Ravi Shankar – Page 626

Save the Date: HUTCHMED to Host Expert Insights Event on Recent Savolitinib Clinical Data in Non-Small Cell Lung Cancer

Posted on October 27, 2026 by Ravi Shankar

HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Oct. 26, 2026 (GLOBE NEWSWIRE) — HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM:HCM; HKEX:13) today announces an expert webcast, co-hosted with Citigroup Global Markets Asia Limited (“Citigroup”) for analysts and investors, to discuss recent Phase III clinical data for savolitinib in MET-driven non-small cell lung cancer (“NSCLC”) recently presented at the European Society for Medical Oncology (ESMO) Congress 2026. This virtual webcast will take place on Thursday, November 5, 2026, at 4:30 pm HKT / 8:30 am GMT / 3:30 am EST.

The discussion will be led by Professor Yi-Long Wu, principal investigator of the SANOVO study, who will share insights on the latest clinical data and treatment strategies for MET-driven NSCLC. Dr Weiguo Su, Chief Executive Officer (presently on leave of absence) and Chief Scientific Officer of HUTCHMED, will also join the panel to discuss the development progress to date and global regulatory outlook of savolitinib in light of data from both the SANOVO study in China and the SAFFRON global study. The event will be moderated by Mr Yingqi Peng, Asia Healthcare Research Analyst from Citigroup.

The webcast will be conducted in Chinese (Putonghua) with simultaneous English interpretation. Event and registration details will be available at www.hutch-med.com/event.

About Savolitinib

Savolitinib is an oral, potent and highly selective MET tyrosine kinase inhibitor (“TKI”) that has demonstrated clinical activity in advanced solid tumors. It blocks atypical activation of the MET receptor tyrosine kinase pathway that occurs because of mutations (such as exon 14 skipping alterations or other point mutations), gene amplification or protein overexpression.

Savolitinib is marketed in China under the brand name ORPATHYS^® for the treatment of adult patients with locally advanced or metastatic NSCLC with MET exon 14 skipping alteration, representing the first selective MET inhibitor approved in China. Savolitinib also received a conditional approval in China for the treatment of adult patients with locally advanced or metastatic gastric cancer or gastroesophageal junction (GC/GEJ) adenocarcinoma patients with MET amplification who have failed at least two prior systemic treatments. Savolitinib in combination with TAGRISSO^® is approved in China for patients with locally advanced or metastatic epidermal growth factor receptor (“EGFR”) mutation-positive non-squamous NSCLC with MET amplification after disease progression on EGFR-TKI therapy based on the SACHI Phase III trial. The combination was also granted a temporary authorization in Switzerland for the treatment of patients with locally advanced or metastatic EGFRm NSCLC and high levels of MET overexpression or amplification who progressed on prior treatment with TAGRISSO^®. This was based on results from the global SAVANNAH Phase II trial. The global, randomized, SAFFRON Phase III trial in the same treatment setting comparing the combination with doublet platinum-based chemotherapy reported positive high-level results, demonstrating a statistically significant and clinically meaningful improvement in progression-free survival (“PFS”) and overall survival (“OS”) in August 2026.

Savolitinib is being jointly developed by AstraZeneca and HUTCHMED and commercialized by AstraZeneca.

About SANOVO

SANOVO is a blinded, randomized, controlled Phase III trial in previously untreated patients with locally advanced or metastatic NSCLC with activating EGFR mutations and MET overexpression in China conducted by HUTCHMED. The study evaluates the efficacy and safety of savolitinib in combination with TAGRISSO^®compared to TAGRISSO^®alone, a standard-of-care treatment option for these patients. A total of 326 treatment-naïve patients with locally advanced or metastatic NSCLC harbouring EGFR mutations (exon 19 deletion or L858R) and MET overexpression were randomized in a 1:1 ratio to receive TAGRISSO^®80 mg once daily plus either savolitinib or placebo at 300/200 mg twice daily (dosed based on body weight).

The primary endpoint of the trial is PFS as assessed by investigators. Other endpoints include PFS assessed by an independent review committee, OS, objective response rate, duration of response, disease control rate, time to response and safety.

About SAFFRON

SAFFRON is a randomized, open-label, multi-center, global Phase III trial studying the efficacy of savolitinib (300 mg twice daily) added to TAGRISSO^® (80 mg once daily) versus doublet platinum-based chemotherapy in 338 patients with EGFRm, locally advanced or metastatic NSCLC with MET overexpression or amplification whose disease progressed following first- or second-line treatment with TAGRISSO^®. The trial enrolled patients in 230 centers across 29 countries in North America, Europe, South America and Asia. The primary endpoint is PFS and key secondary endpoint includes OS.

Patients were prospectively selected for SAFFRON using the high MET level cut-offs identified in the SAVANNAH Phase II trial. In SAVANNAH, MET overexpression or amplification levels were determined by two tests: immunohistochemistry (IHC), which detects if cancer cells have a particular protein or marker on their surface, and fluorescence in situ hybridization (FISH), which detects a specific DNA sequence from cancer cells.

About HUTCHMED

HUTCHMED (Nasdaq/AIM: HCM; HKEX: 13) is an innovative, commercial-stage, biopharmaceutical company. It is committed to the discovery and global development and commercialization of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Since inception it has focused on bringing drug candidates from in-house discovery to patients around the world, with its first four medicines marketed in China, the first of which is also approved around the world including in the US, Europe and Japan. For more information, please visit: www.hutch-med.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect HUTCHMED’s current expectations regarding future events, including its expectations regarding the therapeutic potential of savolitinib, the further clinical development for savolitinib, its expectations as to whether any studies on savolitinib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding enrollment rates and the timing and availability of subjects meeting a study’s inclusion and exclusion criteria; changes to clinical protocols or regulatory requirements; unexpected adverse events or safety issues; the ability of savolitinib, including as a combination therapy, to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions and to gain commercial acceptance after obtaining regulatory approval; the potential market of savolitinib for a targeted indication; the sufficiency of funding; HUTCHMED’s and AstraZeneca’s ability to successfully develop and commercialize savolitinib. In addition, as certain studies rely on the use of other drug products such as TAGRISSO^®as combination therapeutics with savolitinib, such risks and uncertainties include assumptions regarding the safety, efficacy, supply and continued regulatory approval of these therapeutics. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. For further discussion of these and other risks, see HUTCHMED’s filings with the US Securities and Exchange Commission, The Stock Exchange of Hong Kong Limited and on AIM. HUTCHMED undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

CONTACTS

Investor Enquiries	+852 2121 8200 / ir@hutch-med.com

Media Enquiries
FTI Consulting –	+44 20 3727 1030 / HUTCHMED@fticonsulting.com
Ben Atwell / Tim Stamper	+44 7771 913 902 (Mobile) / +44 7779 436 698 (Mobile)
Brunswick – Zhou Yi	+852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com

Panmure Liberum	Nominated Advisor and Joint Broker
Atholl Tweedie / Emma Earl / Rupert Dearden	+44 20 7886 2500

Cavendish	Joint Broker
Geoff Nash / Nigel Birks	+44 20 7220 0500

Deutsche Numis	Joint Broker
Duncan Monteith / Ramin Naji	+44 20 7545 8000

Posted in UncategorizedTagged GlobeNewswire

FireFly makes another significant high-grade copper-gold VMS discovery

Posted on October 26, 2026 by Ravi Shankar

Green Bay Copper-Gold Project, Canada

The greenfields discovery, just 35km from the flagship Ming Mine, highlights the exploration potential of numerous targets to be tested at Green Bay

KEY POINTS

Regional exploration drilling at the Green Bay Copper-Gold Project has discovered a significant copper and gold-rich Volcanogenic Massive Sulphide (VMS) system at the Mount Joy prospect near Tilt Cove
Mount Joy was a new target identified by FireFly’s extensive geophysical and geochemical campaign
The first hole drilled to test the Electromagnetic (EM) geophysical anomaly intersected shallow and wide copper and gold mineralisation:
- 22.5m @ 2.5% copper equivalent (CuEq)¹ from 109m, including 9.0m @ 3.9% CuEq (3.0% Cu & 1.0g/t Au) ~true thickness in hole FFR26-071
Follow-up step-out drilling has intersected ~40m of semi-massive sulphides in hole FFR26-076 (assays pending)
Downhole EM (DHEM) points to more conductive targets off-hole ready to be drill tested
Mineralisation intersected in the drilling shares similar characteristics to other notable deposits in the district including Tilt Cove and Ming, which has a Mineral Resource Estimate (MRE) of 57.4Mt @ 2.4% CuEq Measured and Indicated (M&I) and 17.3Mt @ 2.8% CuEq Inferred Mineral Resources
This drilling is part of the first ever drill program completed by FireFly in the Tilt Cove – Betts Cove district and has resulted in immediate success with the discovery of a new copper-gold VMS system at Mount Joy
Mount Joy is located approximately 35km east of the Ming Mine and just 2.6km from the Company’s Nugget Pond Mill currently on care and maintenance
The Mount Joy discovery highlights the potential upside of the abundant high-quality targets yet to be drilled at Green Bay
Regional discoveries offer the potential to add new prospective mineral deposits to the production profiles outlined in the Company’s recently released Preliminary Economic Assessment (PEA), and are therefore particularly valuable
Three surface rigs will continue with regional drilling, with assays expected from Mount Joy and other regional targets over the coming weeks
A maiden MRE on the regional target known as Main Mine is planned for the next quarter. This was the first target the Company drill tested outside of the Ming Mine when the Company commenced drilling earlier this year. It is located less than 3km from Ming Mine
An updated MRE and a Feasibility Study for the Green Bay Ming Mine project are on track for release in the next quarter and a Final Investment Decision (FID) is expected in mid-2027
FireFly is well-funded to achieve its growth objectives with ~A$368 million² in cash and liquid investments (unaudited) as at 31 July 2026

FireFly Managing Director Steve Parsons said: “Mount Joy is a significant discovery for several reasons.

“It is already clear that the prospect contains high grades and substantial widths of mineralisation within a larger district-scale VMS system. And geophysics points to more highly prospective targets close to the newly discovered mineralisation. This discovery also underscores the immense potential of the pipeline of geophysical and geochemical targets we have identified at Green Bay.

“The Mount Joy discovery supports our plan to continue driving growth in the Mineral Resource, mine life and forecast production rates at Green Bay. As part of this strategy, we will release an updated Mineral Resource Estimate and a Feasibility Study in the coming quarter, ahead of a Final Investment Decision expected in mid-2027.”

PERTH, Australia, Oct. 26, 2026 (GLOBE NEWSWIRE) — FireFly Metals Ltd (ASX, TSX: FFM) is pleased to announce a significant exploration discovery at the Green Bay Copper-Gold Project in Newfoundland, Canada.

The first drilling program at the Mount Joy prospect in the historic Tilt Cove–Betts Cove mining district has discovered a new copper-gold VMS system.

The discovery hole FFR26-071 intersected 22.5m at 2.5% CuEq (1.9% Cu and 0.6g/t Au) and included 9.0m at 3.9% CuEq (3.0% Cu and 1.0g/t Au). Follow-up drilling has intersected further extensive sulphide mineralisation, including ~40m of semi-massive sulphides (assays pending, with further information set out in Appendix B).³

The intersection shares many characteristics with other notable deposits in the district, including the historical Tilt Cove Mine (170kt of copper produced⁴) and the Ming Mine (current MRE of 57.4Mt @ 2.4% CuEq M&I plus 17.3Mt @ 2.8% CuEq Inferred). It demonstrates the potential for further discoveries within FireFly’s mineral properties along the prospective volcanic sequence that hosts the historic Tilt Cove copper mine.

Importantly, the Mount Joy discovery is located only 2.6km from FireFly’s existing Nugget Pond processing facility currently on care and maintenance.

The Mount Joy discovery is the direct result of FireFly’s significant investment in regional geophysics and generative geochemical prospecting. A large-scale EM anomaly was observed in airborne geophysics and followed up with ground-based surveys in 2025-2026. Surface mapping has identified numerous indicators of copper mineralisation including the oxidised copper mineral, Malachite.

Subsequent DHEM surveys conducted in the drilling suggest a broad mineralised system with numerous off-hole conductive anomalies identified.

Regional exploration remains a core strategic pillar of FireFly’s strategy to unlock the full potential of the Green Bay project, with C$16.7M budgeted for regional programs in FY27. Three surface rigs are planned to continue regional exploration drilling for the remainder of the year, with a maiden Inferred MRE expected for the Main Mine deposit in Q1 2027. Further regional exploration results are expected imminently.

Work to advance Green Bay towards construction has accelerated since the Company released the results of the PEA for the upscaled restart on 25 August 2026. Early works have commenced and the Company remains on track to deliver an updated MRE and Feasibility Study in Q1 2027. A FID is expected to be considered in mid-2027.

FireFly remains well funded to advance the Green Bay project, with approximately A$368M⁵ in cash and liquid investments (unaudited) as at 31 July 2026.

Figure 1: Map showing the location of the Mount Joy discovery. The discovery hole is only ~35km from the Ming Mine and only 2.6km from FireFly’s Nugget Pond processing facility currently on care and maintenance.

Figure 2: Mount Joy discovery hole FFR26-071 with high-grade copper and gold mineralisation of 22.5m @ 2.5% CuEq including 9.0m @ 3.9% CuEq (3.0% Cu and 1.0g/t Au). Core photograph showing mineralisation in the upper VMS and transitioning into the lower stringer zone. These mineralisation styles are similar to those observed at the Ming Mine (with a current MRE of 57.4Mt @ 2.4% CuEq M&I plus 17.3Mt @ 2.8% CuEq Inferred).

About the Mount Joy Drilling Results

FireFly has made a new copper-gold VMS discovery at Mount Joy, approximately 2.6km from the Company’s Nugget Pond processing facility. The discovery was made during the first helicopter-supported drilling program at the prospect, following airborne EM survey in 2025 and ground EM survey during winter 2026.

Mount Joy occurs along the same prospective stratigraphic contact as the historic Tilt Cove copper mine (Figure 4). The contact can be traced for several kilometres north and south of the discovery.

The first hole, FFR26-064, intersected 6.5m at 2.0% CuEq (0.8% Cu and 1.2g/t Au from 15.6m). Subsequent DHEM survey identified a strong off-hole conductor approximately 80m south of the initial intersection, tested by FFR26-071.

FFR26-071 intersected 22.5m at 2.5% CuEq (1.9% Cu, 0.6g/t Au and 0.4% Zn), including 9.0m at 3.0% Cu and 1.0g/t Au. The mineralisation comprises massive sulphide, predominantly pyrite with chalcopyrite and sphalerite, underlain by copper-gold-bearing stringer mineralisation. These features are consistent with a well-developed VMS system.

Follow-up hole FFR26-076, drilled from the same platform as FFR26-071, intersected approximately 40m of semi-massive sulphide mineralisation between 240m and 280m downhole, with additional pyrite-chalcopyrite stringer mineralisation continuing beyond 400m. Assays are pending. Geological interpretation indicates that mineralisation in FFR26-071 and FFR26-076 is separated by a fault, with FFR26-076 testing the underlying footwall sequence (Figure 5).

Assays received to date are summarised in Table 1.

Hole	From (m)	Interval (m)	Cu (%)	Au (g/t)	Zn (%)
FFR26-064	15.55	6.45	0.81	1.19	—
FFR26-071	109.00*	22.50	1.87	0.64	0.38
including	—	9.00	2.95	0.95	—
FFR26-076	240–280 approx.	~40 visual	Pending	Pending	Pending

Table 1: summary of assays received to date from drilling at Mount Joy. Refer to Appendix B for further details on drill results and sulphide percentages observed. Please note that visual sulphides do not necessarily correspond to economic grades.

The helicopter-supported drilling program is complete. Remaining assays, geochemical analysis, borehole geophysics and structural interpretation will guide follow-up drilling. A winter access road is planned from Nugget Pond to enable track-mounted drilling during the Canadian winter of 2027.

Forward Work Plans

The FireFly growth strategy remains focused on advancing the Green Bay Ming Mine project towards the resumption of upscaled copper and gold production. Near term activities remain focused on:

6 underground drill rigs upgrading the Mineral Resource, through infill drilling, from Inferred to M&I Mineral Resources;
High-grade shallow extensions of Ming underground for additional Mineral Resource Growth;
Completion of the Feasibility Study in Q1 2027;
Advancement of permitting, engineering and early works to support future development scenarios; and
New Discoveries from both underground and surface regional exploration drilling with 3 regional rigs operating (additional Mount Joy and other regional targets results pending);
A maiden Mineral Resource Estimate planned for completion in Q1 2027 at the Main Mine prospect located less than 3 km from the Ming Mine and future processing plant.

Green Bay (Ming Mine) Mineral Resource Development

As of 30 September 2026, the Company had completed ~210,000 metres of underground diamond drilling. Six underground rigs will continue to advance the underground Mineral Resource conversion and extension activities for the foreseeable future.

Near-term underground drilling will remain focused on infill definition to upgrade areas of Inferred to the higher confidence M&I Mineral Resources ahead of economic studies into resuming upscaled production at Green Bay. The decision to focus on infill drilling is driven by numerous factors, including:

Ore Reserves can only be declared from M&I Mineral Resources;
M&I Mineral Resources can be incorporated into Feasibility Studies – no inferred resource is considered in the Feasibility mine plan; and
De-risking the project by further increasing confidence in the geological model and grade estimation.

The Company intends to complete sufficient economic work to declare maiden Ore Reserves in Q1 2027.

Green Bay (Ming Mine) Mineral Resource Growth

Mineral Resource growth in the coming months will be driven by testing lateral and down plunge extensions of the high-grade VMS channels parallel to the Ming North lode.

An updated MRE, incorporating drilling completed since the August 2026 MRE, is planned in Q1 2027 and will underpin the Feasibility Study.

Economic Studies

The PEA on the upscaled resumption of copper and gold production at Green Bay was delivered on 25 August 2026. Two scenarios were presented, being a 1.8Mtpa (4,800tpd) case and a 4.6Mtpa (12,500tpd) case. Both cases delivered outstanding economics, with the 1.8Mtpa base case showing an NPV_7% greater than $A2.0B, an IRR exceeding 40% and payback less than 2 years (see ASX announcement dated 25 August 2026 for details).

