Author: Ravi Shankar

—Expands BioCryst portfolio of targeted oral prophylactic therapy options to meet patients’ individual needs and preferences— 

—ORLADEYO is the first and only targeted oral prophylactic therapy with options for HAE patients aged 2 and above—

RESEARCH TRIANGLE PARK, N.C., Oct. 21, 2026 (GLOBE NEWSWIRE) — BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) today announced the U.S. Food and Drug Administration (FDA) has approved its supplemental New Drug Application (sNDA) for use of the oral pellet formulation of once-daily ORLADEYO^® (berotralstat) for prophylactic therapy in adults and adolescents aged 12 years and older. The new 150 mg ORLADEYO pellet formulation provides an alternative administration option for adults and adolescents who may have difficulty swallowing, prefer not to take a capsule or choose to remain on a pellet formulation beyond age 12. 

With this approval, prescribers can now provide their adult and adolescent patients with the option to take once-daily, orally administered ORLADEYO for prophylaxis to prevent attacks of HAE in either capsule or pellet formulation. The ORLADEYO pellet formulation is sprinkle-like in appearance and size and can be poured directly into the mouth and swallowed immediately with water or milk, or sprinkled over a spoonful of soft, non-acidic food.

“We are focused on advancing HAE attack prevention through a portfolio of therapies designed to support the diverse needs and preferences of patients,” said Charlie Gayer, President and Chief Executive Officer of BioCryst. “The approval of ORLADEYO pellets for adults and adolescents strengthens our ability to provide personalized treatment choice by offering the proven efficacy of ORLADEYO in a new formulation to make administration easier for patients who have difficulty swallowing or prefer not to take a capsule. This milestone reflects our commitment to optimizing the management of HAE with proven therapies that help address the evolving needs of patients across the treatment landscape.”

ORLADEYO is the first and only targeted oral prophylactic therapy for patients with HAE aged 2 and above. A capsule formulation of ORLADEYO received FDA approval for prophylaxis to prevent HAE attacks in adult and pediatric patients 12 years and older in December 2020 and is now approved in more than 45 countries around the world. In December 2025, the oral pellet formulation of ORLADEYO was approved by FDA for prophylactic therapy in pediatric patients in the U.S. with HAE aged 2 to <12 years.

Across two clinical studies, ORLADEYO capsules (150 mg) resulted in sustained attack prevention in patients 12 years and older with a mean attack-rate reduction of 91% at 96 weeks and an 88% reduction in rescue medication use ¹​. ORLADEYO was safe and well tolerated in both trials. The most frequently reported adverse reactions in patients receiving ORLADEYO compared with placebo were gastrointestinal reactions and back pain. These gastrointestinal reactions generally occurred early after initiation of treatment with ORLADEYO, became less frequent with time, and typically self-resolved.

The FDA approval was based on chemistry, manufacturing, and controls information and data demonstrating the safety and tolerability of the ORLADEYO pellet formulation compared to ORLADEYO capsules.

BioCryst is committed to providing support every step of the way and offers Empower Patient Services, a single stop for all patient and HCP ORLADEYO needs. It combines a specialty pharmacy and patient support program with a dedicated team of experts who provide individualized and streamlined support navigating the insurance process, affordability, adherence, and related needs.

To download multimedia: https://www.globenewswire.com/NewsRoom/AttachmentNg/91e297e1-8672-4a7b-aa7a-ad4bfe93ea47

Visit www.ORLADEYO.com for more information. 

About ORLADEYO^® (berotralstat)
ORLADEYO^® (berotralstat) is the first and only oral therapy designed specifically to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients 2 years and older. One dose of ORLADEYO per day works to prevent HAE attacks by decreasing the activity of plasma kallikrein.

U.S. Indication and Important Safety Information

INDICATION
ORLADEYO® (berotralstat) is a plasma kallikrein inhibitor indicated for prophylaxis to prevent attacks of hereditary angioedema (HAE) in adults and pediatric patients 2 years and older.

Limitations of use
The safety and effectiveness of ORLADEYO for the treatment of acute HAE attacks have not been established. ORLADEYO should not be used for the treatment of acute HAE attacks. Additional doses or doses of ORLADEYO higher than the prescribed once-daily dose are not recommended due to the potential for QTc interval prolongation.

IMPORTANT SAFETY INFORMATION
An increase in QTc interval was observed in adults at dosages higher than 150 mg once daily and was concentration dependent.

The most common adverse reactions (≥10%) in patients receiving ORLADEYO were abdominal pain, vomiting, diarrhea, back pain and gastroesophageal reflux disease.

In adult and pediatric patients aged 12 years and older with moderate or severe hepatic impairment (Child-Pugh B or C), the recommended dosage of ORLADEYO capsules is 110 mg once daily with food. In pediatric patients aged 2 to <12 years with moderate or severe hepatic impairment (Child-Pugh B or C), avoid use of ORLADEYO.

Berotralstat is a substrate of P-glycoprotein (P-gp) and breast cancer resistance protein. P-gp inducers may decrease berotralstat plasma concentration, leading to reduced efficacy of ORLADEYO. Avoid concomitant use of P-gp inducers with ORLADEYO.

ORLADEYO at a dose of 150 mg is a moderate inhibitor of CYP2D6 and CYP3A4. Concomitant use of ORLADEYO with CYP2D6 or CYP3A4 substrates can increase exposure of the CYP2D6 or CYP3A4 substrates and may increase the risk of adverse reactions associated with the substrates. If ORLADEYO is concomitantly used with CYP2D6 or CYP3A4 substrates where minimal increases in the concentration of the substrates may lead to serious adverse reactions, closely monitor or modify the dosage of the CYP2D6 or CYP3A4 substrate.

The safety and effectiveness of ORLADEYO in pediatric patients <2 years of age have not been established.

There are insufficient data available to inform drug-related risks with ORLADEYO use in pregnancy. There are no data on the presence of berotralstat in human milk, its effects on the breastfed infant, or its effects on milk production.

To report SUSPECTED ADVERSE REACTIONS, contact BioCryst Pharmaceuticals, Inc. at 1-833-633-2279 or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

About BioCryst Pharmaceuticals
BioCryst is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (“HAE”) and other rare diseases, driven by its deep commitment to improving the lives of people living with these conditions. BioCryst has commercialized ORLADEYO® (berotralstat), the first oral, once-daily plasma kallikrein inhibitor and is advancing a pipeline of potential first-in-class or best-in-class therapeutics for rare diseases. For more information, please visit www.biocryst.com or follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding BioCryst’s expectations relating to the oral pellet formulation of ORLADEYO for patients with HAE. These statements involve known and unknown risks, uncertainties and other factors which may cause BioCryst’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: BioCryst’s ability to successfully implement its commercialization plans for ORLADEYO, including the once-daily oral pellet formulation; the commercial viability of ORLADEYO oral pellets, including their ability to achieve market acceptance; risks related to government actions, including that decisions and other actions related to pricing and reimbursement may not be taken when expected or at all, or that the outcomes of such decisions and other actions may not be in line with BioCryst’s current expectations; and the FDA may withdraw market approval for ORLADEYO. This list is not exclusive. To see a more comprehensive list of risks, please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which identify important factors that could cause actual results to differ materially from those contained in BioCryst’s forward-looking statements.

Contact:

Investors:
investorrelations@biocryst.com

Media:
media@biocryst.com

¹ Kiani-Alikhan S, Gower R, Craig T, et al. Once-daily oral berotralstat for long-term prophylaxis of hereditary angioedema: the open-label extension of the APeX-2 randomized trial. J Allergy Clin Immunol Pract. 2024;12(3):733-743.e10.

Luxembourg, 21 October 2026, 13:00 CET

With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation), ArcelorMittal announces a notification of share transactions by Lumen Investments S.à r.l., an entity forming part of the Significant Shareholder structure, is available in the Luxembourg Stock Exchange’s electronic database OAM on www.bourse.lu and on ArcelorMittal’s website www.arcelormittal.com under Investors > Share Transactions by Management: https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management.

ENDS

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2025 generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
 

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). http://corporate.arcelormittal.com/

ArcelorMittal Investor Relations contact information
General	+44 20 7543 1128
Retail	+44 20 3214 2893
Bonds/Credit	+33 157 955 035

ArcelorMittal Corporate Communications contact information
Paul Weigh
Tel:	+44 20 3214 2419
E-mail	press@arcelormittal.com

A seasoned global people leader and organizational strategist, Ms. Aspesi will help scale Entrada’s people and organization for its next phase of growth

BOSTON, Oct. 21, 2026 (GLOBE NEWSWIRE) — Entrada Therapeutics, Inc. (Nasdaq: TRDA) today announced the appointment of Linea Aspesi as Chief People Officer.

“Linea has a proven track record of scaling organizations and developing high-performing teams from discovery through commercial stages,” said Dipal Doshi, Chief Executive Officer at Entrada Therapeutics. “We are in a catalyst-rich period with our neuromuscular programs, and Linea brings deep experience that will be invaluable as we continue to build an industry-leading culture that enables Entradans to do their best work and deliver on the potential of our pipeline. People are the foundation of any organization, and at Entrada, we know that a strong and engaged team is critical to our ability to develop a new class of genetic medicines and ultimately bring them to the patients who need them most.”

“Entrada is a company with a clear and steady commitment to patients and to one another,” said Ms. Aspesi. “I’m thrilled to join the team at such an important time in Entrada’s growth and look forward to building on its strong, mission-driven culture and fostering an environment where our colleagues can continue to do their best work as we grow and advance our pipeline for patients.”

Ms. Aspesi is an organizational leader with more than twenty years of experience driving culture transformation at biopharmaceutical and technology companies ranging from small-cap to Fortune 500. With a focus on scaling organizations from discovery through commercial stages, she has led companies through critical inflection points while executing culture strategies that put people first and drive employee engagement and retention. Prior to Entrada, Ms. Aspesi served as Chief People Officer at KalVista Pharmaceuticals (acquired by Chiesi Group) and held multiple executive-level human resources leadership roles at life science companies including Editas Medicine, Forma Therapeutics, Inc. (acquired by Novo Nordisk), Saniona, Inc., Sobi, Inc., and Genzyme Biologics Manufacturing (acquired by Sanofi). Ms. Aspesi holds a BA in Education from the University of Massachusetts, Amherst.

