Author: Ravi Shankar

• BASECAMP Phase 2 topline data expected in Q1 2027 
• MRI-measured muscle fat fraction selected as the primary efficacy endpoint for BASECAMP
• Forazapadin cleared to begin clinical evaluation for FSHD in the U.S. and Canada; enrollment in Phase 2 TRAVERSE study expected to begin in Q1 2027
• Strong financial position with $53.0 million in cash, cash equivalents and short-term investments as of Sept. 30, 2026, expected to provide cash runway through 2027

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Satellos Bioscience Inc. (NASDAQ: MSLE, TSX: MSCL), a clinical-stage company developing potentially life-improving medicines to treat degenerative muscle diseases, today announced financial results for the third quarter ended September 30, 2026. The company also provided an update on the clinical development of forazapadin, Satellos’ oral small molecule drug candidate designed to restore muscle regeneration in people living with Duchenne muscular dystrophy (DMD), facioscapulohumeral muscular dystrophy (FSHD) and potentially other muscle diseases.

“Our progress in the second half of 2026 reflects continued execution across our programs and brings us closer to important clinical and regulatory milestones,” said Frank Gleeson, Satellos co-founder and chief executive officer. “We are highly encouraged by our interactions with the FDA regarding the potential for an accelerated approval pathway of forazapadin in DMD and look forward to reporting topline data from BASECAMP, which we expect in the first quarter of next year. In parallel, we recently initiated start-up activities for our TRAVERSE study of forazapadin in FSHD and expect enrollment to begin in the first quarter of next year. We are also exploring opportunities to further extend our regenerative approach to other conditions where enhanced muscle regeneration could provide meaningful benefit.”

Data from BASECAMP Phase 2 pediatric study expected in Q1 2027
Enrollment has been completed for BASECAMP, a Phase 2 clinical trial evaluating forazapadin in 53 ambulatory boys with DMD aged 7, 8 or 9 years. Following interactions with the U.S. Food and Drug Administration (FDA), Satellos submitted an amended BASECAMP protocol selecting change in MRI-measured vastus lateralis fat fraction as the primary efficacy endpoint. Safety and tolerability remain primary objectives, with dynamometry and other clinical measures, including physical activity, function and biomarkers, being evaluated as secondary endpoints. Satellos believes that MRI fat fraction, together with clinical endpoints, may support a potential accelerated approval pathway for forazapadin, subject to supportive clinical data and further alignment with the FDA. Topline data from BASECAMP’s 12-week placebo-controlled period are expected in the first quarter of 2027.

Data from TRAILHEAD Phase 2 study in adults expected by the end of 2026
TRAILHEAD is a 12-month, open-label Phase 2 clinical trial designed to assess long-term safety, tolerability, efficacy and sustained functional benefit of forazapadin in adults with DMD. The company intends to report 12-month data by the end of 2026 on the four participants who transitioned from the Phase 1b study into TRAILHEAD.

Satellos to evaluate forazapadin in adults with FSHD
An Investigational New Drug Application (IND) and Clinical Trial Application (CTA) have been cleared by the U.S. FDA and Health Canada, respectively, allowing Satellos to begin clinical evaluation of forazapadin in adults with FSHD. The company has initiated start-up activities for its Phase 2 trial, known as “TRAVERSE” (NCT07872306), and expects to begin enrolling participants in the first quarter of 2027.

Additional third quarter business updates

• Satellos’ lead drug candidate, SAT-3247, was assigned “forazapadin,” as the International Nonproprietary Name, supporting its future development.
• Satellos was granted a composition of matter patent for forazapadin and adaptor-associated kinase 1 (AAK1) inhibitors by the U.S. Patent and Trademark Office, with an expiration date of Sept. 6, 2044.
• The company established a scientific advisory board of internationally recognized leaders in stem cell biology, regenerative medicine, neuroscience and small molecule chemistry who will help guide the company’s long-term scientific exploration of regeneration, aging and neurodegenerative biology.

Third quarter 2026 financial results

• Cash Position: Satellos had cash, cash equivalents and short-term investments of $53.0 million as of Sept. 30, 2026, compared with $27.7 million on December 31, 2025. The increase primarily reflects proceeds from an equity offering completed in February 2026, partially offset by cash used to fund ongoing operations.
• R&D Expenses: Research and Development expenses increased to $9.0 million for the quarter ended Sept. 30, 2026, compared to $4.0 million for the quarter ended Sept. 30, 2025. The increase was primarily due to costs associated with the TRAILHEAD and BASECAMP clinical studies, as well as chemistry and manufacturing control (CMC) costs related to drug production and process performance qualification (PPQ) activities to support the clinical studies and begin commercial GMP preparations for a potential future NDA filing.
• G&A Expenses: General and Administrative expenses increased to $2.7 million for the quarter ended Sept. 30, 2026, as compared to $2.0 million for the quarter ended Sept. 30, 2025, primarily due to increased headcount and professional fees associated with public company reporting obligations.
• Net Loss: For the quarter ended Sept. 30, 2026, the company reported a net loss of $11.2 million ($0.53 loss per share), compared to a net loss of $5.8 million ($0.39 loss per share) for the quarter ended Sept. 30, 2025.

Satellos’ financial statements for the quarter ended Sept. 30, 2026, and the related management’s discussion and analysis (MD&A) are available on the Company website (satellos.com), EDGAR (sec.gov), and SEDAR+ (sedarplus.ca).

ABOUT FORAZAPADIN
Forazapadin is a proprietary, oral small molecule drug candidate being developed by Satellos as a novel approach to regenerating skeletal muscle lost in degenerative muscle diseases or injury conditions. Forazapadin targets AAK1, a key protein identified by Satellos as a potential target for restoring the body’s natural muscle repair and regeneration biology, a fundamental process that is disrupted in DMD, FSHD and other degenerative conditions. By inhibiting AAK1, forazapadin treatment aims to re-establish a biochemical signal believed to be involved in supporting muscle regeneration. Satellos is advancing forazapadin as a potential treatment for DMD that is independent of dystrophin and applicable regardless of exon mutation status as either a stand-alone or adjunctive therapy. The company is also evaluating forazapadin as a genetic-mutation independent approach to FSHD.

ABOUT SATELLOS BIOSCIENCE INC.
Satellos is a clinical-stage drug development company focused on restoring natural muscle repair and regeneration in degenerative muscle diseases. Through its research, Satellos has developed forazapadin, an orally administered small molecule AAK1 inhibitor designed to address deficits in muscle repair and regeneration. Forazapadin is being evaluated as a potential disease-modifying treatment for DMD in two Phase 2 clinical trials, BASECAMP in pediatric participants with DMD and TRAILHEAD in adults living with DMD. The company is also evaluating forazapadin in TRAVERSE, a Phase 2 clinical study in adults with FSHD. The company has identified additional muscle diseases and injury conditions where restoring muscle repair and regeneration may have therapeutic benefit and plans to pursue these opportunities in future clinical development. For more information, visit www.satellos.com and connect with Satellos on X, LinkedIn, Facebook and Instagram.

NOTICE ON FORWARD-LOOKING STATEMENTS
This press release includes forward-looking information or forward-looking statements within the meaning of applicable securities laws regarding Satellos and its business, which may include, but are not limited to, statements regarding the therapeutic potential of forazapadin, including its potential to represent a disease-modifying approach to the therapeutic treatment of people living with DMD and as a dystrophin-independent treatment for DMD enrollment in, advancement and timing of results of forazapadin through clinical trials, including the BASECAMP, TRAILHEAD and TRAVERSE clinical trials; the potential for an accelerated approval pathway of forazapadin in DMD and the potential use of MRI-measured muscle fat fraction in support thereof; the potential of Satellos’ approach in other degenerative muscle diseases and Satellos’ plans to pursue additional muscle diseases and injury conditions in future clinical development; forazapadin’s prospective impact on DMD and FSHD patients, patients with other degenerative muscle disease or muscle injury or trauma, and on muscle regeneration generally the anticipated timing for BASECAMP and TRAILHEAD Phase 2 data; and its expectations regarding the sufficiency of its cash, cash equivalents and short-term investments to fund operations through 2027. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, occurrences or developments, are “forward-looking information or statements.” Often, but not always, forward-looking information or statements can be identified by the use of words such as “shall”, “intends”, “believe”, “plan”, “expect”, “intend”, “estimate”, “anticipate”, “potential”, “prospective”, “assert” or any variations (including negative or plural variations) of such words and phrases, or state that certain actions, events or results “may”, “might”, “can”, “could”, “would” or “will” be taken, occur, lead to, result in, or, be achieved. Such statements are based on the current expectations and views of future events of the management of Satellos. These statements are based on assumptions and subject to risks and uncertainties. In making forward looking statements, Satellos has relied on various assumptions, including but not limited to: its ability to obtain future funding on favorable terms, if at all; its ability to obtain positive results in its clinical trials; its ability to obtain necessary regulatory approvals; its ability to arrange for the manufacturing of its product candidates and technologies; its clinical trials proceeding in accordance with anticipated timelines; and general business, market and economic conditions. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Satellos, including, without limitation, risks relating to the pharmaceutical and bioscience industry (including the risks associated with preclinical and clinical trials and regulatory approvals), the research and development of therapeutics, the results of preclinical and clinical trials, general market conditions and equity markets, economic factors and management’s ability to manage and to operate the business of Satellos generally, including inflation and the costs of operating a biopharma business, and those risks and uncertainties described in more detail in the “Risk Factors” section of Satellos’ Annual Information Form dated March 27, 2026, and amended and restated short form base shelf prospectus dated August 11, 2026 (each of which is located on Satellos’ SEDAR+ profile) and incorporated by reference in Satellos’ Form F-10 filed with the Securities and Exchange Commission on August 11, 2026, and in Satellos’ public filings on EDGAR (sec.gov) and SEDAR+ (sedarplus.ca). Although Satellos has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Satellos does not undertake any obligation to publicly update or revise any forward-looking statement, whether resulting from new information, future events, or otherwise.

CONTACTS
Investors: Caitlin Lowie, Vice President, Investor Relations & Communications, ir@satellos.com
Media: Emily Williams, Senior Director, Communications, media@satellos.com

SATELLOS BIOSCIENCE INC. Condensed Consolidated Interim Statements of Financial Position (Expressed in thousands of US Dollars) (Unaudited)
As at,	Notes	September 30, 2026			December 31, 2025
		$			$
ASSETS
Current
Cash and cash equivalents	3	6,175			9,804
Short-term investments	4	46,839			17,906
Sales tax, interest and other receivables		923			370
Prepaid expenses, deposits and other current assets	5	4,042			3,804
Total current assets		57,979			31,884
Property and equipment		6			5
TOTAL ASSETS		57,985			31,889
LIABILITIES
Accounts payable and accrued liabilities	6	7,748			4,105
Deferred contribution liability	7	614			–
Total current liabilities		8,362			4,105
Total Liabilities		8,362			4,105
SHAREHOLDERS’ EQUITY
Common Shares	8	135,443			85,828
Pre-Funded Warrants	8	17,834			15,480
Contributed surplus		12,664			10,166
Accumulated deficit		(114,624	)		(81,970	)
Accumulated other comprehensive loss		(1,694	)		(1,720	)
Total shareholders’ equity		49,623			27,784
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		57,985			31,889

SATELLOS BIOSCIENCE INC. Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in thousands of US Dollars, except for per share amounts) (Unaudited)
		Three months ended September 30,						Nine months ended September 30,
	Notes	2026 $			2025 $			2026 $			2025 $
Research and development (“R&D”)	7,11	8,998			3,994			25,943			12,971
General and administrative (“G&A”)	11	2,679			1,972			7,942			5,841
TOTAL R&D AND G&A EXPENSES		(11,677	)		(5,966	)		(33,885	)		(18,812	)
OTHER INCOME AND EXPENSES
Finance income		535			349			1,527			1,104
Foreign exchange gain/(loss)		12			(185	)		(181	)		252
NET LOSS BEFORE INCOME TAXES		(11,130	)		(5,802	)		(32,539	)		(17,456	)
Income taxes		(38	)		(19	)		(115	)		(114	)
NET LOSS FOR THE PERIOD		(11,168	)		(5,821	)		(32,654	)		(17,570	)
OTHER COMPREHENSIVE LOSS
Items that may be reclassified to net loss
Foreign currency translation adjustments		3			–			26			62
TOTAL COMPREHENSIVE LOSS		(11,165	)		(5,821	)		(32,628	)		(17,508	)
Basic and diluted loss per Common Share	8	$(0.53	)		$(0.39	)		$(1.62	)		$(1.23	)
Basic and diluted loss per Pre-Funded Warrant	8	$0.00			$0.00			$0.00			$0.00
Weighted average number of Common Shares	8	21,183,573			14,818,699			20,161,575			14,305,774

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

CICERO, Ill., Nov. 12, 2026 (GLOBE NEWSWIRE) — Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the third quarter 2026.

THIRD QUARTER 2026 RESULTS
(As compared to the third quarter 2025)

• Total revenue of $22.3 million, +48% y/y
• GAAP loss from continuing operations of ($1.0) million, or ($0.04) per diluted share
• Non-GAAP Adjusted EBITDA of $0.5 million, or 2.0% of total revenue*
• Total orders of $33.7 million, +13% y/y
• Liquidity at September 30, 2026 of $39.7 million ($30.9 million after adjusting for the minimum excess availability requirement), with $5.9 million of total debt and financing leases**

*For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release. As previously announced, on April 30, 2026, the Company’s wholly owned subsidiary, Broadwind Heavy Fabrications, Inc. (“Heavy Fabrications”) entered into a definitive agreement under which Heavy Fabrications sold its production facility in Abilene, Texas (the “Facility”), including real property, equipment, machinery and other items, to IES Infrastructure for an aggregate purchase price of $19.5 million in cash and non-cash consideration in the form of a below market lease, adjusted for certain customary closing items. The sale of the Facility resulted in the Company completing a strategic exit from wind fabrications. As such, the results of operations of the wind and industrial fabrication operations, excluding pressure reducing system (“PRS”) operations, have been reclassified to discontinued operations within Broadwind’s consolidated statements of operations and retrospectively for all periods presented beginning in the second quarter of 2026. Unless otherwise noted, the discussions and disclosure tables throughout this press release relate only to the Company’s continuing operations as disclosed.
**Pro forma for the acquisition of MCM and related credit facility amendment, as of September 30, 2026, total debt was approximately $13.0 million and available liquidity, consisting of cash and availability under the Company’s revolving credit facility, was approximately $16.5 million.