Detailed engineering and costing work is underway to deliver a Feasibility Study on the base case towards the end of Q1 2027.

Project Development

Following the release of the PEA and subsequent capital raising, the Company has accelerated early works and project development. The Province of Newfoundland and Labrador has approved selective pre-construction early works. Work underway includes selective clearing and emplacement of a construction camp. Upgrades to the electrical systems and waste water treatment plant are in progress. Select long-lead time items will be ordered before the end of the year to ensure that the Company can meet timelines to first production. FireFly aims to commence formal construction around July 2027, subject to FID by the Board.

Project Financing

FireFly has appointed BurnVoir Corporate Finance Limited as its project debt advisor and is currently undertaking a process to assess various project finance options, including potential offtake prepayment options.

Regional & Generative Exploration

Recent activity has focused on testing the many targets generated from regional geophysics and geochemical prospecting completed throughout 2025 and 2026. The results in this announcement demonstrate the potential for future regional exploration discoveries.

Drilling has been conducted on both regional greenfields targets and brownfields targets around previous operations (Main Mine), with results pending from the Tilt Cove and Nash prospects.

A maiden MRE at the Main Mine is anticipated in Q1 2027.

Three surface drill rigs will continue for the remainder of 2026.

Balance Sheet and Funding Position

FireFly is well-funded to execute its growth drilling program, economic studies and pre-construction early works activities. As at 31 July 2026, the Company has approximately A$368 million in cash and liquid investments on an unaudited basis.

Figure 3: Forward work plan for the Green Bay project. Please note that all timeframes are indicative and subject to change.

This announcement has been approved for release by the Board of Directors.

Contact Information

Steve Parsons
Managing Director
FireFly Metals Ltd
+61 8 9220 9030

Jessie Liu-Ernsting
Chief Development Officer
FireFly Metals Ltd
+1 416 572 2028

Paul Armstrong
Media Contact
Read Corporate
+61 8 9388 1474

Figure 4. Mount Joy discovery location and regional geology, showing the Nugget Pond processing facility and the prospective volcanic sequence within the Tilt Cove–Betts Cove district.

Figure 5: Cross section showing mineralisation at Mount Joy. The mineralisation is offset by an interpreted fault logged in both holes FFR26-071 and FFR26-076. Assays are pending for hole FFR26-076.

ABOUT FIREFLY METALS

FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper per annum.

The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.

Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM), the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.

COMPLIANCE STATEMENTS

Mineral Resource Estimate – Green Bay Copper-Gold Project
The Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and is also set out in the Technical Report titled ‘Green Bay Ming Mine Copper-Gold Project – NI 43-101 Technical Report & Preliminary Economic Assessment – Newfoundland and Labrador, Canada’ with an issue date of 22 September 2026 and an effective date of 14 August 2026, available on SEDAR+ at www.sedarplus.ca.

Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.

Metal Equivalents for Mineral Resource Estimates
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.

In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).

Metal Equivalents for Exploration Results
Metal equivalents for Exploration Results announced in this announcement have been calculated at a copper price of US$11,000/t, gold price of US$3,600/oz, silver price of US$35/oz and zinc price of US$2,700/t. These prices are the CITI consensus long term metal prices as at 28 September 2026. Individual grades for the metals are set out in Appendix B of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to metallurgical test work to increase recoveries completed by FireFly. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.

Copper equivalents for the Exploration Results were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.94145) + (Ag(g/t) x 0.00915) + (Zn(%) x 0.12919)

Exploration Results
Previously reported exploration results referred to in this announcement were first reported by the Company in accordance with ASX Listing Rule 5.7 in the ASX announcements cross-referenced in this announcement.

Production Targets
The production targets referred to in this announcement were first reported by the Company on 25 August 2026. Firefly confirms that all material assumptions underpinning the production target and forecast financial information continue to apply and have not materially changed.

Original Announcements
FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.

Mineral Resource Estimates and Exploration Results
Mineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code (2012 Edition) and NI 43-101.

Competent and Qualified Person Statements
The information in this announcement that relates to new Exploration Results is based on and fairly represents information compiled by Mr Darren Cooke, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Cooke is a full-time employee of, and holds securities in, the Company. Mr Cooke has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition). Mr Cooke has reviewed this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed this announcement and consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

FORWARD-LOOKING INFORMATION

This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs, estimated Mineral Resources, cost projections, plans, strategies and objectives, anticipated production or construction commencement dates, capital costs, production outputs, and anticipated or estimated financial results, including the Preliminary Economic Assessment results, production target, mine life, net present value, internal rate of return, payback period, cash costs, free cash flow and capital cost estimates. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.

Although the forward-looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.

The forward-looking statements and projections are inherently uncertain and involve known and unknown risks and uncertainties. Forward-looking statements, and anticipated future results, performance or achievements expressed or implied by such Forward-looking statements, may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.

APPENDIX A

Green Bay Copper-Gold Project Mineral Resources

Ming Deposit Mineral Resource Estimate

MING DEPOSIT	TONNES	COPPER		GOLD		SILVER		CuEq
	(Mt)	Grade	Metal	Grade	Metal	Grade	Metal	Grade
		(%)	(‘000 t)	(g/t)	(‘000 oz)	(g/t)	(‘000 oz)	(%)
Measured	3.5	1.5	52	0.2	20	1.3	147	1.67
Indicated	53.8	1.9	1,041	0.5	878	4.5	7,707	2.49
TOTAL M&I	57.3	1.9	1,093	0.5	899	4.3	7,853	2.44
Inferred	17.3	2.0	344	0.7	404	6.3	3,522	2.77

Little Deer Mineral Resource Estimate

LITTLE DEER	TONNES	COPPER		GOLD		SILVER		CuEq
	(Mt)	Grade	Metal	Grade	Metal	Grade	Metal	Grade
		(%)	(‘000 t)	(g/t)	(‘000 oz)	(g/t)	(‘000 oz)	(%)
Measured	–	–	–	–	–	–	–	–
Indicated	2.9	2.1	62	0.1	9	3.4	320	2.3
TOTAL M&I	2.9	2.1	62	0.1	9	3.4	320	2.3
Inferred	6.2	1.8	110	0.1	10	2.2	430	1.8

GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE

GREEN BAY	TONNES	COPPER		GOLD		SILVER		CuEq
TOTAL MRE	(Mt)	Grade	Metal	Grade	Metal	Grade	Metal	Grade
		(%)	(‘000 t)	(g/t)	(‘000 oz)	(g/t)	(‘000 oz)	(%)
Measured	3.5	1.5	52	0.2	20	1.3	147	1.67
Indicated	56.7	1.9	1,103	0.5	887	4.4	8,027	2.48
TOTAL M&I	60.2	1.9	1,155	0.5	908	4.2	8,173	2.43
Inferred	23.5	1.9	454	0.6	414	5.2	3,952	2.51

FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code (2012 Edition) and NI 43-101.
Mineral Resources have been reported at a 1.0% copper cut-off grade.
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made on the basis of historical production at the Ming Mine and additional metallurgical test work. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).
Totals may vary due to rounding.

APPENDIX B – Significant Intersection Table

Collar co-ordinates and orientation are listed in the UTM grid, NAD83 Zone 21. Significant intersections reported are those above a 0.5% copper cut-off or 0.5g/t gold and contain a maximum of 6 metres of internal waste. Please refer to the Compliance Statements for further details on parameters used in the copper equivalent calculation. All results are approximate true thickness.

Hole No.	Easting	Northing	Elevation	Azimuth	Dip	Drilled Length		From	To	Width	Assay				CuEq
Hole No.	Easting	Northing	Elevation	Azimuth	Dip	(m)		(m)	(m)	(m)	Cu %	Au g/t	Ag g/t	Zn %	%
FFR26-064	587303.5	5519669.9	90.1	216	-52	302		15.55	22.00	6.5	0.8	1.2	2.7	0.57	2.0
							inc.	15.55	20.00	4.5	1.1	1.4	3.6	0.75	2.6
								75.95	77.15	1.2	0.4	0.7	1.1	0.05	1.1
FFR26-065	587412.0	5519654.3	114.6	214	-51	294		Assays Pending
FFR26-067	587101.8	5520100.2	134.1	230	-47	143		Assays Pending
FFR26-069	587560.5	5520828.1	129.5	345	-67	189		Assays Pending
FFR26-071	587388.8	5519583.0	112.6	280	-45	295		109.00	131.50	22.5	1.9	0.6	1.8	0.38	2.5
							Inc.	112.00	121.00	9.0	2.9	1.0	3.1	0.35	3.9
								155.00	156.50	1.5	1.0	0.1	0.1	0.03	1.1
FFR26-074	587418.0	5519644.0	117.5	274	-52	221		Assays Pending
FFR26-076	587419.0	5519643.0	117.5	249	-52	480		Assays Pending

Visual Sulphide Estimate – Hole FFR26-076

Estimated sulphide from geological logging of diamond drill core.

Hole ID	From (m)	To (m)	Lithology	Total Sulphide %
FFR26_076	230.85	239.9	Pyrite-rich basalt	10
FFR26_076	239.9	242.45	Pyrite-rich basalt	10
FFR26_076	242.45	246.1	Massive sulphide	80
FFR26_076	246.1	254.9	Pyrite-rich basalt	10
FFR26_076	254.9	255.55	Massive sulphide	90
FFR26_076	255.55	274.85	Semi-massive sulphide	15
FFR26_076	274.85	275.3	Massive sulphide	100
FFR26_076	275.3	285.65	Pyrite-rich basalt	15

Cautionary statement on visual estimates: References in this announcement to visual estimates of sulphide mineralisation abundance should not be considered a proxy or substitute for laboratory analyses. Laboratory assays are required to determine the widths and grades of the visible mineralisation reported from preliminary geological logging. Visual estimates of mineral abundance also provide no information regarding impurities or deleterious physical properties relevant to valuations. While the Company makes every effort to identify mineralisation accurately, the identification of mineralisation by visual means is inherently uncertain, and there is a risk that the mineralisation identified may be incorrectly identified, including as to its type, extent or presence altogether. The Company expects to receive the laboratory analytical results of sampling in 4 weeks.

APPENDIX C – JORC CODE, 2012 EDITION

Table 1

Section 1 – Sampling Techniques and Data (Criteria in this section apply to all succeeding sections).

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Sampling is by diamond drilling (DD) completed by FireFly. A total of 7 drill holes for 1,923 m at depths from 143 to 480 m are reported. DD sample intervals are based on geological observations. All the core is sampled in 1m intervals with some smaller samples down to minimum core length of 0.3m to accommodate geological and mineralisation contacts. Half NQ diamond drill core was submitted for analysis. The following is a summary of the core sampling procedure: All sample collection, core logging, and specific gravity determinations were completed by FireFly under the supervision of a professionally qualified registered geologist. NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. QA/QC samples are inserted into the sample stream at prescribed intervals. The samples are then placed in rice bags for shipment to the offsite laboratory’s facility. The remaining half of the core is retained and incorporated into FireFly’s secure core library located on the property. FireFly drill analysis was completed at ISO-certified Eastern Analytical laboratories and AGAT Laboratories. The samples are dried, crushed, and pulverised. Samples are crushed to approximately 80% passing – 10 mesh and split using a riffle splitter to approximately 250 g. A ring mill is used to pulverize the sample split to 95% passing – 150 mesh. Sample pulps and rejects are picked up at Eastern by FireFly staff and returned directly to the Project site. Sample rejects are securely stored at the FireFly site. Sample pulps and rejects at AGAT are currently stored at the lab facility.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	FireFly diamond drilling exclusively NQ (47.8 mm diameter) size with core oriented by REFLEX ACT III core orientation tool.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	All care is taken to ensure the full recovery of the core, yet certain drilling conditions, such as broken ground, can impede 100% recovery. There is no known relationship between sample recovery and grade. FireFly core recovery averages >95%. FireFly does not believe that sample bias has occurred due to preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	The following steps are completed during the core logging procedure: Sample security and chain of custody start with the removal of core from the core tube and boxing of drill core at the drill site. The boxed core remains under the custody of the drill contractor until it is transported from the drill to the secure onsite core facility. Core boxes are opened and inspected to ensure correct boxing and labelling of the core by the drill contractor. The core is meter marked, cleaned and oriented with the orientation line drawn using the marks form REFLEX ACT III core orientation tool. The drill core is geologically logged, photographed, and then marked and tagged for sampling and splitting. Core logging describes variations in lithology, alteration, and mineralisation. Data associated with core logging and related assay results and other downhole information including orientation surveys are recorded in the AcQuire database system. Measured parameters include structural orientation with respect to core axis, lost core as a percentage of recovered length, and fracture density which are determined by the intensity and thickness of mineralisation at specific intervals. Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one meter but can be smaller depending on zone mineralogy and boundaries. Sample core that is not mineralised is marked in 1.0-meter lengths. Wing samples are marked at 0.5 meters and sampled at the extremities of mineralised intervals to ensure anomalous grades do not continue into the surrounding wall rock. 100% of the core is logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	FireFly drilling is NQ. For NQ diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist. Samples are dried at approximately 60°C, crushed and pulverized. Samples are crushed in a Rhino jaw crusher to approximately 75-80% -10mesh, and split using a riffle splitter to approximately 250g. The remainder of the sample is bagged, labelled and stored as coarse reject. A ring mill is used to pulverize the sample split to 95% passing – 150 mesh. Sample pulps are picked up at Eastern Analytical by FireFly staff and returned directly to the Project site. Sample pulps and rejects at AGAT are currently stored at the lab facility. For pre-FireFly samples, sample preparation, analytical procedures and QA/QC used on the property were assumed that sampling practices meet industry standards and display acceptable levels of accuracy and precision at the time. All core sampled in the prospective intervals when required wing samples are marked from 0.5 meters up to 5m and sampled at the extremities of mineralised intervals to ensure anomalous grades do not continue into the surrounding wall rock. No purpose lab audit has been completed. FireFly personnel have visited the Eastern Analytical and AGAT Laboratories facilities on several occasions and observed that lab practices and equipment overall cleanliness meet industry standards. Field duplicates were completed using ¼ core and inserted into the sample series at a rate of 2% of samples. Analysis results were acceptable considering the style of mineralisation being heterogeneous with stockwork stringers of chalcopyrite. Sample sizes are considered appropriate to the grain size of the material being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	All FireFly results reported in this announcement were analysed by Eastern Analytical in Springdale, NL and AGAT Laboratories in Thunder Bay, ON. 34 elements were determined by Inductively Coupled Plasma (ICP). A 200mg subsample is totally dissolved in four acids and analysed by ICP-OES. Ore grade elements, Cu, Zn, Pb, Fe and Ag are dissolved via 3 acid digestion and analysed by atomic adsorption (AA) at Eastern Analytical and by ICP-OES at AGAT. Gold assays were determined by fire assay with atomic adsorption finish. As part of the QA/QC program duplicate, blank and Certified Reference Material (CRM) samples are inserted alternately. Blanks are inserted one every 50 samples. CRMs are inserted every 20 samples. Field duplicates are taken approximately one every 40 samples. Blanks and CRMs are also randomly inserted in zones of suspected high grades. The minimum insertion rate for CRMs is 5%, which FireFly adheres to. In addition to the Company QAQC samples (described earlier) included within the batch the laboratory included its own CRMs (Certified Reference Materials), blanks and duplicates. Sample assay results continue to be evaluated through control charts, log sheets, sample logbook and signed assay certificates to determine the nature of any anomalies or failures and failures were re-assayed at the laboratory.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	FireFly routinely sends sample pulps for independent umpire lab check to SGS laboratory in Burnaby. Results correlate very well with Eastern Analytical and AGAT results. There are no purpose twinned holes in the dataset. FireFly logging data, assay certificates and other relevant information are stored in an AcQuire database and on a site server. FireFly has not adjusted assay data and is not aware of any adjustments made by other historic companies.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Drill collars were surveyed by the FireFly geology crew upon completion of the drill holes. The set-ups for the surface drill collars were marked by the FireFly geology crew, and the drilling contractor was expected to set up properly online. A FireFly geologist checked the drill set-up during the drilling program to ensure accuracy. Downhole surveys are completed using a Reflex Sprint IQ gyro multi-shot instrument to provide azimuth and dip reading down the hole. The Reflex Sprint IQ gyro instrument is calibrated at least once a year to ensure accuracy of results. Previous drilling has been set-out and picked up in both national and local grids using a combination of GPS and Survey instruments and are assumed to be to industry standards. Field rock sample locations were picked up using handheld GPS instruments with +/- 6m accuracy. Collar coordinates are recorded in UTM grid (NAD83 Zone 21). Topographic control is from Digital Elevation Contours (DEM) 2024 and site surveyed DGPS pickups, which is considered adequate.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Spacing for the exploration data reported in this announcement is variable. Some of the results are infill drilling, and intersections are typically less than 90m from another drill hole. Most of the drill holes are exploration holes testing geology or mineralization potential. The data spacing and distribution is considered sufficient to establish geological and/or grade continuity. The data can be incorporated into future Mineral Resource updates. Appropriate Mineral Resource classifications will be applied at that time. Core is sampled to geology contacts; sample compositing is not applied until the estimation stage.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Surface drill hole orientation for FireFly holes reported in this announcement was sub-perpendicular to the mineralisation. Mineralised intersections are approximate true width. Historically this has been variable in places where low angle drilling to the mineralisation has been completed in zones without suitable drilling platforms. No material sampling bias is considered to have been introduced by the relationship between the drilling orientation and the orientation of key mineralised structures.
Sample security	The measures taken to ensure sample security.	Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility on the Ming Mine site. Access to the core logging facility is limited to FireFly employees or designates.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Regular reviews of DD sampling techniques are completed by Senior Geologists and Resource Geologists and conclude that sampling techniques are satisfactory and industry standard. All recent FireFly sample data has been extensively QAQC reviewed internally and externally.