About Entrada Therapeutics
Entrada Therapeutics is a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of genetic medicines that engage intracellular targets that have long been considered inaccessible. Through proprietary, versatile and modular approaches, Entrada is advancing a robust development portfolio of genetic medicines for the potential treatment of neuromuscular and inherited retinal diseases, among others. The Company’s lead oligonucleotide programs are in development for the potential treatment of people living with Duchenne muscular dystrophy who are exon 44, 45, 50 and 51 skipping amenable. Entrada has partnered to develop a clinical-stage program, VX-670, for myotonic dystrophy type 1.

For more information about Entrada, please visit our website, www.entradatx.com, and follow us on LinkedIn.

Forward-Looking Statements
This press release contains express and implied forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding Entrada’s strategy, future operations, prospects and plans, objectives of management, the validation and differentiation of Entrada’s approach and EEV platform and its ability to advance its programs and provide a potential treatment for patients, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Entrada may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including the risks and uncertainties identified in Entrada’s filings with the Securities and Exchange Commission (SEC), including the Company’s most recent Form 10-K and in subsequent filings Entrada may make with the SEC. In addition, the forward-looking statements included in this press release represent Entrada’s views as of the date of this press release. Entrada anticipates that subsequent events and developments will cause its views to change. However, while Entrada may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Entrada’s views as of any date subsequent to the date of this press release.

Media Contact
Megan Prock McGrath
CTD Comms, LLC
megan@ctdcomms.com

Investor Contact
Doug Snow
Head of Investor Relations
dsnow@entradatx.com

Patient Advocacy Contact
Sarah Friedhoff
Head of Patient Advocacy
patientadvocacy@entradatx.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3ca0d9c-6117-4c74-9bc2-21f28c13c1ea

WuXi AppTec outlines five peptide manufacturing trends for 2026 as oral dosing raises API demand and moves scale-up pressure into purification and supply.

San Diego, CA, Oct. 21, 2026 (GLOBE NEWSWIRE) — Oral peptide dosing can require 10 to 100 times the dose, and therefore the active pharmaceutical ingredient (API), when oral bioavailability falls below 1%, according to a 2026 review in Frontiers in Drug Delivery.¹ The shift is shaping peptide manufacturing trends in 2026, moving scale-up pressure past synthesis and into route design, building-block supply, purification and drug product. In one published WuXi TIDES peptide program, the team raised overall route yield from less than 0.1% to 3%. It delivered Good Laboratory Practice (GLP) and Good Manufacturing Practice (GMP) API in 10 months.

1. Oral Peptide Dosing Can Multiply the API a Program Must Make

In practical terms, a peptide dosed at 1 mg per day by injection would need approximately 100 mg per day orally at 1% bioavailability. The same review in Frontiers in Drug Delivery notes that manufacturing costs for synthetic peptides scale approximately linearly with dose, so that increase carries into raw material needs, manufacturing capacity and quality control. It also describes oral semaglutide as a boundary case rather than proof that oral delivery suits most peptides.

Oral octreotide shows the multiplier in an approved product. According to the FDA label for Mycapssa, a single 20 mg oral dose of octreotide acetate produced systemic exposure similar to a 0.1 mg subcutaneous dose, a 200-fold difference in administered mass.² The comparison is specific to that product and study, but it shows how far oral delivery can raise the API a program has to make.

As a result, the API needed for an oral program cannot be estimated from the injectable dose. Eventual dose, patient population, route yield, purification recovery and drug product requirements have to be modeled together, early.

In a published case study, WuXi TIDES evaluated four synthesis routes and eight sets of conditions for a next-generation oral cyclic peptide, moving from a 50-g demonstration batch to a 1-kg demonstration batch and then a 6-kg GLP batch within six months. The case covers preclinical scale-up and does not establish clinical performance or commercial manufacturing readiness.

“Oral delivery changes how much API a peptide program has to make. A patient may absorb only a small share of each dose, yet every gram of API still has to be synthesized, purified and released to specification, so route efficiency and downstream capacity become early design choices,” said Yu Lu, Senior Vice President, WuXi TIDES, part of WuXi AppTec. 

2. Fragment Routes Raised One Long-Peptide Yield From Under 0.1% to 3%

The coupling efficiency and overall yield drop sharply when peptides longer than 50 amino acids are built by conventional solid-phase synthesis. Hybrid and convergent routes get around that limit: shorter fragments are prepared separately, then joined.

Published work on the kilogram-scale GMP manufacture of tirzepatide shows the approach at volume.³ Researchers developed a hybrid solid- and liquid-phase route with continuous processing, real-time analytical monitoring and nanofiltration for intermediate purification.

In a published WuXi TIDES program, a complex peptide conjugate needed an 87-step synthesis. The team rebuilt the original route as fragments under 50 amino acids, linked by chemical ligation. Overall yield rose from less than 0.1% to 3%. Separate teams could make fragments in parallel, which shortened the timeline. WuXi TIDES runs solid-phase, liquid-phase and hybrid synthesis, using both linear and convergent routes, on its peptide API process development platform.

3. Building-Block Supply Is Moving Onto the Critical Path

Unnatural amino acids, linkers and other modified components can determine both route design and timeline. When a required building block has limited commercial supply, teams have three options: qualify a new source, make it internally or redesign the route.

In the same conjugate program, three unnatural amino acid starting materials were in limited supply. WuXi TIDES developed synthetic processes for them and produced more than 3 kg in-house to support GLP and GMP production. That took an external supply dependency off the program’s critical path.

4. Purification Capacity Has to Match Synthesis Output

A faster route moves the bottleneck downstream if chromatography, filtration, isolation and analytical throughput do not scale with it. Purification often trades purity against recovery, since narrower chromatographic fractions improve purity but leave usable product in neighboring fractions. Research on synthetic glucagon showed that continuous multicolumn chromatography with internal recycling of product-containing fractions could ease that trade-off.⁴

In the conjugate program, the original column material was unstable under basic buffer conditions. WuXi TIDES screened alternatives and worked with the supplier on a custom alkali-resistant blend. The new column reduced impurities by 80% and increased final overall yield by 20%. WuXi TIDES also includes continuous chromatography in its peptide purification toolbox.

5. Drug Product Belongs in the Scale-Up Plan

Oral peptide programs rely on formulation approaches built around a molecule’s absorption, including permeation enhancers and specialized dosage forms. The Frontiers in Drug Delivery review concludes that oral success depends on molecular pharmacology rather than formulation technology. API volume, solid-state requirements, the formulation process and finished-dose capacity therefore need to be planned together. Integrated contract research, development and manufacturing organization (CRDMO) models offer one way to coordinate that planning. WuXi TIDES provides peptide API and drug product development and manufacturing, including spray drying, under one global quality system, from preclinical through commercial stages.

As oral peptide programs advance, the API required per patient will keep shaping peptide manufacturing decisions, from route selection through the finished dose.

Sources:
¹ Niazi, Sarfaraz K. “Oral Delivery of Peptides and Proteins: Pharmacokinetic Boundaries, Negative Selection, and Route Triage.” Frontiers in Drug Delivery, vol. 6, 2026, article 1776167, https://doi.org/10.3389/fddev.2026.1776167.

² Chiesi USA, Inc. “Mycapssa (Octreotide) Capsule, Delayed Release.” DailyMed, National Library of Medicine, 24 July 2025, dailymed.nlm.nih.gov/dailymed/drugInfo.cfm?setid=58d80bc6-bdfb-4908-93e7-aace447c8d1a. 

³ Frederick, Michael O., et al. “Kilogram-Scale GMP Manufacture of Tirzepatide Using a Hybrid SPPS/LPPS Approach with Continuous Manufacturing.” Organic Process Research & Development, vol. 25, no. 7, July 2021, pp. 1628–36, https://doi.org/10.1021/acs.oprd.1c00108.

⁴ Luca, Chiara De et al. “From batch to continuous chromatographic purification of a therapeutic peptide through multicolumn countercurrent solvent gradient purification.” Journal of chromatography. A vol. 1625 (2020): 461304. doi:10.1016/j.chroma.2020.461304

Frequently Asked Questions

Question: What are the biggest peptide manufacturing trends in 2026?

Answer: Five trends are shaping peptide manufacturing in 2026:

• Oral dosing that multiplies API demand
• Fragment-based routes for long peptides
• Building-block supply moving onto the critical path
• Purification capacity that must match synthesis output
• Drug product planned alongside API

At oral bioavailability below 1%, a program can need 10 to 100 times the dose. That pushes pressure through every step after synthesis. 

Question: How much more API does an oral peptide need than an injectable?

Answer: At 1% oral bioavailability, a peptide dosed at 1 mg per day by injection would need approximately 100 mg per day orally, according to a 2026 review in Frontiers in Drug Delivery. The review puts typical oral bioavailability for systemic peptides below 1% and notes that synthetic peptide manufacturing costs scale approximately linearly with dose. The actual multiplier depends on the molecule, formulation and pharmacokinetics.

Question: Why are hybrid or fragment-based routes used for long peptides?

Answer: Coupling efficiency and overall yield drop sharply when peptides longer than 50 amino acids are built by conventional solid-phase synthesis. Fragment routes make shorter pieces separately and join them. In one published WuXi TIDES program, an 87-step peptide conjugate was rebuilt from fragments under 50 amino acids linked by chemical ligation. Overall yield rose from less than 0.1% to 3%, and parallel fragment work shortened the timeline.

Question: When should peptide building-block supply be addressed?

Answer: Building-block supply should be addressed during lead optimization, before candidate selection is complete and before a scarce component becomes a critical-path dependency. Unnatural amino acids and linkers can have limited availability at development scale. In one published program, WuXi TIDES developed processes for three limited-supply unnatural amino acids and produced more than 3 kg in-house to support GLP and GMP production.

Question: Why does purification become the bottleneck as peptide production scales?

Answer: Higher synthesis output moves the constraint downstream if chromatography, filtration and isolation capacity do not grow at the same rate. Column chemistry matters as much as column size. In one published WuXi TIDES program, a custom alkali-resistant stationary phase reduced impurities by 80% and increased final overall yield by 20%. That program delivered GLP and GMP API in 10 months.

About WuXi AppTec

WuXi AppTec is a trusted partner and contributor to the pharmaceutical and life sciences industries, providing R&D and manufacturing services that help advance healthcare innovation. With operations across Asia, Europe, and North America, we offer integrated, end-to-end services through our unique CRDMO (Contract Research, Development, and Manufacturing Organization) platform. We are privileged to work alongside partners across 30+ countries, supporting their efforts to bring breakthrough treatments to patients. Guided by our vision that every drug can be made, and every disease can be treated, we are committed to advancing breakthroughs for patients—one collaboration at a time. Learn more at https://www.wuxiapptec.com.