MANAGEMENT COMMENTARY

“During the third quarter, we continued to execute on our strategic transformation into a pure-play precision manufacturing business focused on the domestic power generation and critical infrastructure markets,” stated Eric Blashford, President and CEO of Broadwind. “Both of our reporting segments grew revenue by more than 30% on an organic basis and delivered improved operating profitability when compared to the prior year, reflecting a targeted shift toward higher-value, more durable revenue streams.”

“Last week, we announced our first acquisition in nearly a decade with the purchase of MCM,” continued Blashford. “MCM is a vertically integrated component supplier serving the domestic electrical transmission and distribution sector. The acquisition positions Broadwind to capitalize on sustained, multi-year investment in domestic grid expansion, hardening and resilience, consistent with our vertical market focus. MCM is expected to be immediately accretive, adds a higher-margin revenue stream and enhances the quality of our earnings. Importantly, MCM aligns with the key criteria of our acquisition strategy: exposure to stable, growing end markets, a strong competitive moat, an accretive margin profile with consistent profitability, a fully domestic operating footprint and a seamless pathway toward integration.”

“Demand remained robust across our core power generation markets as we exited the third quarter,” noted Blashford. “Power generation-related orders accounted for more than 70% of our third-quarter order book and increased 18% year over year. Continued investment in natural gas-fired power generation drove order growth, as Industrial Solutions segment orders and backlog increased to record levels. Demand in our PRS business also improved, with orders of $4 million.”

“We delivered strong organic year-over-year sales growth and margin expansion across both our Industrial Solutions and Gearing segments during the third quarter,” continued Blashford. “Within both segments, higher sales volumes translated to improved operating leverage, as Adjusted EBITDA margin within the Industrial Solutions and Gearing segments increased more than 500 and 600 basis points, respectively, versus the prior-year period. Within the Gearing segment, the combination of improved commercial growth and efficient asset optimization culminated in its first operating profit since the second quarter 2024.”

“We ended the third quarter with $30.9 million of cash and availability under our credit facility before giving effect to the MCM acquisition,” stated Blashford. “On a pro forma basis, including the acquisition and the related credit facility amendment announced last week, total cash and availability under our credit facility was approximately $16.5 million and total debt was approximately $13 million. Looking ahead, our priorities include the successful integration of MCM, further optimization of our asset base in support of our vertical-market strategy, focused organic growth across new and existing customers within our core power generation and infrastructure markets, together with accretive bolt-on acquisitions that expand our capabilities, reach and unique value proposition.”

CONSOLIDATED THIRD QUARTER 2026 FINANCIAL RESULTS

Broadwind reported a loss from continuing operations of ($1.0) million, or ($0.04) per diluted share, in the third quarter 2026, compared to income of $5.2 million, or $0.22 per diluted share, in the third quarter 2025. The Company reported Adjusted EBITDA, a non-GAAP measure, of $0.5 million in the third quarter, compared to ($1.2) million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release.

Revenue increased 48% on a year-over-year basis in the third quarter due to higher demand in the Gearing and Industrial Solutions segments, as well as higher PRS revenue. Industrial Solutions revenue grew 32% year over year, due primarily to strong demand for natural gas turbine content. Revenue from the Gearing segment grew 36% due primarily to increased demand across all end markets, led by power generation, industrial and oil & gas customers.

Total orders increased 13% in the third quarter, when compared to the prior year period, driven primarily by record Industrial Solutions orders tied to natural gas turbine demand and higher PRS orders.

At the end of the third quarter, Broadwind had total cash on hand and availability under its credit facility of $39.7 million, or $30.9 million after adjusting for the minimum excess availability requirement. The Company had $5.9 million of debt and financing leases.  

SEGMENT RESULTS

Gearing Segment
Broadwind provides custom gearboxes, loose gearing, precision machined components and heat treat services to a broad set of customers in diverse markets, including power generation, oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets.

Gearing segment sales increased by 36% to $9.6 million in the third quarter 2026, as compared to the prior year period, driven by higher demand across all verticals, led by power generation, industrial and oil & gas customers. The segment reported operating income of $0.1 million in the third quarter, compared to an operating loss of ($0.6) million in the prior year period. Segment non-GAAP Adjusted EBITDA was $0.7 million in the third quarter, as compared to $0.1 million in the prior year period.

Industrial Solutions Segment

Broadwind provides supply chain solutions, light fabrication, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market as well as other clean technology markets.  

Industrial Solutions segment sales increased by 32% to $10.4 million in the third quarter 2026, as compared to the prior year period, primarily driven by natural gas turbine content. The segment reported operating income of $1.3 million in the third quarter, compared to operating income of $0.4 million in the prior year period. Segment non-GAAP Adjusted EBITDA was $1.4 million in the third quarter compared to $0.6 million in the prior year period.

THIRD QUARTER 2026 RESULTS CONFERENCE CALL

Broadwind will host a conference call today, November 12, 2026, at 11:00 a.m. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s corporate website at https://investors.bwen.com/investors. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

Live Teleconference: 877-407-9716

To listen to a replay of the teleconference, which will be available through Thursday, November 19, 2026:

Teleconference Replay: 844-512-2921
Conference ID: 13762996

ABOUT BROADWIND

Broadwind (Nasdaq: BWEN) is a precision manufacturer of structures, equipment and components for power generation, critical infrastructure, and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com

NON-GAAP FINANCIAL MEASURES

The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges, other non-cash gains and losses, transaction costs, and the gain from the sale of the Manitowoc industrial fabrication operations) as supplemental information regarding the Company’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results, which allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company’s definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts.

FORWARD-LOOKING STATEMENTS

This release contains “forward-looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) the impact of our acquisition of MCM Acquisition Company, Inc., and our ability to integrate MCM’s operations into our business efficiently, (ii) our expectations and beliefs with respect to our financial guidance as set forth in our press releases from time to time, (iii) the impact of global health concerns on the economies and financial markets and the demand for our products; (iv) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related phase out, extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits, and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (v) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (vi) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary; (viii) our ability to continue to grow our business organically and through acquisitions; (ix) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (x) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (xi) the sufficiency of our liquidity and alternate sources of funding, if available to us; (xii) our ability to realize revenue from customer orders and backlog; (xiii) the economy and the potential impact it may have on our business, including our customers; (xiv) the state of the energy and industrial markets generally and the impact of competition and economic volatility in those markets; (xv) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xvi) competition from new or existing industry participants; (xvii) the effects of the change of administrations in the U.S. federal government; (xviii) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xix) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xx) the effects of proxy contests and actions of activist stockholders; (xxi) the limited trading market for our securities and the volatility of market price for our securities; (xxii) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxiii) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.

BROADWIND, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)

						September 30,				December 31,
						2026				2025
	ASSETS
	CURRENT ASSETS:
		Cash and cash equivalents				$	16,159			$	457
		Accounts receivable, net				17,006				11,198
		Inventories				29,284				28,147
		Prepaid expenses and other current assets				2,960				2,060
		Current assets – discontinued operations				3,899				22,405
			Total current assets			69,308				64,267
	LONG-TERM ASSETS:
		Property and equipment, net				19,925				18,069
		Operating lease right-of-use assets, net				13,613				11,892
		Intangible assets, net				419				741
		Other assets				367				441
		Long-term assets – discontinued operations				–				21,395
	TOTAL ASSETS					$	103,632			$	116,805
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	CURRENT LIABILITIES:
		Line of credit and current maturities of long-term debt				$	781			$	4,682
		Current portion of finance lease obligations				1,096				1,114
		Current portion of operating lease obligations				1,702				2,306
		Accounts payable				11,961				7,727
		Accrued liabilities				3,635				1,768
		Customer deposits				2,121				1,144
		Current liabilities – discontinued operations				1,637				12,943
			Total current liabilities			22,933				31,684
	LONG-TERM LIABILITIES:
		Long-term debt, net of current maturities				2,327				4,331
		Long-term finance lease obligations, net of current portion				1,660				2,482
		Long-term operating lease obligations, net of current portion				13,151				11,252
		Other				–				4
		Long-term liabilities – discontinued operations				–				763
			Total long-term liabilities			17,138				18,832
	COMMITMENTS AND CONTINGENCIES
	STOCKHOLDERS’ EQUITY:
		Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued
		or outstanding				–				–
		Common stock, $0.001 par value; 45,000,000 shares authorized; 23,965,650
		and 23,584,677 shares issued as of September 30, 2026 and
		December 31, 2025, respectively				24				24
		Treasury stock, at cost, 273,937 shares as of September 30, 2026 and December 31, 2025,
		respectively				(1,842		)		(1,842		)
		Additional paid-in capital				404,006				403,210
		Accumulated deficit				(338,627		)		(335,103		)
			Total stockholders’ equity			63,561				66,289
	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY					$	103,632			$	116,805

BROADWIND, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

				Three Months Ended September 30,								Nine Months Ended September 30,
				2026				2025				2026				2025
Revenues				$	22,253			$	15,048			$	64,502			$	44,440
Cost of sales				19,352				13,999				55,084				40,963
Gross profit				2,901				1,049				9,418				3,477
OPERATING EXPENSES:
Selling, general and administrative				3,446				3,160				11,070				9,480
Gain on sale of Manitowoc industrial fabrication operations				–				(8,155		)		–				(8,213		)
Intangible amortization				100				165				322				496
	Total operating expense (income), net			3,546				(4,830		)		11,392				1,763
Operating (loss) income				(645		)		5,879				(1,974		)		1,714
OTHER EXPENSE, net:
Interest expense, net				(230		)		(662		)		(1,110		)		(1,638		)
Other, net				1				2				5				(8		)
	Total other expense, net			(229		)		(660		)		(1,105		)		(1,646		)
Net (loss) income before provision for income taxes				(874		)		5,219				(3,079		)		68
Provision for income taxes				76				28				152				45
(LOSS) INCOME FROM CONTINUING OPERATIONS				(950		)		5,191				(3,231		)		23
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX				(1,440		)		2,272				(293		)		6,081
NET (LOSS) INCOME				$	(2,390	)		$	7,463			$	(3,524	)		$	6,104
NET (LOSS) INCOME PER COMMON SHARE – BASIC:
(Loss) income from continuing operations				$	(0.04	)		$	0.22			$	(0.14	)		$	0.00
(Loss) income from discontinued operations				(0.06		)		0.10				(0.01		)		0.27
Net (loss) income				$	(0.10	)		$	0.32			$	(0.15	)		$	0.27
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC				23,665				23,102				23,500				22,748
NET (LOSS) INCOME PER COMMON SHARE – DILUTED:
(Loss) income from continuing operations				$	(0.04	)		$	0.22			$	(0.14	)		$	0.00
(Loss) income from discontinued operations				(0.06		)		0.10				(0.01		)		0.27
Net (loss) income				$	(0.10	)		$	0.32			$	(0.15	)		$	0.27
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – DILUTED				23,665				23,255				23,500				22,809

BROADWIND, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)

					Nine Months Ended September 30,
					2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net (loss) income				$	(3,524	)		$	6,104
	(Loss) income from discontinued operations				(293		)		6,081
	(Loss) income from continuing operations				(3,231		)		23
Adjustments to reconcile net cash used in operating activities:
		Depreciation and amortization expense			2,324				2,210
		Deferred income taxes			30				(20		)
		Stock-based compensation			411				655
		Allowance for credit losses			(72		)		5
		Common stock issued under defined contribution 401(k) plan			594				986
		Gain on sale of assets			(101		)		(8,214		)
		Changes in operating assets and liabilities:
			Accounts receivable		(5,736		)		(440		)
			Inventories		(1,137		)		(3,047		)
			Prepaid expenses and other current assets		(921		)		(69		)
			Accounts payable		4,154				1,280
			Accrued liabilities		1,867				164
			Customer deposits		977				(1,202		)
			Other non-current assets and liabilities		(386		)		(9		)
Net cash used in operating activities					(1,227		)		(7,678		)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property and equipment				(3,824		)		(617		)
	Net proceeds from sale of Manitowoc industrial fabrication operations				–				12,522
	Net proceeds from disposals of property and equipment				169				–
Net cash (used in) provided by investing activities					(3,655		)		11,905
CASH FLOWS FROM FINANCING ACTIVITIES:
	(Payments on) proceeds from line of credit, net				(3,881		)		3,822
	Proceeds from long-term debt				–				16
	Payments on long-term debt				(2,004		)		(2,441		)
	Payments for deferred financing costs				(20		)		–
	Payments on finance leases				(840		)		(835		)
	Shares withheld for taxes in connection with issuance of restricted stock				(209		)		(256		)
Net cash (used in) provided by financing activities					(6,954		)		306
CASH FLOWS FROM DISCONTINUED OPERATIONS:
	Net cash provided by (used in) operating cash flows				11,542				(8,567		)
	Net cash provided by (used in) investing cash flows				17,015				(1,969		)
	Net cash used in financing cash flows				(1,019		)		(525		)
Net cash provided by (used in) discontinued operations (1)					27,538				(11,061		)
Add: Cash balance of discontinued operations, beginning of period					–				(2		)
Less: Cash balance of discontinued operations, end of period					–				(3		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					15,702				(6,527		)
CASH AND CASH EQUIVALENTS beginning of the period					457				7,722
CASH AND CASH EQUIVALENTS end of the period					$	16,159			$	1,195
(1) Does not include intercompany financing of $6 and $503 for the nine months ended September 30, 2026 and 2025, respectively

BROADWIND, INC. AND SUBSIDIARIES
SELECTED SEGMENT FINANCIAL INFORMATION
(IN THOUSANDS)
(UNAUDITED)

			Three Months Ended							Nine Months Ended
			September 30,							September 30,
			2026				2025				2026				2025
ORDERS:
	Gearing		$	9,798			$	15,877			$	39,137			$	30,636
	Industrial Solutions		19,576				13,823				51,392				37,836
	Corporate and Other		4,357				175				6,491				753
	Total orders		$	33,731			$	29,875			$	97,020			$	69,225
REVENUES:
	Gearing		$	9,595			$	7,069			$	27,094			$	20,320
	Industrial Solutions		10,420				7,872				32,828				20,882
	Corporate and Other		2,238				173				4,580				3,728
	Eliminations		–				(66		)		–				(490		)
	Total revenues		$	22,253			$	15,048			$	64,502			$	44,440
OPERATING INCOME/(LOSS):
	Gearing		120				(552		)		(161		)		(2,263		)
	Industrial Solutions		1,253				445				5,218				1,261
	Corporate and Other		(2,018		)		5,986				(7,031		)		2,716
	Total operating loss		$	(645	)		$	5,879			$	(1,974	)		$	1,714