Section 2 – Reporting of Exploration Results (Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	The Tilt Cove Project area comprises 41 map-staked mineral licences registered to FireFly Metals Canada Ltd., Tilt Cove Ltd., and 1470199 B.C. Ltd., wholly owned subsidiaries of FireFly Metals Ltd. (013054M, 013055M, 014109M, 014111M, 019122M, 019158M, 020510M, 022576M, 022791M, 022796M, 024119M, 024535M, 025051M, 025291M, 025437M, 025558M, 025832M, 025838M, 025853M, 026202M, 026379M, 026404M, 026540M, 026680M, 026729M, 026730M, 026950M, 026992M, 027285M, 027398M, 031602M, 031816M, 032148M, 032906M, 034851M, 034854M, 035078M, 035079M, 035080M, 035081M, 037157M). Mineral licences 013054M, 014111M, and 037157M were covered by diamond drilling. All mineral lands are contiguous. One mining lease (140ML), registered to FireFly Metals Canada Limited, hosts the Nugget Pond Mill. All lands are in good standing with the Provincial Government, and FireFly is up to date with lease payments and required exploration expenditure.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Tilt Cove Project 1857: Tilt Cove massive sulphide discovery. 1864–1917: Continuous mining at Tilt Cove Mine. 1875–1886: Continuous mining at Betts Cove. 1931: Government mapping. 1946: 3,657.6 m of diamond drilling. 1948: Government mapping. 1951: Government mapping and 4,877 m of diamond drilling. 1954–1967: Rehabilitation of old workings and mining at Tilt Cove Mine. 1955: 2,056 m of diamond drilling. 1958: Government mapping. 1975: Airborne electromagnetic survey. 1980–1983: Geological mapping, soil and rock sampling, ground magnetic, VLF-EM and pulse-EM surveys, and 850 m of diamond drilling. 1983: Government compilation of the Baie Verte Peninsula and lake- and stream-sediment sampling. 1985–1989: Basal-till and geological mapping, trenching, rock, till and soil sampling, ground magnetometer, VLF-EM and IP surveys, and multiple drill programs comprising 5 holes, 6 holes, 1,500 m, 2,306 m, 21,769 m and 28 m of diamond drilling, plus 172.8 m of winkie holes. 1990–1994: Prospecting, rock and soil sampling, magnetic, VLF and IP surveys, resampling historic holes, 2,109 m of diamond drilling and 43.3 m of auger testing of the Tilt Cove stockpile. 1995–2001: Prospecting, geological mapping, trenching, rock, channel and soil sampling, ground magnetic, IP and transient-EM surveys, BHEM, and 13,050 m of diamond drilling. 1995–1996: High-sensitivity helicopter-borne EM and magnetic survey. 1996: Start of Nugget Pond Mine. 1996–2001: Continuous mining at Nugget Pond Mine. 2003–2005: Prospecting, data compilation, relogging historic core and 2,583 m of diamond drilling. 2006–2008: Prospecting, digital compilation, resampling historic core, ground IP, airborne VTEM and magnetics, and 4,378 m of diamond drilling. 2007: Government high-resolution airborne magnetics. 2011: A portion of the Tilt Cove Mine stockpile was processed. 2012: Prospecting and rock sampling. 2017–2019: Data compilation. 2018: Soil sampling. 2019: Prospecting, rock and soil sampling, and LiDAR imaging of the property.
Geology	Deposit type, geological setting and style of mineralisation.	Tilt Cove Project The Tilt Cove Project hosts orogenic gold and volcanogenic massive sulphide mineralisation within the Betts Cove Complex, a Cambrian to Early Ordovician ophiolite complex and volcanic sequence comprising the Betts Cove Ophiolite and its volcanic and sedimentary cover sequence, the Snooks Arm Group. The sequence is in thrust contact with Silurian felsic volcanic rocks of the Cape St. John Group to the north and is intruded on the northwest by the Silurian Cape Brule Porphyry and Ordovician Burlington Granodiorite. The Betts Cove Complex is geologically equivalent to rocks underlying Anaconda’s Point Rousse Project. Nugget Pond Mine produced 168,748 oz of gold at an average grade of approximately 9.85 g/t between 1997 and 2001. The deposit is hosted along the Nugget Pond Horizon, an iron formation with nearly 20 km of strike, and has similarities to other Canadian banded-iron-formation-hosted lode-gold deposits. Tilt Cove Mine was discovered in 1857 and produced 8,160,000 tonnes of ore grading 1.25% to 12% copper and 42,425 oz of gold between 1864 and 1917 and again between 1957 and 1967. Gold is typically associated with copper mineralisation, and several historic copper deposits require follow-up testing for gold potential. Betts Cove Mine was discovered in the early 1860s. Between 1875 and 1886, approximately 130,000 tons of handpicked ore grading about 10% copper and 2,450 tons of pyrite were mined. Surface-stockpile sampling returned values up to 9.99 g/t gold, 18.3% copper and 1.7% zinc. No gold was recovered from the ore body.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer to Appendix B in this announcement
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	All drill hole intersections are reported above a lower cut-off grade of 0.5% copper or 0.5g/t gold. A maximum of 6m of internal waste was allowed. For samples of varying lengths, a length-weighted average is applied for the reported intersection. The formula is (Sum(Cu grade % x sample length)/Total Interval Width). The weighted average of the intersection must exceed the cut-off grades stated above. Minimum sampling interval of 0.5m is enforced. Geological contacts are enforced in sampling and frequently provide boundaries for intersections due to grade associated with varying lithotypes. Maximum internal dilution of 6m below the cut-off grade is incorporated into the reported intersections, stopping smearing of narrow high grades over broad distances. Consideration is also given to potential minimum mining widths as part of the test for prospects of eventual economic extraction. An example of the calculation is from hole MUG24_060, from 191.7m: Sample 1: Length – 0.5m; Grade – 1.8% Cu Sample 2: Length – 0.75m; Grade – 0.08% Cu Sample 3 Length – 1.05m; Grade – 2.02% Cu Sample 4: Length – 1.05m; Grade – 2.42% Cu Sum of Lengths / Intersection width – 3.35m Intersection grade is: ((0.5×1.8) + (0.75×0.08) + (1.05×2.02) + (1.05×2.42))/3.35 = 1.68% The competent person would include the 0.75m @ 0.08% Cu in the intersection because in a mining scenario, it is unlikely that this internal dilution could be separated. Metal equivalents for the drilling at the Green Bay Project have been calculated at a copper price of US$11,000/t, gold price of US$3,600/oz, silver price of US$35/oz and zinc price of $2,700/t. Individual grades for the metals are set out in Appendix B of this announcement. The following metallurgical recovery factors have been applied to the calculation of metal equivalents: Copper: 95% Gold/Silver: 85% Zinc: 50% Recovery factors applied are based on historical processing of Ming ore at Nugget Pond and future processing plant configurations based on historical metallurgical test work. It is the Company’s view that all elements in the copper equivalent calculation have a reasonable potential to be recovered and sold. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.94145) + (Ag(g/t) x 0.00915) + (Zn(%) x 0.12919)
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	All intersections reported in the body of this announcement are down hole. The drill holes are drilled as close to orthogonal to the plane of the mineralized lodes as possible. However more information is needed to properly assess true thickness. All drill holes are drilled near perpendicular to the interpreted orientation of mineralization.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Maps and sections are included in the body of this announcement as deemed appropriate by the competent person. Plan view of drill holes reported in this announcement is presented following this table.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All significant assays (above a 0.5% copper or 0.5g/t gold cut-off and containing a maximum of 6m of internal waste) received from the current drill program have been reported in Appendix B.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Appropriate plans are included in the body of this announcement. Downhole Electromagnetics (DHEM) surveys were completed by Eastern Geophysics Ltd. and the results were modeled by Southern Geoscience Consultants. At Mt. Joy, a surface transmitter loop size of ~ 300 x 300 m was used. Airborne electromagnetic (VTEM) and magnetic surveys were completed by Geotech Ltd. See ASX announcement dated 24 July 2025 for further technical details on the VTEM surveys.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	FireFly will be conducting additional drill testing at Mt. Joy to determine the size and mineral potential of the area. Diagrams in the main body of this announcement show areas of possible mineralization.

Plan view of drilling in this announcement

Plan view of drilling in this announcement

¹ Metal equivalent for drilling results reported in this announcement have been calculated at a copper price of US$11,000/t, gold price of US$3,600/oz, silver price of US$35/oz and zinc price of US$2,700/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals (gold and silver) and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.94145) + (Ag(g/t) x 0.00915) + (Zn(%) x 0.12919). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.
² Pro-forma cash position comprises cash and liquid investments (unaudited) of ~A$183 million as at 31 July 2026, plus gross proceeds of ~A$180 million (before transaction costs) from the Equity Raising as announced on 25 August 2026 and ~A$5 million (before transaction costs) from the Share Purchase Plan as announced on 29 September 2026.
³ References in this announcement to visual estimates of sulphide mineralisation abundance should not be considered a proxy or substitute for laboratory analyses. Laboratory assays are required to determine the widths and grades of the visible mineralisation reported from preliminary geological logging. Visual estimates of mineral abundance also provide no information regarding impurities or deleterious physical properties relevant to valuations. While the Company makes every effort to identify mineralisation accurately, the identification of mineralisation by visual means is inherently uncertain, and there is a risk that the mineralisation identified may be incorrectly identified, including as to its type, extent or presence altogether. The Company expects to receive the laboratory analytical results of sampling in 4 weeks.
⁴ For further details on Tilt Cover refer to the Company’s ASX announcement dated 4 November 2024 titled ‘FireFly positions for major step-up in regional exploration with purchase of adjacent copper-gold project’
⁵ Pro-forma cash position comprises cash and liquid investments (unaudited) of ~A$183 million as at 31 July 2026, plus gross proceeds of ~A$180 million (before transaction costs) from the Equity Raising as announced on 25 August 2026 and ~A$5 million (before transaction costs) from the Share Purchase Plan as announced on 29 September 2026.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/700d134c-415b-4995-9f06-d463604c7607

https://www.globenewswire.com/NewsRoom/AttachmentNg/4f21dd19-397c-4b70-8bb4-e14ab17fdf9d

https://www.globenewswire.com/NewsRoom/AttachmentNg/2278cb5b-c5e3-4604-8645-383d6d551e25

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3884f0b-a28c-4c73-85da-83d53a4249b4

https://www.globenewswire.com/NewsRoom/AttachmentNg/155be247-7543-4a28-923a-71eb03394404

https://www.globenewswire.com/NewsRoom/AttachmentNg/6574e70d-8a5c-463e-b052-119e0eb94191

Posted in UncategorizedTagged GlobeNewswire

Holley Performance Brands and Amotiv Form Strategic Collaboration to Expand Brand Reach Across North America, Australia and New Zealand

Posted on October 26, 2026 by Ravi Shankar

Collaboration launches with Flowmaster Engineered by Ryco Performance Oil Filters, extending Holley’s iconic Flowmaster brand into a new product category

NASHVILLE, Tenn., Oct. 26, 2026 (GLOBE NEWSWIRE) — Holley Performance Brands (NYSE: HLLY), home to a portfolio of iconic automotive brands serving enthusiasts across the high-performance aftermarket, and Amotiv Limited (ASX: AOV), which owns a portfolio of companies specializing in the automotive aftermarket and accessories sector, today announced a strategic collaboration designed to expand the reach of each company’s brands across North America, Australia and New Zealand. The collaboration pairs Holley’s iconic enthusiast brands and established North American customer channels with Amotiv’s portfolio of automotive aftermarket brands and its product and technical capabilities.

The collaboration supports Holley’s strategy of extending its iconic brands into adjacent product categories and broadening the solutions available to its customers, while offering Amotiv broader access to the North American performance aftermarket. Over time, the companies expect the relationship to introduce complementary products in each other’s markets and to create opportunities for collaboration across selected operational and technical capabilities.

As a first step, the companies plan to introduce Flowmaster Engineered by Ryco Performance Oil Filters, a line of high-performance oil filters for North America using Ryco’s race-inspired, award-winning SynTec technology. The line is branded under Flowmaster, one of the most recognized names in performance, and engineered by Ryco, Amotiv’s filtration technology brand, which is market-leading in Australia. It marks Flowmaster’s entry into filtration, giving the brand a new reason to stay part of every enthusiast’s build.

Early development samples - Flowmaster Engineered by Ryco spin-on and cartridge oil filters

Early development samples – Flowmaster Engineered by Ryco spin-on and cartridge oil filters

“Over the past year, we’ve built a strong working relationship with Amotiv’s leadership team and developed real respect for the engineering depth and operational discipline across their business,” said Matthew Stevenson, President and Chief Executive Officer of Holley Performance Brands. “We share a commitment to the enthusiasts who rely on our brands, and we’re excited to build on that foundation as we grow together.”

Following the initial filter line, the companies are evaluating additional opportunities for 2027 and beyond, including expanding sales and distribution of Amotiv’s DBA brake and XClutch products through Holley’s North American channels; Amotiv-led sales and distribution of select Holley Performance Brands products in Australia and New Zealand; and collaboration across warehousing, distribution, technical resources, supply chain and sourcing. These opportunities remain subject to further evaluation and applicable approvals.

“Holley has built an exceptional team, infrastructure and operating platform in North America, and the time we’ve spent together has made clear how well our two businesses complement each other,” said Graeme Whickman, Managing Director and Chief Executive Officer of Amotiv Limited. “We look forward to working closely with the Holley team to unlock that potential and grow our brands.”

Holley and Amotiv expect to share further details on the collaboration at a joint press conference at the 2026 SEMA Show in Las Vegas on Tuesday, November 3 at 12:00pm at Holley’s booth in the Central Hall of the Las Vegas Convention Center.

For more Amotiv company news, click here.

For more Holley company news, click here.

Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other important factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to Holley’s ability to execute and successfully commercialize its planned initiatives with Amotiv, Holley’s ability to achieve the anticipated benefits expected from the collaboration with Amotiv, the ability for Holley and Amotiv to develop and introduce products on the anticipated timing and in targeted geographies, or at all,and the other risks and uncertainties set forth in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 16, 2026, and in any subsequent filings with the SEC.

About Holley Performance Brands
Holley Performance Brands (NYSE: HLLY) is home to a portfolio of iconic brands that serve enthusiasts across the high-performance aftermarket. The company designs, engineers, manufactures and markets category-leading products and solutions for automotive enthusiasts through a focused portfolio spanning four consumer vertical groupings: American Performance, Modern Truck & Off-Road, Euro & Import, and Safety & Racing. For more than a century, Holley has built its reputation through innovation, technical expertise and a deep understanding of enthusiast culture. For more information, visit holley.com.

About Amotiv Limited
Amotiv Limited (ASX: AOV) owns a portfolio of companies specializing in high-quality automotive products and solutions for the automotive aftermarket and accessories sector. With more than 50 trusted brands, more than 1,900 team members and more than 40 global locations, Amotiv operates through three strategic divisions: 4WD Accessories and Trailering; Lighting, Power and Electrical; and Powertrain and Undercar. From its early days more than 85 years ago manufacturing chemicals and filters, the company has expanded and diversified through strategic acquisitions and continuous innovation. For more information, visit amotiv.com.

Holley Media Relations Contact(s):
Nathan Espinosa, Michael Murray
Kahn Media
818-881-5246
Holley@KahnMedia.com

Holley Investor Relations Contact:
Sloan Bohlen, Jenna Kozlowski
Solebury Strategic Communications
203-428-3224
Holley@soleburystrat.com

Amotiv Contact:
Stuart Chandler, CEO – Powertrain & Undercar, Amotiv
Via: mbarnes@amotiv.com
+61 427 341 849

Amotiv Investor Relations Contact:
ir@amotiv.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63b49f1d-ee1a-4076-b056-f89de0238afd

Posted in UncategorizedTagged GlobeNewswire

Holley Performance Brands and Amotiv Form Strategic Collaboration to Expand Brand Reach Across North America, Australia and New Zealand

Posted on October 26, 2026 by Ravi Shankar

Collaboration launches with Flowmaster Engineered by Ryco Performance Oil Filters, extending Holley’s iconic Flowmaster brand into a new product category

Early development samples - Flowmaster Engineered by Ryco spin-on and cartridge oil filters

Early development samples – Flowmaster Engineered by Ryco spin-on and cartridge oil filters

For more Amotiv company news, click here.

For more Holley company news, click here.

Holley Media Relations Contact(s):
Nathan Espinosa, Michael Murray
Kahn Media
818-881-5246
Holley@KahnMedia.com

Holley Investor Relations Contact:
Sloan Bohlen, Jenna Kozlowski
Solebury Strategic Communications
203-428-3224
Holley@soleburystrat.com

Amotiv Contact:
Stuart Chandler, CEO – Powertrain & Undercar, Amotiv
Via: mbarnes@amotiv.com
+61 427 341 849

Amotiv Investor Relations Contact:
ir@amotiv.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63b49f1d-ee1a-4076-b056-f89de0238afd

Posted in UncategorizedTagged GlobeNewswire

BlackRock® Canada Announces Final October Cash Distributions for the iShares® Premium Money Market ETF

Posted on October 26, 2026 by Ravi Shankar

TORONTO, Oct. 26, 2026 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final October 2026 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on October 27, 2026 will receive cash distributions payable on October 30, 2026.

Details regarding the final “per unit” distribution amounts are as follows:

Fund Name	Fund Ticker	Cash Distribution Per Unit
iShares Premium Money Market ETF	CMR	$0.107

Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About iShares ETFs
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty-five years of experience, a global line-up of more than 1,800 exchange traded funds (ETFs) and $6.4 trillion in assets under management as of September 30, 2026, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

iShares^® ETFs are managed by BlackRock Canada.

Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com

Posted in UncategorizedTagged GlobeNewswire

BlackRock® Canada Announces Final October Cash Distributions for the iShares® Premium Money Market ETF

Posted on October 26, 2026 by Ravi Shankar

Details regarding the final “per unit” distribution amounts are as follows:

Fund Name	Fund Ticker	Cash Distribution Per Unit
iShares Premium Money Market ETF	CMR	$0.107

Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

iShares^® ETFs are managed by BlackRock Canada.

Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com

Posted in UncategorizedTagged GlobeNewswire

Five Star Bancorp Announces Third Quarter 2026 Results

Posted on October 26, 2026 by Ravi Shankar

RANCHO CORDOVA, Calif., Oct. 26, 2026 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $21.9 million for the three months ended September 30, 2026, as compared to $19.4 million for the three months ended June 30, 2026 and $16.3 million for the three months ended September 30, 2025.

Third Quarter Highlights

Performance and operating highlights for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	September 30, 2026			June 30, 2026			September 30, 2025
Return on average assets (“ROAA”)		1.55	%		1.49	%		1.44	%
Return on average equity (“ROAE”)		15.04	%		16.67	%		15.35	%
Pre-tax income	$	29,529		$	26,089		$	22,234
Pre-tax, pre-provision income⁽¹⁾	$	32,029		$	28,339		$	24,734
Net income	$	21,909		$	19,399		$	16,344
Basic earnings per common share	$	0.92		$	0.91		$	0.77
Diluted earnings per common share	$	0.92		$	0.91		$	0.77
Weighted average basic common shares outstanding		23,620,369			21,273,902			21,231,563
Weighted average diluted common shares outstanding		23,697,397			21,338,903			21,281,818
Shares outstanding at end of period		24,536,614			21,402,864			21,367,387

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“In the third quarter of 2026, Five Star raised approximately $130.0 million in net proceeds through an underwritten public offering of 3,133,750 shares of common stock, expanding our capacity for organic growth and strategic investment. We also strengthened our California presence with the opening of a new branch in Lodi, a new Calabasas administrative office, and four key hires in Palo Alto, bringing our high-tech, high-touch relationship-based banking experience to more clients.

The third quarter of 2026 delivered steadfast results: net income rose to $21.9 million from $19.4 million in the second quarter of 2026, and net interest income increased $4.8 million, or 11%, to $50.9 million compared to the same period. Net interest margin improved six basis points to 3.69%, the efficiency ratio improved to 39.13% from 40.91% in the second quarter of 2026, and basic earnings per share reached $0.92, up $0.01 from the second quarter of 2026 and $0.15 from the third quarter of 2025.

Total loans held for investment grew $184.5 million, or 4% (approximately 16% annualized), while non-wholesale deposits increased $75.1 million, or 2% (approximately 7% annualized) and wholesale deposits decreased $50.0 million, or 20% (approximately 80% annualized). We also declared a $0.25 per share cash dividend, $0.05 more than those declared in 2025, reinforcing our commitment to shareholder value.

Five Star Bank’s success reflects the strength of our team and the value of authentic, relationship-based service. Our technology, operating discipline, conservative underwriting, strong credit quality, and prudent portfolio management position us to create lasting value for customers, employees, communities, and shareholders. We thank our employees for keeping Five Star Bank a safe, trusted, and steadfast banking partner as we enter the fourth quarter of 2026.”

Financial highlights as of and during the three months ended September 30, 2026 included the following:

The Company completed an underwritten public offering of 3,133,750 shares of common stock during the three months ended September 30, 2026, with net proceeds of approximately $130.0 million after deducting underwriting discounts and commissions of approximately $7.3 million, and offering expenses of approximately $0.6 million. The transaction strengthened the Company’s capital base and positioned it for continued organic balance sheet growth, with a common equity Tier 1 capital ratio of 12.52% as of September 30, 2026, as compared to 9.97% as of June 30, 2026. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Basic earnings per share reached $0.92 for the three months ended September 30, 2026, an increase of $0.01 from the second quarter of 2026. Weighted average basic common shares outstanding for the three months ended September 30, 2026 increased by 2,346,467, or 11.03%, as compared to the second quarter of 2026 due to the underwritten public offering. As compared to the three months ended September 30, 2025, basic earnings per share increased $0.15, while weighted average basic common shares outstanding increased by 2,388,806, or 11.25%, as compared to the third quarter of 2025 due to the underwritten public offering.
Total deposits increased by $25.1 million, or 0.52%, during the three months ended September 30, 2026, with growth in non-wholesale deposits exceeding declines in wholesale deposits. The Company defines wholesale deposits as brokered deposits and California Time Deposit Program deposits. During the three months ended September 30, 2026, non-wholesale deposits increased by $75.1 million, or 1.65%, and wholesale deposits decreased by $50.0 million, or 20.00%.
The number of Business Development Officers increased from 45 at June 30, 2026 to 50 at September 30, 2026.
Cash and cash equivalents were $679.5 million, representing 14.08% of total deposits at September 30, 2026, as compared to 14.27% at June 30, 2026.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 39.13% for the three months ended September 30, 2026, as compared to 40.91% for the three months ended June 30, 2026 and 40.13% for the three months ended September 30, 2025.
Net interest margin for the three months ended September 30, 2026 expanded six basis points to 3.69% from 3.63% for the three months ended June 30, 2026, primarily reflecting growth in higher-yielding loans and an increase in the yield on interest-earning assets, partially offset by higher deposit funding costs. On a year-over-year basis, net interest margin expanded 13 basis points from 3.56% for the three months ended September 30, 2025 to 3.69% for the three months ended September 30, 2026, supported by balance sheet growth and lower deposit funding costs following three Federal Reserve rate cuts that began in September 2025, partially offset by lower yields on interest-earning assets. The effective federal funds rate declined 21 basis points, from 4.09% as of September 30, 2025 to 3.88% as of September 30, 2026.
Other comprehensive loss was $3.0 million during the three months ended September 30, 2026, as compared to other comprehensive income of $0.7 million for the three months ended June 30, 2026 and other comprehensive income of $2.1 million for the three months ended September 30, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of September 30, 2026, as compared to $9.4 million as of June 30, 2026 and $9.9 million as of September 30, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.04% and 1.52% of total interest-earning assets, respectively, as of September 30, 2026.
Loan and deposit growth as of the dates provided below was as follows:

(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Loans held for investment	$	4,704,215	$	4,519,681	$	184,534		4.08	%
Non-interest-bearing deposits		1,210,488		1,174,406		36,082		3.07	%
Interest-bearing deposits		3,614,040		3,624,977		(10,937	)	(0.30	)%

(in thousands)	September 30, 2026		September 30, 2025		$ Change			% Change
Loans held for investment	$	4,704,215	$	3,887,259	$	816,956		21.02	%
Non-interest-bearing deposits		1,210,488		1,059,082		151,406		14.30	%
Interest-bearing deposits		3,614,040		3,044,356		569,684		18.71	%

The ratio of nonperforming loans to loans held for investment at period end decreased from 0.30% at June 30, 2026 to 0.28% at September 30, 2026.
The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.25 per share during the three months ended September 30, 2026. The Company’s Board of Directors declared an additional cash dividend of $0.25 per share on October 15, 2026, which the Company expects to pay on November 9, 2026 to shareholders of record as of November 2, 2026.

Summary Results

Three months ended September 30, 2026, as compared to three months ended June 30, 2026

The Company’s net income was $21.9 million for the three months ended September 30, 2026, as compared to $19.4 million for the three months ended June 30, 2026. Net interest income increased by $4.8 million during the three months ended September 30, 2026, as compared to the three months ended June 30, 2026, primarily reflecting growth in higher-yielding loans and an increase in the yield on interest-earning assets, partially offset by higher deposit funding costs. The provision for credit losses increased by $0.3 million during the three months ended September 30, 2026, as compared to the three months ended June 30, 2026, reflecting loan growth and changes resulting from the annual Current Expected Credit Loss (“CECL”) model refresh. Non-interest income decreased by $0.2 million during the three months ended September 30, 2026, as compared to the three months ended June 30, 2026, primarily due to an overall decline in earnings related to investments in venture-backed funds and lower loan referral income, partially offset by a special FHLB stock dividend. Non-interest expense increased by $1.0 million during the three months ended September 30, 2026, as compared to the three months ended June 30, 2026, primarily due to higher salaries and employee benefits from increased headcount and increased recruiter fees, partially offset by decreases in employee-related expenses, advertising and promotional expenses, and operational losses.

Three months ended September 30, 2026, as compared to three months ended September 30, 2025

The Company’s net income was $21.9 million for the three months ended September 30, 2026, as compared to $16.3 million for the three months ended September 30, 2025. Net interest income increased by $11.6 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily reflecting balance sheet growth and lower deposit funding costs following three Federal Reserve rate cuts that began in September 2025, partially offset by lower yields on interest-earning assets. The provision for credit losses remained constant, reflecting loan growth and changes resulting from the annual CECL model refresh, offset by a decrease in the provision for unfunded commitments. Non-interest income decreased by $0.3 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, primarily reflecting lower fees from swap referrals and an overall decline in earnings related to investments in venture-backed funds. Non-interest expense increased by $4.0 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, driven primarily by higher salaries and employee benefits from increased headcount, along with growth in other operating expenses reflecting continued organizational expansion.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	September 30, 2026			June 30, 2026			$ Change			% Change
Selected operating data:
Net interest income	$	50,926		$	46,083		$	4,843		10.51	%
Provision for credit losses		2,500			2,250			250		11.11	%
Non-interest income		1,694			1,872			(178	)	(9.51	)%
Non-interest expense		20,591			19,616			975		4.97	%
Pre-tax income		29,529			26,089			3,440		13.19	%
Provision for income taxes		7,620			6,690			930		13.90	%
Net income	$	21,909		$	19,399		$	2,510		12.94	%
Earnings per common share:
Basic	$	0.92		$	0.91		$	0.01		1.10	%
Diluted	$	0.92		$	0.91		$	0.01		1.10	%
Performance and other financial ratios:
ROAA		1.55	%		1.49	%
ROAE		15.04	%		16.67	%
Net interest margin		3.69	%		3.63	%
Total cost of funds⁽¹⁾		2.25	%		2.23	%
Efficiency ratio		39.13	%		40.91	%

	Three months ended
(in thousands, except per share data)	September 30, 2026			September 30, 2025			$ Change			% Change
Selected operating data:
Net interest income	$	50,926		$	39,348		$	11,578		29.42	%
Provision for credit losses		2,500			2,500			—		—	%
Non-interest income		1,694			1,966			(272	)	(13.84	)%
Non-interest expense		20,591			16,580			4,011		24.19	%
Pre-tax income		29,529			22,234			7,295		32.81	%
Provision for income taxes		7,620			5,890			1,730		29.37	%
Net income	$	21,909		$	16,344		$	5,565		34.05	%
Earnings per common share:
Basic	$	0.92		$	0.77		$	0.15		19.48	%
Diluted	$	0.92		$	0.77		$	0.15		19.48	%
Performance and other financial ratios:
ROAA		1.55	%		1.44	%
ROAE		15.04	%		15.35	%
Net interest margin		3.69	%		3.56	%
Total cost of funds⁽¹⁾		2.25	%		2.51	%
Efficiency ratio		39.13	%		40.13	%

⁽¹⁾ Total cost of funds reflects the average cost of all funding sources, including both interest-bearing and non-interest-bearing deposits and borrowings.

Balance Sheet Summary

(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Selected financial condition data:
Total assets	$	5,559,618	$	5,377,062	$	182,556		3.40	%
Cash and cash equivalents		679,482		685,074		(5,592	)	(0.82	)%
Total loans held for investment		4,704,215		4,519,681		184,534		4.08	%
Total investments		84,158		92,719		(8,561	)	(9.23	)%
Total liabilities		4,942,407		4,903,291		39,116		0.80	%
Total deposits		4,824,528		4,799,383		25,145		0.52	%
Subordinated notes, net		74,150		74,114		36		0.05	%
Total shareholders’ equity		617,211		473,771		143,440		30.28	%

Insured and collateralized deposits were approximately $3.3 billion, representing 68.08% of total deposits as of September 30, 2026, as compared to 65.80% as of June 30, 2026. Net uninsured and uncollateralized deposits were approximately $1.5 billion as of September 30, 2026, decreasing from $1.6 billion at June 30, 2026.
Non-wholesale deposit balances constituted 95.85% of total deposits as of September 30, 2026, as compared to 94.79% as of June 30, 2026. Deposit relationships of greater than $5 million represented 62.44% of total deposits as of September 30, 2026, as compared to 63.88% as of June 30, 2026, and had an average age of approximately 7.45 years as of September 30, 2026, as compared to 7.39 years as of June 30, 2026.
Total deposits as of September 30, 2026 were $4.8 billion, an increase of $25.1 million, or 0.52%, from June 30, 2026, comprised of an increase in non-interest-bearing deposits, partially offset by a decrease in interest-bearing deposits.
Cash and cash equivalents as of September 30, 2026 were $679.5 million, representing 14.08% of total deposits at September 30, 2026, as compared to 14.27% as of June 30, 2026.
Total liquidity (consisting of cash and cash equivalents as well as unused and immediately available borrowing capacity as set forth below) was approximately $2.5 billion as of September 30, 2026, as compared to $2.3 billion at June 30, 2026.

	September 30, 2026
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,714,154	$	1,162,000	$	—	$	552,154
Federal Reserve Discount Window		1,110,142		—		—		1,110,142
Correspondent bank lines of credit		185,000		—		—		185,000
Cash and cash equivalents		—		—		—		679,482
Total	$	3,009,296	$	1,162,000	$	—	$	2,526,778

(in thousands)	September 30, 2026		December 31, 2025		$ Change			% Change
Selected financial condition data:
Total assets	$	5,559,618	$	4,754,861	$	804,757		16.92	%
Cash and cash equivalents		679,482		506,851		172,631		34.06	%
Total loans held for investment		4,704,215		4,074,929		629,286		15.44	%
Total investments		84,158		96,889		(12,731	)	(13.14	)%
Total liabilities		4,942,407		4,309,029		633,378		14.70	%
Total deposits		4,824,528		4,201,084		623,444		14.84	%
Subordinated notes, net		74,150		74,041		109		0.15	%
Total shareholders’ equity		617,211		445,832		171,379		38.44	%

The increase in total assets from December 31, 2025 to September 30, 2026 was primarily comprised of a $629.3 million increase in total loans held for investment and a $172.6 million increase in cash and cash equivalents. The $629.3 million increase in total loans held for investment between December 31, 2025 and September 30, 2026 was a result of $1.6 billion in loan originations and advances, partially offset by $304.5 million and $633.2 million in loan payoffs and paydowns, respectively. The $629.3 million increase in total loans held for investment included $230.7 million in purchased loans within the consumer section of the loan portfolio. The $172.6 million increase in cash and cash equivalents primarily resulted from $130.0 million in net proceeds from the underwritten public offering (after deducting underwriting discounts and commissions of approximately $7.3 million, and offering expenses of approximately $0.6 million), $59.9 million in net income, and $623.4 million in deposit growth, partially offset by $629.3 million in cash outflows to fund growth in total loans held for investment.

The increase in total liabilities from December 31, 2025 to September 30, 2026 was primarily due to an increase in deposits of $623.4 million. The increase in deposits was largely due to increases in money market, non-interest-bearing, and interest-bearing transaction deposits of $712.6 million, $126.0 million, and $71.5 million, respectively, partially offset by a $296.8 million decrease in time deposits, mainly attributable to a $265.0 million decline in wholesale deposits.

The increase in total shareholders’ equity from December 31, 2025 to September 30, 2026 was primarily a result of $130.0 million of additional common stock outstanding and $59.9 million recognized as net income during the period, partially offset by $16.8 million in cash dividends paid during the period and a $3.2 million increase in accumulated other comprehensive loss.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026			June 30, 2026			$ Change		% Change
Interest and fee income	$	79,174		$	72,327		$	6,847	9.47	%
Interest expense		28,248			26,244			2,004	7.64	%
Net interest income	$	50,926		$	46,083		$	4,843	10.51	%
Net interest margin		3.69	%		3.63	%

	Three months ended
(in thousands)	September 30, 2026			September 30, 2025			$ Change		% Change
Interest and fee income	$	79,174		$	64,845		$	14,329	22.10	%
Interest expense		28,248			25,497			2,751	10.79	%
Net interest income	$	50,926		$	39,348		$	11,578	29.42	%
Net interest margin		3.69	%		3.56	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	September 30, 2026						June 30, 2026						September 30, 2025
(in thousands)	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning deposits in banks	$	772,887	$	7,286	3.74	%	$	677,149	$	6,253	3.70	%	$	451,534	$	5,009	4.40	%
Investment securities		90,174		496	2.18	%		93,553		509	2.18	%		96,806		579	2.38	%
Loans held for investment and sale		4,612,608		71,392	6.14	%		4,328,304		65,565	6.08	%		3,831,851		59,257	6.14	%
Total interest-earning assets		5,475,669		79,174	5.74	%		5,099,006		72,327	5.69	%		4,380,191		64,845	5.87	%
Interest receivable and other assets, net		120,299						123,354						110,118
Total assets	$	5,595,968					$	5,222,360					$	4,490,309

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	433,005	$	1,782	1.63	%	$	389,136	$	1,297	1.34	%	$	300,642	$	1,194	1.58	%
Savings accounts		150,815		940	2.47	%		143,818		844	2.35	%		130,973		895	2.71	%
Money market accounts		2,829,499		21,729	3.05	%		2,556,482		19,318	3.03	%		1,874,089		15,348	3.25	%
Time accounts		282,857		2,636	3.70	%		396,923		3,623	3.66	%		639,434		6,899	4.28	%
Subordinated notes and other borrowings		74,127		1,161	6.22	%		74,091		1,162	6.29	%		73,981		1,161	6.23	%
Total interest-bearing liabilities		3,770,303		28,248	2.97	%		3,560,450		26,244	2.96	%		3,019,119		25,497	3.35	%
Demand accounts		1,212,088						1,163,991						1,016,560
Interest payable and other liabilities		35,691						31,140						32,210
Shareholders’ equity		577,886						466,779						422,420
Total liabilities & shareholders’ equity	$	5,595,968					$	5,222,360					$	4,490,309

Net interest spread					2.77	%					2.73	%					2.52	%
Net interest income/margin			$	50,926	3.69	%			$	46,083	3.63	%			$	39,348	3.56	%

Net interest income during the three months ended September 30, 2026 increased by $4.8 million, or 10.51%, to $50.9 million, as compared to $46.1 million during the three months ended June 30, 2026. Net interest margin totaled 3.69% for the three months ended September 30, 2026, an increase of six basis points compared to the prior quarter, primarily reflecting growth in higher-yielding loans and an increase in the yield on interest-earning assets, partially offset by higher deposit funding costs. The $4.8 million increase in net interest income is primarily attributable to a $376.7 million, or 7.39%, increase in average interest-earning assets. The average balance of loans increased $284.3 million, or 6.57%, and the average balance of interest-earning deposits in banks increased $95.7 million, or 14.14%. The average yield on interest-earning assets increased five basis points to 5.74%, including a six-basis-point increase in the average loan yield to 6.14%. The increase in interest income was partially offset by a $2.0 million increase in interest expense. The average balance of deposits increased $257.9 million, or 5.55%, combined with a three-basis-point increase in the average cost of deposits. The average balance of non-interest bearing deposits increased $48.1 million, or 4.13%, helping to partially offset the rise in deposit funding costs.

