Tag: GlobeNewswire

October 8, 2026, 7:00 AM CET

Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology innovation company, today announced that it will discontinue the Phase 3 UNITY study of efgartigimod subcutaneous (SC) (efgartigimod alfa and hyaluronidase-qvfc) in adults with moderate-to-severe Sjögren’s disease.

The decision is based on the recommendation from an Independent Data Monitoring Committee (IDMC) to stop the study for futility following an interim analysis. The IDMC concluded that the UNITY study is unable to meet its primary endpoint. Safety was consistent with efgartigimod’s established profile and no new safety signals were identified.

“We are disappointed by this outcome, most of all for people living with Sjögren’s disease, who are still waiting for treatments that fundamentally change the course of their disease,” said Luc Truyen, M.D., Ph.D., Chief Medical Officer at argenx. “Sjögren’s Disease is one of the most heterogeneous and complicated diseases in immunology, and unraveling the biology of complex diseases is at the heart of what we do. We will analyze these data in depth and share what we learn with the Sjögren’s community. We are grateful to the patients, families, investigators and site staff who made this study possible.”

Following study close and database lock, argenx will conduct a comprehensive analysis of the data to understand the study’s outcome and generate insights that may inform future research in Sjögren’s disease.

UNITY Study Design
UNITY is a Phase 3, randomized, double-blind, placebo-controlled, multicenter study with an open-label extension, designed to evaluate the efficacy, safety and tolerability of efgartigimod SC in adults with moderate-to-severe Sjögren’s disease. To be eligible, patients had to meet the 2016 ACR/EULAR classification criteria for primary Sjögren’s disease, test positive for anti-Ro/SSA autoantibodies and have moderate-to-severe systemic disease activity (clinESSDAI ≥6) while receiving stable background standard of care. Patients were randomized 1:1 to receive weekly efgartigimod SC or placebo during the double-blind treatment period. The primary endpoint was change from baseline in systemic disease activity, as measured by the clinical EULAR Sjögren’s Syndrome Disease Activity Index (clinESSDAI), at Week 48. Key secondary endpoints included the proportion of patients achieving low disease activity (clinESSDAI <5), responder status on the Sjögren’s Tool for Assessing Response (STAR), change in patient-reported symptoms as measured by the Diary of Sjögren’s Symptoms Assessment (DiSSA), and safety and tolerability.

About Sjögren’s Disease
Sjögren’s disease is a chronic, slowly progressive, inflammatory systemic autoimmune disease characterized by immune-mediated destruction of the exocrine glands. It can be severely debilitating and have a negative impact on patient quality of life, with commonly reported symptoms including dry eyes and mouth, fatigue and joint pain. In addition, a substantial subset of patients suffer from extraglandular systemic disease. While the presence of anti-Ro and IgG autoantibodies is considered a hallmark of the disease, its underlying cause is believed to be multifactorial, with environmental triggers leading to autoimmunity and chronic inflammation. The disease predominantly affects women, with a 9:1 female-to-male incidence ratio. Given its heterogeneous nature, the treatment journey can be challenging, with long delays and high rates of misdiagnosis.

About VYVGART
VYVGART® (efgartigimod alfa fcab) is a first-in-class human IgG1 antibody fragment that binds to the neonatal Fc receptor (FcRn), resulting in the reduction of circulating IgG autoantibodies. VYVGART Hytrulo® is a subcutaneous combination of efgartigimod alfa (VYVGART) and recombinant human hyaluronidase PH20 (rHuPH20), Halozyme’s ENHANZE® drug delivery technology to facilitate subcutaneous injection delivery of biologics.

VYVGART is approved for generalized myasthenia gravis (gMG) and immune thrombocytopenia (Japan only). VYVGART Hytrulo is approved for gMG and chronic inflammatory demyelinating polyneuropathy (CIDP). VYVGART Hytrulo may be marketed under different proprietary names in other regions.

About argenx
argenx is a global immunology innovation company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit  www.argenx.com  and follow us on LinkedIn, Instagram, Facebook, and YouTube.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).

Media: 
Colin McBean
cmcbean@argenx.com
Investors:
Alexandra Roy
aroy@argenx.com

Forward-Looking Statements

The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements generally can be identified by the use of forward-looking words, such as “aim”, “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the results of argenx’s clinical trials; uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development risks and setbacks; interpretation of argenx’s clinical trial data by regulatory authorities and argenx’s ability to obtain regulatory approval; the risk that early stage clinical trials may not be predictive of results in later stage or large scale clinical trials; the occurrence of adverse safety events or participant dropouts; the acceptance of its products and product candidates by its patients as safe, effective, and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; the impact of healthcare regulations, including rules on reimbursement for argenx’s products; competition in drug discovery, development and commercialization efforts; its reliance on third-party suppliers, service providers and manufacturers; and instability and conflicts in the regions in which the company has suppliers or markets for its products. A further list and description of these and other risks, uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.

• Study met primary endpoint of change from baseline in the ratio of Vh:Cd (p=0.0176)
• First Phase 2 evidence that blocking CD122 can prevent gluten-induced intestinal damage in people living with celiac disease
• argenx plans to advance FB102 into Phase 3 development

October 8, 2026, 7:00 AM CET   

Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology innovation company, today announced positive topline results from the Phase 2 study evaluating FB102, a first-in-class CD122 inhibitor, in adults with celiac disease. These results represent the first clinical readout of FB102 following argenx’s acquisition of Forte Biosciences in August 2026.

Patients treated with FB102 demonstrated a statistically significant and clinically relevant treatment effect compared to placebo. The study met its primary endpoint of change from baseline in the ratio of villus height–to–crypt depth (Vh:Cd) at day 78 versus placebo in adults with celiac disease undergoing a gluten challenge (p=0.0176). Broad efficacy measures, including intraepithelial lymphocyte (IEL) density, villus height-to-crypt depth intraepithelial lymphocyte (VCIEL) composite score, and symptoms, were consistent with the primary endpoint, providing additional evidence of effect across histologic, inflammatory, and clinical measures.

The observed safety profile was consistent with prior studies and the known safety profile of FB102, with no new safety signals identified.

“These positive Phase 2 results strengthen our conviction in the potential of FB102 to address a significant unmet need for people living with celiac disease, where there are currently no approved therapies,” said Luc Truyen, M.D., Ph.D., Chief Medical Officer at argenx. “The study builds on the Phase 1b trial, providing consistent clinical evidence that CD122 blockade can protect against gluten-induced intestinal damage and prevent emergence of patient symptoms, even under a more intense gluten challenge, validating CD122 as a promising therapeutic target in celiac disease. Combined with the consistent safety profile observed across studies, these findings support advancing FB102 into Phase 3 development and further exploring its broader potential across immune-mediated diseases.”
                                                                                                                  
Detailed results from the Phase 2 study will be shared at an upcoming medical meeting. FB102 continues to be evaluated as a potential treatment in other autoimmune diseases, including vitiligo and alopecia areata.