BROADWIND, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS)
(UNAUDITED)

Consolidated			Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
(Loss) Income From Continuing Operations			$	(950	)		$	5,191			$	(3,231	)		$	23
Interest Expense			230				662				1,110				1,638
Income Tax Provision			76				28				152				45
Depreciation and Amortization			808				743				2,324				2,210
Share-based Compensation and Other Stock Payments			92				332				758				1,095
Transaction Costs			200				11				937				93
Gain on sale of Manitowoc industrial fabrication operations			–				(8,155		)		–				(8,213		)
	Adjusted EBITDA (Non-GAAP)		$	456			$	(1,188	)		$	2,050			$	(3,109	)

Gearing		Three Months Ended September 30,							Nine Months Ended September 30,
		2026				2025				2026				2025
Income (Loss) From Continuing Operations		$	80			$	(609	)		$	(320	)		$	(2,448	)
Interest Expense		41				56				137				177
Income Tax  (Benefit) Provision		(1		)		1				21				8
Depreciation and Amortization		550				537				1,609				1,636
Share-based Compensation and Other Stock Payments		73				111				269				332
Adjusted EBITDA (Non-GAAP)		$	743			$	96			$	1,716			$	(295	)

Industrial Solutions	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Income From Continuing Operations	$	1,015		$	266		$	4,412		$	782
Interest Expense.	187			155			619			404
Income Tax Provision	45			16			172			51
Depreciation and Amortization	89			120			264			348
Share-based Compensation and Other Stock Payments	33			62			154			197
Adjusted EBITDA (Non-GAAP)	$	1,369		$	619		$	5,621		$	1,782

Corporate and Other		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
(Loss) Income From Continuing Operations		$	(2,045	)		$	5,534			$	(7,323	)		$	1,689
Interest Expense		2				451				354				1,057
Income Tax Expense (Benefit)		32				11				(41		)		(14		)
Depreciation and Amortization		169				86				451				226
Share-based Compensation and Other Stock Payments		(14		)		159				335				566
Transaction Costs		200				11				937				93
Gain on sale of Manitowoc industrial fabrication operations		–				(8,155		)		–				(8,213		)
Adjusted EBITDA (Non-GAAP)		$	(1,656	)		$	(1,903	)		$	(5,287	)		$	(4,596	)

CONTACT: IR CONTACT

Noel Ryan or Brian Hawthorne
BWEN@val-adv.com

10th Health System joint venture expands Lumexa Imaging’s geographic footprint and advances its disciplined growth strategy

RALEIGH, N.C., Nov. 12, 2026 (GLOBE NEWSWIRE) — Lumexa Imaging (Nasdaq: LMRI), one of the nation’s largest outpatient imaging providers, today announced a new joint venture with Advocate Health to expand its outpatient imaging services in Illinois. The agreement builds on the existing partnership and marks Lumexa Imaging’s entry into Illinois.

With this agreement, Lumexa Imaging now has 10 joint ventures with 9 health systems, reflecting continued execution of its strategy to expand its presence in attractive healthcare markets and bring high-quality, convenient care closer to patients and referring providers.

“Expanding our relationship with Advocate Health into Illinois is an important milestone for our company,” said Caitlin Zulla, Chief Executive Officer of Lumexa Imaging. “Our demonstrated success partnering with health systems is a key differentiator as health systems look to expand their outpatient imaging capabilities and participate in the shift toward lower-cost settings.  We look forward to bringing our clinical and operational expertise to Illinois as we establish our presence in this new geography.”

The new Illinois joint venture advances Lumexa Imaging’s disciplined geographic expansion strategy, which includes health system partnerships, de novo development, and acquisitions. The company remains focused on deploying capital efficiently in markets where it sees opportunities for sustainable, long-term growth.

About Lumexa Imaging

Lumexa Imaging is a nationwide provider of outpatient medical imaging. With over 5,000 team members and approximately 190 outpatient imaging centers, our team conducted approximately 4 million outpatient procedures system-wide in 2025. We are a partner of choice for health systems and radiologists, delivering best-in-class clinical excellence, operations, and state-of-the-art technology across our platform.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our expectations, goals, strategies and long-term objectives, including our ability to drive future growth, expand our outpatient imaging center footprint, execute on our health system partnership strategy, capitalize on market trends and demand, and realize the expected benefits of strategic joint ventures. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including but not limited to those risk factors identified in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 and our later dated Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligations to update any forward-looking statements, except as required by law.

Media Contact
Melissa Weston
Melissa.Weston@LumexaImaging.com

Investors
Sue Dooley
sue.dooley@Lumexaimaging.com

Third Quarter Revenue Increased 6% to $7.6 Million; Direct Patient Services Revenue Increased 14%

Nine-Month Revenue Increased 14% to $23.1 Million; Direct Patient Services Revenue Increased 27%

Generated $5.8 Million in Cash from Operating Activities During the First Nine Months of 2026

Cash, Cash Equivalents and Restricted Cash Increased to approximately $9.5 million

Conference Call Scheduled for Today at 12:00 PM ET

SAN FRANCISCO, Nov. 12, 2026 (GLOBE NEWSWIRE) — American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services, today announced financial results for the third quarter and nine months ended September 30, 2026.

Craig Tagawa, Interim Chief Executive Officer, commented, “During the third quarter, we continued to make progress in growing our Direct Patient Services business, with revenue in this segment increasing 14% year over year. For the first nine months of 2026, total revenue increased 14%, driven by continued growth in our Rhode Island radiation therapy operations and higher procedure volumes at our international Gamma Knife facilities. While we continue to optimize our cost structure, we remain focused on improving operational performance, managing expenses, and maximizing the contribution of our existing facilities. We are also continuing to advance initiatives intended to strengthen our financial position and support the Company’s operations. Additionally, we are pleased to report the $5.8 million in cash flow generated year to date and the subsequent increase in our overall cash balances. Overall, we are pleased with the progress we are making and remain keenly focused on enhancing our overall performance and shareholder value.”

Ray Stachowiak, Executive Chairman, stated, “We continue to focus on positioning the Company for long-term success by building on our established presence in radiation oncology and pursuing opportunities to expand the reach and capabilities of our technology and services. We believe our combination of specialized treatment capabilities, experienced operating teams, and relationships with leading healthcare institutions provides a foundation from which to create additional value. Additionally, our joint venture initiative with Hospital San Javier in Guadalajara, Mexico, represents an important opportunity to extend our Gamma Knife presence into another market. Our broader priority remains focused on the disciplined management of our assets, strengthening our financial foundation, and pursuing strategic opportunities that can contribute to sustainable long-term growth and shareholder value.”

Third Quarter 2026 Results

Total revenue for the third quarter of 2026 increased 6.3% to $7.6 million, compared with $7.2 million in the third quarter of 2025. Growth was driven by the Company’s Direct Patient Services segment, partially offset by a modest decline in Medical Equipment Leasing revenue.

Direct Patient Services segment revenue increased 13.6% to $4.6 million, compared with $4.0 million in the prior-year period. Revenue from the Company’s three Rhode Island radiation therapy facilities and its Puebla, Mexico facility increased 13.5% to $3.3 million, compared with $2.9 million in the third quarter of 2025. Radiation therapy procedures at these facilities totaled 7,143, compared with 7,355 in the prior-year quarter.

Within the Company’s international Gamma Knife operations in Peru and Ecuador, procedure volume increased 8.9% period over period. The Company completed the upgrade of its Peru facility to a Gamma Knife Esprit system in June 2025. The upgraded system provides shorter treatment times, which has helped support increased procedure volume.

Medical Equipment Leasing segment revenue was $3.0 million, compared with $3.1 million in the third quarter of 2025, a decrease of 3.1%. Within this segment, revenue generated through the Company’s Proton Beam Radiation Therapy (“PBRT”) system was $2.0 million, compared with $2.1 million in the prior-year quarter. PBRT treatment fractions totaled 960, compared with 1,150 in the third quarter of 2025. The Company believes fluctuations in PBRT treatment volume reflect normal cyclical changes in patient activity. The Company’s domestic Gamma Knife operations also contributed to leasing revenue, with domestic Gamma Knife procedure volume increasing 13.1% compared with the prior-year quarter.

Gross profit for the third quarter was $1.5 million, compared with $1.6 million in the prior-year period. Total costs of revenue increased to $6.1 million from $5.6 million. The increase reflected higher operating costs at the Rhode Island and international Gamma Knife facilities.

Selling and administrative expenses increased to $1.8 million from $1.5 million in the third quarter of 2025. The increase primarily reflected legal, banking and consulting expenses associated with the Third Amendment to the Credit Agreement with Fifth Third Bank, executed in July 2026.

The Company reported a net loss attributable to American Shared Hospital Services of $620,000, or $0.09 per diluted share, compared with a net loss of $17,000, or $0.00 per diluted share, in the third quarter of 2025.

Third quarter adjusted EBITDA was $1.4 million compared to $1.9 million in the prior year quarter.

Nine-Month 2026 Results

For the first nine months of 2026, total revenue increased 13.7% to $23.1 million, compared with $20.4 million in the first nine months of 2025. Growth was driven primarily by the Company’s Direct Patient Services segment, reflecting higher revenue from its Rhode Island and Puebla radiation therapy operations and increased procedure volume at its international Gamma Knife facilities.

Direct Patient Services segment revenue increased 27.0% to $13.5 million, compared with $10.7 million in the prior-year period. Revenue from the Company’s three Rhode Island radiation therapy facilities and its Puebla, Mexico facility increased to approximately $9.6 million, compared with $7.8 million in the first nine months of 2025. Radiation therapy procedures at these facilities totaled 19,788, compared with 20,401 in the prior-year period.

At the Company’s international Gamma Knife facilities in Peru and Ecuador, procedure volume increased 30.7% compared with the first nine months of 2025. The increased volume reflects, in part, the benefits of the Gamma Knife Esprit upgrade completed at the Peru facility in June 2025, which shortened treatment times and improved capacity.

Medical Equipment Leasing segment revenue was $9.6 million, compared with $9.7 million in the first nine months of 2025, a decrease of approximately 1.0%. PBRT revenue increased to $6.3 million from $5.7 million in the prior-year period. PBRT treatment fractions totaled 3,184, compared with 3,095 in the first nine months of 2025. The increase in PBRT revenue despite relatively modest procedure growth reflected higher average reimbursement. Domestic Gamma Knife procedure volume was lower than the prior-year period, primarily due to the expiration of one customer contract in April 2025.

Gross profit for the first nine months of 2026 was consistent with the prior-year period of $4.2 million. Total costs of revenue increased to $18.9 million from $16.2 million, reflecting higher operating costs, including, credit loss reserves, partially offset by lower depreciation and amortization.

Selling, general and administrative expenses increased to $5.8 million from $5.1 million in the first nine months of 2025, primarily reflecting higher legal, banking and consulting expenses associated with the Third Amendment to the Credit Agreement with Fifth Third Bank entered into in July 2026.

The Company reported a net loss attributable to American Shared Hospital Services of $1.7 million, or $0.26 per diluted share, compared with a net loss of $922,000, or $0.14 per diluted share, in the first nine months of 2025.

Adjusted EBITDA for the nine-month period was $3.8 million compared to $4.6 million in the prior year period.

Balance Sheet Highlights

At September 30, 2026, the Company had cash, cash equivalents and restricted cash of approximately $9.5 million compared with $3.7 million at December 31, 2025.

For the first nine months of 2026, the Company generated $5.8 million in cash from operating activities, compared with $3.8 million in the same period of 2025. Cash used in investing activities was approximately $175,000, while cash provided by financing activities was approximately $141,000.

The current portion of long-term debt, net was $15.7 million as of September 30, 2026, representing a decrease from $17.3 million at December 31, 2025.

Shareholders’ equity attributable to American Shared Hospital Services, excluding non-controlling interests, was $22.6 million, or approximately $3.40 per share, based on 6.65 million shares outstanding at September 30, 2026. This reflects the Company’s equity position after accounting for the net loss during the period and the interests of non-controlling shareholders in certain operating subsidiaries, including the Rhode Island facilities and international operations.

As previously disclosed during the third quarter, the Company entered into a Third Amendment to its Credit Agreement and Forbearance Agreement with Fifth Third Bank. In conjunction with the amendment, the Company secured $2.0 million of subordinated financing from RCS/TIG Holdings LLC, an entity controlled by the Company’s Executive Chairman. The financing is intended to provide additional liquidity as the Company continues to execute its strategic initiatives.

Management believes the third quarter financing and the agreement reached with Fifth Third Bank actions provide additional flexibility while the Company continues exploring longer-term capital structure alternatives designed to support future growth initiatives and strengthen its balance sheet.

San Javier Joint Venture

The Company is continuing to advance its joint venture with Hospital San Javier, S.A. de C.V. in Guadalajara, Mexico. AMS expects to upgrade the hospital’s existing Gamma Knife Perfexion system to a Gamma Knife Esprit system and expects patient treatments at the facility to begin in mid-2027. The San Javier initiative represents a potential opportunity to extend AMS’s Gamma Knife presence into another market and expand its international Direct Patient Services platform.

Strategic Growth Initiatives

“Our strategy remains focused on building a differentiated platform of advanced radiation therapy technologies and services that address the growing demand for precision cancer treatment,” said Ray Stachowiak, Executive Chairman. “Our combination of Gamma Knife, Proton Beam Radiation Therapy and direct patient services provide the Company with multiple opportunities to expand our geographic reach, increase treatment volumes and drive long-term growth. We believe our diversified platform and established healthcare partnerships provide a strong foundation for capitalizing on these opportunities.”

“As we continue to evaluate our capital structure strategies, our underlying operating business is demonstrating encouraging progress. During the first nine months of 2026, we achieved 14% revenue growth, driven by a 27% increase in Direct Patient Services revenue, reflecting higher treatment volumes and continued progress across several of our facilities. We are also encouraged by the continued development of our international operations and the cash generated by the business.”

“Our priorities remain focused on improving operational performance, increasing utilization across our existing network, expanding access to advanced radiation therapy services and strengthening our financial position. We remain committed to disciplined capital allocation and believe that continued execution of these initiatives positions the Company for sustainable long-term shareholder value.”

Conference Call

The Company will hold a conference call to discuss its third quarter financial results today at 12:00 pm ET.

Teleconference and Webcast Information

To participate, domestic callers may dial 1-844-413-3972 and international callers may dial 1-412-317-5776 at least 10 minutes prior to the start of the call and ask to join the American Shared Hospital Services call.

A simultaneous webcast of the call may be accessed through the Company’s website, www.ashs.com or directly:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=nqCysq92

A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 6458694, through November 19, 2026. The call will also be available for replay on the Company’s website at www.ashs.com.

About American Shared Hospital Services (NYSE American: AMS)

American Shared Hospital Services (AMS) is a leading provider of turnkey solutions to cancer treatment centers, health systems, and cancer networks in North and South America. The Company works closely with its partners to develop and grow their cancer service lines and provide integrated cancer care to patients in a convenient local setting close to home. For centers under health system partnerships, the Company and its health system partners share in the capital investment cost and profitability of the operations based on their respective ownership interests. For more information, please visit: www.ashs.com

Safe Harbor Statement

This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton beam radiation therapy and direct patient care services business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risk of compliance with debt covenants, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton beam radiation therapy and direct patient care services businesses, the risks of changes to Centers for Medicare & Medicaid Services reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, PBRT, and direct patient care services businesses, the risk of expanding within or into new markets, the risk that the continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent reports filed by the Company with the Securities and Exchange Commission.

Non-GAAP Financial Measure

Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income before income taxes, income from operations, net income attributable to the Company, earnings per share and other measures of performance as defined by GAAP as indicators of the Company’s performance or profitability.

EBITDA is a non-GAAP financial measure representing our earnings before interest expense, interest income, income tax expense (benefit), depreciation, and amortization. We define Adjusted EBITDA as net loss before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, and stock-based compensation expense.

We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.

Contacts

American Shared Hospital Services
Ray Stachowiak, Executive Chairman
rstachowiak@ashs.com

Investor Relations

Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com

American Shared Hospital Services
Condensed Consolidated Statements of Operations
		Summary of Operations Data
						(Unaudited)
		Three months ended September 30,								Nine months ended September 30,
			2026				2025				2026				2025
Revenues		$	7,624,000			$	7,171,000			$	23,138,000			$	20,354,000
Costs of revenue			6,105,000				5,585,000				18,898,000				16,196,000
Gross margin			1,519,000				1,586,000				4,240,000				4,158,000
Selling and administrative expense			1,803,000				1,538,000				5,755,000				5,092,000
Interest expense			480,000				392,000				1,083,000				1,253,000
Operating loss			(764,000	)			(344,000	)			(2,598,000	)			(2,187,000	)
Interest and other income			21,000				63,000				122,000				172,000
Loss before income taxes			(743,000	)			(281,000	)			(2,476,000	)			(2,015,000	)
Income tax expense (benefit)			163,000				48,000				390,000				(296,000	)
Net loss			(906,000	)			(329,000	)			(2,866,000	)			(1,719,000	)
Less: Net loss attributable to non-controlling interests			286,000				312,000				1,120,000				797,000
Net loss attributable to American Shared Hospital Services		$	(620,000	)		$	(17,000	)		$	(1,746,000	)		$	(922,000	)
Loss per common share:
Basic		$	(0.09	)		$	(0.00	)		$	(0.26	)		$	(0.14	)
Diluted		$	(0.09	)		$	(0.00	)		$	(0.26	)		$	(0.14	)
Weighted Average Shares Outstanding:
Basic			6,773,000				6,632,000				6,748,000				6,593,000
Diluted			6,773,000				6,632,000				6,748,000				6,593,000

American Shared Hospital Services
Balance Sheet Data
		Balance Sheet Data
		(Unaudited)
		9/30/2026			12/31/2025
Cash, cash equivalents and restricted cash		$	9,485,000		$	3,712,000
Current assets		$	19,059,000		$	17,720,000
Total assets		$	52,865,000		$	55,479,000
Current liabilities		$	23,627,000		$	23,444,000
Shareholders’ equity American Shared Hospital Services		$	22,608,000		$	24,034,000
Outstanding shares			6,650,000			6,575,000

	American Shared Hospital Services
	Adjusted EBITDA
		Reconciliation of GAAP to Non-GAAP Adjusted Results
					(Unaudited)
		Three months ended September 30,							Nine months ended September 30,
			2026			2025				2026			2025
Net loss attributable to American Shared Hospital Services		$	(620,000	)	$	(17,000	)		$	(1,746,000	)	$	(922,000	)
Less (plus):	Income tax expense (benefit)		163,000			48,000				390,000			(296,000	)
	Interest expense		480,000			392,000				1,083,000			1,253,000
	Interest income		(40,000	)		(34,000	)			(122,000	)		(157,000	)
	Depreciation and amortization expense		1,342,000			1,454,000				3,982,000			4,411,000
	Stock-based compensation expense		38,000			101,000				241,000			304,000
Adjusted EBITDA		$	1,363,000		$	1,944,000			$	3,828,000		$	4,593,000

Zelsuvmi^® net product revenue grew 114% to $15.2 million during the third quarter of 2026 from $7.1 million in the third quarter of 2025

12,384 Zelsuvmi units were dispensed by 4,942 unique prescribers during the third quarter of 2026, representing a 4% quarter-over-quarter increase in units dispensed

Increased formulary coverage for Zelsuvmi^® to 127 million commercially covered lives

Recently announced transaction with Castle Creek, creating transformative biotechnology company focused on serious diseases that affect the skin

Management will host a conference call today, November 12, 2026, at 8:30 a.m. ET

DURHAM, N.C., Nov. 12, 2026 (GLOBE NEWSWIRE) — Pelthos Therapeutics Inc. (NYSE American: PTHS), a biopharmaceutical company committed to commercializing innovative therapeutic products for unmet patient needs (“Pelthos,” “we” or the “Company”), today announced its financial results for the third quarter ended September 30, 2026, and provided a business update.

“Zelsuvmi delivered another solid quarter, generating net product revenue of $15.2 million,” said Scott Plesha, CEO of Pelthos. “Thousands of patients have already benefited from Zelsuvmi and we remain focused on driving Zelsuvmi growth and building on our success with the planned launches of Xepi® targeted in the first quarter of 2027 and Xeglyze® targeted in the third quarter of 2027.”

“In October, after the close of the third quarter, we took an important step in our pursuit of long-term value by announcing our agreement to combine with Castle Creek, a transaction that we believe will create a stronger, more diversified biotechnology company,” Mr. Plesha continued. “This transformative merger brings together two complementary platforms across different therapeutic modalities and has significant upside potential through Castle Creek’s fibroblast-based cell and gene therapy technology, and its lead candidate, D-Fi, which has the potential to become a blockbuster franchise in dystrophic epidermolysis bullosa, or DEB. We look forward to completing the transaction and delivering significant value to our shareholders.”

Third Quarter and Recent Business Highlights

Zelsuvmi^® Commercial Highlights

• Zelsuvmi® net product revenue was $15.2 million in the third quarter of 2026, up 114% from $7.1 million in the third quarter of 2025, driven by strong utilization of Zelsuvmi by health care providers, increased formulary position, and optimized gross-to-net deductions.
• In the third quarter, units of Zelsuvmi dispensed increased to 12,384 units, up 4% from the prior quarter and up 365% from the same period last year.
• Third-quarter net revenue per unit reflected increased utilization of Zelsuvmi associated with expanding access, consistent with expectations for this stage of launch. As new coverage is implemented, Pelthos expects a slight increase in gross-to-net deductions, and improving net revenue per unit over time.
• During the third quarter of 2026, Pelthos announced that it had secured new formulary coverage with a major Pharmacy Benefit Manager, reaching an additional 24 million covered lives, gained enhanced commercial coverage through a regional commercial health plan representing approximately 3 million covered lives, and increased formulary coverage for Zelsuvmi to 127 million commercially covered lives or 69% of commercially covered lives and strong Medicaid coverage of more than 70 million or 100% of covered lives.

Combination with Castle Creek Presents Compelling Value Opportunity

On October 30, 2026, the Company announced that it entered into a definitive merger agreement under which Castle Creek Biosciences, Inc. (“Castle Creek”), a late-stage company developing redosable gene therapies, will merge into an affiliate of Pelthos via a series of mergers. The combination would create a transformative, diversified biotechnology company with a synergistic pediatric and dermatological focus, targeting serious diseases that affect the skin. Castle Creek’s late-stage fibroblast-based cell and gene therapy platform, including its lead candidate, D-Fi, complements the Company’s three novel FDA-approved products and established commercial capabilities in dermatology, with the potential to drive long-term value for shareholders. D-Fi is a redosable, gene-modified cell therapy for DEB that has received Orphan Drug designation for DEB and Rare Pediatric Disease, Fast Track and Regenerative Medicine Advanced Therapy designations from the FDA for recessive DEB.

• The transaction remains on track to close by the end of the first quarter of 2027, subject to customary closing conditions including approval by Castle Creek’s stockholders.
• The combined company is expected to offer compelling complementary capabilities, greater pipeline diversification and an expanded technology base.
• As part of the Pelthos’ portfolio, D-Fi will leverage the Company’s established commercial leadership, and deep expertise in dermatology. The merger offers important synergy in prescribers and key opinion leaders as both D-Fi and Pelthos’ current portfolio are focused on providing important therapies to the pediatric dermatology, dermatology and pediatric specialties.
• Bringing together Pelthos’ three novel FDA-approved products, Zelsuvmi®, Xepi® and Xeglyze®, with D-Fi will create a portfolio spanning marketed, launch-stage and late-stage assets that provides multiple potential sources of growth over different time horizons.
• In addition, Castle Creek’s fibroblast technology adds a cell and gene therapy capability to Pelthos’ existing Nitricil technical and manufacturing platform, giving the combined company multiple therapeutic modalities to address serious skin diseases where conventional small molecules have had limited impact and allowing it to expand its product pipeline over time.

Other Financial Highlights

• Pelthos’ cash balance as of September 30, 2026 was $17.7 million, not including an additional $10.0 million borrowed from Horizon Technology Finance on October 30, 2026. This additional borrowing, paired with cash on hand, combined with the Company’s current commercial projections, is expected to support its current business plan.
• On October 30, 2026, Pelthos entered into an Amended and Restated Venture Loan and Security Agreement with Horizon Technology Finance, which amended and restated the Company’s original Venture Loan and Security Agreement (January 2026). The amended agreements provides for a senior secured term loan facility of up to $50.0 million. In connection with the amendment, the Company drew an additional $10.0 million, bringing current outstanding borrowings to $40.0 million. An additional $10.0 million may be available in funding prior to December 31, 2027, primarily subject to the Company achieving trailing twelve-month net revenue of at least $70.0 million.
• As of September 30, 2026, we had approximately 9.1 million shares outstanding on an as-converted basis, which includes the conversion of approximately 51,479 shares of the Company’s Series A and 2,600 shares of Series C Convertible Preferred Stock, and approximately 3.9 million shares of common stock issued and outstanding.

Third Quarter 2026 Financial Summary

• Net product revenues for Zelsuvmi during the third quarter of 2026 was $15.2 million as compared to $7.1 million during the third quarter of 2025 and $15.4 million during the second quarter of 2026, representing a 114% year-over-year increase and a 1% quarter-over-quarter decrease, respectively.
• Cost of goods sold was $1.7 million for the third quarter of 2026 as compared to $2.3 million for the third quarter of 2025 and $3.6 million for the second quarter of 2026, representing a 28% year-over-year reduction and a 54% quarter-over-quarter reduction, respectively. Cost of goods sold includes fair value adjustments related to finished goods and active pharmaceutical ingredient inventory on hand at the time of the Company’s merger in July 2025. Cost of goods sold for the second quarter of 2026 also included a $0.9 million write-off of work-in-process inventory related to specification tolerances.
• Selling, general and administrative (“SG&A”) expenses were $18.8 million for the third quarter of 2026 as compared to $18.4 million for the third quarter of 2025 and $25.0 million for the second quarter of 2026, representing a 3% year-over-year increase and a 25% quarter-over quarter reduction. SGA expenses for the second quarter of 2026 included $5.3 million of one-time milestone expense.
• Interest expense was $2.3 million for the third quarter of 2026 compared to $1.3 million for the third quarter of 2025 and $2.4 million for the second quarter of 2026. Interest expense is attributable to (i) the Company’s existing convertible notes and its Horizon facility; and (ii) the accounting treatment of certain royalty and purchase agreement obligations entered into by the Company.
• Change in fair value of debt, related to the convertible notes issued in November 2025, was a $4.1 million gain in the third quarter of 2026 compared to a $3.7 million loss for the second quarter of 2026. There was no corresponding change in fair value of debt in the third quarter of 2025 because the convertible notes had not yet been issued. At issuance, the Company analyzed the terms of the convertible notes and its embedded features concluding it was appropriate to account for the convertible notes at fair value. Accordingly, the Company initially recognized the convertible notes at fair value and will subsequently measure the convertible notes at fair value with changes in fair value recorded in current period earnings or other comprehensive income.
• Net loss for the third quarter of 2026 was $(7.9) million, compared to $(16.2) million for the third quarter of 2025 and $(23.4) million for the second quarter of 2026.
• Adjusted EBITDA for the third quarter of 2026 was $(5.6) million, as compared to $(10.4) million for the third quarter of 2025 and $(5.7) million for the second quarter of 2026, as discussed within the Non-GAAP Financial Information below.
• See additional detail within the Summary Financial Statement tables and Non-GAAP Financial Information below.

Webcast and Conference Call

Management will host a conference call and webcast today at 8:30 a.m. ET to discuss the Company’s third quarter 2026 results and provide a corporate update. Interested parties may participate in the call by dialing:

(877) 451-6152 (Domestic)
(201) 389-0879 (International)
Conference ID: 13763737

The live webcast will be accessible in the Investors section of the Company’s website or by following the direct link:

https://viavid.webcasts.com/starthere.jsp?ei=1782128&tp_key=f03f47add7

For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Pelthos’ website.

About Pelthos Therapeutics

Pelthos Therapeutics is a commercial-stage biopharmaceutical company focused on building and advancing a portfolio of differentiated cutaneous infectious disease products that address unmet patient needs. Zelsuvmi^® (berdazimer) topical gel, 10.3%, the Company’s lead product, is the first and only prescription therapy approved for use at home by patients, parents, and caregivers to treat molluscum contagiosum. The company’s portfolio of assets includes Xepi^® (ozenoxacin) Cream, 1%, a topical treatment for impetigo, and Xeglyze^® (abametapir), a topical treatment for head lice. More information is available at www.pelthos.com. Follow Pelthos on LinkedIn and X.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, regarding Pelthos’ current expectations. All statements, other than statements of historical fact, could be deemed to be forward-looking statements. In some instances, words such as “plans,” “believes,” “expects,” “anticipates,” and “will,” and similar expressions, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our good faith beliefs (or those of the indicated third parties) and speak only as of the date hereof. These forward-looking statements include, without limitation, references to our expectations regarding (i) the potential benefits of the merger with Castle Creek, including potential synergies and capabilities of the combined company, and the anticipated timing of closing; (ii) the anticipated ongoing growth for Zelsuvmi®; (iii) the potential timing for the commercialization and anticipated launch of Xepi and Xeglyze; (iv) our belief that the exclusion of certain items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business; and (vi) our belief that Adjusted EBITDA provides useful information to investors in understanding and evaluating our operating results. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the combined company’s Common Stock will be indicative of the combined company’s value or that the combined company’s Common Stock will become an attractive investment in the future; the closing conditions required under the Castle Creek merger agreement, which may not be satisfied or completed on a timely basis, if at all; we may rely on collaborative partners for milestone payments, royalties, materials revenue, contract payments and other revenue projections and may not receive expected revenue; we and our partners may not be able to timely or successfully advance any product(s) in our internal or partnered pipeline or receive regulatory approval and there may not be a market for the product(s) even if successfully developed and approved; and changes in general economic conditions, including as a result of war, conflict, epidemic diseases, the implementation of tariffs, and ongoing or future litigation could expose us to significant liabilities and have a material adverse effect on us. These and other risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law.

Contacts

Investors:
LifeSci Advisors, LLC
Mike Moyer, Managing Director
mmoyer@lifesciadvisors.com

Media:
Jude Gorman / Dylan O’Keefe
Collected Strategies
Pelthos-CS@collectedstrategies.com

Summary Financial Statements

Pelthos Therapeutics Inc.
Selected Condensed Consolidated Balance Sheet Data (unaudited) (in thousands)
	September 30, 2026				December 31, 2025
Cash and cash equivalents	$	17,690			$	17,973
Accounts receivable, net		13,413				8,858
Inventory		21,471				23,574
Total current assets		56,066				53,410
Total assets		128,817				130,397
Accounts payable	$	3,717			$	2,986
Accrued expenses		23,155				15,364
Total current liabilities		31,435				25,993
Total liabilities		135,003				91,516
Total stockholders’ (deficit) equity	$	(6,186	)		$	38,881
Total liabilities and stockholders’ equity		128,817				130,397

Pelthos Therapeutics Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
Net product revenues	$	15,213			$	7,112			$	41,298			$	7,112
License and collaboration revenues		182				294				606				294
Total revenue		15,395				7,406				41,904				7,406
Operating expenses
Cost of goods sold		1,661				2,316				6,944				2,316
Selling, general and administrative		18,845				18,383				63,117				22,739
Research and development		1,019				145				1,805				854
Royalty expense		2,510				1,245				7,015				1,245
Amortization of intangible assets		1,05				679				3,127				679
Total operating expenses		25,088				22,768				82,008				27,833
Operating loss		(9,693	)			(15,362	)			(40,104	)			(20,427	)
Other (expense) income
Interest expense		(2,269	)			(1,346	)			(7,011	)			(1,698	)
Change in fair value of convertible debt		4,067				—				(9,270	)			—
Interest income and other income		—				5				—				5
Total other (expense) income		1,798				(1,341	)			(16,281	)			(1,693	)
Net loss before provision (benefit) for income taxes		(7,895	)			(16,703	)			(56,385	)			(22,120	)
Provision (benefit) for income taxes		—				(465	)			—				(465	)
Net loss	$	(7,895	)		$	(16,238	)		$	(56,385	)		$	(21,655	)
Net loss per common share – basic and diluted	$	(2.04	)		$	(5.30	)		$	(15.78	)		$	(14.92	)
Weighted average number of common shares outstanding – basic and diluted		3,862,896				3,061,735				3,573,387				1,451,152

Pelthos Therapeutics Inc.
Condensed Consolidated Statements of Operations (unaudited) (in thousands except share and per share data)
	Three Months Ended
	September 30, 2026				June 30, 2026
Revenue
Net product revenues	$	15,213			$	15,420
License and collaboration revenues		182				183
Total revenue		15,395				15,603
Operating expenses
Cost of goods sold		1,661				3,610
Selling, general and administrative		18,845				25,034
Research and development		1,019				600
Royalty expense		2,510				2,639
Amortization of intangible assets		1,053				1,043
Total operating expenses		25,088				32,926
Operating loss		(9,693	)			(17,323	)
Other (expense) income
Interest expense		(2,269	)			(2,389	)
Change in fair value of convertible debt		4,067				(3,705	)
Total other (expense) income		1,798				(6,094	)
Net loss before provision for income taxes		(7,895	)			(23,417	)
Provision for income taxes		—				—
Net loss	$	(7,895	)		$	(23,417	)
Net loss per common share – basic and diluted	$	(2.04	)		$	(6.62	)
Weighted average number of common shares outstanding – basic and diluted		3,862,896				3,539,464

Non-GAAP Financial Information

Adjusted EBITDA

To provide investors with additional information regarding the Company’s financial results, we have provided within this press release Adjusted EBITDA, a non-GAAP financial measure. We define Adjusted EBITDA as net loss adjusted to eliminate (i) stock-based compensation expense, (ii) the inventory valuation step-up recognized in cost of goods sold resulting from the July 1, 2025 acquisition of LNHC, Inc., as described below, (iii) change in fair value of convertible debt, (iv) milestones due to license agreement counterparties, (v) interest expense, (vi) interest and other income, (vii) amortization of intangible assets, (viii) depreciation expense, and (ix) the provision for income taxes. We have provided a reconciliation below of Net Loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA.

The Company accounts for business acquisitions using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. ASC 805 requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values, as determined in accordance with ASC 820, Fair Value Measurements (“ASC 820”), as of the acquisition date. As part of the July 1, 2025 acquisition of LNHC, Inc., the fair value of the inventory acquired was estimated using the top/down method that considers the estimated selling price, costs to complete, disposal costs, profit margin on disposal effort, and holding costs. Significant assumptions include management’s estimates for the selling price and the costs to be incurred related to the disposal effort of the inventory. The non-cash inventory valuation step-up from the acquisition of LNHC, Inc. is recognized within cost of goods sold in the periods presented.

We have included Adjusted EBITDA in this press release because it is a key measure used by our management to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. In particular, we believe the exclusion of certain items from net loss in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors in understanding and evaluating our operating results. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

The following table presents a reconciliation of Net Loss to Adjusted EBITDA for each of the periods indicated (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net loss	$	(7,895	)		$	(16,238	)		$	(56,385	)		$	(21,655	)
Adjustments:
Stock-based compensation		1,943				2,812				6,611				3,662
Cost of goods sold basis step-up		823				1,111				4,757				1,111
Change in fair value of convertible debt		(4,067	)			—				9,270				—
Milestone expense		—				—				5,250				—
Interest expense		2,269				1,346				7,011				1,698
Interest income and other income		—				(5	)			—				(5	)
Amortization of intangible assets		1,053				679				3,127				679
Depreciation		283				389				1,030				389
Provision (benefit) for income taxes		—				(465	)			—				(465	)
Adjusted EBITDA	$	(5,591	)		$	(10,371	)		$	(19,329	)		$	(14,586	)

	Three Months Ended
	September 30, 2026				June 30, 2026
Net loss	$	(7,895	)		$	(23,417	)
Adjustments:
Stock-based compensation		1,943				2,760
Cost of goods sold basis step-up		823				2,295
Change in fair value of convertible debt		(4,067	)			3,705
Milestone expense		—				5,250
Interest expense		2,269				2,389
Amortization of intangible assets		1,053				1,043
Depreciation		283				278
Adjusted EBITDA	$	(5,591	)		$	(5,697	)

10 Barrel Becomes the Portland Trail Blazers’ First Official Canned Cocktail Partner, Expanding Oregon Craft Beverages Across Moda Center and the Rip City Bar Network

PORTLAND, Ore., Nov. 12, 2026 (GLOBE NEWSWIRE) — 10 Barrel Brewing, Widmer Brothers Brewing, and Hop Valley Brewing, subsidiaries of Tilray Brands (NASDAQ: TLRY and TSX: TLRY), today announced an expanded partnership with the Portland Trail Blazers, naming the Oregon craft brands the team’s Official Craft Beer Partners and 10 Barrel the first Official Canned Cocktail Partner in Trail Blazers history.

The partnership brings together three of Oregon’s best-known craft beer brands while expanding the selection of local craft beverages available to Trail Blazers fans. Together, the brands will bring a broader selection of Oregon craft beer and canned cocktails to fans at Moda Center and across the Trail Blazers fan experience throughout the season.

At Moda Center, fans will see an expanded lineup of local craft beverages. In addition to the Hop Valley Hop Box, Schonely’s Taproom will become Schonely’s Oregon Beer Hall, creating a dedicated destination for Oregon craft beer. On the 300-level concourse, a new Pub Beer “Cheap Fun” bar will take over the former Low Bar and continue to offer affordable, easy-drinking options for game day.

“Oregon sports deserve Oregon beer,” said Brian Hughes, Senior Director, National Craft Brands, Tilray Beverages. “10 Barrel, Widmer Brothers and Hop Valley are iconic Oregon craft brands bringing amazing craft beers and cocktails from across the state of Oregon to the Moda Center. We can’t wait to bring these brands together to create more energy and more ways to raise a beverage with Trail Blazers fans, whether they’re inside the arena, posted up at a Blazers Bar, or packing 10 Barrel’s Portland pub on game day.”

“We’re excited to build on our relationship with Hop Valley and welcome back 10 Barrel and Widmer Brothers, bringing more Oregon brews to Blazers fans,” said Nic Corbett, Vice President of Commercial Partnerships at the Trail Blazers. “Oregon’s craft beer tradition is part of what makes this region special, and expanding this partnership brings more of that local character to game nights at Moda Center.”

The partnership will extend beyond Moda Center through the Rip City Bar Network, with 10 Barrel Brewing, Widmer Brothers Brewing and Hop Valley Brewing serving as its Official Craft Beer Partners. 10 Barrel’s Portland pub will also host official watch parties and appearances by Trail Blazers team entertainment, giving fans more opportunities to experience the partnership beyond game nights at the arena.

The agreement continues Hop Valley’s existing Trail Blazers sponsorship while welcoming back 10 Barrel Brewing and Widmer Brothers Brewing through a broader Oregon craft beverage platform. Additional activations are planned throughout the season, including custom merchandise, sweepstakes, and other fan-focused promotions.

About The Portland Trail Blazers

Members of the National Basketball Association (NBA), the Portland Trail Blazers were founded in 1970 and purchased by Rip City Rising in 2026. The team’s rich heritage includes 37 playoff appearances, three trips to the NBA Finals, an NBA championship in 1977 and a commitment to community service and sustainability. The Trail Blazers are dedicated to positively impacting underserved kids and their families throughout Oregon and Southwest Washington, where they live, learn and play. Portland is the first and only professional sports franchise to receive the prestigious National Points of Light Award for excellence in corporate and community service. The Trail Blazers’ home arena, Moda Center, became the first existing arena to earn LEED Platinum certification in 2019 after receiving LEED Gold Recertification in 2015 and becoming the first existing professional sports venue in the world to receive LEED Gold status in 2010. The team is also one of the founding members of the Green Sports Alliance. For more information, visit trailblazers.com. 

About Tilray Brands

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

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

Forward-Looking Statements

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

For further information, please contact:

Media: news@tilray.com

Investors: investors@tilray.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2709ba92-630f-4da6-9c75-dffa06beec42

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — WeShop Holdings Limited (“WeShop” or the “Company”) (NASDAQ: WSHP), the community-owned shopping app on a mission to make shopping more rewarding, today released a letter to shareholders from Maria Weaver, Chief Executive Officer, ahead of the Company’s U.S. launch on Monday, November 16, 2026.

Dear Shareholders,

On Monday, November 16, we are proud to launch WeShop to U.S. shoppers. The app will be available nationwide, and we are starting our marketing in four cities: Charlotte, Columbus, Dallas and Atlanta, expanding on a rolling basis through year-end. This approach lets us refine how we reach and grow our community before we scale further.

As we prepare for this significant next step, I want to share why it matters, what our team is focused on and how we plan to keep you informed.

The idea that drew me to WeShop is simple: people should have the opportunity to own a piece of the platform they help build. Through ShareBack™ rewards, everyday shopping can become a way to earn an ownership stake in WeShop. Our founder, John Garner, started with a simple question: what if the first shoppers on the world’s biggest e-commerce platforms had been able to share in the value they helped create? Building on our UK pilot, our entrance into the U.S. gives us the opportunity to bring this unique model to a much larger community.

To our longstanding shareholders
Many of you have been part of WeShop since long before our Nasdaq listing, including members of our original UK community. You have told me you want to be kept more informed. I hear that, and making our communication more open and consistent is a priority for me. Through letters like this one and regular conversations with management, we look forward to staying connected with our shareholders, members and brand partners. As we grow in the U.S., we’ll continue to share our plans and progress, and how your support will help us get there.

You may remember that our app first launched alongside our Nasdaq listing last November, and that we paused it to rebuild for a larger opportunity. Thank you for your patience during that pause. We used that time to put a new team in place, strengthen the product and prepare properly for the U.S. market. Monday marks the start of that next chapter.

Why the U.S., and why now?
The U.S. offers a substantial opportunity for WeShop. Shoppers already buy through affiliate platforms and expect rewards for their spending. Our unique ShareBack™ offering gives consumers an additional reason to choose WeShop: the opportunity to earn equity through eligible purchases.

Our preparations build on three considerations:

• Experience from our UK pilot. Through March 2025, the pilot generated £108.5 million in gross merchandise value, with most members joining through referrals. That experience gives us a foundation for the U.S. launch, where we will need to earn the loyalty of a new audience.
• A different connection with shoppers. We want members to see value in returning to WeShop and in helping the community grow. Ownership is central to that relationship.
• The holiday shopping season. Our November 16 launch puts WeShop in front of U.S. shoppers as they make purchases for the holidays. Our focus is on giving them reasons to keep using the platform afterward.

What it means to be a WeShop member
At launch, we expect U.S. members to have access to more than 750 retail and travel partners, including LG, eBay and Booking.com. Eligible purchases earn WePoints, which members can redeem for WeShop Class A ordinary shares, subject to the program’s terms and applicable requirements.

This is an important distinction. Unlike conventional points or cashback, ShareBack™ rewards offer an avenue for ownership in WeShop through their redemption for the same class of ordinary shares listed on Nasdaq. We want members to understand both that opportunity and the steps required to claim their shares.

How we think about success
For me, a successful launch means building relationships that last beyond the first purchase.
Gross merchandise value matters, but so does how often our members return. Inside WeShop, we think about the journey from trying the app to using it regularly and making it part of everyday shopping. Our product and marketing efforts are built around helping members make that progression.

My experience building fandoms taught me the value of a loyal community. People who return regularly help build a business over time. They shop, recommend it to others and give us a better understanding of what they value. That understanding can help us improve the experience for members and strengthen what we offer our retail partners.

As we assess our U.S. progress, we will look at repeat use and engagement alongside transaction volume. We want to build a business that earns a place in people’s routines, and we will use what we learn after launch to refine our approach.

What comes next
In the weeks ahead, our team will focus on the U.S. launch. We are partnering with creators, from those with national followings to local voices in our launch cities, to introduce WeShop to their audiences. We are working with community and membership groups to connect with shoppers through organizations they already know and trust, and we are hosting in-person events, starting with our first founders event in Charlotte later this month.

For eligible UK members, share claims are scheduled to open on November 23 and close on December 21, with identity verification available in the app ahead of the November 23 opening date.

Further information is available on our investor relations website.

As we welcome U.S. shoppers, I want to recognize the community that helped bring WeShop to this point. Many of you have supported this business for years. Your belief in the idea behind WeShop matters to me and to our team.

What excites me most is the chance to see more people make WeShop part of their everyday lives and become owners in the business they help grow. We have work ahead of us, and I feel a real responsibility to deliver on that opportunity.

Thank you for being part of WeShop. I look forward to sharing this next chapter with you.

Sincerely,

Maria Weaver
Chief Executive Officer, WeShop

Forward-Looking Statements
This release, including the accompanying shareholder letter, includes forward-looking statements under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements address future plans and expectations, including the anticipated November 16 U.S. launch and retailer availability; the benefits anticipated from ShareBack™ and community ownership; applying experience gained during the UK pilot; attracting members, encouraging repeat purchases and retaining retail partners; creator partnerships and community events; and the schedule for eligible UK members to verify their identities, claim shares and redeem WePoints. These statements reflect management’s present expectations and are subject to uncertainty. Actual developments and results could differ materially because of market conditions and the risks discussed in the Company’s SEC filings, including the Form 20-F covering the year ended December 31, 2025, submitted April 30, 2026, as amended by the Form 20-F/A submitted September 28, 2026, and the August 24, 2026 Form 6-K containing financial information for the six months ended June 30, 2026. Those documents can be accessed through the SEC’s website at www.sec.gov. Except where legally required, the Company undertakes no duty to revise these statements following subsequent events or new information.

Participation in ShareBack™, including earning WePoints and exchanging them for Class A ordinary shares of WeShop, involves risk and is governed by eligibility criteria and program terms. Review the ShareBack™ prospectus, together with any supplements, at https://investors.we.shop/shareback or through the SEC’s website. App registration is available through Apple’s App Store and Google Play. Neither this release nor its accompanying materials offers securities for sale or seeks an offer to purchase them. Any securities offering occurs exclusively under the ShareBack™ prospectus and its applicable supplements.

About WeShop
WeShop Holdings Limited (NASDAQ: WSHP) is a community-owned shopping platform that turns everyday purchases into ownership. Through its proprietary ShareBack™ program, members earn ShareBack™ rewards, or WePoints, redeemable for shares in WeShop when they shop and refer others to the platform, giving the people who help grow the company the opportunity to own a piece of it. With access to hundreds of leading retailers and more than a billion products, WeShop brings shopping, rewards and ownership together in one experience. By putting consumers at the center, WeShop is building a community where members are more than shoppers; they are shareholders.

Press: weshop@skyya.com
Corporate: corporate@we.shop
Commercial: partnerships@we.shop

Investor Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
+1 212.896.1254
WeShop@kcsa.com

GOLETA, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — Aeluma, Inc. (NASDAQ: ALMU), a semiconductor company specializing in high-performance, scalable technologies for AI, mobile and consumer, defense and aerospace, and quantum, announced today it has executed an agreement to purchase an AIXTRON G10-AsP metalorganic chemical vapor deposition (MOCVD) system. The tool will support advanced development and the expansion of manufacturing capacity for Aeluma’s non-indium-phosphide (non-InP) photonics platform.  

Customer demand for photonic components used in AI data communications continues to grow at an unprecedented pace and Aeluma’s technology opens the path to future scaling that does not rely on InP substrates. This is achieved by integrating certain compound semiconductor materials with high-volume microelectronics-grade gallium arsenide (GaAs) or silicon (Si) substrates, enabling greater production scale and cost efficiency.

AIXTRON’s G10-AsP system has 150 mm and 200 mm wafer capability and has been specifically configured for Aeluma’s proprietary processes. Designed for full automation and high throughput, it offers scalable production on both GaAs and Si.

“The AIXTRON G10-AsP platform is aligned with our strategy to scale photonic device manufacturing on 150 mm and larger substrates,” said Jonathan Klamkin, Ph.D., Founder and CEO of Aeluma. “Demand for high-speed photodetectors, quantum dot lasers and other photonic devices for AI scale-up and scale-out architectures continues to grow rapidly. This acquisition strengthens our ability to address an expanding market by leveraging the advantages of our heterogeneous integration platform.”

“We are proud to support Aeluma’s laser ramp with our G10-AsP system,” said Felix Grawert, Chief Executive Officer of AIXTRON SE. “Demand for photonic devices in AI and related markets is driving the transition towards larger wafer formats and Aeluma’s approach offers a promising alternative in this regards.”

The agreement builds on several years of collaboration between the two companies and highlights the benefits of combining Aeluma’s heterogeneous integration platform with AIXTRON’s MOCVD technology for the expanding photonics market that requires high-throughput solutions for customers demanding advanced compound semiconductor manufacturing methods.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Company’s expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

About Aeluma

Aeluma (NASDAQ: ALMU) is a transformative semiconductor company specializing in high-performance photonic and electronic technologies that scale. The company’s proprietary platform combines compound semiconductors with scalable manufacturing used for mass market microelectronics to enable volume production and large-scale integration. Applications for Aeluma’s technology include mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum. Headquartered in Goleta, California, Aeluma operates state-of-the-art R&D and manufacturing capabilities for semiconductor wafer production, quick-turn chip fabrication, rapid prototyping, test and validation. Aeluma also partners with production-scale fabrication foundries, packaging, and integration companies. For more information, visit www.aeluma.com.

Company:
Aeluma, Inc.
(805) 351-2707
info@aeluma.com

Investor Contact:
Financial Profiles, Inc.
Moira Conlon
(310) 622-8220
ir@aeluma.com

(All dollar amounts are expressed in Canadian dollars, unless stated otherwise)

HIGHLIGHTS Q3 2026 (at September 30, 2026) Financial: ~$1,501.9 million in cash, restricted cash and marketable securities, including ~$733.7 million in cash and cash equivalents, ~$691.2 million in restricted cash and ~$77.0 million in investments and marketable securities; sold 3,162 ounces of gold from small-scale test mining activities at the Tintic Project. Financing: Completed 9.250% Senior Secured Notes offering for US$600.0 million in gross proceeds and repaid and terminated agreement in respect of the Appian 2025 Financing Facility; announced US$30 million equity private placement with Trafigura. Cariboo Gold Project: Announced final investment decision to proceed with formal construction of the Cariboo Gold Project, with an expected first gold pour in Q1 2029 and commercial production in H2 2029; released new drill results from surface deeps and infill exploration program, and first set of new drilling at the Proserpine greenfield target; released final results and preliminary internal reconciliation analysis of its completed infill program in the Lowhee Zone; 16 drill rigs are active across all surface and underground programs at site. Corporate: Completed name change to Osisko Gold Group Inc. Subsequent to Q3 2026 Corporate: Elijah Tyshynski assumed role of CFO, succeeding Alexander Dann; closed US$30 million equity private placement with Trafigura; appointed Cameron Carter as VP, Construction Operations at Barkerville Gold Mines, and announced departure of Sarah Harrison, VP, Permitting and Compliance. Cariboo Gold Project: Provided construction progress update and announced new drilling results from ongoing definition infill program in the Lowhee Zone.

TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG) (“Osisko Gold” or the “Company“) reports its financial and operating results for the three and nine months ended September 30, 2026 (“Q3 2026“).

Q3 2026 HIGHLIGHTS

Operating, Financial and Corporate Updates

• As at September 30, 2026, the Company had approximately $1,501.9 million in cash, restricted cash and investments, including $733.7 million in cash and cash equivalents, $691.2 million in restricted cash and $77.0 million in investments and marketable securities. Restricted cash comprises amounts held in segregated accounts established under the Senior Secured Notes (as defined herein) available for disbursement upon satisfaction of applicable conditions, and subscription proceeds received in advance of closing of the Trafigura Equity Investment (as defined herein). Upon closing of the Senior Secured Notes, the Company had US$900 million aggregate principal amount of notes outstanding, comprising (i) US$300 million under the 4.125% convertible senior notes due June 15, 2031 (the “Convertible Notes“), and (ii) US$600 million under the 9.250% senior secured notes due October 1, 2031 (the “Senior Secured Notes“).
• The Company generated $19.3 million in revenues ($4.4 million in Q3 2025) and $9.9 million in cost of sales ($3.0 million in Q3 2025) from the sale of 3,162 gold ounces from small-scale test mining activities and direct shipping of mineralized material at the Tintic Project, generating an operating income of $3.8 million ($33.2 million loss in Q3 2025), after deducting other operating and general administrative costs.
• On July 8, 2026, the Company announced new drill results from 11 surface diamond drill holes totaling 8,971 metres completed between December 2025 and April 2026 as part of an ongoing Cariboo Deeps and near mine gap infill exploration program at the Cariboo Gold Project. Approximately 65% of drilling transected areas outside the current footprint of the Cariboo Gold deposit, and results confirmed the presence of high-grade mineralization to a maximum vertical depth of 718 metres below surface in hole IM-26-001.
• On July 14, 2026, the Company’s name change to “Osisko Gold Group Inc.” became effective and, on July 20, 2026, the Common Shares began trading under the new symbol “OGG” on each of the TSXV and the NYSE. The trading symbols for the Company’s listed warrants also changed effective July 20, 2026: (i) warrants trading under “ODVWZ” on the Nasdaq Stock Market and “ODV.WT.U” on the TSXV changed to “OGGWZ” and “OGG.WT.U”, respectively; and (ii) warrants trading on the TSXV under “ODV.WT.A” and “ODV.WT.V” changed to “OGG.WT.A” and “OGG.WT.V”, respectively.
• On July 22, 2026, the Company announced that, through its subsidiary Barkerville, it entered into a Support and Benefits Agreement (the “Support Agreement“) with the District of Wells, British Columbia, effective July 21, 2026, to support social and economic initiatives within the District of Wells in respect of the Cariboo Gold Project. Over its three-year term, the Support Agreement contemplates voluntary financial contributions by the Company of up to $3.0 million in aggregate, subject to the Company’s sole discretion and continued participation under the Support Agreement.
• On July 23, 2026, the Company announced final results and preliminary internal reconciliation analysis of its previously completed infill drilling program in the Lowhee Zone of the Cariboo Gold Project. The preliminary internal reconciliation analysis of two localized areas, comprising an aggregate total of 17,072 metres of infill drilling in 185 diamond drill holes, illustrated deposit variability consistent with expectations, and is subject to ongoing evaluation and modelling.
• On August 5, 2026, the Company announced the first set of new drilling results from 14 surface diamond drill holes totaling 6,463 metres completed between February and May 2026 as part of an ongoing exploration program on the Proserpine regional greenfield target, located within the broader Cariboo Gold Project property boundary. Results to date confirm the presence of an emerging gold mineralized system comprising high-grade structures and broader zones of lower-grade mineralization that may indicate potential for bulk mining methods.
• On August 20, 2026, Barkerville entered into an amended and restated credit agreement with funds advised by Appian Capital Advisory Limited in respect of the US$450 million 2025 Financing Facility for the Cariboo Gold Project. The amendment provided more favourable covenants, lowered the overall cost of capital, and extended by 12 months the Company’s option to settle accrued interest in kind. The 2025 Financing Facility was repaid and terminated on September 30, 2026, using proceeds from the Senior Secured Notes offering.
• On August 25, 2026, the Company announced that Alexander Dann had advised the Company of his intention to retire and would be stepping down from his role as Chief Financial Officer (“CFO“) and Vice President, Finance. As part of the Company’s planned leadership succession process, Elijah Tyshynski was subsequently appointed CFO and joined the senior leadership team following a period of transition, bringing extensive financial and capital markets experience as the Company enters its next stage of growth.
• On September 14, 2026, the Board of Directors made a formal positive construction decision on the Cariboo Gold Project, with an expected first gold pour in Q1 2029 and commercial production in H2 2029. The Company also announced a go-forward capital obligation estimate update of $990 million (US$717 million) from August 1, 2026, supported by total available and proposed estimated sources of capital of up to $1,637 million.
• On September 14, 2026, the Company and Barkerville entered into agreements with Trafigura Canada Limited (“Trafigura“) and Urion Investments Holdings Limited (“Urion“), an affiliate of Trafigura, comprising: (i) a subscription agreement for 9,554,141 Common Shares at US$3.14 per Common Share for gross proceeds of approximately US$30 million (the “Trafigura Equity Investment“); (ii) offtake agreements for 100% of the gold concentrate (or until 80,000 dry metric tons are delivered) and gold doré for the first four years of production at the Cariboo Gold Project (the “Offtake Agreements“); and (iii) non-binding terms and an exclusivity period in respect of a potential subordinated gold prepayment facility of up to US$120 million and a further six years of offtake (the “Prepay Facility“).
• On September 23, 2026, the Company priced an upsized offering of US$600 million (from US$500 million) aggregate principal amount of 9.250% Senior Secured Notes due 2031, and on September 30, 2026, closed the offering. Net proceeds of approximately US$577.0 million were used to repay all amounts outstanding and terminate all commitments under the 2025 Financing Facility with Appian (totaling approximately US$120.8 million), fund a segregated interest reserve account equal to the first five interest payments on the Senior Secured Notes, and fund segregated disbursement accounts to advance the Cariboo Gold Project.