As compared to the three months ended September 30, 2025, net interest income during the three months ended September 30, 2026 increased by $11.6 million, or 29.42%, to $50.9 million from $39.3 million. Net interest margin totaled 3.69% for the three months ended September 30, 2026, an increase of 13 basis points compared to the same quarter of the prior year. The increase primarily reflected balance sheet growth and lower deposit funding costs following three Federal Reserve rate cuts that began in September 2025, partially offset by lower yields on interest-earning assets. The increase in net interest income is primarily attributable to a $14.3 million increase in interest income, mainly due to a $780.8 million, or 20.38%, increase in the average balance of loans and a $321.4 million, or 71.17%, increase in the average balance of interest-earning deposits in banks. The benefit from higher average earning assets was partially offset by a 13-basis-point decrease in the yield on interest-earning assets to 5.74%. The average loan yield remained stable at 6.14%, as the effect of lower rates on repricing loans was offset by loan growth and changes in portfolio mix. This increase in interest income was partially offset by a $2.8 million increase in interest expense, stemming from a $946.6 million, or 23.89%, increase in the average balance of deposits during the three months ended September 30, 2026, moderated by a 25-basis-point decrease in the average cost of deposits compared to the same quarter of the prior year, reflecting deposit repricing following the three Federal Reserve rate cuts that began in September 2025 and an improved funding mix. Further supporting the decreasing average cost of deposits, the average balance of non-interest-bearing deposits increased by $195.5 million, or 19.23%, and brokered deposits decreased from $216.4 million to zero compared to the same period of the prior year.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of the dates shown:

(in thousands)	September 30, 2026			June 30, 2026
Real estate:
Commercial	$	3,678,924		$	3,597,173
Commercial land and development		2,487			2,507
Commercial construction		122,561			124,053
Residential construction		25,569			21,809
Residential		41,530			41,874
Farmland		57,027			59,900
Commercial:
Secured		313,600			258,736
Unsecured		39,164			41,263
Consumer and other		425,531			374,614
Net deferred loan fees		(2,178	)		(2,248	)
Total loans held for investment	$	4,704,215		$	4,519,681

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of the dates shown:

(in thousands)	September 30, 2026		June 30, 2026
Interest-bearing transaction accounts	$	415,688	$	500,256
Savings accounts		149,296		147,435
Money market accounts		2,791,209		2,669,295
Time accounts		257,847		307,991
Total interest-bearing deposits	$	3,614,040	$	3,624,977

Asset Quality

Allowance for Credit Losses

At September 30, 2026, the Company’s allowance for credit losses was $49.4 million, as compared to $44.4 million at December 31, 2025. The $5.0 million increase in the allowance is due to a $7.3 million provision for credit losses (excluding a $0.2 million provision for unfunded commitments) recorded during the nine months ended September 30, 2026, partially offset by net charge-offs of $2.3 million, primarily attributable to commercial and industrial loans, during the same period.

A summary of the allowance for credit losses by loan class is as follows:

	September 30, 2026				December 31, 2025
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	28,540	57.79	%	$	25,219	56.77	%
Commercial land and development		92	0.19	%		56	0.13	%
Commercial construction		4,526	9.16	%		4,050	9.12	%
Residential construction		806	1.63	%		213	0.48	%
Residential		461	0.93	%		362	0.82	%
Farmland		432	0.87	%		467	1.05	%
		34,857	70.57	%		30,367	68.37	%
Commercial:
Secured		10,630	21.52	%		11,204	25.23	%
Unsecured		502	1.02	%		482	1.09	%
		11,132	22.54	%		11,686	26.32	%
Consumer and other		3,401	6.89	%		2,356	5.31	%
Total allowance for credit losses	$	49,390	100.00	%	$	44,409	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.05% at September 30, 2026, as compared to 1.09% at December 31, 2025.

Risk Grades

The Company’s nonperforming loans increased from $3.1 million to $13.3 million between December 31, 2025 and September 30, 2026, increasing the ratio of nonperforming loans to loans held for investment from 0.08% at December 31, 2025 to 0.28% at September 30, 2026. This increase was due to one Community Reinvestment Act-related credit that was originally downgraded during 2025 and placed on non-accrual status during the three months ended June 30, 2026. The balance of the loan was $11.4 million as of September 30, 2026, and it remains well secured by collateral with an appraised value that meaningfully exceeds its carrying amount. This was partially offset by improvements across the remainder of the nonperforming loan portfolio.

The following table presents the Company’s loan portfolio by risk grade as of the dates shown:

(in thousands)	September 30, 2026		December 31, 2025		$ Change			% of Loan Portfolio Outstanding as of September 30, 2026⁽¹⁾
Pass	$	4,490,670	$	3,915,263	$	575,407		95.41	%
Watch		147,152		101,895		45,257		3.13	%
Special Mention		48,500		37,530		10,970		1.03	%
Substandard		20,071		22,331		(2,260	)	0.43	%
Doubtful		—		—		—		—	%
Total loan portfolio outstanding⁽¹⁾	$	4,706,393	$	4,077,019	$	629,374		100.00	%

⁽¹⁾ Loan portfolio outstanding is total balance of loans outstanding at period end, before deferred loan fees and allowance for credit losses.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Service charges on deposit accounts	$	148	$	122	$	26		21.31	%
Loan-related fees		472		679		(207	)	(30.49	)%
FHLB stock dividends		424		191		233		121.99	%
Earnings on bank-owned life insurance		270		265		5		1.89	%
Other income		380		615		(235	)	(38.21	)%
Total non-interest income	$	1,694	$	1,872	$	(178	)	(9.51	)%

Loan-related fees. The decrease resulted primarily from a decrease of $0.1 million in loan referral income during the three months ended September 30, 2026, as compared to the three months ended June 30, 2026.

FHLB stock dividends. The increase related primarily to a $0.2 million special cash dividend from the FHLB during the three months ended September 30, 2026 that did not occur during the three months ended June 30, 2026.

Other income. The decrease related primarily to an overall decline in earnings related to investments in venture-backed funds during the three months ended September 30, 2026, as compared to the three months ended June 30, 2026.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		September 30, 2025		$ Change			% Change
Service charges on deposit accounts	$	148	$	185	$	(37	)	(20.00	)%
Loan-related fees		472		683		(211	)	(30.89	)%
FHLB stock dividends		424		329		95		28.88	%
Earnings on bank-owned life insurance		270		209		61		29.19	%
Other income		380		560		(180	)	(32.14	)%
Total non-interest income	$	1,694	$	1,966	$	(272	)	(13.84	)%

Loan-related fees. The decrease resulted primarily from a decrease of $0.1 million in fees from swap referrals during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, combined with $0.1 million in rate lock fees and good faith deposits that were forfeited during the three months ended September 30, 2025 and did not reoccur during the three months ended September 30, 2026.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Salaries and employee benefits	$	12,338	$	11,421	$	917		8.03	%
Occupancy and equipment		935		873		62		7.10	%
Data processing and software		1,742		1,709		33		1.93	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		670		585		85		14.53	%
Professional services		1,330		952		378		39.71	%
Advertising and promotional		798		959		(161	)	(16.79	)%
Loan-related expenses		319		304		15		4.93	%
Other operating expenses		2,459		2,813		(354	)	(12.58	)%
Total non-interest expense	$	20,591	$	19,616	$	975		4.97	%

Salaries and employee benefits. The increase related primarily to: (i) a $0.5 million increase in salaries, benefits, and bonus expense, mainly related to a 4.05% increase in headcount between June 30, 2026 and September 30, 2026; and (ii) a $0.5 million decrease in deferred loan origination costs due to lower loan originations period-over period. This increase was partially offset by a $0.1 million decrease in commissions primarily due to lower loan originations period-over-period.

Professional services. The increase related primarily to: (i) a $0.2 million increase in recruiter fees associated with strategic hiring initiatives; and (ii) a $0.1 million increase in legal fees period-over-period related to legal fees incurred in the ordinary course of business.

Advertising and promotional. The decrease related primarily to lower period-over-period expenses in support of the Bank’s business development activities, including a $0.1 million decrease related to donations, sponsorships, and advertising expenses and a $0.1 million decrease related to business development expenses.

Other operating expenses. The decrease related primarily to: (i) a $0.4 million decrease in employee-related expenses such as travel, conferences, and training; and (ii) a $0.1 million decrease in operational losses, partially offset by a $0.1 million increase in reciprocal deposit network fees resulting from an overall increase in balances carried in the network.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		September 30, 2025		$ Change			% Change
Salaries and employee benefits	$	12,338	$	9,716	$	2,622		26.99	%
Occupancy and equipment		935		700		235		33.57	%
Data processing and software		1,742		1,559		183		11.74	%
FDIC insurance		670		500		170		34.00	%
Professional services		1,330		932		398		42.70	%
Advertising and promotional		798		803		(5	)	(0.62	)%
Loan-related expenses		319		317		2		0.63	%
Other operating expenses		2,459		2,053		406		19.78	%
Total non-interest expense	$	20,591	$	16,580	$	4,011		24.19	%

Salaries and employee benefits. The increase related primarily to: (i) a $2.5 million increase in salaries, benefits, and bonus expense, mainly related to a 16.29% increase in headcount between September 30, 2025 and September 30, 2026; and (ii) a $0.5 million increase in commissions primarily due to higher loan originations period-over-period. This increase was partially offset by a $0.4 million increase in deferred loan origination costs due to higher loan originations period-over-period.

Occupancy and equipment. The increase was primarily driven by expenses associated with the Lodi branch office and the Calabasas non-depository office, both opened subsequent to the three months ended September 30, 2025. Additional increases stemmed from the Walnut Creek branch office and the Newport Beach non-depository office, which were only open for a portion of the three months ended September 30, 2025, as compared to the full three months ended September 30, 2026, and the San Francisco branch office, where an expansion project completed in the fourth quarter of 2025 resulted in elevated ongoing expenses.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; (iii) an increased number of licenses required for new users on our loan origination and documentation system; and (iv) the implementation of enhanced commercial real estate lending analytics and risk assessment software.

FDIC insurance. FDIC insurance expenses is calculated based on the FDIC assessment base, which generally reflects average consolidated total assets less average tangible equity. The increase in FDIC insurance expense was primarily due to a $960.4 million increase in the assessment base period-over-period.

Other operating expenses. The increase related primarily to: (i) a $0.1 million increase in bank charges; (ii) a $0.1 million increase in reciprocal deposit network fees resulting from an overall increase in balances carried in the network; (iii) a $0.1 million increase in armored car and courier services; and (iv) a $0.1 million increase in employee-related expenses such as travel. This increase was partially offset by a $0.1 million decrease in operational losses.

Provision for Income Taxes

Three months ended September 30, 2026, as compared to three months ended June 30, 2026

Provision for income taxes increased by $0.9 million, or 13.90%, for the three months ended September 30, 2026, as compared to the three months ended June 30, 2026, which was primarily due to an increase in taxable income. The effective tax rates were 25.81% and 25.64% for the three months ended September 30, 2026 and June 30, 2026, respectively.

Three months ended September 30, 2026, as compared to three months ended September 30, 2025

Provision for income taxes increased by $1.7 million, or 29.37%, for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025. This increase was primarily driven by an increase in taxable income, partially offset by a $0.2 million benefit recorded during the three months ended September 30, 2026 related to the purchase of transferable tax credits that did not occur during the three months ended September 30, 2025. The effective tax rates were 25.81% and 26.49% for the three months ended September 30, 2026 and September 30, 2025, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, October 27, 2026 at 1:00 PM ET (10:00 AM PT) to discuss its third quarter financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has ten branches in California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2026 and June 30, 2026, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	September 30, 2026			June 30, 2026			September 30, 2025
Revenue and Expense Data
Interest and fee income	$	79,174		$	72,327		$	64,845
Interest expense		28,248			26,244			25,497
Net interest income		50,926			46,083			39,348
Provision for credit losses		2,500			2,250			2,500
Net interest income after provision		48,426			43,833			36,848
Non-interest income:
Service charges on deposit accounts		148			122			185
Loan-related fees		472			679			683
FHLB stock dividends		424			191			329
Earnings on bank-owned life insurance		270			265			209
Other income		380			615			560
Total non-interest income		1,694			1,872			1,966
Non-interest expense:
Salaries and employee benefits		12,338			11,421			9,716
Occupancy and equipment		935			873			700
Data processing and software		1,742			1,709			1,559
FDIC insurance		670			585			500
Professional services		1,330			952			932
Advertising and promotional		798			959			803
Loan-related expenses		319			304			317
Other operating expenses		2,459			2,813			2,053
Total non-interest expense		20,591			19,616			16,580
Income before provision for income taxes		29,529			26,089			22,234
Provision for income taxes		7,620			6,690			5,890
Net income	$	21,909		$	19,399		$	16,344

Comprehensive Income
Net income	$	21,909		$	19,399		$	16,344
Net unrealized holding (loss) gain on securities available-for-sale during the period		(4,023	)		946			2,843
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(1,046	)		246			763
Other comprehensive (loss) income		(2,977	)		700			2,080
Total comprehensive income	$	18,932		$	20,099		$	18,424

Share and Per Share Data
Earnings per common share:
Basic	$	0.92		$	0.91		$	0.77
Diluted	$	0.92		$	0.91		$	0.77
Book value per share	$	25.15		$	22.14		$	20.19
Tangible book value per share⁽¹⁾	$	25.15		$	22.14		$	20.19
Weighted average basic common shares outstanding		23,620,369			21,273,902			21,231,563
Weighted average diluted common shares outstanding		23,697,397			21,338,903			21,281,818
Shares outstanding at end of period		24,536,614			21,402,864			21,367,387

Selected Financial Ratios
ROAA		1.55	%		1.49	%		1.44	%
ROAE		15.04	%		16.67	%		15.35	%
Net interest margin		3.69	%		3.63	%		3.56	%
Loan to deposit⁽²⁾		97.51	%		94.17	%		94.73	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.
⁽²⁾ Loan balance in loan to deposit ratio is total loans held for investment at period end. Deposit balance in loan to deposit ratio is total deposits at period end.

(in thousands)	September 30, 2026			June 30, 2026			September 30, 2025
Balance Sheet Data
Cash and due from financial institutions	$	46,297		$	45,966		$	44,147
Interest-bearing deposits in banks		633,185			639,108			536,300
Time deposits in banks		—			—			100
Securities – available-for-sale, at fair value		82,228			90,584			95,635
Securities – held-to-maturity, at amortized cost		1,930			2,135			2,190
Loans held for investment		4,704,215			4,519,681			3,887,259
Allowance for credit losses		(49,390	)		(47,335	)		(42,061	)
Loans held for investment, net of allowance for credit losses		4,654,825			4,472,346			3,845,198
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		10,661			10,138			9,751
Premises and equipment, net		2,687			2,333			1,656
Bank-owned life insurance		29,029			28,759			23,676
Interest receivable and other assets		83,776			70,693			68,117
Total assets	$	5,559,618		$	5,377,062		$	4,641,770

Non-interest-bearing deposits	$	1,210,488		$	1,174,406		$	1,059,082
Interest-bearing deposits		3,614,040			3,624,977			3,044,356
Total deposits		4,824,528			4,799,383			4,103,438
Subordinated notes, net		74,150			74,114			74,004
Operating lease liability		11,926			11,262			10,431
Interest payable and other liabilities		31,803			18,532			22,589
Total liabilities		4,942,407			4,903,291			4,210,462

Common stock		435,511			304,868			303,571
Retained earnings		194,092			178,318			137,615
Accumulated other comprehensive loss, net of taxes		(12,392	)		(9,415	)		(9,878	)
Total shareholders’ equity		617,211			473,771			431,308
Total liabilities and shareholders’ equity	$	5,559,618		$	5,377,062		$	4,641,770

Quarterly Average Balance Data
Average loans held for investment and sale	$	4,612,608		$	4,328,304		$	3,831,851
Average interest-earning assets		5,475,669			5,099,006			4,380,191
Average total assets		5,595,968			5,222,360			4,490,309
Average deposits		4,908,264			4,650,350			3,961,698
Average total equity		577,886			466,779			422,420

Credit Quality
Allowance for credit losses to nonperforming loans		371.49	%		354.57	%		1,975.62	%
Nonperforming loans to loans held for investment		0.28	%		0.30	%		0.05	%
Nonperforming assets to total assets		0.24	%		0.25	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.28	%		0.30	%		0.05	%
Capital Ratios
Total shareholders’ equity to total assets		11.10	%		8.81	%		9.29	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		11.10	%		8.81	%		9.29	%
Total capital (to risk-weighted assets)		15.00	%		12.50	%		13.59	%
Tier 1 capital (to risk-weighted assets)		12.52	%		9.97	%		10.77	%
Common equity Tier 1 capital (to risk-weighted assets)		12.52	%		9.97	%		10.77	%
Tier 1 leverage ratio		11.21	%		9.21	%		9.78	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. Management believes that tangible shareholders’ equity to tangible assets is a useful financial measure because it enables management, investors, and others to assess the Company’s financial health based on tangible capital. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company’s value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company’s ability to generate operating profit and capital.