FB102-301 Study Design
FB102-301 (NCT06982963) is a randomized, double-blind, placebo-controlled, Phase 2 study evaluating FB102 in adults with celiac disease. The study enrolled 126 patients with confirmed celiac disease who were symptom free on a strict gluten-free diet for at least 12 months. Participants were randomized (2:2:1) to receive intravenous infusions of FB102 (two dose levels) or placebo while undergoing a controlled, eight-week oral gluten challenge. The primary endpoint was change from baseline in the ratio of villus height-to-crypt depth (Vh:Cd) at day 78 versus placebo, aimed at determining whether FB102 protects the intestine from gluten-induced damage over the challenge period.  

About Celiac Disease
Celiac disease is a chronic autoimmune condition triggered by ingesting gluten, a group of proteins found in wheat, barley, and rye. In people with celiac disease, gluten triggers an immune response that damages the lining of the small intestine. Over time, this damage leads to impaired nutrient absorption and symptoms that include abdominal pain, bloating, diarrhea, and fatigue. There are no approved medicines to treat celiac disease and the current standard of care is a strict gluten-free diet. Unintended exposure to gluten through consumer products, like prepackaged foods, cosmetics, toothpaste, vitamins, and nutritional supplements, is common. Many people living with celiac disease also experience challenges eating out of the home at restaurants, work, or while traveling, which impacts their quality of life.  It is estimated that approximately 1 percent of people worldwide have celiac disease, and studies show the incidence is rising by about 7.5% per year. The burden of symptoms, growing prevalence, and lack of any approved therapeutic options reinforce the critical need for medications that can address the underlying causes of intestinal damage and improve symptoms and outcomes in people living with celiac disease.

About FB102
FB102 is an investigational, first-in-class anti-CD122 antibody being studied as a potential treatment for several autoimmune diseases, including celiac disease, vitiligo, and alopecia areata. CD122 is a key component of IL-2 and IL-15 signaling pathways involved in the activation and maintenance of disease-driving immune cells. FB102 is designed to block CD122 to selectively modulate IL-2 and IL-15 pathways that cause inflammation while preserving regulatory T-cell function and immune balance. The U.S. Food and Drug Administration has granted FB102 Fast Track Designation for celiac disease. 

About argenx
argenx is a global immunology innovation company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first approved neonatal Fc receptor (FcRn) blocker and is evaluating its broad potential in multiple serious autoimmune diseases while advancing several earlier stage experimental medicines within its therapeutic franchises. For more information, visit  www.argenx.com  and follow us on LinkedIn, Instagram, Facebook, and YouTube.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).

Media: 
Suzanne Johnson  
sjohnson@argenx.com

Investors:
Alexandra Roy
aroy@argenx.com

Forward Looking Statements
The contents of this announcement include statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements generally can be identified by the use of forward-looking words, such as “aim”, “anticipate”, “aspire”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “entail”, “forecast”, “future”, “goals”, “hope”, “intend”, “is designed to”, “likely”, “may”, “might”, “objective”, “plan”, “possible”, “potential”, “pursue”, “project”, “predict”, “seek”, “should”, “strategy”, “target”, “will” and other words and terms of similar meaning and expression, including in connection with any discussion of future operating or financial performance. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. argenx’s actual results may differ materially from those predicted by the forward-looking statements as a result of various important factors, including but not limited to, the results of argenx’s clinical trials; uncertainties associated with the development of novel drug therapies; preclinical and clinical trial and product development risks and setbacks; interpretation of argenx’s clinical trial data by regulatory authorities and argenx’s ability to obtain regulatory approval; the risk that early stage clinical trials may not be predictive of results in later stage or large scale clinical trials; the occurrence of adverse safety events or participant dropouts; the acceptance of its products and product candidates by its patients as safe, effective, and cost-effective; the impact of governmental laws and regulations, including tariffs, export controls, sanctions and other regulations on its business; the impact of healthcare regulations, including rules on reimbursement for argenx’s products; competition in drug discovery, development and commercialization efforts; its reliance on third-party suppliers, service providers and manufacturers; and instability and conflicts in the regions in which the company has suppliers or markets for its products. A further list and description of these and other risks, uncertainties, and factors that could cause actual results to differ materially from those referred to in the forward-looking statements can be found in argenx’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in argenx’s most recent annual report on Form 20-F filed with the SEC as well as subsequent filings and reports filed by argenx with the SEC. Given these risks and uncertainties, the reader is advised not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.

OSLO, Norway (8 October 2026) – TGS, a leading global provider of energy data and intelligence, routinely publishes a quarterly operational update six working days after quarter-end.

The table below shows TGS’ normalized Ocean Bottom Node (OBN) crew count¹:  

	Q3 2026	Q3 2025
Normalized crew count Contract1	2.2	1.8
Normalized crew count Multi-client1	0.0	1.0

^{1) The table shows the average number of crews in operation when assuming a normalized crew size.}
  
The table below shows TGS’ allocation of active seismic streamer 3D vessel capacity².

	Q3 2026	Q3 2025
Contract	53%	45%
Multi-client	22%	28%
Steaming	18%	10%
Yard	7%	8%
Standby	0%	9%
Number of vessels	6	6

^{2) The statistics include active seismic 3D streamer vessels (capacity working on site characterization projects is excluded).}

Based on preliminary financial review, TGS expects multi-client investment to be approximately USD 63 million in Q3 2026, compared to USD 85.9 million in Q3 2025.

Kristian Johansen, CEO of TGS, commented: “The normalized Ocean Bottom Node (OBN) crew count in Q3 was 2.2, slightly above expectations. During the quarter, TGS completed an OBN contract in the Gulf of America for a client where we have a long-term capacity agreement and a node-on-a-rope contract in Europe. Despite high streamer 3D vessel booking going into Q3, utilization came in lower than expected due to operational challenges on a North Sea multi-client project that was completed in September. Looking ahead, we expect streamer 3D vessel utilization to remain high, with all our streamer 3D vessel capacity booked for Q4.”

TGS will release its Q3 2026 results at 07:00 a.m. CEST on 22 October 2026. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST, webcasted live.

The webcast can be followed live via this link:
https://qcnl.tv/p/F9pp7ArbItpZ5nPyrrIErw

For more information, visit TGS.com (http://www.tgs.com) or contact:
Bård Stenberg, VP IR & Business Intelligence
Tel.: +47 992 45 235
E-mail: investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Senior Managing Director Will Co-Lead FTI Consulting’s Aviation Practice in EMEA and Asia, Advising Airlines, Aerospace Companies, Investors and Governments on Capital Raising, Transactions and Transformation

DUBAI, United Arab Emirates, Oct. 07, 2026 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN), today announced the appointment of Alexis Fekete as a Senior Managing Director in the firm’s Corporate Finance segment. Mr. Fekete will Co-Lead the Aviation practice in Europe, the Middle East, and Africa (“EMEA”) and Asia with Jasper Schrijver.

Mr. Fekete, who is based in Dubai, joins FTI Consulting from Seabury Aviation Partners, where he was a Managing Director and Partner. He has also held senior roles at Accenture, Seabury Capital and Natixis, and brings over 20 years of experience across the aviation and aerospace sectors. He specialises in airline transformation, M&A, financial and operational restructuring, debt and equity raising, fleet acquisition, aircraft financing, and airline and lessor due diligence. 