CONTACT: Majed Soufi
Zen Media
PR@zenmedia.com

VANCOUVER, British Columbia, Oct. 21, 2026 (GLOBE NEWSWIRE) — Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce that it has completed its Ficha Técnica Ambiental (“FTA”) application for its resource confirmation and exploration drilling program at the Pico Machay Gold Project (“Pico Machay” or the “Project”) in Huancavelica, Peru.

The FTA application is expected to be submitted to Peru’s Ministry of Energy and Mines (“MINEM”) on October 21^st or 22^nd, as soon as the Company receives documentation from MINEM regarding the attendance of the successful informative workshop held on October 7^th, 2026, with members of the Comunidad Campesina de Salcca Santa Ana (“Santa Ana community”) and representatives of MINEM.

“Submitting the FTA will bring us another step closer to the drilling planned to support an updated mineral resource estimate and subsequent preliminary economic assessment (“PEA”) at Pico Machay,” said Joanne Freeze, President and CEO of Xali Gold. “The program is planned to verify historical drilling results and improve our understanding of the controls to gold mineralization, providing a stronger foundation for the resource update. The PEA will evaluate potential development options and project economics, helping us define the next steps for advancing Pico Machay.”

Xali Gold is planning an initial program of approximately 3,000 metres of diamond drilling, including approximately 2,000 metres to twin previous reverse circulation holes within the historical resource area. The FTA permit will allow up to 20,000 metres from 20 platforms, which will include further resource definition drilling as well as extensive exploration drilling. The proposed drilling locations are shown in Figure 1 below.

Experienced Team Supporting Pico Machay’s Development

Xali Gold has assembled an experienced multidisciplinary team to advance Pico Machay through resource estimation and economic assessment, while preparing for potential future development. Combining expertise in geology, mine engineering, metallurgy, environmental management, permitting and project finance, with extensive experience in Peru, the team provides a strong foundation for evaluating the Project’s development potential and planning the technical, permitting and financial steps required to advance it.

The Company’s previously announced technical and project finance team includes:

• Ing. Wilder Frank Garcia Haro – Exploration Manager: Xali Gold’s full-time Exploration Manager, Ing. Garcia brings more than 30 years of international exploration and mine development experience, including senior roles with Rio Alto, Tahoe Resources, Newmont, Barrick Gold, Gold Fields and Antamina. His experience at Peru’s La Arena and Shahuindo gold operations includes leading exploration programs that expanded resources and supported mine planning, bringing directly relevant expertise to the advancement of Pico Machay.
• David Thomas, P.Geo. – Mineral Resource Estimation: Principal Geologist with DKT Geosolutions, Mr. Thomas brings more than 30 years of geological experience, including resource estimation and evaluation of high-sulphidation epithermal gold deposits. His extensive South American experience includes mineral resource estimation at Cañariaco in Peru and resource estimate review at Gramalote in Colombia. He prepared the Company’s December 2025 technical report on Pico Machay and is part of the team advancing the updated mineral resource estimate.
• Gordon Zurowski, P.Eng. – Mine Engineering and Economic Evaluation: Principal Mine Engineer with AGP Mining Consultants, Mr. Zurowski has more than 30 years of experience in mine operations and consulting, specializing in open-pit planning and economic evaluation. His Peruvian project experience includes Cuajone, Cañariaco Norte, Cerro Lindo, Magistral and Marcona.
• Adam Johnston, FAusIMM, CP(Met) – Metallurgy and Processing: Chief Metallurgist with Transmin Metallurgical Consultants, Mr. Johnston has more than 30 years of international experience spanning metallurgical testing, process design, commissioning and operations. His experience includes Peruvian heap-leach and high-sulphidation gold projects, including Corihuarmi, Tres Cruces and Pucamarca.
• Aran Gough, R.P.Bio. – Environmental Management and Permitting: The Company’s Senior Advisor – ESG, Mr. Gough brings 29 years of international experience. His work in Peru includes guiding Zafranal through environmental assessment and regulatory approval, and overseeing permitting and environmental programs for Toromocho through construction and into operations.
• Brent Cochrane, M.A., ICD.D. – Project Finance: Mr. Cochrane brings more than 40 years of international mining finance experience, including serving as Vice President, Finance and Administration of Compañía Minera Antamina S.A. His financing experience in Peru includes both Antamina and Mina Justa.
• Susan Mitchell – Senior Financial Advisor: Ms. Mitchell brings more than 40 years of experience in mining finance and capital markets, with senior roles at CIBC, Cyprus AMAX Minerals and WestLB. She has extensive expertise in capital sourcing, transaction structuring, mergers and acquisitions, and financial risk management. Susan will support the Company’s financing strategy and evaluation of potential capital sources as Pico Machay advances through resource estimation, subsequent economic assessment and consideration of future development.

About Pico Machay

Located within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits in a historically productive mining district in the Western Cordillera of the Andes (click here for location map). The Project benefits from existing infrastructure and a mining-friendly community eager to partner on sustainable development.

Xali Gold remains confident in the significant upside potential at Pico Machay, which hosts a historical resource and several untested exploration targets on the Project. Various historical engineering studies at Pico Machay were completed through 2009 and evaluated the potential for a low-cost, low strip-ratio, open-pit heap-leach operation. Given that those studies were based on a long-term gold price of $700/oz and several exploration targets remain untested, Xali Gold considers the upside potential to be very strong.

Figure 1: Proposed diamond drilling locations at Pico Machay

Grant of Incentive Stock Options

‍The Company also announces that on October 17, 2026, it has granted 1,600,000 incentive stock options (the “Options”) to eligible employees, consultants, and directors of the Company, in accordance with the Company’s Stock Option Plan. The Options are exercisable at $0.20 per share for a period of five years from the date of grant, with 20% vesting immediately and an additional 20% vesting each quarter thereafter until fully vested. The Options are subject to the policies of the TSX Venture Exchange.

About Xali Gold

Xali Gold is a gold and silver exploration company focused on advancing opportunities in the Americas. The Company is focused on the exploration and development of Pico Machay, an advanced exploration-stage gold project in Peru with a near-term production goal. 

The Company’s approach to community engagement and responsible development is guided by strong governance principles and Board oversight that support long-term stakeholder relationships.

Joanne C. Freeze, P.Geo. is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this release.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Xali Gold Corp.

“Joanne Freeze” P.Geo.
President, CEO and Director

For further information please contact:
Joanne Freeze, President & CEO                                
Tel: + 1 (604) 512-3359                                                                 
info@xaligold.com                

Forward-looking Disclaimer
This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements.

Forward-looking statements in this press release include, without limitation, statements regarding: the anticipated timing of FTA approval, the scope and commencement of the planned drilling program, the preparation of an updated mineral resource estimate and preliminary economic assessment, and the expected contributions of the Company’s multidisciplinary team to the evaluation, advancement and potential development of Pico Machay.

These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.

Known risk factors and assumptions include risks associated with exploration and project development; accessing further funding and related dilution: continuing its projected growth, or being fully able to implement its business strategies; the calculation of mineral resources and additional work required to convert historical resources to current mineral resources; the nature, quality and quantity of any mineral deposits that may be located on the project; operational risks associated with mining and mineral processing; fluctuations in metal prices and assumptions including costs; title matters; government regulation; obtaining and renewing necessary consents, authorizations, licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labour disputes; competition; variations in market conditions, and the volatility of our common share price and volume; future sales of shares by existing shareholders; and other risk factors described in Xali Gold’s MD&A and other filings with Canadian securities regulators, which may be viewed at www.sedarplus.ca. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4092eefc-d3dc-45e8-8e59-6f4d3c5de5dc

Ibogaine regulatory readiness pack completed and U.S. cGMP manufacturing agreement concluded with DEA-registered Benuvia in Texas; investment supports PsyLabs’ intended supply of pharmaceutical-grade ibogaine for the planned U.S. development program

NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) — Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence BioMed” or the “Company”) today announced that both milestones attached to its backstop subscription commitment in Psyence Labs Ltd. (“PsyLabs”) have been achieved and that the Company, through its wholly-owned subsidiary Psyence Biomed II Corp., has completed its additional investment in PsyLabs of US$2,599,896. The milestones include the completion of an ibogaine regulatory readiness documentation package and the execution of a U.S. current Good Manufacturing Practice (“cGMP”) manufacturing agreement with Benuvia Operations, LLC (“Benuvia”), representing important progress in advancing the Company’s planned U.S. pharmaceutical-grade ibogaine development program.

As previously announced on September 23, 2026, Psyence BioMed agreed to invest up to US$5 million in PsyLabs, comprising an irrevocable commitment of US$2.4 million (936 PsyLabs ordinary shares at US$2,564 per share) under its pro rata pre-emption entitlement in PsyLabs’ current financing round and a backstop commitment of up to US$2.6 million to subscribe for shares in that financing round not taken up by other PsyLabs shareholders, payable in up to two tranches of up to US$1.3 million each upon the achievement of specified milestones. The backstop tranches were required to be called and completed by December 31, 2026.

Key Development Milestones Achieved

Regulatory Readiness Documentation

PsyLabs has completed its ibogaine regulatory readiness pack, a documentation package intended to support future regulatory interactions relating to pharmaceutical-grade ibogaine hydrochloride (HCl).

The completion of this documentation represents an important preparatory step in supporting the regulatory development activities contemplated under the Company’s U.S. ibogaine program.

U.S. cGMP Manufacturing Agreement

A manufacturing services agreement has been entered into with Benuvia by Texas Ibogaine Research Corporation (“TIRC”), the Company’s wholly-owned Texas subsidiary. Benuvia operates a controlled-substance manufacturing facility in Round Rock, Texas registered with the U.S. Drug Enforcement Administration (“DEA”).

As previously announced on October 5, 2026, the agreement is intended to support the planned U.S. manufacture of pharmaceutical-grade ibogaine active pharmaceutical ingredient (“API”) under cGMP standards, subject to applicable regulatory requirements.

The agreement establishes a U.S. manufacturing relationship intended to support future nonclinical and clinical development activities.