The following reconciliation table provides a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
Pre-tax, pre-provision income
Pre-tax income	$	29,529	$	26,089	$	22,234
Add: provision for credit losses		2,500		2,250		2,500
Pre-tax, pre-provision income	$	32,029	$	28,339	$	24,734

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

Posted in UncategorizedTagged GlobeNewswire

Five Star Bancorp Announces Third Quarter 2026 Results

Posted on October 26, 2026 by Ravi Shankar

Third Quarter Highlights

Performance and operating highlights for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	September 30, 2026			June 30, 2026			September 30, 2025
Return on average assets (“ROAA”)		1.55	%		1.49	%		1.44	%
Return on average equity (“ROAE”)		15.04	%		16.67	%		15.35	%
Pre-tax income	$	29,529		$	26,089		$	22,234
Pre-tax, pre-provision income⁽¹⁾	$	32,029		$	28,339		$	24,734
Net income	$	21,909		$	19,399		$	16,344
Basic earnings per common share	$	0.92		$	0.91		$	0.77
Diluted earnings per common share	$	0.92		$	0.91		$	0.77
Weighted average basic common shares outstanding		23,620,369			21,273,902			21,231,563
Weighted average diluted common shares outstanding		23,697,397			21,338,903			21,281,818
Shares outstanding at end of period		24,536,614			21,402,864			21,367,387

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

Financial highlights as of and during the three months ended September 30, 2026 included the following:

The Company completed an underwritten public offering of 3,133,750 shares of common stock during the three months ended September 30, 2026, with net proceeds of approximately $130.0 million after deducting underwriting discounts and commissions of approximately $7.3 million, and offering expenses of approximately $0.6 million. The transaction strengthened the Company’s capital base and positioned it for continued organic balance sheet growth, with a common equity Tier 1 capital ratio of 12.52% as of September 30, 2026, as compared to 9.97% as of June 30, 2026. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Basic earnings per share reached $0.92 for the three months ended September 30, 2026, an increase of $0.01 from the second quarter of 2026. Weighted average basic common shares outstanding for the three months ended September 30, 2026 increased by 2,346,467, or 11.03%, as compared to the second quarter of 2026 due to the underwritten public offering. As compared to the three months ended September 30, 2025, basic earnings per share increased $0.15, while weighted average basic common shares outstanding increased by 2,388,806, or 11.25%, as compared to the third quarter of 2025 due to the underwritten public offering.
Total deposits increased by $25.1 million, or 0.52%, during the three months ended September 30, 2026, with growth in non-wholesale deposits exceeding declines in wholesale deposits. The Company defines wholesale deposits as brokered deposits and California Time Deposit Program deposits. During the three months ended September 30, 2026, non-wholesale deposits increased by $75.1 million, or 1.65%, and wholesale deposits decreased by $50.0 million, or 20.00%.
The number of Business Development Officers increased from 45 at June 30, 2026 to 50 at September 30, 2026.
Cash and cash equivalents were $679.5 million, representing 14.08% of total deposits at September 30, 2026, as compared to 14.27% at June 30, 2026.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 39.13% for the three months ended September 30, 2026, as compared to 40.91% for the three months ended June 30, 2026 and 40.13% for the three months ended September 30, 2025.
Net interest margin for the three months ended September 30, 2026 expanded six basis points to 3.69% from 3.63% for the three months ended June 30, 2026, primarily reflecting growth in higher-yielding loans and an increase in the yield on interest-earning assets, partially offset by higher deposit funding costs. On a year-over-year basis, net interest margin expanded 13 basis points from 3.56% for the three months ended September 30, 2025 to 3.69% for the three months ended September 30, 2026, supported by balance sheet growth and lower deposit funding costs following three Federal Reserve rate cuts that began in September 2025, partially offset by lower yields on interest-earning assets. The effective federal funds rate declined 21 basis points, from 4.09% as of September 30, 2025 to 3.88% as of September 30, 2026.
Other comprehensive loss was $3.0 million during the three months ended September 30, 2026, as compared to other comprehensive income of $0.7 million for the three months ended June 30, 2026 and other comprehensive income of $2.1 million for the three months ended September 30, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of September 30, 2026, as compared to $9.4 million as of June 30, 2026 and $9.9 million as of September 30, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.04% and 1.52% of total interest-earning assets, respectively, as of September 30, 2026.
Loan and deposit growth as of the dates provided below was as follows:

(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Loans held for investment	$	4,704,215	$	4,519,681	$	184,534		4.08	%
Non-interest-bearing deposits		1,210,488		1,174,406		36,082		3.07	%
Interest-bearing deposits		3,614,040		3,624,977		(10,937	)	(0.30	)%

(in thousands)	September 30, 2026		September 30, 2025		$ Change			% Change
Loans held for investment	$	4,704,215	$	3,887,259	$	816,956		21.02	%
Non-interest-bearing deposits		1,210,488		1,059,082		151,406		14.30	%
Interest-bearing deposits		3,614,040		3,044,356		569,684		18.71	%

The ratio of nonperforming loans to loans held for investment at period end decreased from 0.30% at June 30, 2026 to 0.28% at September 30, 2026.
The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.25 per share during the three months ended September 30, 2026. The Company’s Board of Directors declared an additional cash dividend of $0.25 per share on October 15, 2026, which the Company expects to pay on November 9, 2026 to shareholders of record as of November 2, 2026.

Summary Results

Three months ended September 30, 2026, as compared to three months ended June 30, 2026

Three months ended September 30, 2026, as compared to three months ended September 30, 2025

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	September 30, 2026			June 30, 2026			$ Change			% Change
Selected operating data:
Net interest income	$	50,926		$	46,083		$	4,843		10.51	%
Provision for credit losses		2,500			2,250			250		11.11	%
Non-interest income		1,694			1,872			(178	)	(9.51	)%
Non-interest expense		20,591			19,616			975		4.97	%
Pre-tax income		29,529			26,089			3,440		13.19	%
Provision for income taxes		7,620			6,690			930		13.90	%
Net income	$	21,909		$	19,399		$	2,510		12.94	%
Earnings per common share:
Basic	$	0.92		$	0.91		$	0.01		1.10	%
Diluted	$	0.92		$	0.91		$	0.01		1.10	%
Performance and other financial ratios:
ROAA		1.55	%		1.49	%
ROAE		15.04	%		16.67	%
Net interest margin		3.69	%		3.63	%
Total cost of funds⁽¹⁾		2.25	%		2.23	%
Efficiency ratio		39.13	%		40.91	%

	Three months ended
(in thousands, except per share data)	September 30, 2026			September 30, 2025			$ Change			% Change
Selected operating data:
Net interest income	$	50,926		$	39,348		$	11,578		29.42	%
Provision for credit losses		2,500			2,500			—		—	%
Non-interest income		1,694			1,966			(272	)	(13.84	)%
Non-interest expense		20,591			16,580			4,011		24.19	%
Pre-tax income		29,529			22,234			7,295		32.81	%
Provision for income taxes		7,620			5,890			1,730		29.37	%
Net income	$	21,909		$	16,344		$	5,565		34.05	%
Earnings per common share:
Basic	$	0.92		$	0.77		$	0.15		19.48	%
Diluted	$	0.92		$	0.77		$	0.15		19.48	%
Performance and other financial ratios:
ROAA		1.55	%		1.44	%
ROAE		15.04	%		15.35	%
Net interest margin		3.69	%		3.56	%
Total cost of funds⁽¹⁾		2.25	%		2.51	%
Efficiency ratio		39.13	%		40.13	%

⁽¹⁾ Total cost of funds reflects the average cost of all funding sources, including both interest-bearing and non-interest-bearing deposits and borrowings.

Balance Sheet Summary

(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Selected financial condition data:
Total assets	$	5,559,618	$	5,377,062	$	182,556		3.40	%
Cash and cash equivalents		679,482		685,074		(5,592	)	(0.82	)%
Total loans held for investment		4,704,215		4,519,681		184,534		4.08	%
Total investments		84,158		92,719		(8,561	)	(9.23	)%
Total liabilities		4,942,407		4,903,291		39,116		0.80	%
Total deposits		4,824,528		4,799,383		25,145		0.52	%
Subordinated notes, net		74,150		74,114		36		0.05	%
Total shareholders’ equity		617,211		473,771		143,440		30.28	%

Insured and collateralized deposits were approximately $3.3 billion, representing 68.08% of total deposits as of September 30, 2026, as compared to 65.80% as of June 30, 2026. Net uninsured and uncollateralized deposits were approximately $1.5 billion as of September 30, 2026, decreasing from $1.6 billion at June 30, 2026.
Non-wholesale deposit balances constituted 95.85% of total deposits as of September 30, 2026, as compared to 94.79% as of June 30, 2026. Deposit relationships of greater than $5 million represented 62.44% of total deposits as of September 30, 2026, as compared to 63.88% as of June 30, 2026, and had an average age of approximately 7.45 years as of September 30, 2026, as compared to 7.39 years as of June 30, 2026.
Total deposits as of September 30, 2026 were $4.8 billion, an increase of $25.1 million, or 0.52%, from June 30, 2026, comprised of an increase in non-interest-bearing deposits, partially offset by a decrease in interest-bearing deposits.
Cash and cash equivalents as of September 30, 2026 were $679.5 million, representing 14.08% of total deposits at September 30, 2026, as compared to 14.27% as of June 30, 2026.
Total liquidity (consisting of cash and cash equivalents as well as unused and immediately available borrowing capacity as set forth below) was approximately $2.5 billion as of September 30, 2026, as compared to $2.3 billion at June 30, 2026.

	September 30, 2026
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,714,154	$	1,162,000	$	—	$	552,154
Federal Reserve Discount Window		1,110,142		—		—		1,110,142
Correspondent bank lines of credit		185,000		—		—		185,000
Cash and cash equivalents		—		—		—		679,482
Total	$	3,009,296	$	1,162,000	$	—	$	2,526,778

(in thousands)	September 30, 2026		December 31, 2025		$ Change			% Change
Selected financial condition data:
Total assets	$	5,559,618	$	4,754,861	$	804,757		16.92	%
Cash and cash equivalents		679,482		506,851		172,631		34.06	%
Total loans held for investment		4,704,215		4,074,929		629,286		15.44	%
Total investments		84,158		96,889		(12,731	)	(13.14	)%
Total liabilities		4,942,407		4,309,029		633,378		14.70	%
Total deposits		4,824,528		4,201,084		623,444		14.84	%
Subordinated notes, net		74,150		74,041		109		0.15	%
Total shareholders’ equity		617,211		445,832		171,379		38.44	%

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026			June 30, 2026			$ Change		% Change
Interest and fee income	$	79,174		$	72,327		$	6,847	9.47	%
Interest expense		28,248			26,244			2,004	7.64	%
Net interest income	$	50,926		$	46,083		$	4,843	10.51	%
Net interest margin		3.69	%		3.63	%

	Three months ended
(in thousands)	September 30, 2026			September 30, 2025			$ Change		% Change
Interest and fee income	$	79,174		$	64,845		$	14,329	22.10	%
Interest expense		28,248			25,497			2,751	10.79	%
Net interest income	$	50,926		$	39,348		$	11,578	29.42	%
Net interest margin		3.69	%		3.56	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	September 30, 2026						June 30, 2026						September 30, 2025
(in thousands)	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning deposits in banks	$	772,887	$	7,286	3.74	%	$	677,149	$	6,253	3.70	%	$	451,534	$	5,009	4.40	%
Investment securities		90,174		496	2.18	%		93,553		509	2.18	%		96,806		579	2.38	%
Loans held for investment and sale		4,612,608		71,392	6.14	%		4,328,304		65,565	6.08	%		3,831,851		59,257	6.14	%
Total interest-earning assets		5,475,669		79,174	5.74	%		5,099,006		72,327	5.69	%		4,380,191		64,845	5.87	%
Interest receivable and other assets, net		120,299						123,354						110,118
Total assets	$	5,595,968					$	5,222,360					$	4,490,309

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	433,005	$	1,782	1.63	%	$	389,136	$	1,297	1.34	%	$	300,642	$	1,194	1.58	%
Savings accounts		150,815		940	2.47	%		143,818		844	2.35	%		130,973		895	2.71	%
Money market accounts		2,829,499		21,729	3.05	%		2,556,482		19,318	3.03	%		1,874,089		15,348	3.25	%
Time accounts		282,857		2,636	3.70	%		396,923		3,623	3.66	%		639,434		6,899	4.28	%
Subordinated notes and other borrowings		74,127		1,161	6.22	%		74,091		1,162	6.29	%		73,981		1,161	6.23	%
Total interest-bearing liabilities		3,770,303		28,248	2.97	%		3,560,450		26,244	2.96	%		3,019,119		25,497	3.35	%
Demand accounts		1,212,088						1,163,991						1,016,560
Interest payable and other liabilities		35,691						31,140						32,210
Shareholders’ equity		577,886						466,779						422,420
Total liabilities & shareholders’ equity	$	5,595,968					$	5,222,360					$	4,490,309

Net interest spread					2.77	%					2.73	%					2.52	%
Net interest income/margin			$	50,926	3.69	%			$	46,083	3.63	%			$	39,348	3.56	%

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of the dates shown:

(in thousands)	September 30, 2026			June 30, 2026
Real estate:
Commercial	$	3,678,924		$	3,597,173
Commercial land and development		2,487			2,507
Commercial construction		122,561			124,053
Residential construction		25,569			21,809
Residential		41,530			41,874
Farmland		57,027			59,900
Commercial:
Secured		313,600			258,736
Unsecured		39,164			41,263
Consumer and other		425,531			374,614
Net deferred loan fees		(2,178	)		(2,248	)
Total loans held for investment	$	4,704,215		$	4,519,681

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of the dates shown:

(in thousands)	September 30, 2026		June 30, 2026
Interest-bearing transaction accounts	$	415,688	$	500,256
Savings accounts		149,296		147,435
Money market accounts		2,791,209		2,669,295
Time accounts		257,847		307,991
Total interest-bearing deposits	$	3,614,040	$	3,624,977

Asset Quality

Allowance for Credit Losses

A summary of the allowance for credit losses by loan class is as follows:

	September 30, 2026				December 31, 2025
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	28,540	57.79	%	$	25,219	56.77	%
Commercial land and development		92	0.19	%		56	0.13	%
Commercial construction		4,526	9.16	%		4,050	9.12	%
Residential construction		806	1.63	%		213	0.48	%
Residential		461	0.93	%		362	0.82	%
Farmland		432	0.87	%		467	1.05	%
		34,857	70.57	%		30,367	68.37	%
Commercial:
Secured		10,630	21.52	%		11,204	25.23	%
Unsecured		502	1.02	%		482	1.09	%
		11,132	22.54	%		11,686	26.32	%
Consumer and other		3,401	6.89	%		2,356	5.31	%
Total allowance for credit losses	$	49,390	100.00	%	$	44,409	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.05% at September 30, 2026, as compared to 1.09% at December 31, 2025.

Risk Grades

The following table presents the Company’s loan portfolio by risk grade as of the dates shown:

(in thousands)	September 30, 2026		December 31, 2025		$ Change			% of Loan Portfolio Outstanding as of September 30, 2026⁽¹⁾
Pass	$	4,490,670	$	3,915,263	$	575,407		95.41	%
Watch		147,152		101,895		45,257		3.13	%
Special Mention		48,500		37,530		10,970		1.03	%
Substandard		20,071		22,331		(2,260	)	0.43	%
Doubtful		—		—		—		—	%
Total loan portfolio outstanding⁽¹⁾	$	4,706,393	$	4,077,019	$	629,374		100.00	%

⁽¹⁾ Loan portfolio outstanding is total balance of loans outstanding at period end, before deferred loan fees and allowance for credit losses.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Service charges on deposit accounts	$	148	$	122	$	26		21.31	%
Loan-related fees		472		679		(207	)	(30.49	)%
FHLB stock dividends		424		191		233		121.99	%
Earnings on bank-owned life insurance		270		265		5		1.89	%
Other income		380		615		(235	)	(38.21	)%
Total non-interest income	$	1,694	$	1,872	$	(178	)	(9.51	)%

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		September 30, 2025		$ Change			% Change
Service charges on deposit accounts	$	148	$	185	$	(37	)	(20.00	)%
Loan-related fees		472		683		(211	)	(30.89	)%
FHLB stock dividends		424		329		95		28.88	%
Earnings on bank-owned life insurance		270		209		61		29.19	%
Other income		380		560		(180	)	(32.14	)%
Total non-interest income	$	1,694	$	1,966	$	(272	)	(13.84	)%

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		June 30, 2026		$ Change			% Change
Salaries and employee benefits	$	12,338	$	11,421	$	917		8.03	%
Occupancy and equipment		935		873		62		7.10	%
Data processing and software		1,742		1,709		33		1.93	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		670		585		85		14.53	%
Professional services		1,330		952		378		39.71	%
Advertising and promotional		798		959		(161	)	(16.79	)%
Loan-related expenses		319		304		15		4.93	%
Other operating expenses		2,459		2,813		(354	)	(12.58	)%
Total non-interest expense	$	20,591	$	19,616	$	975		4.97	%

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	September 30, 2026		September 30, 2025		$ Change			% Change
Salaries and employee benefits	$	12,338	$	9,716	$	2,622		26.99	%
Occupancy and equipment		935		700		235		33.57	%
Data processing and software		1,742		1,559		183		11.74	%
FDIC insurance		670		500		170		34.00	%
Professional services		1,330		932		398		42.70	%
Advertising and promotional		798		803		(5	)	(0.62	)%
Loan-related expenses		319		317		2		0.63	%
Other operating expenses		2,459		2,053		406		19.78	%
Total non-interest expense	$	20,591	$	16,580	$	4,011		24.19	%

Provision for Income Taxes

Three months ended September 30, 2026, as compared to three months ended June 30, 2026

Three months ended September 30, 2026, as compared to three months ended September 30, 2025

