Author: Ravi Shankar

HERNDON, Va., Nov. 11, 2026 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) announced that its board of directors approved a 2026 fourth quarter dividend of $0.16 per share on the company’s common stock.

The fourth quarter 2026 dividend will be paid on December 18, 2026, to shareholders of record at the close of business on December 4, 2026.

About Navient
Navient (Nasdaq: NAVI) creates long-term value for customers and investors with responsible lending, flexible refinancing, trusted servicing oversight, and decades of education finance and portfolio management expertise. Through our Earnest business, we help customers confidently achieve financial success through digital financial services. Our employees thrive in a culture of belonging, where they are supported and proud to deliver meaningful outcomes. Learn more on Navient.com.

Contact:
Media: Cate Fitzgerald, 703-831-6347, catherine.fitzgerald@navient.com
Investors: Micah Andrews, 571-415-5413, micah.andrews@navient.com
	Roger Yankoupe, 571-592-8569, roger.yankoupe@navient.com

Delivering Revenue, Operating Income, and Earnings Growth

Third Quarter 2026 Highlights:

• Gross revenues of $33.8 million for the quarter, up 7% versus the prior year period
• Operating income of $10.8 million for the quarter, up 2% versus the prior year period
• Operating profit margin of 32.9% for the quarter, versus 34.6% for the prior year period
• Net income of $8.8 million and quarterly diluted GAAP EPS of $0.73, each up 3% versus the prior year period
• Total cash returned to shareholders during the quarter of $3.7 million, consisting mainly of $3.6 million in dividends with the balance in repurchases of common shares, compared to $2.2 million in the prior year period
• Announcing special dividend of $1.75 per share and fourth quarter 2026 dividend of $0.30 per share
• 589 OTCQX^®, 1,117 OTCQB^®, and 1,037 OTCID^® companies at quarter end
• 143 unique OTC Link subscribers as of September 30, 2026, up 5 versus September 30, 2025
• Approximately 87,000 average daily trades on OTC Link ECN and OTC Link NQB during the quarter, versus approximately 59,000 during the prior year period

NEW YORK, Nov. 11, 2026 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced its financial results for the third quarter of 2026.

“The third quarter marked the first anniversary of establishing the OTCID Basic Market, and we are pleased to see it become an integral part of our market structure and product offering,” said R. Cromwell Coulson, President and Chief Executive Officer. “We also continued to evolve our trading platforms. As regulators establish clear rules of the road, we remain committed to helping our FINRA member broker-dealers, public company clients, and market data customers benefit from blockchain technology and lawful trading of tokenized stocks.”

“In the third quarter of 2026, we delivered continued revenue growth across all three business lines, resulting in a 7% increase in gross revenues,” said Antonia Georgieva, Chief Financial Officer. “OTC Link continued to benefit from higher trading volumes, while Corporate Services saw a higher average number of companies on our OTCQX and OTCQB markets. Market Data Licensing revenues increased, driven by price increases for certain licenses and subscriber growth. These results reflect continued momentum from the first half of the year.”

Third Quarter 2026 compared to Third Quarter 2025

Financial Highlights

		Three Months Ended September 30,
(in thousands, except shares and per share data)			2026				2025			% change			$ change
OTC Link		$	7,489			$	6,420			17	%		1,069
Market data licensing			13,352				12,520			7	%		832
Corporate services			13,004				12,695			2	%		309
Gross Revenues			33,845				31,635			7	%		2,210
Net revenues			32,861				30,659			7	%		2,202
Revenues less transaction-based expenses			30,071				28,504			5	%		1,567
Operating expenses			19,271				17,897			8	%		1,374
Income from operations			10,800				10,607			2	%		193
Operating profit margin			32.9%				34.6%
Income before provision for income taxes			11,069				10,876			2	%		193
Net income		$	8,804			$	8,558			3	%		246
Diluted earnings per share		$	0.73			$	0.71			3	%
Adjusted diluted earnings per share		$	1.07			$	1.06			1	%
Weighted-average shares outstanding, diluted			11,835,594				11,870,002			–

• Gross revenues of $33.8 million, up 7% over the prior year quarter.   Revenues less transaction-based expenses up 5%.
• OTC Link revenues up 17%, primarily due to transaction-based revenues from OTC Link ECN, OTC Link NQB, and MOON ATS increasing 32%, as a result of higher volume of shares traded on these platforms.  
• Market Data Licensing revenues up 7%. Redistributor-based revenues increased 7%, with professional user revenues increasing 7% and non-professional user revenues increasing 19% quarter over quarter. Revenues from direct sold licenses increased 11% primarily due to price increases for certain licenses and growth in subscribers. Revenues from data and compliance solutions were essentially flat.
• Corporate Services revenues up 2%. Revenues from our OTCQX market increased 6%, reflecting a higher average number of companies on the OTCQX market and price increases effective from the beginning of the year. OTCQB revenues increased 4% due to similar factors. Revenues from our OTCID market and from Pink Limited subscribers to the Disclosure & News Service^® (“DNS”) decreased 3%, reflecting a similar decline in the average number of companies subscribing to OTCID and DNS.
• Operating expenses increased 8%. The increase was driven by an 18% increase in professional and consulting fees, reflecting higher regulatory and clearing costs as a result of the increased trading volumes on OTC Link’s ATSs and a 16% increase in IT infrastructure and information services costs. Additionally, compensation and benefits expenses increased 4% due to higher cash-based incentive compensation targets for 2026 as well as an increase in other employee expenses.   
• Operating income increased 2% and net income increased 3% to $10.8 million and $8.8 million, respectively.
• Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 1% to $12.9 million, or $1.07 per adjusted diluted share.

Dividend Declaration – Quarterly and Special Cash Dividend

OTC Markets Group announced today that its Board of Directors authorized and approved a special cash dividend of $1.75 per share of Class A Common Stock and a quarterly cash dividend of $0.30 per share of Class A Common Stock. The special dividend is payable on December 3, 2026, to stockholders of record on November 23, 2026. The ex-dividend date is November 23, 2026. The quarterly cash dividend is payable on December 17, 2026, to stockholders of record on December 3, 2026.   The ex-dividend date is December 3, 2026.

Stock Buyback Program

The Company is authorized to purchase shares from time to time on the open market, from employees and consultants, and through block trades, in compliance with applicable law. During the third quarter of 2026, the Company purchased 2,917 shares at an average price of $52.21 per share.

On March 2, 2026, the Board of Directors refreshed the Company’s stock repurchase program, giving the Company authorization to repurchase up to 300,000 shares of the Company’s Class A Common Stock.   

Non-GAAP Financial Measures

In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company’s current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.

Third Quarter 2026 Conference Call

The Company will host a conference call and webcast on Thursday, November 12, 2026, at 8:30 a.m. Eastern Time, during which management will discuss the financial results in further detail.

Webcast:
The conference webcast and management presentation can be accessed at the following link (replay available until November 11, 2027):

https://edge.media-server.com/mmc/p/muskm5zf        

Live Call:
Participants intending to ask a question during the live call and Q&A session should also register in advance at:

https://register-conf.media-server.com/register/BIaca795d0bd1e47659fcc088dba1f6b2a   

Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

The Quarterly Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of our corporate website at

www.otcmarkets.com/about/investor-relations.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX^® Best Market, OTCQB^® Venture Market, OTCID^® Basic Market, and Pink Limited^TM Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, OTC Overnight^® and MOON ATS^® are each an SEC-regulated ATS, operated by OTC Link LLC, a FINRA and SEC-registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Investor Contact:

Antonia Georgieva
Chief Financial Officer
Phone: (212) 220-2215
Email: ir@otcmarkets.com

Media Contact:

OTC Markets Group Inc.
Phone: (212) 896-4428
Email: media@otcmarkets.com 

OTC MARKETS GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share information)
	Three Months Ended September 30,
		2026				2025
OTC Link	$	7,489			$	6,420
Market data licensing		13,352				12,520
Corporate services		13,004				12,695
Gross revenues		33,845				31,635
Redistribution fees and rebates		(984	)			(976	)
Net revenues		32,861				30,659
Transaction-based expenses		(2,790	)			(2,155	)
Revenues less transaction-based expenses		30,071				28,504
Operating expenses
Compensation and benefits		11,617				11,162
IT Infrastructure and information services		3,362				2,896
Professional and consulting fees		2,253				1,916
Marketing and advertising		373				368
Occupancy costs		650				629
Depreciation and amortization		555				635
General, administrative and other		461				291
Total operating expenses		19,271				17,897
Income from operations		10,800				10,607
Other income
Interest income		269				269
Income before provision for income taxes		11,069				10,876
Provision for income taxes		2,265				2,318
Net Income	$	8,804			$	8,558
Earnings per share
Basic	$	0.73			$	0.71
Diluted	$	0.73			$	0.71
Basic weighted average shares outstanding		11,770,348				11,778,799
Diluted weighted average shares outstanding		11,835,594				11,870,002
Non-GAAP Reconciliation
	Three Months Ended September 30,
		2026				2025
Net Income	$	8,804			$	8,558
Excluding:
Interest expense (income)		(269	)			(269	)
Provision for income taxes		2,265				2,318
Depreciation and amortization		555				635
Stock-based compensation expense		1,546				1,587
Adjusted EBITDA	$	12,901			$	12,829
Adjusted diluted earnings per share	$	1.07			$	1.06
Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results, but are provided to improve overall understanding of the Company’s current financial performance.

OTC MARKETS GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
	September 30,				December 31,
		2026				2025
Assets
Current assets
Cash and cash equivalents	$	53,036			$	49,231
Short-term investments		5,191				5,047
Accounts receivable, net of allowance for credit losses of $282 and $267		9,708				9,053
Prepaid income taxes		1,314				249
Prepaid expenses and other current assets		2,264				2,361
Total current assets		71,513				65,941
Property and equipment, net		4,736				5,557
Operating lease right-of-use assets		9,621				9,508
Deferred tax assets, net		5,741				6,809
Goodwill		3,984				3,984
Intangible assets, net		5,825				6,247
Long-term restricted cash		1,856				1,606
Other assets		1,005				457
Total Assets	$	104,281			$	100,109
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	1,645			$	1,184
Income taxes payable		1,671				138
Accrued expenses and other current liabilities		13,685				14,884
Deferred revenue		24,348				33,640
Total current liabilities		41,349				49,846
Income tax reserve		1,171				1,050
Deferred compensation		475				–
Operating lease liabilities		8,960				8,748
Total Liabilities		51,955				59,644
Commitments and contingencies
Stockholders’ equity
Common stock – par value $0.01 per share
Class A – 17,000,000 authorized, 12,997,666 issued, 11,988,725 outstanding at September 30, 2026; 12,912,423 issued, 12,020,991 outstanding at December 31, 2025		130				129
Additional paid-in capital		45,938				41,364
Retained earnings		38,265				24,644
Treasury stock – 1,008,941 shares at September 30, 2026 and 891,432 shares at December 31, 2025		(32,007	)			(25,672	)
Total Stockholders’ Equity		52,326				40,465
Total Liabilities and Stockholders’ Equity		104,281				100,109

SUDBURY, Ontario, Nov. 11, 2026 (GLOBE NEWSWIRE) — Magna Mining Inc. (TSX: NICU) (OTCQX: MGMNF) (FSE:8YD) (the “Company” or “Magna”) announces operating and financial results for the third quarter of 2026 (“Q3 2026”). Management will host a conference call tomorrow, November 12, 2026, at 8:00am EST to discuss the results. All amounts are expressed in Canadian dollars unless otherwise indicated.

Highlights

• In Q3 2026, Magna shipped 75,272 tons of ore from the 700 Footwall Copper Zone at the McCreedy West copper-precious metals-nickel Mine (“McCreedy West”) in Sudbury, Ontario, Canada at a grade of 3.60% copper equivalent (“CuEq”) for 5.4 million CuEq contained pounds (“lbs”) based on the metal prices employed in the Company’s 2026 operational guidance. At realized metal prices during the quarter, the tons shipped contained 4.9 million CuEq lbs at a grade of 3.28% CuEq¹.
• The Company produced 3.7 million CuEq payable lbs in Q3 2026 and a total of 12.3 million CuEq payable lbs in the first three quarters of 2026.
• During Q3 2026, Magna generated positive cash margin² of $4.9 million, with cash costs² and all-in sustaining costs² (“AISC”) of US$4.12 per CuEq lb, and US$4.93 per CuEq lb, respectively. Cash margin during the first nine months of 2026 was $19.7 million.
• Exploration and evaluation expenses in Q3 2026 of $5.7 million, including $5.0 million at Levack Mine, where activities continued to focus on infrastructure readiness, support early ore sources and establish underground exploration platforms to advance drilling of the R2 Footwall Zone and other targets.
• Ended Q3 2026 with cash and cash equivalents of $168.4 million and a working capital balance of $161.9 million following the completion on August 28, 2026 of the strategic investment by Alpayana S.A.C. through a non-brokered private placement of 62,356,682 common shares at $2.25 per share for gross proceeds of approximately $140.3 million. Following closing, Alpayana holds 19.9% of the Company’s issued and outstanding common shares.
• The Company has updated its operational guidance for McCreedy West and now expects to produce 14.5 – 15.5 million CuEq payable lbs in 2026 due to operational challenges experienced during Q3 2026.
• The Company’s Total Recordable Injury Frequency Rate³ (TRIFR) was 0.43 over the first nine months of 2026, compared to 2.23 during the same period in 2025, representing an 81% reduction.

¹ Copper equivalent contained and payable pounds and copper equivalent grade were calculated using the following US dollar prices in the Company’s 2026 Guidance: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.37, while realized prices for Q3 2026 were $6.37/lb Cu, $7.52/lb Ni, $25.67/lb Co, $1,726.46/oz Pt, $1,306.30/oz Pd, $4,269.08/oz Au, $62.75 Ag. Strong copper price performance relative to the price of precious metals during Q3 2026 resulted in lower contained CuEq pounds and grade at realized prices compared to CuEq calculations using the Company’s 2026 guidance prices.
² Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements. “Cash Margin” is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations, and the cash mine site operating costs. “Free cash flow” is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments.   
³ Defined as the number of medical treatments, restricted work, lost time, and fatal injuries per 200,000 hours worked by employees and contractors. 

Jason Jessup, CEO of Magna, commented, “During Q3, McCreedy West encountered an isolated geological structure affecting a high grade stope on the 910 Level. The issue has now been resolved, although it temporarily altered our mining sequence and deferred some additional higher grade production into 2027, resulting in lower tonnage and copper equivalent payable production in the quarter. McCreedy West remained profitable, and our team has incorporated the experience into our planning as we continue to operate the mine safely and efficiently. While the sequencing changes have led us to revise our full-year guidance for 2026, we expect the impact to be contained to the remainder of this year with a return to higher grade ore anticipated in 2027. Looking ahead, bringing a second and a third mine into production will not only support Magna’s growth but also provide greater flexibility across our production profile.”

Table 1: McCreedy West Tons Processed, CuEq Contained Grades, CuEq Contained Pounds and CuEq Payable Pounds
	2026			2025				2026	2025
	Q3	Q2	Q1	Q4	Q3	Q2	Q1 (March only)	YTD	YTD
Short Tons Processed	75,272	98,446	82,296	84,954	75,215	70,045	20,388	256,014	165,648
CuEq Grade (%)1 (contained, at 2026 Guidance price deck)	3.60	3.30	3.11	3.28	2.65	3.35	3.03	3.33	2.99
CuEq Grade (%)2 (contained, at quarterly realized prices)	3.28	3.34	3.38	3.41	2.64	3.26	3.01	3.34	2.95
CuEq lbs1 (contained at 2026 Guidance price deck, ‘000s)	5,401	6,504	5,149	5,554	3,985	4,698	1,308	17,054	9,991
CuEq lbs2 (contained at quarterly realized prices, ‘000s)	4,936	6,580	5,546	5,789	3,973	4,551	1,229	17,062	9,753
CuEq lbs2 (payable at quarterly realized prices, ‘000s)	3,689	4,533	4,085	4,968	2,735	3,053	790	12,307	6,578

¹ Copper equivalent contained and payable pounds and copper equivalent grades calculated at the following US dollar prices used in the Company’s 2026 Guidance: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.37.
² Copper equivalent contained and payable pounds and copper equivalent grades calculated using the following realized US dollar prices:
Q3 2026: $6.37/lb Cu, $7.52/lb Ni, $25.67/lb Co, $1,726.46/oz Pt, $1,306.30/oz Pd, $4,269.08/oz Au, $62.75 Ag.
Q2 2026: $6.04/lb Cu, $8.23/lb Ni, $26.27/lb Co, $1,914.26/oz Pt, $1,410.25/oz Pd, $4,512.69/oz Au, $73.19 Ag.
Q1 2026: $5.83/lb Cu, $7.87/lb Ni, $25.90/lb Co, $2,205.17/oz Pt, $1,713.42/oz Pd, $4,875.39/oz Au, $84.39 Ag.
Q4 2025: $5.03/lb Cu, $6.75/lb Ni, $23.01/lb Co, $1,679.68/oz Pt, $1,468.65/oz Pd, $4,141.90/oz Au, $54.83 Ag.
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.
YTD 2026: $6.08/lb Cu, $7.87/lb Ni, $25.94/lb Co, $1,948.63/oz Pt, $1,476.66/oz Pd, $4,552.39/oz Au, $73.44 Ag.
YTD 2025: $4.38/lb Cu, $6.95/lb Ni, $15.69/lb Co, $1,133.38/oz Pt, $1,055.03/oz Pd, $3,297.46/oz Au, $35.88 Ag.

Table 2: Q3 2026 and Year-To-Date 2026 & 2025 Operating and Financial Highlights
In 000s, except per units and per share amounts	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	YTD 2026	YTD 2025
Financial results
Net revenue from mining operations	27,441	29,727	25,913	24,810	14,026	15,701	4,296	83,081	34,023
Cash margin1	4,865	8,864	5,953	3,313	(2,041)	(1,191)	269	19,682	(2,963)
Net income (loss)	(13,815)	(8,219)	(6,427)	(7,108)	(12,965)	(9,085)	11,039	(28,461)	(11,011)
Adjusted net loss1	(12,583)	(8,219)	(6,427)	(6,863)	(12,733)	(8,514)	(6,163)	(27,229)	(27,410)
Operating cash flow	(616)	8,915	(16,159)	(10,173)	(10,781)	(11,514)	(2,629)	(7,860)	(24,924)
Free cash flow1	(7,574)	5,055	(19,481)	(11,307)	(14,350)	(10,672)	(10,629)	(22,000)	(35,651)
Per share information:
Net earnings (loss)	(0.05)	(0.03)	(0.03)	(0.03)	(0.06)	(0.04)	0.06	(0.11)	(0.05)
Adjusted net loss1	(0.05)	(0.03)	(0.03)	(0.03)	(0.06)	(0.04)	(0.03)	(0.11)	(0.13)
Operating cash flow1	(0.00)	0.04	(0.06)	(0.04)	(0.05)	(0.06)	(0.01)	(0.03)	(0.12)
Free cash flow1	(0.03)	0.02	(0.08)	(0.05)	(0.07)	(0.05)	(0.05)	(0.09)	(0.17)
Selected Financial Statement data
Cash and cash equivalents	168,435	40,012	35,770	55,899	63,121	27,018	38,250	168,435	63,121
Working capital	161,866	45,265	53,726	60,499	61,917	24,404	31,890	161,866	61,917
Total assets	308,433	181,852	182,835	193,924	201,349	154,836	162,207	308,433	201,349
Total non-current liabilities	57,635	62,258	64,197	67,084	71,480	72,994	76,101	57,635	71,480
Operational results
Ore Processed (Dry tons)
700 Copper Zone	75,272	98,446	82,296	84,954	75,215	59,100	13,911	256,014	148,226
Intermain Nickel Zone	–	–	–	–	–	10,945	6,477	–	17,422
Throughput	75,272	98,446	82,296	84,954	75,215	70,045	20,388	256,014	165,648
Copper Equivalent Grade (%)
700 Copper Zone2	3.28	3.34	3.38	3.41	2.64	3.35	3.04	3.34	2.96
Intermain Nickel Zone2	–	–	–	–	–	2.77	2.96	0.00	2.84
	3.28	3.34	3.38	3.41	2.64	3.26	3.01	3.34	2.95
Metals Payable
Copper (000s lbs)	1,824	2,616	2,007	1,909	1,949	1,629	552	6,447	4,130
Nickel (000s lbs)	222	271	236	244	193	327	132	729	652
Cobalt (000s lbs)	–	–	1	1	2	4	2	1	8
Platinum (ozs)	1,809	1,639	1,368	1,626	479	1,156	–	4,816	1,635
Palladium (ozs)	1,810	1,764	1,412	1,814	641	1,218	13	4,986	1,872
Gold (ozs)	709	731	437	601	55	284	–	1,877	339
Silver (ozs)	19,943	23,392	16,613	23,440	13,105	9,499	1,638	59,948	24,242
Copper equivalent payable pounds (000s)2	3,689	4,533	4,085	4,968	2,735	3,053	790	12,307	6,578
Per Copper Equivalent Metrics
Average realized price (CAD per CuEq payable lb)1	7.08	7.16	6.23	4.96	5.42	5.17	6.04	6.82	5.38
Cash costs (CAD per CuEq payable lb)1,2	5.76	5.20	4.77	4.29	6.17	5.56	5.69	5.23	5.83
Cash margin (CAD per CuEq payable lb)1	1.32	1.96	1.46	0.67	(0.75)	(0.39)	0.34	1.59	(0.45)
AISC (CAD per CuEq payable lb)1,2	6.90	6.29	5.77	4.86	8.15	6.64	6.37	6.30	7.23
Average 1 USD → CAD exchange rates	1.40	1.38	1.37	1.39	1.38	1.38	1.44	1.38	1.39
Cost Metrics (in USD)
Cash costs1,2	4.12	3.76	3.48	3.08	4.48	4.02	3.97	3.77	4.20
AISC1,2	4.93	4.54	4.21	3.49	5.92	4.80	4.43	4.55	5.21

¹ Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non-IFRS measurements to the financial statements. 
² Copper equivalent payable pounds for the purpose of copper equivalent payable grade, cash cost and AISC were calculated using the following US dollar prices:
Q3 2026: $6.37/lb Cu, $7.52/lb Ni, $25.67/lb Co, $1,726.46/oz Pt, $1,306.30/oz Pd, $4,269.08/oz Au, $62.75 Ag.
Q2 2026: $6.04/lb Cu, $8.23/lb Ni, $26.27/lb Co, $1,914.26/oz Pt, $1,410.25/oz Pd, $4,512.69/oz Au, $73.19 Ag.
Q1 2026: $5.83/lb Cu, $7.87/lb Ni, $25.90/lb Co, $2,205.17/oz Pt, $1,713.42/oz Pd, $4,875.39/oz Au, $84.39 Ag.
Q4 2025: $5.03/lb Cu, $6.75/lb Ni, $23.01/lb Co, $1,679.68/oz Pt, $1,468.65/oz Pd, $4,141.90/oz Au, $54.83 Ag.
Q3 2025: $4.44/lb Cu, $6.81/lb Ni, $15.90/lb Co, $1,383.49/oz Pt, $1,169.18/oz Pd, $3,455.50/oz Au, $39.38 Ag.
Q2 2025: $4.29/lb Cu, $6.88/lb Ni, $15.81/lb Co, $1,072.35/oz Pt, $990.29/oz Pd, $3,301.29/oz Au, $33.64 Ag.
Q1 2025: $4.40/lb Cu, $7.18/lb Ni, $15.38/lb Co, $944.31/oz Pt, $1,005.61/oz Pd, $3,135.60/oz Au, $34.61 Ag.
YTD 2026: $6.08/lb Cu, $7.87/lb Ni, $25.94/lb Co, $1,948.63/oz Pt, $1,476.66/oz Pd, $4,552.39/oz Au, $73.44 Ag.
YTD 2025: $4.38/lb Cu, $6.95/lb Ni, $15.69/lb Co, $1,133.38/oz Pt, $1,055.03/oz Pd, $3,297.46/oz Au, $35.88 Ag.

Q3 2026 Operating and Financial Details

Payable metal production from McCreedy West in Q3 2026 was 3.7 million CuEq payable lbs*, consisting of 1.8 million lbs copper, 0.22 million lbs nickel, 1,809 ounces platinum, 1,810 ounces palladium, 709 ounces gold, and 19,943 ounces silver. Q3 2026 CuEq revenue from mining operations was $26.1 million, generated from the sale of 3.7 million CuEq payable lbs at an average realized price of $7.08 per CuEq payable lb. Production costs per ton processed in Q3 2026 were $248 per ton due to lower tonnage shipped during the quarter. Q3 2026 cash costs were US$4.12 per CuEq lb while AISC was US$4.93 per CuEq lb, for total cash margin in the quarter of $4.9 million, or US$0.94 per CuEq payable lb. In Q3 2026, the Company had operating cash outflow of $0.6 million, and free cash outflow of $7.6 million, or ($0.03) per share, reflecting higher spending on mining equipment and infrastructure upgrades at Levack, and increased exploration and evaluation expenses at Crean Hill. The Company ended Q3 2026 with cash and cash equivalents of $168.4 million and a working capital balance of $161.9 million.

Q3 2026 exploration and evaluation expenses were $5.7 million, including $5.0 million at Levack Mine, located adjacent to the Company’s McCreedy West operation. Activities at Levack during the quarter focused on infrastructure readiness to support early ore sources and establishing underground exploration platforms to continue delineation drilling of R2 Footwall Zone as well as drill testing other high-priority targets. During the quarter, underground development crews at Levack completed development of the initial 2950 Level exploration drift towards the R2 Footwall Zone. In addition to development on the 2950 Level, Levack Mine personnel are continuing rehabilitation along the 2650 Level from the No. 2 shaft towards the No. 3 shaft. The 2650 Level underground exploration diamond drilling platforms will allow drilling of additional target areas in the footwall of the No. 3 Orebody. A fourth underground drill rig will be mobilized to site in Q4. The production hoist plant work continued with shaft rehabilitation and plant infrastructure refurbishment. As engineering and procurement activities in the first half of the year transition into the execution phase, the Company has secured the necessary resources and personnel on site to support planned activities. Engineering work continues to support a portal concept to access the upper parts of Levack Mine. 

At the Crean Hill Project, work during Q3 2026 including detailed engineering and design, advance procurement of long-lead items, surface site preparation and recruitment of required personnel.  Following geological and geophysical compilation and interpretation during Q3 2026, a surface exploration diamond drill rig has been mobilized to the Crean Hill Project in early Q4 2026 and has started drill testing new targets for additional footwall copper and precious metals-rich mineralization.

*Payable metal production represents the total metal produced at McCreedy West and does not take into account the precious metals stream applicable to gold, platinum, and palladium.

Update to 2026 Operational Guidance

During Q3 2026, operational challenges at McCreedy West associated with a higher-grade production stope negatively impacted tonnage and grade and disrupted the planned mining sequence. These factors impacted third quarter production and are expected to continue to affect production through the remainder of 2026. As a result of these challenges, as well as higher-than-expected grade variability in the revised mine plan, the Company has updated 2026 operational guidance for ore sales, payable copper equivalent production, total cash costs, and AISC (Table 3). The 2026 guidance for copper equivalent grade is unchanged but the Company now expects to be near the lower end of the range for full year 2026.  

Table 3: Updated 2026 McCreedy West Mine Production and Cost Guidance
2026 McCREEDY WEST OPERATIONAL GUIDANCE
	February 2026 Guidance			Updated 2026 Guidance
700 Copper Zone Ore Sales (short tons)	355,000	–	375,000	330,000	–	345,000
Copper Equivalent Grade1 (% CuEq)	3.20%	–	3.50%	3.20%	–	3.50%
Payable Copper Equivalent Production1 (million lbs CuEq)	16.0	–	18.0	14.5	–	15.5
Total Cash Cost, excluding stream payments2 (US$/lb CuEq)	$3.40	–	$3.80	$3.90	–	$4.25
AISC, excluding stream payments2 (US$/lb CuEq)	$4.20	–	$4.70	$4.80	–	$5.15

¹ Copper equivalent payable pounds for the purpose of copper equivalent grade, cash costs and AISC were calculated using the following US dollar prices: $4.88/lb Cu, $7.72/lb Ni, $18.12/lb Co, $1,410/oz Pt, $1,156/oz Pd, $3,815/oz Au, $50.00/oz Ag, and CAD/USD exchange rate of 1.370. Updated 2026 guidance CAD/USD exchange rate of 1.385.
² The incremental cost impact of the precious metals stream varies significantly based on commodity prices. At the 2026 budget commodity prices outlined above the cost impact is approximately US$0.78-0.92/lb.

Further details regarding the calculation of production costs, cash margins and all in sustaining costs can be found in the quarterly MD&A.

Subsequent Events

On October 8, 2026, the Company announced the results of the Levack Mine Preliminary Economic Assessment (“PEA”), which outlined 7.3 years of commercial production, average annual payable CuEq^1,2 production of 36.8 million pounds, an after-tax Internal Rate of Return of 92.4%, and an after-tax NPV7% of $227.0 million. Based on the positive PEA results, the Company’s Board of Directors approved the restart of the Levack Mine. See the October 8, 2026 news release titled “Magna Mining Reports Results of Levack Mine Preliminary Economic Assessment and Approves Restart of Production” for details.

On October 21, 2026, the Company announced the results of the Pre-Feasibility Study (“PFS”) for the Crean Hill Project, which demonstrated 11.4 million short tons of probable reserves, a 12-year commercial mine life, average annual payable CuEq^1,2 production of 35.5 million pounds, an after-tax Internal Rate of Return of 43.4% and an after-tax NPV7% of $251.0 million. The Company’s Board of Directors approved construction of Crean Hill, with detailed engineering work, surface site preparations including installation of grid power and recruitment of additional personnel underway, and construction expected to commence in 2027. See the October 21, 2026 news release titled “Magna Mining Reports Results of Crean Hill Pre-Feasibility Study With Construction to Begin in 2027” for details.

¹ Base case price assumptions: US$5.10/lb Cu, US$8.00/lb Ni, US$20.00/lb Co, US$3,600/oz Au, US$1,500/oz Pt, US$1,200/oz Pd, US$45.00/oz Ag; CAD/USD $1.385. Illustrative spot price case assumptions based on September 2026 average prices: US$6.55/lb Cu, US$7.50/lb Ni, US$24.90/lb Co, US$4,320/oz Au, US$1,785/oz Pt, US$1,310/oz Pd, US$64.50/oz Ag; CAD/USD $1.370.
² Payable CuEq production considers base case price assumptions and modeled recovery and payabilities for each metal.

Q3 2026 Quarterly Results Conference Call and Webcast

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

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

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

Qualified Person

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

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology, such as “may”, “might”, “potential”, “expect”, “anticipate”, “estimate”, “believe”, “could”, “should”, “would”, “will”, “continue”, “intend”, “plan”, “forecast”, “prospective”, “significant”, “aggressively”, “meaningfully”, “isolated” or other similar words or phrases or variations thereof. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time they are made, are inherently subject to business, market, economic, technical and other risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements, including risks and uncertainties relating to the failure to meet production, costs, earnings, cash flow or development expectations, forecasts or guidance, the failure of additional drilling to support assumptions, expectations or estimates of potential mineralization, metal tons or grade, the failure of additional drilling to support expansion or delineation of currently estimated resources, the failure to have accurately estimated declared mineral resources or mineral reserves, the lack of availability of drill rigs, underground platforms or experienced personnel to implement exploration, development or production programs or the failure to proceed as quickly as planned with additional exploration, development or production drilling, continued delays for assay results, the failure to proceed as quickly as planned with or to complete additional development work as anticipated, such as additional development at the McCreedy West mine to access new stopes or the development of a ramp from the surface of, or recommissioning of the hoisting plant at, the Levack project, the failure to proceed as quickly as planned with a restart of mining at Levack, the failure to realize anticipated or assumed production and operational improvements from current or planned optimization initiatives at McCreedy West, the failure to have anticipated geological structures that may negatively affect production and mine sequencing and planning, the failure of additional drilling to support production planning or replenish production or mined ore, the failure to proceed as quickly as planned with further  development or construction of the Crean Hill project, the failure to bring Levack or Crean Hill back into commercial production, the failure to successfully realize on talent or technical expertise to unlock the long-term, sustainable potential of McCreedy West, Levack, Crean Hill or other assets of the Company and other risks disclosed in the Company’s most recent annual information form, available on the SEDAR+ website (at: www.sedarplus.ca). Although the Company has attempted to identify important risks, uncertainties, contingencies and factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there can be no certainty or assurance that the Company has accurately or adequately captured, accounted for or disclosed all such risks, uncertainties, contingencies or factors. Readers should place no reliance on forward-looking statements as actual results, performance or achievements may be materially different from those expressed or implied by such statements. Resource exploration and development, and mining operations, are highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge will not eliminate. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update any forward-looking statements, whether as a result of new information or future events or otherwise, except in accordance with applicable securities laws.

About Magna Mining Inc.

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

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

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

For further information, please contact:

Jason Jessup
Chief Executive Officer

or

Paul Fowler, CFA
Executive Vice President

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

NON-IFRS PERFORMANCE MEASURES

Please see below for the reconciliation of non-IFRS measures referred to in this news release to the consolidated financial statements.

Average realized price per copper equivalent payable pound

Average realized price per copper equivalent payable pound is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards.  Average realized price per copper equivalent payable pound is calculated by dividing total metal proceeds received by the Company for the relevant period by the copper equivalent payable pounds. It may not be comparable to information in other issuers’ reports and filings.

In 000s, except per unit amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Revenue per financial statements	27,441		29,727		25,913		24,810		14,026		15,701		4,296		83,081		34,023
Smelting, treatment and refining charges	2,560		3,963		1,868		2,125		1,838		1,634		539		8,391		4,011
Recognition of deferred streaming revenue	(3,893	)	(1,241	)	(2,345	)	(2,299	)	(1,031	)	(1,557	)	(66	)	(7,479	)	(2,654	)
Copper equivalent revenue from mining operations (a)	26,108		32,449		25,436		24,636		14,833		15,778		4,769		83,993		35,380
Copper equivalent pounds sold (000s) (b)	3,689		4,533		4,085		4,968		2,735		3,053		790		12,307		6,578
Average realized price copper equivalent sold CAD (c) = (a) ÷ (b)	7.08		7.16		6.23		4.96		5.42		5.17		6.04		6.82		5.38
Average 1 USD → CAD exchange rate (d)	1.3993		1.3839		1.3715		1.3947		1.3773		1.3841		1.4359		1.3844		1.3886
Average realized price copper equivalent sold USD (c) ÷ (d)	5.06		5.17		4.54		3.56		3.94		3.73		4.20		4.93		3.87

Cash costs per copper equivalent payable pound 

Cash cost per copper equivalent payable pound is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings.  The Company has included this non-IFRS Accounting Standards performance measure throughout this document as Magna believes that this generally accepted industry performance measure provides a useful indication of the Company’s operational performance.  The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow.  Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards.  The following table provides a reconciliation of total cash costs per copper equivalent payable pound to cost of sales per the financial statements for each of the last five quarters.

In 000s, except per unit amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Cost of sales per financial statements	21,398		22,902		20,596		21,747		17,253		17,334		4,581		64,896		39,168
Smelting, treatment and refining charges	2,560		3,963		1,868		2,125		1,838		1,634		539		8,391		4,011
Depletion and depreciation	(2,715	)	(3,280	)	(2,981	)	(2,549	)	(2,217	)	(1,999	)	(620	)	(8,976	)	(4,836	)
Cash costs (a)	21,243		23,585		19,483		21,323		16,874		16,969		4,500		64,311		38,343
Copper equivalent payable pounds (000s) (b)	3,689		4,533		4,085		4,968		2,735		3,053		790		12,307		6,578
Cash costs per copper equivalent payable pound (c) = (a) ÷ (b)	5.76		5.20		4.77		4.29		6.17		5.56		5.69		5.23		5.83
Average 1 USD → CAD exchange rate (d)	1.3993		1.3839		1.3715		1.3947		1.3773		1.3841		1.4359		1.3844		1.3886
Cash costs per copper equivalent payable pound USD (c) ÷ (d)	4.12		3.76		3.48		3.08		4.48		4.02		3.97		3.77		4.20

Production costs per ton processed 

Mine-site cost per ton processed is a non-IFRS Accounting Standards performance measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings.  As illustrated in the table below, this measure is calculated by adjusting cost of sales, as shown in the statements of income for non-cash depletion and depreciation, royalties and inventory level changes and then dividing by tons processed through the smelter. Management believes that mine-site cost per ton processed provides additional information regarding the performance of mining operations and allows Management to monitor operating costs on a more consistent basis as the per ton processed measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each ton mined, the estimated revenue on a per ton basis must be in excess of the production cost per ton processed in order to be economically viable. Management is aware that this per ton processed measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with production costs prepared in accordance with IFRS Accounting Standards. This measure supplements production cost information prepared in accordance with IFRS Accounting Standards and allows investors to distinguish between changes in production costs resulting from changes in production versus changes in operating performance.

In 000s, except per unit amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Cost of sales per financial statements	21,398		22,902		20,596		21,747		17,253		17,334		4,581		64,896		39,168
Depletion and depreciation	(2,715	)	(3,280	)	(2,981	)	(2,549	)	(2,217	)	(1,999	)	(620	)	(8,976	)	(4,836	)
Mining and processing costs (a)	18,683		19,622		17,615		19,198		15,036		15,335		3,961		55,920		34,332
Ore processed (tons) (b)	75,272		98,446		82,296		84,954		75,215		70,045		20,388		256,014		165,648
Production costs per ton processed (a) ÷ (b)	248		199		214		226		200		219		194		218		207

Cash Margin 

Cash margin is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards, as well it may not be comparable to information in other issuers’ reports and filings.  It is calculated as the difference between total sales revenue, net of smelting, refining and treatment costs from mining operations and cash mine site operating costs (see “Cash costs per copper equivalent payable pound sold” under this Section above) per the Company’s Financial Statements.  The Company believes it illustrates the performance of the Company’s operating mines and enables investors to better understand the Company’s performance in comparison to other metal producers who present results on a similar basis.

In 000s, except per unit amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Copper equivalent revenue from mining operations (per above)	26,108		32,449		25,436		24,636		14,833		15,778		4,769		83,993		35,380
Cash costs (per above)	21,243		23,585		19,483		21,323		16,874		16,969		4,500		64,311		38,343
Cash margin	4,865		8,864		5,953		3,313		(2,041	)	(1,191	)	269		19,682		(2,963	)
Per pound of copper equivalent payable (Canadian dollar):
Average realized price (a)	7.08		7.16		6.23		4.96		5.42		5.17		6.04		6.82		5.38
Cash costs (b)	5.76		5.20		4.77		4.29		6.17		5.56		5.69		5.23		5.83
Cash margin (a) – (b)	1.32		1.96		1.46		0.67		(0.75	)	(0.39	)	0.34		1.59		(0.45	)

All-in Sustaining Costs 

All-in sustaining costs (“AISC”) include mine site operating costs incurred at Magna mining operations, sustaining mine capital and development expenditures, mine site exploration expenditures and equipment lease payments related to the mine operations and corporate administration expenses.  The Company believes that this measure represents the total costs of producing copper equivalent payable pounds from current operations and provides Magna and other stakeholders with additional information that illustrates the Company’s operational performance and ability to generate cash flow.  This cost measure seeks to reflect the full cost of copper production from current operations on a per-pound basis of copper equivalent payable. New project and growth capital are not included.

In 000s, except per unit amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Cost of sales, per financial statements	21,398		22,902		20,596		21,747		17,253		17,334		4,581		64,896		39,168
Smelting, treatment and refining charges	2,560		3,963		1,868		2,125		1,838		1,634		539		8,391		4,011
Depletion and depreciation	(2,715	)	(3,280	)	(2,981	)	(2,549	)	(2,217	)	(1,999	)	(620	)	(8,976	)	(4,836	)
Cash costs	21,243		23,585		19,483		21,323		16,874		16,969		4,500		64,311		38,343
Sustaining mine exploration and development	186		1,131		1,643		805		2,780		468		–		2,960		3,248
Sustaining mine capital equipment	208		1,505		722		309		1,342		1,381		–		2,435		2,723
Corporate and general	3,776		2,239		1,712		2,055		1,576		2,191		997		7,727		4,764
Less: KGHM Integration costs	–		–		–		(334	)	(285	)	(742	)	(465	)	–		(1,492	)
Payment of lease liabilities	30		30		30		–		–		–		–		90		–
All-in Sustaining costs (AISC) (a)	25,443		28,490		23,590		24,158		22,287		20,267		5,032		77,523		47,586
Pounds of copper equivalent payable (b)	3,689		4,533		4,085		4,968		2,735		3,053		790		12,307		6,578
AISC (c) = (a) ÷ (b)	6.90		6.29		5.77		4.86		8.15		6.64		6.37		6.30		7.23
Average 1 USD → CAD exchange rate (d)	1.3993		1.3839		1.3715		1.3947		1.3773		1.3841		1.4359		1.3844		1.3886
AISC USD (c) ÷ (d)	4.93		4.54		4.21		3.49		5.92		4.80		4.43		4.55		5.21

Free cash flow and operating and free cash flow per share 

Free cash flow is calculated by taking net cash provided by operating activities less cash used in capital expenditures and lease payments as reported in the Company’s financial statements.  Free cash flow per share is calculated by dividing free cash flow by the weighted average number of shares outstanding for the period.
Operating cash flow per share is a non-IFRS Accounting Standards measure and does not constitute a measure recognized by IFRS Accounting Standards and does not have a standardized meaning defined by IFRS Accounting Standards. Operating cash flow per share is calculated by dividing cash flow from operating activities in the Company’s Financial Statements by the weighted average number of shares outstanding for each year.  It may not be comparable to information in other issuers’ reports and filings.

In 000s, except per share amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Net cash provided by operating activities per financial statements (c)	(616	)	8,915		(16,159	)	(10,173	)	(10,781	)	(11,514	)	(2,629	)	(7,860	)	(24,924	)
Sustaining mine exploration and development	(186	)	(1,131	)	(1,643	)	(805	)	(2,780	)	(468	)	–		(2,960	)	(3,248	)
Sustaining mine capital equipment	(208	)	(1,505	)	(722	)	(309	)	(1,342	)	(1,381	)	–		(2,435	)	(2,723	)
Purchase of Project Nikolas Company Inc.	–		–		–		–		–		–		(5,000	)	–		(5,000	)
Proceeds from purchase of NorthX	–		–		–		–		666		–		–		–		666
Site maintenance capital equipment	(1,205	)	(506	)	(190	)	(21	)	(113	)	(231	)	–		(1,901	)	(344	)
Exploration and evaluation	(5,363	)	(660	)	(767	)	–		–		–		–		(6,790	)	–
(Increase) decrease in restricted funds	4		(58	)	–		–		–		2,926		(3,000	)	(54	)	(74	)
Interest on restricted funds	–		–		–		1		–		(4	)	–		–		(4	)
Free cash flows (a)	(7,574	)	5,055		(19,481	)	(11,307	)	(14,350	)	(10,672	)	(10,629	)	(22,000	)	(35,651	)
Weighted number of shares (000s) (b)	273,296		250,665		249,932		246,229		211,308		203,647		197,739		258,050		204,227
Per Share data
Operating cash flow (c) ÷ (b)	(0.00	)	0.04		(0.06	)	(0.04	)	(0.05	)	(0.06	)	(0.01	)	(0.03	)	(0.12	)
Free cash flow (a) ÷ (b)	(0.03	)	0.02		(0.08	)	(0.05	)	(0.07	)	(0.05	)	(0.05	)	(0.09	)	(0.17	)

Adjusted net loss and Adjusted net loss per share 

Adjusted net loss and adjusted net loss per share are non-IFRS Accounting Standards performance measures and do not constitute a measure recognized by IFRS Accounting Standards and do not have standardized meanings defined by IFRS Accounting Standards, as well both measures may not be comparable to information in other issuers’ reports and filings.  Adjusted net loss is calculated by removing the one-time gains and losses resulting from the disposition of non-core assets, non-recurring expenses and significant tax adjustments (mining tax recognition and exploration credit refunds) not related to current period’s income, as detailed in the table below. Magna discloses this measure, which is based on its financial statements, to assist in the understanding of the Company’s operating results and financial position.

In 000s, except per share amounts	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		YTD 2026		YTD 2025
Net (loss) income per financial statements	(13,815	)	(8,219	)	(6,427	)	(7,108	)	(12,965	)	(9,085	)	11,039		(28,461	)	(11,011	)
Adjustments for:
Gain on bargain purchase of KGHM assets	–		–		–		–		–		–		(33,819	)	–		(33,819	)
Project Nikolas Company Inc. integration costs	–		–		–		334		285		742		779		–		1,806
Transaction costs	–		–		–		–		30		35		2,426		–		2,491
Strategic support costs	1,676		–		–		–		–		–		–		1,676		–
Total adjustments	1,676		–		–		334		315		777		(30,614	)	1,676		(29,522	)
Related income tax effect	(444	)	–		–		(89	)	(83	)	(206	)	6,090		(444	)	5,801
Recognition of mining taxes	–		–		–		–		–		–		7,322		–		7,322
	1,232		–		–		245		232		571		(17,202	)	1,232		(16,399	)
Adjusted net loss (a)	(12,583	)	(8,219	)	(6,427	)	(6,863	)	(12,733	)	(8,514	)	(6,163	)	(27,229	)	(27,410	)
Weighted number of shares (000s) (b)	273,296		250,665		249,932		246,229		211,308		203,647		197,739		258,050		204,227
Per Share data
Adjusted net loss (a) ÷ (b)	(0.05	)	(0.03	)	(0.03	)	(0.03	)	(0.06	)	(0.04	)	(0.03	)	(0.11	)	(0.13	)

NORWOOD, Mass., Nov. 11, 2026 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQB: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the third quarter ended September 30, 2026.

Financial Highlights¹

The following table summarizes the Company’s consolidated financial highlights (in millions, except percentage amounts):

	Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
	(unaudited)								(unaudited)
Revenue	$	44.2			$	40.8			$	125.6			$	118.2
GAAP Gross margin		39	%			40	%			39	%			40	%
Non-GAAP Gross margin		40	%			41	%			40	%			42	%
GAAP Net loss	$	(3.5	)		$	(2.9	)		$	(10.8	)		$	(9.8	)
Non-GAAP Net loss	$	(2.3	)		$	(1.5	)		$	(7.8	)		$	(5.1	)
Non-GAAP Adjusted EBITDA	$	4.7			$	5.1			$	12.2			$	12.4
Non-GAAP Adjusted EBITDA margin		11	%			13	%			10	%			11	%

¹ See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” below and in the financials information included herewith.

Management Commentary

“I’m pleased to report that the momentum we built earlier this year extended through the third quarter. Wholesale and retail revenue both grew sequentially and year over year, and total revenue reached another record for MariMed. Adjusted EBITDA improved from the prior quarter, and we again generated positive cash flow from operations, ending the quarter in our strongest position in more than two years,” said Jon Levine, MariMed’s Chief Executive Officer.

“These results reflect our focus on the fundamentals: running an efficient operation; making high-quality, innovative products; delivering a great customer experience; and allocating capital with care. Consumers continue to respond to our brands, our stores are growing the number of customers we serve and retaining them, and our operating model lets us adapt quickly as markets and opportunities evolve. The result is our healthy balance sheet, made even stronger by the fact that we own most of our real estate.

“We also kept executing on our ‘Expand the Brand’ strategy, which is aimed at building a leading cannabis consumer packaged goods company with top-selling national brands in the most popular categories. Betty’s Eddies fruit chews remained the top-selling edibles brand across our core wholesale markets while several of our other brands again captured top-ten market positions in their respective categories. For example, in Maine, Betty’s Eddies has become the number two edibles brand, demonstrating our ability to capture share quickly through brand licensing agreements in new markets.

“Our performance at retail was particularly strong during the third quarter given broader market conditions and consumer sentiment. Transactions grew again across the Thrive chain, and more notably, so did average order value. Pricing strategies, a focus on customer loyalty, and several other initiatives we implemented earlier in the year continued to help us deepen customer engagement, encourage repeat visits, and deliver an exceptional experience.

“MariMed will also continue moving forward with a focus on positioning the Company for long-term, sustainable value creation through continued operating efficiencies and additional revenue growth opportunities. Our focus in the fourth quarter and into next year will be leveraging our brands, cash position, production capacity, and the momentum we’ve built so far this year to continue growing market share, open new accounts, and invest in the business. At the same time, we will continue to watch developments about federal cannabis reform, as well as the timing of 280E tax relief and broader banking reform, each of which remain potential catalysts for our industry.”

Third Quarter 2026 Operational Highlights

• Consolidated revenue was $44.2 million, the highest quarterly revenue in the Company’s history, reflecting an increase of 5.5% sequentially and 8.5% year over year
• Adjusted EBITDA increased 18% sequentially to $4.7 million, while non-GAAP gross margin held flat sequentially at 40% and declined approximately 140 basis points year over year amid continued wholesale price compression
• Wholesale revenue increased 5.2% sequentially and 8.1% year over year
  • The market share of MariMed’s branded products portfolio increased 150 basis points across the Company’s core markets, according to industry data sources
  • The Company’s branded products sold into 721 stores during the quarter, up 7% sequentially and 13% year over year
  • Betty’s Eddies fruit chews remained the #1-selling edible brand across MariMed’s core states of Massachusetts, Maryland, Illinois and Delaware, and Vibations drink mix, InHouse gummies, and Bubby’s Baked goods remained top 10 brands across the same states, according to industry data sources
• Retail revenue increased 5.4% sequentially and 8.4% year over year
  • Transactions across the Thrive retail network increased 2% sequentially and 7% year over year
• Average Order Value across the chain increased 3% sequentially and 1% year over year
• Thrive Perks Loyalty Program membership increased 31% since the beginning of the year
• Cash and cash equivalents were $10.4 million at the end of the quarter, up $1.9 million from the end of the second quarter and reflects the Company’s strongest cash position in two years

Conference Call

MariMed management will host a conference call on Thursday, November 12, 2026 at 8:00 a.m. Eastern time, to discuss these results. The conference call may be accessed through MariMed’s Investor Relations website, or by clicking the following link: Q326 MRMD Earnings Call.

Discussion of Non-GAAP Financial Measures

MariMed’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, and planning and forecasting future periods. The Company has provided in this release several non-GAAP financial measures: Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, Non-GAAP Gross margin, Non-GAAP Operating expenses and Non-GAAP Net income (loss), as supplements to Revenue, Gross margin, Operating expenses, Income (loss) from operations, Net income (loss) and other financial measures prepared in accordance with GAAP.

Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, and when planning and forecasting future periods, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company’s financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.

As there are no standardized methods of calculating non-GAAP financial measures, the Company’s calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.

Management defines non-GAAP Adjusted EBITDA as income (loss) from operations, determined in accordance with GAAP, excluding the following items:

• depreciation and amortization of property and equipment;
• amortization of acquired intangible assets;
• impairment or write-downs of acquired intangible assets;
• inventory revaluation;
• stock-based compensation;
• severance;
• legal settlements; and
• acquisition-related and other expenses.

For further information, please refer to the publicly available financial filings available on MariMed’s Investor Relations website, as filed with the U.S. Securities and Exchange Commission, or as filed with the Canadian securities regulatory authorities on the SEDAR website.

About MariMed

MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.

Important Caution Regarding Forward-Looking Statements

The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding the potential implementation of the Reverse Split, the proposed listing of the Company’s common stock on a national exchange and the affect and impact of the Reverse Split, are forward-looking statements. Without limiting the foregoing, the words “anticipates,” “believes,” “estimates,” “expects,” “expectations,” “intends,” “may,” “plans,” and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on the Company’s current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, its ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company’s business and results of operations. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in the Company’s reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and service marks are the property of their respective owners.

Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

For More Information Contact:

Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

MariMed Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)
	September 30, 2026				December 31, 2025
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	10,361			$	8,884
Accounts receivable, net		9,175				9,114
Inventory		37,568				36,601
Notes receivable, current portion		13				866
Other current assets		4,253				3,825
Total current assets		61,370				59,290
Property and equipment, net		84,913				89,385
Intangible assets, net		14,966				17,210
Goodwill		24,002				24,002
Notes receivable, net of current portion		866				—
Operating lease right-of-use assets		8,425				7,723
Finance lease right-of-use assets		2,821				4,024
Other assets		950				931
Total assets	$	198,313			$	202,565
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion	$	3,214			$	2,553
Accounts payable		14,886				14,586
Accrued expenses and other		9,880				9,509
Deferred revenue		1,854				1,394
Income taxes payable		34,221				26,981
Operating lease liabilities, current portion		2,120				1,952
Finance lease liabilities, current portion		1,788				2,092
Total current liabilities		67,963				59,067
Mortgages and notes payable, net of current portion		75,032				70,192
Operating lease liabilities, net of current portion		7,201				6,616
Finance lease liabilities, net of current portion		1,130				1,956
Total liabilities		151,326				137,831
Commitments and contingencies
Mezzanine equity
Series B convertible preferred stock		—				14,725
New Series B convertible preferred stock		6,933				—
Total mezzanine equity		6,933				14,725
Stockholders’ equity
Common stock		405				397
Additional paid-in capital		180,379				179,405
Accumulated deficit		(138,811	)			(127,932	)
Noncontrolling interests		(1,919	)			(1,861	)
Total stockholders’ equity		40,054				50,009
Total liabilities, mezzanine equity and stockholders’ equity	$	198,313			$	202,565

MariMed Inc. Condensed Consolidated Statements of Operations (in thousands, except percentages and per share amounts) (unaudited)
	Three months ended								Nine months ended
	September 30,								September 30,
		2026				2025				2026				2025
Revenue	$	44,227			$	40,764			$	125,633			$	118,176
Cost of revenue		27,067				24,401				76,972				70,797
Gross profit		17,160				16,363				48,661				47,379
Gross margin		38.8	%			40.1	%			38.7	%			40.1	%
Operating expenses:
Personnel		7,942				7,028				22,671				21,761
Marketing and promotion		1,056				1,121				2,668				2,810
General and administrative		6,709				6,592				20,460				19,185
Acquisition-related and other		183				145				468				396
Bad debt		49				(122	)			630				1,522
Total operating expenses		15,939				14,764				46,897				45,674
Income from operations		1,221				1,599				1,764				1,705
Interest and other (expense) income:
Interest expense		(2,003	)			(1,825	)			(5,986	)			(5,349	)
Interest income		37				25				109				74
Gain on extinguishment of debt		—				—				699				—
Other income, net		1				19				1				36
Total interest and other expense, net		(1,965	)			(1,781	)			(5,177	)			(5,239	)
Loss before income taxes		(744	)			(182	)			(3,413	)			(3,534	)
Provision for income taxes		2,743				2,759				7,412				6,281
Net loss		(3,487	)			(2,941	)			(10,825	)			(9,815	)
Net income attributable to noncontrolling interests		18				7				54				38
Net loss attributable to common stockholders	$	(3,505	)		$	(2,948	)		$	(10,879	)		$	(9,853	)
Net loss per share attributable to common stockholders:
Basic	$	(0.01	)		$	(0.01	)		$	(0.03	)		$	(0.03	)
Diluted	$	(0.01	)		$	(0.01	)		$	(0.03	)		$	(0.03	)
Weighted average common shares outstanding:
Basic		402,999				392,613				400,036				388,394
Diluted		402,999				392,613				400,036				388,394

MariMed Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Nine months ended
	September 30,
		2026				2025
Cash flows from operating activities:
Net loss attributable to common stockholders	$	(10,879	)		$	(9,853	)
Net income attributable to noncontrolling interests		54				38
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization of property and equipment		6,685				6,036
Amortization of intangible assets		2,244				2,592
Stock-based compensation		1,010				1,478
Amortization of debt discount		490				339
Amortization of debt issuance costs		55				54
Payment-in-kind interest		—				30
Bad debt expense		630				1,522
Obligations settled with common stock		—				3
Loss on disposal of assets		—				245
Gain on extinguishment of debt		(699	)			—
Changes in operating assets and liabilities:
Accounts receivable, net		(691	)			973
Deferred rents receivable		—				12
Inventory		(967	)			(2,933	)
Other current assets		242				(270	)
Other assets		(19	)			(2,707	)
Accounts payable		327				(2,690	)
Accrued expenses and other		472				2,903
Deferred revenue		460				283
Income taxes payable		7,240				6,211
Net cash provided by operating activities		6,654				4,266
Cash flows from investing activities:
Purchases of property and equipment		(916	)			(1,134	)
Business combinations, net of cash acquired, and asset purchases		—				231
Advances toward future business combinations and asset purchases		—				(50	)
Purchases and renewals of cannabis licenses		(665	)			(301	)
Proceeds from notes receivable		26				26
Proceeds from disposal of assets		—				45
Net cash used in investing activities		(1,555	)			(1,183	)
Cash flows from financing activities:
Proceeds from mortgages		—				2,000
Payment of third-party debt issuance costs in connection with debt		—				(9	)
Principal payments of mortgages		(1,205	)			(1,105	)
Repayment and retirement of mortgages		—				(689	)
Principal payments of promissory notes		(958	)			(2,876	)
Principal payments of finance leases		(1,347	)			(975	)
Distributions		(112	)			(115	)
Net cash used in financing activities		(3,622	)			(3,769	)
Net increase (decrease) in cash, cash equivalents and restricted cash		1,477				(686	)
Cash, cash equivalents and restricted cash, beginning of year		8,884				7,282
Cash, cash equivalents and restricted cash, end of period	$	10,361			$	6,596

MariMed Inc. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands, except percentages) (unaudited)
	Three months ended								Nine months ended
	September 30,								September 30,
		2026				2025				2026				2025
Non-GAAP Adjusted EBITDA
GAAP Income from operations	$	1,221			$	1,599			$	1,764			$	1,705
Depreciation and amortization of property and equipment		2,201				2,115				6,685				6,036
Amortization of acquired intangible assets		717				674				2,244				2,592
Stock-based compensation		335				382				1,010				1,478
Severance		—				224				16				224
Acquisition-related and other		183				145				468				396
Adjusted EBITDA	$	4,657			$	5,139			$	12,187			$	12,431
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP Income from operations		2.8	%			3.9	%			1.4	%			1.4	%
Depreciation and amortization of property and equipment		4.9	%			5.2	%			5.3	%			5.1	%
Amortization of acquired intangible assets		1.6	%			1.7	%			1.8	%			2.2	%
Stock-based compensation		0.8	%			0.9	%			0.8	%			1.3	%
Severance		—	%			0.5	%			—	%			0.2	%
Acquisition-related and other		0.4	%			0.4	%			0.4	%			0.3	%
Adjusted EBITDA margin		10.5	%			12.6	%			9.7	%			10.5	%

GAAP Gross margin		38.8	%			40.1	%			38.7	%			40.1	%
Amortization of acquired intangible assets		1.2	%			1.3	%			1.3	%			1.4	%
Non-GAAP Gross margin		40.0	%			41.4	%			40.0	%			41.5	%

GAAP Operating expenses	$	15,939			$	14,764			$	46,897			$	45,674
Amortization of acquired intangible assets		(170	)			(161	)			(604	)			(969	)
Stock-based compensation		(335	)			(382	)			(1,010	)			(1,478	)
Severance		—				(224	)			(16	)			(224	)
Acquisition-related and other		(183	)			(145	)			(468	)			(396	)
Non-GAAP Operating expenses	$	15,251			$	13,852			$	44,799			$	42,607

GAAP Net loss	$	(3,487	)		$	(2,941	)		$	(10,825	)		$	(9,815	)
Amortization of acquired intangible assets		717				674				2,244				2,592
Stock-based compensation		335				382				1,010				1,478
Severance		—				224				16				224
Acquisition-related and other		183				145				468				396
Gain on extinguishment of debt		—				—				(699	)			—
Non-GAAP Net loss	$	(2,252	)		$	(1,516	)		$	(7,786	)		$	(5,125	)

MariMed Inc. Supplemental Information Revenue Components (in thousands) (unaudited)
	Three months ended								Nine months ended
	September 30,								September 30,
		2026				2025				2026				2025
Product sales – retail	$	24,480			$	22,573			$	69,425			$	65,637
Product sales – wholesale		19,483				18,031				55,514				51,948
Other revenue		264				160				694				591
Total revenue	$	44,227			$	40,764			$	125,633			$	118,176

Not for distribution to U.S. newswire services or dissemination in the United States.

TORONTO, Nov. 11, 2026 (GLOBE NEWSWIRE) — Flagship Communities Real Estate Investment Trust (“Flagship” or the “REIT”) (TSX: MHC.U; MHC.UN) today released its third quarter 2026 results. The financial results of the REIT have been prepared in accordance with International Accounting Standard 34 (“IAS 34”), Interim Financial Reporting, as issued by the International Accounting Standards Board (the “IASB”). Results are shown in U.S. dollars, unless otherwise noted.

Third Quarter 2026 Results
Compared to Third Quarter 2025 Results

• Rental revenue and related income was $30.7 million, an increase of 17.6% compared to $26.1 million
• Same Community Revenue¹ was $27.5 million, up 6.9% compared to $25.7 million
• Net income and comprehensive income was $25.9 million, an increase of 5.3% compared to $24.6 million
• Net Operating Income (“NOI”) was $20.0 million, up 18.2% compared to $17.0 million
• Same Community NOI¹ was $17.9 million, an increase of 7.2%, compared to $16.7 million
• NOI Margin¹ was 65.3% compared to 65.0%
• Same Community NOI Margin¹ was 65.1% compared to 65.0%
• Funds from operations (“FFO”) per unit (diluted)² was $0.390 compared to $0.365, which was an increase of $0.025 per unit or 6.8%
• FFO adjusted per unit (diluted)² was $0.390 compared to $0.365 which was an increase of $0.025 per unit or 6.8% 
• Adjusted funds from operations (“AFFO”) per unit (diluted)² was $0.350 compared to $0.333, which was an increase of $0.017 per unit or 5.1%
• AFFO adjusted per unit (diluted)² was $0.350 compared to $0.333 which was an increase of $0.017 per unit or 5.1%
• Rent Collections¹ were 99.2%, an increase of 0.4% compared to 98.8%
• Announced its intention to launch a Normal Course Issuer Bid, pursuant to which the REIT may repurchase up to 1,642,039 trust units, representing approximately 10% of the “public float” (within the meaning of the rules of the TSX), subject to the normal terms and limitations of such bids
• Expanded presence in Kentucky with the acquisition of a 125-lot manufactured housing community (“MHC”) for total consideration of approximately US$2.0 million (the “Acquisition”)

As at September 30, 2026

• NAV¹ and NAV per Unit¹ were $856.3 million and $33.57, respectively, compared to $804.8 million and $31.93, respectively as at December 31, 2025
• Debt to Gross Book Value¹ was 38.2% compared to 39.2% as at December 31, 2025
• Total portfolio Occupancy¹ was 84.6%, compared to 82.9% as at December 31, 2025
• Same Community¹ Occupancy¹ was 85.2%, an increase of 1.8% when compared to Same Community Occupancy as at December 31, 2025, which was 83.4%

Subsequent to Quarter-End

• Announced that its Board of Trustees approved an approximately 5.9% increase to its monthly cash distribution to unitholders to US$0.05771 per REIT unit or US$0.6925 per REIT unit on an annualized basis, the sixth consecutive year Flagship has increased cash distributions

¹See “Other Real Estate Industry Metrics”
²See “Non-IFRS Financial Measures”

“We delivered a strong quarter, with continued increases in Same Community Revenue and Same Community NOI, which reflects the quality of our communities and speaks to the strength and stability of the MHC industry,” said Kurt Keeney, President and CEO. “We also successfully completed a 125-lot MHC acquisition in our home state of Kentucky, which is consistent with our strategy of acquiring established communities with occupancy upside potential. Our success to date has provided our Board with the confidence to approve a 5.9% increase in our monthly distribution to unitholders, the sixth consecutive year we have raised distributions, all while keeping our AFFO Payout Ratio below 50% and maintaining a conservative balance sheet.”

Financial Summary

($000s except per unit amounts)
	For the three months ended Sep. 30, 2026		For the three months ended Sep. 30, 2025		Variance		For the nine months ended Sep. 30, 2026		For the nine months ended Sep. 30, 2025		Variance
Rental revenue and related income	30,668		26,087		17.6%		90,980		75,935		19.8%
Same Community Revenue1	27,498		25,719		6.9%		81,746		75,565		8.2%
Acquisitions Revenue1	3,170		368		761.4%		9,234		368		2,409.2%
Net income and comprehensive income	25,878		24,573		5.3%		52,237		70,123		(25.5)%
NOI, total portfolio	20,040		16,957		18.2%		59,129		50,044		18.2%
Same Community NOI1	17,908		16,712		7.2%		52,907		49,797		6.2%
Acquisitions NOI1	2,132		245		770.2%		6,222		245		2,439.6%
NOI Margin1, total portfolio	65.3%		65.0%		0.3%		65.0%		65.9%		(0.9)%
Same Community NOI Margin1	65.1%		65.0%		0.1%		64.7%		65.9%		(1.2)%
Acquisitions NOI Margin1	67.2%		66.6%		0.6%		67.4%		66.6%		0.8%
FFO2	9,927		9,175		8.2%		29,891		27,196		9.9%
FFO per unit2	0.390		0.365		6.8%		1.178		1.082		8.9%
FFO adjusted2	9,927		9,175		8.2%		29,433		26,730		10.1%
FFO adjusted per unit2	0.390		0.365		6.8%		1.160		1.063		9.1%
AFFO2	8,904		8,374		6.3%		26,846		24,827		8.1%
AFFO per unit2	0.350		0.333		5.1%		1.058		0.988		7.1%
AFFO Payout Ratio2	46.2%		46.3%		(0.1)%		45.9%		46.8%		(0.9)%
AFFO adjusted2	8,904		8,374		6.3%		26,388		24,361		8.3%
AFFO adjusted per unit2	0.350		0.333		5.1%		1.040		0.969		7.3%
AFFO adjusted Payout Ratio2	46.2%		46.3%		(0.1)%		46.7%		47.7%		(1.0)%
Weighted average units (diluted)	25,467,565		25,168,099		299,466		25,377,410		25,139,102		238,308
1. See “Other Real Estate Industry Metrics” 2. See “Non-IFRS Financial Measures”

Financial Overview

Rental revenue and related income in the third quarter of 2026 was $30.7 million, an increase of 17.6% compared to the same period last year. This increase was driven by Acquisitions as well as lot rent increases across the REIT’s portfolio.

Same Community Revenue for the third quarter 2026 was $27.5 million, up 6.9% from the same period last year. The increase in Same Community Revenue was a result of increasing monthly lot rent and ancillary revenues year over year combined with an increase to Same Community Occupancy.

Net income and comprehensive income for the three months ended September 30, 2026 was $25.9 million, approximately $1.3 million more than the same period last year, as a result of the fair value adjustments on investment properties and Class B Units being $0.3 million more than in the same period in 2025.

NOI and NOI Margin for the third quarter of 2026 were $20.0 million and 65.3%, respectively, compared to $17.0 million and 65.0% during the third quarter of 2025.

Same Community NOI Margin for the third quarter 2026 was 65.1%, an increase of 0.1% compared to the same period last year.

Same Community Occupancy was 85.2% as at September 30, 2026, an increase of 1.8% when compared to Same Community Occupancy as at December 31, 2025, which was 83.4%.

FFO for the third quarter of 2026 was $9.9 million, an 8.2% increase from the third quarter of 2025. FFO per unit (diluted) for the three months ended September 30, 2026 was $0.390, resulting in an increase of 6.8% compared to the same period in 2025.

FFO adjusted was $9.9 million for the third quarter of 2026, an 8.2% increase compared to the same period last year. FFO adjusted per unit for the third quarter of 2026 was $0.390, a 6.8% increase compared to the same period in 2025.

AFFO for the third quarter of 2026 was $8.9 million, a 6.3% increase from the third quarter of 2025. AFFO per unit for the three months ended September 30, 2026 was $0.350, a 5.1% increase compared to the same period in 2025.

AFFO adjusted was $8.9 million for the third quarter of 2026, a 6.3% increase compared to the same period last year. AFFO adjusted per unit for the third quarter of 2026 was $0.350, a 5.1% increase compared to the same period in 2025.

Rent Collections for the third quarter of 2026 were 99.2%, an increase of 0.4% from the same period in 2025.

As at September 30, 2026 the REIT’s Weighted Average Mortgage Interest Rate (see “Other Real Estate Industry Metrics” for more information) was 4.54%. The REIT’s Weighted Average Mortgage Term (see “Other Real Estate Industry Metrics” for more information) to maturity was 7.6 years. Flagship has no substantial debt maturities until 2030.

Flagship’s Liquidity (see “Other Real Estate Industry Metrics” for more information) as at September 30, 2026 was approximately $30.9 million consisting of cash, cash equivalents, and available capacity on lines of credit.

During the quarter, Flagship announced its intention to launch a Normal Course Issuer Bid, pursuant to which the REIT may repurchase up to 1,642,039 trust units, representing approximately 10% of the “public float” (within the meaning of the rules of the TSX), subject to the normal terms and limitations of such bids. Flagship believes the purchases will be in the best interests of the REIT and constitute a desirable use of its funds.

Subsequent to quarter-end, Flagship’s Board of Trustees approved an approximately 5.9% increase to its monthly cash distribution to unitholders to US$0.05771 per REIT unit or US$0.6925 per REIT unit on an annualized basis. The increase marks the sixth consecutive year the REIT has increased cash distributions for unitholders.

Operations Overview

During the third quarter of 2026, Flagship expanded its presence in Kentucky with the acquisition of a 125-lot MHC for total consideration of approximately US$2.0 million. The MHC, which is 54% occupied, is located in Frankfort, the capital of Kentucky, where affordable housing is in high demand. Planned improvements include a new clubhouse and office, a basketball court and a playground.

As at September 30, 2026, the REIT owned a 100% interest in a portfolio of 87 MHCs with 16,575 lots as well as two recreational vehicle (“RV”) resort communities with 470 sites, located in eight contiguous states. The table below provides a summary of the REIT’s portfolio as of September 30, 2026, compared to December 31, 2025:

($000s except per unit and Weighted Average Lot Rent amounts)		As at September 30, 2026		As at December 31, 2025
Total communities	(#)	89		87
Total lots	(#)	17,045		16,920
Weighted Average Lot Rent1	(US$)	516		483
Total portfolio Occupancy1	(%)	84.6		82.9
Same Community1 Occupancy1	(%)	85.2		83.4
NAV1	(US$)	856,288		804,815
NAV per Unit1	(US$)	33.57		31.93
Debt to Gross Book Value1	(%)	38.2		39.2
Weighted Average Mortgage Interest Rate1	(%)	4.54		4.54
Weighted Average Mortgage Term1	(Years)	7.6		8.2
1. See “Other Real Estate Industry Metrics”

Outlook

Flagship maintains a positive outlook for the MHC industry and believes it offers significant upside potential to investors. This is primarily due to the MHC industry’s consistent track record of historical outperformance relative to other real estate classes. Rising home ownership costs and limited new supply have led to greater housing unaffordability for many Americans. Additionally, the lack of supply of new manufactured housing communities given the various layers of regulatory restrictions, competing land uses and scarcity of land zoned for manufactured housing has created high barriers to entry for new market entrants.  

Other macro and MHC industry-specific characteristics and trends that support Flagship’s positive outlook include:

• Increasing household formations;
• Lower housing and rental affordability;
• Declining single-family residential homeownership rates.

Non-IFRS Financial Measures 

In this news release, the REIT uses certain financial measures that are not defined under IFRS including certain non-IFRS ratios, to measure, compare and explain the operating results, financial performance, and cash flows of the REIT. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.

Funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) are calculated in accordance with the definition provided by the Real Property Association of Canada (“REALPAC”).

FFO is defined as IFRS consolidated net income (loss) adjusted for items such as distributions on redeemable or exchangeable units (including distributions on the Class B Units), unrealized fair value adjustments to Class B Units, unrealized fair value adjustments to investment properties, unrealized fair value adjustments to unit based compensation, loss on extinguishment of acquired mortgages payable, gain on disposition of investment properties, and depreciation. FFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT’s method of calculating FFO is substantially in accordance with REALPAC’s recommendations but may differ from other issuers’ methods and, accordingly, may not be comparable to FFO reported by other issuers. Refer to section “Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit” for a reconciliation of FFO and FFO adjusted to net income and comprehensive income.

“FFO per unit (diluted)” is defined as FFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested Restricted Units (“RUs”) and vested Deferred Trust Units (“DTUs”)) during the period.

“FFO adjusted” is defined as FFO adjusted for non-real estate industry specific operating transactions. FFO adjusted presents FFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. FFO adjusted may, as transactions occur, include adjustments that were not included in the definition of FFO adjusted in a previous period but are included in the current period to present FFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. Adjustments for the three months and nine months ended September 30, 2026 and 2025 included note payable settlement expense, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of a note payable prior to maturity; and insurance proceeds related to covered damage to investment property or property and equipment.

“FFO adjusted per unit (diluted)” is defined as FFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period. 

AFFO is defined as FFO adjusted for items such as maintenance capital expenditures, and certain non-cash items such as amortization of intangible assets, and premiums and discounts on debt and investments. AFFO should not be construed as an alternative to consolidated net income (loss), or consolidated cash flows provided by (used in) operating activities determined in accordance with IFRS. The REIT’s method of calculating AFFO is substantially in accordance with REALPAC’s recommendations. The REIT uses a capital expenditure reserve of $90 per lot per year and $1,200 per rental home per year for the year ending December 31, 2026 in the AFFO calculation. The REIT used a capital expenditure reserve of $75 per lot per year and $1,100 per rental home per year for the year ended December 31, 2025. This reserve is based on management’s best estimate of the cost that the REIT may incur related to maintaining the investment properties. This may differ from other issuers’ methods and, accordingly, may not be comparable to AFFO reported by other issuers. Refer to section “Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit” for a reconciliation of AFFO and AFFO adjusted to net income and comprehensive income.

“AFFO Payout Ratio” is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO.

“AFFO per unit (diluted)” is defined as AFFO for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period. 