Advancing a Coordinated U.S. Ibogaine Development Strategy

In structuring the planned U.S. manufacturing program, the Company and PsyLabs agreed that the Benuvia agreement would be entered into by TIRC rather than by PsyLabs. TIRC was established to carry out the manufacturing, nonclinical and regulatory development work required before any human clinical trial could be proposed in the United States, and, as a U.S. developer, may be positioned to pursue domestic funding and grant opportunities that may be available for that work. This structure is intended to allow PsyLabs to remain focused on cultivating, extracting and supplying pharmaceutical-grade ibogaine HCl. Under the binding term sheet between TIRC and PsyLabs announced on September 28, 2026, PsyLabs is expected to serve as TIRC’s exclusive ibogaine supplier for the United States, subject to the conclusion of a definitive agreement, which the parties have agreed to conclude on or before November 30, 2026.

Additional Investment in PsyLabs Completed

Following certification by the PsyLabs board of directors that both development milestones had been achieved, PsyLabs called both backstop tranches ahead of the December 31, 2026, deadline.

Psyence Biomed II Corp. subscribed for 1,014 ordinary shares of PsyLabs at US$2,564 per share, reflecting the US$54 million pre-money equity valuation set for the financing round, for aggregate subscription proceeds of US$2,599,896. Immediately prior to the investment, the Company held approximately 41.13% of PsyLabs’ issued and outstanding shares. Following completion of the investment, and after giving effect to the previously announced share exchange which closed October 1, 2026, the Company holds approximately 43.37% of PsyLabs’ issued and outstanding shares. The investment was funded from the Company’s existing cash resources.

Management Commentary

“Achieving both milestones well ahead of the December 31 deadline is a clear signal that the ibogaine program is moving from planning into execution,” said Jody Aufrichtig, Chief Executive Officer of Psyence BioMed and TIRC. “PsyLabs now has the regulatory documentation and additional capital to support the supply of pharmaceutical-grade ibogaine, and TIRC has a U.S. cGMP manufacturing partner in place to support the development work we are planning. Each company is doing what it is best equipped to do, which we believe is the right structure for building long-term value for our shareholders.”

Related-Party Transaction

PsyLabs is a related party of the Company and a significant shareholder of Psyence BioMed. The investment, including the backstop commitment, was reviewed and approved by a special committee of the Company’s independent directors and by its audit committee, in accordance with the Company’s related-party transaction policies and applicable Nasdaq requirements.

ABOUT PSYENCE BIOMED

Psyence Biomedical Ltd. (Nasdaq: PBM) is a Nasdaq-listed company with its wholly-owned subsidiary, Texas Ibogaine Research Corporation, headquartered in Texas. It is one of the few multi-asset, vertically integrated biopharmaceutical companies specializing in neuroplastogen-based therapeutics and the manufacture of pharmaceutical-grade drug candidates. It is the first life sciences biotechnology company focused on developing nature-derived, non-synthetic psilocybin and ibogaine-based neuroplastogen medicine to be listed on Nasdaq. The Company is dedicated to addressing unmet mental health needs and is committed to an evidence-based approach to developing safe, effective and FDA-approved nature-derived neuroplastogen treatments across a range of mental health disorders.

ABOUT PSYLABS

PsyLabs is a neuroplastogen active pharmaceutical ingredient development company, federally licensed in its operating jurisdiction to cultivate, extract and export psilocybin mushrooms and other neuroplastogen compounds, including psilocybin, psilocin, mescaline, ibogaine and dimethyltryptamine, to lawful medical and research markets. PsyLabs operates from an ISO 22000 and GMP-compliant facility, with a focus on natural compound purification, regulatory support and global distribution. www.psylabs.life 

CONTACTS

Psyence Biomedical Ltd. ir@psyencebiomed.com media@psyencebiomed.com 
info@psyencebiomed.com · +1 416-477-1708

Investor contact: Michael Kydd, Investor Relations Advisor — michael@psyencebiomed.com 

FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” within the meaning of applicable securities laws, including the U.S. Private Securities Litigation Reform Act of 1995. These include statements regarding the investment by Psyence BioMed in PsyLabs, including the achievement and certification of the related milestones and the anticipated effects of the investment; the application of the proceeds of that investment; the resulting shareholding of Psyence BioMed in PsyLabs; the completion and effects of the previously announced share exchange; the manufacturing services agreement between TIRC and Benuvia, including the planned U.S. manufacture of pharmaceutical-grade ibogaine active pharmaceutical ingredient and the timing, scale and cost of such manufacture; the capitalization, funding and intended role of TIRC, including its ability to access U.S. funding and grant opportunities; the expected conclusion of a definitive license and supply agreement between TIRC and PsyLabs, including PsyLabs’ expected role as TIRC’s exclusive ibogaine supplier; the Company’s ability to secure pharmaceutical-grade drug substance and the regulatory documentation required to support a United States program; the evaluation, funding, design, timing and conduct of any clinical trial in Texas; the Company’s ability to obtain and maintain required registrations, permits, quotas and licenses; its ability to participate in federal or state ibogaine programs; and its expected role in future research, development and commercialization activities relating to ibogaine. Forward-looking statements may be identified by words such as “will,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates” and similar expressions.

These statements are based on assumptions regarding government policy, continued interest in regulated neuroplastogen research, the availability of lawful development pathways, and the Company’s ability to maintain licenses, permits, supply arrangements and third-party relationships, as well as assumptions that PsyLabs will apply the investment proceeds as intended and maintain its licenses, permits and facility standards; that Benuvia will perform its obligations under the manufacturing services agreement; that required DEA and other regulatory authorizations will be obtained on a timely basis; and that the Company will have access to sufficient financing to fund TIRC’s development activities. These assumptions may prove incorrect. Risks and uncertainties that could cause actual results to differ materially include: that the anticipated benefits of the investment in PsyLabs are not realized, or that PsyLabs does not apply the investment proceeds as intended; that the regulatory readiness documentation completed by PsyLabs does not support, or is not accepted by regulatory authorities in connection with, any future regulatory submission; that required board, shareholder, regulatory or stock exchange approvals are not obtained; that the previously announced share exchange is not completed, or is completed on terms that differ from those announced; that the cash investment and the other arrangements with PsyLabs are transactions between related parties, and that the terms agreed may differ from those that would be agreed between unrelated parties; that the valuation used to price the cash investment is not indicative of realizable value, and that the Company’s interest in PsyLabs, a privately held company, is illiquid; the reduction in the Company’s cash resources resulting from the investment; that a definitive agreement between TIRC and PsyLabs is not concluded by November 30, 2026, or at all, or is concluded on terms that differ from the term sheet; the Company’s dependence on PsyLabs, a related party, as exclusive supplier of ibogaine, and the risk of any interruption or failure in that supply; that DEA import permits, quotas, registrations or other regulatory approvals are delayed, limited or refused; that the Benuvia arrangements are terminated, not performed or do not proceed as intended; reliance on a single manufacturing partner and manufacturing, analytical or supply-chain failures; the capital commitments, regulatory obligations and contractual liabilities assumed by TIRC under the manufacturing services agreement and the Company’s ability to fund them; that U.S. funding or grant opportunities are not available to TIRC or are not obtained; changes in law, regulation or enforcement priorities in the United States, Southern Africa or elsewhere; the continuing status of ibogaine as a controlled substance; clinical, regulatory and approval risk; competition and market adoption risk; financing risk; and the Company’s ability to maintain compliance with Nasdaq continued listing standards. This list is not exhaustive. These risks should be considered together with the risk factors described in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the fiscal year ended March 31, 2026 and in the Company’s other filings with the U.S. Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Readers should not place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to update such statements.

The Company makes no medical, treatment or health benefit claims regarding its proposed products. The U.S. Food and Drug Administration, Health Canada and other regulatory authorities have not approved ibogaine or the Company’s other neuroplastogen compounds for therapeutic use, and their safety and efficacy have not been established through authorized clinical research. Rigorous scientific research and clinical trials are required. Any references to ibogaine stock, inventory or doses are the Company’s best estimates only. References to GMP-compliant or cGMP mean production in a facility designed, operated and controlled in accordance with applicable Good Manufacturing Practice standards, and do not themselves constitute a representation of formal certification or approval by any regulatory authority unless expressly stated. Information regarding Benuvia and its facility is based on information provided by Benuvia and has not been independently verified by the Company. References to a planned clinical trial describe an activity under evaluation only; no trial has been commenced, and no regulatory application in respect of it has been filed or accepted. This communication is not an offer to sell or a solicitation of an offer to buy any securities.

Expansion supports growing demand for PyroGenesis’ technologies in one of the world’s fastest-growing industrial regions

MONTREAL, Oct. 21, 2026 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis” or the “Company”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, announces today the establishment of a wholly-owned subsidiary in Dubai as a base to address the growing opportunities in the Middle East and Asian markets. The incorporation process began more than a year ago and recently received all required regulatory approvals from the UAE Government. The wholly owned subsidiary has been incorporated under the name PyroGenesis Global FZCO (“PyroGenesis Global”).

“This is long overdue given the inroads we have been making in these markets. The initial focus of PyroGenesis Global will be on the market opportunities we have been nurturing over the past six years, with a face-to-face presence. Notwithstanding our success to date, we have reached a point where we need to overcome the significant logistical challenges (time zone and distance) and demonstrate a commitment to the region,” said P. Peter Pascali, President and CEO of PyroGenesis. “The timing could not be better. The region combines significant access to capital with industrial development priorities that align closely with our technologies. Having said that, nothing can replace an on-the-ground presence. We intend to initially staff PyroGenesis Global with key business development personnel and senior decision makers. We are also considering gradually relocating select engineers, project managers, and support staff over in time. The Company may also evaluate localized sourcing and manufacturing capabilities to support regional growth.”

The launch of PyroGenesis Global aligns with significant industrial diversification initiatives underway across the region. These include Saudi Arabia’s Vision 2030 framework, which supports major industrial infrastructure projects such as the Ras Al-Khair Integrated Aluminum Complex.¹ The Ras Al-Khair complex is the largest in the world and already utilizes seven of PyroGenesis’ Drosrite™ aluminum dross processing systems.² The Company sees significant opportunities to further capitalize on these and other initiatives in the Middle East and Asia.

Image: Containers in the Port of Jebel Ali, Dubai, the world’s ninth busiest port and largest man-made harbour.

