Tag: GlobeNewswire

NEW YORK, Oct. 28, 2026 (GLOBE NEWSWIRE) — Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in allogeneic cellular medicines for inflammatory diseases, today provided its activity report for the first fiscal quarter ended September 30, 2026.

Financial highlights included 44% increase in net revenues and 86% improvement in net operational cash spend compared with the prior year period. Operational highlights included completion of all patients treated in the MSB-DR004 pivotal randomized controlled Phase 3 trial of rexlemestrocel-L for inflammatory chronic low back pain (CLBP) and a positive meeting with U.S. Food and Drug Administration (FDA) regarding the planned Biologics License Application (BLA) filing for rexlemestrocel-L in prevention of life-threatening gastrointestinal (GI) bleeding in end-stage heart failure patients with a left ventricular assist device (LVAD).

“Our first-quarter results show continued momentum for Ryoncil^® (remestemcel-L-rknd) sales. Importantly, we have shown substantial improvement in our net operating cash spend while continuing to advance our strategic objectives for rexlemestrocel-L in chronic pain and cardiovascular diseases,” said Mesoblast Chief Executive Dr. Silviu Itescu.

Mesoblast had US$99 million of cash at September 30, 2026, US$2.1 million operating cash spend for the first fiscal quarter, an 86% improvement compared with US$14.9 million for the prior year period. RYONCIL net revenue for the first quarter was US$28 million, an increase of 44% compared with the prior year period.¹ September experienced the highest number of new patient starts per month, following the expected seasonality from summer recess-related treatment scheduling that occurs each July and August.

The registration trial for expansion of RYONCIL use for adults with SR-aGvHD has commenced and is currently enrolling patients, with up to 40 sites across the U.S. expected to be activated this year representing approximately 60% of the ~8,500 annual U.S. allogeneic adult bone marrow transplant population. In line with requirement for increased product inventory to meet greater demand in adult indications, Mesoblast implemented and received approval from the FDA for an additional potency assay, T-cell Proliferation Inhibition BioAssay (TIBA), to provide even greater assurance of product potency and consistency as RYONCIL manufacturing scale up proceeds.

After strong demand from trial investigators to enroll their patients in the expanded 350-patient Phase 3 pivotal trial of rexlemestrocel-L for chronic inflammatory low back pain due to degenerative disc disease, Mesoblast completed treatment of all enrolled patients with the trial’s primary endpoint of 12 month durable pain reduction to read out next year.

Mesoblast met with FDA to align on the BLA filing for rexlemestrocel-L under its Regenerative Medicine Advanced Therapy (RMAT) and Orphan Drug designations for treatment of patients with end-stage heart failure with reduced ejection fraction (HFrEF) being kept alive by a left ventricular assist device. FDA confirmed the BLA filing may proceed for patients with life-threatening major gastrointestinal bleeding, a complication of the severe inflammation and vascular abnormalities in these patients. The vascular inflammation most evident in the gastrointestinal tract in patients with advanced HFrEF is widespread, including in the lungs where it results in pulmonary hypertension, a condition with progressive right heart failure and high mortality. Formal minutes of the meeting are expected shortly.

Corporate
Fees to Non-Executive Directors were US$187,295, salary payments to full-time Executive Directors were US$416,298, and payments to related parties for purchase of services were US$25,000 as detailed in Item 6 of the Appendix 4C cash flow report for the quarter.²

A copy of the Appendix 4C – Quarterly Cash Flow Report for the first quarter FY2027 is available on the investor page of the company’s website www.mesoblast.com.

About Mesoblast
Mesoblast (the Company) is a world leader in developing allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life-threatening inflammatory conditions. The therapies from the Company’s proprietary mesenchymal lineage cell therapy technology platform respond to severe inflammation by releasing anti-inflammatory factors that counter and modulate multiple effector arms of the immune system, resulting in significant reduction of the damaging inflammatory process.

Mesoblast’s Ryoncil^® (remestemcel-L-rknd) for the treatment of steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients 2 months and older is the first FDA-approved mesenchymal stromal cell (MSC) therapy. Please see the full Prescribing Information at www.ryoncil.com.

Mesoblast is committed to developing additional cell therapies for distinct indications based on its remestemcel-L and rexlemestrocel-L allogeneic stromal cell technology platforms. Ryoncil^® is being developed for additional inflammatory diseases including SR-aGvHD in adults and biologic-resistant inflammatory bowel disease. Rexlemestrocel-L is being developed for heart failure and chronic low back pain. The Company has established commercial partnerships in Japan, Europe and China.

About Mesoblast intellectual property: Mesoblast has a strong and extensive global intellectual property portfolio, with over 1,000 granted patents or patent applications covering mesenchymal stromal cell compositions of matter, methods of manufacturing and indications. These granted patents and patent applications provide commercial protection extending through to at least 2044 in all major markets.

About Mesoblast manufacturing: The Company’s proprietary manufacturing processes yield industrial-scale, cryopreserved, off-the-shelf, cellular medicines. These cell therapies, with defined pharmaceutical release criteria, are planned to be readily available to patients worldwide.

Mesoblast has locations in Australia, the United States and Singapore and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). For more information, please see www.mesoblast.com, LinkedIn: Mesoblast Limited and X: @Mesoblast

References / Footnotes

1. The revenues included in this press release are based on management’s initial analysis of operations for the first quarter ended September 30, 2026, and are subject to completion of Mesoblast’s financial closing procedures and audit.
2. As required by ASX listing rule 4.7 and reported in Item 6 of the Appendix 4C, reported are the aggregated total payments to related parties being Executive Directors and Non-Executive Directors.

Forward-Looking Statements
This press release includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements should not be read as a guarantee of future performance or results, and actual results may differ from the results anticipated in these forward-looking statements, and the differences may be material and adverse. Forward-looking statements include, but are not limited to, statements about: the initiation, timing, progress and results of Mesoblast’s preclinical and clinical studies, and Mesoblast’s research and development programs; Mesoblast’s ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; Mesoblast’s ability to advance its manufacturing capabilities; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities, if any; the commercialization of Mesoblast’s RYONCIL for pediatric SR-aGvHD and any other product candidates, if approved; regulatory or public perceptions and market acceptance surrounding the use of stem-cell based therapies; the potential for Mesoblast’s product candidates, if any are approved, to be withdrawn from the market due to patient adverse events or deaths; the potential benefits of strategic collaboration agreements and Mesoblast’s ability to enter into and maintain established strategic collaborations; Mesoblast’s ability to establish and maintain intellectual property on its product candidates and Mesoblast’s ability to successfully defend these in cases of alleged infringement; the scope of protection Mesoblast is able to establish and maintain for intellectual property rights covering its product candidates and technology; estimates of Mesoblast’s expenses, future revenues, capital requirements and its needs for additional financing; Mesoblast’s financial performance; developments relating to Mesoblast’s competitors and industry; and the pricing and reimbursement of Mesoblast’s product candidates, if approved. You should read this press release together with our risk factors, in our most recently filed reports with the SEC or on our website. Uncertainties and risks that may cause Mesoblast’s actual results, performance or achievements to be materially different from those which may be expressed or implied by such statements, and accordingly, you should not place undue reliance on these forward-looking statements. We do not undertake any obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Release authorized by the Chief Executive.

For more information, please contact:

Corporate Communications / Investors
Paul Hughes
T: +61 3 9639 6036
Media – Global	Media – Australia
Rubenstein	BlueDot Media
Caroline Nelson	Steve Dabkowski
T: +1 703 489 3037	T: +61 419 880 486
E: cnelson@rubenstein.com	E: steve@bluedot.net.au

Green Bay also has potential for further growth in the Mineral Resource and forecast production rates, as shown by the latest VMS discovery 35km from Ming Mine

QUARTERLY HIGHLIGHTS

• A Preliminary Economic Assessment (PEA) supported by an independent technical report established Green Bay’s potential to become a robust, large-scale, multi-decade operation, with an NPV_7% of A$3B and IRR of 39% for the 4.6Mtpa case
• FireFly published an updated Mineral Resource Estimate (MRE) for Green Bay of 60.2Mt @ 2.4% copper equivalent (CuEq)¹ in Measured and Indicated (M&I) and a further 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources
• FireFly successfully completed a ~A$180 million (before costs) equity raising and undertook a non-underwritten Share Purchase Plan which raised a further ~A$5 million
• FireFly remains well-funded, with ~A$349.7 million (unaudited) in cash and liquid investments as at 30 September 2026

FireFly Managing Director Steve Parsons said: “The results of the preliminary economic assessment show why Green Bay is such an exceptional asset.   “The study proves that Green Bay has significant scale, a long mine life and substantial forecast production rates. This enviable combination underpins outstanding forecast financial returns, including robust cashflows, very strong returns on capital and rapid paybacks. “And there is still huge potential for further growth, as demonstrated by our latest Mount Joy VMS copper discovery. This find is significant not just because of the potential to further leverage existing infrastructure, but also because it validates our exploration strategy and its effectiveness in turning targets into discoveries. We have many more such targets to test as part of our ongoing strategy to grow the Mineral Resource. With nine drill rigs turning, we expect to see further growth in 2026/2027. “Our focus is now on completing the next Mineral Resource update and the feasibility study in the first calendar quarter of 2027, ahead of a final investment decision on Green Bay in mid-2027.”

Key Findings of Preliminary Economic Assessment:

• The PEA considered two production scenarios: a 1.8Mtpa (4,800tpd) case and a 4.6Mtpa (12,500tpd) case, with key results as follows:
• 1.8Mtpa (4,800tpd) base case
  • After tax Net Present Value (NPV_7%) of A$2.2B and Internal Rate of Return (IRR) of 41% over an initial ~32 year mine life
  • Annual projected average production of ~50kt CuEq metal over a 14-year period at steady-state after ramp-up, with production expected to peak at 61kt of CuEq metal per annum
  • ~A$290 million post-tax annual free cash flow over a 15-year period (LOM ~A$5.3B after tax)
  • C1 Cash Costs² of US$2.05/lb CuEq (US$1.18/lb Cu net of by-product credits), representing a competitive position on the global copper cost curve³
  • Rapid payback of just 1.9 years
  • Released from further Environment Assessment and all conditions of release satisfied to commence select early works
  • Initial capital is estimated at A$516 million⁴ (net of refundable Canadian tax credits of ~A$55M)
• 4.6Mtpa (12,500tpd) upscale case
  • After tax NPV_7% of A$3.0B and IRR of 39% over an initial ~22 year mine life
  • Annual projected average production of ~90kt CuEq metal over an 11-year period at steady-state after ramp-up including 6 years where annual production averages ~100kt of CuEq metal. Production is expected to peak at ~106kt of CuEq metal in a single year
  • ~A$550 million post-tax annual free cash flow over the same 11-year period (LOM ~A$6.5B)
  • C1 Cash Costs of US$1.84/lb CuEq (US$1.02/lb Cu net of by-product credits)
  • Rapid payback of ~3.7 years
  • Expansion capital is estimated at A$484 million⁵ (net of refundable Canadian tax credits of A$53 million), expected to be substantially funded from cash flow from the 1.8Mtpa base case

PERTH, Australia, Oct. 28, 2026 (GLOBE NEWSWIRE) — FireFly Metals Ltd (ASX/TSX: FFM) (FireFly or the Company) is pleased to report on a highly successful quarter for the Company as it demonstrated the exceptional outlook for its Green Bay Copper-Gold Project.

The September quarter marked a transformational period for FireFly, with the delivery of a robust PEA and a substantial MRE, as well as the completion of an equity raising and Share Purchase Plan which together raised ~A$185 million and positioned the Company to accelerate project development.

GREEN BAY COPPER GOLD PROJECT

PRELIMINARY ECONOMIC ASSESSMENT/SCOPING STUDY

The PEA demonstrates that Green Bay is a large-scale, long-life copper-gold project that combines high-grade mineralisation, robust economics and a substantial Mineral Resource endowment which has the ability to deliver sustained and substantial production over multiple decades.

Two compelling development scenarios are presented in the PEA, one contemplating a base case option processing 1.8 million tonnes per annum (Mtpa), and a larger scale 4.6Mtpa case. Both scenarios returned robust economic results and actionable operational designs.

The study is based solely on the Ming Mine MRE. It excludes Little Deer and the broader regional targets beyond the immediate Ming Mine area, such as the historical copper-gold Volcanogenic Massive Sulphide (VMS) mines at Rambler, East Mine, Main Mine, Tilt Cove and Nugget Pond, which are yet to be drill tested by FireFly. These areas will be targeted for additional growth exploration throughout 2026/27.

The PEA is based on an updated high confidence MRE with the 1.8Mtpa case supported by 79% of the Mineral Resource comprising the higher confidence M&I Mineral Resource categories over the Project’s 32-year life of mine, including 89% over the first 10 years. The 4.6Mtpa case is underpinned by 80% of the Mineral Resource being in the M&I categories over the life of mine plan.

Given the positive PEA study results, the Company will now progress towards feasibility level analysis, targeted for completion in Q1 2027, followed by a Final Investment Decision (FID) in mid-2027.

GREEN BAY MINING & PROCESSING OPERATIONS
Detailed review of numerous mining methods was completed as part of the PEA. Industry-standard Long Hole Open Stoping (LHOS) with paste backfill was selected as the preferred mining method for both the 1.8Mtpa (4,800tpd) base case and the 4.6Mtpa (12,500tpd) option. A combination of transverse LHOS and longitudinal LHOS provided the best economic outcomes by balancing productivity levels and minimising dilution.

Haulage options for the operations differed between the two scenarios presented in the PEA. The 1.8Mtpa case utilised truck haulage over the life of mine. A bypass decline around the narrower sections of the historic decline has been factored into the cost estimates. This allows 63t trucks to be used. Independent third-party simulation demonstrated that it is feasible for the mine to produce 1.8Mtpa using truck haulage.

The 4.6Mtpa case requires a haulage shaft to achieve the upscaled productivity. A 7.6m diameter shaft is envisioned to hoist 12,500tpd. A geotechnical drill hole completed by the Company in the proposed shaft position revealed exceptional ground conditions. Costing estimates included in the PEA for the 4.6Mtpa case have been provided by world-leading Canadian shaft specialists, Redpath Mining.

Development of the mine is significantly fast-tracked with lower upfront capital expenditure, leveraging more than A$250 million of existing site infrastructure, including over 20km of accessible underground development.

Extensive metallurgical testwork completed at SGS Lakefield in Canada shows the ore-grade material has favourable physical properties (strength, grindability, abrasiveness etc.) and is amenable to high recoveries of copper and precious metals using industry standard processes as demonstrated by the previous operation.

The proposed processing plant would utilise a standard simple flow sheet to extract copper and precious metals into a concentrate. Comminution would be achieved through a standard jaw crusher followed by a Semi Autogenous Grinding (SAG) mill and a Ball Mill. Two stage flotation (rougher and cleaner) would provide exceptional recoveries and is expected to produce a high-grade concentrate for shipping (21-28% Cu, 6-12g/t Au). Precious metal recovery would be further enhanced by the collection of a pyrite tail from the cleaner flotation which would be leached to produce doré on site. Based on a combination of test work and historical performance, recoveries are anticipated to be >98% for copper and >80% on precious metals (gold and silver). There are expected to be no deleterious elements in the concentrate. The concentrate is proposed to be shipped from a port located ~6km from the mine.

Figure 1: Copper Equivalent Metal Payable tonnes produced over multiple decades for both the 1.8Mtpa scenario (yellow) and 4.6Mtpa option (blue). Note that the payable metal production profile declines once the VMS production ceases. The VMS zone remains open and any extensions to the mineralisation will extend the higher-grade production periods in the mine. The Footwall Zone also remains open, which may lead to future mine life extensions.

Table 1: Summary of key metrics from the Green Bay Ming Mine PEA.