“AFFO adjusted” is defined as AFFO adjusted for transactions that are not considered recurring measures of economic earnings with the goal of presenting AFFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. AFFO adjusted may, as transactions occur, include adjustments that were not included in the definition of AFFO adjusted in a previous period but are included in the current period to present AFFO in a normalized manner that is substantially in accordance with REALPAC’s recommendations. Adjustments for the three and nine months ended September 30, 2026 and 2025 included note payable settlement expense, which is comprised of prepayment penalties, defeasance, amortization of financing costs, and other costs associated with the refinance and payoff of a note payable prior to maturity; and insurance proceeds related to covered damage to investment property or property and equipment.

“AFFO adjusted Payout Ratio” is defined as total cash distributions of the REIT (including distributions on Class B Units) divided by AFFO adjusted.

“AFFO adjusted per unit (diluted)” is defined as AFFO adjusted for the applicable period divided by the diluted weighted average unit count (including Units, Class B Units, vested RUs and vested DTUs) during the period.

The REIT believes these non-IFRS financial measures and ratios provide useful supplemental information to both management and investors in measuring the operating performance, financial performance, and financial condition of the REIT. The REIT also uses AFFO and AFFO adjusted in assessing its distribution paying capacity.

Other Real Estate Industry Metrics

Additionally, this news release contains several other real estate industry financial metrics:

• “Acquisitions” means the REIT’s properties, excluding Same Community (as defined below) (i.e., Acquisitions Revenue, as well as Acquisitions net operating income (“NOI”), and Acquisitions NOI Margin (as defined below)), and such measure is used by management to evaluate period-over-period performance of such investment properties throughout both respective periods. These results reflect the impact of acquisitions of investment properties.
• “Debt to Gross Book Value” is calculated by dividing indebtedness, which consists of the total principal amounts outstanding under mortgages, net and credit facilities, by Gross Book Value (as defined below). Refer to section “Calculation of Other Real Estate Industry Metrics – Debt to Gross Book Value.”
• “Gross Book Value” means, at any time, the greater of: (a) the value of the assets of the REIT and its consolidated subsidiaries, as shown on its then most recent consolidated statements of financial position prepared in accordance with IFRS, less the amount of any receivable reflecting interest rate subsidies on any debt assumed by the REIT; and (b) the historical cost of the investment properties, plus (i) the carrying value of cash and cash equivalents, (ii) the carrying value of mortgages receivable; and (iii) the historical cost of other assets and investments used in operations.
• “Liquidity” is defined as (a) cash and cash equivalents, plus (b) borrowing capacity available under any existing credit facilities.
• “Net Asset Value” or “NAV” is calculated by taking unitholders’ equity plus Class B Units, vested RUs and vested DTUs. NAV provides an indication of the total value of the REIT’s investment properties, after accounting for outstanding mortgages. NAV also provides an indication of the changes in the REIT’s overall value resulting from the performance of its assets. The reason for adding back Class B Units, vested RUs and vested DTUs is that they are economically equivalent to Units, receive the same distributions (or distribution equivalents) as Units, and can be exchanged for Units.
• “Net Asset Value per Unit” or “NAV per Unit” is defined as NAV divided by the total number of units (including Units, Class B Units, vested RUs and vested DTUs) outstanding.
• “NOI Margin” is defined as NOI divided by total revenue. Refer to section “Calculation of Other Real Estate Industry Metrics – NOI and NOI Margin”.
• “Occupancy” is defined as the number of economically occupied lots in a community, defined as a lot that is generating revenue for the REIT as opposed to a lot that is physically occupied by a vacant structure, divided by the total lots in that community.
• “Rent Collections” is defined as the total cash collected in a period divided by total revenue charged in that same period.
• “Same Community” means all properties which have been owned and operated continuously since the first day of the preceding calendar year by the REIT and such measures (i.e., Same Community Revenue, as well as Same Community NOI, Same Community NOI Margin, and Same Community Occupancy) are used by management to evaluate period-over-period performance.
• “Weighted Average Lot Rent” means the lot rent for each individual community multiplied by the total lots in that community summed for all communities divided by the total number of lots for all communities.
• “Weighted Average Mortgage Interest Rate” is calculated by multiplying the interest rate of each outstanding mortgage by the mortgage balance and dividing the sum by the total mortgage balance.
• “Weighted Average Mortgage Term” is calculated by multiplying the remaining term of each mortgage by the mortgage balance and dividing the sum by the total mortgage balance
  
  

Reconciliation of FFO, FFO per unit, FFO adjusted, FFO adjusted per unit, AFFO, AFFO per unit, AFFO adjusted and AFFO adjusted per unit

($000s, except per unit amounts)	For the three months ended Sep. 30, 2026		For the three months ended Sep. 30, 2025		For the nine months ended Sep. 30, 2026		For the nine months ended Sep. 30, 2025
Net income and comprehensive income	25,878		24,573		52,237		70,123
Adjustments to arrive at FFO
Depreciation	169		130		505		384
Gain on sale of investment properties	–		–		(11	)	(50	)
Fair value adjustment – Class B Units	(3,750	)	5,633		2,684		22,812
Distributions on Class B Units	943		865		2,809		2,595
Fair value adjustment – investment properties	(13,185	)	(22,316	)	(28,713	)	(69,546	)
Fair value adjustment – unit based compensation	(128	)	290		380		878
Funds from Operations (“FFO”)	9,927		9,175		29,891		27,196
FFO per unit (diluted)	0.390		0.365		1.178		1.082
Adjustments to arrive at FFO adjusted
Mortgages payable settlement expense	–		–		–		228
Insurance proceeds	–		–		(458	)	(694	)
FFO adjusted	9,927		9,175		29,433		26,730
FFO adjusted per unit (diluted)	0.390		0.365		1.160		1.063
Adjustments to arrive at AFFO
Accretion of mark-to-market adjustment on mortgage payable	(56	)	(56	)	(167	)	(167	)
Capital Expenditure Reserves	(967	)	(745	)	(2,878	)	(2,202	)
Adjusted Funds from Operations (“AFFO”)	8,904		8,374		26,846		24,827
AFFO per unit (diluted)	0.350		0.333		1.058		0.988
Adjustments to arrive at AFFO adjusted
Mortgages payable settlement expense	–		–		–		228
Insurance proceeds	–		–		(458	)	(694	)
AFFO adjusted	8,904		8,374		26,388		24,361
AFFO adjusted per unit (diluted)	0.350		0.333		1.040		0.969

Calculation of Other Real Estate Industry Metrics

NOI and NOI Margin

($000s)	For the three months ended Sep. 30, 2026		For the three months ended Sep. 30, 2025		For the nine months ended Sep. 30, 2026		For the nine months ended Sep. 30, 2025
Rental revenue and related income	30,668		26,087		90,980		75,935
Property operating expenses	10,628		9,130		31,851		25,891
Net Operating Income (“NOI”)	20,040		16,957		59,129		50,044
NOI Margin	65.3%		65.0%		65.0%		65.9%

NAV and NAV per Unit

($000s, except per unit amounts)	As at September 30, 2026		As at December 31, 2025
Unitholders Equity	731,446		688,726
Class B Units	117,976		111,548
Vested RU	3,665		1,964
Vested DTU	3,201		2,577
NAV	856,288		804,815
Total Units1	25,506,803		25,206,534
NAV per Unit	33.57		31.93
1. Total Units includes Units, Class B Units, vested RUs and vested DTU

Debt to Gross Book Value

($000s)	As at Sep. 30, 2026		As at Dec. 31, 2025
Total Debt
Line of Credit	8,500		–
Mortgages payable, net (current portion)	12,995		1,905
Mortgages payable, net (non-current portion)	525,696		531,723
	547,191		533,628
Gross Book Value
Cash and cash equivalents	6,402		9,748
Tenant and other receivables, net	3,151		1,603
Prepaids and other assets	2,643		3,692
Lender escrow deposits	8,275		4,197
Other non-current assets	227		140
Investment properties	1,403,314		1,335,325
Property and equipment, net	4,298		3,780
Note receivable – related party	2,460		2,460
	1,430,770		1,360,945
Debt to Gross Book Value	38.2%		39.2%

Forward-Looking Statements

This news release contains statements that include forward-looking information (within the meaning of applicable Canadian securities laws). Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “can”, “could”, “would”, “must”, “estimate”, “target”, “objective”, and other similar expressions, or negative versions thereof, and include statements herein concerning: the REIT’s investment strategy, objectives and creation of long-term value; the REIT’s intention to continue to expand in its existing operational footprint; expected sources of funding for future acquisitions and the expected performance of acquisitions; macro characteristics and trends in the United States real estate and housing industry, as well as the manufactured housing community (“MHC”) industry specifically; the REIT’s distribution policy and intended sources of cash therefor; and the REIT’s target indebtedness as a percentage of Gross Book Value. These statements are based on the REIT’s expectations, estimates, forecasts, and projections, as well as assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause actual results to differ materially from those that are disclosed in such forward-looking statements. While considered reasonable by management of the REIT as at the date of this news release, any of these expectations, estimates, forecasts, projections, or assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations, estimates, forecasts, projections, or assumptions could be incorrect. Material factors and assumptions used by management of the REIT to develop the forward-looking information in this news release include, but are not limited to, the REIT’s current expectations about: vacancy and rental growth rates in MHCs and the continued receipt of rental payments in line with historical collections; demographic trends in areas where the MHCs are located; further MHC acquisitions by the REIT; the applicability of any government regulation concerning MHCs and other residential accommodations; the availability of debt financing and future interest rates, as there is no guarantee that the future Federal Reserve will continue to hold or decrease interest rates; increasing expenditures and fees, in connection with the ownership of MHCs, driven by inflation or tariffs; tax laws; general economic conditions; and the recent increased volatility of equity markets in the United States. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed or referenced under the heading “Risks and Uncertainties” herein or otherwise disclosed in the REIT’s Management’s Discussion and Analysis, the Annual Management’s Discussion and Analysis or the Annual Information Form. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, certain forward-looking statements included in this news release may be considered as “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management’s current expectations and plans relating to the future, as disclosed in this news release. Forward-looking statements are made as of the date of this news release (or the date otherwise indicated herein) and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Third Quarter 2026 Results Conference Call and Webcast
DATE:		Thursday, November 12, 2026
TIME:		8:30 a.m. ET
JOIN BY PHONE:		Conference Call Registration
		(Click the URL to join the conference call by phone)
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LIVE WEBCAST:		Q3 2026 Webcast

About Flagship Communities Real Estate Investment Trust 

Flagship Communities Real Estate Investment Trust (TSX: MHC.U; MHC.UN) is a leading operator of affordable residential Manufactured Housing Communities primarily serving working families seeking affordable home ownership. The REIT owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, West Virginia, Tennessee, Arkansas, Missouri, and Illinois. To learn more about Flagship, visit www.flagshipcommunities.com.

For further information, please contact:

Eddie Carlisle, Chief Financial Officer
Flagship Communities Real Estate Investment Trust
Tel: +1 (859) 568-3390