“The company needed to commit immediately to a temporary office space and it has done so, in the Uptown Tower DMCC on First Al Khail Street favoured by many Western satellite and regional offices, pending a relocation to a more suitable office space reflective of the Company’s growing needs,” said Mr. Pascali. “Our Dubai subsidiary solidifies our commitment to a region that offers tremendous capital flow. This capital supports large client projects and provides the platform for potential investments and partnerships. To underscore this point, we look forward to announcing a new partnership with a local entity in the region over the coming weeks, an entity that we have not done business with before. We believe these markets are well suited to a broad range of our technology offerings.”

About PyroGenesis Inc.

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

Cautionary and Forward-Looking Statements

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

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

__________________________
¹ https://vision2030.ai/sectors/mining/aluminium-industry/

² https://ir.pyrogenesis.com/news-releases/news-release-details/pyrogenesis-completes-seven-system-drosritetm-deployment-worlds

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/315a2a7d-df5b-42b6-b6b9-4c32468fce6e

GOLETA, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) — Aeluma, Inc. (NASDAQ: ALMU), a semiconductor company specializing in high-performance, scalable technologies for mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum, announced today it has appointed Primit Parikh, Ph.D. as a Strategic Advisor. Dr. Parikh will support Aeluma’s management team, bringing more than 25 years of leadership experience from several prominent semiconductor organizations.

Most recently, Dr. Parikh was the VP & GM of the GaN business division at Renesas, following the acquisition of Transphorm Inc., where he was the Co-founder, President, and CEO. Dr. Parikh led Transphorm, a pioneer in GaN Power Semiconductors, growing it from inception through its public company listing and acquisition by Renesas. In addition to Transphorm and Renesas, he also held leadership positions at Nitres and Cree. Dr. Parikh’s expertise spans several areas important to Aeluma including high-performance semiconductors, AI data centers, manufacturing, IP, and strategic partnerships. With more than 50 patents awarded and leadership positions held at multiple successful ventures and business divisions, Dr. Parikh provides a strategic and operational perspective to Aeluma as it positions itself for commercialization growth.

“We are excited to welcome Primit as a Strategic Advisor,” said Jonathan Klamkin, Ph.D., President and CEO. “His broad range of experience in management and operations will be highly beneficial to Aeluma as we gain commercial traction across our target markets including AI, mobile, defense and aerospace, and quantum. Primit’s insights will be especially valuable as we execute our AI datacom strategy.”

Dr. Parikh commented, “I am delighted to work with Jonathan, Aeluma’s management and leadership at this exciting time in the company’s growth. Demand for high-performance semiconductors is very strong, especially for AI datacom, and I believe Aeluma’s disruptive photonics technology can make a significant impact.”

Dr. Parikh will support Dr. Klamkin and senior management on strategy and execution.

About Aeluma

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

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

Investor Contact:
Financial Profiles, Inc.
Moira Conlon and Donni Case
(310) 622-8224
ir@aeluma.com

Announces Q3-2026 Financial Release Date

MONTREAL, Oct. 21, 2026 (GLOBE NEWSWIRE) — Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) is pleased to announce that it has filed a technical report presenting an updated Preliminary Economic Assessment for the Boumadine Polymetallic Project (the “Project” or “Boumadine”), located in the Kingdom of Morocco, with an effective date of September 9, 2026 (the “2026 PEA”). The 2026 PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by independent Qualified Persons from Lycopodium (Americas) Ltd and CCE Mining, among others. The updated Mineral Resource Estimate (“MRE” or “2026 MRE”) contained in the 2026 PEA was prepared by independent Qualified Person Mr. Guy Dishaw, P.Geo from SRK Consulting UK (“SRK”). The 2026 PEA supersedes the previous PEA (the “2025 PEA” or “Prior PEA”). All financial figures in this press release are in U.S. dollars.

Boumadine is Aya’s development-stage polymetallic project. The 2026 PEA outlines a district-scale project with a flexible open-pit and underground mine plan and a conventional flotation plant producing three payable concentrates (zinc, lead and pyrite), with revenues largely driven by precious metals, and a mine life estimated at 14 years.

The results and highlights below were previously reported in Aya’s news release dated September 9, 2026.

2026 PEA – Economic and Operational Highlights

• The Project’s economic profile is significantly improved reflecting higher commodity price assumptions, stronger metal payability and an extended mine life from 11 to 14 years.
  • After-tax (base case): $3.5B net present value (5%) (“NPV_5%”), more than doubled from the Prior PEA, with a 93% internal rate of return (“IRR”), and 0.7-year payback period. Base Case assumes prices of $3,500/oz Au, $50/oz Ag, $1.37/lb Zn, and $0.90/lb Pb.
  • After-tax (spot prices): $5.5B NPV_5%, 128% IRR and 0.5-year payback period. Assumed Spot Prices as of September 3, 2026, refer to table 1.
  • Increased metal payability: 82% and 85% gold and silver payability, respectively, representing increases of 12 and 8 percentage points from the Prior PEA, reflecting updated market conditions.
  • Strong capital efficiency¹: $463M of initial capital expenditure – broadly in line with the 2025 PEA, with NPV_5%: Capex ratio increasing to 7.6x, up from 3.3x in the Prior PEA.
• Strengthened operating profile, reflecting approximately 16% higher silver production over life of mine (“LOM”) compared to Prior PEA, and a larger MRE supporting the updated mine plan.
  • Compelling average annual production profile: 348 thousand ounces (“koz”) gold-equivalent² (“AuEq”) (Years 1-5), and 271 koz AuEq over the LOM.
  • Attractive LOM production scale: 3.9 Moz AuEq² (+7% vs. Prior PEA), comprising 2.3 Moz Au, 81.2 Moz Ag, 422 thousand tonnes (“kt”) Zn and 195 kt Pb.
  • Updated mine plan: 41.2 million tonnes (“Mt”) total mineralized material mined over the LOM (+33% vs. Prior PEA) at average grades of 4.11 g/t AuEq (Years 1-5) and 3.10 g/t AuEq (LOM).
  • Extended mine life: 14-year mine life, up from 11 years in the Prior PEA.
  • Industry-leading cash costs³: $998/oz AuEq (Years 1-5) and $1,169/oz AuEq over the LOM. AISC³ of $1,105/oz AuEq (Years 1-5) and $1,300/oz AuEq over the LOM.
  • Permitted: existing mining license in advance of Feasibility Study completion.
• Updated Mineral Resource Estimate as of February 28, 2026, with enhanced confidence
  • 2026 MRE^9,10 growth vs prior MRE^4,9 (see the “Mineral Resource Estimate – Supporting Information” section of the Company’s September 9, 2026 press release for a complete discussion):
    • Indicated: 8.6 Mt at 4.02 g/t AuEq^5,6,7 containing 1.1 Moz AuEq, up 34%
    • Inferred: 45.4 Mt at 2.92 g/t AuEq^5,6,7, containing 4.3 Moz AuEq, up 1%

Table 1: Sensitivity Analysis to Commodity Prices of Gold and Silver

Parameter	Units		Break-even8		-25%		Base case		Spot price		Upside
Gold Price	$/oz		1,704		2,625		3,500		4,472		5,250
Silver Price	$/oz		24.34		37.50		50.00		66.85		75.00
Zinc Price	$/lb		0.90		1.03		1.37		1.77		1.77
Lead Price	$/lb		0.60		0.68		0.90		0.85		0.90
NPV5% After-Tax	$M		–		1,808		3,537		5,525		6,738
IRR After-Tax	%		–		57%		93%		128%		146%
LOM Revenue	$M		5,441		8,169		10,995		14,237		16,246
LOM EBITDA3	$M		910		3,482		6,145		9,200		11,094
FCF-Unlevered After-Tax3	$M		89		2,467		4,694		7,253		8,826
Payback Period After-Tax	Years		–		1.3		0.7		0.5		0.4
Capital Efficiency Ratio	–		–		3.9		7.6		11.9		14.6

1.	Capital efficiency ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure.
2.	AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz))* 2204.62 + Zn (t)* (Zn price ($/lb) / Au price ($/oz))* 2,204.62
3.	Non-IFRS Measures. Cash costs, AISC (all-in sustaining costs), EBITDA and FCF are non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures used by other issuers. Refer to “Non-IFRS and Other Financial Measures” for more information.
4.	The prior mineral resource estimate for the Boumadine Project was effective as of February 24, 2025, as disclosed in the 2025 PEA titled “Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date November 4, 2025, and filed on SEDAR+ on December 18, 2025.
5.	MRE: Commodity prices of US$2,800/oz Au, US$30/oz Ag, US$4.60/lb Cu, US$1.00/lb Pb and US$1.20/lb Zn were used to establish reasonable prospects for eventual economic extraction.
6.	MRE: Gold equivalent (AuEq) grades are based solely on metal prices and metallurgical recoveries and do not incorporate the full range of factors included in the NSR calculation, including treatment charges, payabilities, penalties, royalties and other smelter charges. Consequently, equivalent grades were not used for optimization or application of reporting cut-offs and are provided for reference only.
7.	MRE: AuEq = Au (g/t) + (Ag (g/t) × Ag price/gram × Ag recovery) / (Au price/gram × Au recovery) + Zn (%) × Zn price/lb × Zn recovery / (Au price/gram × Au recovery) × 685.7147973 + Pb (%) × Pb price/lb × Pb recovery / (Au price/gram × Au recovery) × 685.7147973 + Cu (%) × Cu price/lb × Cu recovery / (Au price/gram × Au recovery) × 685.7147973.
8.	Gold and silver prices at which NPV5% – After-Tax is equal to $0M.
9.	Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.
10.	Mr. Guy Dishaw, P.Geo., is the Qualified Person responsible for the 2026 MRE in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mr. Dishaw is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the 2026 MRE.

Cautionary statement: Readers are cautioned that the 2026 PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2026 PEA will be realized.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with NI 43-101, and approved by Preetham Nayak P.Eng, Senior Study Manager for Lycopodium (Americas) Ltd, Paul Gauthier, P.Eng, Lead Mining Engineer for CCE Mining, Guy Dishaw, BSc, P.Geo from SRK, Raphael Beaudoin, P.Eng, Executive Vice-President, Operations of the Company (non-independent), and by David Lalonde, B. Sc, P.Geo, Executive Vice-President Exploration of the Company (non-independent), each a Qualified Person as defined in NI 43-101.