Description	Unit	1.8Mtpa Scenario	4.6Mtpa Scenario
METAL PRICES / FX ASSUMPTIONS
Copper	US$/lb	5.00
Gold	US$/oz	3,500
Silver	US$/oz	44.00
Foreign Exchange Rate	USD:CAD	0.74
Foreign Exchange Rate	CAD:AUD	1.02
PRODUCTION DATA
Mill Feed Tonnage (annual)	Mtpa	1.8	4.6
Average Throughput (daily)	tpd	4,800	12,500
Mine Life	years	32.3	22.3
Copper Head Grade LOM	% Cu	1.83	1.58
Gold Head Grade LOM	g/t Au	0.62	0.48
Silver Head Grade LOM	g/t Ag	5.23	4.12
CuEq Grade LOM	% CuEq	2.39	2.00
CuEq Grade LOM (post ramp up)	% CuEq	3.03 (over 14 yrs)	2.33 (over 6 yrs)
Copper Recovery	%	98.2	98.1
Gold Recovery	%	81.3	80.1
Silver Recovery	%	84.8	84.1
Total Payable Copper	Kt	872	1,051
Total Payable Gold	Koz	757	797
Total Payable Silver	Koz	3,955	3,867
Total Payable Copper Equivalent	Kt	1,127	1,319
Peak Payable Annual CuEq production	Kt	61	106
Ave. Annual Steady-state Payable CuEq production (post ramp-up)	Kt/a	~50 (over 14 yrs)	~100 (over 6 yrs)
Average Annual Payable CuEq – LOM inc. tail	Kt/a	35	60
CASH COSTS
Total C1 Cash Costs6	US$/lb CuEq	2.05	1.84
Total C1 Cash Costs (net of by-product credits)	US$/lb Cu	1.18	1.02
Total C3 Cash Costs7	US$/lb CuEq	2.34	2.17
Total C3 Cash Costs (net of by-product credits)	US$/lb Cu	1.54	1.44
CAPITAL COSTS
Initial Capital Costs8(net of refundable tax credits)	A$	$516M	$566M
LOM Sustaining Capital (inclusive of 15% contingency)	A$	$898M	$974M
Expansion Capital9(net of refundable tax credits)	A$	–	$484M

Table 2: Financial analysis of the PEA scenarios with PEA metal price assumptions and Spot Prices as at 18 August 2026
(Cu: US$6.60/lb, Au: US$4,335/oz, Ag: US$63/oz).

Description	Unit	1.8Mtpa Scenario			4.6Mtpa Scenario
FINANCIAL ANALYSIS
		PEA Metal Prices	Spot Metal Prices	PEA Metal Prices		Spot Metal Prices
After-Tax NPV7%	A$	$2.2B	$3.5B	$3.0B		$5.0B
After-Tax IRR	%	41	55	39		54
Payback Period	years	1.9	1.3	3.7		3.0
Free Cash Flow post-tax	A$	$5.3B	$8.8B	$6.5B		$10.5B
Average Annual Free Cash Flow post-tax steady state years	A$	$290M	$434M	$550M		$820M
EBITDA	A$	$10.2B	$15.9B	$12.8B		$19.5B
Capital Intensity	US$’000/tpa CuEq	7.4x		8.7x

MINERAL RESOURCE GROWTH

The combined MRE for the Green Bay Copper-Gold Project has grown to 60.2Mt @ 2.4% CuEq in M&I and 23.5Mt @ 2.5% CuEq in Inferred Mineral Resources. All additions in the MRE announced on 25 August 2026 (August 2026 MRE) came from Ming Mine with no change to the Little Deer MRE.

The Ming Mine Mineral Resource has grown to 57.3Mt @ 2.4% CuEq in M&I and 17.3Mt @ 2.8% CuEq in Inferred Mineral Resources. Infill drilling completed at Ming resulted in the M&I Mineral Resources increasing by 21% since the previous update announced by the Company on 18 November 2025 (November 2025 MRE). Copper equivalent grade also increased by 22% driven primarily by infill drilling of the high-grade core and high-grade VMS zones.

The high-grade core zone (Core Zone) now totals 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred. This zone drives the high production years in the mine schedule and remains open with the deepest hole into the deposit intersecting 49.0m @ 6.1% CuEq.

Figure 2: Isometric image of the Ming deposit showing the August 2026 MRE update block for the Ming Mine coloured by grade. The Ming MRE now stands at 57.3Mt @ 2.4% CuEq in M&I plus 17.3Mt @ 2.8% CuEq in Inferred. Note that the high-grade Core Zone makes up 18.1Mt @ 4.3% CuEq in M&I plus 7.0Mt @ 4.4% CuEq in Inferred (image shows +5% CuEq PINK, + 3% CuEq RED).

Variance to the Previous Mineral Resource Estimate
The August 2026 MRE total shows a significant increase in both tonnes (+19%) and grades in M&I Mineral Resource categories. This is the result of extensive infill drilling completed since October 2025. Grades were increased across all M&I commodities due to the focus on converting the VMS and high-grade Core Zone. The amount of Inferred Mineral Resources decreased due to successful upgrading to M&I. An additional 4Mt of Inferred material was added from underground exploration drilling.

The Little Deer Mineral Resource Estimate has not changed as no additional data has been incorporated into the estimate since the FireFly acquisition in 2023.

Table 3: Variance of tonnes, grade and contained metal between the November 2025 MRE and August 2026 MRE. Note that both Mineral Resource Estimates were reported at a 1% copper cut-off grade, and the gold-rich 1806 and 1807 VMS domains were reported at a 1% CuEq cut-off. Copper equivalent calculations used the same commodity prices and recovery factors to enable like-for-like comparisons. See ASX announcement dated 18 November 2025 for details of the November 2025 MRE.

	MEASURED & INDICATED			INFERRED
	Tonnes	Grade	Metal	Tonnes	Grade	Metal
Copper	+9.8Mt (+19%)	+0.2% (+12%)	+291kt (+34%)	-5.8Mt (-20%)	+0.0% (0%)	-112kt (-20%)
Gold		+0.13g/t (+39%)	+362koz (+66%)		-0.05g/t (-8%)	-150koz (-27%)
Silver		+1.1g/t (+36%)	+3.1Moz (+63%)		+0.1g/t (+2%)	-0.86Moz (-18%)
CuEq		+0.42% (+21%)	+447kt (+44%)		+0.07% (+3%)	-127kt (-18%)

Key reasons for the change in the MRE for the Ming Deposit include, but are not limited to:

• Additional data: 164 new underground holes for 69,539m of diamond drilling completed underground at Ming;
• Significant investment in infill drilling resulting in the addition of 9.8Mt (+21% at Ming) of material in the M&I Mineral Resource categories;
• Despite the 9.8Mt increase in M&I, Inferred Mineral Resources decreased by only 5.8Mt, as additions from the discovery of extensions to VMS mineralisation partly offset the conversion of Inferred material into M&I;
• Copper, Gold and Silver grades increased across the M&I Mineral Resource categories due to extensions of the high-grade Cu-Au-Ag VMS zones and the high-grade Core Zone, where the VMS and the broad Footwall Zone (FWZ) mineralisation converge;
• Gold content increased significantly +362koz M&I driven by higher grades and gold-dominant zones discovered in the VMS lenses; and
• Improved geological and structural models, with particular focus on improving interpretation and treatment of post-mineral dykes.

DRILLING ACTIVITIES

FireFly’s underground drilling program at the Ming Mine, the flagship deposit within the Green Bay Copper-Gold Project, continued at pace throughout the quarter. Six rigs remained active throughout the period, with four dedicated to infill resource conversion drilling and two to step-out extension drilling, taking cumulative underground diamond drilling since the Project’s acquisition in October 2023 to 218,007m as at 30 September 2026.

High-grade infill drilling results announced during the quarter demonstrated the exceptional quality of the high-grade zones which will drive production when operations are resumed. Mineralisation remains strong and continuous where the copper and gold-rich VMS system meets the FWZ stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include:¹⁰

+800m-long high-grade Core Zone

• 65.3m @ 4.3% CuEq (3.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-060;
• 42.0m @ 6.1% CuEq (4.7% Cu & 1.4g/t Au) including a high-grade VMS zone of 9.8m @ 16.5% CuEq (12.7% Cu & 4.0g/t Au) (~ true thickness) in hole MUG26-053;
• 51.5m @ 4.9% CuEq (4.0% Cu & 0.9g/t Au) including an upper zone grading 17.0m @ 9.1% CuEq (7.5% Cu & 1.7g/t Au) (~ true thickness) in hole MUG26-054;
• 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036;

Upper VMS Zones

• 11.5m @ 13.2% CuEq (11.1% Cu & 2.1g/t Au) (~ true thickness) in hole MUG26-101;
• 18.9m @ 8.2% CuEq (7.0% Cu & 1.3g/t Au) and a further zone of 11.1m @ 12.1% CuEq (9.5% Cu & 2.4g/t Au) (~ true thickness) in hole MUG26-079;
• 13.5m @ 11.1% CuEq (8.4% Cu & 2.6g/t Au) and a further zone of 18.9m @ 7.0% CuEq (6.3% Cu & 0.8g/t Au) (~ true thickness) in hole MUG26-083;
• 19.8m @ 7.2% CuEq (6.6% Cu & 0.7g/t Au) (~ true thickness) in hole MUG26-086;
• 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) (~ true thickness) in hole MUG26-013; and
• 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) (~ true thickness) in hole MUG26-029.

The majority of drilling reported on 2 July 2026 and 3 August 2026 was conducted from the 805L drill drive with several holes drilled from the 685L and 790L. Whilst this development is currently being utilised for exploration, it will form an important part of future mine infrastructure for the potential upscaled operation.

Figure 3: Long section through the Green Bay Ming underground mine highlighting the location of select drill results from ASX announcement dated 3 August 2026. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections downhole thickness. Refer to Appendix B of the ASX announcement dated 3 August 2026 for all drill results and locations.

GROWTH AND REGIONAL EXPLORATION

Regional exploration drilling at the Green Bay Copper-Gold Project has discovered a significant copper and gold-rich VMS system at the Mount Joy prospect near Tilt Cove, as announced on 27 October 2026. Mount Joy is located approximately 35km east of the Ming Mine and just 2.6km from the Company’s Nugget Pond Mill currently on care and maintenance. The Mount Joy discovery highlights the potential upside of the abundant high-quality targets yet to be drilled at Green Bay.

Six underground drill rigs are operating and are focusing on high-grade VMS growth, infill for M&I resource conversion, down-plunge extensions and potential shallow up-dip extensions.

The Company expects to release its maiden Ore Reserve estimate alongside its next Mineral Resource Estimate update and results of the Definitive Feasibility Study (DFS), all planned for Q1 2027.

In addition, the Company is currently drill testing several high-priority shallow historic VMS copper and gold mines that sit within 5km of the Ming Mine. It is anticipated that a maiden Mineral Resource will be established on the first target prior to the planned release of the results of the DFS in Q1 2027.

Surface exploration continues, with three rigs on surface exploring the numerous geochemical and geophysical targets generated since acquisition, across the Ming district, Rambler regional, Tilt Cove regional and Little Deer regional areas.

Figure 4: FireFly exploration land package on the Baie Verte peninsula.

Figure 5: Map showing the location of the Mount Joy discovery. The discovery hole is only ~35km from the Ming Mine and only 2.6km from FireFly’s Nugget Pond processing facility currently on care and maintenance.

FORWARD WORK PLANS

FireFly is progressing a clear and well-defined pathway to advance the Green Bay Ming Mine Copper-Gold Project towards a Final Investment Decision. Key workstreams over the coming period include:

• Mineral Resource growth and conversion drilling at Ming Mine – continued drilling at the Ming Mine to grow and upgrade the Mineral Resource base, supporting mine life extension and confidence in the production schedule.
• Near mine maiden Mineral Resource drilling – the Company is currently drill testing several high-priority shallow historical VMS copper and gold mines that sit within 5km of the Ming Mine. A maiden Mineral Resource is anticipated to be established on the first target prior to release of the results of the DFS, which is planned for Q1 2027. This was the first target the Company drill tested outside of the Ming Mine and is located less than 3km from the Ming Mine.
• District scale exploration and discovery drilling – surface exploration will continue with three drill rigs on surface exploring numerous geochemical and geophysical targets generated since acquisition across the Ming mine, Rambler regional, Tilt Cove regional and Little Deer regional areas.
• Feasibility Study – completion and publication of the DFS in Q1 2027, including declaration of a maiden Ore Reserve.
• Early works programme – continued early works to advance site readiness ahead of a Final Investment Decision.
• Construction permit applications – progressing the regulatory approvals and permits required to support construction, building on the Project’s existing conditional release from Environmental Assessment.
• Project financing – continuing discussions with potential financing partners on project-level debt, offtake and other financing arrangements to finalise a financing package to support construction.

Together, subject to successful completion of DFS, these workstreams position FireFly to advance Green Bay through to a construction-ready state, underpinned by continued Mineral Resource growth, a de-risked permitting pathway, and a financing strategy designed to support development while managing shareholder dilution.

Figure 6: Green Bay Growth and Development Timeline. Timeframes are indicative only and may be subject to change without notice.

CORPORATE

EQUITY RAISING

On 25 August 2026, FireFly announced that it had launched an equity raising (Equity Raising) to raise ~A$180 million (before costs) via the issue of up to approximately 101.1 million new fully paid ordinary shares in the Company (New Shares) at a price of A$1.78 (C$1.76)¹¹ per New Share (Offer Price). On 26 August 2026, FireFly announced it had received firm commitments in respect of the Equity Raising.

The Equity Raising comprised two components:

(i)   a A$150 million ASX institutional placement (ASX Placement); and

(ii)   a ~C$29.6 million¹² (~A$30 million) Canadian ’bought deal‘ private placement (TSX Bought Deal).

The ASX Placement completed on 2 September 2026 and the TSX Bought Deal completed on 3 September 2026. The Company issued 101,090,117 New Shares and received gross proceeds from the Equity Raising of ~A$180M (~C$178.6M) (before costs), as announced by the Company on 4 September 2026.

SHARE PURCHASE PLAN

In addition to the Equity Raising, the Company offered shareholders who were registered as a holder of Shares as at 5:00pm (AWST) on 24 August 2026 (Record Date) and whose registered address is in Australia or New Zealand (Eligible Shareholders) the opportunity to participate in a Share Purchase Plan (SPP) and subscribe for a maximum of A$30,000 worth of SPP Shares at an offer price of A$1.78 per SPP Share (being the same price as the ASX Placement).

The SPP closed on 23 September 2026, raising a total of A$4,975,000, and resulted in the issue of 2,794,621 New Shares.

USE OF FUNDS
The net proceeds of the Equity Raising and SPP will be primarily used to advance project implementation for the Green Bay Copper-Gold Project and provide significant balance sheet strength ahead of completion of the project financing process. The use of funds will include:

• development and early works, including underground development for drilling platforms, ventilation and electrical upgrade platforms, and surface early works;
• underground drilling targeting upper mine extensions, M&I Mineral Resource growth, geophysical targeting, parallel lodes and depth extensions;
• regional exploration drilling including new discovery targeting across the district;
• technical studies including a Definitive Feasibility Study on the 1.8Mtpa case and a Pre-Feasibility on the 4.6Mtpa case; and
• corporate and transaction costs, and working capital to provide necessary flexibility to conduct additional project development activities and early works.

FINANCIAL OVERVIEW

CASH FLOW

At 30 September 2026, FireFly had a cash and cash equivalents balance of A$337.1 million (unaudited).

During the quarter, the Company received net cash inflows from financing activities of A$175.8 million and incurred net cash outflow from operating activities of A$2.6 million and net cash outflow from investing activities of A$20.6 million. Key movements by activity classification are provided below.

Operating Activities

The net cash outflow from operating activities for the quarter of A$2.6 million comprised:

• A$0.8 million payments for care and maintenance and site costs associated with the Green Bay Copper-Gold Project;
• A$3.3 million payments for staff, administration and corporate costs in both Australia and Canada;
• A$1.1 million net payments of GST/HST,

offset by the receipt of:

• • A$2.4 million of interest income;
  • A$0.2 million of rental and other income.

Investing Activities

The net cash outflow from investing activities for the quarter of A$20.6 million comprised:

• A$19.1 million for payments associated with underground development, exploration drilling, and project and engineering studies expenditure at the Green Bay Copper-Gold Project;
• A$1.5 million relating to the acquisition of plant, equipment and supporting infrastructure; and
• partly offset by A$0.03 million of government grants received.

Financing Activities

Net cash inflows from financing activities for the quarter of A$175.8 million comprised:

• A$150.0 million gross proceeds from the ASX Placement;
• A$29.8 million gross proceeds from the TSX Bought Deal; and
• A$5.0 million of gross proceeds from completion of the SPP in September 2026, offset by:
  • payment of A$8.8 million for transaction costs associated with the capital raisings; and
  • A$0.2 million for payments associated with the lease equipment for the Green Bay Copper-Gold Project and office space.

PAYMENTS TO RELATED PARTIES

During the quarter, the Company made payments to related parties of A$468,000 comprising executive directors’ salaries and superannuation, and non-executive directors’ fees.

For and on behalf of the Board.

Steve Parsons	Jessie Liu-Ernsting	Paul Armstrong
Managing Director	Chief Development Officer	Media Contact
FireFly Metals Ltd	FireFly Metals Ltd	Read Corporate
Phone: +61 8 9220 9030	+1 416 572 2028	+61 8 9388 1474

ABOUT FIREFLY METALS LTD

FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on growing the high-grade Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The project is advancing towards development, with a Preliminary Economic Assessment showing the potential for a high-grade, low-cost and long-life operation with a pathway to produce 100kt of copper equivalent (CuEq) per annum.

