Author: Ravi Shankar

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — Figure Technology Solutions (Nasdaq: FIGR; OPEN: FGRS), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets, today announced financial results for the three and nine months ended September 30, 2026.

“This was a record quarter for Figure, highlighted by another consecutive quarter of over 100% volume growth and the rapid expansion of our capital-light marketplace, with Figure Connect now making up 72% of our standalone volume. The successful acquisition of Kiavi adds diversified new asset classes to our ecosystem and supercharges our marketplace growth. As we work towards expanding the reach of our technology and bringing large institutional buyers onto our blockchain rails, we are rapidly scaling the future of capital markets.”

– Michael Tannenbaum, CEO

Q3 2026 Quarterly Financial Highlights

• Loan Marketplace volume was $5.8 billion in the quarter, a 135% increase from the prior year including $677 million of volume contributed by Kiavi, which was acquired effective September 1, 2026. Total Loan Marketplace Volume included Figure Connect Volume of $4.3 billion.
• Net revenue was $287 million, an increase of 84% year-over-year. Adjusted Net Revenue was $283 million, an increase of 83% from the third quarter of 2025.
• Net income remained flat at $89 million; net income margin was 31%, a decrease of 26 percentage points year-over-year.
  • Q3 2025 net income included a one-time tax benefit of $31 million primarily due to the recognition of deferred tax assets following the recombination of FT Intermediate, Inc. and Figure Markets Holdings, Inc.
• Adjusted EBITDA increased 91% year-over-year to $164 million; Adjusted EBITDA margin reached 58%, an increase of 3 percentage points year-over-year.
• Cash and cash equivalents, excluding restricted cash, totaled $1.6 billion, an increase of $392 million, or 33% compared to December 31, 2025.
• Loans held for sale totaled $644 million, an increase of $240 million, or 59%, compared to December 31, 2025.

Financial Highlights

$ in thousands, except per share or otherwise noted		Q3				Q3				9M YTD				9M YTD				Q3			9M YTD
(Unaudited)			2026				2025				2026				2025			YoY %			YoY%
GAAP Results:
Net Revenue		$	287,122			$	156,365			$	679,717			$	346,952			84	%		96	%
Net Income			89,315				89,822				221,798				119,203			(1	)%		86	%
Net Income margin			31	%			57	%			33	%			34	%		-26  p.p.			-2  p.p.
Earnings per Share – Basic		$	0.40			$	0.42			$	1.00			$	0.48			(5	)%		108	%
Earnings per Share – Diluted			0.36				0.34				0.90				0.38			6	%		137	%
Non-GAAP Results(1):
Adjusted Net Revenue		$	283,347			$	155,115			$	668,635			$	353,992			83	%		89	%
Adjusted EBITDA			163,564				85,443				365,639				166,653			91	%		119	%
Adjusted EBITDA margin			58	%			55	%			55	%			47	%		+3  p.p.			+8  p.p.

⁽¹⁾ _{See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.}

Selected Metrics

$ in millions unless noted		Q3			Q3			9M YTD			9M YTD			Q3			9M YTD
(Unaudited)		2026			2025			2026			2025			YoY %			YoY%
Loan Marketplace Volume		5,796			2,469			12,957			5,673			135	%		128	%
Figure Connect Volume		4,259			1,131			8,644			2,376			276	%		264	%
Gross Take Rate		3.9	%		5.2	%		4.1	%		4.9	%		-1.3  p.p.			-0.8  p.p.
Net Take Rate		3.5	%		4.4	%		3.6	%		4.1	%		-0.9  p.p.			-0.5  p.p.

$ in millions unless noted		As of
(Unaudited)		September 30, 2026			December 31, 2025
$YLDS in Circulation		$	504		$	328
Prime (formerly Democratized Prime):
Matched Offers			588			206
Borrower Demand			600			246
Available Lender Supply			825			213

Recent Business Highlights

• Figure Connect reached 72% of standalone Loan Marketplace volume in the quarter, reflecting the rapid transition toward our capital light model.
• Expanded our partner base to 612 standalone partners and 894 including Kiavi, including over 20 active depository partners.
• Small/Medium Business (“SMB”) loan originations achieved a major milestone, crossing a $500 million run-rate volume supported by over 150 active partners.
• Deployed a new agentic Loan Officer Assistant in partnership with Sierra, which has processed roughly $260 million in funded loans and driven a 29% increase in funded dollars per loan approval.
• Scaled blockchain-based settlement efficiency, with 28 participants now utilizing the YLDS stablecoin for marketplace transactions.
• Completed the acquisition of Kiavi on September 1, adding $8 billion in annual run-rate volume and expanding Figure into the Residential Transition Loan (“RTL”) and Debt Service Coverage Ratio (“DSCR”) markets. Actioned $30 million in initial cost synergies since closing the transaction.
• Board of Directors authorized a $200 million increase to the share repurchase program, bringing total authorization to $400 million.

Operating Outlook

The guidance for Q4 2026 provided below constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See cautionary note regarding “Forward-looking Statements” in this press release.

Q4 2026 Guidance
Loan Marketplace Volume	$6.2 – $6.7 billion
Gross Take Rate	3.1% – 3.4%

Webcast Information

Figure will host a conference call and webcast at 8:30 a.m. Eastern Time, November 12, 2026 to discuss its results and outlook. A link to the live discussion and accompanying presentation will be made available on the Company’s investor relations website at https://investors.figure.com/. A replay will also be made available following the discussion at the same website.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including without limitation statements regarding our ability to realize the expected benefits of the completed Kiavi acquisition and to successfully integrate the business of Kiavi, future financial performance and guidance, including our expectations regarding our Loan Marketplace Volume and Gross Take Rate; our ability to remain profitable; our ability to maintain, expand, and enter into new relationships with partners and loan purchasers on the secondary market; our ability to broaden our network of partners; and our ability to successfully execute our business and growth strategy, including the expected benefits of our capital-light marketplace business model and its effect on our exposure to lending market conditions; marketplace volume, adoption, and liquidity, including the growth and performance of our Loan Marketplace, Figure Connect, and Prime platforms and our SMB loan products; and our blockchain ecosystem and infrastructure initiatives, including our ability to expand the adoption of our blockchain-native products and services by institutional participants, and the development and performance of our digital asset offerings and our AI-enabled tools. These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms, and similar expressions. Forward-looking statements are predictions based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These statements speak only as of the date of this press release.

Important factors that could cause actual results to differ materially include, among others: our history of losses and the risk that we may not maintain profitability; our reliance on HELOCs and exposure to fluctuations in the HELOC market and housing values; our ability to attract and retain borrowers, partners, and loan purchasers and to drive adoption of Figure-branded and Partner-branded channels including Figure Connect; loan performance and default rates and the effect of credit performance on access to and pricing of warehouse facilities, whole-loan sales, and securitizations; changes in interest rates and U.S. monetary policy that impact originations, funding costs, and investor demand; legal and regulatory risks affecting lending and mortgage-related activities and the evolving framework for digital assets, including potential changes in the characterization or regulation of certain digital assets and related products; dependence on key third-party providers including cloud, custodial, valuation, and data vendors and risks from outages or service disruptions; technology failures, cybersecurity incidents, or other operational disruptions; protection and enforcement of intellectual property; compliance with licensing, consumer protection, privacy, data security, and sanctions/AML laws, and shifting enforcement priorities at the federal and state levels; our ability to meet our public company reporting and internal control obligations; competition; macroeconomic and geopolitical conditions; our dual-class structure and concentrated voting control and related impacts on corporate governance; equity market volatility affecting our Class A common stock; and the other risks described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 16, 2026, and in our other filings with the SEC.

You should read this press release and the documents we reference in it with the understanding that actual future results may differ materially from our expectations. We qualify all forward-looking statements in this press release by these cautionary statements. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events, changed circumstances, or otherwise.

About Non-GAAP Financial Measures and Key Operating Metrics

Financial Measures

We present certain non-GAAP financial measures and key operating metrics. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures prepared in accordance with GAAP. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

Key Operating Metrics

Loan Marketplace Volume

We define Loan Marketplace Volume as the total U.S. dollar equivalent value of originations of HELOCs, RTLs, DSCRs, and personal loans on our loan origination system, as well as the volume of third-party loans traded on Figure Connect. Beginning with the three months ended September 30, 2026, Loan Marketplace Volume (previously referred to as Consumer Loan Marketplace Volume) includes investor-focused loans originated on Kiavi’s platform following our acquisition of Kiavi on September 1, 2026, which contributed $677 million to Loan Marketplace Volume for the three and nine months ended September 30, 2026. Prior periods have not been recast because there is no impact to prior periods. We believe this measure is an indication of our scale and represents a potential revenue opportunity from the technology used for loan originations.

Gross Take Rate

Gross Take Rate is derived from the sum of ecosystem and technology fees, origination fees, gain on sale of loans, net and gain on servicing asset, net from our consolidated statement of operations. These items represent revenue generated from Figure-branded and Partner-branded volume. Valuation changes in fair value of mortgage servicing rights, which we believe are not indicative of operating performance, are deducted. Unlike Net Take Rate, marketing expenses in our operating expense are not deducted. This amount is divided by overall Loan Marketplace Volume for that period.

Net Take Rate

Net Take Rate is derived from the sum of ecosystem and technology fees, origination fees, gain on sale of loans, net and gain on servicing asset, net from our consolidated statement of operations. These items represent revenue generated from Figure-branded and Partner-branded volume. Valuation changes in fair value of mortgage servicing rights, which we believe are not indicative of operating performance, and marketing expenses in our operating expenses are deducted. This net amount is divided by overall Loan Marketplace Volume for that period.

