systems:
In the Q4 2025 Outlook, it was stated that the Company is in advanced discussions with a North American metal casting company for the purchase of a Drosrite aluminum dross processing system to process high density aluminum beverage can scrap, with an approximate value of $800-$1million. In the Q1 2026 Outlook, it was stated that client representatives visited PyroGenesis’ Montreal facilities for additional discussions and that an announcement may be expected in the near term. Further discussions in Q2 have identified a specific need for the potential use of Drosrite to produce calcium aluminate instead of melting aluminum scrap. This update has been moved to a mid term potential to allow for further investigation of this newly defined usage.

The Company is also in discussions with a global mining firm for a Drosrite system which would likely start with a testing campaign on-site at the miner’s factory.

Chemical Weapons Destruction (PACWADS):

In Q1, [news release dated January 6, 2026], it was announced that the Company has signed an agreement with the national security and defense division of a U.S. multinational engineering infrastructure corporation, to jointly pursue contracts that are expected to be tendered during 2026, for the safe destruction of chemical weapons in Syria. The Company and the client have been engaged in document preparation and meetings with various parties throughout Q1 2026. Announcements may be expected throughout 2026 if, and as, the contract tenders come to fruition. This project has been moved to mid-term potential to reflect the opaqueness of the RFQ process and related timelines. As of Q3 2026, worldwide government agencies and their tactical partner representatives continue to meet to discuss potential next steps, with the most recent meeting at a conference in London in October 2026. The Company continues to await developments and instructions from its client partner.

Drosrite:
The Company is in discussions with a Canadian company for projects related to aluminum dross processing.

Plasma Torch System for Pyrolysis:
In previous Outlooks, it was stated that the negotiations had continued with a European entity for the sale of a plasma torch system and/or plasma reactor system, which the customer would utilize in their production of carbon black and hydrogen for use in batteries and graphite production, and that a project quote had been submitted with a potential project value of approximately $2 million. It was further stated that a potential project scope has been developed across multiple phases, and that an announcement is expected in the near term. As of end of Q3, negotiations with this client continue, with a potential announcement in the mid-term.

Drosrite Systems:
The Company is in various stages of discussions with aluminum manufacturers to purchase Drosrite aluminum dross processing systems, including with two Middle Eastern aluminum companies for the purchase of multiple 5,000+ tonnes or 10,000+ tonnes per year Drosrite furnaces, including for an existing client.

Hazardous Aerosol Treatment:
The Company continues early-stage discussions with a large waste collection firm to help in the treatment of aerosol released during garbage collection and compacting. An initial project may be forthcoming for engineering of a solution toward the potential use of a plasma torch or reactor. The client has requested the preparation of quotes for various systems. In Q2 2026, the discussions moved to include PyroGenesis’ subsidiary Pyro Green-Gas. As of Q3 the companies remain in discussion.

Radioactive Waste Destruction:
A design phase contract was signed during Q4 2025 [news release dated December 17, 2025] with a major European entity for the use of plasma in the destruction of low-level radioactive waste, to help define the technical specifications, sizing, and design parameters, for a potential subsequent engineering and build phase for a plasma-equipped furnace (and the related peripheral components), required as part of the potential construction of a radioactive waste vitrification and treatment plant in Europe. During Q1 2026, the Company designed a custom system for potential use by the client. This design was submitted and the client is reviewing the design for eventual submission to their government’s nuclear agency. Next phase may be detailed design leading to procurement and construction. If selected for this competitive project, total project cost may be approximately $6-8 million. Recent document exchange during Q2 2026 included technical standards for the development of additional designs. During Q3 the Company was awarded an additional design phase project valued at approximately $100,000. Q1 2027 is likely for next steps.

Business Line Developments: Long Term (> 6 months)

Energy Transition:

Cement Production Calcination:
As mentioned in the Q4 2025 Outlook, the Company is in discussions with a European company within the cement industry, for the sale of an additional 1MW plasma torch system to replace gas burners in the limestone calcination process. As of Q2 2026 the potential customer continues to secure financing. As of Q3 the Company does not know the status of the potential client’s financing, so this entry will be removed from future Outlooks.

Wind Tunnel Applications:
The Company is in discussions to develop a plasma wind tunnel application, in conjunction with an aerospace sector entity.

20 MW Plasma Torches for Aeronautics and Defense Client:
A contract for a 20MW plasma torch was signed in Q4 2024 [news release dated October 21, 2024], by a client who is a prime contractor for the U.S. government as well as for public and private customers in the aeronautics and defense industries. PyroGenesis previously designed and built a 4.5MW plasma torch to this same client, which was delivered in Q1 2026.

A plasma torch at the 20MW power level, based on PyroGenesis’ own research, represents one of the most powerful plasma torches ever produced commercially. The project has an approximate duration of 3 years. The project is progressing and is in the engineering and electrical design phase. Of note, the company’s 4.5 MW torch that is currently undergoing final commissioning has exceeded expectations and reached performance and power benchmarks faster than anticipated and with greater efficiencies. These outcomes provide additional confidence regarding the technology behind these new generation of hyper high-powered torches.

Plasma Torches for Cement Industry Calcination:
The Company is in discussions with a global leader in providing technology and services for mining, aggregates, recycling, and metal refining industries, primarily for potential sale of hyper-high temperature (10 MW and above) plasma torches for use in calcination furnaces as part of the cement production process. Discussions and negotiations regarding this potential project are likely to take an extended period, so the project has been moved to the long term category.

Plasma-Based Glass Recycling:
As stated in previously Outlooks, the Company signed an R&D / testing contract with a global leader in glass recycling, to investigate plasma as part of the customer’s energy transition initiatives. The project is related to the spheronization of recycled glass using plasma, to help establish proof of concept. The contract involves multiple tests to optimize parameters and produce high-quality spherical glass particles for use in glass bed applications. Testing commenced during Q2 as planned, with early results being very promising. The full roster of tests and modifications originally scheduled for completion in Q3 2025 was extended into Q4 2025 and Q1 2026 and are ongoing. The longer-term commercial potential is for building a reactor-based system on-site at the customer’s facility. For budgetary reasons on the client side, this potential project has been moved to a longer horizon. As of Q2 2026 the client was acquired by a venture capital firm and the state of future projects are currently unknown. As of Q3 the Company does not know the status of the potential client’s financing, so this entry will be removed from future Outlooks.

Plasma Torches for Metal Manufacturing:
During Q4 2024 and Q1 2025, the Company conducted first round tests for one of the world’s largest producers of metal products to design and develop a plasma-based solution for use in improving precision in the manufacturing process, using a low wattage plasma torch. Next steps were identified to conduct additional tests using progressively larger torches during Q2 and Q3 2025. Testing per this approach met and even surpassed expectations. In the Q2 2025 Outlook it was stated that a first-round project may commence in the near term, with a potential value of $100-200K, with long-term potential at an enterprise-wide level for this customer has a potential approximate value of $10 million. Additional tests at an even higher temperature were identified as beneficial, as well as a CFD study. For budgetary reasons on the client side, this potential project has been moved to a longer horizon. No change to the status of this potential client as of Q3.

Plasma Torches for Steel Manufacturing Process Steps:
The Company is in initial discussions with a European steel construction conglomerate for the use of plasma torches in various high temperature process steps. There were no further project discussions in Q3 but the company has indications these discussions may restart in the future when the price of electricity in Europe stabilizes after continued volatility including a very recent rise to four-year highs.

Plasma Torches for Brick:
The Company is in initial discussions with a European company for the use of plasma torches in high temperature brickmaking process steps, including brickmaking refractory furnace. This is a multi-torch application, potentially requiring 15-20 60kw-150kw torches per line. In Q2 the Company provided a quote for a plasma torch system, but future project timelines are currently unknown. As of Q3, no response from this potential client, so this entry will be removed from future Outlooks.

Plasma Torches for Global Chemical Firm:
In previous Outlooks, the Company stated that it is in discussions with an American entity for the potential sale of plasma torches to aid in the production of carbon black and potentially other materials carbon and silica-based, with a potential initial value of $2-3 million and additional longer-term potential. In late Q2 and early Q3, the customer visited PyroGenesis’ Montreal facilities for a site tour and for more in-depth discussions. The customer has started construction of their own pilot plant, and discussions continue sporadically regarding potential integration of plasma torches into that facility. There were on further discussions in Q2 2026, as the client focuses on internal projects. There were no further discussions in Q3. This entry will be removed from future Outlooks.

Materials Production:

Lithium Battery Material Recovery:
In Q1 [news release dated February 26, 2026] the Company announced achieving successful results from the primary testing campaign of PyroGenesis’ plasma technology for superheating materials as part of the process to recover certain cathode or anode materials from end-of-life batteries. The client is a North American battery material recycler. It was stated that there may be a subsequent testing phase required which would be expected to occur before the end of Q2 2026, and that the client’s ultimate goal would be to purchase an initial 1 MW plasma torch system, followed by a subsequent purchase of 5 x 1 MW plasma torch systems or 1 x 5 MW plasma torch systems. The client has indicated a potential need for multiple 5 MW plasma torch systems. New tests continued during Q1 2026. The client is now anticipating a Q1-Q2 2027 restart to the project due to the client’s internal factors.

Carbon Black and Hydrogen:
The Company is in discussions with company for plastic pyrolysis for hydrogen and carbon production, using plasma.

Carbon Black and Hydrogen:
The Company is in discussions with a second European company for plastic pyrolysis using plasma. The Company has sent an estimate project quote of $10,000,000 to this potential client, based on their stated requirements. The potential client awaits funding.

Green Cement Additive:
PozPyro is a cement additive material produced by PyroGenesis’ as a collaboration with its client Progressive Planet. The proprietary plasma process converts widely available, high-grade crystalline silica into amorphous silica that can be used to enhance the strength of concrete as a replacement for fly ash which is in diminishing supply. Previous announcements [news release dated May 2, 2024] showed compressive strength tests for PozPyro of up to 99.5% above standards for similar material such as fly ash, while surpassing even the full-strength value of the Portland Cement control by up to 49.67%. A potential contract for a future pilot plant has an estimated value of $15-20 million. Previously the Company developed and delivered an advanced feasibility and technical study towards the construction of a pilot plant. As of Q3 2026, the Company is waiting on go-forward decisions from the client.

Silicon, Nano-Silicon, and Silica Production:

As stated in previous Outlooks, the Company is in discussions at quotation stage with several potential customers who have expressed interest in PyroGenesis’ advanced methods for producing silicon, nano-silicon, and silica. While no further developments were achieved in Q3 2026, longer term communication remains planned. The potential customers include:

• • a major global automaker (whose interest lies in both nano-silicon and silicon oxide (SiOX) for EV batteries) who is considering a lab scale production system (approximate value of $500,000) with a long-term potential pilot plant with an estimated contract value of $10-15 million.
  • a US battery manufacturer considering a lab-scale production system for SiOX anode material; negotiations have advanced and further cost and scope development meetings are underway.
  • a raw material supplier to the construction materials industry who is considering a lab-scale production system (approximate value of $150,000) with a long-term potential pilot plant with an estimated contract value of $10-15 million. Discussions continue with potentially more discussions on the horizon.
  • a raw material producer and manufacturer in South Asia is considering a production system for silicon-based material with an estimated contract value of $10-15 million. Discussions continue, regarding scope of work.
  • a producer of silicon carbide.
  • A national research institute examining the use of plasma in nano silicon materials.

Waste Processing:

Waste-to-Chemicals Demonstration Plant:
The Company is in early-stage discussions with European academic research consortium to build a facility to convert municipal solid waste to chemicals, using a rotary kiln and steam plasma applications.

Plasma Torch for Hazardous Waste Destruction:
The Company is in early-stage discussions with an operator of a large North American hazardous waste facility for the sale of a plasma torch system. The facility destroys a variety of hazardous waste, including PFAS “forever chemicals”, currently using an incineration process. The client has indicated a 2027 project start is more likely, with an estimated $500,000 small plasma system being the current proposed technology. This potential client is currently involved in a large expansion project for additional services. During Q3 PyroGenesis submitted a business case for the destruction of hazardous refrigerants and awaits a response.

Municipal Waste Destruction and Gasification System:
The Company is in negotiations with a company in India for a large waste destruction and biogas upgrading system. The financing capabilities and timeline with this potential client are unknown so the project has been moved to the long-term category.

Plasma Torches for 3rd Party Waste-to-Energy Systems:
The Company has been in discussions over several years with a European entity, to act as a potential supplier of plasma torches for the entity’s waste-to-energy initiative; the entity has at times, listed PyroGenesis as their torch supplier in various publications online. In Q3 2024, this entity announced having entered into an agreement with a German multi-Billion-dollar leading technology company to accelerate green energy transition through waste-to-energy technology. The entity announced that it aims to establish 300 plants producing 1 million tons of hydrogen over the next several years. There was no movement in Q3 2026.

** Please note that projects or potential projects previously announced, or listed in previous Outlooks, that do not appear in the above summary updates, should not be considered as at risk. Noteworthy developments can occur at any time based on project stages, and the information presented above reflects information on hand. Projects not mentioned may have simply not concluded or not passed milestones worthy of discussion. **

FURTHER INFORMATION

Additional information relating to Company and its business, including the 2025 consolidated financial statements, the Annual Information Form and other filings that the Company has made and may make in the future with applicable securities authorities, may be found on or through SEDAR+ at www.sedarplus.ca, or the Company’s website at www.pyrogenesis.com.

Additional information, including directors’ and officers’ remuneration and indebtedness, principal holders of the Company’s securities and securities authorized for issuance under equity compensation plans, is also contained in the Company’s most recent management information circular for the most recent annual meeting of shareholders of the Company. 

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.

For further information contact ir@pyrogenesis.com or visit http://www.pyrogenesis.com