The Green Bay Copper-Gold Project is underpinned by 60.2Mt of Measured and Indicated Mineral Resources at 2.43% for 1,464Kt copper equivalent (CuEq) and 23.5Mt of Inferred Mineral Resources at 2.51% for 592Kt CuEq, prepared and disclosed in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)) and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

The Company has a clear strategy to continue growing the Green Bay Copper-Gold Project through resource expansion, new discoveries and advancement towards development.

Further information regarding FireFly Metals Ltd is available on the ASX platform (ASX: FFM) or the Company’s website www.fireflymetals.com.au or SEDAR+ www.sedarplus.ca.

COMPLIANCE STATEMENTS

Financial Information
Financial Information included in this announcement, including the Appendix 5B, is unaudited and has not been reviewed by the Company’s external auditor.

Mineral Resource Estimate – Green Bay Copper-Gold Project
The combined Mineral Resource Estimate for the Green Bay Copper-Gold Project referred to in this announcement and set out in Appendix A was first reported in the Company’s ASX announcement dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and is also set out in the Technical Report titled ‘Green Bay Ming Mine Copper-Gold Project – NI 43-101 Technical Report & Preliminary Economic Assessment – Newfoundland and Labrador, Canada’ with an issue date of 22 September 2026 and an effective date of 14 August 2026, available on SEDAR+ at www.sedarplus.ca.

Mineral Resource Estimate – Little Deer
The Mineral Resource Estimate for Little Deer referred to in this announcement was first reported in the Company’s ASX announcement dated 29 October 2024, titled ‘Resource Increases 42% to 1.2Mt of contained metal at 2% Copper Eq’ and is also set out in the Technical Report for the Little Deer Copper Project, titled ‘Technical Report and Updated Mineral Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada’ with an effective date of 26 June 2024, available on SEDAR+ at www.sedarplus.ca.

Metal Equivalents for Mineral Resource Estimates
Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Individual Mineral Resource grades for the metals are set out in Appendix A of this announcement.

Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal (gold and silver) metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to metallurgical test work to increase precious metal recoveries completed by FireFly.

In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.

Copper equivalents for the Mineral Resource Estimates were calculated based on the formula:

CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360).

Metal Equivalents for Exploration Results
Metal equivalents for previously reported Exploration Results were calculated as set out in the ASX announcement in which the Exploration Results were first reported by the Company and applying the individual grades for the metals set out in such announcement.

Exploration Results
The Exploration Results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 by the Company in the ASX announcements cross-referenced in this announcement.

Production Targets
The production targets and forecast financial information derived from the production targets referred to in this announcement were first reported by the Company on 25 August 2026. FireFly confirms that all material assumptions underpinning the production targets and forecast financial information continue to apply and have not materially changed. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PEA will be achieved.

Original Announcements
FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements referred to or cross-referenced in this announcement and that, in the case of Mineral Resource Estimates, all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ and Qualified Persons’ findings are presented have not been materially modified from the original market announcements.

Mineral Resource Estimates and Exploration Results
Mineral Resource Estimates and Exploration Results are calculated in accordance with the JORC Code (2012 Edition) and NI 43-101.

Competent and Qualified Person Statements
All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate Diploma), who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez is a full-time employee of, and holds securities in, the Company. Mr Gutierrez has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition) and a Qualified Person as defined in NI 43-101. Mr Gutierrez has reviewed the contents of this announcement and consents to the inclusion in this announcement of all matters based on his information in the form and context in which they appear.

FORWARD-LOOKING INFORMATION

This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly’s plans, forecasts and projections with respect to its mineral properties and programs, estimated Mineral Resources, cost projections, plans, strategies and objectives, anticipated production or construction commencement dates, capital costs, production outputs, and anticipated or estimated financial results, including the Preliminary Economic Assessment results, production target, mine life, net present value, internal rate of return, payback period, cash costs, free cash flow and capital cost estimates. Forward-looking statements may be identified by the use of words such as ‘may’, ‘might’, ‘could’, ‘would’, ‘will’, ‘expect’, ‘intend’, ‘believe’, ‘forecast’, ‘milestone’, ‘objective’, ‘predict’, ‘plan’, ‘scheduled’, ‘estimate’, ‘anticipate’, ‘continue’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.

Although the forward-looking statements contained in this announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation, and those risks outlined in the Company’s public disclosures.

The forward-looking statements and projections are inherently uncertain and involve known and unknown risks and uncertainties. Forward-looking statements, and anticipated future results, performance or achievements expressed or implied by such forward-looking statements, may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly’s plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly’s mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward-looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.

APPENDIX A

Green Bay Copper-Gold Project Mineral Resource Estimate

Ming Deposit Mineral Resource Estimate

MING DEPOSIT	TONNES	COPPER		GOLD		SILVER		CuEq
	(Mt)	Grade	Metal	Grade	Metal	Grade	Metal	Grade
		(%)	(‘000 t)	(g/t)	(‘000 oz)	(g/t)	(‘000 oz)	(%)
Measured	3.5	1.5	52	0.2	20	1.3	147	1.7
Indicated	53.8	1.9	1,041	0.5	878	4.5	7,707	2.5
TOTAL M&I	57.3	1.9	1,093	0.5	899	4.3	7,853	2.4
Inferred	17.3	2.0	344	0.7	404	6.3	3,522	2.8
LITTLE DEER	TONNES	COPPER		GOLD		SILVER		CuEq
	(Mt)	Grade	Metal	Grade	Metal	Grade	Metal	Grade
		(%)	(‘000 t)	(g/t)	(‘000 oz)	(g/t)	(‘000 oz)	(%)
Measured	–	–	–	–	–	–	–	–
Indicated	2.9	2.1	62	0.1	9	3.4	320	2.3
TOTAL M&I	2.9	2.1	62	0.1	9	3.4	320	2.3
Inferred	6.2	1.8	110	0.1	10	2.2	430	1.8
GREEN BAY TOTAL	TONNES	COPPER		GOLD		SILVER		CuEq
	(Mt)	Grade	Metal	Grade	Metal	Grade	Metal	Grade
		(%)	(‘000 t)	(g/t)	(‘000 oz)	(g/t)	(‘000 oz)	(%)
Measured	3.5	1.5	52	0.2	20	1.3	147	1.7
Indicated	56.7	1.9	1,103	0.5	887	4.4	8,027	2.5
TOTAL M&I	60.2	1.9	1,155	0.5	908	4.2	8,173	2.4
Inferred	23.5	1.9	454	0.6	414	5.2	3,952	2.5

1. FireFly Metals Ltd Mineral Resource Estimates for the Green Bay Copper-Gold Project, incorporating the Ming Deposit and Little Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.
2. Mineral Resources have been reported at a 1.0% copper cut-off grade.
3. Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz.
4. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. These assumptions are made on the basis of historical production at the Ming Mine and additional metallurgical test work.
5. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). Totals may vary due to rounding. For further details refer to the ASX announcement dated 25 August 2026, titled ‘Green Bay Copper-Gold Project, Canada Preliminary Economic Assessment and Mineral Resource Update.’

APPENDIX B
Summary of interests in Mining Tenements and other tenure held by FireFly Metals Ltd and its wholly owned subsidiaries at the end of the September 2026 Quarter.

Green Bay Copper-Gold Project
Newfoundland and Labrador, Canada

PROJECT	TENEMENT NO.					STATUS	INTEREST		TENURE HOLDER
Green Bay	022791M 023175M	023968M 023971M		027468M		Granted	100	%	FireFly Metals Canada Ltd.
Green Bay	010215M					Granted	100	%	FireFly Metals Canada Ltd. (50%) 1948565 Ontario Inc. (50%)
Green Bay	Crown Land Lease 103359 Crown Land Lease 103388 Crown Land Lease 108189 Crown Land Lease 108691 Mining Lease 140 Mining Lease 141 Mining Lease 188 Surface Lease 163 Surface Lease 182 Surface Lease 183					Granted	100	%	FireFly Metals Canada Ltd.
Green Bay	011507M 019026M 019060M 023708M 023732M 025546M 025547M 025548M 025549M		025552M 026769M 026770M 027500M 030871M 031375M 031800M 032685M 034271M		034282M 034366M 034399M 034902M 035201M 035487M 035654M 036297M 040021M	Granted	100	%	1470199 B.C Ltd.
Catamaran	038235M 039425M		039876M		039880M	Granted	100	%	1470199 B.C Ltd.
Tilt Cove	019158M 020510M		025853M		032148M	Granted	100	%	1470199 B.C Ltd.
Tilt Cove	013054M 013055M 014109M 014111M 019122M 022576M 022796M 024119M 024535M 025051M 025291M 025437M		025558M 025832M 025838M 026202M 026379M 026404M 026540M 026680M 026729M 026730M 026950M 026992M		027285M 027398M 031602M 031816M 032906M 034851M 034854M 035078M 035079M 035080M 035081M 037157M	Granted	100	%	Tilt Cove Ltd.

Limestone Well Vanadium Project
Western Australia

PROJECT	TENEMENT NO.	STATUS	INTEREST		TENURE HOLDER
Limestone Well	E20/846	Granted	90	%	FireFly Metals Ltd
Limestone Well	E57/1069	Granted	90	%	FireFly Metals Ltd

South Australian Projects
South Australia

PROJECT	TENEMENT NO.	STATUS	INTEREST		TENURE HOLDER
Kulitjara	ELA 2013/168	Application	100	%	Monax Alliance Pty Ltd
Anmuryinna	ELA 2013/169	Application	100	%	Monax Alliance Pty Ltd
Poole Hill	ELA 2013/170	Application	100	%	Monax Alliance Pty Ltd

Mining Tenements and Beneficial Interests acquired during the Quarter:

PROJECT	TENEMENT NO.			STATUS	INTEREST		TENURE HOLDER
Catamaran	038235M 039425M	039876M	039880M	Granted	100	%	1470199 B.C Ltd.

Mining Tenements and Beneficial Interests disposed of during the Quarter: Nil

---

¹ Metal equivalents for the Mineral Resource Estimates have been calculated at a copper price of US$10,626/t, gold price of US$3,587/oz and silver price of US$50.22/oz. Metallurgical recoveries have been set at 95% for copper and 85% for precious metals (gold and silver). CuEq(%) = Cu(%) + (Au(g/t) x 0.97106) + (Ag(g/t) x 0.01360). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold based on current market conditions, metallurgical test work, the Company’s operational experience and, where relevant, historical performance achieved at the Green Bay project whilst in operation.
²C1 cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges.
³ Source: Wood Mackenzie and Company filings and announcements. See ASX announcements dated 25 August 2026, titled ‘Preliminary Economic Assessment and Mineral Resource Update’ and ‘Green Bay PEA and Mineral Resource Update Presentation.’
⁴ Includes potential Canadian refundable Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). The CTM-ITC estimate is based on a preliminary assessment of expenditure estimated in the PEA and current legislative requirements. The availability, timing and value of any tax credits or incentives are subject to final project design, execution and satisfaction of applicable legislative eligibility requirements. There is no assurance that the full benefit of the CTM-ITC or other incentives will be realised.
⁵ Refer to note 4.
⁶ Refer to note 2.
⁷ C3 Cash Costs comprise mining costs, processing costs, mine-level G&A, and off-site charges, royalty, sustaining costs and closure costs.
⁸ Refer to note 4.
⁹ Refer to note 4.
¹⁰ See ASX announcements dated 2 July 2026 and 3 August 2026.
¹¹ Based on an implied AUD.CAD exchange rate of 0.9888.
¹² Based on the Bank of Canada AUD:CAD exchange rate of 0.9868 as at 21 August 2026.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/fe432263-05a1-496d-8141-52ff91d649f9

https://www.globenewswire.com/NewsRoom/AttachmentNg/fa1203c0-7ed4-458d-90ff-58f4d5245e7e

https://www.globenewswire.com/NewsRoom/AttachmentNg/29f212a8-faf1-4f3a-9cbc-a60737b33fb2

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https://www.globenewswire.com/NewsRoom/AttachmentNg/52b9b804-e7fb-44e0-8ddc-ae8033249700

https://www.globenewswire.com/NewsRoom/AttachmentNg/027ecaab-99bf-4b35-b0ae-1f2f29fd5f87

 

— Orphan Drug Designation granted for the treatment of primary immune thrombocytopenia — 

— Underscores the potential of sovleplenib to address significant unmet medical needs in patients with this rare and serious autoimmune condition —

— Eligible for development incentives including 7 years of US market exclusivity upon regulatory approval — 

HONG KONG, SHANGHAI and FLORHAM PARK, N.J., Oct. 28, 2026 (GLOBE NEWSWIRE) — HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM:​HCM; HKEX:​13) today announces that the US Food and Drug Administration (“FDA”) has granted Orphan Drug Designation to sovleplenib for the treatment of primary immune thrombocytopenia (“ITP”), an autoimmune disorder that can lead to increased risk of bleeding. Sovleplenib is a novel, selective, oral spleen tyrosine kinase (“Syk”) inhibitor.

The FDA’s Orphan Drug Designation program provides orphan status to drugs and biologics intended for the safe and effective treatment, diagnosis, or prevention of rare diseases or conditions that affect fewer than 200,000 people in the United States. If approved by the FDA for the designated indication, drugs with Orphan Drug Designation are eligible for 7 years of US market exclusivity upon approval, tax credits for qualified clinical trials, user fee waivers under the Prescription Drug User Fee Act, and specialized regulatory guidance from the FDA during clinical development.

In China, New Drug Applications (“NDAs”) for sovleplenib in primary ITP and warm antibody autoimmune hemolytic anemia are currently under regulatory review by the National Medical Products Administration (NMPA), supported by positive data from the pivotal ESLIM-01 and ESLIM-02 trials in China, respectively.

About ITP

ITP is an autoimmune disorder characterized by immunologic destruction of platelets and decreased platelet production. Patients with ITP are at increased risk of excessive bleeding and bruising.¹ ITP is also associated with fatigue (reported in up to 39% of adults with ITP) and impaired quality of life.^2,3,4,5,6 The incidence of primary ITP in adults is 3.3/100,000 adults per year with a prevalence of 9.5 per 100,000 adults.⁷ Based on this prevalence rate, approximately 110,000 patients are estimated to be living with primary ITP in China, in addition to 56,000 patients in the US, Germany, France, Italy, Spain, UK, and Japan. It has been estimated that as many as 145,000 patients are living with chronic ITP in major pharmaceutical markets excluding China.⁸

Adult ITP is a heterogeneous disease that can persist for years, even with best available care, and treatments are infrequently curative. Despite availability of several treatments with differing mechanisms of action, chronicity of disease continues to be a problem. Many patients develop resistance to treatment and thereby are prone to relapse.⁹ Thus, there remains a significant population of patients who have limited sensitivity to currently available agents and are in need of new treatments.

As platelet destruction in ITP is mediated by Syk-dependent phagocytosis of FcγR-bound platelets, Syk inhibition represents a promising approach to management of ITP.¹⁰

About Sovleplenib

Sovleplenib is a novel, selective inhibitor of Syk for once daily oral administration. Syk is a major component in B-cell receptor and FcR signaling and is an established target for the treatment of multiple subtypes of B-cell lymphomas and autoimmune disorders.

HUTCHMED currently retains all rights to sovleplenib worldwide. 