YLDS In Circulation

We define YLDS in Circulation as the total U.S. dollar equivalent value of unsecured face-amount certificates solely backed by the assets of Figure Certificate Company (FCC), which is the issuer of the certificates. This is reported as an end of period outstanding balance.

Matched Offers

We define Matched Offers as the U.S. dollar equivalent value of offers matched between borrower and lenders on the Prime platform. This is reported as an end of period outstanding balance.

Borrower Demand

We define Borrower Demand as the U.S. dollar equivalent value that borrowers seek to borrow from the lending pool on the Prime platform. This is reported as an end of period outstanding balance.

Available Lender Supply

We define Lender Supply as the U.S. dollar equivalent value that lenders have made available in the lending pool on the Prime platform. This is reported as an end of period outstanding balance.

Non-GAAP Financial Measures

Adjusted Net Revenue

Adjusted Net Revenue is a non-GAAP financial measure used by our management to evaluate operating performance. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted Net Revenue provides a useful measure for period-to-period comparisons of our business, as it removes the effect of a non-cash, non-realized adjustment that is included in net revenue. Adjusted Net Revenue is defined as net revenue excluding the change in fair value of MSR due to model inputs and assumptions and change in fair value of marketable securities associated with changes in our estimates that management has determined are not reflective of our operating performance, and net of interest paid to holders of YLDS.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures used by our management to evaluate operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, these measures provide useful information for period-to-period comparisons of our business, as they remove the effect of certain non-cash items, variable charges, non-recurring items, unrealized gains or losses or other similar non-cash items that are included in net income or expenses associated with the early stages of the business that are expected to ultimately terminate, pursuant to the terms of certain existing contractual arrangements or expected to continue at levels materially below the historical level, or that otherwise do not contribute directly to management’s evaluation of its operating results. Adjusted EBITDA is defined as net income excluding interest expense incurred in connection with our debt obligations other than debt associated with our funding of loans held for sale, income taxes, amortization expense, stock-based compensation expense, non-cash changes in certain financial instruments, and other items that management has determined are not reflective of our ongoing operating performance. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by adjusted net revenue. The most directly comparable GAAP measure is net income margin (calculated as net income divided by total net revenue).

Beginning with the quarter ended March 31, 2026, we excluded valuation changes in the fair value of marketable securities from Adjusted Net Revenue and Adjusted EBITDA and began presenting YLDS funding costs net within Adjusted Net Revenue. Beginning with the quarter ended June 30, 2026, we excluded acquisition-related costs from Adjusted EBITDA. Prior period amounts presented in the reconciliation table below have been recast to conform to the current presentation. Amortization expense excluded from Adjusted EBITDA includes amortization of intangible assets recognized in the Kiavi acquisition, which closed on September 1, 2026.

Management excludes period-to-period changes in the fair value of marketable securities from Adjusted Net Revenue and Adjusted EBITDA because they reflect non-cash, unrealized mark-to-market fluctuations driven by external market factors, including changes in discount rates, prepayment speeds, and credit spreads, that are not reflective of the Company’s underlying operating performance.

The Company’s economic benefit from YLDS is the 35 basis point spread it retains on outstanding balances, regardless of the total amount of YLDS in circulation. Management therefore presents YLDS-related interest expense net of associated interest income within Adjusted Net Revenue, as it believes this net spread is the most meaningful measure of the YLDS’s contribution to operating performance.

The following table presents a reconciliation of Total Net Revenue to Adjusted Net Revenue, Net Income to Adjusted EBITDA and Net Income margin to Adjusted EBITDA margin for the three and nine months ended September 30, 2026 and 2025:

$ in thousands		Three Months Ended September 30,								Nine Months Ended September 30,
(Unaudited)			2026				2025				2026				2025
Total net revenue		$	287,122			$	156,365			$	679,717			$	346,952
Adjusted for:
Change in fair value of MSRs due to model inputs and assumptions			(7,861	)			(331	)			(17,440	)			10,220
Valuation changes in fair value of marketable securities(A)			6,190				(943	)			10,853				(3,174	)
YLDS funding costs(A)			(2,104	)			24				(4,495	)			(6	)
Adjusted net revenue		$	283,347			$	155,115			$	668,635			$	353,992
Net income		$	89,315			$	89,822			$	221,798			$	119,203
Adjusted for:
Change in fair value of MSRs due to model inputs and assumptions			(7,861	)			(331	)			(17,440	)			10,220
Valuation changes in fair value of marketable securities(A)			6,190				(943	)			10,853				(3,174	)
Change in fair value of digital assets and related investments			(4,962	)			(3,745	)			889				3,546
Services exchanged for issuance of warrants			—				2,459				—				7,863
Registration costs			1,399				2,430				4,559				4,277
Acquisition-related costs(A)			15,455				—				20,131				—
Restructuring costs			2,351				689				2,379				3,672
Stock-based compensation expense			24,271				17,469				76,247				22,730
Amortization(B)			8,413				4,304				17,477				12,381
Non-funding interest expense			16,127				4,752				27,273				12,811
Income tax provision (benefit)			12,866				(31,463	)			1,473				(26,876	)
Adjusted EBITDA		$	163,564			$	85,443			$	365,639			$	166,653
Net income margin			31.1	%			57.4	%			32.6	%			34.4	%
Adjusted EBITDA margin			57.7	%			55.1	%			54.7	%			47.1	%

^(A) _{The Company added valuation changes in the fair value of marketable securities and YLDS funding costs to its definition of Adjusted Net Revenue, and valuation changes in the fair value of marketable securities to its definition of Adjusted EBITDA effective March 31, 2026. Additionally, the Company added acquisition-related costs to the definition of Adjusted EBITDA effective June 30, 2026. These adjustments have been applied retrospectively to all periods presented.}
^(B) _{Amortization expense includes amortization of intangible assets recognized in the Kiavi acquisition, which closed on September 1, 2026.}

About Figure

Figure Technology Solutions, Inc. (Nasdaq: FIGR; OPEN: FGRS) is the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets. More than 800 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $30 billion of loans to date, among other products. The fastest growing components are Figure Connect, its credit marketplace, and Prime, Figure’s on-chain lend-borrow marketplace. Figure’s ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS.

Figure is the market leader in real-world asset (RWA) tokenization. The Company has received AAA ratings from S&P and Moody’s on multiple loan securitizations, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.

FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)
		September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	1,590,346			$	1,198,141
Restricted cash			204,666				68,637
Loans held for sale, at fair value			644,266				404,337
Digital assets ($86,863 and $84,867 at fair value)			98,832				96,558
Accounts receivable, net (includes $66,947 and zero with related parties)			171,893				52,016
Other current assets (includes $24,067 and zero with related parties)			193,962				41,518
Total current assets			2,903,965				1,861,207
Loan servicing asset, at fair value			196,409				113,064
Marketable securities, at fair value			449,205				273,151
Digital assets, non-current			1,407				3,644
Deferred income taxes, net			12,035				26,037
Intangible assets, net			206,983				—
Goodwill			318,742				—
Other non-current assets			75,694				40,420
Total assets		$	4,164,440			$	2,317,523
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities (includes $18,590 and $66 to related parties)		$	101,076			$	29,501
Payables to loan owners (includes $81,295 and zero to related parties)			719,395				383,772
Debt, current ($97,986 and $100,519 at fair value)			151,958				160,959
Debt, current to related parties ($593,049 and $166,135 at fair value)			593,049				166,135
Other current liabilities			74,855				105,642
Total current liabilities			1,640,333				846,009
Debt, non-current			998,275				230,143
Lease liability, non-current			7,232				4,173
Total liabilities			2,645,840				1,080,325
Commitments and Contingencies
Stockholders’ equity:
Preferred stock — $0.0001 par value per share: 100,000,000 shares authorized, no shares issued and outstanding at September 30, 2026 and December 31, 2025			—				—
Class A common stock — $0.0001 par value per share: 1,000,000,000 shares authorized, 184,851,162 shares issued and 184,538,662 shares outstanding at September 30, 2026; 1,000,000,000 shares authorized, 178,485,407 shares issued and outstanding at December 31, 2025			18				19
Class B common stock — $0.0001 par value per share: 199,481,062 shares authorized, 38,229,313 shares issued and outstanding at September 30, 2026; 200,000,000 shares authorized, 37,893,047 shares issued and outstanding at December 31, 2025			4				4
Blockchain common stock — $0.0001 par value per share: 500,000,000 shares authorized, 2,380,904 and no shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			—				—
Treasury stock, at cost — 312,500 shares and no shares at September 30, 2026 and December 31, 2025, respectively			(9,700	)			—
Additional paid-in capital			1,493,241				1,415,804
Retained earnings (accumulated deficit)			34,968				(186,993	)
Total Figure Technology Solutions, Inc. stockholders’ equity			1,518,531				1,228,834
Noncontrolling interests in consolidated subsidiaries			69				8,364
Total stockholders’ equity			1,518,600				1,237,198
Total liabilities and stockholders’ equity		$	4,164,440			$	2,317,523