The independent Qualified Persons for the 2026 PEA, as defined by NI 43-101, are:

• Preetham Nayak, P.Eng, Senior Study Manager for Lycopodium (Americas) Ltd
• Ruan Venter, P.Eng, General Manager of Process for Lycopodium (Americas) Ltd
• Zuned Shaikh, P.Eng, Lead Mechanical Engineer for Lycopodium (Americas) Ltd
• Paul Gauthier, P.Eng, Lead Mining Engineer for CCE Mining
• Alex Pheiffer, PrSciNat, ESIA Lead from SLR Consulting France SAS
• George Papageorgiou, PrEng, PhD, MSc, BSc, Eng (Civil), Wits, from Epoch Resources (Pty) Ltd
• Guy Dishaw, BSc, P.Geo, from SRK
• James Williams, BSc, MSc, CGeol, FGS from SRK
• Cortney Palleske, M.A.Sc, P.Eng, Principal Geomechanics Consultant from RockEng

Technical Reports

The complete NI 43-101 Technical Report entitled “Updated Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” is available on Aya’s website, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.com).

The 2026 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the 2026 PEA results will be realized.

Cautionary Note to Investors Regarding the Use of Mineral Resources and Mineral Reserves

The 2026 PEA is based on the updated mineral resource estimate for the Project, effective as of February 28, 2026, disclosed in a technical report titled “Updated Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date September 9, 2026, and filed on SEDAR+ and EDGAR on October 20, 2026.

The 2025 PEA was based on the updated mineral resource estimate for the Project, effective as of February 24, 2025, disclosed in a technical report titled “Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date November 4, 2025, and filed on SEDAR+ on December 18, 2025.

The key assumptions, parameters and methods used to estimate the mineral resource estimate for the Project and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical reports.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.

Cautionary Note to the United States Investors Concerning Estimates of Mineral Reserves and Resources

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. Information concerning Aya’s mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from SEC requirements applicable to domestic United States issuers. Accordingly, the disclosure in this press release regarding Aya’s mineral properties is not comparable to the disclosure of United States issuers subject to the SEC’s mining disclosure requirements.

Q3-2026 Conference Call Details

Aya will release its third quarter 2026 financial results on Thursday, November 12, 2026,  before market opens. Management will host a conference call on the same day at 10 a.m. ET to discuss the results and provide a corporate update.

Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-server.com/mmc/p/9dcwfxw6

Analyst instructions for obtaining conference call dial-in numbers:

1. Click on the following call link and complete the online registration form https://register-conf.media-server.com/register/BI9679c1ebb97f49a0b09a9f894f87525d
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.

About Aya Gold & Silver Inc.

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Company has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway, and which hosts a sizable mineralized footprint, and potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya’s website at www.ayagoldsilver.com.

Or contact

Benoit La Salle, FCPA, MBA	Alex Ball
President & CEO	Executive Vice-President, Capital Markets
benoit.lasalle@ayagoldsilver.com	alex.ball@ayagoldsilver.com

Forward-Looking Statement 

This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”,  “goal”, “guidance”, “intend”, “objective”, “plan”, “potential”, “strategy”, “target”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the 2026 PEA, notably those under “2026 PEA – Economic and Operational Highlights”, and the results of the 2026 PEA discussed in this press release, including, without limitation, project economics, financial and operational parameters such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, free cash flow, NPV, IRR, payback period, LOM, upside potential, and mine plan; the timing of the Boumadine feasibility study; the future price of gold and silver; the estimation of mineral resources and the realization of mineral resource estimates; and the release date of the third quarter 2026 financial results.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the Company’s ability to execute its business plans and objectives; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the timing for completion of the Boumadine feasibility study; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; metal prices assumptions; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; the availability of qualified contractors, consultants, suppliers, equipment, materials and labour on commercially reasonable terms; the availability of sufficient water and power supply; the cooperation of government authorities, municipalities, infrastructure providers, port operators, logistics providers, railway operators, and other stakeholders; the continued availability and suitability of transportation, port and other infrastructure required for the development of the Boumadine Project; the Company’s ability to conduct its operations in a safe, responsible and sustainable manner while delivering long-term value to shareholders, employees and host communities; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: Aya’s ability to execute on its plans relating to the Zgounder Project and Boumadine Project, including the timing thereto; risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change in laws and regulations governing our operations, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; the Company’s ability to mitigate the risks pertaining to fund repatriation; expectations with respect to any future pandemics on our operations, and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licenses; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices; gold and silver demand; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; the effectiveness of our internal control over financial reporting; changes in technology; the potential for asset impairment (or reversal); the inherent risks involved in exploration and development of mineral properties; risks associated with the use of artificial intelligence (AI); and other risks described in the Company’s documents filed with Canadian and U.S. securities regulatory authorities.

In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

The Company may make decisions to advance the development of its mineral projects prior to the completion of a feasibility study establishing mineral reserves that demonstrate economic and technical viability. The decision to proceed with development in the absence of such a feasibility study involves materially greater technical and economic risks, including increased uncertainty as to mineral recovery, capital and operating costs, production rates, mine design and overall economic viability. There can be no assurance that any project advanced on this basis will ultimately be technically or economically viable or achieve the anticipated results.

Non-IFRS and Other Financial Measures

This press release includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in evaluating the Company’s performance and should not be considered in isolation or as a substitute for IFRS measures.

The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry are defined below:

All-in Sustaining Costs and All-in Sustaining Costs Per Ounce-of-Gold-Equivalent Produced

AISC is a non-IFRS financial measure. AISC reported in the 2026 PEA is calculated as Cash Costs (as described below) plus sustaining capital expenditures, including closure costs, divided by the quantity of ounces equivalent produced, but excludes corporate general and administrative costs, income taxes, and financing costs. AISC presented on a per-ounce-of-gold-equivalent-produced basis is a non-IFRS financial ratio and is based on the metal prices assumed in the 2026 PEA. These measures capture the important components of the Project’s anticipated production and related costs and are used to indicate anticipated cost performance of the Project’s operations.

Cash Costs, Cash Costs Per Tonne Milled and Cash Costs Per Ounce-of-Gold-Equivalent Produced

Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, direct site G&A, and tailings, environmental and water management costs, as well as product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-tonne-milled basis, or on a per-ounce-of-gold-equivalent-produced basis, are non-IFRS financial ratios, calculated as cash costs divided by tonnes milled, or by anticipated production expressed in ounces of gold equivalent, respectively. These measures capture the important components of the Project’s anticipated production and related costs and are used to indicate anticipated cost performance of the Project’s operations.

EBITDA

EBITDA is a non-IFRS financial measure which is calculated as net income before interest, taxes, depreciation, and amortization, and is an alternate measure of profitability to net income. This measure is used by the Company to show anticipated operating performance by eliminating the impact of non-operational or non-cash items.

Free Cash Flow

FCF is a non-IFRS financial measure defined as revenue, less on-site and off-site operating costs (including royalties and mining taxes), less initial and sustaining capital expenditures, less income taxes. This measure is used by the Company to measure the anticipated cash flow available to the Company.

Capital Efficiency Ratio

Capital efficiency ratio is a non-IFRS financial ratio calculated as NPV5% After-Tax divided by initial capital expenditures. This measure is used by the Company to indicate the anticipated return generated by the Project relative to the upfront capital required to build it.

Reconciliation

As the Project is not currently in production, the Company does not have historical operating results for the Project against which to compare these non-IFRS measures, and cannot perform a reconciliation with historical measures.

Rounding

Individual calculations in tables and totals throughout this press release may not sum due to rounding of original numbers.

— Motorhome RV Continues to Gain Share through Innovation and Operational Execution⁽¹⁾ —

— Recent Manufacturing Footprint Actions Expected to Drive Long-Term Returns —

— Barletta Continues to Expand Share of the U.S. Aluminum Pontoon Market⁽¹⁾ —

— Strong Cash Flows in the Quarter and an Improvement in Net Leverage to 2.2x —

— Company Issues Fiscal 2027 Financial Guidance —

EDEN PRAIRIE, Minn., Oct. 21, 2026 (GLOBE NEWSWIRE) — Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Company’s fourth quarter and full year Fiscal 2026.

Fourth Quarter Fiscal 2026 Financial Summary

• Net revenues of $645.1 million compared to $777.3 million in the fourth quarter of Fiscal 2025
• Gross profit of $80.7 million, representing 12.5% gross margin, compared to $99.2 million, representing 12.8% gross margin in the fourth quarter of Fiscal 2025
• Net income of $9.7 million, or $0.34 per diluted share; adjusted earnings per diluted share of $0.49 compared to $0.71 in the fourth quarter of Fiscal 2025
• Adjusted EBITDA of $32.6 million, representing 5.1% adjusted EBITDA margin
• Net cash flow from operations of $142.5 million
• Net leverage ratio improved to 2.2x at quarter end

Full Year Fiscal 2026 Financial Summary

• Net revenues of $2,703.9 million compared to $2,798.2 million in Fiscal 2025
• Gross profit of $350.2 million, representing 13.0% gross margin, compared to $365.1 million, representing 13.0% gross margin in Fiscal 2025
• Net income of $34.5 million, or $1.21 per diluted share; adjusted earnings per diluted share of $1.79 compared to $1.67 in Fiscal 2025
• Adjusted EBITDA of $125.0 million, representing 4.6% adjusted EBITDA margin
• Net cash flow from operations of $168.7 million

CEO Commentary
“Fiscal 2026 highlighted the resilience of our portfolio and the disciplined execution of our teams in a persistently challenging retail environment,” said President and Chief Executive Officer Michael Happe. “By maintaining focus on the factors within our control, including product innovation, operational improvements and deliberate production and inventory management, we continued to strengthen our brands and position the portfolio for long-term growth.

“Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized, and impressive share growth at Winnebago Towables,” Happe said. “We took actions to rationalize capacity, drive operational efficiency, and better align our manufacturing footprint with market demand. These initiatives remain at different stages of development, and we expect their financial contribution to build gradually, with greater value accruing in future years. Together with the strong continued growth of Barletta’s market presence in pontoons and our growing portable power offerings, this progress reinforces our confidence in the long-term earnings potential of our portfolio.

“At multiple retail, trade, and dealer meeting events in September, we demonstrated the breadth of our portfolio with new offerings across brands, product categories and price points. Dealer feedback was encouraging and reinforced that the investments we’ve made around both innovation and affordability are well aligned with evolving consumer preferences, positioning us to capitalize on opportunities within our control while continuing to elevate the ownership experience.”

Fourth Quarter Fiscal 2026 Results

Net revenues were $645.1 million, a decrease of 17.0% compared to $777.3 million in the fourth quarter of Fiscal 2025, primarily due to lower unit volume and product mix, partially offset by selective price adjustments.