“Airlines, lessors, aerospace companies and investors are navigating capital needs, fleet decisions, operational transformation and transaction opportunities, in an industry often exposed to turmoil,” said Diederick van der Plas, EMEA Co-Chairman at FTI Consulting. “Alexis’ deep sector expertise strengthens our ability to help clients address these priorities and make critical decisions in an increasingly complex aviation market.”

In his role at FTI Consulting, Mr. Fekete will work with airlines, aerospace companies, lessors, investors and governments across EMEA and Asia, advising on capital raising, transactions and transformation.

Commenting on the appointment, Martin Kuehne, Global Co-Leader of the Aviation Business Transformation practice, said, “Alexis brings a combination of aviation transaction, restructuring and transformation expertise that aligns directly with the pressures clients are facing across the sector. His experience advising airlines, lessors and aerospace companies will help us continue expanding our aviation capabilities outside the Americas and deliver practical, senior-led support on capital raising, fleet strategy, M&A and performance improvement.”

Mr. Fekete joins FTI Consulting following the appointment of senior industry advisors Neal Wesson in New York and Theo Kitsanelis in London, with a collective experience of 50 years within the aviation industry.

FTI Consulting’s Airlines & Aviation experts advise clients across the aviation value chain, combining global industry coverage with capabilities spanning business transformation, transactions, turnaround and restructuring, capital raising, performance improvement and strategic communications. Public engagements include helping LATAM Airlines secure $2.45 billion in financing, guiding Scandinavian Airlines through its Chapter 11 process and advising on the Republic Airways and Mesa Air Group merger, underscoring the breadth of FTI Consulting’s experience supporting airlines, investors and aviation-related companies through complex strategic, financial and operational challenges.

About FTI Consulting
FTI Consulting, Inc. is a leading global expert firm for organisations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of June 30, 2026. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalised and independently managed. The Company generated $3.8 billion in revenues during fiscal year 2025. More information can be found at www.fticonsulting.com.

FTI Consulting, Inc.  
200 Aldersgate 
Aldersgate Street
London, EC1A 4HD

Investor Contact:   
Mollie Hawkes 
+1.617.747.1791 
mollie.hawkes@fticonsulting.com 

Media Contact:
publicrelations@fticonsulting.com

MONTREAL, Oct. 07, 2026 (GLOBE NEWSWIRE) — Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a leading global manufacturer of industrial valves, announced today financial results for its second quarter ended August 31, 2026. All amounts are expressed in U.S. dollars unless indicated otherwise.

SECOND-QUARTER HIGHLIGHTS FROM CONTINUING OPERATIONS

IFRS MEASURES

• Sales of $57.5 million, versus $67.6 million last year, as the timing and complexity of certain production orders shifted shipments into later periods. Uncertainty around changing tariff regulations and ongoing geopolitical tension also weighed on customer demand and order timing during the period.
• Gross profit of $12.6 million or 21.9%, of sales, compared to $15.7 million, or 23.2% of sales, last year.
• Net loss¹ of $15.1 million ($0.70 per share), versus a net loss of $1.7 million ($0.08 per share) last year, mainly reflecting $14.9 million of transaction-related costs (see “Significant Transactions”).
• Financial position: net cash (cash and cash equivalents less bank indebtedness) was negative $11.2 million as at August 31, 2026, compared to net cash of $41.5 million as at February 28, 2026, reflecting the transaction-related cash outflows.

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

• Backlog² of $262.5 million, down from $283.3 million at February 28, 2026, and down from $285.8 million a year earlier, reflecting shipments and softer bookings across several regions during the quarter.
• Bookings² of $47.9 million for the quarter, down from $65.2 million in the second quarter of fiscal 2026, reflecting weaker order intake in the nuclear, power and process end-markets in North America and continued soft bookings in China, partially offset by continued strength in maintenance, repair and overhaul (MRO) activity.
• Adjusted net loss² of $6.2 million ($0.29 per share), versus adjusted net loss of $1.2 million ($0.05 per share) last year.
• Adjusted EBITDA² of negative $0.7 million, compared to adjusted EBITDA of $3.4 million last year, reflecting the impact of lower sales and gross profit.

SIX MONTHS RESULTS FROM CONTINUING OPERATIONS

IFRS MEASURES

• Sales of $115.4 million, down $24.5 million or 17.5% compared to the same period last year.
• Gross profit of $24.0 million, or 20.8% of sales, versus $36.3 million, or 26.0% of sales, last year.
• Operating loss of $22.7 million, compared to an operating loss of $3.4 million a year ago.
• Net loss¹ of $24.5 million, or $1.14 per share, versus a net income of $16.2 million last year, or $0.75 per share last year.   

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

• Bookings² of $95.9 million, versus $143.4 million last year.
• Adjusted net loss² of $13.1 million, versus an adjusted net loss of $1.1 million last year.
• Adjusted EBITDA² of negative $2.8 million, compared to $7.1 million last year.

____________________

¹ Net income or loss refer to net income or loss attributable to subordinate and multiple voting shares
² Non-IFRS and supplementary financial measures – more information at the end of this report.

“Velan is entering a new phase focused on stronger execution, improved business performance and profitable growth,” said Rishi Sharma, President and Chief Executive Officer of Velan. “Our second quarter results reflect challenges to the business we are actively working to meet. The demand environment in our core nuclear, defense and energy markets remains solid – the softness in results was driven by execution and delivery timing as well as volatility relating to tariffs, trade disputes and geopolitical uncertainty in the Middle East. We have moved quickly on matters within our control, with a focus around six transformation pillars— cost discipline, procurement and value engineering, talent and organizational improvements, manufacturing footprint, working capital and assets and growth acceleration. Together they are designed to build a leaner company and drive profitable growth.”

“Our second quarter results reflect significant one-time transaction costs rather than a change in the underlying business. We are focused on aligning our costs to current volumes and have taken meaningful actions, including the recent implementation of a workforce reduction. We also repaid our Canadian secured bank loan and, with a new $80 million credit facility in place, have the liquidity and flexibility to execute on the opportunities ahead,” added Imran Gibbons, Chief Financial Officer of Velan.