FIGURE TECHNOLOGY SOLUTIONS, 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
Net revenue:
Ecosystem and technology fees		$	109,783		$	35,691			$	229,954		$	79,445
Servicing fees			18,358			7,882				39,486			22,537
Interest income			29,978			13,420				72,163			36,610
Origination fees			28,192			21,415				77,668			50,142
Gain on sale of loans, net			57,753			62,618				164,681			128,722
Gain on servicing asset, net			39,440			9,332				81,400			11,502
Marketable securities income, net			1,865			5,387				9,496			17,066
Other revenue			1,753			620				4,869			928
Total net revenue			287,122			156,365				679,717			346,952
Expenses:
General and administrative			59,007			36,366				156,030			71,603
Technology and product development			20,130			15,915				51,286			49,349
Operations and processing			37,374			18,217				87,735			45,342
Sales and marketing			36,847			22,144				93,068			54,077
Interest expense			29,742			12,450				66,301			35,798
Other expense (income)			2,228			(1,445	)			3,825			2,268
Total expenses			185,328			103,647				458,245			258,437
Operating income			101,794			52,718				221,472			88,515
Other income, net			387			5,641				1,799			3,812
Income before income taxes			102,181			58,359				223,271			92,327
Income tax provision (benefit)			12,866			(31,463	)			1,473			(26,876	)
Net income			89,315			89,822				221,798			119,203
Net income attributable to noncontrolling interests in consolidated subsidiaries			—			246				92			505
Net income attributable to Figure Technology Solutions, Inc.		$	89,315		$	89,576			$	221,706		$	118,698
Net income per share of Class A, Class B, and Blockchain common stock
Basic		$	0.40		$	0.42			$	1.00		$	0.48
Diluted		$	0.36		$	0.34			$	0.90		$	0.38
Weighted-average Class A, Class B, and Blockchain common shares outstanding
Basic			224,349,649			103,571,820				220,988,969			80,896,185
Diluted			247,387,034			129,922,329				247,670,690			103,106,387

SUDBURY, Ontario, Nov. 12, 2026 (GLOBE NEWSWIRE) — Magna Mining Inc. (TSX: NICU) (“Magna” or the “Company”) is pleased to provide the results of ongoing exploration and an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure 1). Results released today include additional assays from drilling of the R2 Footwall Zone, Intermediate Zone, and two additional copper-precious metal intersections from undefined zones.

Highlights from the new assay results include:

R2 Footwall Zone:

• MLV-26-80 5.6% Cu, 0.9% Ni, 4.4 g/t Pt+Pd+Au, 34.0/t Ag (7.9% CuEq) over 3.9
  metres, from 475.3 metres down hole

Including 25.8% Cu, 3.6% Ni, 13.3 g/t Pt+Pd+Au, 155.0/t Ag (33.3% CuEq) over 0.7
metres, from 475.3 metres down hole

• MLV-26-81 13.7% Cu, 2.9% Ni, 8.4 g/t Pt+Pd+Au, 82.1g/t Ag (19.6% CuEq) over 1.3
  metres, from 475.5 metres down hole

1800-1600 Ramp:

• Underground Grab Sample 5.7% Cu, 0.2% Ni, 10.1 g/t Pt+Pd+Au, 57.0g/t Ag

Levack Footwall:

• MLV-26-80  9.7% Cu, 0.6% Ni, 19.3 g/t Pt+Pd+Au, 59.6 g/t Ag (16.6% CuEq) over 2.2
  metres, from 212.3 metres down hole

Dave King, SVP Exploration and Geoscience at Magna, stated, “Underground diamond drilling at Levack continues to deliver encouraging results as we continue drilling on the R2 Zone and evaluate new footwall targets. Results released today also include assays from two undefined zones of Cu-PGE footwall mineralization and demonstrate the potential for new discoveries within the Levack Footwall environment. Follow-up drilling will test the orientation, continuity and extent of this mineralization, providing additional data, which we believe will bring us closer to a new high-grade copper and precious metals discovery in Levack’s footwall.”

Table 1 summarizes the significant assay results received since the last Levack exploration results update (see news release dated September 17, 2026). Diamond drilling has transitioned to underground over the past two months, focusing on definition and expansion drilling of the R2 Footwall Zone, definition drilling in the Intermediate Zone and testing of new exploration targets. Three diamond drills are currently operating underground, and a fourth drill mobilized underground this week to begin drilling in the immediate footwall of the No. 3 orebody from the recently rehabilitated 2650 level. Definition drilling within the R2 zone continues to intersect sharp walled massive sulphide veins including 25.8% Cu, 3.6% Ni., 8.9 g/t Pt, 4.1 g/t Pd, 0.3 g/t Au over 0.7 metres in drillhole MLV-26-80. Drillhole MLV-26-80 also intersected 2.2 metres grading 9.7% Cu, 0.6% Ni, 5.9 g/t Pt, 10.2 g/t Pd, 3.2 g/t Au & 59.2 g/t Ag (16.6% CuEq) in an undefined mineralized zone, approximately 260 metres before the R2 target. Additional drilling will be required to understand the orientation and potential significance of this mineralization.

Underground development to support the Levack Mine restart is underway and includes new ramp development to connect the 1800 Level to the 1600 Level (see Figure 3). This ramp will be used to access and develop the Intermediate Orebody and provide infill drilling platforms to facilitate detailed planning in advance of production. During development of the 1800-1600 connection, a zone of sulphide mineralization was intersected within an approximately 12 metre section of the ramp. This mineralization occurs approximately 30 metres in the hanging wall of the Intermediate Zone, and is characterized as blebby, structurally controlled chalcopyrite dominated sulphide within a footwall breccia matrix. A single grab sample from the muck pile was assayed and returned 5.7% Cu, 8.4 g/t Pt, 1.0 g/t Pd, and 0.3 g/t Au. Underground drilling is currently underway to test the extent, continuity and potential relationship of this mineralization with the Intermediate Zone. Additional results will be released as assays are received.

Update on Levack Mine Restart

Since the announcement of the results from the Levack Mine Preliminary Economic Assessment (see October 8, 2026 news release) and approval by the Company’s Board of Directors to move forward with the restart of Levack Mine, the team at the mine has been busy working on budgets, recruitment, securing the necessary equipment and refining the development plan for 2027.

Underground development will resume in the 2950 Level exploration drift in early December. Currently the face of this drift is approximately 300 metres from the R2 Footwall Zone and it will be extended to within approximately 100 metres of the R2 mineralization, which will allow for shorter, more efficient definition drill holes for mine planning purposes. Expansion drilling will continue from the current location, testing the lateral and depth extents of the system.

In addition, rehabilitation of the 2650 Level drift has facilitated underground diamond drilling to commence in this area with a fourth drill rig. This drilling will support early mining opportunities as well as further definition of the upper part of the R2 Footwall system and its potential relationship with the No.3 Orebody.

The production hoisting system refurbishment and recommissioning project remains on track to be completed in Q1 2027. The shaft guides have been replaced on schedule and hoist upgrades are underway. Completion of this project will allow hoisting of stockpiled development ore and waste from underground and the acceleration of underground development in preparation for the pre-commercial ore production during 2027.

In order to take advantage of the synergies between Levack Mine and the adjacent and connected McCreedy West Mine, Magna has made the decision to combine the two mines into the “Levack Mine Complex”. This will allow for the sharing of technical and maintenance resources, with other positions such as surface supervision spread across the complex.

Table 1: Summary of Drillhole Results

	Drillhole	Property	Zone		From (m)	To (m)	Length (m)	Cu %	Ni %	Co %	Pt g/t	Pd g/t	Au g/t	Ag g/t	Pt+Pd+Au g/t	NiEq %	CuEq %
	MLV-26-55	Levack	R2		420.8	423.0	2.2	0.8	1.7	0.1	1.8	3.0	0.1	2.4	4.9	2.8	4.5
				including	422.5	423.0	0.5	0.8	6.4	0.1	3.2	5.9	0.1	3.0	9.2	7.5	11.8
				and	499.6	499.9	0.3	6.1	0.1	0.0	0.8	1.9	0.1	24.0	2.8	4.2	6.7
				and	531.1	531.4	0.3	9.3	0.1	0.0	0.4	1.6	0.3	40.0	2.4	6.2	9.7
	MLV-26-56	Levack	Intermediate		82.3	83.2	0.9	2.2	1.0	0.0	1.9	1.7	0.6	10.2	4.2	3.2	5.1
			R2	and	428.8	429.2	0.4	1.5	4.3	0.0	0.4	0.3	0.3	9.0	1.0	4.8	7.6
				and	442.2	443.1	0.9	5.0	0.5	0.0	0.5	1.5	0.9	22.5	2.9	4.3	6.7
				and	450.4	452.5	2.1	4.8	0.8	0.0	2.4	1.0	0.4	26.2	3.8	4.4	7.0
				and	463.6	464.0	0.3	8.1	2.1	0.0	0.5	4.8	2.5	40.0	7.8	8.7	13.8
	MLV-26-57	Levack	R2		956.7	957.1	0.3	7.9	3.6	0.1	4.1	3.9	0.1	16.0	8.1	9.3	14.7
				and	963.6	965.9	2.3	3.4	1.3	0.0	1.8	1.7	0.1	7.6	3.5	3.8	6.0
				including	965.3	965.9	0.6	11.1	3.3	0.1	4.5	3.5	0.1	21.0	8.0	10.9	17.3
	MLV-26-59	Levack	R2		466.7	467.0	0.3	7.5	0.0	0.0	1.3	0.0	0.1	53.0	1.3	4.8	7.6
	MLV-26-70	Levack	R2		435.6	436.0	0.4	4.0	0.6	0.0	0.4	0.1	0.1	23.0	0.6	3.1	4.9
				and	459.3	460.3	1.0	4.6	0.2	0.0	0.2	0.5	0.1	19.5	0.8	3.1	4.9
	MLV-26-71	Levack	R2		436.3	436.6	0.3	2.4	5.2	0.1	2.9	2.0	0.0	8.0	5.0	6.8	10.8
				and	449.8	450.1	0.3	2.3	2.0	0.0	4.4	0.3	0.2	17.0	4.9	4.0	6.4
	MLV-26-72	Levack	R2		358.2	358.6	0.4	24.4	3.4	0.1	2.3	10.5	1.2	84.0	14.0	20.3	32.1
				and	395.2	395.5	0.3	16.4	0.4	0.0	1.1	8.7	1.0	80.0	10.9	12.3	19.4
				and	400.1	408.7	8.6	1.9	0.1	0.0	0.3	1.4	0.3	11.6	1.9	1.6	2.5
				including	400.1	400.6	0.5	20.6	0.3	0.0	2.0	14.9	1.0	134.0	17.9	15.8	24.9
	MLV-26-76	Levack	R2		331.8	332.1	0.3	12.9	0.1	0.0	2.2	0.4	1.4	62.0	4.0	9.1	14.3
				and	395.1	396.1	0.9	16.6	0.3	0.0	6.7	13.0	0.6	97.5	20.3	13.8	21.8
				including	395.1	395.7	0.6	25.4	0.4	0.0	10.7	19.4	0.8	159.0	30.9	20.9	33.1
	MLV-26-80	Levack	Footwall		212.3	214.5	2.2	9.7	0.6	0.0	5.9	10.2	3.2	59.6	19.3	10.5	16.6
				including	213.4	214.2	0.9	20.0	0.5	0.0	8.2	19.1	3.4	124.6	30.7	18.5	29.2
			R2	and	475.3	479.1	3.9	5.6	0.9	0.0	2.4	1.7	0.3	34.0	4.4	5.0	7.9
				including	475.3	476.0	0.7	25.8	3.6	0.0	8.9	4.1	0.3	155.0	13.3	21.0	33.3
	MLV-26-81	Levack	R2		476.1	477.5	1.3	13.7	2.9	0.0	5.4	2.6	0.4	82.1	8.4	12.4	19.6
				including	476.1	476.9	0.8	22.8	5.0	0.0	8.5	4.1	0.3	137.0	12.9	20.4	32.3
	Grab Sample	Levack	1800-1600 Ramp					5.7	0.2	0.0	8.4	1.0	0.3	57.0	9.7	5.4	8.6

