Author: Ravi Shankar

AUSTIN, Texas and NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) today reported financial and operating results for the third quarter 2026. The Company will hold a conference call today at 8:00 am EST.

Headlines

• G2_Austin comprehensive financing update. T1 is in negotiations with certain institutional investors under exclusivity (with certain exceptions) to finalize a G2_Austin debt financing solution. Any such financing is subject to the negotiation and execution of definitive documentation and the satisfaction of numerous conditions precedent (some of which may be beyond T1’s control) and may include or require the issuance of additional equity or equity-linked securities. Closing a comprehensive financing solution for G2_Austin remains T1’s top priority; however, there can be no assurance that definitive documents will be agreed, or that any such financing will be completed, on a timely basis on terms acceptable to T1, or at all.
• T1 Signs Nearly 1.6 GW of New Offtake Contracts Following Section 232 Proclamation, fielding indications of strong demand for 2027. The U.S. Department of Commerce Section 232 proclamation in support of the domestic polysilicon industry has catalyzed heightened customer interest in T1’s available projected 2027-2030 module and cell production capacity at G1_Dallas and G2_Austin.

As previously announced, T1 has signed new offtake deals totaling more than 1.58GW of advanced solar modules. Through its latest offtake contracts, including with independent power producer Avantus, T1 Energy expects to supply high-performance, high-efficiency, TOPCon modules from its G1_Dallas solar module facility in 2027 and 2028. The modules are expected to use a blend of imported solar cells and domestically produced cells from T1’s G2_Austin new solar cell fab. T1 now has more than 3.5GW of its 2027 manufacturing capacity under contract for scheduled 2027 deliveries.

Based on ongoing conversations with Tier 1 customers, indicative demand, and the recently signed offtake contracts, T1 believes it may sell out of its 5 GW capacity at G1_Dallas for 2027 at attractive prices and terms. Actual sales of G1_Dallas production capacity in 2027 will be subject to execution of offtake contracts with such Tier 1 customers and continued demand.

• Q3 2026 results reflect T1’s decision to build module inventory to facilitate 2027 deliveries on new customer offtake contracts. T1 Energy reported a net loss from continuing operations of $34.7 million, or $(0.12) per share for the third quarter of 2026. T1 elected to produce 1,056MW of modules at G1_Dallas in the third quarter of 2026, the second highest quarterly run-rate in the Company’s history, building 326MW of module inventory to facilitate 2027 deliveries under recently signed customer offtake contracts. Third quarter 2026 gross margins of 8.5% and Adjusted EBITDA of ($16.4) million reflect higher facilities-related costs driven by increased inventory production along with higher SG&A expense. Third quarter SG&A expense of $71.2 million is attributable to growth in T1’s technical and operational headcount, as well as higher financing, transaction and legal expenses associated with capital markets activity and other matters.
• Tightening 2026 G1_Dallas production guidance to the high end of prior range, initiating preliminary 2027 production guidance of 5.3GW. T1 now expects to achieve full-year 2026 G1_Dallas module production of 4.0 – 4.2GW, at the high end of the previous range of 3.1 – 4.2GW. Updated 2026 production guidance is consistent with contracted customer demand for the fourth quarter and imported cell availability. For 2027, with more than 3.5GW of G1_Dallas capacity under contract, and a customer offtake pipeline in excess of remaining available capacity, T1 is planning to produce 5.3GW, which is based on a forecast that G1 is sold out of capacity for the full-year 2027.
• T1 enters into Letter of Intent to potentially monetize Nordic data center asset. T1 continues to advance its plan to generate value for shareholders by repurposing its Nordic Giga Arctic asset as a data center. Following the previously announced 50MW grid allocation from Norway’s national grid operator, Statnett, and the approval by local officials to rezone a portion of the campus for data center development, T1 has signed a non-binding LOI to negotiate and explore the possibility of repurposing the asset with a potential partner. Under the terms of the LOI, T1 would contribute the assets, power allowance and the queue position for additional power, while the partner would be responsible for financing capital expenditures in addition to identifying and securing a tenant and/or compute offtaker. Any such arrangement is subject to the negotiation and execution of definitive documentation and there can be no assurance that definitive documentation will be agreed, or that a transaction will be completed, on a timely basis on terms acceptable to T1, or at all.
• T1 receives Commerce Department 232 waiver. On October 22, 2026, the Company announced it had received a waiver from the Commerce Department to import up to 1.725GW of solar cells to support uninterrupted manufacturing activities at G1_Dallas. T1 requested the waiver to help ensure access to necessary solar cells for a limited duration while construction on the 2.1GW Phase 1 of the Company’s G2_Austin solar cell fab in Rockdale, Texas, continues. T1 appreciates the Commerce Department’s support of its strategy to strengthen American manufacturing and intends to work with the Commerce Department to potentially access the onshoring relief program on the basis of its committed capital investment at G2_Austin.

“T1 continued to invest in the Company’s future during the third quarter to advance our mission to build America’s first integrated polysilicon solar supply chain,” said Dan Barcelo, Chief Executive Officer and Chairman of T1 Energy. “Following the Commerce Department’s Section 232 proclamation, pricing and demand for G1_Dallas modules has improved meaningfully, and we have initiated a 2027 G1 production plan of 5.3GW to accommodate the expected growth of T1’s commercial enterprise. In parallel, we are investing in the construction of G2_Austin and the key people we need to build, commission and operate our landmark U.S. solar cell fab while we work to potentially finalize a comprehensive G2_Austin financing solution.”

Business update

• G2_Austin construction update. During the third quarter of 2026, T1’s team completed the primary steel structure and took delivery of all the remaining Phase 1 production line equipment at U.S. ports. Mechanical, Electrical, and Plumbing (“MEP”) installation commenced in September 2026 and continues ahead of the planned completion of trades work and preparation of the cleanroom. Given the progress on construction to date and the projected timing of initial cell deliveries under customer contracts, T1 intends to temporarily match the pace of capital spending at G2_Austin with the expected timeline to close a G2_Austin financing solution.
• Section 45X Production Tax Credit Monetization. T1 has advanced several conversations to monetize the $155.3 million of Section 45X Production Tax Credits (“Section 45X tax credits”) it has generated through the third quarter of 2026. Through third-party due diligence analysis conducted on the Company’s solar cell supply chain, T1 believes it has achieved approximately 65% use of non-FEOC materials, exceeding the 50% non-FEOC Material Assistance Cost Ratio (“MACR”) threshold required to comply with the safe harbor tables under the One Big Beautiful Bill Act (“OBBBA”) through the second quarter of 2026. The Company continues to make progress on its strategic sourcing initiatives and is currently working with five distinct solar cell suppliers who have been independently verified for the MACR ratio test, with two additional cell suppliers being evaluated. T1 is confident in its plans to continue to increase its MACR as it builds out a domestic polysilicon-based solar supply chain.
• T1 completed private placement of $50 million of convertible senior notes due 2031. On September 30, 2026, T1 completed a private placement to a qualified institutional investor that was an existing shareholder of the Company of an additional $50 million in aggregate principal amount of its 4.75% convertible senior notes due 2031. The offering generated gross proceeds of $50.4 million and was intended as a bridge to a comprehensive G2_Austin financing solution.

Q3 2026 Results Overview

• T1 Energy reported a net loss attributable to common stockholders for the third quarter of 2026 of $41.6 million, or $(0.14) per share compared to a net loss of $140.8 million, or $(0.87) per share for the third quarter of 2025. Net loss from continuing operations was $34.7 million, or $(0.12) per share for the third quarter of 2026 compared to a net loss from continuing operations of $130.8 million, or $(0.87) per share for the third quarter of 2025. Net income (loss) from discontinued operations was $(5.9) million, or $(0.02) per share, for the third quarter of 2026 compared to $0.2 million, or $0.00 per share, for the third quarter of 2025.
• As of September 30, 2026, T1 had cash, cash equivalents, and restricted cash of $137.0 million, of which $59.5 million was unrestricted cash.

Presentation of Third Quarter 2026 Results

A presentation will be held today, November 12, 2026, at 8:00 am Eastern Standard Time. The results and presentation material will be available for download at https://ir.t1energy.com/.

Participants can access the conference call by clicking the following link and completing the online registration form. Upon registering participants will receive the dial-in info and PIN to join the call.

The call will also be available by clicking the webcast link

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the U.S., with a complementary solar and battery storage strategy. Based in the U.S. with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599-5706

Media contact:

Russell Gold
EVP, Strategic Communications
russell.gold@T1energy.com
Tel: +1 214 616-9715

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: T1’s negotiation and execution of a potential G2_Austin financing solution (including any terms thereof); T1’s development of G2_Austin and related timeline (including the timing for funding and completing G2_Austin and expected levels of capital expenditures); T1’s ability to convert ongoing commercial discussions into binding offtake agreements; T1’s expectations with respect to the terms of a potential transaction to monetize its Nordic data center asset; negotiations of sales for Section 45X tax credits and T1’s ability to increase its MACR; T1’s strategy of developing as an integrated U.S. solar and storage leader, powering U.S. AI development and energy dominance and establishing a domestic solar supply chain (including its desired position as the first vertically integrated American silicon-based advanced solar company); T1’s ability to generate meaningful long-term shareholder value; T1’s financial and operating performance and guidance and any projected business outlook; the impact of the 232 polysilicon proclamation, including on T1’s pricing, demand, customer behavior, any cell procurement targets and indications of customer demand in 2026 and beyond, and T1’s ability to access the Department of Commerce tariff offset onshoring program; the growth of U.S. electricity demand; any commercial funnel of sales opportunities for 2027 and beyond; T1’s commercial presence and ability to grow its U.S. customer base; T1’s capital formation opportunities and the timing thereof; and T1’s ability to meet its strategic priorities to fund and build T1’s integrated polysilicon solar supply chain and enhance its profitability and capital structure. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from T1’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in T1’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2026, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026, and in T1’s Quarterly Reports on Form 10-Q and other filings with the SEC, including risks related to: (1) T1’s ability to (i) construct and equip manufacturing facilities in a timely and cost-effective manner; (ii) target and retain customers and suppliers; (iii) attract and retain key employees and qualified personnel; (iv) protect its intellectual property; (v) comply with legal and environmental regulations; (vi) compete in international markets in light of export and import controls; (vii) incur substantially more debt; (viii) remediate the material weakness in T1’s internal control over financial reporting or otherwise maintain effective internal control over financial reporting, (ix) qualify for the advanced manufacturing production credit under Section 45X of the Internal Revenue Code of 1986, as amended, and (x) manage T1’s exposure to warranty claims; (2) T1’s ability to secure a comprehensive financing solution to fund the remaining capital expenditure for G2_Austin Phase 1 on favorable terms, or at all, including its ability to (i) satisfy the conditions precedent to any potential G2_Austin financing in a timely manner and (ii) to negotiate and execute definitive documentation for any such financing on terms acceptable to T1, or at all; (3) the concentration of T1’s operations in Texas and its dependence on a limited number of suppliers; (4) changes adversely affecting the flow of components and materials from international vendors, the costs of raw materials, components, equipment, and machinery; (5) general economic and geopolitical conditions, (6) changes in applicable laws or regulations, including environmental, export control and tax laws and incentives and renewable energy targets, as well as international trade policies, including tariffs, on T1’s products and competitive position (including T1’s ability to obtain tariff refunds); (7) the outcome of any legal proceedings relating to T1’s products and services, including intellectual property or product liability claims, commercial or contractual disputes, warranty claims, and other proceedings; (8) T1’s ability to realize the anticipated benefits of acquisitions, investments and other strategic transactions; and (9) the capital-intensive nature of T1’s business and its ability to raise additional capital on attractive terms or service its debt. The above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to T1 as of the date of this press release, and T1 assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Use of Non-GAAP Financial Measures

T1 reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA presented herein is a supplemental measure of T1’s performance that is not required by, or presented in accordance with, GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

T1 defines Adjusted EBITDA as net income (loss) from continuing operations before interest expense, income tax expense (benefit), depreciation and amortization, and further adjustments to exclude certain items that management does not consider indicative of the Company’s core operating performance, including, but not limited to, non-cash charges, non-recurring items, and non-operating gains or losses. These adjustments include impairment charges, losses on debt extinguishment, losses on settlement of derivative liabilities, share-based compensation, fair value adjustments of warrant and derivative liabilities, and non-recurring transaction expenses. Our Adjusted EBITDA measure was re-defined in the fourth quarter of 2025 to also exclude certain non-recurring transaction expenses. The historical presentation of Adjusted EBITDA in this press release has been recast to conform to the revised definition.

T1 uses Adjusted EBITDA as a key measure in evaluating its financial and operating performance and in making strategic business decisions. T1 believes that Adjusted EBITDA, when considered together with the corresponding GAAP financial measures, provides meaningful supplemental information by excluding items that may not be representative of its core business, operating results, or future outlook. However, Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or any other measure of performance or liquidity presented in accordance with GAAP.

Adjusted EBITDA has been reconciled to the nearest GAAP measure for historical periods in the table entitled “Reconciliation of Non-GAAP Measures to Most Comparable Amounts” set forth on Annex A of this press release.

T1 ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	59,523			$	182,450
Restricted cash		70,397				81,203
Accounts receivable trade		7,036				—
Accounts receivable trade, net – related parties		72,843				84,481
Government grants receivable, net		139,133				36,376
Inventory		335,363				116,043
Advances to suppliers		129,672				137,532
Other current assets		20,140				5,989
Current assets of discontinued operations		16,369				19,418
Total current assets		850,476				663,492
Restricted cash		7,120				7,120
Property and equipment, net		523,946				302,302
Goodwill		81,688				57,449
Intangible assets, net		291,314				180,481
Right-of-use asset under operating leases		225,107				151,166
Other assets		13,748				10,098
Total assets	$	1,993,399			$	1,372,108
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	166,906			$	91,323
Accrued liabilities and other		169,031				47,224
Deferred revenue		153,935				56,731
Derivative liabilities		—				11,661
Current portion of long-term debt		51,698				46,357
Accounts payable and accrued liabilities – related parties		134,084				162,754
Current liabilities of discontinued operations		68,521				47,538
Total current liabilities		744,175				463,588
Long-term deferred revenue		48,189				48,189
Convertible notes		495,140				152,960
Operating lease liability		214,577				143,534
Long-term debt		101,116				137,303
Long-term debt – related party		55,531				53,538
Deferred tax liability		2,848				3,758
Other long-term liabilities		10,897				47,353
Total liabilities		1,672,473				1,050,223
Commitments and contingencies
Redeemable preferred stock
Series B convertible non-voting preferred stock, $0.01 par value, 1,600 shares issued and outstanding as of both September 30, 2026 and December 31, 2025 (includes accrued dividends of $880 and $160 as of September 30, 2026 and December 31, 2025, respectively)		18,525				17,805
Series B-1 convertible non-voting preferred stock, $0.01 par value, 5,000 shares issued and outstanding as of both September 30, 2026 and December 31, 2025 (includes accrued dividends of $2,750 and $500 as of September 30, 2026 and December 31, 2025, respectively)		55,960				53,710
Equity:
Common stock, $0.01 par value, 299,499 and 266,267 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		2,995				2,663
Additional paid-in capital		1,448,031				1,358,992
Accumulated other comprehensive loss		(6,993	)			(18,213	)
Accumulated deficit		(1,197,592	)			(1,093,072	)
Total equity		246,441				250,370
Total liabilities, redeemable preferred stock and equity	$	1,993,399			$	1,372,108

T1 ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)
	Three months ended September 30,								Nine months ended September 30,
	2026				2025				2026				2025
Net sales	$	6,696			$	90,385			$	6,937			$	156,850
Net sales – related party		189,894				120,137				617,428				239,891
Total net sales		196,590				210,522				624,365				396,741
Cost of sales		179,883				189,374				529,477				325,051
Gross profit		16,707				21,148				94,888				71,690
Operating expenses:
Selling, general and administrative		71,185				62,778				194,652				168,869
Impairment of intangible assets		—				53,262				—				54,672
Total operating expenses		71,185				116,040				194,652				223,541
Operating loss from continuing operations		(54,478	)			(94,892	)			(99,764	)			(151,851	)
Other (expense) income:
Warrant liability fair value adjustment		1,351				1,521				8,928				2,868
Derivative liabilities fair value adjustment		21,647				(30,868	)			36,109				(4,591	)
Loss on settlement of derivative liability		—				(5,836	)			—				(5,836	)
Impairment of assets previously classified as held for sale		—				(2,981	)			—				(5,010	)
Interest expense, net		(7,321	)			(9,395	)			(20,211	)			(27,293	)
Other income, net		1,734				(397	)			5,405				2,928
Total other (expense) income		17,411				(47,956	)			30,231				(36,934	)
Loss from continuing operations before income taxes		(37,067	)			(142,848	)			(69,533	)			(188,785	)
Income tax (expense) benefit		2,394				12,083				1,835				20,575
Net loss from continuing operations		(34,673	)			(130,765	)			(67,698	)			(168,210	)
Net loss from discontinued operations, net of tax		(5,892	)			206				(36,822	)			(10,497	)
Net loss		(40,565	)			(130,559	)			(104,520	)			(178,707	)
Preferred dividends and accretion		(990	)			(819	)			(2,970	)			(2,601	)
Preferred deemed dividend		—				(7,777	)			—				(7,777	)
Tranche right deemed dividend		—				(1,667	)			—				(1,667	)
Net loss attributable to common stockholders	$	(41,555	)		$	(140,822	)		$	(107,490	)		$	(190,752	)
Weighted average shares outstanding:
Weighted average shares of common stock outstanding – basic		291,150				160,977				283,073				157,622
Weighted average shares of common stock outstanding – diluted		291,150				160,977				283,073				157,622
Net loss per share attributable to common stockholders:
Net loss per share from continuing operations – basic and diluted	$	(0.12	)		$	(0.87	)		$	(0.25	)		$	(1.14	)
Net loss per share from discontinued operations – basic and diluted	$	(0.02	)		$	—			$	(0.13	)		$	(0.07	)
Net loss per share – basic and diluted	$	(0.14	)		$	(0.87	)		$	(0.38	)		$	(1.21	)
Other comprehensive loss:
Net loss	$	(40,565	)		$	(130,559	)		$	(104,520	)		$	(178,707	)
Foreign currency translation adjustments		8,223				3,622				11,220				43,169
Total comprehensive loss		(32,342	)			(126,937	)			(93,300	)			(135,538	)
Preferred dividends and accretion		(990	)			(819	)			(2,970	)			(2,601	)
Preferred deemed dividend		—				(7,777	)			—				(7,777	)
Tranche right deemed dividend		—				(1,667	)			—				(1,667	)
Comprehensive loss attributable to common stockholders	$	(33,332	)		$	(137,200	)		$	(96,270	)		$	(147,583	)

T1 ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine months ended September 30,
	2026				2025
Cash flows from operating activities:
Net loss	$	(104,520	)		$	(178,707	)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense		13,822				7,103
Depreciation and amortization		79,599				68,630
Impairment of intangible assets		—				54,672
Impairment of assets previously classified as held for sale		—				5,010
Change in valuation allowance		14,700				(2,681	)
Change in fair value of derivative liabilities		(36,109	)			4,591
Loss on settlement of derivative liability		—				5,836
Gain on sale of property and equipment		—				(5,675	)
Amortization of debt issuance costs, premium and discount		6,059				12,322
Reduction in the carrying amount of right-of-use assets		7,780				5,025
Warrant liability fair value adjustment		(8,928	)			(2,868	)
Deferred income taxes		(1,417	)			(19,399	)
Other		(10	)			2,356
Changes in operating assets and liabilities:
Accounts receivable trade		(601	)			(78,896	)
Government grants receivable, net		(102,757	)			(92,378	)
Inventory		(210,022	)			22,591
Other assets		(3,649	)			—
Advances to suppliers and other current assets		(5,516	)			25,107
Accounts payable, accrued liabilities and other		92,173				194,622
Deferred revenue		83,633				25,214
Net cash provided by (used in) operating activities		(175,763	)			52,475
Cash flows from investing activities:
Business acquisition, net of cash acquired		380				—
Issuance of notes receivable		(8,594	)			—
Proceeds from the return of property and equipment deposits		—				1,202
Purchases of property and equipment and intangible assets		(250,099	)			(60,817	)
Proceeds from the sale of property and equipment		—				50,000
Net cash used in investing activities		(258,313	)			(9,615	)
Cash flows from financing activities:
Repayment of Senior Secured Credit Facility		(33,022	)			(29,794	)
Repayment of T1 NRI debt		(12,803	)			—
Proceeds from issuance of Convertible Notes, net of underwriting fees		341,620				—
Proceeds from issuance of common stock		7,267				—
Exercise of Penny Warrants		70				—
Payment of debt issuance costs		(1,307	)			(3,760	)
Exercise of stock options		7,071				—
Cash paid for equity repurchases for equity-based compensation tax withholding		(8,604	)			—
Net cash (used in) provided by financing activities		300,292				(33,554	)
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash		51				783
Net increase (decrease) in cash, cash equivalents, and restricted cash		(133,733	)			10,089
Cash, cash equivalents, and restricted cash at beginning of period		270,773				76,645
Cash, cash equivalents, and restricted cash at end of period	$	137,040			$	86,734
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents	$	59,523			$	34,146
Restricted cash		77,517				52,588
Cash, cash equivalents, and restricted cash	$	137,040			$	86,734

T1 ENERGY INC.
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
(In thousands)
(Unaudited)
	Three months ended September 30,								Nine months ended September 30,
	2026				2025				2026				2025
Net loss(1)	$	(40,565	)		$	(130,559	)		$	(104,520	)		$	(178,707	)
Net loss from discontinued operations, net of tax		5,892				(206	)			36,822				10,497
Net income (loss) from continuing operations(1)		(34,673	)			(130,765	)			(67,698	)			(168,210	)
Adjustments to net income (loss) from continuing operations
Interest expense, net		7,321				9,395				20,211				27,293
Income tax benefit		(2,394	)			(12,083	)			(1,835	)			(20,575	)
Depreciation and amortization		29,478				25,032				79,599				68,630
Impairment of intangible assets		—				53,262				—				54,672
Impairment of assets previously classified as held for sale		—				2,981				—				5,010
Warrant liability fair value adjustment		(1,351	)			(1,521	)			(8,928	)			(2,868	)
Derivative liabilities fair value adjustment		(21,647	)			30,868				(36,109	)			4,591
Loss on settlement of derivative liability		—				5,836				—				5,836
Other income, net		(1,734	)			397				(5,405	)			(2,928	)
Share-based compensation expense		5,292				1,883				13,822				7,103
Transaction and nonrecurring expenses(2)		3,264				2,560				9,690				7,369
Adjusted EBITDA(1)	$	(16,444	)		$	(12,155	)		$	3,347			$	(14,077	)

(1)	Net loss, Net loss from continuing operations and Adjusted EBITDA include pre-tax reduction in Cost of sales due to $24.4 million of tariff refunds recognized during the nine months ended September 30, 2026.
(2)	Transaction and nonrecurring expenses includes $3.3 million and $9.7 million for the three and nine months ended September 30, 2026, which is primarily related to non-recurring legal costs in connection with the evaluation, interpretation, and implementation of provisions under the Inflation Reduction Act (“IRA”) and the One Big Beautiful Bill Act (“OBBBA”) and non-recurring legal and advisory costs in connection with the evaluation and pursuit of acquisitions, potential acquisitions and joint venture arrangements. Transaction and nonrecurring expenses of $2.6 million and $7.4 million for the three and nine months ended September 30, 2025, was primarily related to the Trina Business Combination and non-recurring legal and advisory costs in connection with the evaluation and pursuit of potential acquisitions and joint venture arrangements.

GRAND FALLS-WINDSOR, Newfoundland and Labrador, Nov. 12, 2026 (GLOBE NEWSWIRE) — First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) (“First Atlantic” or the “Company”) is pleased to announce assay and Davis Tube Recovery (“DTR”) metallurgical results from the first three drill holes at the Alloy Max North discovery at the Company’s wholly owned Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project in central Newfoundland. All three holes, XL-26-15, XL-26-16 and XL-26-17, returned magnetically recoverable awaruite (Ni-Fe-Co alloy) over drilled intervals of 405 to 504 meters, starting 9 to 21 meters from surface, and together confirm mineralization over approximately 1.3 kilometers of strike. The results establish Alloy Max North as the Company’s second large-scale zone of magnetically recoverable nickel, located up to approximately 7 kilometers north of the RPM Zone discovery, within the 30-kilometer Pipestone XL trend.

XL-26-17 returned the highest grades of the three holes: 0.11% DTR nickel over 306 meters, including 0.12% over 249 meters and 0.14% over 147 meters, within a 436.7-meter interval. The hole was drilled on the eastern side of Alloy Max North, toward the eastern contact of the ultramafic body. XL-26-16, the deepest hole drilled to date at Pipestone XL, returned 0.11% DTR nickel over its final 147 meters within a 504-meter interval, with grades strengthening toward the bottom of the hole. It also produced the highest magnetic concentrate grade reported over an interval at the Pipestone XL project to date: 2.18% nickel over 69 meters. XL-26-15, the first drill hole drilled in the Alloy Max North area, confirmed magnetically recoverable awaruite over its entire 405-meter interval. All three holes were drilled from west to east across the system, which the Company interprets to dip to the west at 60 to 70 degrees. DTR nickel grades strengthen to the east, toward the contact.

The Alloy Max South discovery hole, XL-26-18, intersected abundant, large-grain, visibly disseminated awaruite (see news release dated October 13, 2026). The hole was halted at approximately 40 meters, still in visible mineralization, when the drill was unable to advance through intensely faulted ground. Drill hole XL-26-19 has been designed to test below XL-26-18, collared to the west and drilled eastward, to pass beneath the fault zone and test the mineralization below where XL-26-18 stopped.

Drilling continues alongside development of the exploration access road, which has progressed past the Super Gulp Zone and is advancing into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone. Trenching and bedrock sampling are being carried out along the route. The Company expects to provide further updates in the near future as it plans for larger-scale drill operations, supported by approximately $13.4 million raised since September 2026 without warrants.

First Atlantic welcomes direct calls from shareholders and prospective investors. Rob Guzman, Investor Relations, is available at +1-844-592-6337 or by email at rob@fanickel.com to answer questions about this news release or the Company.

KEY HIGHLIGHTS

1. Second Large-Scale Zone and Potential Second Pit Area at Alloy Max North: Assay and DTR metallurgical results from the first three drill holes at the Alloy Max North, XL-26-15, XL-26-16 and XL-26-17, confirm magnetically recoverable awaruite (Ni-Fe-Co alloy) up to approximately 7 kilometers north of the RPM Zone, within the 30-kilometer Pipestone XL trend. The Alloy Max Zone has the potential to host equal or greater tonnage relative to the RPM Zone, supporting the Company’s objective of developing the Pipestone XL as a multi-pit nickel-cobalt mining district, with additional tonnage from the Alloy Max Zone and potentially the Super Gulp Zone.

2. XL-26-17 Returns 147 Meters of 0.14% DTR Nickel Within 306 Meters of 0.11% DTR Nickel: The 147-meter interval returned 1.76% nickel in magnetic concentrate, with 59.83% total nickel recovery. It sits within 249 meters of 0.12% DTR Nickel, which in turn sits within 306 meters of 0.11% DTR nickel.

3. All Three Drill Holes Mineralized Over 405 to 504 Meters: XL-26-17 returned 0.09% DTR nickel over 436.7 meters, including 0.11% over 306 meters, 0.12% over 249 meters and 0.14% over 147 meters. XL-26-16, the deepest hole drilled to date at Pipestone XL at 525 meters, returned 0.08% DTR nickel over 504 meters, with grades strengthening toward the end of the hole to 0.11% over the final 147 meters. XL-26-16 also returned 2.18% nickel in magnetic concentrate over 69 meters, the highest magnetic concentrate grade reported over an interval to date at Pipestone XL. XL-26-15 returned 0.07% DTR nickel over 405 meters with shorter intervals reaching 0.10% DTR nickel. Mineralization in each hole starts 9 to 21 meters from the surface.

4. Alloy Max Grades Strengthen to the East Toward the Contact: DTR nickel grades at Alloy Max North improve to the east, toward the eastern contact of the ultramafic body. XL-26-17, the easternmost hole, returned the highest grades of the three holes, and the higher-grade intervals in XL-26-16 and XL-26-17 occur in deeper, more easterly parts of those holes, which were drilled from west to east.

5. 1.3 Kilometers of Strike Confirmed at Alloy Max North, Within 2.4 Kilometers of Drilling Across the Alloy Max Zone: DTR results now confirm magnetically recoverable nickel over approximately 1.3 kilometers of strike at Alloy Max North, between XL-26-16 and XL-26-17. Drilling across the full Alloy Max Zone spans approximately 2.4 kilometers of strike, from XL-26-17 at Alloy Max North to the Alloy Max South discovery hole, XL-26-18 (see news release dated October 13, 2026).

6. All Three Alloy Max North Drill Holes Average Above the Reported 0.06% DTR Nickel Cut-Off Grade at the Baptiste Awaruite Deposit in British Columbia: XL-26-17, XL-26-16 and XL-26-15 averaged 0.09%, 0.08% and 0.07% DTR nickel, respectively, over their entire reported intervals, each higher than the 0.06% DTR nickel cut-off grade used in the September 2023 preliminary feasibility study (“PFS”) for the Baptiste Nickel Project near Fort St. James in central British Columbia.¹ Each hole also contains higher-grade sections within its reported interval.

7. Exploration Access Road Advancing North of the Super Gulp Zone Into 16 Kilometers of Undrilled Ground: Drilling continues alongside development of the exploration access road, which is advancing north of the Super Gulp Zone into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone. Trenching and bedrock sampling are being carried out along the route. The Company has raised approximately $13.4 million since September 2026 without warrants, with the most recent financing priced at $0.83 per share.

FIRST THREE DISCOVERY HOLES AT ALLOY MAX NORTH ESTABLISH SECOND LARGE-SCALE ZONE OF MAGNETICALLY RECOVERABLE NICKEL OVER 1.3 KILOMETERS OF STRIKE

The Alloy Max target area extends approximately 4 kilometers in length and is up to 1.5 kilometers wide, and reaches up to approximately 7 kilometers north of the RPM Zone discovery. The results reported today confirm magnetically recoverable nickel over approximately 1.3 kilometers of strike at Alloy Max North, between XL-26-16 and XL-26-17. Including the Alloy Max South discovery hole, XL-26-18, drilling across the Alloy Max Zone now spans approximately 2.4 kilometers of strike and more than 1 kilometer of width. The three holes were drilled to the east at a dip of -60 degrees to cut across a system that the Company interprets to dip to the west at 60 to 70 degrees.

Across the three holes, the full reported intervals of 405 to 504 meters averaged 0.22% to 0.24% total nickel and 0.07% to 0.09% DTR nickel. Total nickel grades are consistent with those at the RPM Zone. Magnetic concentrate grades over the same intervals averaged 0.98% to 1.49% nickel, 1.81% to 2.09% chromium and 0.05% to 0.07% cobalt.

Together, the three holes indicate large-scale, consistent awaruite mineralization at Alloy Max North. Each hole returned magnetically recoverable nickel over significant intervals from the top of bedrock throughout the hole, with few dilutive rock units. DTR nickel grades strengthen to the east, toward the eastern contact of the ultramafic body: XL-26-17, the easternmost hole, returned the highest grades of the three holes, and the higher-grade intervals in XL-26-16 occur in the deeper, more easterly part of the hole.

Figure 1: Map of the Alloy Max North, Alloy Max South and the RPM Zones, showing the 2026 drill collars (XL-26-15 to XL-26-19), the 2024–2025 RPM Zone drill holes, surface DTR nickel samples, active and planned exploration access road; and the year-round camp (NAD83, UTM Zone 21N).

XL-26-17, the northernmost and easternmost hole at Alloy Max North, returned 0.11% DTR nickel over 306 meters, from 126 to 432 meters. This includes 0.12% DTR Nickel over 249 meters from 147 to 396 meters, and 0.14% DTR Nickel over 147 meters, from 204 to 351 meters. Over the 147-meter interval, the magnetic concentrate graded 1.76% nickel, with total nickel recovery of 59.83%.

Over its full reported interval of 436.7-meters, from 13.3 to 450 meters, XL-26-17 averaged 0.09% DTR nickel, 0.24% total nickel and 1.12% nickel in magnetic concentrate. The hole defined the eastern edge of mineralization on its drill section.

Figure 2: Visible awaruite grains in drill core from hole XL-26-17 at 351 meters downhole, measuring up to 549 microns, Alloy Max North, Pipestone XL Project.

Table 01: Pipestone XL Nickel-Cobalt Alloy Project – Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole XL-26-17 (Alloy Max North Zone)

Hole ID	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Mag Con Cr (%)	Total Cr (%)	DTR Cr (%)	Mag Con Co (%)
XL-26-17	13.3	450	436.7	0.24	1.12	7.65	35.34	0.09	1.98	0.32	0.15	0.05
including	126	432	306	0.24	1.36	7.99	44.53	0.11	1.95	0.33	0.15	0.05
including	147	396	249	0.23	1.50	7.85	49.13	0.12	1.93	0.32	0.15	0.05
including	204	351	147	0.23	1.76	7.84	59.83	0.14	1.95	0.32	0.15	0.05
including	249	336	87	0.22	1.87	7.89	65.27	0.15	1.79	0.29	0.14	0.05
including “Up To”				0.28	2.61		86.80	0.17	6.18	1.30	0.54	0.08

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; Total = total grade by assay; DTR = Davis Tube Recovery (magnetically recovered) grade; Ni = nickel; Cr = chromium; Co = cobalt.

XL-26-16 was drilled to 525 meters, the deepest hole to date at Pipestone XL, and averaged 0.08% DTR nickel, 0.23% total nickel and 1.49% nickel in magnetic concentrate over 504 meters. Its final 147 meters, from 378 to 525 meters, returned 0.11% DTR nickel, including 0.12% DTR nickel and 2.10% nickel in magnetic concentrate over the final 87 meters, from 438 to 525 meters. A 69-meter interval from 180 to 249 meters returned 0.12% DTR nickel and 2.18% nickel in magnetic concentrate, the highest-grade concentrate reported over an interval to date at the Pipestone XL project. Mineralization remains open at depth.

Figure 3: Visible awaruite grains in drill core from hole XL-26-16 at 214 meters downhole, measuring up to 544 microns, at the Alloy Max Zone, Alloy Max North, Pipestone XL Project.

Table 02: Pipestone XL Nickel-Cobalt Alloy Project – Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole XL-26-16 (Alloy Max North Zone)

Hole ID	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Mag Con Cr (%)	Total Cr (%)	DTR Cr (%)	Mag Con Co (%)
XL-26-16	21	525	504	0.23	1.49	5.71	35.37	0.08	2.09	0.31	0.11	0.07
including	180	249	69	0.23	2.18	5.66	50.78	0.12	1.82	0.29	0.10	0.09
including	378	525	147	0.23	1.93	5.53	45.82	0.11	2.03	0.29	0.11	0.08
including	438	525	87	0.23	2.10	5.59	49.94	0.12	1.86	0.29	0.10	0.09
including	468	525	57	0.23	2.09	6.07	54.17	0.13	1.73	0.28	0.11	0.08
including “Up To”				0.27	3.30		85.43	0.18	6.07	0.87	0.29	0.13

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; Total = total grade by assay; DTR = Davis Tube Recovery (magnetically recovered) grade; Ni = nickel; Cr = chromium; Co = cobalt.

XL-26-15, the first drill hole in the Alloy Max North area, averaged 0.07% DTR nickel, 0.22% total nickel and 0.98% nickel in magnetic concentrate over 405 meters, from 9 to 414 meters, with consistent grades throughout the hole.

Table 03: Pipestone XL Nickel-Cobalt Alloy Project – Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole XL-26-15 (Alloy Max North Zone)

Hole ID	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Mag Con Cr (%)	Total Cr (%)	DTR Cr (%)	Mag Con Co (%)
XL-26-15	9	414	405	0.22	0.98	7.79	34.24	0.07	1.81	0.48	0.14	0.07
including	132	228	96	0.22	1.04	8.63	38.16	0.09	1.65	0.37	0.14	0.06
including	135	162	27	0.23	1.38	6.94	41.99	0.10	2.06	0.36	0.14	0.08
including	234	276	42	0.23	1.04	8.27	37.19	0.09	2.22	0.50	0.18	0.07
including “Up To”				0.26	1.56		52.50	0.11	7.45	3.08	0.73	0.10

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; Total = total grade by assay; DTR = Davis Tube Recovery (magnetically recovered) grade; Ni = nickel; Cr = chromium; Co = cobalt.

Table 04: Drill Hole Collar Location Information for XL-26-15 through XL-26-17

Hole ID	Easting (UTM)	Northing (UTM)	Elevation (m)	Azimuth (°)	Dip (°)
XL-26-15	568922	5362437	270	90	-60
XL-26-16	568825	5362003	262	90	-60
XL-26-17	569734	5362952	273	90	-60

PIPESTONE XL DRILL RESULTS TABLES

Table 05: Pipestone XL Nickel-Cobalt Alloy Project – Complete Intervals for All Drill Holes Reported to Date

Drill Hole	Zone	Section	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Comment
RPM Zone:
AN-24-02	RPM	S1	11.0	394.1	383.1	0.24	1.37	9.49	52.40	0.13	NR – Mar 13, 2025
including			261.0	318.0	57.0	0.25	1.46	10.0	56.10	0.14
AN-24-03	RPM	S1	18.0	234.0	216.0	0.25	1.32	9.12	44.44	0.11	NR – Apr 15, 2025
AN-24-04	RPM	S1	12.0	378.0	366.0	0.23	1.46	9.53	59.09	0.14	NR – Jun 24, 2025
including			183.0	255.0	72.0	0.24	1.50	9.92	62.83	0.15
AN-24-05	RPM	S2	6.0	357.0	351.0	0.24	1.47	8.21	50.26	0.12	NR – Jul 9, 2025
including			207.0	309.0	102.0	0.24	1.76	7.82	56.95	0.14
AN-25-06	RPM	S2	5.65	453	447.35	0.22	1.27	9.02	51.84	0.11	NR – Aug 13, 2025
including			138	249	111	0.22	1.42	9.17	57.59	0.13
AN-25-07	RPM	S2	9	495	486.0	0.23	0.97	9.60	40.49	0.09	NR – Oct 23, 2025
including			39	171	132	0.23	1.06	10.23	46.23	0.11
AN-25-08	RPM	S3	11	491	480.0	0.22	1.35	8.79	51.94	0.12	NR – Oct 23, 2025
including			158	362	204	0.22	1.57	8.08	58.60	0.13
AN-25-09	RPM	S3	9	483	474.0	0.23	0.93	9.00	36.07	0.08	NR – Dec 2, 2025
including			42	417	375	0.23	0.95	9.03	37.16	0.09
AN-25-10	RPM	S1	8	236	228	0.22	1.44	10.48	68.62	0.15	NR – Dec 2, 2025
including			8	59	51	0.21	1.76	9.47	79.80	0.17
AN-25-11	RPM	S1	23	425	402	0.22	1.31	10.01	57.99	0.13	NR – Jan 27, 2026
AN-25-12	RPM	S1	10.4	95	84.6	0.26	1.24	8.27	38.10	0.10	NR – Jan 27, 2026
AN-25-13	RPM	S4	17	388	371	0.24	1.11	9.10	41.23	0.10	NR – Jan 27, 2026
including			44	323	279	0.24	1.17	9.12	43.81	0.11
AN-25-14	RPM	S0	8	335	327	0.23	0.54	8.71	19.27	0.05	NR – Jan 27, 2026
including			29	116	87	0.24	0.73	9.04	27.07	0.07
Alloy Max North:
XL-26-15	Alloy Max North		9	414	405	0.22	0.98	7.79	34.24	0.07	This release
including			132	228	96	0.22	1.04	8.63	38.16	0.09
XL-26-16	Alloy Max North		21	525	504	0.23	1.49	5.71	35.37	0.08	This release
including			468	525	57	0.23	2.09	6.07	54.17	0.13
XL-26-17	Alloy Max North		13.3	450	436.7	0.24	1.12	7.65	35.34	0.09	This release
including			204	351	147	0.23	1.76	7.84	59.83	0.14
Super Gulp Zone:
AN-24-01	Super Gulp		3.23	297	293.8	0.25	0.89	6.9	24.6	0.06	NR – Mar 13, 2025
including			51	120	69	0.26	0.99	6.7	25.4	0.07

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; DTR = Davis Tube Recovery (magnetically recovered) grade; Total Ni = whole-rock nickel grade; Ni Recovery = DTR Ni / Total Ni; Ni = nickel.

REFINING DRILL TARGETS WITH MAGNETIC INTENSITY AND DAVIS TUBE RESULTS

XL-26-17 targeted an area of lower magnetic intensity and returned the highest DTR nickel grades of the three holes. XL-26-15 tested the strongest magnetic response and returned the lowest. In XL-26-16, DTR nickel grades improved where the magnetic signature changed downhole.

The Company is comparing magnetic intensity, serpentinization and geological controls in drill core from Alloy Max and the RPM Zone with DTR results. The results point to areas of intermediate magnetic intensity as additional targets in both zones and will inform project-scale 3D modelling and drill targeting. Future systematic drilling within these zones is designed to identify higher grade areas within broad zones of consistent mineralization.

EXPLORATION ACCESS ROAD, 16 KILOMETERS OF UNDRILLED GROUND AND NEXT STEPS

Drilling continues alongside development of the exploration access road, which is advancing north of the Super Gulp Zone into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone. Along the road route, thin overburden allows the Company to dig shallow trenches that expose bedrock. The bedrock is sampled directly and examined for visibly disseminated awaruite, and the results are used for geological mapping and to build an inventory of priority drill targets. At Alloy Max South, XL-26-19 has been designed to drill below the discovery hole, XL-26-18, and pass beneath the fault zone where XL-26-18 ended in mineralization.

The Company intends to use the proceeds of three flow-through financings completed since September 2026, which raised a total of approximately $13.4 with no warrants issued, to fund the remainder of its 2026 and 2027 exploration programs. The most recent financing was priced at $0.83 per flow-through share.² The Company’s objective is to develop Pipestone XL as a multi-pit nickel-cobalt mining district, with the RPM Zone as its most advanced zone and Alloy Max Zone, and potentially the Super Gulp, as sources of additional tonnage.

PIPESTONE XL: FIVE AWARUITE ZONES ON A 30-KILOMETER TREND AND A SMELTER-FREE ROUTE TO DOWNSTREAM PROCESSING IN NORTH AMERICA

Pipestone XL is First Atlantic’s wholly owned project covering the entire 30-kilometer Pipestone Ophiolite Complex in central Newfoundland. Five zones of awaruite mineralization have been identified along the trend: RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond. RPM is the most advanced, with drilling outlining magnetically recoverable awaruite over more than 1.2 kilometers of strike and more than 800 meters of width. The Alloy Max target area is approximately 4 kilometers long and up to 1.5 kilometers wide, and every hole assayed there has returned magnetically recoverable nickel.

Awaruite (Ni₃Fe) is a naturally occurring, magnetic nickel-iron-cobalt alloy that contains no sulphur. Electron microprobe analysis of awaruite from the RPM Zone averaged 77.62% nickel and 1.69% cobalt.³ Because the nickel is already in metallic form, it can be concentrated by magnetic separation and flotation without smelting, roasting or high-pressure acid leaching. In initial test work using the Company’s ONSHORE MAX™ (Magnetic Alloy eXtraction) process, magnetic separation produced a concentrate grading approximately 1.6% nickel, which flotation upgraded to an alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt.⁴ A typical nickel concentrate grades 10% to 15% nickel, according to the Nickel Institute.⁵

Figure 4: The Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project. Top: three-dimensional view of the 30-kilometer Pipestone XL trend with the Company’s magnetic survey draped on the terrain, showing the RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond Zones. Bottom, left to right: bedrock sample collected beneath shallow overburden at an Alloy Max drill pad location and shown in two views, containing visible disseminated awaruite (news release dated April 8, 2026); drill core with visible awaruite from hole XL-26-18 at 32 meters downhole, Alloy Max South (news release dated October 13, 2026); and photomicrograph of an awaruite grain of up to approximately 2,000 microns in drill core from hole AN-25-08 at 370 meters, RPM Zone (news release dated September 25, 2025). The awaruite grades of 77.62% nickel and 1.69% cobalt is the electron microprobe average from the RPM Zone (news release dated May 21, 2026), and the 67.4% nickel alloy concentrate grade is the average of four flotation tests (news release dated June 24, 2026).

The United States has no operating nickel smelter after its last one, at Riddle, Oregon, closed in 1998.⁶ Canada has two remaining pyrometallurgical nickel smelters, both in Sudbury, Ontario.⁷ The last nickel smelter built in North America, at Thompson, Manitoba, opened 65 years ago in 1961⁸ and was shut in 2018 after Vale said it would need to spend about $1 billion to meet new federal sulphur dioxide emission rules.⁹

A magnetic nickel-cobalt (Ni-Fe-Co) alloy concentrate from the Pipestone XL Project has the potential to be a large-scale source of nickel and cobalt for North America. Because the concentrate does not need a smelter, it can bypass the midstream smelting bottleneck and move directly from the mine to battery chemical refining or to stainless steel and specialty alloy production, keeping the supply chain onshore. Pipestone XL has year-round road access, nearby high-voltage transmission and hydroelectric power from the Bay d’Espoir generating station, and is approximately 200 kilometers from Vale’s Long Harbour nickel processing plant and Gander International Airport. The Company is also evaluating chromium as a potential co-product and low-carbon Engineered Mineral Hydrogen with VEMA Hydrogen.

Figure 5: The ONSHORE MAX™ (Magnetic Alloy eXtraction) process. Top, left to right, from bench-scale test work at SGS Canada Inc. on RPM Zone material: laboratory drum separator collecting magnetic concentrate by low-intensity magnetic separation, which produced a magnetic concentrate grading approximately 1.6% nickel; bench-scale flotation cell at the rougher flotation stage; and a sample of the awaruite alloy concentrate under a magnet (news release dated June 24, 2026). Four flotation tests averaged 67.4% nickel, ranging from 63.7% to 71.9% nickel, with 1.76% cobalt in the final test (news release dated June 24, 2026). Bottom: conceptual diagram of a mine-to-refinery supply chain for awaruite alloy concentrate with no smelting step.

Figure 6: Drill core from hole XL-26-18 at 32 meters downhole, Alloy Max South, Pipestone XL Project, showing visibly disseminated awaruite (Ni₃Fe) nickel-cobalt alloy grains, circled in green (news release dated October 13, 2026), with a statement on awaruite from the U.S. Geological Survey’s Mineral Commodity Summaries, January 2012.¹⁰

NORTH ARM PROJECT

The Company also announces that it has closed the acquisition (the “Transaction”) of a 100% interest in three mineral licences. The licences comprise 209 mineral claims covering approximately 52.25 square kilometers in the Province of Newfoundland and Labrador (the “North Arm Project”). The Transaction was completed under an asset purchase agreement dated October 30, 2026 (the “Agreement”) with two arm’s-length parties (together, the “Vendors”).

Under the Agreement, the Company acquired the North Arm Project in exchange for the issuance of 1,000,000 common shares of the Company (the “Payment Shares”), issued at a deemed price of $0.55 per share. The Payment Shares are subject to a statutory hold period of four months and one day from the date of issuance, expiring March 11, 2027.

At closing, the Company also paid $51,250 to reimburse refundable security deposits that the Vendors had previously posted with the Government of Newfoundland and Labrador for the Property. From closing, the Vendors have assigned to the Company all rights to any future refund of those deposits.

The Property is not subject to any royalties or options. The Transaction closed after receiving final acceptance from the TSX Venture Exchange. No finder’s fees were paid in connection with the Transaction.

INVESTOR INFORMATION

The Company’s common shares trade on the TSX Venture Exchange under the symbol “FAN”, on the OTCQB under the symbol “FANCF”, and on several German exchanges, including Frankfurt and Tradegate, under the symbol “P210”. Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com.

FOR MORE INFORMATION

First Atlantic Investor Relations, Robert Guzman. Tel: +1-844-592-6337 | Email: rob@fanickel.com

ABOUT FIRST ATLANTIC NICKEL & COBALT CORP.

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) is a critical mineral exploration company in Newfoundland and Labrador. Its wholly owned Pipestone XL Nickel-Cobalt Alloy Project covers the 30-kilometer Pipestone Ophiolite Complex, where the Company is drilling and testing awaruite, a magnetic, sulphur-free nickel-iron-cobalt alloy that can be concentrated without a smelter. Newfoundland and Labrador has ranked among the top 10 jurisdictions worldwide for investment attractiveness or mining policy in every Fraser Institute Annual Survey of Mining Companies since 2022.¹¹ First Atlantic also holds the Ophiolite-X Project and the North Arm Project in western Newfoundland. The Company is a member of the U.S. Defense Industrial Base Consortium.

QUALIFIED PERSON

Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company, is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.

ANALYTICAL METHOD & QA/QC

Drill core was logged and sampled by Company geologists at nominal 3-meter intervals. Samples were split in half on site, with one half remaining in the core box for future reference and the other half securely packaged for laboratory analysis. The QA/QC protocol included the insertion of blanks, duplicates and certified reference material (standards), with one QA/QC sample inserted every 20 samples to monitor the precision and accuracy of the laboratory results. All analytical results passed QA/QC screening at the laboratory, and all Company-inserted standards and blanks returned results within acceptable limits.

Samples were submitted to Activation Laboratories Ltd. (“Actlabs”) in Ancaster, Ontario, a laboratory accredited to ISO/IEC 17025 that operates independently of First Atlantic. Each sample was crushed, and a 250 g sub-sample was pulverized to 95% passing 200 mesh (75 µm). A 30 g split of the pulp was run through a Davis Tube magnetic separator as a slurry at a constant flow rate, a magnetic field strength of 3,500 Gauss and a tube angle of 45 degrees, producing magnetic and non-magnetic fractions.

The magnetic fraction was collected, dried and weighed, then fused with a lithium metaborate/tetraborate flux and lithium bromide releasing agent and analyzed by wavelength-dispersive XRF for elements including nickel, cobalt, iron and chromium. Mass pull is the weight of the magnetic fraction divided by the total feed weight. The magnetically recovered (DTR) nickel grade was calculated by multiplying the nickel grade of the magnetic fraction by the mass pull. For total (whole-rock) grades, a portion of each sample was fused with a lithium metaborate/tetraborate flux and analyzed by ICP-OES for major oxides and elements including cobalt, chromium and nickel.

True widths are currently unknown. The nickel-bearing ultramafic ophiolite and peridotite rocks targeted at Pipestone XL are mapped on surface and in drilling as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long.

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

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information is generally identified by words such as “plans”, “expects”, “anticipates”, “intends”, “aims”, “objective”, “potential”, “designed to”, “will”, “may”, “could” and similar expressions, or statements that certain events or conditions “may” or “will” occur. Forward-looking information in this news release includes, but is not limited to, statements regarding the potential for Alloy Max to host tonnage equal to or greater than the RPM Zone and for Alloy Max North to be a second pit area; the Company’s objective of developing Pipestone XL as a multi-pit nickel-cobalt mining district, with the RPM Zone as its most advanced zone and Alloy Max, and potentially Super Gulp, as sources of additional tonnage; the Company’s geological interpretations, including the interpreted dip of the mineralized system, the strengthening of DTR nickel grades toward the eastern contact, mineralization remaining open at depth and areas of intermediate magnetic intensity as additional drill targets; planned drilling, including drill hole XL-26-19 at Alloy Max South, follow-up drilling at Alloy Max North, systematic drilling to define areas of higher grade and planned larger-scale and winter drill programs; the continued development of the exploration access road and associated trenching, bedrock sampling and drill target generation across approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone; project-scale 3D modelling and the refinement of drill targeting; the timing and content of future news releases and exploration updates; the intended use of the proceeds of the Company’s flow-through financings to fund its 2026 and 2027 exploration programs; the potential processing characteristics of awaruite mineralization at Pipestone XL, including that awaruite may be concentrated by magnetic separation and flotation without smelting, roasting or high-pressure acid leaching, the potential effect of lower mass pull on processing, and the potential to deliver an alloy concentrate directly to battery chemical refining or stainless steel and specialty alloy production in North America; the potential environmental and permitting implications of sulphur-free mineralization, including the absence of a source of acid mine drainage; the evaluation of chromium as a potential co-product and of Engineered Mineral Hydrogen with VEMA Hydrogen; and any future refund of the security deposits assigned to the Company in connection with the Transaction.

Forward-looking information is based on a number of assumptions that management considers reasonable, including that drilling, road development, trenching and sampling will proceed as planned; that drill rigs, contractors, equipment and personnel will be available on acceptable terms; that weather and ground conditions will permit continued field work, including through the winter; that the Company’s current funds will be sufficient to complete its planned programs; that geological interpretations and metallurgical results to date are representative of the mineralization; that required permits and approvals will be received on a timely basis; that engagement with Indigenous groups and local communities will continue constructively; that nickel, cobalt and chromium prices and market conditions will remain stable; and that there will be no material adverse change in applicable laws, including tax laws governing flow-through shares.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include risks inherent in mineral exploration; the early stage of exploration at Alloy Max, where only three drill holes have been assayed; the fact that the Company has not defined any mineral resources or mineral reserves at Pipestone XL and that further exploration may not result in their definition; the fact that DTR results reflect bench-scale laboratory testing, are not equivalent to standard assays and may not be representative of recoveries achievable at a larger scale; the preliminary nature of metallurgical test work to date and the fact that the ONSHORE MAX™ process has not been demonstrated at pilot or commercial scale; the fact that true widths are unknown; the fact that results from other projects, including the Baptiste Nickel Project, are not indicative of results at Pipestone XL; drilling difficulties, including faulted ground; delays in road development or field programs due to weather, access or contractor availability; failure to obtain, or delays in obtaining, permits or approvals; title risks; risks relating to Indigenous rights and consultation; volatility in nickel, cobalt and chromium prices; the ability to obtain future financing on acceptable terms; the risk that expenditures may not qualify as “Canadian exploration expenses” or may not be renounced as intended under the Income Tax Act (Canada); dependence on key personnel; changes in laws, regulations and government policy; and general economic, market and business conditions. Additional risk factors are described in the Company’s continuous disclosure documents available under its profile on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information in this news release is given as of the date of this news release, and the Company does not undertake to update it except as required by applicable securities laws.

^{_____________________________
1} https://fpxnickel.com/news/fpx-nickel-delivers-pfs-for-baptiste-nickel-project-with-after-tax-npv-of-us2-01-billion-and-18-6-irr/
² https://fanickel.com/assets/news/First_Atlantic_Nickel_Cobalt_Corp_News_137.pdf
³ https://fanickel.com/assets/news/First_Atlantic_Nickel_Cobalt_Corp_News_119.pdf
⁴ https://fanickel.com/assets/news/First_Atlantic_Nickel_Cobalt_Corp_News_128.pdf
⁵ https://nickelinstitute.org/en/blog/2026/march/nickel-industry-part-6-nickel-sulphide-processing
⁶ https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/500498.pdf
⁷ https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
⁸ https://gov.mb.ca/chc/hrb/plaques/plaq0197.html
⁹ https://www.winnipegfreepress.com/business/2010/11/18/smelter-refinery-called-unfeasible
¹⁰ https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
¹¹ https://www.fraserinstitute.org/sites/default/files/2026-02/annual-survey-of-mining-companies-2025.pdf

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e22a41e-85ed-4199-9075-61f0841aa074

https://www.globenewswire.com/NewsRoom/AttachmentNg/bc9964e3-a432-4fab-b3a2-b3f15b104ddd

https://www.globenewswire.com/NewsRoom/AttachmentNg/ab166485-13d6-4728-aabf-50ae15cc7d3c

https://www.globenewswire.com/NewsRoom/AttachmentNg/f5e5d8bd-9024-4564-ab02-74e13398e337

https://www.globenewswire.com/NewsRoom/AttachmentNg/b7f1284c-5b1f-441d-8180-0b634310c864

https://www.globenewswire.com/NewsRoom/AttachmentNg/082ea28d-38e3-4716-9f59-d8214bf0f51f

GRAND FALLS-WINDSOR, Newfoundland and Labrador, Nov. 12, 2026 (GLOBE NEWSWIRE) — First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) (“First Atlantic” or the “Company”) is pleased to announce assay and Davis Tube Recovery (“DTR”) metallurgical results from the first three drill holes at the Alloy Max North discovery at the Company’s wholly owned Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project in central Newfoundland. All three holes, XL-26-15, XL-26-16 and XL-26-17, returned magnetically recoverable awaruite (Ni-Fe-Co alloy) over drilled intervals of 405 to 504 meters, starting 9 to 21 meters from surface, and together confirm mineralization over approximately 1.3 kilometers of strike. The results establish Alloy Max North as the Company’s second large-scale zone of magnetically recoverable nickel, located up to approximately 7 kilometers north of the RPM Zone discovery, within the 30-kilometer Pipestone XL trend.

XL-26-17 returned the highest grades of the three holes: 0.11% DTR nickel over 306 meters, including 0.12% over 249 meters and 0.14% over 147 meters, within a 436.7-meter interval. The hole was drilled on the eastern side of Alloy Max North, toward the eastern contact of the ultramafic body. XL-26-16, the deepest hole drilled to date at Pipestone XL, returned 0.11% DTR nickel over its final 147 meters within a 504-meter interval, with grades strengthening toward the bottom of the hole. It also produced the highest magnetic concentrate grade reported over an interval at the Pipestone XL project to date: 2.18% nickel over 69 meters. XL-26-15, the first drill hole drilled in the Alloy Max North area, confirmed magnetically recoverable awaruite over its entire 405-meter interval. All three holes were drilled from west to east across the system, which the Company interprets to dip to the west at 60 to 70 degrees. DTR nickel grades strengthen to the east, toward the contact.

The Alloy Max South discovery hole, XL-26-18, intersected abundant, large-grain, visibly disseminated awaruite (see news release dated October 13, 2026). The hole was halted at approximately 40 meters, still in visible mineralization, when the drill was unable to advance through intensely faulted ground. Drill hole XL-26-19 has been designed to test below XL-26-18, collared to the west and drilled eastward, to pass beneath the fault zone and test the mineralization below where XL-26-18 stopped.

Drilling continues alongside development of the exploration access road, which has progressed past the Super Gulp Zone and is advancing into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone. Trenching and bedrock sampling are being carried out along the route. The Company expects to provide further updates in the near future as it plans for larger-scale drill operations, supported by approximately $13.4 million raised since September 2026 without warrants.

First Atlantic welcomes direct calls from shareholders and prospective investors. Rob Guzman, Investor Relations, is available at +1-844-592-6337 or by email at rob@fanickel.com to answer questions about this news release or the Company.

KEY HIGHLIGHTS

1. Second Large-Scale Zone and Potential Second Pit Area at Alloy Max North: Assay and DTR metallurgical results from the first three drill holes at the Alloy Max North, XL-26-15, XL-26-16 and XL-26-17, confirm magnetically recoverable awaruite (Ni-Fe-Co alloy) up to approximately 7 kilometers north of the RPM Zone, within the 30-kilometer Pipestone XL trend. The Alloy Max Zone has the potential to host equal or greater tonnage relative to the RPM Zone, supporting the Company’s objective of developing the Pipestone XL as a multi-pit nickel-cobalt mining district, with additional tonnage from the Alloy Max Zone and potentially the Super Gulp Zone.

2. XL-26-17 Returns 147 Meters of 0.14% DTR Nickel Within 306 Meters of 0.11% DTR Nickel: The 147-meter interval returned 1.76% nickel in magnetic concentrate, with 59.83% total nickel recovery. It sits within 249 meters of 0.12% DTR Nickel, which in turn sits within 306 meters of 0.11% DTR nickel.

3. All Three Drill Holes Mineralized Over 405 to 504 Meters: XL-26-17 returned 0.09% DTR nickel over 436.7 meters, including 0.11% over 306 meters, 0.12% over 249 meters and 0.14% over 147 meters. XL-26-16, the deepest hole drilled to date at Pipestone XL at 525 meters, returned 0.08% DTR nickel over 504 meters, with grades strengthening toward the end of the hole to 0.11% over the final 147 meters. XL-26-16 also returned 2.18% nickel in magnetic concentrate over 69 meters, the highest magnetic concentrate grade reported over an interval to date at Pipestone XL. XL-26-15 returned 0.07% DTR nickel over 405 meters with shorter intervals reaching 0.10% DTR nickel. Mineralization in each hole starts 9 to 21 meters from the surface.

4. Alloy Max Grades Strengthen to the East Toward the Contact: DTR nickel grades at Alloy Max North improve to the east, toward the eastern contact of the ultramafic body. XL-26-17, the easternmost hole, returned the highest grades of the three holes, and the higher-grade intervals in XL-26-16 and XL-26-17 occur in deeper, more easterly parts of those holes, which were drilled from west to east.

5. 1.3 Kilometers of Strike Confirmed at Alloy Max North, Within 2.4 Kilometers of Drilling Across the Alloy Max Zone: DTR results now confirm magnetically recoverable nickel over approximately 1.3 kilometers of strike at Alloy Max North, between XL-26-16 and XL-26-17. Drilling across the full Alloy Max Zone spans approximately 2.4 kilometers of strike, from XL-26-17 at Alloy Max North to the Alloy Max South discovery hole, XL-26-18 (see news release dated October 13, 2026).

6. All Three Alloy Max North Drill Holes Average Above the Reported 0.06% DTR Nickel Cut-Off Grade at the Baptiste Awaruite Deposit in British Columbia: XL-26-17, XL-26-16 and XL-26-15 averaged 0.09%, 0.08% and 0.07% DTR nickel, respectively, over their entire reported intervals, each higher than the 0.06% DTR nickel cut-off grade used in the September 2023 preliminary feasibility study (“PFS”) for the Baptiste Nickel Project near Fort St. James in central British Columbia.¹ Each hole also contains higher-grade sections within its reported interval.

7. Exploration Access Road Advancing North of the Super Gulp Zone Into 16 Kilometers of Undrilled Ground: Drilling continues alongside development of the exploration access road, which is advancing north of the Super Gulp Zone into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone. Trenching and bedrock sampling are being carried out along the route. The Company has raised approximately $13.4 million since September 2026 without warrants, with the most recent financing priced at $0.83 per share.

FIRST THREE DISCOVERY HOLES AT ALLOY MAX NORTH ESTABLISH SECOND LARGE-SCALE ZONE OF MAGNETICALLY RECOVERABLE NICKEL OVER 1.3 KILOMETERS OF STRIKE

The Alloy Max target area extends approximately 4 kilometers in length and is up to 1.5 kilometers wide, and reaches up to approximately 7 kilometers north of the RPM Zone discovery. The results reported today confirm magnetically recoverable nickel over approximately 1.3 kilometers of strike at Alloy Max North, between XL-26-16 and XL-26-17. Including the Alloy Max South discovery hole, XL-26-18, drilling across the Alloy Max Zone now spans approximately 2.4 kilometers of strike and more than 1 kilometer of width. The three holes were drilled to the east at a dip of -60 degrees to cut across a system that the Company interprets to dip to the west at 60 to 70 degrees.

Across the three holes, the full reported intervals of 405 to 504 meters averaged 0.22% to 0.24% total nickel and 0.07% to 0.09% DTR nickel. Total nickel grades are consistent with those at the RPM Zone. Magnetic concentrate grades over the same intervals averaged 0.98% to 1.49% nickel, 1.81% to 2.09% chromium and 0.05% to 0.07% cobalt.

Together, the three holes indicate large-scale, consistent awaruite mineralization at Alloy Max North. Each hole returned magnetically recoverable nickel over significant intervals from the top of bedrock throughout the hole, with few dilutive rock units. DTR nickel grades strengthen to the east, toward the eastern contact of the ultramafic body: XL-26-17, the easternmost hole, returned the highest grades of the three holes, and the higher-grade intervals in XL-26-16 occur in the deeper, more easterly part of the hole.

Figure 1: Map of the Alloy Max North, Alloy Max South and the RPM Zones, showing the 2026 drill collars (XL-26-15 to XL-26-19), the 2024–2025 RPM Zone drill holes, surface DTR nickel samples, active and planned exploration access road; and the year-round camp (NAD83, UTM Zone 21N).