FINANCIAL RESULTS in ‘000s of U.S. dollars, excluding per share amounts)	Three-month periods ended				Six-month periods ended
	August 31, 2026		August 31, 2025		August 31, 2026		August 31, 2025
From continuing operations
Sales	$57,537		$67,611		$115,367		$139,840
Gross profit	$12,605		$15,675		$23,961		$36,301
Gross margin	21.9	%	23.2	%	20.8	%	26.0	%
Administration costs	$16,902		$15,377		$32,621		$33,690
Transaction based expenses	$14,936		$690		$15,449		$6,064
Other expenses (income)	($4,266	)	($777	)	($1,411	)	($45	)
Operating income (loss)	($14,967	)	$385		($22,698	)	($3,408	)
Net income (loss)	($15,052	)	($1,660	)	($24,488	)	$16,166
Net income from discontinued operations	$ –		($780	)	$ –		$58,599
Net income (loss)	($15,052	)	($2,440	)	($24,488	)	$74,765
(in dollars per share – basic and diluted)
Net income (loss) from continuing operations	($0.70	)	($0.08	)	($1.14	)	$0.75
Net income (loss) from discontinued operations	$ –		($0.03	)	$ –		$2.71
Net income (loss)	($0.70	)	($0.11	)	($1.14	)	$3.46

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES (From continuing operations, in ‘000s of U.S. dollars, excluding per share amounts)	Three-month periods ended				Six-month periods ended
	August 31, 2026		August 31, 2025		August 31, 2026		August 31, 2025
Adjusted EBITDA	($713	)	$3,358		($2,811	)	$7,138
Adjusted net income (loss)	($6,206	)	($1,153	)	($13,133	)	($1,063	)
per share – basic and diluted	($0.29	)	($0.05	)	($0.61	)	($0.05	)

BACKLOG AND BOOKINGS

BACKLOG (‘000s of U.S. dollars)	As at
	August 31, 2026			February 28, 2026			August 31, 2025
Backlog	$262,471			$283,290			$285,800
for delivery within the next 12 months	$200,062			$216,706			$252,355

BOOKINGS (‘000s of U.S. dollars, excluding ratios)

Three-month periods ended

Six-month periods ended

August 31, 2026

August 31, 2025

August 31, 2026

August 31, 2025

Bookings

$47,947

$65,165

$95,936

$143,399

As at August 31, 2026, the backlog from continuing operations stood at $262.5 million, down from $283.3 million as at February 28, 2026, and down from $285.8 million a year earlier. The decline was broad-based, with the largest reductions at the Company’s Korean, German and ABV (Italy-based) operations, reflecting shipments and softer bookings across several end-markets during the period, partially offset by growth at the Company’s North American and Indian operations. As at August 31, 2026, approximately 76% of the backlog, representing $200.1 million of orders, is expected to be delivered within the next 12 months, a significant proportion, reflecting the shorter-duration mix of remaining orders. Currency movements had a $0.3 million positive effect on the value of the backlog during the first six months of fiscal 2027 mainly due to the strengthening of the euro versus the U.S. dollar.

Bookings from continuing operations totaled $47.9 million in the second quarter of fiscal 2027, down from $65.2 million in the second quarter of fiscal 2026. The decrease reflects weaker order intake in the nuclear, power and process end-markets in North America and continued soft bookings at the Company’s China operations, partially offset by continued strength in MRO activity, which represented a significant share of total bookings in the quarter.

In the first half of fiscal 2027, bookings from continuing operations totaled $95.9 million, compared to $143.4 million in the first half of fiscal 2026. The decrease is mainly attributable to the factors mentioned above. Currency movements had a $0.1 million positive effect on the value of bookings for the period.

SECOND QUARTER RESULTS

Sales from continuing operations totaled $57.5 million, a decrease of $10.1 million, or 15.0%, compared to $67.6 million for the same period last year. The decrease primarily reflects lower shipment volumes at the Company’s North American and China operations, resulting from softer bookings in recent periods, delays in certain large-project deliveries, and continued production and logistics challenges, including delays linked to ongoing conflict in the Middle East. These decreases were partially offset by higher shipments of large offshore and floating production project orders, mainly serving customers in the Middle East and Asia. Currency movements had a $1.0 million negative effect on sales for the period.

Gross profit from continuing operations was $12.6 million, compared to $15.7 million last year. The decline primarily reflects the impact of lower sales volumes on the absorption of fixed production overhead costs at several of the Company’s manufacturing operations, together with the net impact of tariffs on cross-border shipments and a less favorable project mix at certain operations, partially offset by a favorable reversal of aged inventory provisions at the Company’s Asian operations. As a percentage of sales, gross profit was 21.9%, compared to 23.2% last year.

Administration costs from continuing operations amounted to $16.9 million, or 29.4% of sales, compared to $15.4 million, or 22.7% of sales, last year mainly attributed to increase in engineering and R&D costs. The increase as a percentage of sales mainly reflects the lower sales base described above.

The Company incurred transaction based expenses of $14.9 million, consisting entirely of transaction-related costs associated with the change of control transaction (see ‘Significant Transactions’), compared to $0.7 million in transaction-related costs in the second quarter of fiscal 2026.

Adjusted EBITDA from continuing operations, excluding transaction-related costs, was negative $0.7 million, versus $3.4 million a year ago. The decrease is primarily attributable to lower gross profit and higher administration costs as a percentage of sales.

For the second quarter of fiscal 2027, the net loss from continuing operations was $15.1 million ($0.70 per share), compared to a net loss of $1.7 million ($0.08 per share) in the second quarter of fiscal 2026.

Excluding transaction-related costs, the adjusted net loss from continuing operations was $6.2 million ($0.29 per share) in the second quarter of fiscal 2027, compared to an adjusted net loss of $1.2 million ($0.05 per share) in the second quarter of fiscal 2026.

SIX-MONTH RESULTS

Sales from continuing operations amounted to $115.4 million, a decrease of $24.5 million, or 17.5%, compared to $139.8 million a year ago. The decrease primarily reflects lower shipment volumes at the Company’s North American and China operations, resulting from softer bookings in recent periods, delays in certain large-project deliveries, and continued production and logistics challenges, partially offset by higher shipments of large offshore and floating production project orders. Currency movements had a $0.7 million negative effect on sales for the period.

Gross profit from continuing operations was $24.0 million, compared to $36.3 million last year. As a percentage of sales, gross profit was 20.8%, compared to 26.0% last year.

Administration costs from continuing operations were $32.6 million, or 28.3% of sales, compared to $33.7 million, or 24.1% of sales, last year. The increase as a percentage of sales mainly reflects the lower sales base described above; in dollar terms, cost reduction initiatives at certain operations — including headcount actions and the deferral of information-technology projects — contributed to a year-over-year decrease in administration costs, partially offset by higher costs at other operations.

The Company incurred transaction based  expenses of $15.4 million, compared to $6.1 million last year, consisting entirely of transaction-related costs associated with the closing of the change of control transaction.

Adjusted EBITDA from continuing operations, excluding transaction-related costs, was negative $2.8 million, versus $7.1 million last year. The decrease is primarily attributable to lower gross profit and higher administration costs as a percentage of sales.

Net loss from continuing operations was $24.5 million, or $1.14 per share, compared to net income of $16.2 million, or $0.75 per share, in the prior year. There were no results from discontinued operations in the six-month period of fiscal 2027, compared to net income from discontinued operations of $58.6 million, or $2.71 per share, last year, which included the gain on disposal of the French assets. As a result, net loss was $24.5 million, or $1.14 per share, compared with net income of $74.7 million, or $3.46 per share, a year ago.

Adjusted net loss from continuing operations, excluding transaction-related costs, was $13.1 million, or $0.61 per
share, versus an adjusted net loss of $1.1 million, or $0.05 per share, a year ago.