Webcast Details

About Five Star Bancorp

Forward-Looking Statements

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	September 30, 2026			June 30, 2026			September 30, 2025
Revenue and Expense Data
Interest and fee income	$	79,174		$	72,327		$	64,845
Interest expense		28,248			26,244			25,497
Net interest income		50,926			46,083			39,348
Provision for credit losses		2,500			2,250			2,500
Net interest income after provision		48,426			43,833			36,848
Non-interest income:
Service charges on deposit accounts		148			122			185
Loan-related fees		472			679			683
FHLB stock dividends		424			191			329
Earnings on bank-owned life insurance		270			265			209
Other income		380			615			560
Total non-interest income		1,694			1,872			1,966
Non-interest expense:
Salaries and employee benefits		12,338			11,421			9,716
Occupancy and equipment		935			873			700
Data processing and software		1,742			1,709			1,559
FDIC insurance		670			585			500
Professional services		1,330			952			932
Advertising and promotional		798			959			803
Loan-related expenses		319			304			317
Other operating expenses		2,459			2,813			2,053
Total non-interest expense		20,591			19,616			16,580
Income before provision for income taxes		29,529			26,089			22,234
Provision for income taxes		7,620			6,690			5,890
Net income	$	21,909		$	19,399		$	16,344

Comprehensive Income
Net income	$	21,909		$	19,399		$	16,344
Net unrealized holding (loss) gain on securities available-for-sale during the period		(4,023	)		946			2,843
Less: Income tax (benefit) expense related to other comprehensive (loss) income		(1,046	)		246			763
Other comprehensive (loss) income		(2,977	)		700			2,080
Total comprehensive income	$	18,932		$	20,099		$	18,424

Share and Per Share Data
Earnings per common share:
Basic	$	0.92		$	0.91		$	0.77
Diluted	$	0.92		$	0.91		$	0.77
Book value per share	$	25.15		$	22.14		$	20.19
Tangible book value per share⁽¹⁾	$	25.15		$	22.14		$	20.19
Weighted average basic common shares outstanding		23,620,369			21,273,902			21,231,563
Weighted average diluted common shares outstanding		23,697,397			21,338,903			21,281,818
Shares outstanding at end of period		24,536,614			21,402,864			21,367,387

Selected Financial Ratios
ROAA		1.55	%		1.49	%		1.44	%
ROAE		15.04	%		16.67	%		15.35	%
Net interest margin		3.69	%		3.63	%		3.56	%
Loan to deposit⁽²⁾		97.51	%		94.17	%		94.73	%

(in thousands)	September 30, 2026			June 30, 2026			September 30, 2025
Balance Sheet Data
Cash and due from financial institutions	$	46,297		$	45,966		$	44,147
Interest-bearing deposits in banks		633,185			639,108			536,300
Time deposits in banks		—			—			100
Securities – available-for-sale, at fair value		82,228			90,584			95,635
Securities – held-to-maturity, at amortized cost		1,930			2,135			2,190
Loans held for investment		4,704,215			4,519,681			3,887,259
Allowance for credit losses		(49,390	)		(47,335	)		(42,061	)
Loans held for investment, net of allowance for credit losses		4,654,825			4,472,346			3,845,198
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		10,661			10,138			9,751
Premises and equipment, net		2,687			2,333			1,656
Bank-owned life insurance		29,029			28,759			23,676
Interest receivable and other assets		83,776			70,693			68,117
Total assets	$	5,559,618		$	5,377,062		$	4,641,770

Non-interest-bearing deposits	$	1,210,488		$	1,174,406		$	1,059,082
Interest-bearing deposits		3,614,040			3,624,977			3,044,356
Total deposits		4,824,528			4,799,383			4,103,438
Subordinated notes, net		74,150			74,114			74,004
Operating lease liability		11,926			11,262			10,431
Interest payable and other liabilities		31,803			18,532			22,589
Total liabilities		4,942,407			4,903,291			4,210,462

Common stock		435,511			304,868			303,571
Retained earnings		194,092			178,318			137,615
Accumulated other comprehensive loss, net of taxes		(12,392	)		(9,415	)		(9,878	)
Total shareholders’ equity		617,211			473,771			431,308
Total liabilities and shareholders’ equity	$	5,559,618		$	5,377,062		$	4,641,770

Quarterly Average Balance Data
Average loans held for investment and sale	$	4,612,608		$	4,328,304		$	3,831,851
Average interest-earning assets		5,475,669			5,099,006			4,380,191
Average total assets		5,595,968			5,222,360			4,490,309
Average deposits		4,908,264			4,650,350			3,961,698
Average total equity		577,886			466,779			422,420

Credit Quality
Allowance for credit losses to nonperforming loans		371.49	%		354.57	%		1,975.62	%
Nonperforming loans to loans held for investment		0.28	%		0.30	%		0.05	%
Nonperforming assets to total assets		0.24	%		0.25	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.28	%		0.30	%		0.05	%
Capital Ratios
Total shareholders’ equity to total assets		11.10	%		8.81	%		9.29	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		11.10	%		8.81	%		9.29	%
Total capital (to risk-weighted assets)		15.00	%		12.50	%		13.59	%
Tier 1 capital (to risk-weighted assets)		12.52	%		9.97	%		10.77	%
Common equity Tier 1 capital (to risk-weighted assets)		12.52	%		9.97	%		10.77	%
Tier 1 leverage ratio		11.21	%		9.21	%		9.78	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The following reconciliation table provides a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	September 30, 2026		June 30, 2026		September 30, 2025
Pre-tax, pre-provision income
Pre-tax income	$	29,529	$	26,089	$	22,234
Add: provision for credit losses		2,500		2,250		2,500
Pre-tax, pre-provision income	$	32,029	$	28,339	$	24,734

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

Posted in UncategorizedTagged GlobeNewswire

Prairie Provident Resources Announces Creditor-Led Proceedings under Companies’ Creditors Arrangement Act

Posted on October 26, 2026 by Ravi Shankar

CALGARY, Alberta, Oct. 26, 2026 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (the “Company”) (TSX: PPR) announces that its senior secured lenders, The Prudential Insurance Company of America and Prudential Legacy Insurance Company of New Jersey (collectively, “Prudential”), have served on the Company an application to the Court of King’s Bench of Alberta (the “Court”) for an initial order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) initiating creditor-led proceedings in respect of the Company and its wholly-owned subsidiary, Prairie Provident Resources Canada Ltd. (together with the Company, “Prairie Provident”). Prudential’s application is scheduled to be heard by the Court on October 27, 2026 at 10:00 a.m. (Calgary time).

If granted, the Initial Order will, among other things, appoint Alvarez & Marsal Canada Inc. as monitor of Prairie Provident (in such capacity, the “Monitor”), with enhanced powers that include broad authority to manage and operate Prairie Provident’s business, control Prairie Provident’s bank accounts and cash management, conduct a sales and investment solicitation process in respect of Prairie Provident’s business and property, and exercise any rights that Prairie Provident may have. The Initial Order would provide for a stay of any proceedings against Prairie Provident or affecting its business or property until November 6, 2026 or such later date as the Court may order.

The Company is not opposing the application and anticipates that the Initial Order will be granted, upon which the directors and officers of the Company will concurrently resign. Day-to-day operations are expected to continue in the ordinary course during the CCAA proceedings under the Monitor’s direction, and current employees and consultants of Prairie Provident will remain employees and consultants upon the granting of the Initial Order.

As a result of the creditor proceedings against the Company, trading of the Company’s common shares on the Toronto Stock Exchange (“TSX”) is expected to be halted before market open on October 27, 2026. If the Initial Order is granted, the Company anticipates that the trading halt will remain in effect pending delisting of the common shares by TSX.

As previously-announced, the Company was in breach of certain financial covenants as at June 30, 2026 under the agreements governing its first lien loan with Prudential and outstanding second lien notes held by certain of Prudential’s affiliates. No waivers or similar accommodations in respect of those breaches were granted, and Prudential has had a continuing right to demand immediate repayment of all amounts owed. The Company has in the weeks following remained engaged with Prudential, as well as the holders of the outstanding second lien notes and preferred shares of Prairie Provident and significant majority of the Company’s common shares, to discuss alternatives.

These discussions formed part of a broad review of strategic alternatives undertaken by the directors and management of the Company over the past several months with a view to the best interests of the Company and its various stakeholders, during which the Company has actively explored prospective transaction opportunities to address its capital structure generally – including a consensual out-of-court restructuring of the Company’s indebtedness.

Ultimately, the Company and Prudential were unable to reach agreement on a transaction or out-of-court restructuring, and Prudential determined to commence CCAA proceedings.

If the Initial Order is granted, a copy thereof together with Prudential’s application materials are expected to be made available on the proposed Monitor’s website.

The form of Initial Order sought authorizes Prairie Provident, or the Monitor on its behalf, to not incur any additional costs in relation to further filings under applicable Canadian securities laws and TSX rules, including continuous disclosure filings. The Company anticipates that the Monitor, if appointed, will exercise this authority, such that no further financial or other reporting will be made by the Company outside of what may be required pursuant to the CCAA proceedings. In particular, if the Initial Order is granted then the Company will likely not file or otherwise release its interim financial statements and MD&A for the period ended September 30, 2026.

Forward-Looking Statements

This news release contains certain statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, this news release contains forward-looking statements pertaining to, without limitation, the following: the timing of the hearing of Prudential’s application; whether the Court will grant the Initial Order and the terms thereof; the anticipated powers of the Monitor; the conduct and outcome of any sale and investment solicitation process; delisting of the Company’s common shares from TSX; and future filings under applicable securities laws and TSX rules.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on the risks and uncertainties facing the Company is contained in the Company’s annual information form and other continuous disclosure documents filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

For further information:

Prairie Provident Resources Inc.
(403) 292-8000
investor@ppr.ca

Posted in UncategorizedTagged GlobeNewswire

Elevra Lithium Quarterly Activities Report

Posted on October 26, 2026 by Ravi Shankar

BRISBANE, Australia, Oct. 27, 2026 (GLOBE NEWSWIRE) — Elevra Lithium (“Company”) (ASX: ELV; NASDAQ: ELVR) delivered record ore mined and processed at North American Lithium, second highest production on record, increased sales volumes, higher realised pricing and reduced unit cost of sales.

North American Lithium

Safety performance at North American Lithium (NAL) was impacted by a number of musculoskeletal injuries that affected the total recordable injury frequency rate (TRIFR). NAL is responding by strengthening safety coaching, leadership visibility and critical risk controls.
Ore mined increased by 25% quarter on quarter (QoQ) with a record 466,499 wet metric tonnes (wmt) mined. Total material mined increased by 12% QoQ as the operation moved into areas with thicker veins which reduced waste stripping and mining.
Process plant utilisation remained high at 91% in the September 2026 quarter, consistent QoQ despite a major planned shutdown, demonstrating the operation’s ability to maintain strong plant performance through a major shutdown period.
Mill throughput reached a new quarterly record and lithium recoveries averaged 70% for the September 2026 quarter, in line with the previous quarter.
Spodumene concentrate production increased by 1% QoQ to 54,907 dry metric tonnes (dmt) at an average grade of 5.1%, with high mill utilisation, throughput and lithium recovery generating the second-best quarterly production performance on record.
Spodumene sales were 58,134 dmt at an average realised selling price¹ (FOB) of US$1,276/dmt (US$1,524/dmt SC6), resulting in revenue of US$74 million. Unit operating costs per tonne sold (FOB) were US$780/dmt, a 14% decrease compared to US$907 in the prior quarter delivering an operating cash margin of US$476/dmt sold.
Capital expenditure of US$9 million for the September 2026 quarter was related to various planned NAL sustaining capital projects and the NAL Expansion.

Growth Projects

NAL Expansion

The NAL Expansion project moved into execution during the September 2026 quarter, with detailed engineering, long-lead item procurement, installation activities and demolition of NAL’s legacy carbonate plant underway.

Moblan

Fieldwork continued to document baseline environmental conditions to support associated permitting activities.
Scoping study was commenced to evaluate plant sizing and project staging scenarios, built on the 2024 Moblan Definitive Feasibility Study.

Carolina Lithium

Elevra continued to advance permitting for the integrated Carolina Lithium Project, with a draft air permit issued for public comment by the North Carolina Division of Air Quality.

Western Australia

Consistent with Elevra’s focus on capital management and developing its North American project portfolio, the Company completed the sale of its rights in tenement E45/2364 (Tabba Tabba) and announced a proposal to expand the Morella Lithium Joint Venture.

Corporate

Shareholders approved all five resolutions at the Company’s Extraordinary General Meeting on 16 July 2026, including the issuance of the Upfront Tranche of convertible notes to Canada Growth Fund (CGF)². Following receipt of shareholder approval, Elevra subsequently issued US$46 million (C$65 million) of convertible notes to CGF³.
Elevra executed a binding supply agreement with Mangrove Lithium for spodumene concentrate produced at NAL. Pricing is market-based with a floor price of US$1,000/t (SC6). The agreement is subject to satisfaction of certain conditions, including Mangrove securing financing and taking a Final Investment Decision for a conversion facility proposed to be developed in Eastern Canada⁴.
Subsequent to the end of the period, Elevra executed a binding spodumene concentrate supply agreement with LG Energy Solution for 240,000 dmt on 8 October 2026⁵.
On 16 October 2026, Elevra announced that its Board will reduce from 8 to 6 Directors following the conclusion of the 2026 Annual General Meeting (AGM), with Non-Executive Directors Allan Buckler and Jorge Beristain to resign at the close of the meeting⁶.
On 26 October 2026, Elevra completed the sale of its interests in the Ewoyaa Project to Zhejiang Huayou Cobalt Co., Ltd. (Huayou) for approximately US$71 million in cash, further concentrating the portfolio in North America⁷.
Cash at the end of the September 2026 quarter was US$319 million, an increase of US$63 million from June 2026 reflecting the receipt of proceeds from the issuance of convertible notes and cash generated from operations. Net cash was US$240 million (June 2026: US$200 million), inclusive of the convertible note facility balance of US$46 million (June 2026: Nil) and prepayment facility balance of US$33 million (June 2026: US$55 million). This balance does not include the Ewoyaa sale proceeds.

Management Commentary

The September 2026 quarter was a strong start to FY27 with record mining and processing volumes at NAL, a significant uplift in sales volumes and revenues, and continued progress in executing the NAL Expansion.

At NAL, the team delivered record ore mined of 466,499 wmt and the mill processed 364,987 dmt, the first quarter in NAL’s history processing more than 360,000 dmt of ore. Mill utilisation remained above 90% despite a major planned concentrator shutdown. Concentrate production of 54,907 dmt was the second-highest quarter on record.

Concentrate sales of 58,134 dmt at an average realised selling price of US$1,276/dmt (FOB) (US$1,524/dmt SC6) generated revenue of US$74 million, a 137% increase on the prior quarter. The average realised selling price of US$1,276/dmt (FOB) was estimated with reference to spot price indices at 30 September 2026 as the final pricing for these shipments will settle in the December Quarter. Unit operating costs decreased 14% to US$780/dmt sold, reflecting higher sales volumes and demonstrating NAL’s ability to reduce unit costs with consistent production.

While operational performance was strong, safety performance did not meet our expectations with six recordable injuries during the September quarter. No common causal factor was identified and in response, NAL is reinforcing the fundamentals of effective safety management through increased coaching, visible leadership in the field and consistent application of critical risk controls.

Project development work accelerated at NAL, with the Expansion moving from planning into execution during the September 2026 quarter. Environmental studies and permitting work advanced at Moblan and Carolina Lithium, with the latter receiving a draft air permit from the North Carolina Division of Air Quality. We also commenced the Scoping Study for Moblan to complete our evaluation of optimal plant sizing and development staging.

Lithium prices were volatile during the September 2026 quarter, which is normal for an immature market growing at a rapid pace. Prices rallied through August, then eased through September into October as the market weighed visible demand growth and market tightness against speculation of future battery production curtailments. While price swings have been meaningful, we view this as an ordinary fluctuation of a developing market and not a fundamental change in the demand outlook.

Taking a step back, pricing ended the September 2026 quarter at strong levels relative to recent history. Demand has proven resilient despite the negative headlines. Electric vehicle sales continue to grow globally, with increasing battery sizes and the electrification of heavy-duty fleets offsetting moderating unit sales growth, and energy storage systems providing a secondary, fast-growing source of demand.

We remain confident in the outlook for lithium and Elevra is in a strong financial position with US$319 million of cash at 30 September 2026 and the additional cash (US$71 million) subsequently received from the sale of our Ewoyaa interest. With the NAL expansion project fully funded, we are well positioned to continue to operate safely and execute our near-term growth initiatives at NAL.

Mr Lucas Dow
Managing Director and CEO

Operational Financial Performance

	Unit	Q1 FY27	Q4 FY26	QoQ Variance	FY27	FY26	YoY Variance
North American Lithium⁸
Ore mined	wmt	466,499	372,938	25%	466,499	338,341	38%
Ore processed	dmt	364,987	358,806	2%	364,987	341,780	7%
Recovery	%	70	71	(1%)	70	69	1%
Concentrate produced	dmt	54,907	54,479	1%	54,907	52,003	6%
Concentrate grade produced	%	5.1	5.0	0.1%	5.1	5.2	(0.1%)
Concentrate sold	dmt	58,134	33,977	71%	58,134	25,975	124%
Average realised selling price (FOB)⁹	US$/dmt	1,276	921	39%	1,276	784	63%
Revenue	US$M	74	31	137%	74	20	264%
Unit operating cost per tonne sold (FOB)¹⁰	US$/dmt	780	907	(14%)	780	818	(5%)
Group
Cash balance	US$M	319	255	25%	319	98	225%
USD : CAD	$	1.40	1.38	1%	1.40	1.38	2%
USD : AUD	$	1.42	1.41	0%	1.42	1.53	(7%)

Health and Safety

Health and safety performance during the September 2026 quarter was impacted by a number of musculoskeletal injuries which contributed to an increase in recordable injuries. Total hours worked increased by 20% during Q1 FY27, primarily reflecting the growing level of activity associated with the NAL Expansion and reinforcing the importance of consistent safety standards and effective risk controls across all work groups.

In response, NAL is strengthening the fundamentals of safety management through increased coaching, visible field leadership, consistent application of critical risk controls and renewed emphasis on the tools available to workers and supervisors. These initiatives are focused on embedding consistent safety practices to maintain a culture of risk awareness, accountability, and operational excellence.