Gross profit was $80.7 million, a decrease of 18.6% compared to $99.2 million in the fourth quarter of Fiscal 2025. Gross profit margin decreased 30 basis points in the quarter to 12.5%, primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives.

Operating expenses were $63.1 million, a decrease of 20.1% compared to $79.1 million in the fourth quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $17.6 million, a decrease of 12.3% compared to $20.1 million in the fourth quarter of Fiscal 2025.

Net income was $9.7 million, compared to $13.7 million in the fourth quarter of Fiscal 2025. Reported earnings per diluted share was $0.34, compared to a reported earnings per diluted share of $0.49 in the fourth quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.49, a decrease of 31.0% compared to adjusted earnings per diluted share of $0.71 in the fourth quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $32.6 million, a decrease of 14.7%, compared to $38.2 million in the fourth quarter of Fiscal 2025.

Full Year Fiscal 2026 Results

Net revenues were $2.7 billion, a decrease of 3.4% compared to $2.8 billion in Fiscal 2025, primarily due to lower unit volume, partially offset by selective price adjustments and product mix.

Gross profit was $350.2 million, a decrease of 4.1% compared to $365.1 million in Fiscal 2025. Gross profit margin remained consistent year-over-year at 13.0% as volume deleverage was largely offset by selective price adjustments.

Operating expenses were $284.0 million, compared to $307.9 million in Fiscal 2025. Operating expenses decreased primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design Motorhome business.

Operating income was $66.2 million, an increase of 15.7% compared to $57.2 million in Fiscal 2025.

Net income was $34.5 million, compared to $25.7 million in Fiscal 2025. Reported earnings per diluted share was $1.21, an increase of 33.0% compared to reported earnings per diluted share of $0.91 in Fiscal 2025. Adjusted earnings per diluted share was $1.79, an increase of 7.2% compared to adjusted earnings per diluted share of $1.67 in Fiscal 2025.

Consolidated Adjusted EBITDA was $125.0 million, an increase of 2.5%, compared to $121.9 million in Fiscal 2025.

Fourth Quarter and Fiscal 2026 Segments Summary

Towable RV

	Three Months Ended
($, in millions)	August 29, 2026				August 30, 2025				Change(1)
Net revenues	$	220.3			$	306.3			(28.1)%
Operating income	$	9.3			$	21.4			(56.5)%
Operating income margin		4.2	%			7.0	%		(280) bps
(1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

• Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.
• Operating income margin decreased primarily due to volume deleverage and higher discounts and allowances, partially offset by cost containment initiatives and selective price adjustments.

	Year Ended
($, in millions)	August 29, 2026				August 30, 2025				Change(1)
Net revenues	$	1,050.8			$	1,220.2			(13.9)%
Operating income	$	47.5			$	72.7			(34.7)%
Operating income margin		4.5	%			6.0	%		(150) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

• Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.
• Operating income margin decreased primarily due to volume deleverage, higher discounts and allowances, and product mix, partially offset by selective price adjustments and cost containment initiatives.

Motorhome RV

	Three Months Ended
($, in millions)	August 29, 2026				August 30, 2025				Change(1)
Net revenues	$	323.6			$	361.2			(10.4)%
Operating income	$	7.9			$	(0.3	)		NM
Operating income margin		2.4	%		(0.1)%				250 bps
(1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.

• Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by lower discounts and allowances.
• Operating income margin increased primarily due to operational efficiencies from transformation initiatives, lower discounts and allowances, and cost containment initiatives, partially offset by volume deleverage.

	Year Ended
($, in millions)	August 29, 2026				August 30, 2025				Change(1)
Net revenues	$	1,257.5			$	1,159.7			8.4	%
Operating income	$	33.2			$	(7.3	)		NM
Operating income margin		2.6	%		(0.6)%				320 bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM:Not meaningful.

• Net revenues increased primarily due to higher unit volume, selective price adjustments, and lower discounts and allowances.
• Operating income margin increased primarily due to lower discounts and allowances, and volume leverage.

Marine

	Three Months Ended
($, in millions)	August 29, 2026				August 30, 2025				Change(1)
Net revenues	$	92.3			$	94.9			(2.7)%
Operating income	$	6.6			$	6.7			(1.5)%
Operating income margin		7.1	%			7.1	%		—  bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM:Not meaningful.

• Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by selective price adjustments.
• Operating income margin was consistent with prior year primarily due to selective price adjustments, offset by product mix.

	Year Ended
($, in millions)	August 29, 2026				August 30, 2025				Change(1)
Net revenues	$	356.4			$	367.8			(3.1)%
Operating income	$	20.9			$	27.7			(24.5)%
Operating income margin		5.9	%			7.5	%		(160) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM:Not meaningful.

• Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments.
• Operating income margin decreased primarily due to volume deleverage and higher warranty expense, partially offset by selective price adjustments.

Balance Sheet and Cash Flow
At the end of the fourth quarter of Fiscal 2026, cash and cash equivalents totaled $181.4 million compared to $57.1 million at the end of the Fiscal 2026 third quarter and $174.0 million at the end of Fiscal 2025. Total outstanding debt was $443.3 million, which included $450.0 million of debt, net of issuance costs of $6.7 million. Working capital improved to $419.1 million, reflecting disciplined balance sheet management and stronger operating efficiency. Cash flow provided by operations was $142.5 million in the Fiscal 2026 fourth quarter. Net leverage was 2.2x at the end of the Fiscal 2026 fourth quarter, down from 3.0x at the end of the third quarter, reflecting strong cash generation and continued progress in strengthening our leverage position.

Quarterly Cash Dividend and Share Repurchases
On August 12, 2026, the Company’s Board of Directors approved a 3% increase in the quarterly cash dividend to $0.36 per share. The dividend was paid on September 23, 2026, to common stockholders of record at the close of business on September 9, 2026.

“Fiscal 2026 also reflected the strength of our balance sheet and disciplined approach to capital allocation,” Happe said. “The renewal and extension of our $350 million revolving credit facility through 2031 and the Board’s decision to increase the quarterly dividend underscore our confidence in the business and long-term strategy. Supported by solid operating cash flow, improved working-capital performance and lower year-end leverage, we exited the year with a stronger balance sheet and the flexibility to continue investing in innovation, operations and customer experience.”

Outlook

For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 275,000 to 295,000 units. For calendar year 2027, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 265,000 to 295,000 units. Based on this outlook and the current business environment, in Fiscal 2027 the Company expects:

• Consolidated net revenues in the range of $2.65 to $2.80 billion;
• Reported earnings per diluted share in the range of $0.90 to $1.50; and
• Adjusted earnings per diluted share in the range of $1.65 to $2.25⁽²⁾

The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Fiscal 2027 outlook reflects a market where the timing and pace of recovery remain difficult to predict,” Happe said. “We will stay focused on serving our customer and dealers at high levels, delivering differentiated products that consumers value and continuing to strengthen our operational efficiency and discipline. The progress we made in fiscal 2026 gives us a stronger operating foundation to manage near-term volatility and capitalize on opportunities as they emerge.”

Q4 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company’s website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2027. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth, including changes in consumer disposable income; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to performance and financial condition of independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; risk related to changes in trade policy, including tariffs; ability to manage strategic acquisitions, alliances, joint ventures and partnerships; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from failures and disruptions, including those associated with system implementations; risks related to cybersecurity incidents; risks related to the use of Artificial Intelligence (“AI”) technologies; ability to maintain compliance with data governance; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to sustainability matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third-party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company’s expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
ir@winnebagoind.com

Media: Dan Sullivan
media@winnebagoind.com

Winnebago Industries, Inc.
Footnotes to News Release

Footnotes:

⁽¹⁾ Source: Statistical Surveys Inc. for the trailing 12 months ended 8/31/2026 and 8/31/2025.
⁽²⁾ Fiscal 2027 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million and restructuring and related costs of approximately $6 million.

Winnebago Industries, Inc. Condensed Consolidated Statements of Income (Unaudited and subject to reclassification)
	Three Months Ended
(in millions, except percent and per share data)	August 29, 2026						August 30, 2025
Net revenues	$	645.1		100.0	%		$	777.3			100.0	%
Cost of goods sold		564.4		87.5	%			678.1			87.2	%
Gross profit		80.7		12.5	%			99.2			12.8	%
Selling, general, and administrative expenses		57.6		8.9	%			73.7			9.5	%
Amortization		5.5		0.9	%			5.4			0.7	%
Total operating expenses		63.1		9.8	%			79.1			10.2	%
Operating income		17.6		2.7	%			20.1			2.6	%
Interest expense, net		4.6		0.6	%			6.6			0.8	%
Non-operating loss		0.4		0.1	%			0.2			0.1	%
Income before income taxes		12.6		2.0	%			13.3			1.7	%
Income tax provision (benefit)		2.9		0.5	%			(0.4	)		(0.1)%
Net income	$	9.7		1.5	%		$	13.7			1.8	%
Earnings per common share:
Basic	$	0.34					$	0.49
Diluted	$	0.34					$	0.49
Weighted average common shares outstanding:
Basic		28.3						28.0
Diluted		28.6						28.2
	Year Ended
(in millions, except percent and per share data)	August 29, 2026						August 30, 2025
Net revenues	$	2,703.9		100.0	%		$	2,798.2			100.0	%
Cost of goods sold		2,353.7		87.0	%			2,433.1			87.0	%
Gross profit		350.2		13.0	%			365.1			13.0	%
Selling, general, and administrative expenses		262.3		9.7	%			285.8			10.2	%
Amortization		21.7		0.8	%			22.1			0.8	%
Total operating expenses		284.0		10.5	%			307.9			11.0	%
Operating income		66.2		2.4	%			57.2			2.0	%
Interest expense, net		20.9		0.8	%			25.9			0.9	%
Loss on note repurchase		0.8		—	%			2.0			0.1	%
Non-operating loss (income)		0.1		—	%			(0.8	)		(0.1)%
Income before income taxes		44.4		1.6	%			30.1			1.1	%
Income tax provision		9.9		0.4	%			4.4			0.2	%
Net income	$	34.5		1.2	%		$	25.7			0.9	%
Earnings per common share:
Basic	$	1.22					$	0.91
Diluted	$	1.21					$	0.91
Weighted average common shares outstanding:
Basic		28.2						28.2
Diluted		28.4						28.3
Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited and subject to reclassification)
(in millions)	August 29, 2026			August 30, 2025
Assets
Current assets
Cash and cash equivalents	$	181.4		$	174.0
Receivables, net		153.5			192.0
Inventories, net		404.7			396.4
Prepaid expenses and other current assets		38.7			29.8
Total current assets		778.3			792.2
Property, plant, and equipment, net		317.6			333.0
Goodwill		484.2			484.2
Other intangible assets, net		435.3			456.9
Investment in life insurance		28.3			27.1
Operating lease assets		39.6			41.6
Other long-term assets		18.2			19.4
Total assets	$	2,101.5		$	2,154.4
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	174.1		$	129.3
Accrued expenses		185.1			197.8
Total current liabilities		359.2			327.1
Long-term debt, net		443.3			540.5
Deferred income tax liabilities, net		12.3			5.9
Unrecognized tax benefits		4.1			4.8
Long-term operating lease liabilities		36.3			39.3
Deferred compensation benefits, net of current portion		4.3			5.1
Other long-term liabilities		5.4			7.0
Total liabilities		864.9			929.7
Shareholders’ equity		1,236.6			1,224.7
Total liabilities and shareholders’ equity	$	2,101.5		$	2,154.4