FINANCIAL POSITION

As at August 31, 2026, net cash (cash and cash equivalents less bank indebtedness) was negative $11.2 million, compared to net cash of $41.5 million as at February 28, 2026, primarily reflecting transaction-related cash outflows in connection with the change of control transaction. As at August 31, 2026, the Company had drawn $39.9 million on its new $80 million revolving credit facility secured in connection with the closing of the transaction, and remains in compliance with all covenants related to its debt and credit facilities. Based on the borrowing base calculation and applicable covenant limitations, available borrowing capacity under global revolving credit facilities amounted to $66.2 million as at August 31, 2026. Combined with cash and cash equivalent of $28.2 million and short-term investments of $1.4 million, the Company had total available liquidity of $95.8 million as at August 31, 2026. Total assets stood at $320.1 million, versus $346.6 million as at February 28, 2026, total liabilities amounted to $166.8 million, up from $164.5 million as at February 28, 2026, and total equity was $153.3 million, versus $182.1 million as at February 28, 2026, reflecting the Company’s net loss for the six-month period.

OUTLOOK

Bookings were softer in the second quarter, particularly in the nuclear, power and process end-markets in North America and at the Company’s China operations, while MRO activity remained comparatively resilient. Demand in core nuclear, defense and energy markets remains solid while management believes that momentum is continuing to build in nuclear and naval modernization spending is also rising – in power, there is steady aftermarket demand despite the current geopolitical uncertainty, while MRO continues to be resilient. Management believes near-term order activity will continue to be mixed across regions, with a number of larger opportunities in the Company’s core end-markets currently in the pipeline at varying stages of qualification, and a portion expected to convert in the near term.  

The Company continues to focus on cost discipline, including the workforce reduction implemented subsequent to quarter-end (see “Significant Transactions”), which management expects will improve the Company’s cost structure over the coming fiscal quarters.

DIVIDEND

The Board of Directors of Velan, after considering the Company’s current priorities, including the implementation of its restructuring plan and the preservation of liquidity, has determined that the Company would not pay a dividend for the remainder of fiscal 2027. The Board of Directors will re-evaluate the Company’s dividend policy on an annual basis.

SIGNIFICANT TRANSACTIONS

On June 15, 2026, the Company announced the closing of the sale by its controlling shareholder, Velan Holding Co. Ltd., of its controlling interest in the Company. The closing created an obligation for the Company to pay conditional fees related to the transaction, resulting in $14.9 million of transaction-related costs recorded in the second quarter of fiscal 2027.

In connection with the closing, the Company secured a new $80 million revolving credit facility with a major chartered bank, maturing in June 2031. Proceeds were used to repay existing North American debt, including the Company’s Canadian secured bank loan, which was fully repaid during the second quarter of fiscal 2027, and to fund general corporate purposes, including the transaction-related costs described above.

Subsequent to August 31, 2026, the Company implemented a restructuring plan affecting its corporate activities, including workforce reductions. As the restructuring was implemented after the reporting date, no provision has been recorded in the Company’s financial statements for the quarter. Management currently estimates associated restructuring costs of approximately $2 million to $3 million, which will be recognized in the subsequent reporting period.

CONFERENCE CALL NOTICE

Financial analysts, shareholders, and other interested individuals are invited to attend the second quarter conference call to be held on Thursday, October 8, 2026, at 8:00 a.m. (EDT). The toll-free call-in number is 1-800-990-4777 or by RapidConnect URL: https://emportal.ink/3SCcDG3. The material that will be referenced during the conference call will be made available shortly before the event on the company’s website under the Investor Relations section (https://velan.com/investor-relations). A replay of the call will be available within 2 hours of the end of the call until October 15th, 2026, by calling 1-289-819-1450 or 1-888-660-6345 and entering the replay code 20020.

ABOUT VELAN

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is a leading global manufacturer of a broad range of industrial valves for use in critical applications. Velan pioneers advanced valve technologies that power the world’s most critical applications including power generation, nuclear, oil and gas, chemicals, LNG and cryogenics, pulp and paper, geothermal processes, shipbuilding, defense, and carbon-neutral technologies. The Company employs approximately 1,300 people with its global manufacturing base spanning three continents. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

SAFE HARBOUR STATEMENT

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

In this press release, the Company has presented measures of performance or financial condition which are not defined under IFRS (“non-IFRS measures”) and are, therefore, unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company and are reconciled with the performance measures defined under IFRS. The Company has also presented supplementary financial measures which are defined at the end of this report. Reconciliation and definition can be found below.

Adjusted net income (loss), Adjusted net income (loss) per share, Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA

	Three-month periods ended				Six-month periods ended
(in thousands, except per share amounts; certain totals may not add up due to rounding)	August 31, 2026		August 31, 2025		August 31, 2026		August 31, 2025
	$		$		$		$
Reconciliation of net income (loss) from continuing operations to adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share
Net income (loss) from continuing operations	(15,052	)	(1,660	)	(24,488	)	16,166
Adjustments for:
Asbestos-related costs	–		–		–		(754	)
Transaction-related costs	10,978		507		11,355		6,635
Non-recurring provision adjustments	(2,132	)	–		–		–
Non-recurring tax recovery on France transaction	–		–		–		(23,110	)
Adjusted net income (loss) from continuing operations	(6,206	)	(1,153	)	(13,133	)	(1,063	)
per share – basic and diluted	(0.29	)	(0.05	)	(0.61	)	(0.05	)
Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations
Net income (loss) from continuing operations	(15,052	)	(1,660	)	(24,488	)	16,166
Adjustments for:
Depreciation of property, plant and equipment	1,684		1,723		3,382		3,352
Amortization of intangible assets and financing costs	543		541		999		1,060
Finance costs – net	342		244		426		634
Income tax expense (recovery)	(266	)	1,820		1,421		(20,138	)
EBITDA	(12,749	)	2,668		(18,260	)	1,074
Adjustments for:
Asbestos-related costs	–		–		–		(754	)
Transaction-related costs	14,936		690		15,449		6,818
Non-recurring provision adjustments	(2,900	)	–		–		–
Adjusted EBITDA	(713	)	3,358		(2,811	)	7,138

The term “Adjusted net income (loss)” is defined as net income or loss attributable to Subordinate and multiple voting shares plus adjustment, net of income taxes, for costs related to the change of control transaction, restructuring and asbestos provision The terms “Adjusted net income (loss) per share” is obtained by dividing Adjusted net income (loss) by the total amount of subordinate and multiple voting shares. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The term “EBITDA” is defined as adjusted net income plus depreciation of property, plant & equipment, plus amortization of intangible assets, plus net finance costs, plus income tax provision. The term “Adjusted EBITDA” is defined as EBITDA plus adjustment for costs related to the change of control transaction, restructuring and asbestos provision The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Definitions of supplementary financial measures