All lengths are downhole length. True widths are highly variable and estimated to range from 30-80% of downhole length. Ni Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Cu Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Cu $/lb. Metal prices in US$: $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd and $3,815/oz Au.  

Figure 1: Location of Magna Mining’s Properties, Including the Levack Mine and Key Sudbury Infrastructure

Figure 2:  3D Longitudinal View Looking North, Showing the Levack Mine Mineralized Zones in Relation to the R2 Footwall Zone and Intermediate Zone

Figure 3:  3D Oblique View Looking North Northeast, Showing the Intermediate Zone, the 1800-1600 level ramp and the location of Cu-PGE mineralization encountered in the ramp

Table 2: Drillhole Collar Coordinates

	BHID	Easting	Northing	Elevation	Azimuth	Dip	Depth
	MLV-26-55	472086	5166519	-200	24	-34.49	3691
	MLV-26-56	472086	5166519	-200	29	-51.3	2001
	MLV-26-57	472109	5166291	339	7	-56.04	1797
	MLV-26-59	472086	5166519	-200	15	-32.19	1853
	MLV-26-70	472086	5166519	-201	31	-44.45	1750
	MLV-26-71	472086	5166519	-201	28	-37.85	1804
	MLV-26-72	472041	5166416	-541	21	0.99	1850
	MLV-26-76	472038	5166415	-542	25	-6.29	1800
	MLV-26-80	472086	5166519	-200	32	-53.86	1650
	MLV-26-81	472086	5166519	-200	33	-52.22	1775

Q3 2026 Quarterly Results Conference Call and Webcast

As a reminder, the company will be holding its Q3 results conference call and webcast today, Thursday November 12, 2026, at 8:00am EST. The conference call details are as follows:

To register for the conference call, please use the following link to obtain a Dial-in Number and PIN: https://register-conf.media-server.com/register/BI977e3342f4ac4bc7af8ea4829f6d91a0

To attend the webcast in listen-only mode, please use the following link: https://edge.media-server.com/mmc/p/6yc2zx2c

Qualified Person for Technical Information

The scientific and technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101.

Quality Assurance and Control

Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna’s core facilities. Levack drilling utilizes NQ or BQTK sized core and McCreedy West utilizes BQTK sized core. The core is then logged, and samples marked in intervals of up to 1.5m. Levack drill core is split and sampled ½ core, and McCreedy West is whole core sampled. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to SGS Laboratories in Garson, Ontario for preparation, which are then shipped to Lakefield, Ontario for analysis.  Samples are submitted in batches of 50 with 4 QA/QC samples including, 2 certified reference material standards and 2 samples of blank material.

Cautionary Statement on Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “indicate”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”, “continue”, “intend”, “plan”, “target”, “forecast”, “prospective”, “significant”, “encouraging” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling and assays to support assumptions, expectations or estimates of potential mineralization, metal tons or grade, such as in the R2 Footwall, West Main Orebody, Intermediate Orebody, Copper Ramp or any other zone at the Levack project, the failure of additional drilling to support additional expansion or delineation of estimated resources, the failure to have accurately estimated declared mineral resources or mineral reserves, the failure of additional drilling to support production planning or replenish production or mined ore, the failure to maintain an adequate rate of development or access to stopes to maintain production, the failure to meet production, costs, earnings, cash flow or development expectations, forecasts or guidance, the lack of availability of drill rigs to implement exploration or other programs or the failure to proceed as quickly as planned with additional exploration, development, production or other drilling, continued delays for assay results, the failure to bring the Levack and Crean Hill projects back into commercial production, and other risks disclosed in the Company’s most recent annual information form for the year ended December 31, 2025 , available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and precious metals assets located in the world-class Sudbury mining district of Ontario, Canada. The Company’s McCreedy West Mine is currently in production, the adjacent Levack Mine is being restarted, and construction of the Crean Hill Project has been approved. These operations are supported by a pipeline of highly prospective past-producing properties including Podolsky, Kirkwood and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at www.magnamining.com and through the Company’s public filings on the SEDAR+ website at www.sedarplus.ca.

For further information, please contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA
Executive Vice President

705-482-9667
Email: info@magnamining.com

Photos accompanying this announcement are available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/11925fef-6dca-45f6-a77f-d535c27e5005

https://www.globenewswire.com/NewsRoom/AttachmentNg/affdd520-17ea-467f-9675-d49f7eb06814

https://www.globenewswire.com/NewsRoom/AttachmentNg/427dc2ff-27ad-4ab4-9b01-484cc46547bf

SUDBURY, Ontario, Nov. 12, 2026 (GLOBE NEWSWIRE) — Magna Mining Inc. (TSX: NICU) (“Magna” or the “Company”) is pleased to provide the results of ongoing exploration and an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada (Figure 1). Results released today include additional assays from drilling of the R2 Footwall Zone, Intermediate Zone, and two additional copper-precious metal intersections from undefined zones.

Highlights from the new assay results include:

R2 Footwall Zone:

• MLV-26-80 5.6% Cu, 0.9% Ni, 4.4 g/t Pt+Pd+Au, 34.0/t Ag (7.9% CuEq) over 3.9
  metres, from 475.3 metres down hole

Including 25.8% Cu, 3.6% Ni, 13.3 g/t Pt+Pd+Au, 155.0/t Ag (33.3% CuEq) over 0.7
metres, from 475.3 metres down hole

• MLV-26-81 13.7% Cu, 2.9% Ni, 8.4 g/t Pt+Pd+Au, 82.1g/t Ag (19.6% CuEq) over 1.3
  metres, from 475.5 metres down hole

1800-1600 Ramp:

• Underground Grab Sample 5.7% Cu, 0.2% Ni, 10.1 g/t Pt+Pd+Au, 57.0g/t Ag

Levack Footwall:

• MLV-26-80  9.7% Cu, 0.6% Ni, 19.3 g/t Pt+Pd+Au, 59.6 g/t Ag (16.6% CuEq) over 2.2
  metres, from 212.3 metres down hole

Dave King, SVP Exploration and Geoscience at Magna, stated, “Underground diamond drilling at Levack continues to deliver encouraging results as we continue drilling on the R2 Zone and evaluate new footwall targets. Results released today also include assays from two undefined zones of Cu-PGE footwall mineralization and demonstrate the potential for new discoveries within the Levack Footwall environment. Follow-up drilling will test the orientation, continuity and extent of this mineralization, providing additional data, which we believe will bring us closer to a new high-grade copper and precious metals discovery in Levack’s footwall.”

Table 1 summarizes the significant assay results received since the last Levack exploration results update (see news release dated September 17, 2026). Diamond drilling has transitioned to underground over the past two months, focusing on definition and expansion drilling of the R2 Footwall Zone, definition drilling in the Intermediate Zone and testing of new exploration targets. Three diamond drills are currently operating underground, and a fourth drill mobilized underground this week to begin drilling in the immediate footwall of the No. 3 orebody from the recently rehabilitated 2650 level. Definition drilling within the R2 zone continues to intersect sharp walled massive sulphide veins including 25.8% Cu, 3.6% Ni., 8.9 g/t Pt, 4.1 g/t Pd, 0.3 g/t Au over 0.7 metres in drillhole MLV-26-80. Drillhole MLV-26-80 also intersected 2.2 metres grading 9.7% Cu, 0.6% Ni, 5.9 g/t Pt, 10.2 g/t Pd, 3.2 g/t Au & 59.2 g/t Ag (16.6% CuEq) in an undefined mineralized zone, approximately 260 metres before the R2 target. Additional drilling will be required to understand the orientation and potential significance of this mineralization.