XL-26-17, the northernmost and easternmost hole at Alloy Max North, returned 0.11% DTR nickel over 306 meters, from 126 to 432 meters. This includes 0.12% DTR Nickel over 249 meters from 147 to 396 meters, and 0.14% DTR Nickel over 147 meters, from 204 to 351 meters. Over the 147-meter interval, the magnetic concentrate graded 1.76% nickel, with total nickel recovery of 59.83%.

Over its full reported interval of 436.7-meters, from 13.3 to 450 meters, XL-26-17 averaged 0.09% DTR nickel, 0.24% total nickel and 1.12% nickel in magnetic concentrate. The hole defined the eastern edge of mineralization on its drill section.

Figure 2: Visible awaruite grains in drill core from hole XL-26-17 at 351 meters downhole, measuring up to 549 microns, Alloy Max North, Pipestone XL Project.

Table 01: Pipestone XL Nickel-Cobalt Alloy Project – Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole XL-26-17 (Alloy Max North Zone)

Hole ID	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Mag Con Cr (%)	Total Cr (%)	DTR Cr (%)	Mag Con Co (%)
XL-26-17	13.3	450	436.7	0.24	1.12	7.65	35.34	0.09	1.98	0.32	0.15	0.05
including	126	432	306	0.24	1.36	7.99	44.53	0.11	1.95	0.33	0.15	0.05
including	147	396	249	0.23	1.50	7.85	49.13	0.12	1.93	0.32	0.15	0.05
including	204	351	147	0.23	1.76	7.84	59.83	0.14	1.95	0.32	0.15	0.05
including	249	336	87	0.22	1.87	7.89	65.27	0.15	1.79	0.29	0.14	0.05
including “Up To”				0.28	2.61		86.80	0.17	6.18	1.30	0.54	0.08

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; Total = total grade by assay; DTR = Davis Tube Recovery (magnetically recovered) grade; Ni = nickel; Cr = chromium; Co = cobalt.

XL-26-16 was drilled to 525 meters, the deepest hole to date at Pipestone XL, and averaged 0.08% DTR nickel, 0.23% total nickel and 1.49% nickel in magnetic concentrate over 504 meters. Its final 147 meters, from 378 to 525 meters, returned 0.11% DTR nickel, including 0.12% DTR nickel and 2.10% nickel in magnetic concentrate over the final 87 meters, from 438 to 525 meters. A 69-meter interval from 180 to 249 meters returned 0.12% DTR nickel and 2.18% nickel in magnetic concentrate, the highest-grade concentrate reported over an interval to date at the Pipestone XL project. Mineralization remains open at depth.

Figure 3: Visible awaruite grains in drill core from hole XL-26-16 at 214 meters downhole, measuring up to 544 microns, at the Alloy Max Zone, Alloy Max North, Pipestone XL Project.

Table 02: Pipestone XL Nickel-Cobalt Alloy Project – Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole XL-26-16 (Alloy Max North Zone)

Hole ID	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Mag Con Cr (%)	Total Cr (%)	DTR Cr (%)	Mag Con Co (%)
XL-26-16	21	525	504	0.23	1.49	5.71	35.37	0.08	2.09	0.31	0.11	0.07
including	180	249	69	0.23	2.18	5.66	50.78	0.12	1.82	0.29	0.10	0.09
including	378	525	147	0.23	1.93	5.53	45.82	0.11	2.03	0.29	0.11	0.08
including	438	525	87	0.23	2.10	5.59	49.94	0.12	1.86	0.29	0.10	0.09
including	468	525	57	0.23	2.09	6.07	54.17	0.13	1.73	0.28	0.11	0.08
including “Up To”				0.27	3.30		85.43	0.18	6.07	0.87	0.29	0.13

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; Total = total grade by assay; DTR = Davis Tube Recovery (magnetically recovered) grade; Ni = nickel; Cr = chromium; Co = cobalt.

XL-26-15, the first drill hole in the Alloy Max North area, averaged 0.07% DTR nickel, 0.22% total nickel and 0.98% nickel in magnetic concentrate over 405 meters, from 9 to 414 meters, with consistent grades throughout the hole.

Table 03: Pipestone XL Nickel-Cobalt Alloy Project – Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole XL-26-15 (Alloy Max North Zone)

Hole ID	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Mag Con Cr (%)	Total Cr (%)	DTR Cr (%)	Mag Con Co (%)
XL-26-15	9	414	405	0.22	0.98	7.79	34.24	0.07	1.81	0.48	0.14	0.07
including	132	228	96	0.22	1.04	8.63	38.16	0.09	1.65	0.37	0.14	0.06
including	135	162	27	0.23	1.38	6.94	41.99	0.10	2.06	0.36	0.14	0.08
including	234	276	42	0.23	1.04	8.27	37.19	0.09	2.22	0.50	0.18	0.07
including “Up To”				0.26	1.56		52.50	0.11	7.45	3.08	0.73	0.10

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; Total = total grade by assay; DTR = Davis Tube Recovery (magnetically recovered) grade; Ni = nickel; Cr = chromium; Co = cobalt.

Table 04: Drill Hole Collar Location Information for XL-26-15 through XL-26-17

Hole ID	Easting (UTM)	Northing (UTM)	Elevation (m)	Azimuth (°)	Dip (°)
XL-26-15	568922	5362437	270	90	-60
XL-26-16	568825	5362003	262	90	-60
XL-26-17	569734	5362952	273	90	-60

PIPESTONE XL DRILL RESULTS TABLES

Table 05: Pipestone XL Nickel-Cobalt Alloy Project – Complete Intervals for All Drill Holes Reported to Date

Drill Hole	Zone	Section	From (m)	To (m)	Interval (m)	Total Ni (%)	Mag Con Ni (%)	Mass Pull (%)	Ni Recovery (%)	DTR Ni (%)	Comment
RPM Zone:
AN-24-02	RPM	S1	11.0	394.1	383.1	0.24	1.37	9.49	52.40	0.13	NR – Mar 13, 2025
including			261.0	318.0	57.0	0.25	1.46	10.0	56.10	0.14
AN-24-03	RPM	S1	18.0	234.0	216.0	0.25	1.32	9.12	44.44	0.11	NR – Apr 15, 2025
AN-24-04	RPM	S1	12.0	378.0	366.0	0.23	1.46	9.53	59.09	0.14	NR – Jun 24, 2025
including			183.0	255.0	72.0	0.24	1.50	9.92	62.83	0.15
AN-24-05	RPM	S2	6.0	357.0	351.0	0.24	1.47	8.21	50.26	0.12	NR – Jul 9, 2025
including			207.0	309.0	102.0	0.24	1.76	7.82	56.95	0.14
AN-25-06	RPM	S2	5.65	453	447.35	0.22	1.27	9.02	51.84	0.11	NR – Aug 13, 2025
including			138	249	111	0.22	1.42	9.17	57.59	0.13
AN-25-07	RPM	S2	9	495	486.0	0.23	0.97	9.60	40.49	0.09	NR – Oct 23, 2025
including			39	171	132	0.23	1.06	10.23	46.23	0.11
AN-25-08	RPM	S3	11	491	480.0	0.22	1.35	8.79	51.94	0.12	NR – Oct 23, 2025
including			158	362	204	0.22	1.57	8.08	58.60	0.13
AN-25-09	RPM	S3	9	483	474.0	0.23	0.93	9.00	36.07	0.08	NR – Dec 2, 2025
including			42	417	375	0.23	0.95	9.03	37.16	0.09
AN-25-10	RPM	S1	8	236	228	0.22	1.44	10.48	68.62	0.15	NR – Dec 2, 2025
including			8	59	51	0.21	1.76	9.47	79.80	0.17
AN-25-11	RPM	S1	23	425	402	0.22	1.31	10.01	57.99	0.13	NR – Jan 27, 2026
AN-25-12	RPM	S1	10.4	95	84.6	0.26	1.24	8.27	38.10	0.10	NR – Jan 27, 2026
AN-25-13	RPM	S4	17	388	371	0.24	1.11	9.10	41.23	0.10	NR – Jan 27, 2026
including			44	323	279	0.24	1.17	9.12	43.81	0.11
AN-25-14	RPM	S0	8	335	327	0.23	0.54	8.71	19.27	0.05	NR – Jan 27, 2026
including			29	116	87	0.24	0.73	9.04	27.07	0.07
Alloy Max North:
XL-26-15	Alloy Max North		9	414	405	0.22	0.98	7.79	34.24	0.07	This release
including			132	228	96	0.22	1.04	8.63	38.16	0.09
XL-26-16	Alloy Max North		21	525	504	0.23	1.49	5.71	35.37	0.08	This release
including			468	525	57	0.23	2.09	6.07	54.17	0.13
XL-26-17	Alloy Max North		13.3	450	436.7	0.24	1.12	7.65	35.34	0.09	This release
including			204	351	147	0.23	1.76	7.84	59.83	0.14
Super Gulp Zone:
AN-24-01	Super Gulp		3.23	297	293.8	0.25	0.89	6.9	24.6	0.06	NR – Mar 13, 2025
including			51	120	69	0.26	0.99	6.7	25.4	0.07

DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.

Column abbreviations: Mag Con = grade of the magnetic concentrate; DTR = Davis Tube Recovery (magnetically recovered) grade; Total Ni = whole-rock nickel grade; Ni Recovery = DTR Ni / Total Ni; Ni = nickel.

REFINING DRILL TARGETS WITH MAGNETIC INTENSITY AND DAVIS TUBE RESULTS

XL-26-17 targeted an area of lower magnetic intensity and returned the highest DTR nickel grades of the three holes. XL-26-15 tested the strongest magnetic response and returned the lowest. In XL-26-16, DTR nickel grades improved where the magnetic signature changed downhole.

The Company is comparing magnetic intensity, serpentinization and geological controls in drill core from Alloy Max and the RPM Zone with DTR results. The results point to areas of intermediate magnetic intensity as additional targets in both zones and will inform project-scale 3D modelling and drill targeting. Future systematic drilling within these zones is designed to identify higher grade areas within broad zones of consistent mineralization.

EXPLORATION ACCESS ROAD, 16 KILOMETERS OF UNDRILLED GROUND AND NEXT STEPS

Drilling continues alongside development of the exploration access road, which is advancing north of the Super Gulp Zone into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone. Along the road route, thin overburden allows the Company to dig shallow trenches that expose bedrock. The bedrock is sampled directly and examined for visibly disseminated awaruite, and the results are used for geological mapping and to build an inventory of priority drill targets. At Alloy Max South, XL-26-19 has been designed to drill below the discovery hole, XL-26-18, and pass beneath the fault zone where XL-26-18 ended in mineralization.

The Company intends to use the proceeds of three flow-through financings completed since September 2026, which raised a total of approximately $13.4 with no warrants issued, to fund the remainder of its 2026 and 2027 exploration programs. The most recent financing was priced at $0.83 per flow-through share.² The Company’s objective is to develop Pipestone XL as a multi-pit nickel-cobalt mining district, with the RPM Zone as its most advanced zone and Alloy Max Zone, and potentially the Super Gulp, as sources of additional tonnage.

PIPESTONE XL: FIVE AWARUITE ZONES ON A 30-KILOMETER TREND AND A SMELTER-FREE ROUTE TO DOWNSTREAM PROCESSING IN NORTH AMERICA

Pipestone XL is First Atlantic’s wholly owned project covering the entire 30-kilometer Pipestone Ophiolite Complex in central Newfoundland. Five zones of awaruite mineralization have been identified along the trend: RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond. RPM is the most advanced, with drilling outlining magnetically recoverable awaruite over more than 1.2 kilometers of strike and more than 800 meters of width. The Alloy Max target area is approximately 4 kilometers long and up to 1.5 kilometers wide, and every hole assayed there has returned magnetically recoverable nickel.

Awaruite (Ni₃Fe) is a naturally occurring, magnetic nickel-iron-cobalt alloy that contains no sulphur. Electron microprobe analysis of awaruite from the RPM Zone averaged 77.62% nickel and 1.69% cobalt.³ Because the nickel is already in metallic form, it can be concentrated by magnetic separation and flotation without smelting, roasting or high-pressure acid leaching. In initial test work using the Company’s ONSHORE MAX™ (Magnetic Alloy eXtraction) process, magnetic separation produced a concentrate grading approximately 1.6% nickel, which flotation upgraded to an alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt.⁴ A typical nickel concentrate grades 10% to 15% nickel, according to the Nickel Institute.⁵

Figure 4: The Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project. Top: three-dimensional view of the 30-kilometer Pipestone XL trend with the Company’s magnetic survey draped on the terrain, showing the RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond Zones. Bottom, left to right: bedrock sample collected beneath shallow overburden at an Alloy Max drill pad location and shown in two views, containing visible disseminated awaruite (news release dated April 8, 2026); drill core with visible awaruite from hole XL-26-18 at 32 meters downhole, Alloy Max South (news release dated October 13, 2026); and photomicrograph of an awaruite grain of up to approximately 2,000 microns in drill core from hole AN-25-08 at 370 meters, RPM Zone (news release dated September 25, 2025). The awaruite grades of 77.62% nickel and 1.69% cobalt is the electron microprobe average from the RPM Zone (news release dated May 21, 2026), and the 67.4% nickel alloy concentrate grade is the average of four flotation tests (news release dated June 24, 2026).

The United States has no operating nickel smelter after its last one, at Riddle, Oregon, closed in 1998.⁶ Canada has two remaining pyrometallurgical nickel smelters, both in Sudbury, Ontario.⁷ The last nickel smelter built in North America, at Thompson, Manitoba, opened 65 years ago in 1961⁸ and was shut in 2018 after Vale said it would need to spend about $1 billion to meet new federal sulphur dioxide emission rules.⁹

A magnetic nickel-cobalt (Ni-Fe-Co) alloy concentrate from the Pipestone XL Project has the potential to be a large-scale source of nickel and cobalt for North America. Because the concentrate does not need a smelter, it can bypass the midstream smelting bottleneck and move directly from the mine to battery chemical refining or to stainless steel and specialty alloy production, keeping the supply chain onshore. Pipestone XL has year-round road access, nearby high-voltage transmission and hydroelectric power from the Bay d’Espoir generating station, and is approximately 200 kilometers from Vale’s Long Harbour nickel processing plant and Gander International Airport. The Company is also evaluating chromium as a potential co-product and low-carbon Engineered Mineral Hydrogen with VEMA Hydrogen.

Figure 5: The ONSHORE MAX™ (Magnetic Alloy eXtraction) process. Top, left to right, from bench-scale test work at SGS Canada Inc. on RPM Zone material: laboratory drum separator collecting magnetic concentrate by low-intensity magnetic separation, which produced a magnetic concentrate grading approximately 1.6% nickel; bench-scale flotation cell at the rougher flotation stage; and a sample of the awaruite alloy concentrate under a magnet (news release dated June 24, 2026). Four flotation tests averaged 67.4% nickel, ranging from 63.7% to 71.9% nickel, with 1.76% cobalt in the final test (news release dated June 24, 2026). Bottom: conceptual diagram of a mine-to-refinery supply chain for awaruite alloy concentrate with no smelting step.

Figure 6: Drill core from hole XL-26-18 at 32 meters downhole, Alloy Max South, Pipestone XL Project, showing visibly disseminated awaruite (Ni₃Fe) nickel-cobalt alloy grains, circled in green (news release dated October 13, 2026), with a statement on awaruite from the U.S. Geological Survey’s Mineral Commodity Summaries, January 2012.¹⁰

NORTH ARM PROJECT

The Company also announces that it has closed the acquisition (the “Transaction”) of a 100% interest in three mineral licences. The licences comprise 209 mineral claims covering approximately 52.25 square kilometers in the Province of Newfoundland and Labrador (the “North Arm Project”). The Transaction was completed under an asset purchase agreement dated October 30, 2026 (the “Agreement”) with two arm’s-length parties (together, the “Vendors”).

Under the Agreement, the Company acquired the North Arm Project in exchange for the issuance of 1,000,000 common shares of the Company (the “Payment Shares”), issued at a deemed price of $0.55 per share. The Payment Shares are subject to a statutory hold period of four months and one day from the date of issuance, expiring March 11, 2027.

At closing, the Company also paid $51,250 to reimburse refundable security deposits that the Vendors had previously posted with the Government of Newfoundland and Labrador for the Property. From closing, the Vendors have assigned to the Company all rights to any future refund of those deposits.

The Property is not subject to any royalties or options. The Transaction closed after receiving final acceptance from the TSX Venture Exchange. No finder’s fees were paid in connection with the Transaction.

INVESTOR INFORMATION

The Company’s common shares trade on the TSX Venture Exchange under the symbol “FAN”, on the OTCQB under the symbol “FANCF”, and on several German exchanges, including Frankfurt and Tradegate, under the symbol “P210”. Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com.

FOR MORE INFORMATION

First Atlantic Investor Relations, Robert Guzman. Tel: +1-844-592-6337 | Email: rob@fanickel.com

ABOUT FIRST ATLANTIC NICKEL & COBALT CORP.

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) is a critical mineral exploration company in Newfoundland and Labrador. Its wholly owned Pipestone XL Nickel-Cobalt Alloy Project covers the 30-kilometer Pipestone Ophiolite Complex, where the Company is drilling and testing awaruite, a magnetic, sulphur-free nickel-iron-cobalt alloy that can be concentrated without a smelter. Newfoundland and Labrador has ranked among the top 10 jurisdictions worldwide for investment attractiveness or mining policy in every Fraser Institute Annual Survey of Mining Companies since 2022.¹¹ First Atlantic also holds the Ophiolite-X Project and the North Arm Project in western Newfoundland. The Company is a member of the U.S. Defense Industrial Base Consortium.

QUALIFIED PERSON

Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company, is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.

ANALYTICAL METHOD & QA/QC

Drill core was logged and sampled by Company geologists at nominal 3-meter intervals. Samples were split in half on site, with one half remaining in the core box for future reference and the other half securely packaged for laboratory analysis. The QA/QC protocol included the insertion of blanks, duplicates and certified reference material (standards), with one QA/QC sample inserted every 20 samples to monitor the precision and accuracy of the laboratory results. All analytical results passed QA/QC screening at the laboratory, and all Company-inserted standards and blanks returned results within acceptable limits.

Samples were submitted to Activation Laboratories Ltd. (“Actlabs”) in Ancaster, Ontario, a laboratory accredited to ISO/IEC 17025 that operates independently of First Atlantic. Each sample was crushed, and a 250 g sub-sample was pulverized to 95% passing 200 mesh (75 µm). A 30 g split of the pulp was run through a Davis Tube magnetic separator as a slurry at a constant flow rate, a magnetic field strength of 3,500 Gauss and a tube angle of 45 degrees, producing magnetic and non-magnetic fractions.

The magnetic fraction was collected, dried and weighed, then fused with a lithium metaborate/tetraborate flux and lithium bromide releasing agent and analyzed by wavelength-dispersive XRF for elements including nickel, cobalt, iron and chromium. Mass pull is the weight of the magnetic fraction divided by the total feed weight. The magnetically recovered (DTR) nickel grade was calculated by multiplying the nickel grade of the magnetic fraction by the mass pull. For total (whole-rock) grades, a portion of each sample was fused with a lithium metaborate/tetraborate flux and analyzed by ICP-OES for major oxides and elements including cobalt, chromium and nickel.

True widths are currently unknown. The nickel-bearing ultramafic ophiolite and peridotite rocks targeted at Pipestone XL are mapped on surface and in drilling as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long.

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

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information is generally identified by words such as “plans”, “expects”, “anticipates”, “intends”, “aims”, “objective”, “potential”, “designed to”, “will”, “may”, “could” and similar expressions, or statements that certain events or conditions “may” or “will” occur. Forward-looking information in this news release includes, but is not limited to, statements regarding the potential for Alloy Max to host tonnage equal to or greater than the RPM Zone and for Alloy Max North to be a second pit area; the Company’s objective of developing Pipestone XL as a multi-pit nickel-cobalt mining district, with the RPM Zone as its most advanced zone and Alloy Max, and potentially Super Gulp, as sources of additional tonnage; the Company’s geological interpretations, including the interpreted dip of the mineralized system, the strengthening of DTR nickel grades toward the eastern contact, mineralization remaining open at depth and areas of intermediate magnetic intensity as additional drill targets; planned drilling, including drill hole XL-26-19 at Alloy Max South, follow-up drilling at Alloy Max North, systematic drilling to define areas of higher grade and planned larger-scale and winter drill programs; the continued development of the exploration access road and associated trenching, bedrock sampling and drill target generation across approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone; project-scale 3D modelling and the refinement of drill targeting; the timing and content of future news releases and exploration updates; the intended use of the proceeds of the Company’s flow-through financings to fund its 2026 and 2027 exploration programs; the potential processing characteristics of awaruite mineralization at Pipestone XL, including that awaruite may be concentrated by magnetic separation and flotation without smelting, roasting or high-pressure acid leaching, the potential effect of lower mass pull on processing, and the potential to deliver an alloy concentrate directly to battery chemical refining or stainless steel and specialty alloy production in North America; the potential environmental and permitting implications of sulphur-free mineralization, including the absence of a source of acid mine drainage; the evaluation of chromium as a potential co-product and of Engineered Mineral Hydrogen with VEMA Hydrogen; and any future refund of the security deposits assigned to the Company in connection with the Transaction.