The term “Net new orders” or “bookings” is defined as firm orders, net of cancellations, recorded by the Company during a period.  Bookings are impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the Company’s sales operation performance for a given period as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “backlog” is defined as the buildup of all outstanding bookings to be delivered by the Company. The Company’s backlog is impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the future operational challenges of the Company as well as an expectation of future sales and cash flows to be achieved on these orders.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contact:
Imran Gibbons, Chief Financial Officer
Velan Inc.
Tel: (438) 817-4430

Consolidated Statements of Financial Position
(in thousands of U.S. dollars)
				As at
		August 31,		February 28,
		2026		2026
		$		$
Assets
Current assets
Cash and cash equivalents		28,205		53,354
Short-term investments		1,379		371
Accounts receivable		68,070		75,369
Income taxes recoverable		9,156		5,511
Inventories		145,287		147,140
Deposits and prepaid expenses		8,385		3,337
Derivative assets		7		59
Assets held for sale		780		–
		261,269		285,141
Non-current assets
Property, plant and equipment		48,806		50,935
Intangible assets and goodwill		4,140		4,477
Deferred income taxes		4,914		5,283
Other assets		977		771
		58,837		61,466
Total assets		320,106		346,607
Liabilities
Current liabilities
Bank indebtedness		39,372		10,663
Short-term bank loans		–		1,199
Accounts payable and accrued liabilities		68,518		85,094
Income taxes payable		1,906		1,330
Customer deposits		13,911		20,211
Provisions		7,597		10,227
Derivative liabilities		292		130
Current portion of long-term lease liabilities		1,546		1,592
Current portion of long-term debt		3,194		3,737
		136,336		134,183
Non-current liabilities
Long-term lease liabilities		3,598		3,968
Long-term debt		2,309		14,488
Income taxes payable		467		–
Deferred income taxes		1,790		1,346
Customer deposits		17,733		5,584
Other liabilities		4,590		4,935
		30,487		30,321
Total liabilities		166,823		164,504
Total equity		153,283		182,103
Total liabilities and equity		320,106		346,607

Consolidated Statements of Income (loss)
(in thousands of U.S. dollars, excluding number of shares and per share amounts)
	Three-month periods ended					Six-month periods ended
	August 31,		August 31,			August 31,		August 31,
	2026		2025			2026		2025
	$		$			$		$
Sales	57,537		67,611			115,367		139,840
Cost of sales	44,932		51,936			91,406		103,539
Gross profit	12,605		15,675			23,961		36,301
Administration costs	16,902		15,377			32,621		33,690
Transaction based expenses	14,936		690			15,449		6,064
Other expense (income)	(4,266	)	(777	)		(1,411	)	(45	)
Operating income (loss)	(14,967	)	385			(22,698	)	(3,408	)
Financing expenses	(342	)	(244	)		(426	)	(634	)
Income (loss) before income taxes	(15,309	)	141			(23,124	)	(4,042	)
Income tax expense (recovery)	(266	)	1,820			1,421		(20,138	)
Net income (loss) for the period from continuing operations	(15,043	)	(1,679	)		(24,545	)	16,096
Results from discontinued operations	–		(780	)		–		58,599
	(15,043	)	(2,459	)		(24,545	)	74,695
Net income (loss) attributable to:
Subordinate Voting Shares and Multiple Voting Shares	(15,052	)	(2,440	)		(24,488	)	74,765
Non-controlling interest	9		(19	)		(57	)	(70	)
Net income (loss) for the period	(15,043	)	(2,459	)		(24,545	)	74,695
Net income (loss) per Subordinate and Multiple Voting Share
Basic and diluted from continuing operations	(0.70	)	(0.08	)		(1.14	)	0.75
Basic and diluted from discontinued operations	–		(0.03	)		–		2.71
Basic and diluted from all operations	(0.70	)	(0.11	)		(1.14	)	3.46
Dividends declared per Subordinate and Multiple	–		0.07			–		0.31
Voting Share	(CA$ – )		(CA$ 0.10)			(CA$ – )		(CA$ 0.43 )
Total weighted average number of Subordinate and
Multiple Voting Shares
Basic and diluted	21,585,635		21,585,635			21,585,635		21,585,635

Consolidated Statements of Comprehensive Income (loss)
(in thousands of U.S. dollars)
	Three-month periods ended					Six-month periods ended
	August 31,		August 31,			August 31,		August 31,
	2026		2025			2026		2025
	$		$			$		$
Comprehensive Income (loss)
Net income (loss) for the period	(15,043	)	(2,459	)		(24,545	)	74,695
Other comprehensive income (loss)
Foreign currency translation of foreign subsidiaries	1,282		(2,319	)		(4,279	)	(5,191	)
Reclassification of foreign currency translation from discontinued operations	–		–			–		12,456
Comprehensive Income (loss)	(13,761	)	(4,778	)		(28,824	)	81,960
Comprehensive income (loss) attributable to:
Subordinate Voting Shares and Multiple Voting Shares	(13,770	)	(4,759	)		(28,767	)	82,030
Non-controlling interest	9		(19	)		(57	)	(70	)
Comprehensive Income (loss)	(13,761	)	(4,778	)		(28,824	)	81,960
Other comprehensive Income (loss) is composed solely of items that may be reclassified subsequently to the consolidated statement of Income (loss).

Consolidated Statements of Changes in Equity
(in thousands of U.S. dollars, excluding number of shares)
	Equity attributable to the Subordinate and Multiple Voting shareholders
	Share capital		Contributed surplus		Accumulated other comprehensive loss		Retained earnings		Total		Non controlling interest		Total equity
Balance – February 28, 2025	72,695		6,355		(47,141	)	65,952		97,861		877		98,738
Net Income (loss) for the period	–		–		–		74,765		74,765		(70	)	74,695
Other comprehensive loss	–		–		(5,191	)	–		(5,191	)	–		(5,191	)
Comprehensive Income (loss)	–		–		(5,191	)	74,765		69,574		(70	)	69,504
Reclassification of foreign currency translation to discontinued operations	–		–		12,456		–		12,456		–		12,456
Dividends
Multiple Voting Shares	–		–		–		(4,869	)	(4,869	)	–		(4,869	)
Subordinate Voting Shares	–		–		–		(1,886	)	(1,886	)	–		(1,886	)
Balance – August 31, 2025	72,695		6,355		(39,876	)	133,962		173,136		807		173,943
Balance – February 28, 2026	72,695		6,355		(27,526	)	129,957		181,481		626		182,107
Net Loss for the period	–		–		–		(24,488	)	(24,488	)	(57	)	(24,545	)
Other comprehensive loss	–		–		(4,279	)	–		(4,279	)	–		(4,279	)
Comprehensive loss	–		–		(4,279	)	(24,488	)	(28,767	)	(57	)	(28,824	)
Balance – August 31, 2026	72,695		6,355		(31,805	)	105,469		152,714		569		153,283