Cariboo Gold Project – British Columbia, Canada (100%-owned)

Construction Activities

On September 14, 2026, the Company announced the positive final investment decision (“FID“) to proceed with the formal construction of the Cariboo Gold Project (the “Project“) and provided a go-forward capital obligation estimate (“COE“) update for the Project. The Company remains focused on continuing to advance detailed engineering, procurement, and construction activities, as well as completing certain exploration and infill conversion drilling activities, as previously disclosed, toward achieving first gold pour in the first quarter of 2029 and commercial production in the second half of 2029.

On October 27, 2026, the Company provided a construction activities progress update on the Project (refer to news release entitled “Osisko Gold Provides Construction Progress Update on the Cariboo Gold Project“), with key highlights noted below:

Table 1: Cariboo Gold Project Progress Highlights1,7
Costs Incurred2 (to September 30, 2026)	Remaining Go-Forward COE3 (September 30, 2026)	Estimated Project Completion4 (based on costs incurred)	Detailed Engineering | Procurement Status5 (September 30, 2026)	Anticipated Q4 2026 Spend6
~$355 million	~$907 million	~28%	~42% | >50%	$183 million

1. Refer to the Q3 2026 MD&A for more detail.
2. Including indirects and owners’ costs, of which approximately $83 million was incurred from August 1 to September 30, 2026.
3. As of September 30, 2026, the estimated remaining cost to complete construction is approximately $907 million on an incurred basis, net of costs incurred to date, leases and estimated pre-production revenue. The estimate is calculated from the Company’s updated go-forward COE of approximately $990 million as at July 31, 2026, less the approximately $83 million of costs incurred from August 1 to September 30, 2026.
4. Based on cumulative costs incurred through September 30, 2026, relative to the go-forward capital obligation estimate and incurred pre-construction costs as at July 31, 2026, and announced on September 14, 2026.
5. Detailed engineering is approximately 42% complete. Over 50% of procurement packages have been awarded, with principal long-lead items largely secured and remaining contract packages being awarded or in progress, representing approximately $360 million in commitments project-to-date.
6. The anticipated Project spend for the balance of 2026 is above the initial guidance of 10% of the total estimated project costs provided at FID, and is primarily attributable to the accelerated procurement of certain long-lead time items related to surface infrastructure items, as well as mining fleet components, which were originally contemplated to be expended later in the Project construction period. The Company expects to provide updated guidance on the expected expenditures breakdown over the remaining construction period in Q1 2027, along with its regular Project progress update.
7. On September 14, 2026, the Company announced a formal construction decision for the Cariboo Gold Project, with an updated go-forward capital expenditures estimate. Management considered whether these updates, together with other factors such as gold prices and mineral reserves, constituted indicators of impairment as at September 30, 2026. Management concluded that no indicators of impairment existed and no impairment test was performed as at September 30, 2026. Refer to Note 5 of the unaudited condensed interim consolidated financial statements for further detail.

Project Virtual Site Tour

To view a 360-degree virtual site tour showcasing construction progress at the Cariboo Gold Project as of October 2026, please visit the Company’s profile on the VRIFY platform: https://vrify.com/decks/24611.

Exploration & Resource Conversion

The Cariboo Gold Project has three primary areas of exploration drilling activity currently underway:

Table 2: Drilling Activity as at September 30, 2026
Drilling activity	Targets	3 months (metres drilled)	9 months (metres drilled)
Regional exploration: This program seeks to identify and define new prospective potential mineral resource targets within the broader Cariboo regional land package.	Proserpine, Yanks Peak, QR Regional	9,936	16,401
Underground conversion & exploration: To support the availability of sufficient mineable stopes to meet the contemplated mill throughput, the Company is undertaking conversion drilling in and around the existing mine plan, with the objective of upgrading these areas to higher levels of geological confidence, in advance of commercial production. Where access is available, this drilling is being conducted from underground drill stations, using existing development infrastructure.	Lowhee Infill, Lowhee Exploration, Cow Infill	8,709	21,454
Surface conversion & exploration: Consistent with the objectives of the underground conversion & exploration program, the Company is also conducting surface drilling to target certain areas of interest that are not yet accessible from existing underground infrastructure.	CGP Deep, Gap and Surface, and QR Mine	14,177	27,811
Total Drilling Activity1		32,822	65,666

1. To date, full assay results have been released for approximately 25,000 metres of aggregate drilling completed, with results for the remaining completed drilling pending.

Development of the Cow drill gallery continues, with infill drilling to support mineral resource conversion from this area expected to commence in Q4 2026. A total of sixteen drill rigs are currently active at site, with seven focused on infill drilling and near-mine mineral resource expansion at the Cariboo Gold Project. Nine drill rigs are currently testing regional exploration targets across the broader property, and are expected to complete these activities by the end of 2026. By year-end 2026, the Company expects to have completed approximately half of the planned 160,000 metres of drilling at the Project, along with approximately 50,000 metres on regional targets.

FIGURE 1: Cariboo Gold Project underground development; completed (grey) and planned near-term (blue).

Project Construction Photos

FIGURE 2: Mine Site Complex overview.

FIGURE 3: Valley portal excavation at the Mine Site Complex – Final bench nearing completion.

FIGURE 4: Main water treatment plant foundation works continue at the Mine Site Complex.

FIGURE 5: Bonanza Ledge overview.

Tintic Project – Utah, U.S.A. (100%-owned)

• Trixie Small-Scale Test Mining Activities: In the third quarter, the Company continued small-scale test mining activities and direct shipping of mineralized material which generated sales of 3,162 ounces of gold. In the nine months ended September 30, 2026, test mining and processing activities generated the sale of an estimated 8,980 gold ounces, including direct shipping of 7,923 tonnes at an estimated average grade of 39.15 grams per tonne of gold with an expected average payability factor of 89.5%. Test mining is anticipated to continue in Q4 2026, into 2027 and 2028.
• Eureka Standard Project and Drilling Activities: In Q3 2026, the Company commenced the Eureka Standard project, an underground ramp intended to provide access to the historic Eureka Standard mine for further underground exploration. The project’s budget is expected to be approximately US$14.0 million, with works to be carried out through 2027. In Q3 2026, the Company entered into a drilling services agreement for two diamond drill rigs, which provides for a minimum drilling program of 16,400 feet (4,999 metres): 10,400 feet (3,170 metres) of underground infill drilling at the Trixie test mine and 6,000 feet (1,829 metres) of surface drilling at Eureka Standard. Underground infill drilling at Trixie began in late August 2026, and 738 feet (225 metres) had been drilled as at September 30, 2026. The surface program at Eureka Standard is expected to commence in Q4 2026. The remaining minimum drilling program is expected to be completed within the next twelve months at an estimated cost of approximately US$5.0 million. All planned activities associated with the Eureka Standard ramp project and related drilling are expected to be funded internally from gold sales generated from test mining and direct shipping of mineralized material.
• While management continues to evaluate options for next steps at the Tintic Project, activities are expected to focus on continued test mining at Trixie, including potential additional direct shipping of mineralized material from the Trixie test mine, the underground infill drilling program at Trixie, the surface drilling program at Eureka Standard and development of the Eureka Standard ramp.

SUBSEQUENT TO Q3 2026

• On October 1, 2026, Elijah Tyshynski assumed the role of Chief Financial Officer of the Company, succeeding Alexander Dann.
• On October 5, 2026, the Company announced new results from its ongoing definition infill drilling program on 10-15 m target spacing totaling 3,933 m in 36 holes drilled from the 1290 m level in the Lowhee Zone of the Project.
• On October 9, 2026, the Company closed the Trafigura Equity Investment, issuing 9,554,141 Common Shares to Urion at a price of US$3.14 per Common Share for gross proceeds of approximately US$30 million ($42.3 million), which will be used for the development of the Cariboo Gold Project. Urion entered into a voting support agreement with the Company containing customary standstill and lock-up provisions. Negotiations toward a definitive agreement for the Prepay Facility remain ongoing, with definitive agreements expected to be finalized in Q4 2026.
• On October 27, 2026, the Company provided a construction update on progress made at the Project, which continues to advance on schedule toward first gold pour targeted in Q1 2029 and commercial production expected in H2 2029.
• On November 2, 2026, the Company announced the appointment of Mr. Cameron Carter as Vice President, Construction Operations of Barkerville Gold Mines Ltd., the Company’s wholly-owned subsidiary. The Company also announced that Sarah Harrison, Vice President, Permitting and Compliance, departed the Company to pursue other opportunities. Greenwood Environmental Inc. has assumed responsibility for permitting and compliance matters, and Ms. Harrison will remain available in an advisory capacity.

Consolidated Financial Statements

The Company’s unaudited condensed interim consolidated financial statements (the “Financial Statements“) and related management’s discussion and analysis (“MD&A“) for the three and nine months ended September 30, 2026 have been filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. These filings are available on the Company’s website at www.osiskogold.ca, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold’s issuer profile.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed, verified and approved by Scott Smith, P. Geo., Vice President, Exploration of Osisko Gold, a “qualified person” within the meaning of NI 43-101. Verification includes core photo and three-dimensional review of logged drillhole data and assays consistent with the Company’s standard procedures.

The exploration results disclosed in this news release are based on incomplete data and are preliminary in nature. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data; however, readers are cautioned that additional drilling and sampling may result in materially different results than those presented herein.

Technical Reports

Scientific and technical information relating to the Cariboo Gold Project and the 2025 feasibility study on the Cariboo Gold Project is supported by the technical report, titled “NI 43-101 Technical Report, Feasibility Study for the Cariboo Gold Project, District of Wells, British Columbia, Canada” dated June 11, 2025 (with an effective date of April 25, 2025) (the “Cariboo Technical Report“).

Scientific and technical information relating to the Tintic Project and the current mineral resource estimate for the Trixie deposit (the “2024 Trixie MRE“) is supported by the technical report titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Trixie Deposit, Tintic Project, Utah, United States of America” dated April 25, 2024 (with an effective date of March 14, 2024) (the “Tintic Technical Report” and, together with the Cariboo Technical Report, the “Technical Reports“).

For readers to fully understand the information in the Technical Reports, reference should be made to the full text of the Technical Reports in their entirety, including all assumptions, parameters, qualifications, limitations and methods therein. The Technical Reports are intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Reports were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) and are available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Gold’s issuer profile and on the Company’s website at www.osiskogold.ca.

ABOUT OSISKO GOLD GROUP INC. Osisko Gold Group Inc. is a continental North American gold development company focused on past producing mining camps with district-scale potential. The Company’s objective is to become an intermediate gold producer through the development of its flagship, fully permitted, 100%-owned Cariboo Gold Project, located within the Company’s broader Cariboo regional land package in central British Columbia, Canada, which hosts numerous prospective exploration targets and provides opportunities for future discoveries. Its Cariboo project pipeline is complemented by the Tintic Project, located in the historic East Tintic mining district in Utah, U.S.A., a brownfield property with significant exploration potential, extensive historical mining data, and access to established infrastructure. Osisko Gold is focused on developing long-life mining assets in mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation, development risk management, and mineral inventory growth. For further information, visit our website at www.osiskogold.ca or contact:
Sean Roosen Chairman and CEO Email: sroosen@osiskogold.ca Tel: +1 (514) 940-0685	Philip Rabenok Vice President, Investor Relations Email: prabenok@osiskogold.ca Tel: +1 (437) 423-3644

CAUTIONARY STATEMENTS

Cautionary Statement Regarding Construction and Funding Risks

The estimated sources of capital through commercial production include the proposed Prepay Facility of up to US$120 million, which is subject to the negotiation and execution of definitive documentation, and equipment financing based on non-binding term sheets. The estimated sources of capital do not include any proceeds from the potential exercise of outstanding warrants. The exercise of warrants is at the discretion of the holders and depends on, among other things, the market price of the Company’s common shares, and there can be no assurance that any warrants will be exercised. If these arrangements are not completed on the terms contemplated, or if construction costs exceed the go-forward capital obligation of approximately $990 million including, as a result of inflation, contractor performance under the JDS Energy & Mining Inc. agreement, supply chain delays for long-lead items or schedule slippage beyond the planned first gold pour in Q1 2029 and commercial production in H2 2029, the Company may be required to obtain additional financing, which may not be available on acceptable terms, or at all, and which may be restricted by the terms of the Senior Secured Notes.

Cautionary Statement Regarding Test Mining Not Supported by a Feasibility Study

Certain operations of the Company including current and prior test mining activities at the Tintic Project’s Trixie test mine, have operated without the benefit of a feasibility study that defines mineral reserves, and demonstrates economic and technical viability. As a result, there is increased uncertainty of achieving any particular level of recovery of material or the cost of such recovery. The Company cautions that, historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that commercial production will commence, continue as anticipated or at all or that anticipated production costs will be achieved.

Cautionary Statement to U.S. Investors

As a foreign private issuer under U.S. securities laws that files reports under the Canada-U.S. multijurisdictional disclosure system, the Company is permitted to prepare and report information regarding mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, in accordance with Canadian reporting requirements, which are governed by NI 43-101. As such, such information concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources, including the information in its technical reports, financial statements and MD&A, is not comparable to similar information made public by most companies subject to U.S. mineral property disclosure requirements of the U.S. Securities and Exchange Commission (“SEC“).

Further to recent amendments, U.S. mineral property disclosure requirements (the “SEC Rules“) are now governed by subpart 1300 of Regulation S-K under the U.S. Securities Act. Under the SEC Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, adopted by the CIM Council (“CIM Standards“), which is the required definition standard adopted by NI 43-101. While the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, U.S. investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. While the above terms are “substantially similar” to CIM Standards, there are differences in the definitions under the SEC Rules and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the SEC Rules.