Forward-looking information is based on a number of assumptions that management considers reasonable, including that drilling, road development, trenching and sampling will proceed as planned; that drill rigs, contractors, equipment and personnel will be available on acceptable terms; that weather and ground conditions will permit continued field work, including through the winter; that the Company’s current funds will be sufficient to complete its planned programs; that geological interpretations and metallurgical results to date are representative of the mineralization; that required permits and approvals will be received on a timely basis; that engagement with Indigenous groups and local communities will continue constructively; that nickel, cobalt and chromium prices and market conditions will remain stable; and that there will be no material adverse change in applicable laws, including tax laws governing flow-through shares.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include risks inherent in mineral exploration; the early stage of exploration at Alloy Max, where only three drill holes have been assayed; the fact that the Company has not defined any mineral resources or mineral reserves at Pipestone XL and that further exploration may not result in their definition; the fact that DTR results reflect bench-scale laboratory testing, are not equivalent to standard assays and may not be representative of recoveries achievable at a larger scale; the preliminary nature of metallurgical test work to date and the fact that the ONSHORE MAX™ process has not been demonstrated at pilot or commercial scale; the fact that true widths are unknown; the fact that results from other projects, including the Baptiste Nickel Project, are not indicative of results at Pipestone XL; drilling difficulties, including faulted ground; delays in road development or field programs due to weather, access or contractor availability; failure to obtain, or delays in obtaining, permits or approvals; title risks; risks relating to Indigenous rights and consultation; volatility in nickel, cobalt and chromium prices; the ability to obtain future financing on acceptable terms; the risk that expenditures may not qualify as “Canadian exploration expenses” or may not be renounced as intended under the Income Tax Act (Canada); dependence on key personnel; changes in laws, regulations and government policy; and general economic, market and business conditions. Additional risk factors are described in the Company’s continuous disclosure documents available under its profile on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information in this news release is given as of the date of this news release, and the Company does not undertake to update it except as required by applicable securities laws.

^{_____________________________
1} https://fpxnickel.com/news/fpx-nickel-delivers-pfs-for-baptiste-nickel-project-with-after-tax-npv-of-us2-01-billion-and-18-6-irr/
² https://fanickel.com/assets/news/First_Atlantic_Nickel_Cobalt_Corp_News_137.pdf
³ https://fanickel.com/assets/news/First_Atlantic_Nickel_Cobalt_Corp_News_119.pdf
⁴ https://fanickel.com/assets/news/First_Atlantic_Nickel_Cobalt_Corp_News_128.pdf
⁵ https://nickelinstitute.org/en/blog/2026/march/nickel-industry-part-6-nickel-sulphide-processing
⁶ https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/500498.pdf
⁷ https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
⁸ https://gov.mb.ca/chc/hrb/plaques/plaq0197.html
⁹ https://www.winnipegfreepress.com/business/2010/11/18/smelter-refinery-called-unfeasible
¹⁰ https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
¹¹ https://www.fraserinstitute.org/sites/default/files/2026-02/annual-survey-of-mining-companies-2025.pdf

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e22a41e-85ed-4199-9075-61f0841aa074

https://www.globenewswire.com/NewsRoom/AttachmentNg/bc9964e3-a432-4fab-b3a2-b3f15b104ddd

https://www.globenewswire.com/NewsRoom/AttachmentNg/ab166485-13d6-4728-aabf-50ae15cc7d3c

https://www.globenewswire.com/NewsRoom/AttachmentNg/f5e5d8bd-9024-4564-ab02-74e13398e337

https://www.globenewswire.com/NewsRoom/AttachmentNg/b7f1284c-5b1f-441d-8180-0b634310c864

https://www.globenewswire.com/NewsRoom/AttachmentNg/082ea28d-38e3-4716-9f59-d8214bf0f51f

• New Drug Application (NDA) for tinlarebant in Stargardt disease type 1 (STGD1) granted priority review by the U.S. Food and Drug Administration (FDA) in August 2026 with Prescription Drug User Fee Act (PDUFA) target action date of February 12, 2027
• Company has been informed by the FDA that it will not convene an advisory committee meeting to discuss the NDA for tinlarebant in STGD1
• Submitted NDA for tinlarebant to Japan’s Ministry of Health, Labour and Welfare under Sakigake designation (J-NDA)
• Submitted Marketing Authorization Applications for tinlarebant in Singapore, the United Kingdom, and Switzerland via the Access Consortium pathway
• Company uplisted to the Nasdaq Global Select Market
• Conference call and webcast on Thursday, November 12, 2026, at 4:30 p.m. ET

SAN DIEGO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Belite Bio, Inc (NASDAQ: BLTE) (“Belite Bio^®” or the “Company”), a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical needs, today announced its financial results for the third quarter ended September 30, 2026, and provided a business update.

“As we advance toward our PDUFA target action date of February 12, 2027, we remain focused on commercial readiness and are energized by the potential to bring a first-ever treatment to people living with STGD1,” said Dr. Tom Lin, Chairman and Chief Executive Officer of Belite Bio. “The third quarter also marked meaningful progress in our efforts to bring tinlarebant to people living with STGD1 globally. Following the FDA’s acceptance of our NDA with Priority Review, we submitted a J-NDA in Japan under Sakigake designation and filed marketing authorization applications in Singapore, the United Kingdom, and Switzerland through the Access Consortium, as we seek to expand the potential reach of tinlarebant in this rare degenerative retinal disease.”

Third Quarter 2026 Business Highlights and Upcoming Milestones:

Clinical Highlights

Stargardt disease type 1 (STGD1)

• DRAGON Trial: Completed, 24-month, 104 subjects, aged 12 to 20 years old, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in adolescent STGD1 patients.  
  • In August 2026, the FDA accepted the NDA for tinlarebant in STGD1 and granted Priority Review, with an assigned PDUFA target action date of February 12, 2027.
  • The Company has been informed by the FDA that it will not convene an advisory committee meeting to discuss the NDA for tinlarebant in STGD1. The FDA’s review of the NDA for tinlarebant in STGD1 is still ongoing.
  • The Company submitted a J-NDA to the Ministry of Health, Labour and Welfare (MHLW) in Japan for tinlarebant in STGD1 in September 2026. Tinlarebant has been granted Sakigake designation in Japan, which provides for prioritized consultation, pre-application consultation, prioritized review, assignment of a review partner, and an extended re-examination period.
  • The Company also submitted Marketing Authorization Applications for tinlarebant in STGD1 to Singapore’s Health Sciences Authority, the United Kingdom’s Medicines and Healthcare Products Regulatory Agency, and Swissmedic in October 2026 through the Access Consortium framework, a collaborative initiative comprised of multiple regulatory authorities.
  • In July 2026, Belite Bio reported additional, positive secondary endpoint data from the DRAGON trial. Notably, the presentation reported that quantitative autofluorescence (qAF), a marker of toxic bisretinoid accumulation, showed a marked divergence between treatment groups. At month 25, in subjects treated with tinlarebant, qAF values remained stable to slightly decrease from baseline (approximately 2%), whereas placebo-treated subjects showed an approximate 20% increase in qAF from baseline. As previously announced, the Phase 3 DRAGON trial met its primary efficacy endpoint, demonstrating a statistically significant and clinically meaningful 35.7% reduction in the growth rate of retinal lesions, measured as definitely decreased autofluorescence (DDAF) by fundus autofluorescence imaging, compared with placebo. Tinlarebant was well tolerated throughout the trial.
  • Belite Bio also presented encore data at various medical congresses, including at the Schweizerische Ophthalmologische Gesellschaft (SOG) Annual Congress, the 19th Asia-Pacific Vitreo-retina Society (APVRS) Congress, EURETINA 2026, Innovate Retina, and the American Academy of Ophthalmology (AAO) 2026 Annual Meeting.
• DRAGON II Trial: Combination of a Phase 1b open-label trial to evaluate the pharmacokinetics and pharmacodynamics of tinlarebant in adolescent Japanese STGD1 patients and a Phase 2/3, 24-month, randomized (1:1, active: placebo), double-masked, placebo-controlled, multi-center trial in adolescent STGD1 patients aged 12 to 20 years old across Japan, the U.S., and the United Kingdom.
  • Target enrollment is completed with a total of 73 subjects, including 15 Japanese subjects for the Phase 2/3 trial in STGD1.
  • Trial design and inclusion of Japanese patients are intended to supplement the J-NDA submission in Japan.
  • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed. 

Geographic Atrophy (GA)

• PHOENIX Trial: Ongoing, 24-month, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in GA patients.
  • Completed enrollment with 530 subjects.
  • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed.
  • The Company expects to conduct an interim analysis.

Corporate Highlights

• Belite Bio hosted a Commercial Day in September 2026 featuring members of management, leading ophthalmology experts and people living with STGD1, which provided an overview of STGD1, the significant unmet need for treatment options and the current treatment landscape, as well as the Company’s prelaunch preparedness strategies and the potential commercial opportunity for tinlarebant in STGD1, if approved by the FDA.
• Belite Bio launched the disease website for STGD1 in October 2026 (https://seestargardtdisease.com/).
• Belite Bio also recently announced the uplisting of the Company’s securities from the Nasdaq Capital Market to the Nasdaq Global Select Market, with trading beginning on October 19, 2026, under the existing ticker symbol “BLTE.”

Third Quarter 2026 Financial Results:

Cash and Cash Equivalents: As of September 30, 2026, the Company had $271.3 million in cash and cash equivalents, compared with $352.9 million on December 31, 2025.

Investments: As of September 30, 2026, the Company had $502.7 million in U.S. treasury bills and U.S. treasury notes, compared to $419.7 million as of December 31, 2025.

Research and Development (R&D) Expenses:

For the three months ended September 30, 2026, R&D expenses were $15.5 million compared to $10.3 million for the same period in 2025. The increase in R&D expenses in the quarter was primarily attributable to increases in (i) active pharmaceutical ingredient (“API”) manufacturing expense and drug product (“DP”) manufacturing expense, (ii) consultant fees, and (iii) sponsorship funding. For the nine months ended September 30, 2026, R&D expenses were $49.4 million compared to $30.8 million for the same period in 2025. The increase in R&D expenses year-to-date was primarily attributable to (i) a royalty payment for an additional milestone achieved under the license agreement in the second quarter of 2026, (ii) an increase in API and DP manufacturing expenses, and (iii) an increase in consultant fees.

On a non-GAAP basis, excluding share-based compensation expenses, non-GAAP R&D expenses for the three months ended September 30, 2026, were $14.7 million compared to $8.0 million for the same period in 2025. For the nine months ended September 30, 2026, non-GAAP R&D expenses were $45.7 million compared to $24.1 million for the same period in 2025.

Selling, General, and Administrative (SG&A) Expenses:

For the three months ended September 30, 2026, SG&A expenses were $21.4 million compared to $12.7 million for the same period in 2025. The increase in SG&A expenses in the quarter was primarily attributable to an increase in professional service fees. For the nine months ended September 30, 2026, SG&A expenses were $55.1 million compared to $25.4 million for the same period in 2025. The increase in SG&A year-to-date was primarily attributable to increases in (i) professional service fees, and (ii) wages and salaries resulting from our team expansion.

On a non-GAAP basis, excluding share-based compensation expenses, non-GAAP SG&A expenses for the three months ended September 30, 2026, were $16.3 million compared to $2.1 million for the same period in 2025. For the nine months ended September 30, 2026, non-GAAP SG&A expenses were $32.9 million compared to $4.9 million for the same period in 2025.

Other Income:

For the three months ended September 30, 2026, other income was $6.7 million compared to $1.3 million for the same period in 2025. For the nine months ended September 30, 2026, other income was $18.9 million compared to $3.8 million for the same period in 2025. The increase in other income in the quarter and year-to-date was attributed to interest income from bank deposits, U.S. treasury bills and U.S. treasury notes.

Net Loss:

For the three months ended September 30, 2026, the Company reported a net loss of $30.3 million, compared to a net loss of $21.7 million for the same period in 2025. For the nine months ended September 30, 2026, net loss was $85.6 million compared to $52.3 million for the same period in 2025. 

On a non-GAAP basis, excluding share-based compensation expenses, the Company reported a non-GAAP net loss of $24.3 million for the three months ended September 30, 2026, compared to a non-GAAP net loss of $8.8 million for the same period in 2025. For the nine months ended September 30, 2026, non-GAAP net loss was $59.7 million compared to $25.1 million for the same period in 2025.

Webcast Information

Belite Bio will host a webcast on Thursday, November 12, 2026, at 4:30 p.m. Eastern Time to discuss the Company’s financial results and provide a business update. To join the webcast, please click here. A replay of the event will be available on the Investor Relations section of the Company’s website following the event.

About Tinlarebant (a/k/a LBS-008)

Tinlarebant is a novel oral therapy that is intended to reduce the accumulation of vitamin A-based toxins (known as bisretinoids) that cause retinal disease in Stargardt disease type 1 (STGD1) and also contribute to disease progression in geographic atrophy (GA), or advanced dry age-related macular degeneration (AMD). Bisretinoids are by-products of the visual cycle, which is dependent on the supply of vitamin A (retinol) to the eye. Tinlarebant works by reducing and maintaining levels of serum retinol binding protein 4 (RBP4), the sole carrier protein for retinol transport from the liver to the eye. By modulating the amount of retinol entering the eye, tinlarebant reduces the formation of bisretinoids. Tinlarebant has been granted Breakthrough Therapy Designation, Fast Track Designation, and Rare Pediatric Disease Designation in the U.S., Orphan Drug Designation in the U.S., Europe, Japan, and Switzerland, and Sakigake Designation in Japan for the treatment of STGD1.

About Stargardt Disease

STGD1 is the most common inherited macular dystrophy in both adults and children. The disease is caused by mutations in a retina-specific gene (ABCA4), which results in progressive accumulation of bisretinoids leading to retinal cell death and progressive loss of central vision. The fluorescent properties of bisretinoids and the development of high-resolution retinal imaging systems have helped ophthalmologists identify and monitor disease progression. Currently, there are no approved treatments for STGD1.

About Geographic Atrophy (GA)

GA is a chronic degenerative disease of the retina that leads to blindness in the elderly. Accumulation of bisretinoids has been implicated in the progression of GA. There are currently no FDA-approved, orally administered treatments for GA.

About Belite Bio

Belite Bio is a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical needs, such as Stargardt disease type 1 (STGD1) and geographic atrophy (GA) in advanced dry age-related macular degeneration (AMD), in addition to specific metabolic diseases. Belite Bio’s lead candidate, tinlarebant, is an oral therapy intended to reduce the accumulation of bisretinoid toxins in the eye. The Company has completed a Phase 3 trial (DRAGON) in adolescent subjects with STGD1, which met its primary endpoint, and the drug is currently being evaluated in a Phase 2/3 trial (DRAGON II) in adolescent subjects with STGD1 and a Phase 3 trial (PHOENIX) in subjects with GA. For more information, follow us on X, Instagram, LinkedIn, and Facebook, or visit us at www.belitebio.com.

Important Cautions Regarding Forward Looking Statements

This press release 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, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future expectations, plans and prospects, as well as other statements regarding matters that are not historical facts. These statements include but are not limited to statements regarding the potential approval of tinlarebant as the first-ever treatment to patients living with STGD1, the potential implications of clinical data for patients; Belite Bio’s advancement of, and anticipated clinical development, regulatory milestones, and commercialization of its product candidates; the ability or potential of tinlarebant to treat STGD1 and GA; the timing to complete relevant clinical trials and/or to receive the interim/final data of such clinical trials; the potential benefits of any regulatory designations, the potential for and timing of any interim analysis of ongoing clinical trials; the design of clinical trials intended to supplement J-NDA in Japan; the Company’s progress and efforts in commercialization preparation, the Company’s pre-launch preparedness strategies and the potential commercial opportunity for tinlarebant in STGD1, as well as any other statements regarding matters that are not historical facts, and any other statements containing the words “may”, “will”, “expect”, “believe”, “target”, “plan”, “intend”, “continue”, “remain”, “hope”, “potential”, “anticipate”, “estimate”, “look forward”, and other similar expressions. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors related to Belite Bio’s business, including but not limited to, FDA’s regulatory decisions on the NDA for tinlarebant in STGD1, the outcome and timing of the review of the J-NDA for tinlarebant in STGD1 by the MHLW and of the marketing authorization applications for tinlarebant in STGD1 by the Health Sciences Authority, the Medicines and Healthcare Products Regulatory Agency and Swissmedic; Belite Bio’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, including the results of any interim analysis of the PHOENIX trial, which may not support further development or regulatory approval; expectations for the timing of initiation, enrollment and completion of, and data relating to, its clinical trials; the timing to complete any ancillary clinical trials and/or to receive the interim/final data of such clinical trials; the timing to communicate with and submit trial data to regulatory authorities for drug approval in various jurisdictions; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of Belite Bio’s drug candidates; Belite Bio’s ability to successfully commercialize tinlarebant, if approved, including its ability to build out commercial infrastructure, achieve market acceptance, and execute a timely product launch; as well as those risks more fully discussed in the “Risk Factors” section in Belite Bio’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Belite Bio, and Belite Bio undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited condensed consolidated financial results prepared in accordance with GAAP, the Company discloses certain non-GAAP financial measures that exclude share-based compensation, including research and development (non-GAAP), selling, general and administrative (non-GAAP), total operating expenses (non-GAAP), loss from operations (non-GAAP), net loss (non-GAAP), weighted average number of ordinary shares used in per share (non-GAAP) and net loss per ordinary share basic and diluted (non-GAAP).

The Company believes that these non-GAAP measures provide supplemental information that may be helpful in understanding period-to-period trends in operating expenses and results when considered together with, and not as a substitute for, the corresponding GAAP financial measures. These measures are intended to increase transparency into expense items that may vary from period to period for reasons such as the timing, structure, and valuation of equity awards. These measures are not intended to replace GAAP financial information and are not considered by management to be superior to GAAP measures.

At the Company’s current stage of development as a clinical-stage biotechnology company, the primary expenditures relate to the execution of clinical trials, regulatory activities (including preparation for potential NDA submissions), and the management of ongoing operations. In this context, management believes that the supplemental presentation of operating expenses excluding certain non-cash charges, such as share-based compensation, may assist users in understanding the nature and scale of cash-based operating activities by reducing period-to- period volatility from non-cash items. However, these non-GAAP measures are not intended to represent, and should not be viewed as, measures of liquidity, cash burn rate, or cash flows.

Non-GAAP measures have inherent limitations and may differ from similarly titled measures used by other companies. Accordingly, these measures should be viewed as supplemental and evaluated together with the Company’s GAAP results and the reconciliations to the most directly comparable GAAP measures presented in this release.

Explanation of Adjustment – Share-based compensation:

Share-based compensation expense consists of non-cash charges related to the fair value of equity awards awarded to employees and other non-employees. The amount recognized in any period may vary based on factors such as grant timing, award structure, and valuation assumptions, which may not be directly correlated with the timing or magnitude of cash payments related to the Company’s clinical, regulatory, and operational activities. The exclusion of share-based compensation in the Company’s non-GAAP measures is intended to supplementally illustrate operating expense trends and facilitate period-to-period comparisons of cash-based expenditures. The Company recognizes that share-based compensation is an important component of total compensation and does not view non-GAAP measures as a replacement for GAAP results, which include the full impact of share-based compensation.

BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands of US Dollars, except share and per share amounts)
		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2025				2026				2025				2026
Expenses
Research and development			10,307				15,482				30,753				49,356
Selling, general and administrative			12,711				21,428				25,378				55,145
Total operating expenses			23,018				36,910				56,131				104,501
Loss from operations			(23,018	)			(36,910	)			(56,131	)			(104,501	)
Other income:
Total other income, net			1,328				6,650				3,844				18,946
Loss before income tax			(21,690	)			(30,260	)			(52,287	)			(85,555	)
Income tax expense			–				13				–				68
Net loss			(21,690	)			(30,273	)			(52,287	)			(85,623	)
Other comprehensive income (loss)
Foreign currency translation adjustments, net of nil tax			82				23				228				51
Total comprehensive loss			(21,608	)			(30,250	)			(52,059	)			(85,572	)
Weighted average number of ordinary shares used in per share calculation:
– Basic and Diluted			33,223,232				40,415,114				32,634,966				40,157,365
Net loss per ordinary share
– Basic and Diluted		$	(0.65	)		$	(0.75	)		$	(1.60	)		$	(2.13	)

BELITE BIO, INC
RECONCILIATION OF GAAP TO NON-GAAP UNAUDITED OPERATING RESULTS
(Amounts in thousands of US Dollars, except share and per share amounts)
		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2025				2026				2025				2026
Expenses
GAAP Research and development			10,307				15,482				30,753				49,356
Share-based compensation expense			(2,278	)			(773	)			(6,695	)			(3,651	)
Non-GAAP research and development			8,029				14,709				24,058				45,705
GAAP Selling, general and administrative			12,711				21,428				25,378				55,145
Share-based compensation expense			(10,640	)			(5,168	)			(20,509	)			(22,267	)
Non-GAAP selling, general and administrative			2,071				16,260				4,869				32,878
GAAP Total operating expenses			23,018				36,910				56,131				104,501
Share-based compensation expense			(12,918	)			(5,941	)			(27,204	)			(25,918	)
Non-GAAP Total operating expense			10,100				30,969				28,927				78,583
GAAP Loss from operations			(23,018	)			(36,910	)			(56,131	)			(104,501	)
Share-based compensation expense			12,918				5,941				27,204				25,918
Non-GAAP Loss from operations			(10,100	)			(30,969	)			(28,927	)			(78,583	)
GAAP Net loss			(21,690	)			(30,273	)			(52,287	)			(85,623	)
Share-based compensation expense			12,918				5,941				27,204				25,918
Non-GAAP Net Loss			(8,772	)			(24,332	)			(25,083	)			(59,705	)
Weighted average number of ordinary shares used in per share
Calculation GAAP and Non-GAAP:
– Basic and Diluted			33,223,232				40,415,114				32,634,966				40,157,365
Net loss per ordinary share
– Basic and Diluted GAAP		$	(0.65	)		$	(0.75	)		$	(1.60	)		$	(2.13	)
– Basic and Diluted Non-GAAP		$	(0.26	)		$	(0.60	)		$	(0.77	)		$	(1.49	)

BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of US Dollars, except share amounts)
		December 31,			September 30,
		2025			2026
Current assets		$	494,272		$	498,346
Other assets			286,284			291,392
TOTAL ASSETS		$	780,556		$	789,738
TOTAL LIABILITIES		$	10,070		$	18,678
TOTAL SHAREHOLDERS’ EQUITY			770,486			771,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	780,556		$	789,738
Ordinary shares authorized			400,000,000			400,000,000
Ordinary shares issued			39,353,365			40,750,271
Ordinary shares outstanding			39,339,960			40,614,160

Media and Investor Relations Contact:
ir@belitebio.com

• New Drug Application (NDA) for tinlarebant in Stargardt disease type 1 (STGD1) granted priority review by the U.S. Food and Drug Administration (FDA) in August 2026 with Prescription Drug User Fee Act (PDUFA) target action date of February 12, 2027
• Company has been informed by the FDA that it will not convene an advisory committee meeting to discuss the NDA for tinlarebant in STGD1
• Submitted NDA for tinlarebant to Japan’s Ministry of Health, Labour and Welfare under Sakigake designation (J-NDA)
• Submitted Marketing Authorization Applications for tinlarebant in Singapore, the United Kingdom, and Switzerland via the Access Consortium pathway
• Company uplisted to the Nasdaq Global Select Market
• Conference call and webcast on Thursday, November 12, 2026, at 4:30 p.m. ET

SAN DIEGO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Belite Bio, Inc (NASDAQ: BLTE) (“Belite Bio^®” or the “Company”), a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical needs, today announced its financial results for the third quarter ended September 30, 2026, and provided a business update.

“As we advance toward our PDUFA target action date of February 12, 2027, we remain focused on commercial readiness and are energized by the potential to bring a first-ever treatment to people living with STGD1,” said Dr. Tom Lin, Chairman and Chief Executive Officer of Belite Bio. “The third quarter also marked meaningful progress in our efforts to bring tinlarebant to people living with STGD1 globally. Following the FDA’s acceptance of our NDA with Priority Review, we submitted a J-NDA in Japan under Sakigake designation and filed marketing authorization applications in Singapore, the United Kingdom, and Switzerland through the Access Consortium, as we seek to expand the potential reach of tinlarebant in this rare degenerative retinal disease.”

Third Quarter 2026 Business Highlights and Upcoming Milestones:

Clinical Highlights

Stargardt disease type 1 (STGD1)

• DRAGON Trial: Completed, 24-month, 104 subjects, aged 12 to 20 years old, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in adolescent STGD1 patients.  
  • In August 2026, the FDA accepted the NDA for tinlarebant in STGD1 and granted Priority Review, with an assigned PDUFA target action date of February 12, 2027.
  • The Company has been informed by the FDA that it will not convene an advisory committee meeting to discuss the NDA for tinlarebant in STGD1. The FDA’s review of the NDA for tinlarebant in STGD1 is still ongoing.
  • The Company submitted a J-NDA to the Ministry of Health, Labour and Welfare (MHLW) in Japan for tinlarebant in STGD1 in September 2026. Tinlarebant has been granted Sakigake designation in Japan, which provides for prioritized consultation, pre-application consultation, prioritized review, assignment of a review partner, and an extended re-examination period.
  • The Company also submitted Marketing Authorization Applications for tinlarebant in STGD1 to Singapore’s Health Sciences Authority, the United Kingdom’s Medicines and Healthcare Products Regulatory Agency, and Swissmedic in October 2026 through the Access Consortium framework, a collaborative initiative comprised of multiple regulatory authorities.
  • In July 2026, Belite Bio reported additional, positive secondary endpoint data from the DRAGON trial. Notably, the presentation reported that quantitative autofluorescence (qAF), a marker of toxic bisretinoid accumulation, showed a marked divergence between treatment groups. At month 25, in subjects treated with tinlarebant, qAF values remained stable to slightly decrease from baseline (approximately 2%), whereas placebo-treated subjects showed an approximate 20% increase in qAF from baseline. As previously announced, the Phase 3 DRAGON trial met its primary efficacy endpoint, demonstrating a statistically significant and clinically meaningful 35.7% reduction in the growth rate of retinal lesions, measured as definitely decreased autofluorescence (DDAF) by fundus autofluorescence imaging, compared with placebo. Tinlarebant was well tolerated throughout the trial.
  • Belite Bio also presented encore data at various medical congresses, including at the Schweizerische Ophthalmologische Gesellschaft (SOG) Annual Congress, the 19th Asia-Pacific Vitreo-retina Society (APVRS) Congress, EURETINA 2026, Innovate Retina, and the American Academy of Ophthalmology (AAO) 2026 Annual Meeting.
• DRAGON II Trial: Combination of a Phase 1b open-label trial to evaluate the pharmacokinetics and pharmacodynamics of tinlarebant in adolescent Japanese STGD1 patients and a Phase 2/3, 24-month, randomized (1:1, active: placebo), double-masked, placebo-controlled, multi-center trial in adolescent STGD1 patients aged 12 to 20 years old across Japan, the U.S., and the United Kingdom.
  • Target enrollment is completed with a total of 73 subjects, including 15 Japanese subjects for the Phase 2/3 trial in STGD1.
  • Trial design and inclusion of Japanese patients are intended to supplement the J-NDA submission in Japan.
  • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed. 

Geographic Atrophy (GA)

• PHOENIX Trial: Ongoing, 24-month, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in GA patients.
  • Completed enrollment with 530 subjects.
  • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed.
  • The Company expects to conduct an interim analysis.

Corporate Highlights

• Belite Bio hosted a Commercial Day in September 2026 featuring members of management, leading ophthalmology experts and people living with STGD1, which provided an overview of STGD1, the significant unmet need for treatment options and the current treatment landscape, as well as the Company’s prelaunch preparedness strategies and the potential commercial opportunity for tinlarebant in STGD1, if approved by the FDA.
• Belite Bio launched the disease website for STGD1 in October 2026 (https://seestargardtdisease.com/).
• Belite Bio also recently announced the uplisting of the Company’s securities from the Nasdaq Capital Market to the Nasdaq Global Select Market, with trading beginning on October 19, 2026, under the existing ticker symbol “BLTE.”

Third Quarter 2026 Financial Results:

Cash and Cash Equivalents: As of September 30, 2026, the Company had $271.3 million in cash and cash equivalents, compared with $352.9 million on December 31, 2025.

Investments: As of September 30, 2026, the Company had $502.7 million in U.S. treasury bills and U.S. treasury notes, compared to $419.7 million as of December 31, 2025.

Research and Development (R&D) Expenses:

For the three months ended September 30, 2026, R&D expenses were $15.5 million compared to $10.3 million for the same period in 2025. The increase in R&D expenses in the quarter was primarily attributable to increases in (i) active pharmaceutical ingredient (“API”) manufacturing expense and drug product (“DP”) manufacturing expense, (ii) consultant fees, and (iii) sponsorship funding. For the nine months ended September 30, 2026, R&D expenses were $49.4 million compared to $30.8 million for the same period in 2025. The increase in R&D expenses year-to-date was primarily attributable to (i) a royalty payment for an additional milestone achieved under the license agreement in the second quarter of 2026, (ii) an increase in API and DP manufacturing expenses, and (iii) an increase in consultant fees.

On a non-GAAP basis, excluding share-based compensation expenses, non-GAAP R&D expenses for the three months ended September 30, 2026, were $14.7 million compared to $8.0 million for the same period in 2025. For the nine months ended September 30, 2026, non-GAAP R&D expenses were $45.7 million compared to $24.1 million for the same period in 2025.

Selling, General, and Administrative (SG&A) Expenses:

For the three months ended September 30, 2026, SG&A expenses were $21.4 million compared to $12.7 million for the same period in 2025. The increase in SG&A expenses in the quarter was primarily attributable to an increase in professional service fees. For the nine months ended September 30, 2026, SG&A expenses were $55.1 million compared to $25.4 million for the same period in 2025. The increase in SG&A year-to-date was primarily attributable to increases in (i) professional service fees, and (ii) wages and salaries resulting from our team expansion.

On a non-GAAP basis, excluding share-based compensation expenses, non-GAAP SG&A expenses for the three months ended September 30, 2026, were $16.3 million compared to $2.1 million for the same period in 2025. For the nine months ended September 30, 2026, non-GAAP SG&A expenses were $32.9 million compared to $4.9 million for the same period in 2025.

Other Income:

For the three months ended September 30, 2026, other income was $6.7 million compared to $1.3 million for the same period in 2025. For the nine months ended September 30, 2026, other income was $18.9 million compared to $3.8 million for the same period in 2025. The increase in other income in the quarter and year-to-date was attributed to interest income from bank deposits, U.S. treasury bills and U.S. treasury notes.

Net Loss:

For the three months ended September 30, 2026, the Company reported a net loss of $30.3 million, compared to a net loss of $21.7 million for the same period in 2025. For the nine months ended September 30, 2026, net loss was $85.6 million compared to $52.3 million for the same period in 2025. 

On a non-GAAP basis, excluding share-based compensation expenses, the Company reported a non-GAAP net loss of $24.3 million for the three months ended September 30, 2026, compared to a non-GAAP net loss of $8.8 million for the same period in 2025. For the nine months ended September 30, 2026, non-GAAP net loss was $59.7 million compared to $25.1 million for the same period in 2025.

Webcast Information

Belite Bio will host a webcast on Thursday, November 12, 2026, at 4:30 p.m. Eastern Time to discuss the Company’s financial results and provide a business update. To join the webcast, please click here. A replay of the event will be available on the Investor Relations section of the Company’s website following the event.

About Tinlarebant (a/k/a LBS-008)

Tinlarebant is a novel oral therapy that is intended to reduce the accumulation of vitamin A-based toxins (known as bisretinoids) that cause retinal disease in Stargardt disease type 1 (STGD1) and also contribute to disease progression in geographic atrophy (GA), or advanced dry age-related macular degeneration (AMD). Bisretinoids are by-products of the visual cycle, which is dependent on the supply of vitamin A (retinol) to the eye. Tinlarebant works by reducing and maintaining levels of serum retinol binding protein 4 (RBP4), the sole carrier protein for retinol transport from the liver to the eye. By modulating the amount of retinol entering the eye, tinlarebant reduces the formation of bisretinoids. Tinlarebant has been granted Breakthrough Therapy Designation, Fast Track Designation, and Rare Pediatric Disease Designation in the U.S., Orphan Drug Designation in the U.S., Europe, Japan, and Switzerland, and Sakigake Designation in Japan for the treatment of STGD1.

About Stargardt Disease

STGD1 is the most common inherited macular dystrophy in both adults and children. The disease is caused by mutations in a retina-specific gene (ABCA4), which results in progressive accumulation of bisretinoids leading to retinal cell death and progressive loss of central vision. The fluorescent properties of bisretinoids and the development of high-resolution retinal imaging systems have helped ophthalmologists identify and monitor disease progression. Currently, there are no approved treatments for STGD1.

About Geographic Atrophy (GA)

GA is a chronic degenerative disease of the retina that leads to blindness in the elderly. Accumulation of bisretinoids has been implicated in the progression of GA. There are currently no FDA-approved, orally administered treatments for GA.

About Belite Bio

Belite Bio is a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical needs, such as Stargardt disease type 1 (STGD1) and geographic atrophy (GA) in advanced dry age-related macular degeneration (AMD), in addition to specific metabolic diseases. Belite Bio’s lead candidate, tinlarebant, is an oral therapy intended to reduce the accumulation of bisretinoid toxins in the eye. The Company has completed a Phase 3 trial (DRAGON) in adolescent subjects with STGD1, which met its primary endpoint, and the drug is currently being evaluated in a Phase 2/3 trial (DRAGON II) in adolescent subjects with STGD1 and a Phase 3 trial (PHOENIX) in subjects with GA. For more information, follow us on X, Instagram, LinkedIn, and Facebook, or visit us at www.belitebio.com.

Important Cautions Regarding Forward Looking Statements

This press release 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, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future expectations, plans and prospects, as well as other statements regarding matters that are not historical facts. These statements include but are not limited to statements regarding the potential approval of tinlarebant as the first-ever treatment to patients living with STGD1, the potential implications of clinical data for patients; Belite Bio’s advancement of, and anticipated clinical development, regulatory milestones, and commercialization of its product candidates; the ability or potential of tinlarebant to treat STGD1 and GA; the timing to complete relevant clinical trials and/or to receive the interim/final data of such clinical trials; the potential benefits of any regulatory designations, the potential for and timing of any interim analysis of ongoing clinical trials; the design of clinical trials intended to supplement J-NDA in Japan; the Company’s progress and efforts in commercialization preparation, the Company’s pre-launch preparedness strategies and the potential commercial opportunity for tinlarebant in STGD1, as well as any other statements regarding matters that are not historical facts, and any other statements containing the words “may”, “will”, “expect”, “believe”, “target”, “plan”, “intend”, “continue”, “remain”, “hope”, “potential”, “anticipate”, “estimate”, “look forward”, and other similar expressions. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors related to Belite Bio’s business, including but not limited to, FDA’s regulatory decisions on the NDA for tinlarebant in STGD1, the outcome and timing of the review of the J-NDA for tinlarebant in STGD1 by the MHLW and of the marketing authorization applications for tinlarebant in STGD1 by the Health Sciences Authority, the Medicines and Healthcare Products Regulatory Agency and Swissmedic; Belite Bio’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, including the results of any interim analysis of the PHOENIX trial, which may not support further development or regulatory approval; expectations for the timing of initiation, enrollment and completion of, and data relating to, its clinical trials; the timing to complete any ancillary clinical trials and/or to receive the interim/final data of such clinical trials; the timing to communicate with and submit trial data to regulatory authorities for drug approval in various jurisdictions; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of Belite Bio’s drug candidates; Belite Bio’s ability to successfully commercialize tinlarebant, if approved, including its ability to build out commercial infrastructure, achieve market acceptance, and execute a timely product launch; as well as those risks more fully discussed in the “Risk Factors” section in Belite Bio’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Belite Bio, and Belite Bio undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited condensed consolidated financial results prepared in accordance with GAAP, the Company discloses certain non-GAAP financial measures that exclude share-based compensation, including research and development (non-GAAP), selling, general and administrative (non-GAAP), total operating expenses (non-GAAP), loss from operations (non-GAAP), net loss (non-GAAP), weighted average number of ordinary shares used in per share (non-GAAP) and net loss per ordinary share basic and diluted (non-GAAP).

The Company believes that these non-GAAP measures provide supplemental information that may be helpful in understanding period-to-period trends in operating expenses and results when considered together with, and not as a substitute for, the corresponding GAAP financial measures. These measures are intended to increase transparency into expense items that may vary from period to period for reasons such as the timing, structure, and valuation of equity awards. These measures are not intended to replace GAAP financial information and are not considered by management to be superior to GAAP measures.

At the Company’s current stage of development as a clinical-stage biotechnology company, the primary expenditures relate to the execution of clinical trials, regulatory activities (including preparation for potential NDA submissions), and the management of ongoing operations. In this context, management believes that the supplemental presentation of operating expenses excluding certain non-cash charges, such as share-based compensation, may assist users in understanding the nature and scale of cash-based operating activities by reducing period-to- period volatility from non-cash items. However, these non-GAAP measures are not intended to represent, and should not be viewed as, measures of liquidity, cash burn rate, or cash flows.

Non-GAAP measures have inherent limitations and may differ from similarly titled measures used by other companies. Accordingly, these measures should be viewed as supplemental and evaluated together with the Company’s GAAP results and the reconciliations to the most directly comparable GAAP measures presented in this release.

Explanation of Adjustment – Share-based compensation:

Share-based compensation expense consists of non-cash charges related to the fair value of equity awards awarded to employees and other non-employees. The amount recognized in any period may vary based on factors such as grant timing, award structure, and valuation assumptions, which may not be directly correlated with the timing or magnitude of cash payments related to the Company’s clinical, regulatory, and operational activities. The exclusion of share-based compensation in the Company’s non-GAAP measures is intended to supplementally illustrate operating expense trends and facilitate period-to-period comparisons of cash-based expenditures. The Company recognizes that share-based compensation is an important component of total compensation and does not view non-GAAP measures as a replacement for GAAP results, which include the full impact of share-based compensation.

BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands of US Dollars, except share and per share amounts)
		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2025				2026				2025				2026
Expenses
Research and development			10,307				15,482				30,753				49,356
Selling, general and administrative			12,711				21,428				25,378				55,145
Total operating expenses			23,018				36,910				56,131				104,501
Loss from operations			(23,018	)			(36,910	)			(56,131	)			(104,501	)
Other income:
Total other income, net			1,328				6,650				3,844				18,946
Loss before income tax			(21,690	)			(30,260	)			(52,287	)			(85,555	)
Income tax expense			–				13				–				68
Net loss			(21,690	)			(30,273	)			(52,287	)			(85,623	)
Other comprehensive income (loss)
Foreign currency translation adjustments, net of nil tax			82				23				228				51
Total comprehensive loss			(21,608	)			(30,250	)			(52,059	)			(85,572	)
Weighted average number of ordinary shares used in per share calculation:
– Basic and Diluted			33,223,232				40,415,114				32,634,966				40,157,365
Net loss per ordinary share
– Basic and Diluted		$	(0.65	)		$	(0.75	)		$	(1.60	)		$	(2.13	)

BELITE BIO, INC
RECONCILIATION OF GAAP TO NON-GAAP UNAUDITED OPERATING RESULTS
(Amounts in thousands of US Dollars, except share and per share amounts)
		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2025				2026				2025				2026
Expenses
GAAP Research and development			10,307				15,482				30,753				49,356
Share-based compensation expense			(2,278	)			(773	)			(6,695	)			(3,651	)
Non-GAAP research and development			8,029				14,709				24,058				45,705
GAAP Selling, general and administrative			12,711				21,428				25,378				55,145
Share-based compensation expense			(10,640	)			(5,168	)			(20,509	)			(22,267	)
Non-GAAP selling, general and administrative			2,071				16,260				4,869				32,878
GAAP Total operating expenses			23,018				36,910				56,131				104,501
Share-based compensation expense			(12,918	)			(5,941	)			(27,204	)			(25,918	)
Non-GAAP Total operating expense			10,100				30,969				28,927				78,583
GAAP Loss from operations			(23,018	)			(36,910	)			(56,131	)			(104,501	)
Share-based compensation expense			12,918				5,941				27,204				25,918
Non-GAAP Loss from operations			(10,100	)			(30,969	)			(28,927	)			(78,583	)
GAAP Net loss			(21,690	)			(30,273	)			(52,287	)			(85,623	)
Share-based compensation expense			12,918				5,941				27,204				25,918
Non-GAAP Net Loss			(8,772	)			(24,332	)			(25,083	)			(59,705	)
Weighted average number of ordinary shares used in per share
Calculation GAAP and Non-GAAP:
– Basic and Diluted			33,223,232				40,415,114				32,634,966				40,157,365
Net loss per ordinary share
– Basic and Diluted GAAP		$	(0.65	)		$	(0.75	)		$	(1.60	)		$	(2.13	)
– Basic and Diluted Non-GAAP		$	(0.26	)		$	(0.60	)		$	(0.77	)		$	(1.49	)

BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of US Dollars, except share amounts)
		December 31,			September 30,
		2025			2026
Current assets		$	494,272		$	498,346
Other assets			286,284			291,392
TOTAL ASSETS		$	780,556		$	789,738
TOTAL LIABILITIES		$	10,070		$	18,678
TOTAL SHAREHOLDERS’ EQUITY			770,486			771,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	780,556		$	789,738
Ordinary shares authorized			400,000,000			400,000,000
Ordinary shares issued			39,353,365			40,750,271
Ordinary shares outstanding			39,339,960			40,614,160

Media and Investor Relations Contact:
ir@belitebio.com

Proposed $7 million all-cash acquisition of a 51% interest in the Ukrainian developer of the ICMM mothership drone control system; transaction subject to due diligence, a live flight demonstration in Ukraine, a definitive agreement, Board approval and regulatory conditions

WEST HOLLYWOOD, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — VisionWave Holdings, Inc. (Nasdaq: VWAV) (“VisionWave” or the “Company”), a technology company focused on advanced defense, autonomous systems and related technologies, today announced that it has entered into a non-binding Letter of Intent (“LOI”) with EUROPOSTACHSERVICE LLC (“EPSERVICE”), a Ukrainian limited liability company engaged in the development and integration of unmanned aerial systems, and Metal Machinery Components Trading – FZCO (“MMC”), a Dubai free zone company that holds 51% of EPSERVICE, regarding the proposed acquisition by VisionWave of MMC’s 51% participatory interest in the charter capital of EPSERVICE.

If completed, the proposed transaction would give VisionWave a majority equity interest in a Ukrainian company developing integrated unmanned aerial vehicles, carrier-based drone systems and related control and communications technologies. EPSERVICE’s technology would remain owned by EPSERVICE and located in Ukraine, and any transfer of controlled technology to VisionWave or outside Ukraine would require authorization from the State Service of Export Control of Ukraine, which has not been sought or obtained.