About HUTCHMED

HUTCHMED (Nasdaq/AIM: HCM; HKEX: 13) is an innovative, commercial-stage, biopharmaceutical company. It is committed to the discovery and global development and commercialization of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Since inception it has focused on bringing drug candidates from in-house discovery to patients around the world, with its first four medicines marketed in China, the first of which is also approved around the world including in the US, Europe and Japan. For more information, please visit: www.hutch-med.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect HUTCHMED’s current expectations regarding future events, including its expectations regarding the therapeutic potential of sovleplenib, the further clinical development for sovleplenib, its expectations as to whether any studies on sovleplenib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding the timing and outcome of clinical studies and the sufficiency of clinical data to support NDA approval of sovleplenib for the treatment of patients with ITP or other indications in China or other jurisdictions, unexpected adverse events or safety issues; the ability of sovleplenib to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions and to gain commercial acceptance after obtaining regulatory approval; the potential market of sovleplenib for a targeted indication; the sufficiency of funding; HUTCHMED’s ability to successfully develop and commercialize sovleplenib. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. For further discussion of these and other risks, see HUTCHMED’s filings with the US Securities and Exchange Commission, The Stock Exchange of Hong Kong Limited and on AIM. HUTCHMED undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

CONTACTS

Investor Enquiries	+852 2121 8200 / ir@hutch-med.com
Media Enquiries
FTI Consulting –	+44 20 3727 1030 / HUTCHMED@fticonsulting.com
Ben Atwell / Tim Stamper	+44 7771 913 902 (Mobile) / +44 7779 436 698 (Mobile)
Brunswick – Zhou Yi	+852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
Panmure Liberum	Nominated Advisor and Joint Broker
Atholl Tweedie / Emma Earl / Rupert Dearden	+44 20 7886 2500
Cavendish	Joint Broker
Geoff Nash / Nigel Birks	+44 20 7220 0500
Deutsche Numis	Joint Broker
Duncan Monteith / Ramin Naji	+44 20 7545 8000

——————————————————

REFERENCES

1	Zufferey A, et al. Pathogenesis and Therapeutic Mechanisms in Immune Thrombocytopenia (ITP). J. Clin. Med. 2017, 6(2), 16.
2	McMillan R, et al. Self-reported health-related quality of life in adults with chronic immune thrombocytopenic purpura. Am J Hematol. 2008 Feb;83(2):150-4.
3	Snyder CF, et al. Health-related quality of life of immune thrombocytopenic purpura patients: results from a web‑based survey. Curr Med Res Opin. 2008 Oct;24(10):2767-76.
4	Doobaree IU, et al. Thromboembolism in adults with primary immune thrombocytopenia: a systematic literature review and meta-analysis. Eur J Haematol. 2016 Oct;97(4):321-30.
5	Sarpatwari A, et al. Thromboembolic events among adult patients with primary immune thrombocytopenia in the United Kingdom General Practice Research Database. Haematologica. 2010 Jul;95(7):1167-75.
6	Sarpatwari A, et al. Health-related lifestyle in adults and children with primary immune thrombocytopenia (ITP). Br J Haematol. 2010 Oct;151(2):189-91.
7	Lambert MP, Gernsheimer TB. Clinical updates in adult immune thrombocytopenia. Blood. 2017 May 25;129(21):2829-2835.
8	Clarivate Landscape & Forecast for Immune Thrombocytopenic Purpura, 2018.
9	Provan D, et al. Updated international consensus report on the investigation and management of primary immune thrombocytopenia. Blood Adv. 2019;3(22):3780-3817.
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• Reduction of the monthly distribution by 90% to strengthen the balance sheet
• Leasing and occupancy gains ahead of expectations
• Dispositions on track to exceed 2026 target and multi-year program expansion by $750 million-$1.5 billion is underway
• 2026 deleveraging objectives on track

TORONTO, Oct. 28, 2026 (GLOBE NEWSWIRE) — Allied Properties Real Estate Investment Trust (“Allied”) (TSX: “AP.UN”) today announced results for the three months ended September 30, 2026.

“Stronger leasing has enabled us to raise our year-end occupancy outlook, while reducing leverage remains our highest priority,” said Allied President and CEO Cecilia Williams. “We’re expanding our disposition program, directing sale proceeds to debt repayment and pursuing opportunities to reduce capital commitments. We recognize the importance of distributions to our unitholders. At the same time, strengthening the balance sheet is our priority, and reducing the distribution will retain cash to accelerate debt reduction and improve Allied’s financial position.”

Q3 2026 Highlights

• Allied’s Board of Trustees has decided to reduce the monthly distribution by 90% to $0.006 per unit per month ($0.072 per unit annualized) beginning with the month of November 2026, retaining approximately $126 million annually for debt reduction. The decision supports Allied’s priority of strengthening its balance sheet and improving financial flexibility.
• Occupied and leased area of 84.9% and 86.8%, respectively, were higher than expected, reflecting strong leasing execution.
• Completed $321 million of dispositions to date with approximately $15 million of incremental dispositions now firm, totaling approximately $336 million of gross proceeds secured year to date. Subsequent to the quarter, the disposition of Toronto House and 19 Duncan went firm, subject to Competition Act approval, with closing expected in Q4 2026, bringing overall gross proceeds from dispositions to approximately $660 million. Additional properties are being marketed or are under negotiation, with closings targeted for the balance of 2026 and the first half of 2027.
• As previously disclosed, we ceased recognizing interest income on the Westbank-related loans during the quarter. This resulted in net debt to EBITDA* for the nine months ended September 30, 2026, increasing to 12.5x from 12.0x in Q2. With expected disposition proceeds allocated to reduce debt, net debt to EBITDA is expected to decline to the mid-11x range by year end.
• FFO* per unit of $0.194 reflects lower interest income.
• Expansion of disposition program beyond 2026 by an incremental $750 million to $1.5 billion over a multi-year period.

^{*Net debt as a multiple of Annualized Adjusted EBITDA. FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation. This is a non-GAAP measure. Refer to the Non-GAAP Measures section below.}

Outlook

Allied’s revised 2026 outlook reflects improving leasing activity alongside its priority of strengthening the balance sheet. A meaningful part of the near-term earnings reduction reflects actions Allied is taking to reposition the balance sheet, including a larger disposition program, the timing of those transactions, and the accounting impact of decapitalization.

The key changes are outlined below:

• Occupancy: Increasing the year-end occupied area outlook to 86.0%–86.5%, reflecting stronger-than-expected leasing. Most of the associated NOI and cash flow benefit is expected in 2027 as rents commence.
• NOI and FFO: Revising the NOI* outlook to $300 million–$305 million and the FFO outlook to $170 million–$175 million. The reduction in the FFO outlook reflects approximately $9 million from the increased volume and timing of dispositions, $3 million from lower interest income and $3 million from reduced capitalization of interest and operating expenses. The Same Asset NOI* outlook remains unchanged at a decline of 8.0%–9.0%.
• Interest expense: Increasing the outlook to $155 million–$165 million, reflecting later-than-anticipated disposition closings and lower interest capitalization.
• Dispositions: Increasing the outlook to $650 million–$700 million of aggregate gross proceeds, from approximately $500 million, with proceeds directed to debt repayment.
• Leverage: Maintaining the year-end net debt to EBITDA target in the mid-11x range. This target assumes no repayment of the loan secured by 150 West Georgia in 2026.

The table below details management’s revised 2026 outlook:

	Actuals	Q2 Revised	Current Q3 Revised
Metric	Nine months ended September 30, 2026	2026 Outlook	2026 Outlook
Occupied area by year-end	84.9%	84% to 86%	86.0% to 86.5%
NOI*	$228.8 million	$310 million to $320 million	$300 million to $305 million
Growth/(decline) in Same Asset NOI* (rental portfolio)	(10.3)%	(8.0)% to (9.0)%	On track – no change
FFO*(1)(2)	$133.0 million	$185 million to $200 million(3)	$170 million to $175 million
Interest expense	$119.4 million	$145 million to $155 million	$155 million to $165 million(4)
Capital expenditures	$168.0 million	$220 million to $240 million (development, residential inventory, recurring rental portfolio)	On track – no change
Dispositions	$321.0 million	~$500 million aggregate gross proceeds	~$650 million to $700 million aggregate gross proceeds
Net debt to EBITDA(2)(5)	12.5x	Mid-11x range	On track – no change

^{(1) Excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation.
(2) The composition of this non-GAAP measure changed from prior period to adjust for severance expense as it is non-recurring.
(3) This includes $20 million of interest income from loans receivable on KING Toronto and 150 West Georgia.
(4) Interest expense before capitalized interest and excluding distributions on Exchangeable LP Units is expected to be $170 million to $175 million.
(5) Net debt as a multiple of Annualized Adjusted EBITDA* by year-end.}

^{*This is a non-GAAP measure. Refer to the Non-GAAP Measures section below.}

Q3 2026 Results

Operations

At the end of Q3 2026, Allied’s occupied and leased area were higher than expected at 84.9% and 86.8%, respectively, reflecting strong leasing execution.

Allied leased a total of 427,190 square feet of GLA in Q3 2026, including 387,208 square feet in its rental portfolio and 39,982 square feet in its development portfolio.

Of the 387,208 square feet Allied leased in its rental portfolio, 115,909 square feet were vacant at the beginning of the quarter, 99,879 square feet related to leases that matured in the quarter and 171,420 square feet represent future maturities.

31,082 square feet of space leased in Q3 2026 involved expansion by existing users. 195,251 square feet of space leased in Q3 2026 involved new users to the portfolio. Allied continues to see strong demand from existing users for expansion space.

Including relocations and early renewals related to maturities in Q3 2026, Allied leased 73.6% of the expiring GLA, modestly better than expected.

Rental rates on renewals increased by 2.8% ending-to-starting base rent and 3.4% average-to-average base rent, in line with expectations.

Allied’s total leasing pipeline including leasing and renewals increased 12% in Q3 2026 and is up 49% since the beginning of the year. This increased activity is an encouraging indication for future occupancy and earnings growth.

Property Dispositions and Debt Reduction

Allied is on track to exceed its 2026 disposition target of $500 million.

As of the date of this release, Allied has completed $321 million of dispositions and has firm agreements for approximately $340 million of additional sales expected to close in Q4 2026. The contractual agreements include Toronto House and 19 Duncan. Together, completed dispositions and firm agreements represent approximately $660 million of gross proceeds.

Additional properties are being marketed or are under negotiation, with closings targeted for the balance of 2026 and the first half of 2027. These transactions remain subject to reaching firm agreements and completing the applicable closing requirements.

All proceeds from dispositions will be allocated to repaying debt. Based on dispositions closed, firm agreements, and properties at various stages of marketing or negotiation, we expect to repay at least $350 million of the $700 million April 2027 bond maturities with disposition proceeds. The remaining maturities of $350 million will be refinanced with either secured or unsecured debt.

In support of ongoing deleveraging efforts, Allied is expanding the disposition program beyond 2026 by an additional $750 million to $1.5 billion over a multi-year period.

Completion of Development Pipeline

KING Toronto is Allied’s sole remaining committed development. As disclosed previously, Allied continues to work with advisors to ensure progress continues as expected.

Management does not expect to initiate new development projects in the foreseeable future.

150 West Georgia

Due to construction delays being managed by a third party and ongoing discussions with prospective purchasers, Allied no longer expects the $125 million partial repayment of its loan secured by 150 West Georgia to occur in December 2026. Management now anticipates at least partial repayment as part of a resolution in 2027.

Allied is actively engaged with its advisors to evaluate and pursue alternatives to maximize recovery of its outstanding loan, and has retained Finnegan Marshall Inc. as its development monitor and cost consultant.

The deferral does not change Allied’s funding plan. Funding for operating requirements, committed capital expenditures and upcoming debt maturities does not depend on repayment of this loan in 2026, and the year-end net debt to EBITDA target also assumes no repayment in 2026.

Distribution

Allied reviews the level and sustainability of its distributions quarterly. In reviewing the distribution against the macroeconomic backdrop, which includes the interest rate environment and company performance, the Board has decided to reduce the monthly distribution by 90% to $0.006 per unit per month ($0.072 per unit annualized) beginning with the distribution for the month of November 2026. The decision aligns with Allied’s prioritization of balance sheet strengthening with cash savings of approximately $126 million annually directed to debt reduction. The previously announced distribution of $0.06 per unit for the month of October 2026 will be payable on November 16, 2026.

Financial Measures

The following tables summarize GAAP financial measures for the three and nine months ended September 30, 2026, and 2025:

	For the three months ended September 30
(in thousands except for % amounts)		2026			2025		Change			% Change
Rental revenue	$	138,117		$	147,932		$	(9,815	)	(6.6	)%
Property operating costs	$	(69,701	)	$	(67,205	)	$	(2,496	)	(3.7	)%
Operating income	$	68,416		$	80,727		$	(12,311	)	(15.3	)%
Interest income	$	539		$	9,976		$	(9,437	)	(94.6	)%
Interest expense	$	(40,142	)	$	(35,488	)	$	(4,654	)	(13.1	)%
General and administrative expenses	$	(5,221	)	$	(6,008	)	$	787		13.1	%
Condominium marketing expenses	$	(35	)	$	(5	)	$	(30	)	(600.0	)%
Amortization of other assets	$	(453	)	$	(642	)	$	189		29.4	%
Transaction costs	$	(394	)	$	(999	)	$	605		60.6	%
Mark-to-market expense on unit-based compensation	$	(1,514	)	$	(1,450	)	$	(64	)	(4.4	)%
Fair value loss on investment properties and investment properties held for sale	$	(38,596	)	$	(100,265	)	$	61,669		61.5	%
Fair value gain (loss) on Exchangeable LP Units	$	32,475		$	(42,277	)	$	74,752		176.8	%
Fair value gain (loss) on derivative instruments	$	6,676		$	(2,565	)	$	9,241		360.3	%
Expected credit loss on loans and notes receivable	$	—		$	—		$	—		—	%
Impairment of residential inventory	$	—		$	(14,393	)	$	14,393		100.0	%
Net income (loss) and comprehensive income (loss)(1)	$	21,751		$	(113,389	)	$	135,140		119.2	%

^{(1) For the three months ended September 30, 2026, includes interest income on loans receivable on KING Toronto and 150 West Georgia of $nil (September 30, 2025 – $9,206). An expected credit loss on loans receivable of $nil (September 30, 2025 – $nil) was recognized for the three months ended September 30, 2026.}

Operating income is affected by non-renewals, dispositions, decapitalization of operating costs as space became ready for its intended use and a lease termination fee received in 2025.

Interest expense reflects lower capitalized interest due to the completion of development and upgrade projects, and the disposition of properties under development. Before accounting for capitalized interest expense, interest expense decreased by $4 million, or 8.8%. Refer to the MD&A and Note 10 in the financial statements for more detailed information.

Fair value loss on investment properties and investment properties held for sale reflect higher market discount rates and terminal capitalization rates based on transactions in the quarter as well as changes to cash flow assumptions.

	For the nine months ended September 30
(in thousands except for % amounts)		2026			2025		Change			% Change
Rental revenue	$	422,558		$	443,613		$	(21,055	)	(4.7	)%
Property operating costs	$	(214,743	)	$	(201,701	)	$	(13,042	)	(6.5	)%
Operating income	$	207,815		$	241,912		$	(34,097	)	(14.1	)%
Interest income	$	18,568		$	30,770		$	(12,202	)	(39.7	)%
Interest expense	$	(119,421	)	$	(98,989	)	$	(20,432	)	(20.6	)%
General and administrative expenses	$	(22,624	)	$	(18,238	)	$	(4,386	)	(24.0	)%
Condominium marketing expenses	$	(128	)	$	(18	)	$	(110	)	(611.1	)%
Amortization of other assets	$	(1,375	)	$	(1,375	)	$	—		—	%
Transaction costs	$	(5,233	)	$	(1,659	)	$	(3,574	)	(215.4	)%
Mark-to-market expense on unit-based compensation	$	(3,471	)	$	(1,901	)	$	(1,570	)	(82.6	)%
Fair value loss on investment properties and investment properties held for sale	$	(931,951	)	$	(394,098	)	$	(537,853	)	(136.5	)%
Fair value gain (loss) on Exchangeable LP Units	$	74,043		$	(42,395	)	$	116,438		274.7	%
Fair value gain (loss) on derivative instruments	$	6,197		$	(5,878	)	$	12,075		205.4	%
Expected credit loss on loans and notes receivable	$	(44,000	)	$	—		$	(44,000	)	(100.0	)%
Impairment of residential inventory	$	(48,065	)	$	(23,920	)	$	(24,145	)	(100.9	)%
Net loss and comprehensive loss(1)	$	(869,645	)	$	(315,789	)	$	(553,856	)	(175.4	)%

^{(1) For the nine months ended September 30, 2026, includes interest income on loans receivable on KING Toronto and 150 West Georgia of $16,973 (September 30, 2025 – $26,714). An expected credit loss on loans receivable of $44,000 (September 30, 2025 – $nil) was recognized for the nine months ended September 30, 2026.}

Operating income is affected by non-renewals, dispositions, decapitalization of operating costs as space became ready for its intended use, a retroactive multi-year property tax assessment and a lease termination received in 2025.

Interest expense reflects lower capitalized interest due to the completion of development and upgrade projects, and the disposition of properties under development. Before accounting for capitalized interest expense, interest expense decreased by $8 million, or 5.7%. Refer to the MD&A and Note 10 in the financial statements for more detailed information.

General and administrative expenses include $5.9 million of one-time contractual severance cost. Excluding the one-time cost, general and administrative expenses decreased by $1.5 million, or 8.1%.

Fair value loss on investment properties and investment properties held for sale reflect higher market discount rates and terminal capitalization rates based on transactions primarily in Toronto and Montréal, changes to cash flow assumptions, adjustments to land values in Toronto, and cost increases in the development portfolio. Across the portfolio, overall capitalization rates, discount rates and terminal capitalization rates increased on average between 36-49 bps during the nine months ended September 30, 2026.

The following table summarizes other financial measures as at September 30, 2026, and 2025:

	As at September 30
(in thousands except for per unit and % amounts)		2026			2025		Change			% Change
Investment properties(1)	$	6,983,586		$	9,392,358		$	(2,408,772	)	(25.6	)%
Unencumbered investment properties(2)	$	6,216,445		$	8,346,998		$	(2,130,553	)	(25.5	)%
Total Assets(1)	$	8,155,483		$	10,378,800		$	(2,223,317	)	(21.4	)%
Cost of PUD as a % of GBV(2)		5.8	%		7.8	%		—		(2.0	)%
NAV per unit(3)	$	18.75		$	38.05		$	(19.30	)	(50.7	)%
Debt(1)	$	4,081,202		$	4,682,121		$	(600,919	)	(12.8	)%
Total indebtedness ratio(2)		50.2	%		45.2	%		—		5.0	%
Annualized Adjusted EBITDA(2)(4)	$	297,364		$	374,536		$	(77,172	)	(20.6	)%
Net debt as a multiple of Annualized Adjusted EBITDA(2)(4)	13.5x			12.3x			1.2x			—
Interest coverage ratio including interest capitalized and excluding financing prepayment costs – three months trailing(2)(4)	1.7x			2.1x			(0.4x)			—
Interest coverage ratio including interest capitalized and excluding financing prepayment costs – twelve months trailing(2)	1.9x			2.2x			(0.3x)			—

^{(1) This measure is presented on a GAAP basis.
(2) This is a non-GAAP measure. Refer to the Non-GAAP Measures section below.
(3) Net asset value per unit (“NAV per unit”) is calculated as total equity plus the value of the class B limited partnership units of Allied Properties Exchangeable Limited Partnership (“Exchangeable LP Units”) as at the corresponding period ended, divided by the actual number of Units and Exchangeable LP Units. The rationale for including the value of Exchangeable LP Units is because they are economically equivalent to Units, receive distributions equal to the distributions paid on the Units and are exchangeable, at the holder’s option, for Units.
(4) For the three months ended September 30, 2026, includes interest income on loans receivable on KING Toronto and 150 West Georgia of $nil (September 30, 2025 – $9,206). An expected credit loss on loans receivable of $nil (September 30, 2025 – $nil) was recognized for the three months ended September 30, 2026.}

Non-GAAP Measures

Management uses financial measures based on IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards” or “GAAP”) and non-GAAP measures to assess Allied’s performance. Non-GAAP measures do not have any standardized meaning prescribed under IFRS Accounting Standards, and therefore, should not be construed as alternatives to net income or cash flow from operating activities calculated in accordance with IFRS Accounting Standards. Refer to the Non-GAAP Measures section on page 13 of the MD&A as at September 30, 2026, available on www.sedarplus.ca, for an explanation of the composition of the non-GAAP measures used in this press release and their usefulness for readers in assessing Allied’s performance. Such explanation is incorporated by reference herein.

The following tables summarize non-GAAP financial measures for the three and nine months ended September 30, 2026, and 2025:

	For the three months ended September 30
(in thousands except for per unit and % amounts)		2026			2025		Change			% Change
Adjusted EBITDA	$	74,341		$	93,634		$	(19,293	)	(20.6	)%
Same Asset NOI – rental portfolio	$	71,102		$	77,042		$	(5,940	)	(7.7	)%
Same Asset NOI – total portfolio	$	73,690		$	81,515		$	(7,825	)	(9.6	)%
FFO	$	36,454		$	63,719		$	(27,265	)	(42.8	)%
FFO per unit (diluted)	$	0.186		$	0.456		$	(0.270	)	(59.2	)%
FFO payout ratio		96.7	%		98.7	%		—		(2.0	)%
AFFO	$	20,046		$	59,129		$	(39,083	)	(66.1	)%
AFFO per unit (diluted)	$	0.102		$	0.423		$	(0.321	)	(75.9	)%
AFFO payout ratio		175.8	%		106.4	%		—		69.4	%
All amounts below are excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation:
FFO	$	38,003		$	65,742		$	(27,739	)	(42.2	)%
FFO per unit (diluted)	$	0.194		$	0.470		$	(0.276	)	(58.7	)%
FFO payout ratio		92.7	%		95.7	%		—		(3.0	)%
AFFO	$	21,595		$	61,152		$	(39,557	)	(64.7	)%
AFFO per unit (diluted)	$	0.110		$	0.438		$	(0.328	)	(74.9	)%
AFFO payout ratio		163.2	%		102.9	%		—		60.3	%

	For the nine months ended September 30
(in thousands except for per unit and % amounts)		2026			2025		Change			% Change
Adjusted EBITDA	$	240,770		$	282,515		$	(41,745	)	(14.8	)%
Same Asset NOI – rental portfolio	$	207,257		$	230,997		$	(23,740	)	(10.3	)%
Same Asset NOI – total portfolio	$	217,792		$	245,563		$	(27,771	)	(11.3	)%
FFO	$	129,431		$	203,802		$	(74,371	)	(36.5	)%
FFO per unit (diluted)	$	0.696		$	1.458		$	(0.762	)	(52.3	)%
FFO payout ratio		79.1	%		92.6	%		—		(13.5	)%
AFFO	$	87,421		$	187,431		$	(100,010	)	(53.4	)%
AFFO per unit (diluted)	$	0.470		$	1.341		$	(0.871	)	(65.0	)%
AFFO payout ratio		117.1	%		100.7	%		—		16.4	%
All amounts below are excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation:
FFO	$	133,030		$	206,455		$	(73,425	)	(35.6	)%
FFO per unit (diluted)	$	0.716		$	1.477		$	(0.761	)	(51.5	)%
FFO payout ratio		76.9	%		91.4	%		—		(14.5	)%
AFFO	$	91,020		$	190,084		$	(99,064	)	(52.1	)%
AFFO per unit (diluted)	$	0.490		$	1.360		$	(0.870	)	(64.0	)%
AFFO payout ratio		112.5	%		99.3	%		—		13.2	%

Allied reviews the level and sustainability of its distributions quarterly. Due to continued macroeconomic uncertainty, the prioritization of disciplined capital allocation, cash preservation and balance sheet strengthening through debt reduction, the board decided to reduce the monthly distribution to Unitholders by 90% to $0.006 per unit per month ($0.072 per unit annualized), beginning with the distribution for the month of November 2026. Savings from the cash distribution will be allocated to debt reduction.

The following tables reconcile the non-GAAP measures to the most comparable GAAP measures for the three and nine months ended September 30, 2026, and 2025. These terms do not have any standardized meaning prescribed under IFRS Accounting Standards and may not be comparable to similarly titled measures presented by other publicly traded entities.

The following table reconciles Allied’s net income (loss) and comprehensive income (loss) to Adjusted EBITDA, a non-GAAP measure, for the three and nine months ended September 30, 2026, and 2025.

	Three months ended							Nine months ended
	September 30, 2026			September 30, 2025				September 30, 2026			September 30, 2025
Net income (loss) and comprehensive income (loss) for the period(1)	$	21,751		$	(113,389	)		$	(869,645	)	$	(315,789	)
Interest expense		40,142			35,488				119,421			98,989
Amortization of other assets		453			642				1,375			1,375
Amortization of improvement allowances		10,642			8,944				31,269			28,089
Severance expense		—			—				5,870			—
Expected credit loss on loans and notes receivable		—			—				44,000			—
Impairment of residential inventory		—			14,393				48,065			23,920
Transaction costs		394			999				5,233			1,659
Fair value loss on investment properties and investment properties held for sale		38,596			100,265				931,951			394,098
Fair value (gain) loss on Exchangeable LP Units		(32,475	)		42,277				(74,043	)		42,395
Fair value (gain) loss on derivative instruments		(6,676	)		2,565				(6,197	)		5,878
Mark-to-market expense on unit-based compensation		1,514			1,450				3,471			1,901
Adjusted EBITDA	$	74,341		$	93,634			$	240,770		$	282,515

^{(1) Includes interest income on loans receivable on KING Toronto and 150 West Georgia of $nil and $16,973 (September 30, 2025 – $9,206 and $26,714) for the three and nine months ended September 30, 2026, respectively.}

The following table reconciles operating income to net operating income, a non-GAAP measure, for the three and nine months ended September 30, 2026, and 2025.

	Three months ended						Nine months ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Operating income, GAAP basis	$	68,416		$	80,727		$	207,815		$	241,912
Amortization of improvement allowances		10,642			8,944			31,269			28,089
Amortization of straight-line rent		(3,381	)		(812	)		(10,272	)		(2,039	)
Total NOI	$	75,677		$	88,859		$	228,812		$	267,962

Same Asset NOI, a non-GAAP measure, is measured as the net operating income for the properties that Allied owned and operated for the entire duration of both the current and comparative period.

	Three months ended				Change
	September 30, 2026		September 30, 2025		$			%
Rental Portfolio – Same Asset NOI	$	71,102	$	77,042	$	(5,940	)	(7.7	)%
Assets Held for Sale – Same Asset NOI		2,167		2,802		(635	)	(22.7	)
Rental Portfolio and Assets Held for Sale – Same Asset NOI	$	73,269	$	79,844	$	(6,575	)	(8.2	)%
Development Portfolio – Same Asset NOI(1)		421		1,671		(1,250	)	(74.8	)
Total Portfolio – Same Asset NOI	$	73,690	$	81,515	$	(7,825	)	(9.6	)%
Acquisitions		314		—		314
Dispositions		830		3,883		(3,053	)
Lease terminations		16		2,080		(2,064	)
Development fees and corporate items		827		1,381		(554	)
Total NOI	$	75,677	$	88,859	$	(13,182	)	(14.8	)%

^{(1) Includes properties held for future development.}

	Nine months ended				Change
	September 30, 2026		September 30, 2025		$			%
Rental Portfolio – Same Asset NOI	$	207,257	$	230,997	$	(23,740	)	(10.3	)%
Assets Held for Sale – Same Asset NOI		7,457		8,621		(1,164	)	(13.5	)
Rental Portfolio and Assets Held for Sale – Same Asset NOI	$	214,714	$	239,618	$	(24,904	)	(10.4	)%
Development Portfolio – Same Asset NOI(1)		3,078		5,945		(2,867	)	(48.2	)
Total Portfolio – Same Asset NOI	$	217,792	$	245,563	$	(27,771	)	(11.3	)%
Acquisitions		643		—		643
Dispositions		6,294		15,597		(9,303	)
Lease terminations		1,707		2,155		(448	)
Development fees and corporate items		2,376		4,647		(2,271	)
Total NOI	$	228,812	$	267,962	$	(39,150	)	(14.6	)%

^{(1) Includes properties held for future development.}

The following tables reconcile Allied’s net income (loss) and comprehensive income (loss) to FFO, FFO excluding condominium-related items, financing prepayment costs, transaction costs and the mark-to-market adjustment on unit-based compensation, AFFO, and AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation, which are non-GAAP measures, for the three and nine months ended September 30, 2026, and 2025.

	Three months ended
	September 30, 2026			September 30, 2025			Change
Net income (loss) and comprehensive income (loss)(1)	$	21,751		$	(113,389	)	$	135,140
Adjustment to fair value of investment properties and investment properties held for sale		38,596			100,265			(61,669	)
Adjustment to fair value of Exchangeable LP Units		(32,475	)		42,277			(74,752	)
Adjustment to fair value of derivative instruments		(6,676	)		2,565			(9,241	)
Severance expense		—			—			—
Expected credit loss on loans and notes receivable		—			—			—
Impairment of residential inventory		—			14,393			(14,393	)
Transaction costs		394			999			(605	)
Incremental leasing costs		1,989			2,250			(261	)
Amortization of improvement allowances		10,642			8,944			1,698
Amortization of property, plant and equipment(2)		107			101			6
Distributions on Exchangeable LP Units		2,126			5,314			(3,188	)
FFO	$	36,454		$	63,719		$	(27,265	)
Condominium marketing costs		35			5			30
Financing prepayment costs		—			568			(568	)
Mark-to-market adjustment on unit-based compensation		1,514			1,450			64
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	38,003		$	65,742		$	(27,739	)
FFO	$	36,454		$	63,719		$	(27,265	)
Amortization of straight-line rent		(3,381	)		(812	)		(2,569	)
Regular leasing expenditures		(10,521	)		(1,697	)		(8,824	)
Regular and recoverable maintenance capital expenditures		(904	)		(506	)		(398	)
Incremental leasing costs (related to regular leasing expenditures)		(1,602	)		(1,575	)		(27	)
AFFO	$	20,046		$	59,129		$	(39,083	)
Condominium marketing costs		35			5			30
Financing prepayment costs		—			568			(568	)
Mark-to-market adjustment on unit-based compensation		1,514			1,450			64
AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	21,595		$	61,152		$	(39,557	)
Weighted average number of units(3)
Basic and diluted		195,765,128			139,765,128			56,000,000
Per unit – basic and diluted(1)
FFO	$	0.186		$	0.456		$	(0.270	)
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	0.194		$	0.470		$	(0.276	)
AFFO	$	0.102		$	0.423		$	(0.321	)
AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	0.110		$	0.438		$	(0.328	)
Payout Ratio
FFO		96.7	%		98.7	%	(2.0		)%
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation		92.7	%		95.7	%	(3.0		)%
AFFO		175.8	%		106.4	%		69.4	%
AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation		163.2	%		102.9	%		60.3	%

^{(1) For the three months ended September 30, 2026, includes interest income and interest income per unit on loans receivable on KING Toronto and 150 West Georgia of $nil and $nil (September 30, 2025 – $9,206 and $0.066), respectively. An expected credit loss on loans receivable of $nil (September 30, 2025 – $nil) was recognized for the three months ended September 30, 2026.
(2) Property, plant and equipment relates to owner-occupied property.
(3) The weighted average number of units includes Units and Exchangeable LP Units.}

	Nine months ended
	September 30, 2026			September 30, 2025			Change
Net loss and comprehensive loss(1)	$	(869,645	)	$	(315,789	)	$	(553,856	)
Adjustment to fair value of investment properties and investment properties held for sale		931,951			394,098			537,853
Adjustment to fair value of Exchangeable LP Units		(74,043	)		42,395			(116,438	)
Adjustment to fair value of derivative instruments		(6,197	)		5,878			(12,075	)
Severance expense		5,870			—			5,870
Expected credit loss on loans and notes receivable		44,000			—			44,000
Impairment of residential inventory		48,065			23,920			24,145
Transaction costs		5,233			1,659			3,574
Incremental leasing costs		6,234			7,310			(1,076	)
Amortization of improvement allowances		31,269			28,089			3,180
Amortization of property, plant and equipment(2)		317			300			17
Distributions on Exchangeable LP Units		6,377			15,942			(9,565	)
FFO	$	129,431		$	203,802		$	(74,371	)
Condominium marketing costs		128			18			110
Financing prepayment costs		—			734			(734	)
Mark-to-market adjustment on unit-based compensation		3,471			1,901			1,570
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	133,030		$	206,455		$	(73,425	)
FFO	$	129,431		$	203,802		$	(74,371	)
Amortization of straight-line rent		(10,272	)		(2,039	)		(8,233	)
Regular leasing expenditures		(24,665	)		(7,196	)		(17,469	)
Regular and recoverable maintenance capital expenditures		(2,116	)		(2,019	)		(97	)
Incremental leasing costs (related to regular leasing expenditures)		(4,957	)		(5,117	)		160
AFFO	$	87,421		$	187,431		$	(100,010	)
Condominium marketing costs		128			18			110
Financing prepayment costs		—			734			(734	)
Mark-to-market adjustment on unit-based compensation		3,471			1,901			1,570
AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	91,020		$	190,084		$	(99,064	)
Weighted average number of units(3)
Basic and diluted		185,918,974			139,765,128			46,153,846
Per unit – basic and diluted(1)
FFO	$	0.696		$	1.458		$	(0.762	)
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	0.716		$	1.477		$	(0.761	)
AFFO	$	0.470		$	1.341		$	(0.871	)
AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation	$	0.490		$	1.360		$	(0.870	)
Pay-out Ratio
FFO		79.1	%		92.6	%		(13.5	%)
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation		76.9	%		91.4	%		(14.5	%)
AFFO		117.1	%		100.7	%		16.4	%
AFFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation		112.5	%		99.3	%		13.2	%

^{(1) For the nine months ended September 30, 2026, includes interest income and interest income per unit on loans receivable on KING Toronto and 150 West Georgia, of $16,973 and $0.091 (September 30, 2025 – $26,714 and $0.191), respectively. An expected credit loss on loans receivable of $44,000 (September 30, 2025 – $nil) was recognized for the nine months ended September 30, 2026.
(2) Property, plant and equipment relates to owner-occupied property.
(3) The weighted average number of units includes Units and Exchangeable LP Units.}

Conference Call

The Company will hold a conference call and live audio webcast at 10:00 a.m. (ET) on Thursday, October 29, 2026, to discuss financial results for the quarter ended September 30, 2026.

The conference call can be accessed by dialing 365-657-4084 or 1-833-769-6440, conference ID #695753604. A replay of the call will be available here or at www.alliedreit.com and will be archived for 90 days.

Cautionary Statements

This press release may contain forward-looking statements (which includes the outlook) with respect to Allied, including with respect to its operations, strategy, financial performance and condition, market demand and supply for Allied’s properties and market trends, occupancy rates, cash flow growth, the timing and results of the non-core low-yielding property dispositions, the outlook, the timing and completion of the KING Toronto development, no new development projects in the foreseeable future for Allied, the anticipated use of proceeds from property dispositions, the anticipated use of savings from the reduction of distributions, and the assumptions underlying any of the foregoing. These statements generally can be identified by the use of forward-looking words such as “forecast”, “goals”, “outlook”, “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe”, “assume”, “plans” or “continue” or the negative thereof or similar variations. The forward-looking statements in this press release and the outlook are not guarantees of future results, operations or performance and are based on estimates and assumptions that are subject to risks and uncertainties, including those described under “Risks and Uncertainties” in Allied’s Annual MD&A, as updated by quarterly reports, which are available at www.sedarplus.ca. Actual results may differ materially from the outlook. Those risks and uncertainties include risks associated with availability of cash flow and distributions, the reduction of distributions and its impact on the market price of Allied’s securities, the anticipated use of savings from the reduction of distributions, Allied’s ability to increase distributions to previous levels in the future, uncertainty regarding whether distributions will be increased, decreased or suspended in the future, the timing of property sales and the proceeds therefrom, financing and interest rates, satisfying financial and non-financial covenants, access to capital, general economic conditions, joint arrangements and partnerships, debtor credit risk, credit rating risk, unit-based compensation liabilities, dilution of Unitholders, financial leverage, non-systemic risk associated with the ownership of real estate, competitiveness of the real estate market, the current stage of the cycle for residential condominiums and rental-residential units, reliance on key personnel, unexpected costs or liabilities related to acquisitions, the accuracy and reliability of forward looking financial information, guidance and the outlook, the risk that assumptions used in the outlook may prove incorrect, lease roll-over risk, user termination and financial stability, development and construction risk, access to capital, valuation risk, general global market, economic and political conditions, cybersecurity, data and privacy risks, taxation risk and changes in legislation, environmental and climate change risk, public health crises, litigation and uninsurable losses. Allied’s actual results and performance for future periods, including the timing, extent and success of the Action Plan could differ materially from what is discussed herein. These cautionary statements qualify all forward-looking statements (including the outlook) attributable to Allied and persons acting on its behalf. All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Allied has no obligation to update such statements.

About Allied

Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities. Allied’s mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Investor Relations
ir@alliedreit.com

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 28, 2026 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV: HFC) announces that further to its news release of October 14, 2026, it received approval from the TSX Venture Exchange and has completed the issuance of 458,410 subordinate voting shares of Hampton at the deemed price of $0.26 per share. The issued shares will be subject to hold periods restricting their resale until February 24, 2027.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

CALGARY, Alberta, Oct. 28, 2026 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reported third quarter results highlighted by continued execution of its funded growth strategy.

Q3 2026 Corporate Consolidated Results

• Production: Production of 38,602 boe/d (98% Liquids), represents a 20% increase from Q2, following planned turnarounds during Q2.
• Cash Flow: Adjusted Funds Flow of $161 million ($0.33 per share), representing 31% growth from Q2 and 25% year over year. Cash flow from operating activities of $115 million. Free Cash Flow of $71 million from Athabasca (Thermal Oil).
• Netbacks: Quarterly Operating Netback of $59/bbl in Thermal Oil and $55/boe in Duvernay Energy.
• Capital Program: Total capital expenditures of $112 million, including $54 million at Leismer to support the expansion project and $38 million in Duvernay development.
• Balance Sheet: $82 million Net Cash position with Liquidity of $838 million.
• Outlook: At Leismer, two new steam generators were commissioned at the end of October, and seven well pairs are currently being steamed. The expansion continues to advance toward production of 40,000 bbl/d by year-end 2027. A three-well operated Duvernay pad was also completed and is expected to be placed on production in November.

Cenovus Transaction

On October 5, 2026, Athabasca announced that it entered into a definitive arrangement agreement with Cenovus Energy Inc. (“Cenovus”), pursuant to which Cenovus will acquire all of the issued and outstanding common shares of Athabasca for $12.00 per Athabasca Share in a $5.7 billion cash-and-share transaction (the “Transaction”).

• Compelling Value and Transaction Metrics: The $12.00 per share consideration, represents a 14% premium to Athabasca’s 20-day volume-weighted average as at October 2, 2026. The Transaction implies compelling metrics¹ of $127,000 per boe/d and 10.2x Debt Adjusted Funds Flow based on Athabasca management’s forecasts. These metrics compare well with historical corporate energy transactions.
• Recognition of Exceptional Shareholder Value Creation: The Transaction recognizes the substantial value created by Athabasca, as demonstrated by total shareholder return exceeding 1,000% over the past five years.
• Flexible Consideration with Value Certainty and Continued Upside: The aggregate consideration mix of 65% cash and 35% equity provides Athabasca shareholders with near-term liquidity and value certainty, together with continued upside exposure to Cenovus’s broader portfolio of leading in-situ assets including Christina Lake, Foster Creek and Sunrise in the McMurray fairway. Athabasca shareholders have additional election flexibility to prioritize near-term value crystallization, continued participation in future value creation across Cenovus’s in-situ and integrated portfolio or a combination of both.
• Meaningful Premium to Athabasca’s After-Tax Net Asset Value: The Purchase Price represents a premium of 25% to Athabasca’s Proved plus Probable After-Tax Net Asset Value². Athabasca shareholders will receive significant and immediate recognition of the value embedded in Athabasca’s standalone growth plans, including the Leismer expansion, Corner development and Duvernay Energy.
• Accelerated Development of Athabasca’s Deep Thermal Resource Portfolio: Athabasca’s extensive, long-life Thermal resource portfolio (1.2 billion barrels Proved plus Probable reserves and 1 billion barrels Best Estimate Contingent Resource) will benefit from increased and accelerated development under Cenovus’s ownership. Cenovus brings an investment-grade balance sheet, leading in-situ operating and development expertise, diversified market access and a proven track record of successfully executing and operating large-scale thermal oil projects. Specifically, Corner Phases 2 and 3 and further Leismer expansions are expected to be accelerated relative to the timelines contemplated in Athabasca’s standalone plan.
• Synergies: Consolidating Cenovus and Athabasca assets in the McMurray fairway is expected to generate significant operational and development synergies to enhance asset value. Cenovus’s leading in-situ expertise and scale position it to execute a broader growth strategy in which Athabasca shareholders can participate through their Cenovus shares. Its integrated platform and scale are better positioned to manage ongoing fiscal, regulatory and market-access risks.
• Duvernay Consolidation: Cenovus and Athabasca are currently equity partners in Duvernay Energy Corporation. The Transaction consolidates ownership of Duvernay Energy Corporation under Cenovus, simplifies development planning and complements Cenovus’s conventional business. Cenovus will be able to accelerate development, utilizing its strong balance sheet to drive growth and capture value in these top-tier assets.
• Timeline: The management information circular is expected to be mailed to shareholders and filed on SEDAR+ in early November 2026. The shareholder meeting is scheduled for November 27, with closing expected in December 2026, subject to shareholder, court, regulatory and stock exchange approvals and other customary closing conditions.

^{Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measure (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Debt Adjusted Funds Flow, Net Cash) and production disclosures.
Notes: 1. Metrics based on $5.7 billion enterprise value to Athabasca management’s 2026 exit production and Debt Adjusted Funds Flow forecast. 2026 strip commodity prices (Sept. 28): US$85 WTI, US$15.50 Western Canadian Select heavy differential, C$1.80 AECO, 0.72 C$/US$ FX. 2. After-Tax Net Asset Value per Share calculated as at December 31, 2025 as evaluated by Athabasca’s independent reserves evaluator McDaniel as Proved plus Probable after-tax NPV10, adjusted for Net Cash as at June 30, 2026, and the Duvernay Energy minority interest divided by common shares.}

Financial and Operational Highlights

	Three months ended September 30,								Nine months ended September 30,
($ Thousands, unless otherwise noted)	2026				2025				2026				2025
CORPORATE CONSOLIDATED(1)
Petroleum and natural gas production (boe/d)(2)		38,602				39,599				36,978				38,807
Petroleum, natural gas and midstream sales	$	461,045			$	333,397			$	1,199,934			$	1,061,311
Operating Income(2)	$	217,281			$	151,835			$	529,893			$	439,132
Operating Income Net of Realized Hedging(2)(3)	$	172,627			$	144,650			$	472,496			$	430,698
Operating Netback ($/boe)(2)	$	58.65			$	42.50			$	52.27			$	41.71
Operating Netback Net of Realized Hedging ($/boe)(2)(3)	$	46.60			$	40.49			$	46.61			$	40.91
Capital expenditures	$	111,683			$	96,190			$	309,751			$	232,589
Cash flow from operating activities	$	114,571			$	157,414			$	350,542			$	382,199
per share – basic	$	0.24			$	0.32			$	0.73			$	0.76
Adjusted Funds Flow(2)	$	160,988			$	129,197			$	412,038			$	386,463
per share – basic	$	0.33			$	0.26			$	0.85			$	0.77
ATHABASCA (THERMAL OIL)
Bitumen production (bbl/d)(2)		34,319				36,590				32,368				35,942
Petroleum, natural gas and midstream sales	$	455,514			$	329,542			$	1,179,120			$	1,047,077
Operating Income(2)	$	195,583			$	142,631			$	457,216			$	413,750
Operating Netback ($/bbl)(2)	$	59.08			$	43.28			$	51.49			$	42.46
Capital expenditures	$	73,685			$	64,965			$	243,170			$	171,451
Adjusted Funds Flow(2)	$	145,084			$	121,131			$	361,195			$	364,581
Free Cash Flow(2)	$	71,399			$	56,166			$	118,025			$	193,130
DUVERNAY ENERGY(1)
Petroleum and natural gas production (boe/d)(2)		4,283				3,009				4,610				2,865
Percentage Liquids (%)(2)	77		%		75		%		80		%		73		%
Petroleum, natural gas and midstream sales	$	31,848			$	15,840			$	103,032			$	46,985
Operating Income(2)	$	21,698			$	9,204			$	72,677			$	25,382
Operating Netback ($/boe)(2)	$	55.07			$	33.25			$	57.76			$	32.45
Capital expenditures	$	37,998			$	31,225			$	66,581			$	61,138
Adjusted Funds Flow(2)	$	15,904			$	8,066			$	50,843			$	21,882
Free Cash Flow(2)	$	(22,094	)		$	(23,159	)		$	(15,738	)		$	(39,256	)
NET INCOME AND COMPREHENSIVE INCOME
Net income and comprehensive income(4)	$	77,809			$	69,640			$	190,266			$	198,514
per share – basic(4)	$	0.16			$	0.14			$	0.39			$	0.39
per share – diluted(4)	$	0.16			$	0.14			$	0.39			$	0.39
COMMON SHARES OUTSTANDING
Weighted average shares outstanding – basic		481,270,751				494,509,594				482,261,343				503,714,495
Weighted average shares outstanding – diluted		484,874,847				497,929,426				486,109,732				507,263,981

	September 30,			December 31,
As at ($ Thousands)	2026			2025
LIQUIDITY AND BALANCE SHEET (CONSOLIDATED)
Cash and cash equivalents	$	305,007		$	316,366
Available credit facilities(5)	$	532,862		$	126,595
Face value of long-term debt	$	216,128		$	201,209

(1)	Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
(2)	Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
(3)	Includes realized commodity risk management loss of $44.7 million and $57.4 million for the three and nine months ended September 30, 2026 (three and nine months ended September 30, 2025 – loss of $7.2 million and $8.4 million).
(4)	Net income and comprehensive income per share amounts are based on net income and comprehensive income attributable to shareholders of the Parent Company.
(5)	Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.

Athabasca (Thermal Oil) Q3 2026 Highlights and Operations Update

• Production: Third quarter production of 34,319 bbl/d (25,020 bbl/d at Leismer and 9,299 bbl/d at Hangingstone).
• Cash Flow: Operating Income of $195.6 million with an Operating Netback of $59.08/bbl. Adjusted Funds Flow of $145.1 million.
• Capital: $73.7 million of capital expenditures in Q3, with $54.1 million at Leismer.

Leismer

The Company’s expansion project continues to advance. Two new steam generators were commissioned in October, and will provide steam generation capacity for the full ramp-up to 40,000 bbl/d. Seven well pairs are currently being steamed. An additional five well pairs will commence steaming in Q4.

The winter drilling program commenced in September and will include nine well pairs and three redevelopment well pairs. A total new well count of 24 well pairs along with commissioning of additional facility equipment through H1 2027 will support growth to 40,000 bbl/d by year-end 2027.

The $300 million expansion project includes an estimated $190 million for facility capital and an estimated $110 million for growth wells, with a capital efficiency of ~$25,000/bbl/d. The project remains on budget and on schedule with the original sanction plans announced in July 2024.

Hangingstone

Hangingstone production continues to be stable at ~9,300 bbl/d, delivering meaningful cash flow contributions to the Company.

Corner

The Company continues to progress the 15,000 bbl/d Phase 1 project including site preparation, access road construction and detailed engineering work. Sanction timing remains subject to assessment of the Government of Alberta’s new fiscal framework and the pending transaction with Cenovus.

Duvernay Energy Corporation Q3 2026 Highlights and Operations Update

• Production: Production of 4,283 boe/d (77% Liquids).
• Cash Flow: Operating Income of $21.7 million with an Operating Netback of $55.07/boe. Adjusted Funds Flow of $15.9 million.
• Capital: $38.0 million of capital expenditures including drilling and completions on a three-well pad (100% working interest), and construction of regional infrastructure.

During the quarter the Company drilled and completed a three-well pad at 5-17-64-16W5 (100% working interest). Production from the pad is expected to commence in early November. The Company is advancing readiness for an additional operated multi-well pad for this winter.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.               

For more information, please contact:
Matthew Taylor	Robert Broen
Chief Financial Officer	President and CEO
1-403-817-9104	1-403-817-9190
mtaylor@atha.com	rbroen@atha.com

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: the Purchase Price per Athabasca share to be received pursuant to the Transaction; the anticipated benefits of the Transaction to Athabasca shareholders, including but not limited to near-term liquidity and value certainty and participation in future upside of Cenovus; the form of consideration and elections under the Transaction; the implied value of the Transaction and Athabasca management’s 2026 exit production and Debt Adjusted Funds Flow forecast; the anticipated timing for closing of the Transaction; the expectation that Cenovus is better positioned to manage ongoing fiscal, regulatory and market-access risk; the expectation that the Transaction provides significant and immediate recognition of the value embedded in Athabasca’s standalone growth plans; the anticipated accelerated development of Athabasca’s assets under Cenovus’s ownership, including the advancement of Corner Phases 2 and 3 and further Leismer expansions relative to the timelines contemplated in Athabasca’s standalone plans; the anticipated ramp-up of production at Leismer, including the timing of steaming of well pairs, the winter drilling program and the expectation that the Leismer expansion will remain on budget and on schedule; the development of the Corner Phase 1 project; Duvernay Energy’s development plans, including the timing of production from new well pads and the construction of regional infrastructure; the expectations that consolidating Cenovus and Athabasca assets in the McMurray fairway will generate significant operational and development synergies to enhance asset value; the expectations that the consolidated ownership of Duvernay Energy under Cenovus as a result of the Transaction will simplify development planning, accelerate development, drive growth, capture value and complement Cenovus’s conventional business; the anticipated timing for holding of the shareholder meeting; the expected timing of the mailing of the management information circular; and other similar statements.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: the timely completion of the Transaction and the satisfaction of the conditions to which the Transaction is subject to; the approval of the Transaction at the shareholder meeting; Athabasca’s standalone plan; regulatory and government approvals for the Transaction, including approval of the Court of King’s Bench of Alberta and receipt of applicable regulatory and stock exchange approvals, in each case on the anticipated timelines; the realization of anticipated benefits of the Transaction including significant operational and development synergies; commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity prices; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms as permitted under the Agreement; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2025 (which is referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 4, 2026 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; evolving corporate governance, sustainability and reporting framework; limitations of insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to Athabasca’s debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Further information regarding the assumptions and risks inherent in the making of forward- looking statements and in respect of the Transaction will be found in the management information circular, along with Athabasca’s other public disclosure documents, including the Company’s AIF dated March 4, 2026, which are available on SEDAR+ at www.sedarplus.ca.

Also included in this News Release are estimates of Athabasca’s 2026 exit production and Debt Adjusted Fund Flow, which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this News Release was made as of the date of this News Release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2025. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF that is available on SEDAR+ at www.sedarplus.ca.

Reserves Values is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2025 and based on average pricing of McDaniel, Sproule ERCE and GLJ as of January 1, 2026, and the Duvernay Energy Corporation minority interest.

The 432 gross Duvernay drilling locations referenced include: 95 proved undeveloped locations and 88 probable undeveloped locations for a total of 183 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2025 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, ”Debt Adjusted Funds Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback” and “Duvernay Energy Operating Netback” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

	Three months ended September 30, 2026
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy(1)			Corporate Consolidated(1)
Cash flow from operating activities	$	97,575		$	16,996		$	114,571
Changes in non-cash working capital		47,471			(1,078	)		46,393
Settlement of provisions		38			(14	)		24
ADJUSTED FUNDS FLOW		145,084			15,904			160,988
Capital expenditures		(73,685	)		(37,998	)		(111,683	)
FREE CASH FLOW	$	71,399		$	(22,094	)	$	49,305

(1)	Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

	Nine months ended September 30, 2026
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy(1)			Corporate Consolidated(1)
Cash flow from operating activities	$	298,290		$	52,252		$	350,542
Changes in non-cash working capital		60,661			(1,464	)		59,197
Settlement of provisions		2,244			55			2,299
ADJUSTED FUNDS FLOW		361,195			50,843			412,038
Capital expenditures		(243,170	)		(66,581	)		(309,751	)
FREE CASH FLOW	$	118,025		$	(15,738	)	$	102,287

(1)	Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

	Three months ended September 30, 2025
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy(1)			Corporate Consolidated(1)
Cash flow from operating activities	$	151,690		$	5,724		$	157,414
Changes in non-cash working capital		(30,673	)		2,337			(28,336	)
Settlement of provisions		114			5			119
ADJUSTED FUNDS FLOW		121,131			8,066			129,197
Capital expenditures		(64,965	)		(31,225	)		(96,190	)
FREE CASH FLOW	$	56,166		$	(23,159	)	$	33,007

(1)	Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

	Nine months ended September 30, 2025
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy(1)			Corporate Consolidated(1)
Cash flow from operating activities	$	366,259		$	15,940		$	382,199
Changes in non-cash working capital		(2,521	)		5,932			3,411
Settlement of provisions		843			10			853
ADJUSTED FUNDS FLOW		364,581			21,882			386,463
Capital expenditures		(171,451	)		(61,138	)		(232,589	)
FREE CASH FLOW	$	193,130		$	(39,256	)	$	153,874

(1)	Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2026			2025			2026			2025
Petroleum and natural gas sales	$	31,848		$	15,840		$	103,032		$	46,985
Royalties		(4,022	)		(1,271	)		(11,382	)		(5,824	)
Operating expenses		(5,032	)		(4,280	)		(15,708	)		(12,936	)
Transportation and marketing		(1,096	)		(1,085	)		(3,265	)		(2,843	)
DUVERNAY ENERGY OPERATING INCOME	$	21,698		$	9,204		$	72,677		$	25,382

Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2026			2025			2026			2025
Heavy oil (blended bitumen) and midstream sales	$	455,514		$	329,542		$	1,179,120		$	1,047,077
Cost of diluent		(158,528	)		(122,011	)		(452,514	)		(421,208	)
Total bitumen and midstream sales		296,986			207,531			726,606			625,869
Royalties		(37,825	)		(10,592	)		(88,129	)		(35,987	)
Operating expenses – non-energy		(26,901	)		(23,884	)		(75,545	)		(75,581	)
Operating expenses – energy		(13,052	)		(9,153	)		(38,734	)		(36,281	)
Transportation and marketing(1)		(23,625	)		(21,271	)		(66,982	)		(64,270	)
ATHABASCA (THERMAL OIL) OPERATING INCOME	$	195,583		$	142,631		$	457,216		$	413,750

(1)	Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2026 (three and nine months ended September 30, 2025 – $0.6 million and $1.7 million).

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2026			2025			2026			2025
Petroleum, natural gas and midstream sales(1)	$	487,362		$	345,382		$	1,282,152		$	1,094,062
Royalties		(41,847	)		(11,863	)		(99,511	)		(41,811	)
Cost of diluent(1)		(158,528	)		(122,011	)		(452,514	)		(421,208	)
Operating expenses		(44,985	)		(37,317	)		(129,987	)		(124,798	)
Transportation and marketing(2)		(24,721	)		(22,356	)		(70,247	)		(67,113	)
Operating Income		217,281			151,835			529,893			439,132
Realized loss on commodity risk mgmt. contracts		(44,654	)		(7,185	)		(57,397	)		(8,434	)
OPERATING INCOME NET OF REALIZED HEDGING	$	172,627		$	144,650		$	472,496		$	430,698

(1)	Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
(2)	Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2026 (three and nine months ended September 30, 2025 – $0.6 million and $1.7 million).

Debt Adjusted Funds Flow

Debt Adjusted Funds Flow is a financial measure contained in this News Release that does not have a standardized meaning prescribed by IFRS and is considered to be a non-GAAP financial measure. It is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Debt Adjusted Funds Flow measure allows management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities excluding interest costs related to debt instruments. This non-GAAP financial measure may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS.

Net Cash

Net Cash is a supplementary financial measure and is defined as current assets less current liabilities less the face value of long-term debt, excluding risk management contracts.

Liquidity

Liquidity is a supplementary financial measure and is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

		Three months ended September 30,						Nine months ended September 30,
Production		2026			2025			2026			2025
Duvernay Energy:
Oil and condensate NGLs(1)	bbl/d		3,016			2,053			3,338			1,834
Other NGLs	bbl/d		303			196			362			268
Natural gas(2)	mcf/d		5,787			4,563			5,460			4,578
Total Duvernay Energy	boe/d		4,283			3,009			4,610			2,865
Total Thermal Oil bitumen	bbl/d		34,319			36,590			32,368			35,942
Total Company production	boe/d		38,602			39,599			36,978			38,807

(1)	Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
(2)	Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.

Liquids is defined as bitumen, tight oil, light crude oil, medium crude oil and natural gas liquids.

Enterprise Value to Debt Adjusted Cash Flow is a valuation metric calculated by dividing Enterprise Value (Market Capitalization plus Net Debt) divided by Cash Flow before interest costs.

^{Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measure (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Debt Adjusted Funds Flow, Net Cash) and production disclosures.
Notes: 1. Metrics based on $5.7 billion enterprise value to Athabasca management’s 2026 exit production and Debt Adjusted Funds Flow forecast. 2026 strip commodity prices (Sept. 28): US$85 WTI, US$15.50 Western Canadian Select heavy differential, C$1.80 AECO, 0.72 C$/US$ FX. 2. After-Tax Net Asset Value per Share calculated as at December 31, 2025 as evaluated by Athabasca’s independent reserves evaluator McDaniel as Proved plus Probable after-tax NPV10, adjusted for Net Cash as at June 30, 2026, and the Duvernay Energy minority interest divided by common shares.} 

Live Webcast at 8:30 a.m. ET on Thursday, October 29, 2026

PHILADELPHIA, Oct. 28, 2026 (GLOBE NEWSWIRE) — Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, will host a conference call and live audio webcast on Thursday, October 29, 2026 at 8:30 a.m. ET to highlight positive results for one-time lifileucel TIL therapy from the IOV-LUN-202 Phase 2 registrational cohorts in previously treated nonsquamous mNSCLC and an update on precision-based medicine opportunities for the TIL platform in mNSCLC.

To listen to the live or archived audio webcast, please register at https://edge.media-server.com/mmc/p/qtiiq5pi. The live and archived webcast can be accessed in the Investors section of the Company’s website, IR.Iovance.com. The archived webcast will be available for one year.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. is the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) cell therapies for patients with solid tumors. Amtagvi^® (lifileucel) is the first FDA-approved, one-time treatment for previously treated advanced melanoma, now approved in three global markets and available at nearly 100 authorized treatment centers (ATCs). The Iovance TIL platform spans registrational trials and next-generation programs in additional solid tumors, including gene-edited and IL-12 tethered TIL therapies, next-generation IL-2, and precision immuno-oncology approaches. As the first and only company to take TIL therapy from concept to a broadly accessible commercial treatment, Iovance operates as an end-to-end cell therapy company, anchored by fully owned, centralized U.S.-based manufacturing that is scaled to serve thousands of cancer patients worldwide each year. Headquartered in Pennsylvania with offices and laboratories in California and Florida, Iovance serves patients at ATCs and clinical sites across almost the entire U.S. and in many countries around the world. For more information, please visit www.iovance.com.

Amtagvi^® and its accompanying design marks, Proleukin^®, Iovance^®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Information on Iovance’s broad, industry-leading patent portfolio is available on the Intellectual Property page on www.iovance.com.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “achievable,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CONTACTS

Investors
IR@iovance.com
650-260-7120 ext. 150

Media
PR@iovance.com
650-260-7120 ext. 150

SFL Corporation Ltd. (“SFL” or the “Company”) (NYSE: SFL) plans to release its preliminary financial results for the third quarter of 2026 on Wednesday, November 04, 2026.

SFL plans to host a conference call and webcast for all stakeholders and interested parties on Wednesday, November 04, 2026, at 11:00 AM (EST) / 4:00 PM (CET). Relevant material will on the same day be available from the Investor Relations section of the Company’s website at www.sflcorp.com.

In order to listen to the conference call and presentation, you may do one of the following: 

A: Join Conference Call Webcast in Listen Only Mode:
Visit the Investor Relations section of the Company’s website at www.sflcorp.com and click on the link to “Webcast”, or access directly via the webcast link below. The webcast with slideshow will be played live from this platform:

SFL Corporation Ltd. Q3 2026 Webcast

B: Join Conference Call and Participate in Live Q&A through Zoom:
Join through the Zoom link below to ask a question:

SFL Q3 2026 Q&A

Meeting ID: 929 4993 1646
Passcode: 083323

A replay of the conference call will be available via the webcast on SFL’s website.

SFL Corporation Ltd.
Hamilton, Bermuda

Investor and Analyst Contacts:
Espen Nilsen Gjøsund, Vice President – Investor Relations, +47 47 50 05 00
André Reppen, Chief Treasurer & Senior Vice President, +47 23 11 40 55
Aksel Olesen, Chief Financial Officer, +47 23 11 40 36

Media Contact:
Ole B. Hjertaker, Chief Executive Officer, SFL Management AS
+47 23 11 40 11

About SFL

SFL has a unique track record in the maritime industry and has paid dividends every quarter since its initial listing on the New York Stock Exchange in 2004. The Company’s fleet of vessels is comprised of tanker vessels, bulkers, container vessels, car carriers and offshore drilling rigs. SFL’s long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company’s website: www.sflcorp.com.

Cautionary Statement Regarding Forward Looking Statements

This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although SFL believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, SFL cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions in the seaborne transportation industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values, changes in demand in the markets in which the Company operates, including shifts in consumer demand from oil towards other energy sources or changes to trade patterns for refined oil products, changes in market demand in countries which import commodities and finished goods and changes in the amount and location of the production of those commodities and finished goods, technological innovation in the sectors in which we operate and quality and efficiency requirements from customers, increased inspection procedures and more restrictive import and export controls, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, performance of the Company’s charterers and other counterparties with whom the Company deals, the impact of any restructuring of the counterparties with whom the Company deals, and timely delivery of vessels under construction within the contracted price, governmental laws and regulations, including environmental regulations, that add to our costs or the costs of our customers, potential liability from pending or future litigation, potential disruption of shipping routes due to accidents, political instability, terrorist attacks, piracy or international hostilities, the length and severity of the ongoing coronavirus outbreak and governmental responses thereto and the impact on the demand for commercial seaborne transportation and the condition of the financial markets, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. SFL disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

EM&T commercially produces N42SH, one of the two magnet grades specified by the Army for small drone motors

EM&T’s leadership includes President Andrew Knaggs, former Deputy Assistant Secretary of Defense; Gen. Tom Bussiere (ret.), former Commander of Air Force Global Strike Command; and the Hon. Chris Miller, former Acting U.S. Secretary of Defense, providing the Company with extensive defense procurement and supply chain experience

Miami, FL, Oct. 28, 2026 (GLOBE NEWSWIRE) — Evolution Metals & Technologies Corp. (“EM&T” or the “Company”) (Nasdaq: EMAT), a U.S.-based critical materials and advanced manufacturing company, today announced that it has submitted a capability statement in response to the U.S. Army’s Sources Sought notice for rare earth magnets used in the brushless DC motors of small uncrewed aircraft systems.

The U.S. Army Contracting Command (ACC) issued the Sources Sought notice, a Request for Information (RFI), “as part of its market research to identify companies with the interest and capability to manufacture and supply commercial-grade rare earth magnets.” The RFI lists neodymium-iron-boron arc-segment magnets in grade N52SH or N42SH. EM&T can produce eight sintered neodymium-iron-boron magnet grades: N35SH, N42SH, N46SH, N48SH, N42H, N45H, N48M and N50M. EM&T commercially produces N42SH at its facility in Pohang, Republic of Korea, where the grade has completed customer qualification, and plans to expand annual magnet capacity there from approximately 1,000 metric tons to approximately 10,000 metric tons following the installation and commissioning of the 57 containers of ULVAC production equipment.

In its response, EM&T proposed a staged path to qualify magnets to the Army’s specifications and an auditable mine-to-magnet traceability record for each production lot, in line with DFARS 252.225-7052 sourcing requirements that expand on January 1, 2027.

“Drones have become one of the most important tools on the modern battlefield, and every one of their motors depends on high-performance rare earth magnets that today come overwhelmingly from China,” said Andrew Knaggs, President of EM&T. “We already make N42SH commercially, we know how to qualify grades for demanding customers, and we are scaling to approximately 10,000 metric tons in Pohang. We are prepared to work with the Army on qualification and to establish a secure, traceable domestic supply chain for drone magnets. We are certified and going into commercial production of seven additional grades representing 52% of the total sintered market globally by revenue.”

“Air power, from strategic bombers to small drones, runs on components most people never see, and rare earth magnets are one of the most critical,” said retired Gen. Tom Bussiere, a member of EM&T’s Board of Directors and former Commander of Air Force Global Strike Command. “A force that cannot secure its magnet supply cannot be sure of its readiness. EM&T is building the allied, traceable production capacity our warfighters need.”

“Our reliance on China for rare earth magnets is a national security vulnerability, and it will not be solved by policy alone. It takes manufacturers with real plants, real equipment and real customers,” said the Hon. Chris Miller, a member of EM&T’s Board of Directors and former Acting U.S. Secretary of Defense. “EM&T is producing magnets today with a close U.S. ally and is significantly expanding our production scale outside of China. That is exactly the industrial base the United States needs to rebuild.”

About Evolution Metals & Technologies Corp.
Evolution Metals & Technologies Corp. (Nasdaq: EMAT) is a U.S.-based critical materials and advanced manufacturing company for rare earth permanent magnets, battery materials, and related critical minerals and technologies. By leveraging proven commercial-scale operations, advanced processing technologies, and strategic partnerships, EM&T operates what it believes is one of the only vertically integrated critical materials supply chain spanning end-of-life electronics and batteries, high-grade concentrates, and the manufacture of finished rare earth magnets (including high-performance rare earth magnets) and battery materials. For additional information, please visit investors.evolution-metals.com and follow the Company on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company’s response to the U.S. Army Sources Sought notice and any future solicitation, qualification, contract or order that may result; the Company’s ability to qualify and supply magnets meeting the Army’s specifications, including grade, geometry, coating and source-origin requirements; the installation, commissioning and operation of ULVAC equipment at the Company’s Pohang facility; the planned expansion of annual rare earth magnet production capacity to approximately 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets; the January 1, 2027 effective date and scope of DFARS 252.225-7052; and the Company’s strategy, business plans and growth opportunities. These forward-looking statements, together with terms such as anticipate, believe, expect, intend, may, plan, should, will and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Such risks include, among others, that the Army may not issue a solicitation or award a contract to the Company; the outcome of any Government-specific qualification, first-article testing or source-origin review; delays in equipment installation or commissioning; the availability and cost of feedstock; customer qualification and demand; the availability of financing and working capital; changes in U.S. or Korean trade, tariff, industrial or defense procurement policy, including the DFARS 252.225-7052 effective date, scope or waiver practices; competition; and the other risks described in EM&T’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date made. EM&T undertakes no obligation to update any forward-looking statement except as required by law. Additional information concerning factors that may affect EM&T’s expectations and projections is contained in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 20, 2026, its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, filed with the SEC on August 17, 2026, including the disclosures under “Risk Factors” therein, and other documents filed or to be filed with the SEC by EM&T. SEC filings are available at www.sec.gov.

Contacts

Arx Investor Relations
North American Equities Desk
EMAT@arxhq.com

PR, Marketing & Global Partnerships
Phoenix MGMT & Consulting
PR@PhoenixMGMTConsulting.com
888-228-0122

Business Highlights

• Third quarter of 2026 sales increased 24% Q/Q and increased 131% Y/Y
  • SSD controller sales: 3Q of 2026 increased 20% to 25% Q/Q and increased 55% to 60% Y/Y
  • eMMC+UFS controller sales: 3Q of 2026 decreased 10% to 15% Q/Q and increased 35% to 40% Y/Y
  • Ferri & Boot Drive solutions sales: 3Q of 2026 increased 75% to 80% Q/Q and increased 2,580% to 2,585% Y/Y 

Financial Highlights

	3Q 2026 GAAP	3Q 2026 Non-GAAP*
•  Net sales	$560.2 million (+24% Q/Q, +131% Y/Y)	$560.2 million (+24% Q/Q, +131% Y/Y)
•  Gross margin	53.6%	53.7%
•  Operating margin	29.0%	32.1%
•  Earnings per diluted ADS	$1.91	$4.35

* Please see reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

TAIPEI, Taiwan and MILPITAS, Calif., Oct. 29, 2026 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company,” “we” or similar terms) today announced its financial results for the quarter ended September 30, 2026.  For the third quarter of 2026, net sales (GAAP) increased sequentially to $560.2 million from $451.0 million in the second quarter of 2026. Net income (GAAP) decreased sequentially to $65.3 million, or $1.91 per diluted American depositary share (“ADS”) (GAAP), from net income (GAAP) of $136.1 million, or $3.99 per diluted ADS (GAAP), in the second quarter of 2026.

For the third quarter of 2026, net income (non-GAAP) increased sequentially to $149.2 million, or $4.35 per diluted ADS (non-GAAP), from net income (non-GAAP) of $83.1 million, or $2.43 per diluted ADS (non-GAAP), in the second quarter of 2026.

All financial numbers are in U.S. dollars unless otherwise noted.

Third Quarter of 2026 Review
“Silicon Motion is rapidly evolving from a consumer-focused NAND flash controller supplier into a diversified leader in controllers and storage solutions, serving markets from AI infrastructure to the edge,” said Wallace Kou, President and CEO of Silicon Motion. “In the third quarter, revenue, gross margin and operating margin all grew meaningfully. This was driven by our Ferri product family for automotive and edge AI and enterprise boot drive solutions, and by our SSD controller businesses, including edge and enterprise SSD controllers, with our new MonTitan enterprise and AI controllers beginning to scale. Building on the strong results we have delivered this year, we expect continued momentum in the fourth quarter as we broaden our product portfolio and expand into new markets, providing a foundation for sustainable, long-term growth in revenue and profitability.”

Key Financial Results

(in millions, except percentages and per ADS amounts)	GAAP			Non-GAAP
	3Q 2026	2Q 2026	3Q 2025	3Q 2026	2Q 2026	3Q 2025
Revenue	$560.2	$451.0	$242.0	$560.2	$451.0	$242.0
Gross profit	$300.4	$226.2	$117.7	$300.7	$226.3	$117.8
Percent of revenue	53.6%	50.2%	48.6%	53.7%	50.2%	48.7%
Operating expenses	$137.9	$125.1	$88.5	$120.7	$122.1	$79.5
Operating income	$162.6	$101.1	$29.2	$180.0	$104.2	$38.3
Percent of revenue	29.0%	22.4%	12.1%	32.1%	23.1%	15.8%
Earnings per diluted ADS	$1.91	$3.99	$1.16	$4.35	$2.43	$1.00

Other Financial Information

(in millions)	3Q 2026	2Q 2026	3Q 2025
Cash, cash equivalents and restricted cash—end of period	$953.6	$181.8	$272.4
Routine capital expenditures	$20.1	$5.8	$9.9
Dividend payments	$16.9	$16.9	$16.7
Proceeds from (Repayment of) bank loans	($59.2)	$59.2	–
Proceeds from convertible notes	$1,125.9	–	–

During the third quarter of 2026, we had $23.0 million of capital expenditures, including $20.1 million for the routine purchases of testing equipment, software, design tools and other items, and $2.9 million for building construction.

Returning Value to Shareholders
On October 27, 2025, our Board of Directors declared a $2.00 per ADS annual cash dividend to be paid in quarterly installments of $0.50 per ADS. On August 20, 2026, we paid $16.9 million to Silicon Motion shareholders as the fourth installment of the annual cash dividend. On October 16, 2026, our Board of Directors declared a $2.30 per ADS annual dividend, representing an annual increase of 15%, to be paid in quarterly installments of $0.575 per ADS. The first installment of our annual dividend will be paid on November 19, 2026 to all Silicon Motion shareholders of record as of the close of business on November 5, 2026.

Business Outlook
“The NAND industry is undergoing significant change. Growing demand for enterprise and AI storage is absorbing a larger share of industry supply and pushing NAND flash prices higher. In response, NAND manufacturers are increasingly prioritizing high-capacity enterprise SSDs and pulling back from certain consumer-oriented segments, including PCs, mobile devices, IoT, automotive and enterprise boot drives. We believe this shift creates a meaningful opportunity for our products in these segments. Our proprietary controller technology and nearly two decades of NAND ecosystem relationships, together with our investments in eMMC and UFS solutions, 6nm PCIe Gen 5 edge SSD controllers, 4nm PCIe Gen 6 MonTitan enterprise and AI SSD controllers, and our Ferri and boot drive product families, position us to address demand across AI data center, AI server, edge AI and physical AI applications.”

“While rising memory costs have created pricing pressure in some consumer device segments, our enterprise and Ferri customers have generally prioritized supply assurance over price. As our revenue mix continues to shift toward enterprise and AI applications, our backlog and customer forecasts support our expectation of continued growth. Based on results to date and current visibility, we believe we are on track to deliver record annual revenue in 2026, representing more than 100% growth over the prior year, with our enterprise and AI product families still in the early stages of revenue contribution,” said Mr. Kou.

For the fourth quarter of 2026, management expects:

($ in millions, except percentages)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$588 to $616 +5% to 10% Q/Q +111% to 121% Y/Y	—	$588 to $616 +5% to 10% Q/Q +111% to 121% Y/Y
Gross margin	53.8% to 54.8%	Approximately $1.0*	54.0% to 55.0%
Operating margin	29.9% to 31.4%	Approximately $34.6 to $35.6**	36.0% to 37.0%

* Projected gross margin (non-GAAP) excludes $1.0 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $34.6 million to $35.6 million of stock-based compensation and dispute-related expenses.

Convertible Notes Offering
On August 13, 2026, the Company completed the issuance of $1,150,000,000 aggregate principal amount of 0.00% Convertible Senior Notes due 2031 (the “Convertible Notes”), including the exercise in full of the initial purchasers’ option to purchase an additional $150,000,000 aggregate principal amount. The Convertible Notes are senior, unsecured obligations of the Company, do not bear regular interest, and will mature on August 15, 2031, unless earlier repurchased, redeemed, or converted. The Company will settle conversions by paying the principal amount in cash, with any conversion value in excess of the principal amount settled in cash, ADSs, or a combination thereof, at the Company’s election. The Company may redeem the Convertible Notes on or after August 20, 2029 if the last reported sale price of the ADSs equals or exceeds 130% of the conversion price for a specified period. The Convertible Notes were issued in a private offering to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company intends to use the net proceeds for general corporate purposes and the repayment of outstanding borrowings under our credit agreement with CTBC Bank Co., Ltd. The Convertible Notes are reflected as a long-term liability of approximately $1.1 billion on the Company’s consolidated balance sheet as of September 30, 2026.

Conference Call & Webcast:
The Company’s management team will host a conference call at 8:00 a.m. Eastern Time on October 29, 2026. 

Conference Call Details
Participants must register in advance to join the conference call using the link provided below. Conference access details, including dial-in information and a unique access PIN, will be provided in the confirmation email received upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI5a2f2137ff5446e59f001272500c5465

A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results calculated in accordance with GAAP, the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly titled non-GAAP measures used by other companies.  We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures.  The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure.  We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company.  We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors.  Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation.  Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results.  We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

• the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
• the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
• a better understanding of how management plans and measures the Company’s underlying business; and
• an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Dispute related expenses consist of legal, consulting, and other fees and resolution costs related to the dispute.

Foreign exchange loss (gain) consists of remeasurement gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items, which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited)
		For Three Months Ended									For Nine Months Ended
		Sep. 30,			Jun. 30,			Sep. 30,			Sep. 30,			Sep. 30,
		2025			2026			2026			2025			2026
		($)			($)			($)			($)			($)
Net sales		241,999			451,001			560,216			607,166			1,353,323
Cost of sales		124,311			224,784			259,797			316,424			665,426
Gross profit		117,688			226,217			300,419			290,742			687,897
Operating expenses
Research & development		69,461			104,654			115,812			182,634			306,706
Sales & marketing		9,492			13,064			13,235			23,701			39,588
General & administrative		9,503			7,385			8,821			23,081			25,734
Operating income		29,232			101,114			162,551			61,326			315,869
Non-operating income (expense)
Interest income, net		2,160			1,390			2,919			7,796			5,926
Foreign exchange gain (loss), net		574			(381)			(63)			(2,355)			(428)
Realized/Unrealized gain (loss) on investments, net		13,002			74,727			(77,972)			15,246			18,514
Others, net		–			–			–			1			–
Subtotal		15,736			75,736			(75,116)			20,688			24,012
Income before income tax		44,968			176,850			87,435			82,014			339,881
Income tax expense		5,856			40,738			22,127			7,128			71,661
Net income		39,112			136,112			65,308			74,886			268,220
Earnings per basic ADS		1.17			4.01			1.93			2.23			7.93
Earnings per diluted ADS		1.16			3.99			1.91			2.23			7.88
Margin Analysis:
Gross margin		48.6%			50.2%			53.6%			47.9%			50.8%
Operating margin		12.1%			22.4%			29.0%			10.1%			23.3%
Net margin		16.2%			30.2%			11.7%			12.3%			19.8%
Additional Data:
Weighted avg. ADS equivalents		33,560			33,908			33,908			33,584			33,831
Diluted ADS equivalents		33,592			34,097			34,135			33,651			34,049

Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per ADS data, unaudited)
	For Three Months Ended									For Nine Months Ended
	Sep. 30,			Jun. 30,			Sep. 30,			Sep. 30,			Sep. 30,
	2025			2026			2026			2025			2026
	($)			($)			($)			($)			($)
Gross profit (GAAP)	117,688			226,217			300,419			290,742			687,897
Gross margin (GAAP)	48.6%			50.2%			53.6%			47.9%			50.8%
Stock-based compensation (A)	86			74			267			160			475
Gross profit (non-GAAP)	117,774			226,291			300,686			290,902			688,372
Gross margin (non-GAAP)	48.7%			50.2%			53.7%			47.9%			50.9%
Operating expenses (GAAP)	88,456			125,103			137,868			229,416			372,028
Stock-based compensation (A)	(5,435)			(3,344)			(17,080)			(10,346)			(28,664)
Dispute related expenses	(3,556)			320			(82)			(6,675)			(1,366)
Operating expenses (non-GAAP)	79,465			122,079			120,706			212,395			341,998
Operating profit (GAAP)	29,232			101,114			162,551			61,326			315,869
Operating margin (GAAP)	12.1%			22.4%			29.0%			10.1%			23.3%
Total adjustments to operating profit	9,077			3,098			17,429			17,181			30,505
Operating profit (non-GAAP)	38,309			104,212			179,980			78,507			346,374
Operating margin (non-GAAP)	15.8%			23.1%			32.1%			12.9%			25.6%
Non-operating income (expense) (GAAP)	15,736			75,736			(75,116)			20,688			24,012
Foreign exchange loss (gain), net	(574)			381			63			2,355			428
Realized/Unrealized gain (loss) on investments, net	(13,002)			(74,727)			77,972			(15,246)			(18,514)
Non-operating income (expense) (non-GAAP)	2,160			1,390			2,919			7,797			5,926
Net income (GAAP)	39,112			136,112			65,308			74,886			268,220
Total pre-tax impact of non-GAAP adjustments	(4,499)			(71,248)			95,464			4,290			12,419
Income tax impact of non-GAAP adjustments	(789)			18,281			(11,614)			(2,070)			5,513
Net income (non-GAAP)	33,824			83,145			149,158			77,106			286,152
Earnings per diluted ADS (GAAP)	$1.16			$3.99			$1.91			$2.23			$7.88
Earnings per diluted ADS (non-GAAP)	$1.00			$2.43			$4.35			$2.29			$8.36
Shares used in computing earnings per diluted ADS (GAAP)	33,592			34,097			34,135			33,651			34,049
Non-GAAP adjustments	110			154			191			59			189
Shares used in computing earnings per diluted ADS (non-GAAP)	33,702			34,251			34,326			33,710			34,238
(A) Excludes stock-based compensation as follows:
Cost of sales	86			74			267			160			475
Research & development	3,820			1,630			12,317			6,877			18,735
Sales & marketing	677			863			1,808			1,618			4,678
General & administrative	938			851			2,955			1,851			5,251

Silicon Motion Technology Corporation Consolidated Balance Sheets (In thousands, unaudited)
		Sep. 30,			Jun. 30,			Sep. 30,
		2025			2026			2026
		($)			($)			($)
Cash and cash equivalents		198,581			74,367			845,926
Accounts receivable, net		201,576			323,638			443,470
Inventories		337,967			673,042			870,916
Restricted assets – current		70,227			103,918			103,918
Prepaid expenses and other current assets		57,043			41,526			169,399
Total current assets		865,393			1,216,491			2,433,629
Long-term investments		32,705			127,403			49,490
Property and equipment, net		211,080			232,805			236,321
Other assets		27,846			28,532			34,904
Total assets		1,137,025			1,605,231			2,754,344
Accounts payable		74,981			103,338			63,455
Loans		–			59,183			–
Income tax payable		19,231			37,969			71,123
Accrued expenses and other current liabilities		157,504			281,716			293,675
Total current liabilities		251,716			482,206			428,253
Convertible notes		–			–			1,126,514
Other long-term liabilities		51,506			76,177			68,820
Total liabilities		303,222			558,383			1,623,587
Shareholders’ equity		833,803			1,046,848			1,130,757
Total liabilities & shareholders’ equity		1,137,025			1,605,231			2,754,344

Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)
	For Three Months Ended									For Nine Months Ended
	Sep. 30,			Jun. 30,			Sep. 30,			Sep. 30,			Sep. 30,
	2025			2026			2026			2025			2026
	($)			($)			($)			($)			($)
Net income	39,112			136,112			65,308			74,886			268,220
Depreciation & amortization	8,039			9,273			9,578			22,709			27,806
Stock-based compensation	5,521			3,418			17,348			10,506			29,140
Amortization of convertible notes issuance cost	–			–			597			–			597
Investment loss (gain) & disposals	(12,886)			(74,684)			78,026			(15,142)			(18,391)
Changes in operating assets and liabilities	(12,905)			(137,899)			(426,967)			(33,080)			(658,486)
Net cash provided by (used in) operating activities	26,881			(63,780)			(256,110)			59,879			(351,114)
Purchase of property & equipment	(20,113)			(7,733)			(22,957)			(47,325)			(48,911)
Purchase of long-term investments	–			–			(4,000)			–			(4,000)
Proceeds from long-term investments	–			–			4,965			–			4,965
Proceeds from disposal properties	–			–			–			–			87
Others	73			–			–			86			–
Net cash provided by (used in) investing activities	(20,040)			(7,733)			(21,992)			(47,239)			(47,859)
Proceeds from convertible notes	–			–			1,125,917			–			1,125,917
Dividend payments	(16,749)			(16,922)			(16,922)			(50,451)			(50,762)
Share repurchases	–			–			–			(24,312)			–
Proceeds from (Repayment of) bank loans	–			59,183			(59,183)			–			–
Net cash provided by (used in) financing activities	(16,749)			42,261			1,049,812			(74,763)			1,075,155
Net increase (decrease) in cash, cash equivalents & restricted cash	(9,908)			(29,252)			771,710			(62,123)			676,182
Effect of foreign exchange changes	17			170			76			178			325
Cash, cash equivalents & restricted cash—beginning of period	282,279			210,884			181,802			334,333			277,081
Cash, cash equivalents & restricted cash—end of period	272,388			181,802			953,588			272,388			953,588

About Silicon Motion:
We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data centers and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

Forward-Looking Statements:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customers’ businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customers’ business taking into account the ongoing U.S.-China tariffs and trade disputes; other factors beyond our control such as natural disasters, terrorism, civil unrest, war, including conflicts in the Middle East, threats to the Strait of Hormuz and global energy supply routes, and the ongoing Russia-Ukraine War, and pandemics, epidemics and other health emergencies; the continuing tensions between Taiwan and China, including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our Board of Directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; the risk that the anticipated benefits from our PCIe Gen 5 controller products, including higher average selling prices, may not be maintained or may be less than expected; the risk that our anticipated market share gains across our product lines and penetration of enterprise end markets may not materialize as expected or on the anticipated timeline; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2026. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

Silicon Motion Investor Contacts:
Tom Sepenzis	Selina Hsieh
Vice President of Investor Relations & Strategy	Investor Relations
tsepenzis@siliconmotion.com	ir@siliconmotion.com