Underground development to support the Levack Mine restart is underway and includes new ramp development to connect the 1800 Level to the 1600 Level (see Figure 3). This ramp will be used to access and develop the Intermediate Orebody and provide infill drilling platforms to facilitate detailed planning in advance of production. During development of the 1800-1600 connection, a zone of sulphide mineralization was intersected within an approximately 12 metre section of the ramp. This mineralization occurs approximately 30 metres in the hanging wall of the Intermediate Zone, and is characterized as blebby, structurally controlled chalcopyrite dominated sulphide within a footwall breccia matrix. A single grab sample from the muck pile was assayed and returned 5.7% Cu, 8.4 g/t Pt, 1.0 g/t Pd, and 0.3 g/t Au. Underground drilling is currently underway to test the extent, continuity and potential relationship of this mineralization with the Intermediate Zone. Additional results will be released as assays are received.

Update on Levack Mine Restart

Since the announcement of the results from the Levack Mine Preliminary Economic Assessment (see October 8, 2026 news release) and approval by the Company’s Board of Directors to move forward with the restart of Levack Mine, the team at the mine has been busy working on budgets, recruitment, securing the necessary equipment and refining the development plan for 2027.

Underground development will resume in the 2950 Level exploration drift in early December. Currently the face of this drift is approximately 300 metres from the R2 Footwall Zone and it will be extended to within approximately 100 metres of the R2 mineralization, which will allow for shorter, more efficient definition drill holes for mine planning purposes. Expansion drilling will continue from the current location, testing the lateral and depth extents of the system.

In addition, rehabilitation of the 2650 Level drift has facilitated underground diamond drilling to commence in this area with a fourth drill rig. This drilling will support early mining opportunities as well as further definition of the upper part of the R2 Footwall system and its potential relationship with the No.3 Orebody.

The production hoisting system refurbishment and recommissioning project remains on track to be completed in Q1 2027. The shaft guides have been replaced on schedule and hoist upgrades are underway. Completion of this project will allow hoisting of stockpiled development ore and waste from underground and the acceleration of underground development in preparation for the pre-commercial ore production during 2027.

In order to take advantage of the synergies between Levack Mine and the adjacent and connected McCreedy West Mine, Magna has made the decision to combine the two mines into the “Levack Mine Complex”. This will allow for the sharing of technical and maintenance resources, with other positions such as surface supervision spread across the complex.

Table 1: Summary of Drillhole Results

	Drillhole	Property	Zone		From (m)	To (m)	Length (m)	Cu %	Ni %	Co %	Pt g/t	Pd g/t	Au g/t	Ag g/t	Pt+Pd+Au g/t	NiEq %	CuEq %
	MLV-26-55	Levack	R2		420.8	423.0	2.2	0.8	1.7	0.1	1.8	3.0	0.1	2.4	4.9	2.8	4.5
				including	422.5	423.0	0.5	0.8	6.4	0.1	3.2	5.9	0.1	3.0	9.2	7.5	11.8
				and	499.6	499.9	0.3	6.1	0.1	0.0	0.8	1.9	0.1	24.0	2.8	4.2	6.7
				and	531.1	531.4	0.3	9.3	0.1	0.0	0.4	1.6	0.3	40.0	2.4	6.2	9.7
	MLV-26-56	Levack	Intermediate		82.3	83.2	0.9	2.2	1.0	0.0	1.9	1.7	0.6	10.2	4.2	3.2	5.1
			R2	and	428.8	429.2	0.4	1.5	4.3	0.0	0.4	0.3	0.3	9.0	1.0	4.8	7.6
				and	442.2	443.1	0.9	5.0	0.5	0.0	0.5	1.5	0.9	22.5	2.9	4.3	6.7
				and	450.4	452.5	2.1	4.8	0.8	0.0	2.4	1.0	0.4	26.2	3.8	4.4	7.0
				and	463.6	464.0	0.3	8.1	2.1	0.0	0.5	4.8	2.5	40.0	7.8	8.7	13.8
	MLV-26-57	Levack	R2		956.7	957.1	0.3	7.9	3.6	0.1	4.1	3.9	0.1	16.0	8.1	9.3	14.7
				and	963.6	965.9	2.3	3.4	1.3	0.0	1.8	1.7	0.1	7.6	3.5	3.8	6.0
				including	965.3	965.9	0.6	11.1	3.3	0.1	4.5	3.5	0.1	21.0	8.0	10.9	17.3
	MLV-26-59	Levack	R2		466.7	467.0	0.3	7.5	0.0	0.0	1.3	0.0	0.1	53.0	1.3	4.8	7.6
	MLV-26-70	Levack	R2		435.6	436.0	0.4	4.0	0.6	0.0	0.4	0.1	0.1	23.0	0.6	3.1	4.9
				and	459.3	460.3	1.0	4.6	0.2	0.0	0.2	0.5	0.1	19.5	0.8	3.1	4.9
	MLV-26-71	Levack	R2		436.3	436.6	0.3	2.4	5.2	0.1	2.9	2.0	0.0	8.0	5.0	6.8	10.8
				and	449.8	450.1	0.3	2.3	2.0	0.0	4.4	0.3	0.2	17.0	4.9	4.0	6.4
	MLV-26-72	Levack	R2		358.2	358.6	0.4	24.4	3.4	0.1	2.3	10.5	1.2	84.0	14.0	20.3	32.1
				and	395.2	395.5	0.3	16.4	0.4	0.0	1.1	8.7	1.0	80.0	10.9	12.3	19.4
				and	400.1	408.7	8.6	1.9	0.1	0.0	0.3	1.4	0.3	11.6	1.9	1.6	2.5
				including	400.1	400.6	0.5	20.6	0.3	0.0	2.0	14.9	1.0	134.0	17.9	15.8	24.9
	MLV-26-76	Levack	R2		331.8	332.1	0.3	12.9	0.1	0.0	2.2	0.4	1.4	62.0	4.0	9.1	14.3
				and	395.1	396.1	0.9	16.6	0.3	0.0	6.7	13.0	0.6	97.5	20.3	13.8	21.8
				including	395.1	395.7	0.6	25.4	0.4	0.0	10.7	19.4	0.8	159.0	30.9	20.9	33.1
	MLV-26-80	Levack	Footwall		212.3	214.5	2.2	9.7	0.6	0.0	5.9	10.2	3.2	59.6	19.3	10.5	16.6
				including	213.4	214.2	0.9	20.0	0.5	0.0	8.2	19.1	3.4	124.6	30.7	18.5	29.2
			R2	and	475.3	479.1	3.9	5.6	0.9	0.0	2.4	1.7	0.3	34.0	4.4	5.0	7.9
				including	475.3	476.0	0.7	25.8	3.6	0.0	8.9	4.1	0.3	155.0	13.3	21.0	33.3
	MLV-26-81	Levack	R2		476.1	477.5	1.3	13.7	2.9	0.0	5.4	2.6	0.4	82.1	8.4	12.4	19.6
				including	476.1	476.9	0.8	22.8	5.0	0.0	8.5	4.1	0.3	137.0	12.9	20.4	32.3
	Grab Sample	Levack	1800-1600 Ramp					5.7	0.2	0.0	8.4	1.0	0.3	57.0	9.7	5.4	8.6

All lengths are downhole length. True widths are highly variable and estimated to range from 30-80% of downhole length. Ni Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Cu Eq % = (Ni% x 85% Recovery 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt g/t x 69% Recovery / 31.1035 x Pt $/oz) +(Pd g/t x 68% Recovery / 31.1035 x Pd $/oz) + (Au g/t x 68% Recovery / 31.1035 x Au $/oz))/2204 x Cu $/lb. Metal prices in US$: $7.72/lb Ni, $4.88/lb Cu, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd and $3,815/oz Au.  

Figure 1: Location of Magna Mining’s Properties, Including the Levack Mine and Key Sudbury Infrastructure

Figure 2:  3D Longitudinal View Looking North, Showing the Levack Mine Mineralized Zones in Relation to the R2 Footwall Zone and Intermediate Zone

Figure 3:  3D Oblique View Looking North Northeast, Showing the Intermediate Zone, the 1800-1600 level ramp and the location of Cu-PGE mineralization encountered in the ramp

Table 2: Drillhole Collar Coordinates

	BHID	Easting	Northing	Elevation	Azimuth	Dip	Depth
	MLV-26-55	472086	5166519	-200	24	-34.49	3691
	MLV-26-56	472086	5166519	-200	29	-51.3	2001
	MLV-26-57	472109	5166291	339	7	-56.04	1797
	MLV-26-59	472086	5166519	-200	15	-32.19	1853
	MLV-26-70	472086	5166519	-201	31	-44.45	1750
	MLV-26-71	472086	5166519	-201	28	-37.85	1804
	MLV-26-72	472041	5166416	-541	21	0.99	1850
	MLV-26-76	472038	5166415	-542	25	-6.29	1800
	MLV-26-80	472086	5166519	-200	32	-53.86	1650
	MLV-26-81	472086	5166519	-200	33	-52.22	1775

Q3 2026 Quarterly Results Conference Call and Webcast

As a reminder, the company will be holding its Q3 results conference call and webcast today, Thursday November 12, 2026, at 8:00am EST. The conference call details are as follows:

To register for the conference call, please use the following link to obtain a Dial-in Number and PIN: https://register-conf.media-server.com/register/BI977e3342f4ac4bc7af8ea4829f6d91a0

To attend the webcast in listen-only mode, please use the following link: https://edge.media-server.com/mmc/p/6yc2zx2c

Qualified Person for Technical Information

The scientific and technical information in this press release has been reviewed and approved by David King, M.Sc., P.Geo. Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under National Instrument 43-101.

Quality Assurance and Control

Sample QA/QC procedures for Magna have been designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to Magna’s core facilities. Levack drilling utilizes NQ or BQTK sized core and McCreedy West utilizes BQTK sized core. The core is then logged, and samples marked in intervals of up to 1.5m. Levack drill core is split and sampled ½ core, and McCreedy West is whole core sampled. Samples are then put into plastic bags with 10 bagged samples being placed into rice bags for transport to SGS Laboratories in Garson, Ontario for preparation, which are then shipped to Lakefield, Ontario for analysis.  Samples are submitted in batches of 50 with 4 QA/QC samples including, 2 certified reference material standards and 2 samples of blank material.

Cautionary Statement on Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “indicate”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”, “continue”, “intend”, “plan”, “target”, “forecast”, “prospective”, “significant”, “encouraging” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure of additional drilling and assays to support assumptions, expectations or estimates of potential mineralization, metal tons or grade, such as in the R2 Footwall, West Main Orebody, Intermediate Orebody, Copper Ramp or any other zone at the Levack project, the failure of additional drilling to support additional expansion or delineation of estimated resources, the failure to have accurately estimated declared mineral resources or mineral reserves, the failure of additional drilling to support production planning or replenish production or mined ore, the failure to maintain an adequate rate of development or access to stopes to maintain production, the failure to meet production, costs, earnings, cash flow or development expectations, forecasts or guidance, the lack of availability of drill rigs to implement exploration or other programs or the failure to proceed as quickly as planned with additional exploration, development, production or other drilling, continued delays for assay results, the failure to bring the Levack and Crean Hill projects back into commercial production, and other risks disclosed in the Company’s most recent annual information form for the year ended December 31, 2025 , available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

About Magna Mining Inc.

Magna Mining Inc. is a producing mining company with a strong portfolio of copper, nickel, and precious metals assets located in the world-class Sudbury mining district of Ontario, Canada. The Company’s McCreedy West Mine is currently in production, the adjacent Levack Mine is being restarted, and construction of the Crean Hill Project has been approved. These operations are supported by a pipeline of highly prospective past-producing properties including Podolsky, Kirkwood and Shakespeare.

Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities across its asset base.

Additional corporate and project information is available at www.magnamining.com and through the Company’s public filings on the SEDAR+ website at www.sedarplus.ca.

For further information, please contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA
Executive Vice President

705-482-9667
Email: info@magnamining.com

Photos accompanying this announcement are available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/11925fef-6dca-45f6-a77f-d535c27e5005

https://www.globenewswire.com/NewsRoom/AttachmentNg/affdd520-17ea-467f-9675-d49f7eb06814

https://www.globenewswire.com/NewsRoom/AttachmentNg/427dc2ff-27ad-4ab4-9b01-484cc46547bf

AleAnna, Inc. Reports Substantial Quarter-Over-Quarter Growth in Revenue, Net Income, and Adjusted EBITDA¹

DALLAS, Nov. 12, 2026 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or “the Company”) (NASDAQ: ANNA) today is pleased to announce strong financial and operational results for the third quarter of 2026.

Highlights:

• Net income increased substantially to $6.2 million and revenue more than doubled to $20.5 million compared to the second quarter of 2026, driven by robust growth in gas production and significantly stronger realized prices.
• Operating income increased nearly fivefold to $9.4 million and Adjusted EBITDA¹ nearly tripled to $12.2 million, compared to the second quarter of 2026.
• Average daily net sales gas production in the third quarter increased to approximately 274 kSmc/d (AleAnna Working Interest) compared to the second quarter of 2026 supported by well optimization.
• Development continued on Longanesi’s permanent facilities and construction progressed at Gradizza, reinforcing the growth potential of AleAnna’s Italian gas portfolio.
• Glen Cayley joined the Board of Directors of AleAnna. Glen is a seasoned upstream energy executive with extensive experience in exploration, field development and production operations, and is ideally placed to assist AleAnna with its ambitious growth program.

Management Commentary

Marco Brun, Chief Executive Officer, remarked on AleAnna’s recent accomplishments: “AleAnna delivered excellent results for the third quarter of 2026, with substantially higher net income, revenue more than doubling and Adjusted EBITDA nearly tripling compared with the second quarter of 2026. Robust growth in production and stronger gas prices translated into a marked improvement in earnings, demonstrating the growing contribution of the Company’s Italian gas business. These achievements reflect both the strength of the producing asset and the benefits of targeted well optimization.

Building on this strong performance, AleAnna is advancing the development of its projects to support the next phase of growth. The Company’s ambition is clear: expand production, realize the potential of its Italian gas portfolio and create long-term shareholder value through disciplined investment and focused execution.”

Financial Results Summary

	Q3 2026		Q3 2025		Q2 2026			9M 2026		9M 2025			LTM		Quarterly average LTM
Average daily working interest production (kSmc/d)	273.9		276.0		189.9			227.8		230.4			226.8		226.8
Working interest production (MMSmc)	25.2		25.4		17.3			60.6		33.2			82.8		20.7
Realized weighted average gas price ($/Smc)	0.79		0.42		0.55			0.63		0.42			0.56		0.56
Revenue ($m)	20.5		11.2		10.2			40.1		15.9			49.2		12.3
Revenue conventional ($m)	19.9		10.6		9.5			38.2		13.9			46.7		11.7
Net income ($m)	6.2		5.3		3.8			13.4		2.6			13.7		3.4
Operating income ($m)	9.4		5.7		1.9			15.0		2.7			15.2		3.8
Adjusted EBITDA¹ ($m)	12.2		6.3		4.1			20.6		3.6			23.6		5.9
Net income margin	30	%	47	%	37	%		33	%	17	%		28	%	28	%
Adjusted EBITDA margin¹	59	%	56	%	41	%		51	%	22	%		48	%	48	%

“Smc” means standard cubic meter; “kSmc/d” means thousands of standard cubic meters per day; and “MMSmc” means millions of standard cubic meters.

Robust production growth and stronger prices drive substantial earnings improvement

• Robust growth in Longanesi sales gas production and stronger realized prices drove substantial revenue growth. Production from ten strings throughout the quarter and targeted well optimization supported the increase in average daily output compared to the second quarter of 2026.
• Revenue growth outpaced increases in royalties and operating costs, resulting in higher operating income and Adjusted EBITDA¹.
• The quarter reflected the earnings benefit of higher production in a stronger gas price environment.
• Net income margin represented 30.3% of revenue, while Adjusted EBITDA margin¹ was 59.4%, compared with 40.6% in the second quarter of 2026.

Earnings substantially exceed the average of the last four quarters

• For the twelve months ended September 30, 2026, AleAnna reported revenue of $49.2 million and net income of $13.7 million.
• In the third quarter of 2026, net income of $6.2 million exceeded the average of $3.4 million for the last four quarters. The average includes the third quarter of 2026.

Longanesi supports growth and advances permanent infrastructure

• Longanesi is the principal contributor to AleAnna’s robust quarterly growth with average gross production reaching more than 800 kSmc/d, and strong plant uptime.
• Development of permanent production facilities continued with the joint venture partner and operator, with the permanent infrastructure expected to further enhance operations and support the concession’s long-term development.

Gradizza advances the operated production portfolio

• Gradizza advanced during the quarter, with construction and baseline environmental monitoring progressing toward AleAnna’s first wholly owned and operated producing asset.
• The project represents a strategic opportunity and is expected to expand the Company’s Italian production base.

Advancing a promising portfolio of development opportunities

• Beyond Longanesi and Gradizza, AleAnna actively advanced preparations across its wider Italian project portfolio for future development.
• In October 2026, environmental compliance work at Fornace was completed and preparatory activities included rig identification and tender documentation for civil works and drilling, with further authorization still required.
• Environmental compliance work and other permit applications progressed for several permits, supporting the identification and preparation of future investment opportunities.

About AleAnna

AleAnna is a technology-driven energy company, focused on growing gas production in Italy and helping drive Italy’s energy future. Further details can be found on our website at www.aleannainc.com/AboutAleAnna.

Forward-Looking Statements

The information included herein contains “forward-looking statements” 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. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans and objectives are forward-looking statements. These include, among others, statements regarding expected production levels, the completion and anticipated benefits of the permanent production facilities at Longanesi, the development of and receipt of remaining authorizations for Gradizza and Fornace, the advancement of AleAnna’s wider Italian project portfolio, and the sufficiency of AleAnna’s cash resources. AleAnna’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. A list and descriptions of these risks, uncertainties and other factors can be found in AleAnna’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in AleAnna’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”). SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

Investor Relations Contact

Ivan Ronald
ironald@aleannagroup.com

Website
https://www.aleannainc.com

¹ This is a non-GAAP financial measure. Refer to Non-GAAP Performance Measures and Definitions for further details.

ALEANNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND SEPTEMBER 30, 2025

	For the Three Months Ended September 30,								For the Nine Months Ended, September 30,
		2026				2025				2026				2025
Revenues	$	20,512,904			$	11,224,868			$	40,071,540			$	15,899,878
Operating expenses (income):
Cost of revenues		2,936,293				2,155,189				5,954,423				3,295,105
Lease operating expense		2,281,793				654,092				5,424,978				1,748,500
General and administrative		4,017,088				2,071,051				10,295,162				7,185,948
Depreciation and depletion		1,810,542				582,604				3,870,972				885,140
Accretion and remeasurement of asset retirement obligation		54,204				33,318				(497,333	)			98,519
Total operating expenses		11,099,920				5,496,254				25,048,202				13,213,212
Operating income		9,412,984				5,728,614				15,023,338				2,686,666
Other income:
Interest and other income		139,079				146,655				427,355				538,291
Total other income		139,079				146,655				427,355				538,291
Income before income taxes		9,552,063				5,875,269				15,450,693				3,224,957
Income tax expense		(3,333,538	)			(556,592	)			(2,033,699	)			(600,987	)
Net income		6,218,525				5,318,677				13,416,994				2,623,970
Net income attributable to noncontrolling interests		(2,416,741	)			(2,004,779	)			(5,183,752	)			(967,268	)
Net income attributable to Class A Common stockholders	$	3,801,784			$	3,313,898			$	8,233,242			$	1,656,702
Other comprehensive (loss) income
Currency translation adjustment	$	(333,206	)		$	716,316			$	(1,715,056	)		$	4,797,503
Comprehensive income		5,885,319				6,034,993				11,701,938				7,421,473
Comprehensive income attributable to noncontrolling interests		(2,284,773	)			(2,729,530	)			(4,512,074	)			(3,286,011	)
Total comprehensive income attributable to Class A Common stockholders	$	3,600,546			$	3,305,463			$	7,189,864			$	4,135,462
Weighted average shares of Class A Common Stock outstanding, basic and diluted		40,960,842				40,615,773				40,840,312				40,631,315
Net income per share of Class A Common Stock, basic and diluted	$	0.09			$	0.08			$	0.20			$	0.04

ALEANNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

	September 30, 2026				December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	25,474,351			$	31,826,830
Restricted cash		1,260,782				1,304,129
Accounts receivable		8,025,589				1,959,001
Prepaid expenses and other assets		5,029,939				1,528,622
Total Current Assets		39,790,661				36,618,582
Non-current assets:
Natural gas and other properties, successful efforts method, net of accumulated depreciation and depletion of $5,913,206 and $2,932,984, respectively		51,562,184				42,553,580
Renewable natural gas properties, net of accumulated depreciation of $767,807 and $508,583, respectively		10,310,354				10,744,121
Value-added tax receivable		9,118,938				9,589,576
Operating lease right-of-use assets		100,094				1,790,461
Deferred tax assets		1,761,504				—
Total Non-current Assets		72,853,074				64,677,738
Total Assets	$	112,643,735			$	101,296,320
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	15,140,130			$	6,776,384
Income tax payable		4,195,215				417,568
Lease liability, short-term		76,076				200,419
Contingent consideration liability, short-term		16,615,215				11,576,846
Total Current Liabilities		36,026,636				18,971,217
Non-current Liabilities:
Asset retirement obligation		3,065,287				4,507,921
Deferred tax liability		866,923				897,812
Lease liability, long-term		—				1,588,243
Contingent consideration liability, long-term		—				16,651,065
Total Non-current Liabilities		3,932,210				23,645,041
Total Liabilities		39,958,846				42,616,258
Commitments and Contingencies
Stockholders’ Equity:
Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,980,797 and 40,659,881 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		4,098				4,066
Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		2,599				2,599
Additional paid-in capital		230,943,142				228,640,286
Accumulated other comprehensive loss		(4,984,766	)			(3,941,388	)
Accumulated deficit		(181,015,601	)			(189,248,843	)
Noncontrolling interest		27,735,417				23,223,342
Total Stockholders’ Equity		72,684,889				58,680,062
Total Liabilities and Stockholders’ Equity	$	112,643,735			$	101,296,320

Non-GAAP Performance Measures and Definitions

In addition to amounts presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we also present certain supplemental non-GAAP financial measures. We believe that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of our operating results and trends in addition to the results measured in accordance with GAAP and provides greater comparability across time periods. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. The non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures used by other companies. Our non-GAAP measures are reconciled to net income, the most directly comparable GAAP performance measure.

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

EBITDA is a supplemental non-GAAP financial measure defined as net income (loss) adjusted for interest and other income, income taxes, depreciation and depletion. Our definition of Adjusted EBITDA differs from EBITDA because we further adjust non-GAAP EBITDA for stock-based compensation expense and the remeasurement of asset retirement obligations, and other one-off activity, when applicable. The purpose of presenting Adjusted EBITDA is to adjust for items that we do not believe represent the operations of the core business such as transaction expenses, share-based compensation, and other non-recurring costs. Adjusted EBITDA margin corresponds to the ratio between Adjusted EBITDA and revenue.

The following table is a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin:

Amounts in USD	Q3 2026		Q3 2025		Q2 2026			9M 2026		9M 2025			LTM		Quarterly average LTM
Net Income	6,218,525		5,318,677		3,798,948			13,416,994		2,623,970			13,675,092		3,418,773
Add (deduct):
Interest and other income	(139,079	)	(146,655	)	(148,439	)		(427,355	)	(538,291	)		(1,131,963	)	(282,991	)
Income tax (benefit)/expense	3,333,538		556,592		(1,737,236	)		2,033,699		600,987			2,696,108		674,027
Depreciation and depletion	1,810,542		582,604		881,978			3,870,972		885,140			5,919,313		1,479,828
EBITDA	11,223,526		6,311,218		2,795,251			18,894,310		3,571,806			21,158,550		5,289,638
Add (deduct):
Remeasurement of asset retirement obligation	—		—		—			(639,575	)	—			(639,575	)	(159,894	)
Stock compensation expense	952,241		—		1,347,671			2,350,943		—			3,125,163		781,291
Adjusted EBITDA	12,175,767		6,311,218		4,142,922			20,605,678		3,571,806			23,644,138		5,911,035
Net income margin	30	%	47	%	37	%		33	%	17	%		28	%	28	%
Adjusted EBITDA margin	59	%	56	%	41	%		51	%	22	%		48	%	48	%

AleAnna, Inc. Reports Substantial Quarter-Over-Quarter Growth in Revenue, Net Income, and Adjusted EBITDA¹

DALLAS, Nov. 12, 2026 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or “the Company”) (NASDAQ: ANNA) today is pleased to announce strong financial and operational results for the third quarter of 2026.

Highlights:

• Net income increased substantially to $6.2 million and revenue more than doubled to $20.5 million compared to the second quarter of 2026, driven by robust growth in gas production and significantly stronger realized prices.
• Operating income increased nearly fivefold to $9.4 million and Adjusted EBITDA¹ nearly tripled to $12.2 million, compared to the second quarter of 2026.
• Average daily net sales gas production in the third quarter increased to approximately 274 kSmc/d (AleAnna Working Interest) compared to the second quarter of 2026 supported by well optimization.
• Development continued on Longanesi’s permanent facilities and construction progressed at Gradizza, reinforcing the growth potential of AleAnna’s Italian gas portfolio.
• Glen Cayley joined the Board of Directors of AleAnna. Glen is a seasoned upstream energy executive with extensive experience in exploration, field development and production operations, and is ideally placed to assist AleAnna with its ambitious growth program.

Management Commentary

Marco Brun, Chief Executive Officer, remarked on AleAnna’s recent accomplishments: “AleAnna delivered excellent results for the third quarter of 2026, with substantially higher net income, revenue more than doubling and Adjusted EBITDA nearly tripling compared with the second quarter of 2026. Robust growth in production and stronger gas prices translated into a marked improvement in earnings, demonstrating the growing contribution of the Company’s Italian gas business. These achievements reflect both the strength of the producing asset and the benefits of targeted well optimization.

Building on this strong performance, AleAnna is advancing the development of its projects to support the next phase of growth. The Company’s ambition is clear: expand production, realize the potential of its Italian gas portfolio and create long-term shareholder value through disciplined investment and focused execution.”

Financial Results Summary

	Q3 2026		Q3 2025		Q2 2026			9M 2026		9M 2025			LTM		Quarterly average LTM
Average daily working interest production (kSmc/d)	273.9		276.0		189.9			227.8		230.4			226.8		226.8
Working interest production (MMSmc)	25.2		25.4		17.3			60.6		33.2			82.8		20.7
Realized weighted average gas price ($/Smc)	0.79		0.42		0.55			0.63		0.42			0.56		0.56
Revenue ($m)	20.5		11.2		10.2			40.1		15.9			49.2		12.3
Revenue conventional ($m)	19.9		10.6		9.5			38.2		13.9			46.7		11.7
Net income ($m)	6.2		5.3		3.8			13.4		2.6			13.7		3.4
Operating income ($m)	9.4		5.7		1.9			15.0		2.7			15.2		3.8
Adjusted EBITDA¹ ($m)	12.2		6.3		4.1			20.6		3.6			23.6		5.9
Net income margin	30	%	47	%	37	%		33	%	17	%		28	%	28	%
Adjusted EBITDA margin¹	59	%	56	%	41	%		51	%	22	%		48	%	48	%

“Smc” means standard cubic meter; “kSmc/d” means thousands of standard cubic meters per day; and “MMSmc” means millions of standard cubic meters.

Robust production growth and stronger prices drive substantial earnings improvement

• Robust growth in Longanesi sales gas production and stronger realized prices drove substantial revenue growth. Production from ten strings throughout the quarter and targeted well optimization supported the increase in average daily output compared to the second quarter of 2026.
• Revenue growth outpaced increases in royalties and operating costs, resulting in higher operating income and Adjusted EBITDA¹.
• The quarter reflected the earnings benefit of higher production in a stronger gas price environment.
• Net income margin represented 30.3% of revenue, while Adjusted EBITDA margin¹ was 59.4%, compared with 40.6% in the second quarter of 2026.

Earnings substantially exceed the average of the last four quarters

• For the twelve months ended September 30, 2026, AleAnna reported revenue of $49.2 million and net income of $13.7 million.
• In the third quarter of 2026, net income of $6.2 million exceeded the average of $3.4 million for the last four quarters. The average includes the third quarter of 2026.

Longanesi supports growth and advances permanent infrastructure

• Longanesi is the principal contributor to AleAnna’s robust quarterly growth with average gross production reaching more than 800 kSmc/d, and strong plant uptime.
• Development of permanent production facilities continued with the joint venture partner and operator, with the permanent infrastructure expected to further enhance operations and support the concession’s long-term development.

Gradizza advances the operated production portfolio

• Gradizza advanced during the quarter, with construction and baseline environmental monitoring progressing toward AleAnna’s first wholly owned and operated producing asset.
• The project represents a strategic opportunity and is expected to expand the Company’s Italian production base.

Advancing a promising portfolio of development opportunities

• Beyond Longanesi and Gradizza, AleAnna actively advanced preparations across its wider Italian project portfolio for future development.
• In October 2026, environmental compliance work at Fornace was completed and preparatory activities included rig identification and tender documentation for civil works and drilling, with further authorization still required.
• Environmental compliance work and other permit applications progressed for several permits, supporting the identification and preparation of future investment opportunities.

About AleAnna

AleAnna is a technology-driven energy company, focused on growing gas production in Italy and helping drive Italy’s energy future. Further details can be found on our website at www.aleannainc.com/AboutAleAnna.

Forward-Looking Statements

The information included herein contains “forward-looking statements” 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. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans and objectives are forward-looking statements. These include, among others, statements regarding expected production levels, the completion and anticipated benefits of the permanent production facilities at Longanesi, the development of and receipt of remaining authorizations for Gradizza and Fornace, the advancement of AleAnna’s wider Italian project portfolio, and the sufficiency of AleAnna’s cash resources. AleAnna’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. A list and descriptions of these risks, uncertainties and other factors can be found in AleAnna’s most recent Annual Report on Form 10-K, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in AleAnna’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”). SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

Investor Relations Contact

Ivan Ronald
ironald@aleannagroup.com

Website
https://www.aleannainc.com

¹ This is a non-GAAP financial measure. Refer to Non-GAAP Performance Measures and Definitions for further details.

ALEANNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND SEPTEMBER 30, 2025

	For the Three Months Ended September 30,								For the Nine Months Ended, September 30,
		2026				2025				2026				2025
Revenues	$	20,512,904			$	11,224,868			$	40,071,540			$	15,899,878
Operating expenses (income):
Cost of revenues		2,936,293				2,155,189				5,954,423				3,295,105
Lease operating expense		2,281,793				654,092				5,424,978				1,748,500
General and administrative		4,017,088				2,071,051				10,295,162				7,185,948
Depreciation and depletion		1,810,542				582,604				3,870,972				885,140
Accretion and remeasurement of asset retirement obligation		54,204				33,318				(497,333	)			98,519
Total operating expenses		11,099,920				5,496,254				25,048,202				13,213,212
Operating income		9,412,984				5,728,614				15,023,338				2,686,666
Other income:
Interest and other income		139,079				146,655				427,355				538,291
Total other income		139,079				146,655				427,355				538,291
Income before income taxes		9,552,063				5,875,269				15,450,693				3,224,957
Income tax expense		(3,333,538	)			(556,592	)			(2,033,699	)			(600,987	)
Net income		6,218,525				5,318,677				13,416,994				2,623,970
Net income attributable to noncontrolling interests		(2,416,741	)			(2,004,779	)			(5,183,752	)			(967,268	)
Net income attributable to Class A Common stockholders	$	3,801,784			$	3,313,898			$	8,233,242			$	1,656,702
Other comprehensive (loss) income
Currency translation adjustment	$	(333,206	)		$	716,316			$	(1,715,056	)		$	4,797,503
Comprehensive income		5,885,319				6,034,993				11,701,938				7,421,473
Comprehensive income attributable to noncontrolling interests		(2,284,773	)			(2,729,530	)			(4,512,074	)			(3,286,011	)
Total comprehensive income attributable to Class A Common stockholders	$	3,600,546			$	3,305,463			$	7,189,864			$	4,135,462
Weighted average shares of Class A Common Stock outstanding, basic and diluted		40,960,842				40,615,773				40,840,312				40,631,315
Net income per share of Class A Common Stock, basic and diluted	$	0.09			$	0.08			$	0.20			$	0.04

ALEANNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

	September 30, 2026				December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	25,474,351			$	31,826,830
Restricted cash		1,260,782				1,304,129
Accounts receivable		8,025,589				1,959,001
Prepaid expenses and other assets		5,029,939				1,528,622
Total Current Assets		39,790,661				36,618,582
Non-current assets:
Natural gas and other properties, successful efforts method, net of accumulated depreciation and depletion of $5,913,206 and $2,932,984, respectively		51,562,184				42,553,580
Renewable natural gas properties, net of accumulated depreciation of $767,807 and $508,583, respectively		10,310,354				10,744,121
Value-added tax receivable		9,118,938				9,589,576
Operating lease right-of-use assets		100,094				1,790,461
Deferred tax assets		1,761,504				—
Total Non-current Assets		72,853,074				64,677,738
Total Assets	$	112,643,735			$	101,296,320
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	15,140,130			$	6,776,384
Income tax payable		4,195,215				417,568
Lease liability, short-term		76,076				200,419
Contingent consideration liability, short-term		16,615,215				11,576,846
Total Current Liabilities		36,026,636				18,971,217
Non-current Liabilities:
Asset retirement obligation		3,065,287				4,507,921
Deferred tax liability		866,923				897,812
Lease liability, long-term		—				1,588,243
Contingent consideration liability, long-term		—				16,651,065
Total Non-current Liabilities		3,932,210				23,645,041
Total Liabilities		39,958,846				42,616,258
Commitments and Contingencies
Stockholders’ Equity:
Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,980,797 and 40,659,881 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		4,098				4,066
Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		2,599				2,599
Additional paid-in capital		230,943,142				228,640,286
Accumulated other comprehensive loss		(4,984,766	)			(3,941,388	)
Accumulated deficit		(181,015,601	)			(189,248,843	)
Noncontrolling interest		27,735,417				23,223,342
Total Stockholders’ Equity		72,684,889				58,680,062
Total Liabilities and Stockholders’ Equity	$	112,643,735			$	101,296,320

Non-GAAP Performance Measures and Definitions

In addition to amounts presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we also present certain supplemental non-GAAP financial measures. We believe that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of our operating results and trends in addition to the results measured in accordance with GAAP and provides greater comparability across time periods. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. The non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures used by other companies. Our non-GAAP measures are reconciled to net income, the most directly comparable GAAP performance measure.

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

EBITDA is a supplemental non-GAAP financial measure defined as net income (loss) adjusted for interest and other income, income taxes, depreciation and depletion. Our definition of Adjusted EBITDA differs from EBITDA because we further adjust non-GAAP EBITDA for stock-based compensation expense and the remeasurement of asset retirement obligations, and other one-off activity, when applicable. The purpose of presenting Adjusted EBITDA is to adjust for items that we do not believe represent the operations of the core business such as transaction expenses, share-based compensation, and other non-recurring costs. Adjusted EBITDA margin corresponds to the ratio between Adjusted EBITDA and revenue.

The following table is a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin:

Amounts in USD	Q3 2026		Q3 2025		Q2 2026			9M 2026		9M 2025			LTM		Quarterly average LTM
Net Income	6,218,525		5,318,677		3,798,948			13,416,994		2,623,970			13,675,092		3,418,773
Add (deduct):
Interest and other income	(139,079	)	(146,655	)	(148,439	)		(427,355	)	(538,291	)		(1,131,963	)	(282,991	)
Income tax (benefit)/expense	3,333,538		556,592		(1,737,236	)		2,033,699		600,987			2,696,108		674,027
Depreciation and depletion	1,810,542		582,604		881,978			3,870,972		885,140			5,919,313		1,479,828
EBITDA	11,223,526		6,311,218		2,795,251			18,894,310		3,571,806			21,158,550		5,289,638
Add (deduct):
Remeasurement of asset retirement obligation	—		—		—			(639,575	)	—			(639,575	)	(159,894	)
Stock compensation expense	952,241		—		1,347,671			2,350,943		—			3,125,163		781,291
Adjusted EBITDA	12,175,767		6,311,218		4,142,922			20,605,678		3,571,806			23,644,138		5,911,035
Net income margin	30	%	47	%	37	%		33	%	17	%		28	%	28	%
Adjusted EBITDA margin	59	%	56	%	41	%		51	%	22	%		48	%	48	%

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Man Group PLC
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):  The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:  Use a separate form for each offeror/offeree	Gamma Communications plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken:  For an opening position disclosure, state the latest practicable date prior to the disclosure	11/11/2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?	NO

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	0.25p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	761,936	0.85
(2) Cash-settled derivatives:	342,198	0.38
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	1,104,134	1.23

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
0.25p ordinary	Equity swap	Reducing a long position	231	10.9800 GBP
0.25p ordinary	Equity swap	Reducing a long position	242	10.9800 GBP
0.25p ordinary	Equity swap	Reducing a long position	217	10.9850 GBP
0.25p ordinary	Equity swap	Reducing a long position	215	10.9800 GBP

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii) Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	12/11/2026
Contact name:	Molly Childs
Telephone number:	+44 20 7144 3714

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Man Group PLC
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):  The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:  Use a separate form for each offeror/offeree	Gamma Communications plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken:  For an opening position disclosure, state the latest practicable date prior to the disclosure	11/11/2026
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?	NO

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	0.25p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	761,936	0.85
(2) Cash-settled derivatives:	342,198	0.38
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	1,104,134	1.23

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
0.25p ordinary	Equity swap	Reducing a long position	231	10.9800 GBP
0.25p ordinary	Equity swap	Reducing a long position	242	10.9800 GBP
0.25p ordinary	Equity swap	Reducing a long position	217	10.9850 GBP
0.25p ordinary	Equity swap	Reducing a long position	215	10.9800 GBP

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii) Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:	12/11/2026
Contact name:	Molly Childs
Telephone number:	+44 20 7144 3714

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.