ICMM: An Airborne Platform for Integrated Drone Operations

According to EPSERVICE, at the center of EPSERVICE’s technology portfolio is its ICMM (Intelligent Control Module for Motherships) system, an architecture designed to enable a larger unmanned aircraft, commonly referred to as a “mothership,” to carry and coordinate smaller first-person-view (FPV) drones.

EPSERVICE states that the platform combines carrier aircraft technology, onboard electronics, flight-control software, communications systems and FPV drone integration into a coordinated unmanned aerial system.

According to EPSERVICE management, its current configuration supports one carrier aircraft and one FPV drone simultaneously. EPSERVICE states that the underlying architecture was designed with scalability for additional sub-drones, subject to mission requirements and further technical validation.

EPSERVICE states that the carrier platform is designed around reusable composite aircraft construction and electric propulsion, with integrated reconnaissance and communications capabilities.

EPSERVICE has provided VisionWave with flight test video evidence and reports that the platform has undergone flight testing in Ukraine. VisionWave has not independently verified these statements and intends to conduct technical due diligence in Ukraine, including a live flight demonstration of the ICMM system, before entering into a definitive agreement.

Image: ICMM carrier and FPV drone integration (image provided by EPSERVICE)

Advanced Communications, Autonomy and Engineering

According to EPSERVICE, its development activities also include technologies associated with:

• Integrated unmanned aircraft control: Hardware and software designed to coordinate carrier aircraft and smaller drones.
• Protected communications: Communications architectures intended to improve operational continuity in challenging electromagnetic environments.
• Autonomous navigation: Flight-control software supporting waypoint-based aircraft navigation and mission execution.
• Reusable electric aircraft: Composite unmanned platforms designed for repeated operation.

These capabilities are at different stages of development and validation. All descriptions of EPSERVICE and its technology in this press release are based on information provided by EPSERVICE management, have not been independently verified by VisionWave, and remain subject to VisionWave’s due diligence.

Image: EPSERVICE carrier aircraft during field testing (image provided by EPSERVICE)

Proposed Transaction

Under the LOI, VisionWave proposes to acquire MMC’s entire 51% participatory interest in EPSERVICE for $7 million in cash, payable to MMC in a single installment 90 days following closing. No portion of the purchase price would be paid to EPSERVICE. The proposed acquisition does not involve the issuance of VisionWave common stock, preferred stock, warrants or other equity securities. VisionWave expects to fund the purchase price from the proceeds of future financing transactions, which have not been arranged.

Following completion, VisionWave would hold a majority interest in EPSERVICE, while the existing participants of EPSERVICE other than MMC would retain the remaining 49%. VisionWave would have the right to appoint the director of EPSERVICE in accordance with EPSERVICE’s charter and Ukrainian law.

Under the LOI, EPSERVICE would continue to own its intellectual property, and nothing in the LOI requires any transfer of EPSERVICE’s technology to VisionWave or outside Ukraine. EPSERVICE’s technology is subject to Ukrainian export control, including the special regime in effect during martial law. Closing would not be conditioned on any authorization from the State Service of Export Control of Ukraine, and following closing no controlled technology, software, technical documentation or technical assistance could be transferred to VisionWave, its affiliates or outside Ukraine without that authorization. There can be no assurance that any such authorization will be obtained, and VisionWave’s ability to use or commercialize EPSERVICE’s technology outside Ukraine will depend on it.

The LOI is non-binding with respect to the proposed acquisition, other than customary exclusivity, confidentiality, expense and governing-law provisions. Execution of a definitive agreement and closing are subject to, among other things, satisfactory completion of legal, financial and technical due diligence; confirmation of EPSERVICE’s ownership of its intellectual property; sanctions screening; a satisfactory live flight demonstration of the ICMM system in Ukraine; receipt of required regulatory approvals; and approval by VisionWave’s Board of Directors. The LOI contemplates execution of a definitive agreement within 45 days and closing within 30 days thereafter, and in no event later than 120 days after the date of the LOI. There can be no assurance that a definitive agreement will be executed or that the proposed transaction will be completed on these terms, on this timeline or at all.

Strategic Rationale

VisionWave believes the proposed investment could complement its broader strategy of developing and integrating advanced autonomous systems, software and defense-related technologies.

The Company sees potential long-term opportunities in combining EPSERVICE’s engineering experience with VisionWave’s existing technology development and integration initiatives, subject to receipt of Ukrainian export-control and other regulatory authorizations and successful completion of the transaction.

About EPSERVICE

EUROPOSTACHSERVICE LLC, operating as EPSERVICE, is a privately held Ukrainian company engaged in the development and integration of unmanned systems technology. Its principal technology platform is ICMM, a carrier-based unmanned aerial system integrating flight-control electronics, FPV drone control, software, firmware and communications technology.

About VisionWave Holdings, Inc.

VisionWave Holdings, Inc. (Nasdaq: VWAV) is a technology company developing dual-use unmanned systems, autonomous capabilities, and advanced sensing solutions for defense, security, and commercial applications. Its portfolio includes the VARAN unmanned ground vehicle (UGV) platform and a suite of unmanned aerial vehicles (UAVs) and drone solutions, supported by sensing, perception, and autonomy technologies. Through technology development and strategic partnerships, VisionWave aims to deliver integrated ground and aerial systems that enhance situational awareness, support operational missions, and reduce personnel exposure to risk across military and civilian environments. For more information, visit https://www.vwav.inc.

Forward-Looking Statements

This press release 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. These statements include, without limitation, statements regarding the proposed acquisition of an interest in EPSERVICE, the anticipated benefits of the transaction, the capabilities and future development of EPSERVICE’s technology, potential strategic opportunities, the funding of the purchase price, export-control and other regulatory approvals, the timing of a definitive agreement and closing, and the Company’s future plans.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks include the possibility that the parties will not execute a definitive agreement or complete the proposed transaction on the terms described, on a timely basis or at all; the inability to satisfy closing conditions, including the live flight demonstration and sanctions screening; the results of technical, financial or legal due diligence; the risk that Ukrainian export-control authorizations necessary to access, use or commercialize EPSERVICE’s technology outside Ukraine are delayed, limited or not obtained; the effects of the ongoing armed conflict and martial law in Ukraine on EPSERVICE’s operations, personnel and assets; currency-control and other restrictions on the repatriation of funds from Ukraine; the rights of the other participants in EPSERVICE under Ukrainian law and EPSERVICE’s charter; uncertainty regarding the commercialization, performance and intellectual property protection of EPSERVICE’s technologies; the availability of financing to fund the purchase price; and other risks described under “Risk Factors” in VisionWave’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and in VisionWave’s other filings with the Securities and Exchange Commission.

VisionWave undertakes no obligation to update forward-looking statements except as required by applicable law.

Contact for Investors: investors@vwav.inc

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/ca6c0184-6d8a-45ef-a094-91f5bf969df6

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb7cf3d-cdc9-4c76-ba42-dd4b75c6ead7

Proposed $7 million all-cash acquisition of a 51% interest in the Ukrainian developer of the ICMM mothership drone control system; transaction subject to due diligence, a live flight demonstration in Ukraine, a definitive agreement, Board approval and regulatory conditions

WEST HOLLYWOOD, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) — VisionWave Holdings, Inc. (Nasdaq: VWAV) (“VisionWave” or the “Company”), a technology company focused on advanced defense, autonomous systems and related technologies, today announced that it has entered into a non-binding Letter of Intent (“LOI”) with EUROPOSTACHSERVICE LLC (“EPSERVICE”), a Ukrainian limited liability company engaged in the development and integration of unmanned aerial systems, and Metal Machinery Components Trading – FZCO (“MMC”), a Dubai free zone company that holds 51% of EPSERVICE, regarding the proposed acquisition by VisionWave of MMC’s 51% participatory interest in the charter capital of EPSERVICE.

If completed, the proposed transaction would give VisionWave a majority equity interest in a Ukrainian company developing integrated unmanned aerial vehicles, carrier-based drone systems and related control and communications technologies. EPSERVICE’s technology would remain owned by EPSERVICE and located in Ukraine, and any transfer of controlled technology to VisionWave or outside Ukraine would require authorization from the State Service of Export Control of Ukraine, which has not been sought or obtained.

ICMM: An Airborne Platform for Integrated Drone Operations

According to EPSERVICE, at the center of EPSERVICE’s technology portfolio is its ICMM (Intelligent Control Module for Motherships) system, an architecture designed to enable a larger unmanned aircraft, commonly referred to as a “mothership,” to carry and coordinate smaller first-person-view (FPV) drones.

EPSERVICE states that the platform combines carrier aircraft technology, onboard electronics, flight-control software, communications systems and FPV drone integration into a coordinated unmanned aerial system.

According to EPSERVICE management, its current configuration supports one carrier aircraft and one FPV drone simultaneously. EPSERVICE states that the underlying architecture was designed with scalability for additional sub-drones, subject to mission requirements and further technical validation.

EPSERVICE states that the carrier platform is designed around reusable composite aircraft construction and electric propulsion, with integrated reconnaissance and communications capabilities.

EPSERVICE has provided VisionWave with flight test video evidence and reports that the platform has undergone flight testing in Ukraine. VisionWave has not independently verified these statements and intends to conduct technical due diligence in Ukraine, including a live flight demonstration of the ICMM system, before entering into a definitive agreement.

Image: ICMM carrier and FPV drone integration (image provided by EPSERVICE)

Advanced Communications, Autonomy and Engineering

According to EPSERVICE, its development activities also include technologies associated with:

• Integrated unmanned aircraft control: Hardware and software designed to coordinate carrier aircraft and smaller drones.
• Protected communications: Communications architectures intended to improve operational continuity in challenging electromagnetic environments.
• Autonomous navigation: Flight-control software supporting waypoint-based aircraft navigation and mission execution.
• Reusable electric aircraft: Composite unmanned platforms designed for repeated operation.

These capabilities are at different stages of development and validation. All descriptions of EPSERVICE and its technology in this press release are based on information provided by EPSERVICE management, have not been independently verified by VisionWave, and remain subject to VisionWave’s due diligence.

Image: EPSERVICE carrier aircraft during field testing (image provided by EPSERVICE)

Proposed Transaction

Under the LOI, VisionWave proposes to acquire MMC’s entire 51% participatory interest in EPSERVICE for $7 million in cash, payable to MMC in a single installment 90 days following closing. No portion of the purchase price would be paid to EPSERVICE. The proposed acquisition does not involve the issuance of VisionWave common stock, preferred stock, warrants or other equity securities. VisionWave expects to fund the purchase price from the proceeds of future financing transactions, which have not been arranged.

Following completion, VisionWave would hold a majority interest in EPSERVICE, while the existing participants of EPSERVICE other than MMC would retain the remaining 49%. VisionWave would have the right to appoint the director of EPSERVICE in accordance with EPSERVICE’s charter and Ukrainian law.

Under the LOI, EPSERVICE would continue to own its intellectual property, and nothing in the LOI requires any transfer of EPSERVICE’s technology to VisionWave or outside Ukraine. EPSERVICE’s technology is subject to Ukrainian export control, including the special regime in effect during martial law. Closing would not be conditioned on any authorization from the State Service of Export Control of Ukraine, and following closing no controlled technology, software, technical documentation or technical assistance could be transferred to VisionWave, its affiliates or outside Ukraine without that authorization. There can be no assurance that any such authorization will be obtained, and VisionWave’s ability to use or commercialize EPSERVICE’s technology outside Ukraine will depend on it.

The LOI is non-binding with respect to the proposed acquisition, other than customary exclusivity, confidentiality, expense and governing-law provisions. Execution of a definitive agreement and closing are subject to, among other things, satisfactory completion of legal, financial and technical due diligence; confirmation of EPSERVICE’s ownership of its intellectual property; sanctions screening; a satisfactory live flight demonstration of the ICMM system in Ukraine; receipt of required regulatory approvals; and approval by VisionWave’s Board of Directors. The LOI contemplates execution of a definitive agreement within 45 days and closing within 30 days thereafter, and in no event later than 120 days after the date of the LOI. There can be no assurance that a definitive agreement will be executed or that the proposed transaction will be completed on these terms, on this timeline or at all.

Strategic Rationale

VisionWave believes the proposed investment could complement its broader strategy of developing and integrating advanced autonomous systems, software and defense-related technologies.

The Company sees potential long-term opportunities in combining EPSERVICE’s engineering experience with VisionWave’s existing technology development and integration initiatives, subject to receipt of Ukrainian export-control and other regulatory authorizations and successful completion of the transaction.

About EPSERVICE

EUROPOSTACHSERVICE LLC, operating as EPSERVICE, is a privately held Ukrainian company engaged in the development and integration of unmanned systems technology. Its principal technology platform is ICMM, a carrier-based unmanned aerial system integrating flight-control electronics, FPV drone control, software, firmware and communications technology.

About VisionWave Holdings, Inc.

VisionWave Holdings, Inc. (Nasdaq: VWAV) is a technology company developing dual-use unmanned systems, autonomous capabilities, and advanced sensing solutions for defense, security, and commercial applications. Its portfolio includes the VARAN unmanned ground vehicle (UGV) platform and a suite of unmanned aerial vehicles (UAVs) and drone solutions, supported by sensing, perception, and autonomy technologies. Through technology development and strategic partnerships, VisionWave aims to deliver integrated ground and aerial systems that enhance situational awareness, support operational missions, and reduce personnel exposure to risk across military and civilian environments. For more information, visit https://www.vwav.inc.

Forward-Looking Statements

This press release 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. These statements include, without limitation, statements regarding the proposed acquisition of an interest in EPSERVICE, the anticipated benefits of the transaction, the capabilities and future development of EPSERVICE’s technology, potential strategic opportunities, the funding of the purchase price, export-control and other regulatory approvals, the timing of a definitive agreement and closing, and the Company’s future plans.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks include the possibility that the parties will not execute a definitive agreement or complete the proposed transaction on the terms described, on a timely basis or at all; the inability to satisfy closing conditions, including the live flight demonstration and sanctions screening; the results of technical, financial or legal due diligence; the risk that Ukrainian export-control authorizations necessary to access, use or commercialize EPSERVICE’s technology outside Ukraine are delayed, limited or not obtained; the effects of the ongoing armed conflict and martial law in Ukraine on EPSERVICE’s operations, personnel and assets; currency-control and other restrictions on the repatriation of funds from Ukraine; the rights of the other participants in EPSERVICE under Ukrainian law and EPSERVICE’s charter; uncertainty regarding the commercialization, performance and intellectual property protection of EPSERVICE’s technologies; the availability of financing to fund the purchase price; and other risks described under “Risk Factors” in VisionWave’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and in VisionWave’s other filings with the Securities and Exchange Commission.

VisionWave undertakes no obligation to update forward-looking statements except as required by applicable law.

Contact for Investors: investors@vwav.inc

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/ca6c0184-6d8a-45ef-a094-91f5bf969df6

https://www.globenewswire.com/NewsRoom/AttachmentNg/2bb7cf3d-cdc9-4c76-ba42-dd4b75c6ead7

St Peter Port, Guernsey

Neuberger Private Equity Partners Limited

Notification of Transaction by Persons Discharging Managerial Responsibilities (PDMRs)

Neuberger Private Equity Partners Limited announces that it has been advised that David MacLellan, a Director of the Company, has purchased 8000 Class ‘A’ Ordinary Shares in the Company (“Ordinary Shares“) Following this transaction, Mr MacLellan holds 8,000 Ordinary Shares.

Details of the transactions can be found in the Notification of Dealing Form below.

1 Details of the person discharging managerial responsibilities / person closely associated

a) Name

David MacLellan

2 Reason for the notification

a) Position/status

Non-Executive Director

b) Initial notification /Amendment

Initial notification

3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a) Name

Neuberger Private Equity Partners Limited

b) LEI

213800UJH93NH8IOFQ77

4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a) Description of the financial instrument, type of instrument

Identification code
Ordinary shares of USD 0.01 each – A Shares

GG00B1ZBD492

b) Nature of the transaction

Purchase of shares

c) Price(s) and volume(s)

Price(s) GBP 15.506

Volume(s) 8,000

d) Aggregated information

– Aggregated volume 8,000
– Price £15.506
– Principal Amount GBP 124,048.00

e) Date of the transaction

11 November 2026

f) Place of the transaction

London Stock Exchange, Main Market

St Peter Port, Guernsey

Neuberger Private Equity Partners Limited

Notification of Transaction by Persons Discharging Managerial Responsibilities (PDMRs)

Neuberger Private Equity Partners Limited announces that it has been advised that David MacLellan, a Director of the Company, has purchased 8000 Class ‘A’ Ordinary Shares in the Company (“Ordinary Shares“) Following this transaction, Mr MacLellan holds 8,000 Ordinary Shares.

Details of the transactions can be found in the Notification of Dealing Form below.

1 Details of the person discharging managerial responsibilities / person closely associated

a) Name

David MacLellan

2 Reason for the notification

a) Position/status

Non-Executive Director

b) Initial notification /Amendment

Initial notification

3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a) Name

Neuberger Private Equity Partners Limited

b) LEI

213800UJH93NH8IOFQ77

4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a) Description of the financial instrument, type of instrument

Identification code
Ordinary shares of USD 0.01 each – A Shares

GG00B1ZBD492

b) Nature of the transaction

Purchase of shares

c) Price(s) and volume(s)

Price(s) GBP 15.506

Volume(s) 8,000

d) Aggregated information

– Aggregated volume 8,000
– Price £15.506
– Principal Amount GBP 124,048.00

e) Date of the transaction

11 November 2026

f) Place of the transaction

London Stock Exchange, Main Market

MONACO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Costamare Bulkers Holdings Limited (“Costamare Bulkers” or the “Company”) (NYSE: CMDB) today reported unaudited financial results for the third quarter (“Q3 2026”) and nine-month period (“9M 2026”) ended September 30, 2026.

FINANCIAL AND OPERATING HIGHLIGHTS

Q3 2026 EARNINGS $16.6 million Net Income | $0.68 per share $12.4 million Adjusted Net Income1 | $0.51 per share		9M 2026 EARNINGS $31.7 million Net Income | $1.31 per share $34.6 million Adjusted Net Income1 | $1.43 per share
BALANCE SHEET STRENGTH2 $141.7 million Cash3 exceeding Debt4 $358.2 million Total Liquidity5 No significant loan maturities until Q4 2031 (post refinancing)6		FLEET PROFILE7 29 owned vessels 2.6 million DWT 32 chartered-in vessels

OPERATIONAL AND STRATEGIC UPDATES

• Owned-fleet employment and optionality⁷: 29 owned vessels, 24 of which are on period charters. Based on the current employment of the owned fleet, management estimates that approximately 80% and 52% of the available days for Q4 2026 and Q1 2027, respectively, will be covered by vessels on fixed rate charters (including those that were subsequently converted from an index linked rate). 12 vessels of our fleet are employed under index-linked charter agreements which generally provide the option to convert to a fixed rate based on the prevailing FFA curve. 5 vessels of our fleet are employed under short-term time charter trips.

• Operating platform: The dry bulk operating platform (“CBI”) comprises⁷ 32 third-party chartered-in dry bulk vessels, primarily Kamsarmax/Panamax, the majority of which are employed under fixed-rate charter-out agreements. The platform focuses on shorter-duration employment, retaining flexibility to adjust chartering strategy to the changing market conditions.

• Fleet renewal – sale of older tonnage: During Q3 2026, the Company completed the sale of the 2009-built Supramax Bermondi, recognizing a gain of approximately $2.5 million and releasing capital from older tonnage while preserving financial flexibility for future opportunities.

• Debt refinancing: The Company has signed commitments for new loan facilities⁸ totaling $133 million, secured by 18 vessels in its existing fleet, which will refinance all of its existing loan obligations. The new arrangements are expected to reduce financing costs through lower margins and extend debt maturities from Q4 2029 (at the earliest) to between Q4 2031 and Q1 2032. Upon completion of the refinancings, the Company’s unencumbered fleet is expected to increase from 3 to 11 vessels.

___________________
¹ Adjusted Net Income and the respective per share figures are non-GAAP measures and should not be used in isolation or as substitutes for Costamare Bulkers financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). For the definition and reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to “Non-GAAP Measures” and Exhibit I.
² As of September 30, 2026.
³ Cash denotes Cash and cash equivalents, including restricted cash, of $264.5 million plus margin deposits of $8.9 million relating mainly to FFAs, bunker swaps and EUA futures.
⁴ Debt denotes the carrying amount of long-term debt, including current and non-current portions, net of deferred financing costs.
⁵ Liquidity includes Cash (as defined in Footnote 3) and $84.7 million of undrawn funds available under one of our facilities as of September 30, 2026. Access to undrawn funds is subject to the applicable facility terms.
⁶ Please refer to Debt refinancing update under “Operational and Strategic Updates” section.
⁷ As of November 10, 2026.
⁸ Subject to final documentation.

MANAGEMENT COMMENTARY

Mr. Gregory Zikos, Chief Executive Officer of Costamare Bulkers Holdings Limited, commented:

“During the third quarter of the year Costamare Bulkers generated net income of about $17 million.

Following the transfer of the Company’s entire legacy trading portfolio to Cargill, we are now operating a Kamsarmax-focused trading platform, currently employing 32 vessels primarily chartered-in on short-term fixed rate charters, some of which include charterers’ extension options.

As part of our fleet renewal program, we recently completed the sale of the 2009-built Supramax Bermondi, recognizing a capital gain of about $2.5 million.

Regarding our balance sheet, we have signed commitments for new loan facilities totaling $133 million, essentially refinancing all our existing debt. The new arrangements are expected to reduce financing costs and extend our debt maturities from 2029 out to 2031-2032, while increasing our unencumbered fleet from 3 to 11 vessels.

With total cash exceeding debt by approximately $142 million, the Company is net cash positive, positioning us favorably to grow countercyclically in a low asset value environment.

The dry bulk market was characterized by heightened volatility during the quarter. In the Capesize segment, an active typhoon season tightened tonnage supply through vessel delays and congestion in China, and the upward market extended into September, supported by strong Guinean bauxite exports despite the rainy season.

The Panamax market remained relatively strong throughout the quarter, although rates briefly corrected in the second half of July as typhoon-related congestion in China eased, the corresponding Capesize market correction reduced support for the Panamax market, and Black Sea disruption weighed on grain flows.

Finally, the Supramax index continued its gradual upward trend, supported by vessel inefficiencies and the strong larger-segment market, notwithstanding a brief correction from late July to mid-August due to a corresponding Capesize correction and escalating Black Sea disruptions.”

FINANCIAL SUMMARY⁹ 

Expressed in thousands of U.S. dollars, except per-share data	Q3 2026		Q3 2025		9M 2026
Total voyage revenue*	$131,507		$222,874		$354,625
Net Income*	$16,564		$7,354		$31,667
Weighted average number of shares		24,302,148		24,241,640		24,242,311
Earnings per share	$0.68		$0.30		$1.31
Adjusted Net Income10	$12,434		$473		$34,646
Adjusted Earnings per Share10	$0.51		$0.02		$1.43

* The decrease in Total voyage revenue and the improvement in Net Income in Q3 2026 vs Q3 2025 reflect, among other factors, the significant downsizing of the operating platform fleet following the agreement of the previously announced transaction (signed in the end of Q3 2025) with Cargill International S.A. (“Cargill”), together with actions taken to reduce the operating platform’s operating expenses.

___________________
⁹ Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the nine-month period ended September 30, 2026 are not comparable to the corresponding period of 2025, and respective comparative figures are not presented.
¹⁰ Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. Refer to “Non-GAAP Measures” and Exhibit I for the definitions and reconciliations.

NON-GAAP MEASURES

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non-GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they exclude certain items that affect comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.

The non-GAAP measures presented herein include Adjusted Net Income, Adjusted Earnings per Share, TCE Revenue, TCE Revenue allocated to the owned dry bulk fleet and Owned-Fleet TCE per Day. These measures should be viewed in addition to, and not as alternatives for, Total voyage revenue, Net Income / (Loss), Earnings / (loss) per share or other measures determined in accordance with GAAP, and may not be comparable with similarly titled measures used by other companies. Supplemental financial data and corresponding reconciliations to the most directly comparable GAAP measures for the relevant period are included in Exhibits I and II.

EXHIBIT I – ADJUSTED NET INCOME AND EPS RECONCILIATIONS

Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share

Expressed in thousands of U.S. dollars, except share and per-share data	Q3 2026			Q3 2025			9M 2026
Net Income	$16,564			$7,354			$31,667
Accrued charter revenue		10			1			10
Deferred charter-in expense		(539)			91			(1,392)
Amortization of time-charter assumed		(383)			–			(691)
General and administrative expenses – non-cash component		1,320			869			3,319
Non-recurring, non-cash write-off of loan deferred financing costs		34			157			200
Non-recurring expenses for realignment of operating platform		158			–			5,782
Unrealized gain on derivative instruments (mark-to-market)11		(4,730)			(7,999)			(4,249)
Adjusted Net Income	$12,434			$473			$34,646
Weighted average number of shares		24,302,148			24,241,640			24,242,311
Adjusted Earnings per Share*	$0.51			$0.02			$1.43

* Per-share amounts are calculated using the weighted average number of shares shown above. Amounts may not recalculate precisely due to rounding.

Adjusted Net Income and Adjusted Earnings per Share adjust Net Income for non-cash “Accrued charter revenue” recorded under charters with escalating or descending charter rates, deferred charter-in expense, amortization of time-charter assumed, the non-cash component of general and administrative expenses, non-recurring, non-cash write-offs of loan deferred financing costs, non-recurring operating-platform realignment expenses and unrealized gains or losses on derivative instruments, as detailed below. “Accrued charter revenue” represents the difference between cash received during the period and revenue recognized during the period on a straight-line basis at the charter’s average rate. However, Adjusted Net Income and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income and Adjusted Earnings per Share generally eliminates the effects of the accounting, effects of certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Previously, the Company’s calculation of Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) per Share included adjustments for any gain/loss incurred in connection with the sale of vessels and for any loss on vessels held for sale. As the Company’s fleet management activities may, subject to market and other conditions, periodically include the sale of dry bulk vessels, the Company no longer includes such adjustments in its calculation of these non-GAAP measures beginning with the results for the quarter ended March 31, 2026. Accordingly, the previously reported figures for the quarter ended September 30, 2025 have been recast to account for this change. We believe this updated methodology provides a more meaningful view of the Company’s operating performance.

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¹¹ The mark-to-market adjustment reflects the change in the fair value of each derivative instrument being the unrealized component of the gain or loss on derivative instruments recognized in the consolidated Net Income. Such unrealized losses are added back and such unrealized gains are deducted; realized derivative gains and losses remain included in Adjusted Net Income. This relabeling does not change the adjustment methodology. It does not imply that associated collateral or margin movements have no cash-flow effect.

EXHIBIT II – OWNED-FLEET OPERATING DATA AND TCE CALCULATION

Owned-Fleet Operating Data

Metric	Q3 2026			Q3 2025			9M 2026
Average owned vessels		29.5			35.5			29.9
Ownership days – owned fleet		2,716			3,270			8,173
Available days – owned fleet		2,594			3,259			7,851
Owned-fleet utilization(1)		94.8%			98.4%			97.1%
Daily vessel operating expenses – owned fleet(2)	$6,161			$5,899			$6,097
Vessels completing dry-docking / special survey		4			—			7

⁽¹⁾ We calculate utilization of our owned dry bulk fleet (including owned vessels chartered-in by CBI) by dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period of our owned dry bulk fleet by (ii) the number of our available days (owned dry bulk fleet) during such period. We use the following definitions in our calculation of utilization of owned dry bulk fleet:

• On-hire days. We define on-hire days as the total days that a vessel was on-hire during a period.
• Ballast days (excluding dry dock ballast days). We define ballast days (excluding dry dock ballast days) during a period, as the total number of days that a vessel is not on-hire, but is conducting ordinary ship operations (other than dry dock ballast days) which include repositioning from a discharging port to a loading port, sailing to a port for the conclusion of a prospective sale of a vessel or a change of the technical manager of a vessel.
• Available days. We define available days as the number of our ownership days of our owned dry bulk fleet during a period less the aggregate number of dry dock days and dry dock ballast days during such period. We use the following definitions in our calculation of available days (owned dry bulk fleet):
  • Dry dock days. We define dry dock days as the days during a period that a vessel underwent scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.
  • Dry dock ballast days. We define dry dock ballast days as the total days during a period that a vessel spends sailing to and from a shipyard for scheduled repairs or repairs under guarantee, vessel upgrades, scheduled dry-docking or special surveys.

⁽²⁾ We calculate daily vessel operating expenses as vessels’ operating expenses for the period over the ownership days of the period.

Reconciliation of Total Voyage Revenue to TCE Revenue and Owned-Fleet TCE per Day

Expressed in thousands of U.S. dollars, except days and per-day data	Q3 2026			Q3 2025			9M 2026
Total Voyage Revenue*	$131,507			$222,874			$354,625
Less: Voyage Expenses*		(34,617)			(65,781)			(87,834)
Less: Voyage Expenses – Related Parties*		(831)			(3,009)			(2,622)
TCE Revenue	$96,059			$154,084			$264,169
Less: TCE Revenue allocated to CBI		(50,534)			(117,247)			(136,728)
Add: TCE Revenue earned by the owned fleet from chartering-out owned vessels to CBI		–		$8,842			$364
TCE Revenue allocated to the owned dry bulk fleet	$45,525			$45,679			$127,805
Owned-fleet available days		2,594			3,259			7,851
Owned-Fleet TCE per Day	$17,550			$14,016			$16,279

* The decrease in Total Voyage Revenue, Voyage Expenses and Voyage Expenses – Related Parties in Q3 2026 versus Q3 2025 reflects, among other factors, the significant downsizing of the operating platform fleet following the agreement of the previously announced transaction with Cargill (signed in the end of Q3 2025).

TCE Revenue is calculated as Total Voyage Revenue from the employment of our owned fleet and third-party chartered-in vessels, less Voyage Expenses and Voyage Expenses – Related Parties. Voyage expenses primarily consist of port and canal charges, fuel costs, EUAs and FuelEU Maritime expenses and commissions to counterparties, third parties or related parties that are unique to a particular charter. We believe that the presentation of TCE revenue is useful to investors because it allows for a uniform comparison of voyage revenues generated under both voyage and time-charter agreements. Charter-in hire expenses are not deducted in TCE Revenue; TCE is therefore not a measure of the CBI operating platform’s net profit.

TCE Revenue allocated to the owned dry bulk fleet is calculated by deducting TCE Revenue allocated to CBI from the total TCE Revenue, and adding any TCE Revenue earned by our owned dry bulk vessels that are chartered out to CBI. Owned-Fleet TCE per Day is TCE Revenue allocated to the owned dry bulk fleet divided by the corresponding number of available days during the relevant period.

TCE rate per day is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters, bareboat charters and pool arrangements) under which its vessels may be employed between the periods. We believe that the presentation of our Owned-Fleet TCE per day is useful to investors because it shows only the performance of our owned fleet, which is more directly comparable from period to period than our chartered-in fleet because the composition of our chartered-in fleet changes more significantly from period to period.

RESULTS OF OPERATIONS

Three-month and nine-month periods ended September 30, 2026¹²

During the three-month periods ended September 30, 2026 and 2025, the Company had an average of 29.5 and 35.5 vessels in its owned fleet and chartered in an average of 28.1 and 44.7 third-party owned dry bulk vessels, respectively. During the nine-month period ended September 30, 2026, the corresponding averages were 29.9 owned vessels and 25.0 chartered-in vessels.

During the three-month period ended September 30, 2026, we sold the dry bulk vessel Bermondi with a DWT capacity of 55,469. During the three-month period ended September 30, 2025, we acquired and accepted delivery of the secondhand dry bulk vessels Imperator and Gorgo with an aggregate DWT capacity of 252,885, and we sold the dry bulk vessels Acuity, Verity, Bernis, Equity, Pythias and Gorgo with an aggregate DWT capacity of 281,897. During the nine-month period ended September 30, 2026, we took delivery of the dry bulk vessel Astros with a DWT capacity of 60,297 and we sold the dry bulk vessels Clara, Miracle and Bermondi with an aggregate DWT capacity of 292,669.

During the three-month periods ended September 30, 2026 and 2025, owned-fleet ownership days totaled 2,716 and 3,270, respectively. During the nine-month period ended September 30, 2026, our owned-fleet ownership days totaled 8,173. Ownership days are one of the primary drivers of voyage revenue and vessels’ operating expenses and represent the aggregate number of days in a period during which each vessel in our fleet is owned.

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¹² Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the nine-month period ended September 30, 2026 are not comparable to the corresponding period of 2025, and respective comparative figures are not presented.

Consolidated Financial Results

Expressed in millions of U.S. dollars	Q3 2026			Q3 2025			9M 2026
	(Unaudited)
Voyage revenue	$125.2			$158.8			$329.6
Voyage revenue – related parties		6.3			64.1			25.0
Total voyage revenue		131.5			222.9			354.6
Voyage expenses		(34.6)			(65.8)			(87.8)
Charter-in hire expenses		(54.6)			(117.4)			(139.5)
Voyage expenses – related parties		(0.8)			(3.0)			(2.6)
Vessels’ operating expenses		(16.7)			(19.3)			(49.8)
General and administrative expenses		(2.0)			(3.3)			(6.7)
Management and agency fees – related parties		(3.9)			(6.5)			(13.0)
General and administrative expenses – non-cash component		(1.3)			(0.9)			(3.3)
Amortization of dry-docking and special survey costs		(2.0)			(1.7)			(5.5)
Depreciation		(8.8)			(9.3)			(26.3)
Gain / (loss) on sale of vessels		2.5			(3.8)			10.2
Loss on vessels held for sale		–			(1.1)			–
Foreign exchange losses		–			(0.2)			(0.1)
Interest income		1.9			1.0			5.2
Interest and finance costs		(2.1)			(3.2)			(6.8)
Other, net		(0.2)			0.5			(6.2)
Gain on derivative instruments, net		7.7			18.5			9.3
Net Income	$16.6			$7.4			$31.7

Q3 2026 Net Income includes the approximately $2.5 million gain on the sale of the dry-bulk vessel Bermondi and a net gain of $7.7 million on derivative instruments, comprising realized gains of $3.0 million and unrealized mark-to-market gains of $4.7 million.

The decrease in Total voyage revenue and the improvement in Net Income in Q3 2026 vs Q3 2025 reflect, among other factors, the significant downsizing of the operating platform fleet following the agreement of the previously announced transaction (signed in the end of Q3 2025) with Cargill International S.A. (“Cargill”), together with actions taken to reduce the operating platform’s operating expenses.

CONDENSED CONSOLIDATED BALANCE SHEETS

Expressed in thousands of U.S. dollars	September 30, 2026		December 31, 2025
ASSETS	(Unaudited)		(Audited)
Cash and cash equivalents and margin deposits	$268,752		$222,670
Other current assets		79,387		70,979
Total current assets	$348,139		$293,649
Vessels and advances, net		521,481		565,547
Operating lease right-of-use assets		25,566		41,667
Restricted cash, non-current portion		4,700		3,650
Other non-current assets		31,832		24,910
Total assets	$931,718		$929,423
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt, net of deferred financing costs	$11,872		$14,995
Operating lease liabilities, current portion		9,061		39,155
Other current liabilities		73,966		69,026
Total current liabilities	$94,899		$123,176
Long-term debt, net of current portion and deferred financing costs		119,895		140,599
Operating lease liabilities, non-current portion		16,290		—
Total liabilities	$231,084		$263,775
Stockholders’ equity	$700,634		$665,648
Total liabilities and stockholders’ equity	$931,718		$929,423

Certain line items have been combined for presentation purposes.

CONDENSED CASH FLOWS¹³

Expressed in millions of U.S. dollars	Q3 2026			Q3 2025			9M 2026
	(Unaudited)
Net cash provided by operating activities	$21.3			$31.9			$41.5
Net cash provided by investing activities	$14.8			$29.3			$32.0
Net cash used in financing activities	$(6.3)			$(7.8)			$(24.5)

Net cash provided by operating activities during the three- and nine-month periods ended September 30, 2026 were $21.3 million and $41.5 million, respectively, and were principally affected by operating results, working-capital movements, dry-docking and special-survey expenditures, and interest payments.

Net cash provided by investing activities during the three-month period ended September 30, 2026 was $14.8 million, principally reflecting the net proceeds from the sale of dry bulk vessel Bermondi and payments for vessels’ upgrades. Net cash provided by investing activities during the nine-month period ended September 30, 2026 was $32.0 million, which mainly include the net proceeds from the sales of the dry bulk vessels Clara, Miracle and Bermondi and payments for the acquisition of the dry bulk vessel Astros.

Net cash used in financing activities during the three-month period ended September 30, 2026 was $6.3 million, reflecting scheduled debt repayments and debt prepayment due to the sale of dry bulk vessel Bermondi. Net cash used in financing activities during the nine-month period ended September 30, 2026 was $24.5 million, reflecting scheduled debt repayments and debt prepayment due to the sale of the dry bulk vessels Clara, Miracle and Bermondi.

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¹³ Costamare Bulkers became an independent publicly traded company upon its spin-off from Costamare Inc. on May 6, 2025, prior to which it did not operate as a separate legal entity. Accordingly, the results for the nine-month period ended September 30, 2026 are not comparable to the corresponding period of 2025, and respective comparative figures are not presented.

SUPPLEMENTAL LIQUIDITY AND DEBT INFORMATION

Expressed in millions of U.S. dollars	September 30, 2026		June 30, 2026
Cash and cash equivalents and margin deposits (incl. restricted cash)	$273.5		$246.8
Available undrawn funds	$84.7		$84.7
Total liquidity(1)	$358.2		$331.5
Long-term debt (current and non-current portion), net of deferred financing costs	$131.8		$137.9

⁽¹⁾ Restricted cash and margin deposits are not all freely available for general corporate purposes; facility drawdowns remain subject to applicable terms.

Debt-Free Vessels

As of September 30, 2026, the Company had three debt-free vessels with an aggregate carrying capacity of 182,477 DWT. These unencumbered vessels, combined with the Company’s net cash position and the absence of near-term debt maturities, even prior to the completion of the refinancing of our existing indebtedness, provide additional financial flexibility.

Vessel	Year Built	DWT
Alwine	2014	61,090
August	2015	61,090
Astros	2018	60,297
Total		182,477

ABOUT COSTAMARE BULKERS HOLDINGS LIMITED

Costamare Bulkers Holdings Limited is an international owner and operator of dry bulk vessels. As of November 10, 2026, Costamare Bulkers’ owned dry bulk fleet consisted of 29 vessels with a total carrying capacity of approximately 2.6 million DWT. Costamare Bulkers also owns a dry bulk operating platform, CBI, which charters in and charters out dry bulk vessels, enters into contracts of affreightment and forward freight agreements and may utilize other hedging solutions. Costamare Bulkers’ common stock trades on the New York Stock Exchange under the symbol “CMDB.”

FORWARD-LOOKING STATEMENTS

This earnings release contains “forward-looking statements.” In some cases, you can identify these statements by forward-looking words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “may,” “should,” “could,” “expect” and similar expressions. You should not place undue reliance on these statements. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Although the Company believes that its expectations stated in this earnings release are based on reasonable assumptions, it is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-42581) under the caption “Risk Factors”. All forward-looking statements reflect management’s current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company’s views or expectations, or otherwise.

COMPANY CONTACTS

Gregory Zikos – Chief Executive Officer
Dimitris Pagratis – Chief Financial Officer
Konstantinos Tsakalidis – Business Development

Costamare Bulkers Holdings Limited, Monaco | Tel: (+377) 92 00 1745 | Email: ir@costamarebulkers.com

OWNED VESSELS FLEET LIST

No.	Vessel Name	Year Built	Capacity (DWT)
1	FRONTIER	2012	181,415
2	PROSPER	2012	179,895
3	DORADO	2011	179,842
4	MAGNES	2011	179,546
5	IMPERATOR	2012	176,387
6	ENNA	2011	175,975
7	AEOLIAN	2012	83,478
8	GRENETA	2010	82,166
9	HYDRUS	2011	81,601
10	PHOENIX	2012	81,569
11	BUILDER	2012	81,541
12	FARMER	2012	81,541
13	SAUVAN	2010	79,700
14	MERCHIA	2015	63,585
15	DAWN	2018	63,561
16	SEABIRD	2016	63,553
17	ORION	2015	63,473
18	DAMON	2012	63,301
19	ARYA	2013	61,424
20	ALWINE	2014	61,090
21	AUGUST	2015	61,090
22	ASTROS	2018	60,297
23	ATHENA	2012	58,018
24	ERACLE	2012	58,018
25	NORMA	2010	58,018
26	CURACAO	2011	57,937
27	URUGUAY	2011	57,937
28	SERENA	2010	57,266
29	LIBRA	2010	56,701

CHARTERED-IN VESSELS FLEET LIST¹⁴

No.	Vessel Name	Year Built	Capacity (DWT)	Earliest Redelivery to Owners
1	CAPE PROTEUS (i)	2011	180,585	April 2027
2	GW DELTA	2010	83,476	TC Trip
3	GRAMPUS CHARM	2013	82,937	February 2027
4	GRAND OCEAN	2023	82,698	TC Trip
5	APJ PRITI 2	2006	82,574	November 2026
6	AQUAPRIMA	2022	82,270	TC Trip
7	ITQAAN	2010	82,174	December 2026
8	NEW ERA	2011	82,153	November 2026
9	PELLA	2010	82,114	TC Trip
10	XANTHI	2026	82,108	April 2027
11	STAR NADZIYE	2019	82,083	TC Trip
12	VERACITY	2025	82,066	TC Trip
13	ADMIRAL JIMMU	2020	82,024	February 2027
14	BBG ENDEAVOR	2013	82,023	TC Trip
15	LORIENT	2026	81,998	TC Trip
16	STAR BELLA	2026	81,979	TC Trip
17	EVER RADIANCE	2022	81,951	November 2026
18	EVER MAJESTY	2021	81,936	February 2027
19	HERMES CENTURY	2026	81,800	February 2031
20	PRINCESS A	2020	81,793	TC Trip
21	PISTI	2021	81,737	November 2026
22	KYNOURIA	2012	81,354	December 2026
23	GEORGITSI (i)	2012	81,309	November 2026
24	PERSEUS	2015	81,210	January 2027
25	PLATANOS	2011	81,123	TC Trip
26	JY OCEAN	2018	81,118	TC Trip
27	SEA UNITY	2016	81,112	May 2027
28	RB JAKE	2016	81,039	TC Trip
29	GEMINI OCEAN	2017	80,982	November 2026 + TC Trip
30	NORD TITAN	2014	77,095	July 2027
31	FEDERAL SW	2011	76,483	February 2027
32	STAHLA	2012	76,049	TC Trip

(i) Time-chartered out for the whole remaining charter-in period.

CHARTERED-IN NEWBUILDING VESSEL

No.	Vessel	Capacity (DWT)	Estimated Delivery
1	Newbuilding	82,400	Q2 2027 – Q1 2028

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¹⁴ Excluding one vessel already sub-chartered out to Cargill on back to back terms pursuant to the Strategic Cooperation Agreement.