Risks related to the development of the Cariboo Gold Project

The development of a new mining operation, including the construction of an underground mine, processing facilities, tailings storage infrastructure, access roads, power supply and other supporting infrastructure, is a complex and costly undertaking. The Cariboo Gold Project is in the construction stage and there is no certainty that it will be brought into commercial production within anticipated timelines, at anticipated costs, or at all. The results of the Cariboo Technical Report are based on a number of assumptions, including, among others, geological interpretations, estimated mineral resources and mineral reserves, metallurgical recoveries, construction schedules, capital and operating costs, labour and equipment availability, transportation and energy costs, regulatory requirements, and projected commodity prices. These assumptions are inherently uncertain and may prove to be inaccurate.

Actual results, costs and construction and development timelines may differ materially from those currently anticipated due to factors such as: unforeseen geological conditions; changes to mine plan optimization; equipment failures; shortages of skilled labour and contractors; increases in the cost of materials, equipment or energy; design modifications; delays related to permitting or receipt of government approvals; adverse weather or climate conditions; and community and/or Indigenous opposition. In addition, the development of mining projects often requires substantial capital expenditures, and delays or cost overruns may require the Company to seek additional financing, which may not be available on favorable terms or at all. If the Company is unable to complete construction and development of the Cariboo Gold Project on a timely and cost-effective basis, or if operating performance following commissioning is materially lower than expected, the project may fail to achieve anticipated economic results. Any such events could have a material adverse effect on the Company’s business, financial condition and results of operations.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended) (collectively, “forward-looking statements”). Such forward-looking statements, by their nature, require Osisko Gold to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such forward-looking statements are not guarantees of performance and are identified with words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “potential”, “propose”, “project”, “outlook”, “foresee”, “continue”, “objective”, “scheduled”, “target”, variants of these words or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Forward-looking statements in this news release include, but are not limited to, statements pertaining to: the expected timing of first gold pour and commercial production at the Cariboo Gold Project and the continued advancement of detailed engineering, procurement and construction activities, including the award of remaining contract packages and the completion of certain exploration and infill conversion drilling activities; the ability to advance the Cariboo Gold Project through construction within the estimated budget, including the go-forward capital obligation estimate, the estimated project completion, the estimated remaining cost to complete construction, the expected leasing of equipment and estimated pre-production revenue, the anticipated Project spend for the balance of 2026 and the expected timing of updated guidance on expenditures over the remaining construction period; the Company’s estimated sources of capital and its ability to fund the remaining construction of the Cariboo Gold Project, including the use of funds held in segregated accounts from the proceeds of the Senior Secured Notes and the Company’s ability to satisfy the conditions for disbursement therefrom, and the use of proceeds of the Trafigura Equity Investment; the negotiation and execution of definitive documentation for the Prepay Facility and equipment financing on commercially acceptable terms, or at all; the expected performance of Trafigura under the Offtake Agreements; the expected performance of JDS Energy & Mining Inc. as the Project’s principal construction management contractor; the Company’s ability to meet its obligations under the Senior Secured Notes and the Convertible Notes; the Cariboo Gold Project’s permitting status and the expected timing of receipt of remaining authorizations, permit amendments and construction permits; the anticipated contributions under, and benefits (if any) of, the Support Agreement, and continued engagement with First Nations and other stakeholders; the expected role and contribution of Mr. Carter as Vice President, Construction Operations; the transition of permitting and compliance responsibilities following Ms. Harrison’s departure, including her availability in an advisory capacity; the expected performance of Greenwood Environmental Inc. in respect of permitting and compliance matters for the Project; the Company’s planned drilling programs at the Cariboo Gold Project and on regional targets, including their scope, timing and results, the expected commencement of infill drilling from the Cow drill gallery and the results thereof, the expected timing of completion of regional drilling, the expected metres to be drilled by year-end and the timing of release of pending assay results and the implications thereof (if any); the potential for infill and conversion drilling to upgrade mineral resources to higher levels of geological confidence and to support the availability of sufficient mineable stopes to meet the contemplated mill throughput (if at all); the utility and significance of the preliminary internal reconciliation analysis of the Lowhee Zone infill program, which remains subject to ongoing evaluation and modelling; the significance and interpretation of drilling results at the Proserpine target, including the potential for bulk mining methods to mineral resources defined (if any); the continuation of test mining and direct shipping of mineralized material at the Tintic Project, the development of the Eureka Standard ramp and the completion of the underground and surface drilling programs at the Tintic Project, including their expected budgets, timing, results and internal funding from gold sales, and management’s evaluation of options for next steps at the Tintic Project; the Company’s objective of becoming an intermediate gold producer; and the exploration potential and potential for future discoveries (if any) on its properties. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: construction proceeding on the anticipated schedule and within the estimated budget; the accuracy of the go-forward capital obligation estimate and the estimated remaining cost to complete and their underlying assumptions, including inflation, labour costs, exchange rates, the availability of equipment leasing on anticipated terms and gold prices realized on pre-production revenue; the availability of personnel, contractors, equipment, supplies and infrastructure, including the timely delivery of long-lead items; JDS Energy & Mining Inc., Greenwood Environmental Inc. and other contractors and consultants performing as expected; the absence of work stoppages or suspensions at the Cariboo Gold Project; the absence of unforeseen ground conditions or other geological challenges; the availability of the Company’s estimated sources of capital as anticipated, including the Company’s ability to satisfy the conditions for disbursement from the segregated accounts established under the Senior Secured Notes and the parties negotiating definitive documentation for the Prepay Facility on terms consistent with the non-binding terms; Trafigura performing its obligations under the Offtake Agreements; the Company having sufficient funds to meet its debt service obligations as they become due; required permits, authorizations and amendments being obtained and maintained in a timely manner; the continued support of First Nations and other stakeholders; Mr. Carter’s integration into the Project’s leadership team proceeding as anticipated; the Company’s ability to retain Mr. Carter and other key personnel; the orderly transition of permitting and compliance responsibilities to Greenwood Environmental Inc., including Ms. Harrison’s continued availability in an advisory capacity; the availability of drill rigs and personnel, and the ability of drilling and sampling to accurately predict mineralization; results of further drilling being consistent with those to date; test mining and direct shipping at the Tintic Project continuing to generate sufficient gold sales, at anticipated grades and payability, to fund planned activities at the Tintic Project within their estimated budgets; the Company’s continued access to capital on acceptable terms; and the absence of material adverse changes in gold prices, foreign exchange rates, interest rates and general economic and market conditions. Osisko Gold considers its assumptions to be reasonable based on information currently available but cautions the reader that its assumptions regarding future events, many of which are beyond the control of Osisko Gold, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Gold and its business.

Such risks and uncertainties include, but are not limited to: risks associated with the development and construction of the Cariboo Gold Project, including construction delays, cost overruns, inflation and supply chain disruptions; Project spending exceeding anticipated levels or occurring earlier than anticipated; work stoppages or suspensions at the Cariboo Gold Project; unforeseen ground, geotechnical or water management conditions; contractor and consultant performance, including that of JDS Energy & Mining Inc. and Greenwood Environmental Inc.; delays or shortages in necessary equipment, supplies and infrastructure, including long-lead items; the inability to obtain equipment leasing or equipment financing on acceptable terms; pre-production revenue being lower than estimated; the inability to satisfy the conditions for disbursement from the segregated accounts established under the Senior Secured Notes; the risk that a definitive agreement for the Prepay Facility is not entered into on the terms contemplated, or at all; counterparty performance, including under the Offtake Agreements; the Company’s indebtedness and its ability to meet its obligations under the Senior Secured Notes and the Convertible Notes as they become due, and restrictions imposed by the covenants thereunder; the inability to retain Mr. Carter or other key personnel and disruption associated with leadership changes, including the transition of permitting and compliance responsibilities; labour shortages or disputes and health, safety and security incidents; risks relating to third-party approvals, including the issuance of permits by governments, favourable regulatory conditions and approvals, capital market conditions and the Company’s ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company’s properties; regulatory framework and presence of laws and regulations that may impose restrictions on mining; errors in management’s geological modelling; the timing and ability of the Company to obtain and maintain required approvals and permits; the results of exploration activities, including the risk that further drilling does not confirm current interpretations or support resource conversion; risks associated with test mining not supported by a feasibility study, including test mining and direct shipping at the Tintic Project generating lower gold sales than anticipated or being suspended, and cost overruns at the Tintic Project; risks relating to exploration, development and mining activities; the global economic climate; fluctuations in metal and commodity prices; fluctuations in the currency markets and interest rates; environmental risks; and community, non-governmental and governmental actions, including relationships with First Nations, and the impact of stakeholder actions. Readers are urged to consult the disclosure provided under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2025 as well as those risks and factors disclosed in the Company’s most recent financial statements and management’s discussion and analysis and other public filings filed under Osisko Gold’s issuer profile on SEDAR+ (www.sedarplus.ca) and on the SEC’s EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations.

Although the Company believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing lists of assumptions, risks and uncertainties are not exhaustive. The forward-looking statements contained herein are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/75f59f31-8ea4-4411-8dda-1b73254521a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f5d81ea-b6db-425f-b639-7061488b2ffa
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Global commercial executive brings a track record of launching prescription biologics and building consumer-driven brands at Galderma, Allergan and GSK

VANCOUVER, Wash. and NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — Absci Corporation (Nasdaq: ABSI), a clinical-stage biopharmaceutical company advancing breakthrough therapeutics designed with generative AI, today announced the appointment of Gerry Muhle as Chief Commercial Officer. Mr. Muhle will lead Absci’s commercial strategy, bringing experience in commercializing prescription medicines and building consumer brands to advance ABS-201 and Absci’s broader pipeline.

Mr. Muhle brings more than 25 years of commercial leadership experience, having led multiple successful product launches across prescription medicines, aesthetics, and consumer skincare, and held full P&L responsibility for major businesses at his previous companies. He joins Absci from Galderma, where he served as Senior Vice President and Head of Global Product Strategy. In that role, he led global commercial and product strategy across the company’s entire portfolio, spanning all three businesses: Therapeutic Dermatology, Injectable Aesthetics, and Dermatological Skincare.

“We want to build ABS-201 around the individuals seeking treatment, with direct-to-consumer engagement as a cornerstone of our commercial strategy,” said Sean McClain, Founder & CEO of Absci. “Across pattern hair loss and endometriosis, our goal is to combine strong clinical evidence and physician confidence with a brand people know, trust and ask for by name. Gerry brings experience commercializing prescription medicines and building consumer brands. He understands how to connect those worlds, and that is the experience we want shaping Absci’s commercial strategy.”

At Galderma, Mr. Muhle drove significant growth across the company’s portfolio, expanding iconic brands including Dysport, Sculptra and Cetaphil and bringing new therapies, including Nemluvio and Relfydess, to market. Previously, Mr. Muhle led international strategic marketing at Allergan/AbbVie for an aesthetics portfolio that included Botox^(R) and Juvéderm^(R). His earlier career at GSK spanned cardiometabolic disease, respiratory medicine, rare diseases and neuroscience where he served as Vice President and Head of the Neurosciences Centre of Excellence.

“I’ve been incredibly impressed by Absci’s approach to developing innovative medicines with a clear understanding of the individual who may choose them,” said Gerry Muhle, Chief Commercial Officer. “I look forward to leveraging my experience in prescription medicines, aesthetics, and consumer skincare, to build and execute Absci’s commercial strategy.”

His appointment brings the commercial leadership to match Absci’s ambitions for ABS-201 in pattern hair loss and endometriosis, as well as Absci’s pipeline of programs designed with the individual at the center. Absci believes that ABS-201’s novel regenerative mechanism has the potential to create a new category of durable hair-regrowth treatment. Absci anticipates reporting 13-week interim proof-of-concept data in December 2026.

About Absci

Absci is advancing the future of drug discovery with generative design to create better biologics for patients, faster. Our Integrated Drug Creation™ platform combines cutting-edge AI models with a synthetic biology data engine, enabling the rapid design of innovative therapeutics that address challenging therapeutic targets. Absci’s approach leverages a continuous feedback loop between advanced AI algorithms and wet lab validation. Each cycle refines our data and strengthens our models, facilitating rapid innovation and enhancing the precision of our therapeutic designs. Alongside collaborations with top pharmaceutical, biotech, tech, and academic leaders, Absci is advancing its own pipeline of AI designed therapeutics including ABS-201™, a groundbreaking innovation in hair regrowth with the potential to redefine treatment possibilities for pattern hair loss. ABS-201 is also being investigated as a potential “best-in-class” therapeutic for endometriosis, a condition with significant unmet medical need and market potential. Absci is headquartered in Vancouver, WA, with AI Research Labs in New York City and Serbia, and an Innovation Center in Switzerland. Learn more at www.absci.com or follow us on LinkedIn (@absci), X (@Abscibio) and YouTube.

Absci^® standard character mark, ABS-201™, and Integrated Drug Creation™ are trademarks and registered trademarks of Absci Corporation.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These statements include forward-looking statements regarding ABS-201 and our other pipeline programs, including: the conduct and timing of our Phase 1/2a HEADLINE™ trial of ABS-201 in pattern hair loss, with interim proof-of-concept data expected in the fourth quarter of 2026 and full proof-of-concept data in early 2027; potential advancement of ABS-201 to Phase 3 development, including an expedited path directly from Phase 1/2a; a planned Phase 2 trial of ABS-201 in endometriosis beginning in 2027; the anticipated product profile and target product profile of ABS-201; planned engagement with the FDA regarding development strategy; the market opportunity and commercial prospects for ABS-201; and the capabilities and anticipated benefits of our ATLAS platform and other platform technologies. Risks that contribute to the uncertain nature of the forward-looking statements include, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in Absci Corporation’s most recent annual report on Form 10-K and in any other subsequent filings made by Absci Corporation with the U.S. Securities and Exchange Commission. Additional information regarding the risks and uncertainties that could affect our forward-looking statements is set forth in our most recent Annual Report on Form 10-K and subsequent documents and reports filed by Absci from time to time with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law.

Investor Contact
Alexander D.H. Khan
Corporate Vice President
Head of Investor Relations
investors@absci.com

Media Contact
press@absci.com