ESG and Community Engagement

Environmental studies associated with future stages of the NAL Expansion and development at Moblan progressed as planned.

Elevra continued to strengthen its relationships with local communities, stakeholders and government representatives across its operating and development hubs. These activities reflect Elevra’s continued focus on responsible environmental management, transparent communication and constructive relationships with the communities in which it operates and is developing projects.

North American Lithium

Mining

Ore mined of 466,499 wmt was 25% higher than the previous quarter.

Mining activity during the September 2026 quarter continued to focus on executing the planned mine development sequence to optimise ore availability, stockpiles and feed quality ahead of the winter season and NAL expansion plans while aligning with processing plant requirements. Mining progressed into areas hosting thicker veins, including the Marvelous zone, which established a new quarterly record for ore mined and ore uncovered (494,467 wmt, +40% QoQ). This contributed to an increase in waste mined, which increased by 11% compared to the June 2026 quarter, but a decrease in the strip ratio.

The feed grade of ore delivered to the ROM stockpile averaged 1.08% Li₂O for the September 2026 quarter, an improvement from 1.06% Li₂O in the previous quarter.

Production

Production increased to 54,907 dmt of spodumene concentrate at an average grade of 5.1% for the September 2026 quarter.

The mill processed 364,987 tonnes of ore during the September 2026 quarter, up 2% QoQ, marking a second consecutive quarterly record supported by strong operation of the crushing circuit and increased throughput.

Mill utilisation was 91%, the third consecutive quarter above 90%, despite a major planned shutdown which reduced availability in the second half of the quarter. Crushing plant performance continued to aid operational stability with 388,158 wmt crushed during the period.

The average feed grade increased to 1.10% Li₂O in the September 2026 quarter from 1.07% Li₂O in the June 2026 quarter. Good ore sorting performance at the ROM pad and in the crushing circuit assisted in maintaining Li₂O recovery at 70% for the quarter.

Sales

NAL revenue was US$74 million for the September 2026 quarter, reflecting an increase in tonnes sold and average realised pricing.

Revenue increased by 137% QoQ as a result of a 71% increase in spodumene concentrate tonnes sold and a 39% increase in the average realised selling price per tonne (FOB). Total spodumene concentrate tonnes sold during the September 2026 quarter was 58,134 dmt, with two cargoes sold during the quarter.

The average realised selling price (FOB) for the September 2026 quarter was US$1,276/dmt (US$1,524/dmt SC6). The average realised selling price was estimated with reference to spot price indices at 30 September 2026. The final pricing for these shipments will settle in the December Quarter and may be higher or lower than the estimated realised price.

The 39% QoQ increase in realised pricing reflects Elevra’s commercial strategy to link sales to market-based spodumene concentrate prices. Elevra’s future committed sales volumes will be priced on prevailing spodumene prices at the time of sale or post arrival at the port of discharge, depending upon the contract terms. This is expected to more accurately align realised prices with market prices.

Lithium prices were volatile during the September 2026 quarter, rallying in August before easing in September and into October as the market weighed concerns over the pace of future demand growth and changes in reported levels of lithium inventories in China. Despite this, the market for spodumene concentrate remained tight with consecutive record monthly Chinese spodumene imports in August and September 2026, rising electric vehicle penetration rates, and the continued growth of ESS battery production and shipments.

A total of 37,173 dmt of spodumene concentrate finished goods was stockpiled at NAL, in transit or at the port as at 30 September 2026.

Costs

Unit operating costs per tonne sold (FOB) decreased 14% quarter on quarter to US$780/dmt sold reflecting the increase in shipment volumes and strong operating performance

NAL production costs declined 2%, while the 25% increase in ore mined and sustained concentrate production of 55kt, up 1% QoQ, provided volume leverage across the operation, supporting lower inventory unit costs.

Total ore mining and waste stripping costs increased by 12% QoQ, consistent with the 12% increase in total material moved, this was offset by a 14% QoQ reduction in ore processing costs driven by improved crusher performance, plant reliability, maintenance and operational efficiencies.

Foreign exchange also contributed favourably, with a stronger US dollar relative to the Canadian dollar reducing reported costs by approximately US$9/dmt sold.

Growth Projects

NAL Brownfield Expansion

In September 2026, Elevra published a Pre-Feasibility Study (PFS) for the NAL Brownfield Expansion¹¹. The PFS outlined a pathway to increasing annual production and confirmed the strong economics of the staged expansion outlined in the May 2026 Scoping Study¹².

The PFS supports an increase in annual spodumene concentrate production from approximately 199 thousand tonnes per annum (ktpa) to 373ktpa following the expansion, 10% above the May 2026 Scoping Study – with the uplift driven by better mill feed grades largely due to the inclusion of benefits from ore sorting. The PFS also demonstrates the unit cost benefits of the expansion, with life-of-mine average C1 operating costs reducing to US$630/t (C$851/t) post-expansion, a 16% reduction compared to the no expansion case. The production target is underpinned by NAL’s Ore Reserves of 47.2 Mt at 1.12% Li₂O, supporting a 20-year mine life under the expansion.

The expansion will be delivered in three stages. Stage 1 lifts throughput to the permitted 4,500 tonnes per day (tpd) milling throughput rate for a 15-20% increase in annual spodumene production capacity. Stage 2 expands milling, flotation and filtration capacity to expand milling throughput to 6,500 tpd. Stage 3 adds a new permanent crushing circuit and enhanced ore sorting capacity aligned with the increased throughput to deliver the full cost and production benefits.

Development activities progressed during the September 2026 quarter as the project moved from study into execution following the late-June groundbreaking¹³. Detailed engineering continued and procurement packages for long-lead items were issued, while demolition of NAL’s legacy carbonate plant began as did equipment installation.

The NAL Brownfield Expansion remains on schedule, on budget and fully funded through the Strategic Financing Package announced in May 2026¹⁴.

Moblan

At the Moblan Project, an updated Scoping Study evaluating optimal plant sizing and project development staging advanced following the award of engineering packages.

Environmental fieldwork continued during the September 2026 quarter, documenting the hydrological environment and groundwater to inform future development options and permitting requirements.

Permitting remains the critical path for development and Elevra’s immediate priorities are centred on advancing baseline environmental studies and associated permitting activities.

We have commenced a Scoping Study, building on the 2024 Definitive Feasibility Study, to incorporate the project’s expanded resource base and evaluate optimal plant sizing and staged development options. The Scoping Study is expected to be completed in the second quarter of FY27.

Carolina Lithium

During the September 2026 quarter, Elevra continued to advance permitting and stakeholder engagement activities for the Carolina Lithium Project. The final draft air permit from the North Carolina Division of Air Quality was issued for public comment and a public hearing was held in October 2026. Additionally, an open invitation was extended to the community to attend a public meeting at our Cherryville office. The open meeting was held to provide the community with a project update and allow the opportunity to ask questions.

Western Australia

In August 2026¹⁵, Elevra completed the sale of its pegmatite rights over exploration license E45/2364 (Tabba Tabba) to Wildcat Resources Limited (Wildcat). Total consideration for the sale was A$16 million, comprising A$5 million in cash on completion, A$8 million in Wildcat shares and A$3 million in deferred cash payable six months after Wildcat announces a completed feasibility study for the project. Elevra maintained exposure to the E45/2364 tenement through a contingent royalty payment of A$0.70 per tonne for each tonne of JORC Mineral Resource that Wildcat announces within the tenement.

The Wildcat shares obtained from the sale of Tabba Tabba were subsequently sold for a realised value of A$9.13 million.

Tenure and access matters affecting the Morella-Elevra JV’s Tabba Tabba East (E45/4703) and Strelley (E45/5288) tenements remain subject to ongoing Warden’s Court proceedings concerning Wildcat’s miscellaneous licence applications L45/912 and L45/848 respectively. The JV supports practical coexistence arrangements that accommodate regional development and protect its existing rights.

Also, in August 2026¹⁶, Elevra and Morella Corporation Limited (Morella) announced an indicative, non-binding term sheet to expand the Morella Lithium Joint Venture, in which Elevra holds a 49% interest. Under the proposal, Elevra would contribute four additional Western Australian exploration projects to the joint venture and Morella can earn a 51% interest in the projects by funding A$300,000 of exploration expenditure within two years of signing a definitive agreement. The proposal remains subject to execution of definitive transaction documents and receipt of any required approvals.

These transactions are part of regular portfolio evaluation and optimisation as Elevra simplifies its corporate structure and reduces the cost of maintaining a standalone exploration capability, allowing the Company to focus capital and management attention on developing its North American portfolio of projects.

Corporate

Extraordinary General Meeting

On 16 July 2026, Elevra held an Extraordinary General Meeting where shareholders approved all five resolutions presented¹⁷. This included approval of the issuance of the Upfront Tranche of convertible notes to Canada Growth Fund. Following shareholder approval, Elevra issued the Upfront Tranche of US$46 million (C$65 million) to CGF¹⁸. The convertible notes have a five-year maturity, bear interest at CORRA plus 225 basis points, and are convertible into Elevra ordinary shares at A$17.17 per share.

A further US$56 million (C$80 million) Conditional Tranche remains subject to Elevra’s election to draw on the notes, shareholder approval, and other customary conditions.

Binding Offtake Agreement with Mangrove Lithium

In August 2026, Elevra executed a binding spodumene concentrate supply agreement with Mangrove Lithium¹⁹. Under the agreement, NAL will supply Mangrove’s downstream conversion facility with up to 144 ktpa of spodumene concentrate on a take-or-pay basis. The initial term of the agreement is seven years, and pricing is linked to market-based spodumene concentrate prices with a floor price of US$1,000/t. The agreement is subject to conditions precedent, including Mangrove securing project financing and taking a Final Investment Decision (FID) by 31 December 2028.

Binding Offtake Agreement with LG Energy Solution

Subsequent to the end of the September 2026 quarter, in October 2026, Elevra executed a binding spodumene concentrate supply agreement with LG Energy Solution²⁰. The agreement covers 240,000 dmt of spodumene concentrate from NAL over a three-year term and the first shipment is expected in CY2026. Pricing is linked to spodumene concentrate market pricing adjusted for lithium content. The agreement provides Elevra with a committed customer for a meaningful portion of NAL’s production and supports the Company’s strategy of building a diversified portfolio of high-quality customers as production increases and the NAL Expansion progresses. The agreement is consistent with Elevra’s strategy of further improving customer offtake terms to deliver greater commercial certainty and better financial outcomes.

2026 AGM and Board Transition

On 16 October 2026, Elevra released its Notice of Meeting for the 2026 AGM²¹, to be held on 19 November 2026, and announced a planned Board transition under which the Board will reduce from 8 to 6 Directors following the conclusion of the meeting²². The Nomination and Remuneration Committee has reviewed the Board’s composition to ensure it retains a majority of independent Directors. Non-Executive Directors Allan Buckler and Jorge Beristain will resign at the close of the meeting, and the Board thanks them for their contributions to the Company.

Sale of Ewoyaa Project Interest

Also in October 2026, Elevra completed the sale of its interests in the Ewoyaa Project, including its associated offtake rights, to Huayou for approximately US$71 million in cash (before fees and taxes)²³. The divestment supports Elevra’s strategy of simplifying its corporate and operational structure, reducing complexity associated with Ewoyaa’s joint venture and offtake arrangements, and eliminating future capital commitments to the project while increasing the Company’s focus on advancing its North American lithium portfolio.

Cash

Cash and cash equivalents increased by US$63 million to end the September 2026 quarter with a resulting balance of US$319 million (net cash US$240 million)²⁴.

NAL generated profit from operations of US$29 million for the September 2026 quarter primarily due to higher sales volumes, higher realised prices and lower unit operating costs compared to the June 2026 quarter. Overall, NAL reported a net operating cash inflow of US$34 million as a result of profit generated from operations and favourable net working capital movements. The net movement in working capital was driven predominantly by lower trade receivables with higher sales volumes and timing of receipts (US$32 million), partially offset by repayment of the prepayment facility (US$22 million).

Capital expenditure in the September 2026 quarter was US$9 million relating to various planned NAL sustaining capital projects and advancing the NAL Expansion which remains on schedule and in line with budgeted expenditure.

The balance of the prepayment facility, which relates to advance payments based on the value of certain committed future sales of spodumene concentrate, was US$33 million at the end of the September 2026 quarter (June 2026: US$55 million).

The Group reported a net cash inflow of US$39 million for the September 2026 quarter with receipt of proceeds from the issuance of convertible notes (US$46 million) and receipt of proceeds from the sale of Tabba Tabba and the subsequent sale of shares in Wildcat Resources (US$10 million), partially offset by payments relating to the settlement of hedge contracts which were accrued at 30 June 2026 (US$7 million), corporate expenditure (US$5 million), and the payment of other accrued liabilities at 30 June 2026 (US$5 million).

Capital Structure

At 30 September 2026, the Company had the following capital structure:

194,016,029 ordinary fully paid shares;
8,000,000 unquoted options expiring on 31 December 2028 (EX $4.80);
56,678 unquoted options expiring on 12 May 2029 (EX $18.30);
2,459,812 unquoted performance rights (expiring various dates).
65,000,000 convertible notes

Announcement authorised for release by the Board of Directors of Elevra Lithium Limited.

For more information, please contact:
Andrew Barber
Chief Development and Investor Relations Officer
Email: ir@elevra.com
Phone: +61 7 3369 7058

Information

The following information applies to this report:

All references to dollars and cents are United States currency, unless otherwise stated.
Numbers presented may not add up precisely to the totals provided due to rounding.

The following abbreviations may have been used throughout this report: cost, insurance and freight (CIF); dry metric tonne (dmt); earnings before interest and tax (EBIT); earnings before interest, tax, depreciation and amortisation (EBITDA); free on board (FOB); life of mine (LOM); lithium carbonate (Li₂CO₃); lithium hydroxide (LiOH); lithium oxide (Li₂O); net present value (NPV); run of mine (ROM); thousand tonnes (kt); tonnes (t); and wet metric tonne (wmt).

Forward-Looking Statements

This report may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Elevra Lithium Limited’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled.

Elevra Lithium Limited undertakes no obligation to update any forward-looking statement or other statement to reflect events or circumstances after the date of this report (subject to securities exchange disclosure requirements).

The information in this report does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this report constitutes investment, legal, tax or other advice.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

About Elevra Lithium

Elevra Lithium Limited (ASX: ELV; NASDAQ: ELVR) is North America’s largest hard-rock lithium producer with a diversified portfolio of high-quality assets across Québec (Canada) and the United States.

Our flagship operation, the North American Lithium (NAL) mine in Québec, Canada has successfully ramped up production of spodumene concentrate, supported by ongoing operational enhancements to increase recovery rates, throughput, and mill utilisation. Following a Mineral Resource upgrade, Elevra completed a Pre-Feasibility Study for a brownfield expansion to increase NAL’s annual spodumene concentrate production and reduce unit operating costs.

Complementing NAL, the Moblan Lithium Project in central Québec represents one of the largest undeveloped spodumene resources in North America, with a Mineral Resource of 121 Mt @ 1.19% Li₂O. Development activities are progressing with feasibility studies targeting a large-scale, long-life operation capable of supplying both domestic and international markets.

Meanwhile, in the United States, our Carolina Lithium Project offers a strategic foothold in a market that is highly reliant upon imports of lithium products.

Looking ahead, Elevra is focused on strategic downstream partnerships to enable further value-added lithium production, positioning the Company to deliver a secure, sustainable supply of critical minerals to global customers. Together, these assets establish Elevra as a growth-focused supplier supporting the global energy transition.

For more information, please visit us at www.elevra.com.

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¹ The average realised selling price of US$1,276/dmt (FOB) was estimated with reference to spot price indices at 30 September 2026. The final pricing for these shipments will settle in the December Quarter and may be higher or lower than the estimated realised price.
² ASX release 16 July 2026 “Results of 2026 Extraordinary General Meeting”.
³ ASX release 3 August 2026 “Issuance of Upfront Tranche of Convertible Notes”.
⁴ ASX release 21 August 2026 “Binding Agreement concluded with Mangrove Lithium.”
⁵ ASX release 8 October 2026 “Spodumene Supply Agreement signed with LG Energy Solution”.
⁶ ASX release 16 October 2026 “Planned Board Transition Announced”.
⁷ ASX release 26 October 2026 “Sale of Ewoyaa Interest Completed”.
⁸ Numbers presented may not add up precisely to the totals provided due to rounding.
⁹ Average realised selling price is calculated on an accruals basis and reported in US$/dmt sold, FOB Port of Québec (to July 2026) or Trois-Rivières (July 2026 onwards).
¹⁰ Unit operating cost per tonne sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of Québec (to July 2026) or Trois-Rivières (July 2026 onwards).
¹¹ ASX release 7 September 2026 “NAL Expansion Pre-Feasibility Study”.
¹² ASX release 12 May 2026 “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs”.
¹³ ASX release 29 June 2026 “NAL Expansion Update”.
¹⁴ ASX release 12 May 2026 “Transformational Financing Package to Accelerate Growth”.
¹⁵ ASX release 7 August 2026 “Elevra Completes Sale of E45/2364 Pegmatite Rights”.
¹⁶ ASX release 20 August 2026 “Proposal to Expand Morella Joint Venture”.
¹⁷ ASX release 16 July 2026 “Results of 2026 Extraordinary General Meeting”.
¹⁸ ASX release 3 August 2026 “Issuance of Upfront Tranche of Convertible Notes”.
¹⁹ ASX release 21 August 2026 “Binding Agreement concluded with Mangrove Lithium”.
²⁰ ASX release 8 October 2026 “Spodumene Supply Agreement signed with LG Energy Solution”.
²¹ ASX release 16 October 2026 “2026 Notice of Annual General Meeting & Proxy Form”.
²² ASX release 16 October 2026 “Planned Board Transition Announced”.
²³ ASX release 26 October 2026 “Sale of Ewoyaa Interest Completed”.
²⁴ Net cash is equal to the balance of cash and cash equivalents less the balance of the convertible note facility and prepayment facility.

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