Consolidated Statements of Cash Flow
(in thousands of U.S. dollars)
	Three-month periods ended					Six-month periods ended
	August 31,		August 31,			August 31,		August 31,
	2026		2025			2026		2025
	$		$			$		$
Cash flows from
Operating activities
Net income (loss) for the period	(15,043	)	(2,459	)		(24,545	)	74,695
Less: results from discontinued operations	–		(780	)		–		58,599
Net income (loss) for the period from continuing operations	(15,043	)	(1,679	)		(24,545	)	16,096
Adjustments to reconcile net loss to cash used by operating activities	5,671		2,389			15,792		(14,726	)
Changes in non-cash working capital items	(5,482	)	(17,808	)		(24,506	)	(34,875	)
Cash provided (used) by operating activities from continuing operations (excluding Asbestos settlement)	(14,854	)	(17,098	)		(33,259	)	(33,505	)
Asbestos Settlement transaction	–		–			–		(143,553	)
Cash provided (used) by operating activities from continuing operations	(14,854	)	(17,098	)		(33,259	)	(177,058	)
Investing activities
Short-term investments	(8	)	–			(1,020	)	(33	)
Additions to property, plant and equipment	(1,840	)	(979	)		(2,632	)	(2,932	)
Additions to intangible assets	(669	)	–			(669	)	–
Proceeds on disposal of property, plant and equipment	134		180			159		1,133
Net change in other assets	(203	)	(49	)		(200	)	(14	)
Cash provided (used) by investing activities from continuing operations (excluding proceeds on disposal of France assets)	(2,586	)	(848	)		(4,362	)	(1,846	)
Proceeds on disposal of France assets	–		(780	)		–		182,363
Cash provided (used) by investing activities from continuing operations	(2,586	)	(1,628	)		(4,362	)	180,517
Financing activities
Dividends paid to Subordinate and Multiple Voting shareholders	–		(6,755	)		–		(6,755	)
Short-term bank loans	–		–			(1,199	)	–
Increase in long-term debt	2,315		80			2,315		1,143
Repayment of long-term debt	(12,403	)	(642	)		(14,699	)	(1,512	)
Repayment of long-term lease liabilities	(498	)	(413	)		(918	)	(812	)
Cash provided (used) by financing activities from continuing operations	(10,586	)	(7,730	)		(14,501	)	(7,936	)
Effect of exchange rate differences on cash	(119	)	149			(537	)	1,590
Net change in cash during the period from continuing operations	(28,145	)	(26,307	)		(52,659	)	(2,887	)
Net change in cash during the period from discontinued operations	–		(780	)		–		8,745
Net change in cash during the period	(28,145	)	(27,087	)		(52,659	)	5,858
Net cash – Beginning of the period	16,978		55,784			41,492		32,364
Net cash – End of the period	(11,167	)	29,477			(11,167	)	29,477
Net cash is composed of:
Cash and cash equivalents	28,205		36,093			28,205		36,093
Bank indebtedness	(39,372	)	(6,616	)		(39,372	)	(6,616	)
Net cash – End of the period	(11,167	)	29,477			(11,167	)	29,477
Supplementary information
Interest received (paid)	(430	)	(39	)		(809	)	(278	)
Income taxes paid	(630	)	(1,437	)		(1,829	)	(2,864	)

Mining and capital allocation executive with LatAm advisory experience, and senior roles at BHP and Vale joins the Board

VANCOUVER, British Columbia, Oct. 07, 2026 (GLOBE NEWSWIRE) — Resouro Strategic Metals Inc. (ASX: RAU; TSX-V: RSM; OTCQB: RSGOF) (“Resouro” or the “Company”) is pleased to announce the appointment of Daniel Kuhl to the Board of directors as an independent, non-executive director effective 7 October, 2026. Mr. Kuhl brings 25 years of international mining and resources experience in capital allocation, strategic planning and M&A, together with familiarity with Resouro from a prior engagement as advisor on the Novo Mundo gold project.

Mr. Kuhl most recently served as Senior Advisor and Country Lead for Oliver Wyman in Santiago, Chile, advising mining and industrial executives across Latin America on strategy, AI transformation and productivity improvement, and previously led Amazon Web Services (AWS)’s global account relationships with its largest mining and metals clients through 2023. This recent work follows more than a decade of senior roles at BHP and Vale, where he chaired BHP Coal’s Investments and Contracts Committee, approving about US$7 billion in capital projects and contract commitments, and supported more than US$5 billion in growth and M&A opportunities at Vale. He holds an MBA from the MIT Sloan School of Management, is Brazilian-born and based in Latin America.

“Daniel’s background in capital allocation and project evaluation at BHP and Vale, combined with his firsthand knowledge of Novo Mundo from his advisory work with Resouro, makes him a strong addition to the Board as we advance our Brazilian projects,” said Simon Stilwell, Resouro’s Non-Executive Chairman.

This announcement has been authorized for release by the Board of Directors of Resouro Strategic Metals Inc.

For further information, please contact:

Simon Stilwell
Non-executive Chairman
simon.stilwell@resouro.com

About Resouro Strategic Metals

Resouro is a Canadian mineral exploration and development company focused on the discovery and development of economic mineral projects in Brazil. Its flagship Tiros Titanium and Rare Earth Elements Project is comprised of 28 mineral concessions totalling 497 km² in the state of Minas Gerais, one of Brazil’s most infrastructurally developed states. The Tiros Project is supported by a JORC-compliant Mineral Resource Estimate and a Preliminary Economic Assessment for a starter operation. Resouro is also developing the Novo Mundo gold project, located in Mato Grosso state.

Forward-Looking Information

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. All statements other than statements of historical fact, included in this news release are forward-looking information that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; changes in national and local government legislation, controls, regulations and political or economic developments in countries in which the Company carries on or may carry on business in the future; actual results of exploration activities; estimation or realization of mineral reserves and resources; timing and amount of estimated future production; costs of production; development of acquired mineral deposits; possible variations in mineral grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; title disputes; the timing and possible outcome of pending litigation and the possibility of new litigation; risks associated with international operations; risks related to joint venture operations or other material customer or supply agreements; risks related to the integration of acquisitions; fluctuations in the currency markets; operating or technical difficulties in connection with mining activities; mineral exploration and development, including the risks of obtaining necessary licenses and permits; geological, technical and drilling problems; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; changes in tax laws and incentive programs relating to the mining industry; and the other factors described in our public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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

CHATTANOOGA, Tenn., Oct. 07, 2026 (GLOBE NEWSWIRE) — NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the “Company”), a leading battery materials company, today announced that it has achieved certification to ISO 9001:2015, the internationally recognized standard for quality management systems.

ISO 9001 certification follows an independent assessment of NOVONIX’s quality management system and confirms that the Company has established and implemented processes and controls designed to consistently meet customer and applicable regulatory requirements and drive continual improvement.

ISO 9001 is the world’s most widely recognized quality management standard and is used across global manufacturing supply chains as an independent benchmark for quality management. For NOVONIX, certification represents an important milestone as the Company scales its Riverside facility in Chattanooga, Tennessee, for commercial production of high-performance synthetic graphite active anode material (AAM). Robust quality management systems are an important component of customer qualification, supplier approval, and ongoing commercial relationships with major battery cell manufacturers and other customers.

“Our customers require not only high-performance material, but confidence that we have the systems and discipline necessary to manufacture consistently and reliably at commercial scale,” said Mike O’Kronley, Chief Executive Officer of NOVONIX. “Achieving ISO 9001 certification provides independent certification of the quality infrastructure we have built and reinforces our ability to serve customers as a reliable domestic supplier of high-performance synthetic graphite AAM.”

ISO 9001 certification complements, but does not replace, customer-specific product qualification requirements and provides a recognized quality management framework supporting customer qualification and commercial supply.

“ISO 9001 certification reflects the company-wide effort to embed quality into how we operate,” said Meghan Vandelinder, Senior Manager, Quality Control at NOVONIX. “The systems we have established to control our processes, measure performance and continuously improve are essential to meeting our customers’ demanding quality and consistency requirements.”

This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.

About NOVONIX

NOVONIX is building a resilient North American battery materials supply chain to reduce risk and support U.S. energy independence. Headquartered in Chattanooga, Tennessee, the company produces high-performance synthetic graphite anode materials for lithium-ion batteries, serving energy storage, electric vehicles, and industrial markets. Through proprietary technologies and expanding manufacturing capacity, NOVONIX is scaling critical battery materials to meet growing global demand.

To learn more, visit us at www.novonixgroup.com or on LinkedIn and X.

For NOVONIX Limited

Investors: ir@novonixgroup.com
Media: media@novonixgroup.com

Cautionary Note Regarding Forward-Looking Statements

This communication contains forward-looking statements about the Company and the industry in which it operates. Forward-looking statements can generally be identified by use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or other similar expressions. Examples of forward-looking statements in this communication include, among others, the Company’s market position in general, and efforts to develop a North American battery materials supply chain.

The Company has based such statements on current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the timely deployment and scaling of its furnace technology, ability to meet the technical specifications and demand of existing and future customers, the accuracy of estimates regarding market size, expenses, future revenue, capital requirements, needs and access for additional financing, the availability and impact and compliance with the applicable terms of government funding and other support, ability to obtain patent rights effective to protect its technologies and processes and successfully defend any challenges to such rights and prevent others from commercializing such technologies and processes, and regulatory and economic developments in the United States, Australia, and other jurisdictions. These and other factors that could affect its business and results are included in its filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s most recent annual report on Form 20-F. Copies of these filings may be obtained by visiting the Company’s Investor Relations website at www.novonixgroup.com or the SEC’s website at www.sec.gov.

Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Accordingly, you should not place undue reliance on forward-looking statements. Any forward-looking statement in this communication is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

ABU DHABI, United Arab Emirates, Oct. 07, 2026 (GLOBE NEWSWIRE) — FREELANDER has detailed the powertrain, battery, chassis and all-terrain technology of the international left-hand drive variant of FREELANDER 8, following its unveiling at the brand’s Global Brand Launch in Abu Dhabi on 29 September 2026.

Developed for a wide range of driving conditions, FREELANDER 8 brings together premium quality, everyday comfort and all-terrain capability. Its electrified powertrain, adaptive chassis and intelligent terrain management are designed to support journeys ranging from urban commuting to demanding off-road environments. The figures in this release apply to the Middle East market model only; specifications vary by market and trim level.

460 kW hybrid powertrain and 110 km of all-electric range

The Middle East market model combines a 2.0T Dedicated Hybrid Engine with a 34.12 kWh lithium iron phosphate (LFP) battery and dual-motor all-wheel drive. The system delivers up to 460 kW of peak power and 662 N·m of peak torque, with 0–100 km/h acceleration in 5.8 seconds.

With a full tank and a fully charged battery, FREELANDER 8 delivers a total range of 886 km and an all-electric range of 110 km, both measured on the combined cycle. Actual range varies with driving conditions and use. The battery supports 11 kW AC charging and DC fast charging from 20% to 80% in 20 minutes or less.

Dual-chamber air suspension and Continuously Controlled Damping

The chassis combines dual-chamber air suspension with Continuously Controlled Damping (CCD), offering a maximum ground clearance of 266 mm. Adjustable ride height and damping help the vehicle respond to changing road conditions, supporting ride comfort on paved roads and clearance over uneven terrain.

The All-Terrain Dual Lock System, combining a Virtual Central Differential Lock and an Electronic Limited-Slip Differential (e-LSD), manages torque distribution to help maintain traction on low-grip surfaces and during cross-axle conditions.

Nine modes bring powertrain and chassis control together

The i-ATS (Intelligent All-Terrain System) offers nine modes: seven terrain programmes, including Sand Mode, plus Smart Mode and Expert Mode. Working with the electrified powertrain and chassis, it helps the driver adapt to changing surfaces.

Under the relevant test conditions, FREELANDER 8 can pass an 800 mm cross-axle test, climb a 70% gradient, equivalent to approximately 35 degrees, and wade through water up to 900 mm deep. These capabilities support driving across environments including sand, rough ground, steep slopes and water crossings. Off-road and wading capability remains subject to the vehicle’s operating limits and appropriate driving conditions.

International roll-out begins in left-hand drive markets

The Middle East is FREELANDER’s strategic starting point for international expansion. The roll-out will proceed in stages, beginning with left-hand drive markets before expanding to right-hand drive and EU specification markets.

The international left-hand drive variant will make its dynamic debut at the 2026 Chery International User Summit in Wuhu this October.

About FREELANDER

FREELANDER is a British Premium Intelligent All-Terrain Brand, jointly developed by JLR and Chery. JLR owns the FREELANDER brand and has established a dedicated FREELANDER Design Hub that leads its design. Chery provides advanced intelligent technology and a top-tier global supply chain. The brand is supported by a strong global foundation, including more than 5,000 employees, five strategic hubs, and fully integrated capabilities spanning design, R&D, manufacturing, and global operations.

Media contact
Daniel Bao
freelander.international@mychery.com
https://www.cheryinternational.com/

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/40002fdf-2b0a-409b-b302-58000b56832c

https://www.globenewswire.com/NewsRoom/AttachmentNg/4201acb8-2491-4424-abd7-78c38cbaf642

https://www.globenewswire.com/NewsRoom/AttachmentNg/176fdff9-c4ce-4b14-9d87-1da23180a467

HOUSTON, Oct. 07, 2026 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced it will report third-quarter 2026 results on Thursday, November 5, after the close of U.S. financial markets. The earnings materials will be available on the company’s website at www.devonenergy.com. On Friday, November 6, the company will hold a conference call at 10 a.m. CDT (11 a.m. EDT). A webcast link to the conference call and replay link will be available on the company’s website.

ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.

Investor Contact investor.relations@dvn.com 281-589-5705

Media Contact devonmediarelations@dvn.com 405-552-7560

HOUSTON, Oct. 07, 2026 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced it will report third-quarter 2026 results on Thursday, November 5, after the close of U.S. financial markets. The earnings materials will be available on the company’s website at www.devonenergy.com. On Friday, November 6, the company will hold a conference call at 10 a.m. CDT (11 a.m. EDT). A webcast link to the conference call and replay link will be available on the company’s website.

ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.

Investor Contact investor.relations@dvn.com 281-589-5705

Media Contact devonmediarelations@dvn.com 405-552-7560