Winnebago Industries, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited and subject to reclassification)
	Year Ended
(in millions)	August 29, 2026				August 30, 2025
Operating activities
Net income	$	34.5			$	25.7
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		38.3				38.5
Amortization		21.7				22.1
Amortization of debt issuance costs		2.5				3.0
Last in, first-out expense		0.1				1.8
Stock-based compensation		16.9				15.8
Deferred income taxes		6.3				2.9
Deferred compensation expense		0.6				0.7
Loss on note repurchase (Note 8)		0.8				2.0
Asset impairment		—				1.2
Restructuring and related costs		1.6				2.9
Other, net		(2.7	)			(1.0	)
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net		38.5				(8.2	)
Inventories, net		(8.4	)			40.5
Prepaid expenses and other assets		(4.3	)			9.2
Accounts payable		43.7				(11.6	)
Income taxes and unrecognized tax benefits		3.3				1.3
Accrued expenses and other liabilities		(24.7	)			(17.9	)
Net cash provided by operating activities		168.7				128.9
Investing activities
Purchases of property, plant, and equipment		(24.1	)			(39.4	)
Proceeds from the sale of property, plant, and equipment		5.6				2.2
Other, net		—				2.4
Net cash used in investing activities		(18.5	)			(34.8	)
Financing activities
Borrowings on long-term debt		3.0				48.8
Repayments on long-term debt		(103.0	)			(208.7	)
Payments of cash dividends		(39.9	)			(38.9	)
Payments for repurchases of common stock		(1.7	)			(53.7	)
Payments of debt issuance costs		(2.2	)			—
Other, net		1.0				1.5
Net cash used in financing activities		(142.8	)			(251.0	)
Net increase (decrease) in cash and cash equivalents		7.4				(156.9	)
Cash and cash equivalents at beginning of period		174.0				330.9
Cash and cash equivalents at end of period	$	181.4			$	174.0
Supplemental Disclosures
Income taxes paid, net	$	0.9			$	2.5
Interest paid		22.3				29.5
Non-cash investing and financing activities
Capital expenditures in accounts payable	$	1.4			$	0.4
Dividends declared not yet paid		11.7				11.0
Increase in lease assets in exchange for lease liabilities:
Operating leases		5.5				2.7
Financing leases		—				0.2

Winnebago Industries, Inc. Supplemental Information by Reportable Segment – Towable RV (in millions, except unit data) (Unaudited and subject to reclassification)
	Three Months Ended
	August 29, 2026			% of Revenues(1)			August 30, 2025			% of Revenues(1)			$ Change(1)				% Change(1)
Net revenues	$	220.3					$	306.3					$	(86.0	)		(28.1)%
Operating income		9.3		4.2	%			21.4		7.0	%			(12.1	)		(56.5)%
	Three Months Ended
Unit deliveries	August 29, 2026			Product Mix(2)			August 30, 2025			Product Mix(2)			Unit Change				% Change
Travel trailer		4,671		78.0	%			5,680		72.5	%			(1,009	)		(17.8)%
Fifth wheel		1,314		22.0	%			2,153		27.5	%			(839	)		(39.0)%
Total Towable RV		5,985		100.0	%			7,833		100.0	%			(1,848	)		(23.6)%
	Year Ended
	August 29, 2026			% of Revenues(1)			August 30, 2025			% of Revenues(1)			$ Change(1)				% Change(1)
Net revenues	$	1,050.8					$	1,220.2					$	(169.4	)		(13.9)%
Operating income		47.5		4.5	%			72.7		6.0	%			(25.2	)		(34.7)%
	Year Ended
Unit deliveries	August 29, 2026			Product Mix(2)			August 30, 2025			Product Mix(2)			Unit Change				% Change
Travel trailer		20,021		74.1	%			21,714		69.7	%			(1,693	)		(7.8)%
Fifth wheel		6,983		25.9	%			9,455		30.3	%			(2,472	)		(26.1)%
Total Towable RV		27,004		100.0	%			31,169		100.0	%			(4,165	)		(13.4)%
Dealer Inventory(3)	August 29, 2026						August 30, 2025						Unit Change				% Change
Units		15,471						16,200						(729	)		(4.5)%
(1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2)  Percentages may not add due to rounding differences.
(3)  Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc. Supplemental Information by Reportable Segment – Motorhome RV (in millions, except unit data) (Unaudited and subject to reclassification)
	Three Months Ended
	August 29, 2026			% of Revenues(1)			August 30, 2025				% of Revenues(1)			$ Change(1)				% Change(1)
Net revenues	$	323.6					$	361.2						$	(37.6	)		(10.4)%
Operating income (loss)		7.9		2.4	%			(0.3	)		(0.1)%				8.2			NM
	Three Months Ended
Unit deliveries	August 29, 2026			Product Mix(2)			August 30, 2025				Product Mix(2)			Unit Change				% Change
Class A		187		11.9	%			403			23.1	%			(216	)		(53.6)%
Class B		518		33.0	%			524			30.0	%			(6	)		(1.1)%
Class C		865		55.1	%			818			46.9	%			47			5.7	%
Total Motorhome RV		1,570		100.0	%			1,745			100.0	%			(175	)		(10.0)%
	Year Ended
	August 29, 2026			% of Revenues(1)			August 30, 2025				% of Revenues(1)			$ Change(1)				% Change(1)
Net revenues	$	1,257.5					$	1,159.7						$	97.7			8.4	%
Operating income (loss)		33.2		2.6	%			(7.3	)		(0.6)%				40.4			NM
	Year Ended
Unit deliveries	August 29, 2026			Product Mix(2)			August 30, 2025				Product Mix(2)			Unit Change				% Change
Class A		892		15.1	%			1,211			21.1	%			(319	)		(26.3)%
Class B		1,934		32.6	%			1,682			29.3	%			252			15.0	%
Class C		3,099		52.3	%			2,849			49.6	%			250			8.8	%
Total Motorhome RV		5,925		100.0	%			5,742			100.0	%			183			3.2	%
Dealer Inventory(3)	August 29, 2026						August 30, 2025							Unit Change				% Change
Units		3,395						3,562							(167	)		(4.7)%
(1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2)  Percentages may not add due to rounding differences.
(3)  Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc. Supplemental Information by Reportable Segment – Marine (in millions, except unit data) (Unaudited and subject to reclassification)
	Three Months Ended
	August 29, 2026			% of Revenues(1)			August 30, 2025			% of Revenues(1)			$ Change(1)				% Change(1)
Net revenues	$	92.3					$	94.9					$	(2.6	)		(2.7)%
Operating income		6.6		7.1	%			6.7		7.1	%			(0.1	)		(1.5)%
	Three Months Ended
Unit deliveries	August 29, 2026						August 30, 2025						Unit Change				% Change
Boats		1,141						1,164						(23	)		(2.0)%
	Year Ended
	August 29, 2026			% of Revenues(1)			August 30, 2025			% of Revenues(1)			$ Change(1)				% Change(1)
Net revenues	$	356.4					$	367.8					$	(11.4	)		(3.1)%
Operating income		20.9		5.9	%			27.7		7.5	%			(6.8	)		(24.5)%
	Year Ended
Unit deliveries	August 29, 2026						August 30, 2025						Unit Change				% Change
Boats		4,423						4,635						(212	)		(4.6)%
Dealer Inventory(2,3)	August 29, 2026						August 30, 2025						Unit Change				% Change
Units		2,510						2,687						(177	)		(6.6)%
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc. Non-GAAP Reconciliation (Unaudited and subject to reclassification)
Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.
The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:
	Three Months Ended								Year Ended
	August 29, 2026				August 30, 2025				August 29, 2026				August 30, 2025
Diluted earnings per share	$	0.34			$	0.49			$	1.21			$	0.91
Amortization(1)		0.19				0.19				0.76				0.78
Loss on note repurchase(1)		—				—				0.03				0.07
Asset impairment(1)		—				—				—				0.04
Restructuring and related costs(1)		—				0.10				0.06				0.10
Gain on sale of property, plant and equipment(1)		—				—				(0.10	)			—
Tax impact of adjustments(2)		(0.04	)			(0.07	)			(0.17	)			(0.23	)
Adjusted diluted earnings per share(3)	$	0.49			$	0.71			$	1.79			$	1.67
(1) Represents a pre-tax adjustment.
(2) Income tax impact calculated using the statutory tax rate for the U.S. of 22.0% and 23.0% for Fiscal 2026 and Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA:

	Three Months Ended							Year Ended
(in millions)	August 29, 2026			August 30, 2025				August 29, 2026				August 30, 2025
Net income	$	9.7		$	13.7			$	34.5			$	25.7
Interest expense, net		4.6			6.6				20.9				25.9
Income tax provision (benefit)		2.9			(0.4	)			9.9				4.4
Depreciation		9.5			9.8				38.3				38.5
Amortization		5.5			5.4				21.7				22.1
EBITDA		32.2			35.1				125.3				116.6
Loss on note repurchase		—			—				0.8				2.0
Asset impairment		—			—				—				1.2
Restructuring and related costs		—			2.9				1.6				2.9
Gain on sale of property, plant and equipment		—			—				(2.8	)			—
Non-operating loss (income)		0.4			0.2				0.1				(0.8	)
Adjusted EBITDA	$	32.6		$	38.2			$	125.0			$	121.9

Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry.