Market Newsdesk

May 6, 2026 11:33 pm

Cactus Announces First Quarter 2026 Results

Cactus Announces First Quarter 2026 Results

HOUSTON–(BUSINESS WIRE)–
Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the first quarter of 2026.

First Quarter Highlights

On January 1, 2026, Cactus closed on its previously announced acquisition of a majority interest in Baker Hughes’ Surface Pressure Control business (“Cactus International”);
Revenue of $388.3 million and operating income of $49.5 million;
Net income of $40.2 million and diluted loss per Class A share of $0.70;
Adjusted net income⁽¹⁾ of $56.2 million and diluted earnings per share, as adjusted⁽¹⁾ of $0.70;
Net income margin of 10.4% and adjusted net income margin⁽¹⁾ of 14.5%;
Adjusted EBITDA⁽²⁾ and Adjusted EBITDA margin⁽²⁾ of $100.1 million and 25.8%, respectively;
Cash flow from operations of $128.3 million; and
Cash and cash equivalents of $291.6 million, including $97.8 million of cash retained to finalize certain legal restructuring activities related to the Cactus International acquisition, with no bank debt outstanding as of March 31, 2026.

Financial Summary

	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
	(in thousands)
Revenues	$	388,349		$	261,203		$	280,319
Operating income⁽³⁾	$	49,504		$	59,850		$	68,612
Operating income margin		12.7	%		22.9	%		24.5	%
Net income	$	40,221		$	48,302		$	54,105
Net income margin		10.4	%		18.5	%		19.3	%
Adjusted net income⁽¹⁾	$	56,172		$	52,134		$	58,816
Adjusted net income margin⁽¹⁾		14.5	%		20.0	%		21.0	%
Adjusted EBITDA⁽²⁾	$	100,050		$	85,493		$	93,841
Adjusted EBITDA margin⁽²⁾		25.8	%		32.7	%		33.5	%

(1)	Adjusted net income, Adjusted net income margin and diluted earnings per share, as adjusted are non-GAAP financial measures. These figures assume Cactus, Inc. held all units in its operating subsidiary at the beginning of the period. Additional information regarding non-GAAP financial measures, including the definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures are in the Supplemental Information tables.
(2)	Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See the definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables.
(3)	Operating income reflects certain expenses related to the Cactus International and FlexSteel acquisitions, including expenses related to purchase price fair value adjustments of inventory, fixed assets, backlog and other intangible amortization expenses related to purchase price accounting. See the reconciliation of GAAP to non-GAAP financial measures in the Supplemental Information tables for further details.

Scott Bender, CEO and Chairman of the Board of Cactus, commented, “We achieved solid results in the first quarter of 2026 driven by disciplined execution. I am particularly pleased with the strong performance of the Spoolable Technologies segment in the quarter, as both revenues and margins exceeded expectations following a strong close to the quarter both domestically and abroad. Pressure Control results, which now include Cactus International, were in line with expectations despite the initial impacts of the conflict in the Middle East.

“We anticipate that the U.S. land rig count will be flat to up in the second quarter, as our customer base maintains capital discipline despite dramatically higher commodity prices. However, the sentiment among even our larger customers has recently turned more bullish. We expect second quarter Pressure Control revenues to be approximately flat as the Middle East conflict and associated logistics disruptions impacts our business, but is offset by domestic strength. Activity in our Spoolable Technologies segment should increase in the second quarter, as recent U.S. customer inquiries point toward continued momentum in the business, particularly for our higher diameter offerings.”

Mr. Bender concluded, “The global oil and gas market outlook has changed drastically in the past two months. Higher commodity prices have increased customer optimism in most of our markets. Despite numerous supply chain challenges, our team is working to meet our customers’ needs. I would like to specially thank our new Cactus International associates for prioritizing safety while continuing to execute for our customers during this extraordinarily challenging time. Although the near-term activity outlook in the Middle East remains highly uncertain, I am confident in the positioning of our global business to participate in the upstream investment that will be required to restore market supply once the conflict abates.”

Segment Performance

We report two business segments, Pressure Control and Spoolable Technologies. Corporate and other expenses not directly attributable to either segment are presented separately as Corporate and Other expenses. Beginning this quarter, results of the Cactus International business are included in the Pressure Control segment.

Pressure Control

First quarter 2026 Pressure Control revenue increased $121.7 million, or 68.2%, sequentially, primarily due to the contribution of Cactus International. Operating income decreased $10.1 million, or 20.7%, sequentially, with margins decreasing 1,440 basis points, as increased operating income from Cactus International was more than offset by purchase price accounting-related adjustments. Adjustments included the amortization of the step-up of inventory and the amortization of the write-up of intangible values, which together totaled $19.0 million in the quarter. Adjusted Segment EBITDA increased $12.7 million, or 21.4%, sequentially, with Adjusted Segment EBITDA margins decreasing 930 basis points on the contribution of Cactus International at lower margins.

Spoolable Technologies

First quarter 2026 Spoolable Technologies revenues increased $5.7 million, or 6.8%, sequentially, due to higher domestic and international activity levels. Operating income increased $2.6 million, or 12.6%, sequentially, on higher volume, while margins increased 130 basis points. Adjusted Segment EBITDA was higher by $1.8 million, or 5.9%, sequentially, with Adjusted Segment EBITDA margins decreasing 30 basis points, as improved operating leverage was offset by higher input costs.

Corporate and Other Expenses

First quarter 2026 Corporate and Other expenses increased $2.9 million sequentially, primarily due to higher transaction and integration expenses. First quarter Corporate and Other expenses contained $5.8 million of transaction-related expenses resulting from the acquisition of Cactus International, $2.5 million higher than the fourth quarter.

Liquidity, Capital Expenditures and Other

As of March 31, 2026, the Company had $291.6 million of cash and cash equivalents, including $97.8 million of cash held for certain restructuring activities related to the Cactus International acquisition, no bank debt outstanding, and $223.7 million of availability on our revolving credit facility. Operating cash flow was $128.3 million for the first quarter of 2026. During the first quarter, the Company made dividend payments and associated distributions of $11.7 million.

Net cash used in investing activities represented $310.0 million for the first quarter, primarily attributable to the Cactus International acquisition. Net capital expenditures were $9.0 million during the first quarter of 2026. For the full year 2026, the Company still expects net capital expenditures to be in the range of $40 to $50 million.

Remaining Performance Obligations, or backlog, closed the quarter at $537.5 million. Backlog is primarily related to operations in our Cactus International business.

As of March 31, 2026, Cactus had 69,415,532 shares of Class A common stock outstanding (representing 86.6% of the total voting power) and 10,758,435 shares of Class B common stock outstanding (representing 13.4% of the total voting power).

Quarterly Dividend

The Board of Directors has approved a quarterly cash dividend of $0.14 per share of Class A common stock with payment to occur on June 18, 2026 to holders of record of Class A common stock at the close of business on June 1, 2026. A corresponding distribution of up to $0.14 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results tomorrow, Thursday May 7, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call.

An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.

About Cactus, Inc.

Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers and manufacturing facilities globally with an emphasis in North America and the Middle East.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,” “should,” “estimate,” “continue,” “potential,” “outlook,” “will,” “hope,” “opportunity,” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

Cactus, Inc.
Condensed Consolidated Statements of Income
(unaudited)

	Three Months Ended March 31,
		2026			2025
	(in thousands, except per share data)
Revenues
Pressure Control	$	300,172		$	190,277
Spoolable Technologies		89,900			92,578
Corporate and other⁽¹⁾		(1,723	)		(2,536	)
Total revenues		388,349			280,319

Operating income
Pressure Control		38,605			54,333
Spoolable Technologies		23,567			23,876
Total segment operating income		62,172			78,209
Corporate and other expenses		(12,668	)		(9,597	)
Total operating income		49,504			68,612

Interest income, net		220			2,325
Income before income taxes		49,724			70,937
Income tax expense		9,503			16,832
Net income	$	40,221		$	54,105
Less: net income attributable to non-controlling interest		7,315			9,882
Net income attributable to Cactus Inc.	$	32,906		$	44,223

Net income attributable to Cactus Inc.	$	32,906		$	44,223
Less: Accretion of redeemable non-controlling interest to redemption value		81,507			—
Net (loss) income attributable to Cactus Inc. including accretion of redeemable non-controlling interest to redemption value	$	(48,601	)	$	44,223

(Loss) earnings per Class A share – basic	$	(0.70	)	$	0.65
(Loss) earnings per Class A share – diluted⁽²⁾	$	(0.70	)	$	0.64

Weighted average shares outstanding – basic		69,026			68,194
Weighted average shares outstanding – diluted⁽²⁾		69,026			68,664

(1)	Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.
(2)	Dilution for the three months ended March 31, 2026 and 2025 excludes 10.9 million and 11.4 million shares, respectively, of Class B common stock as the effect would be antidilutive.

Cactus, Inc.
Condensed Consolidated Balance Sheets
(unaudited)


	March 31,		December 31,
	2026		2025
	(in thousands)
Assets
Current assets
Cash and cash equivalents	$	291,609	$	123,571
Restricted cash		—		371,011
Accounts receivable, net		459,954		164,493
Inventories		404,210		276,613
Prepaid expenses and other current assets		19,630		19,231
Total current assets		1,175,403		954,919

Property and equipment, net		394,976		342,592
Operating lease right-of-use assets, net		34,434		19,491
Intangible assets, net		364,278		148,004
Goodwill		248,334		203,028
Deferred tax asset, net		204,550		187,545
Investment in unconsolidated affiliates		5,946		5,923
Other noncurrent assets		30,160		10,115
Total assets	$	2,458,081	$	1,871,617

Liabilities, Mezzanine Equity, and Stockholders’ Equity
Current liabilities
Accounts payable	$	315,781	$	71,541
Accrued expenses and other current liabilities		64,753		51,388
Contract liabilities		33,593		7,707
Current portion of liability related to tax receivable agreement		21,314		21,314
Finance lease obligations, current portion		7,669		7,476
Operating lease liabilities, current portion		7,977		4,815
Total current liabilities		451,087		164,241

Deferred tax liability, net		38,710		2,786
Liability related to tax receivable agreement, net of current portion		243,500		241,609
Finance lease obligations, net of current portion		9,661		9,672
Operating lease liabilities, net of current portion		29,927		15,786
Other noncurrent liabilities		38,935		4,475
Total liabilities		811,820		438,569

Mezzanine equity
Redeemable non-controlling interest		240,608		—

Total stockholders’ equity		1,405,653		1,433,048
Total liabilities, mezzanine equity, and stockholders’ equity	$	2,458,081	$	1,871,617

Cactus, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

	Three Months Ended March 31,
		2026			2025
	(in thousands)
Cash flows from operating activities
Net income	$	40,221		$	54,105
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization		36,761			15,678
Deferred financing cost amortization		639			280
Stock-based compensation		7,039			6,064
Provision for expected credit losses		1,060			133
Inventory obsolescence		2,397			(296	)
Gain on disposal of assets		(65	)		(79	)
Deferred income taxes		479			7,623
Changes in operating assets and liabilities:
Accounts receivable		(63,179	)		(28,087	)
Inventories		(3,224	)		(3,112	)
Prepaid expenses and other assets		(1,136	)		2,080
Accounts payable		100,406			(7,923	)
Accrued expenses and other liabilities		5,190			(4,921	)
Contract liabilities		1,683			—
Net cash provided by operating activities		128,271			41,545

Cash flows from investing activities
Acquisition of a business, net of cash and cash equivalents acquired		(301,011	)		—
Investment in unconsolidated affiliate		—			(6,000	)
Capital expenditures and other		(9,724	)		(10,230	)
Proceeds from sales of assets		746			779
Net cash used in investing activities		(309,989	)		(15,451	)

Cash flows from financing activities
Payments on finance leases		(1,914	)		(1,988	)
Dividends paid to Class A common stock shareholders		(10,214	)		(9,216	)
Distributions to members		(1,502	)		(5,089	)
Repurchases of shares		(7,899	)		(5,498	)
Net cash used in financing activities		(21,529	)		(21,791	)
Effect of exchange rate changes on cash and cash equivalents		274			515
Net increase in cash and cash equivalents		(202,973	)		4,818

Cash, cash equivalents and restricted cash
Beginning of period		494,582			342,843
End of period	$	291,609		$	347,661

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin

(unaudited)

Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements. Cactus defines adjusted net income as net income subject to the adjustments described in the table below. Among other things, those adjustments exclude income attributable to non-controlling interests in the Company’s businesses, with the exception of income attributable to the non-controlling interests in the Company’s principal operating subsidiary, Cactus Companies LLC. For these interests, Adjusted net income assumes Cactus, Inc. held all units in its principal operating subsidiary throughout the entire period, with net income reduced by the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period.

	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
	(in thousands, except per share data)
Net income	$	40,221		$	48,302		$	54,105
Adjustments:
Severance expenses⁽¹⁾		934			164			—
Loss from revaluation of liability related to tax receivable agreement and other⁽²⁾		—			1,015			—
Transaction related expenses⁽³⁾		5,811			3,299			3,487
Intangible amortization expense⁽⁴⁾		12,526			3,997			3,997
Inventory step-up expense⁽⁵⁾		10,449			—			—
Non-controlling interest adjustment⁽⁶⁾		(7,429	)		—			—
Income tax expense differential⁽⁷⁾		(6,340	)		(4,643	)		(2,773	)
Adjusted net income	$	56,172		$	52,134		$	58,816

Diluted earnings per share, as adjusted	$	0.70		$	0.65		$	0.73

Weighted average shares outstanding, as adjusted⁽⁸⁾		80,581			80,501			80,097

Revenue	$	388,349		$	261,203		$	280,319
Net income margin		10.4	%		18.5	%		19.3	%
Adjusted net income margin		14.5	%		20.0	%		21.0	%

(1)	Represents non-routine charges related to severance benefits.
(2)	Represents non-cash adjustments for the revaluation of the Tax Receivable Agreement (“TRA”) liability and the tax indemnity receivable asset related to the FlexSteel acquisition.
(3)	Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives.
(4)	Reflects amortization expense associated with the step-up in intangible value due to purchase price accounting.
(5)	Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(6)	Represents earnings attributable to non-controlling partners in both the Cactus International joint venture and Cactus International’s business in Saudi Arabia.
(7)	Represents the increase or decrease in tax expense as though Cactus, Inc. owned 100% of its operating subsidiary at the beginning of the period, calculated as the difference in tax expense recorded during each period and what would have been recorded, adjusted for pre-tax items listed above, based on a corporate effective tax rate of 22% on income before income taxes for the three months ended March 31, 2026, and 25.0% for the three months ended December 31, 2025 and March 31, 2025.
(8)	Reflects 69.7, 69.5, and 68.2 million weighted average shares of basic Class A common stock outstanding and 10.9, 11.0 and 11.4 million additional shares for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, as if the weighted average shares of Class B common stock were exchanged and cancelled for Class A common stock at the beginning of the period, plus the effect of dilutive securities.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin

(unaudited)

EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below.

Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
	(in thousands)
Net income	$	40,221		$	48,302		$	54,105
Interest income, net		(220	)		(3,142	)		(2,325	)
Income tax expense		9,503			13,675			16,832
Depreciation and amortization		26,313			16,162			15,678
EBITDA		75,817			74,997			84,290
Loss from revaluation of liability related to tax receivable agreement and other⁽¹⁾		—			1,015			—
Severance expenses⁽²⁾		934			164			—
Transaction related expenses⁽³⁾		5,811			3,299			3,487
Inventory step-up expense⁽⁴⁾		10,449			—			—
Stock-based compensation		7,039			6,018			6,064
Adjusted EBITDA	$	100,050		$	85,493		$	93,841

Revenue	$	388,349		$	261,203		$	280,319
Net income margin		10.4	%		18.5	%		19.3	%
Adjusted EBITDA margin		25.8	%		32.7	%		33.5	%

(1)	Represents non-cash adjustments for the revaluation of the TRA liability and the tax indemnity receivable asset related to the FlexSteel acquisition.
(2)	Represents non-routine charges related to severance benefits.
(3)	Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives.
(4)	Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.

Cactus, Inc. – Supplemental Information

Reconciliation of GAAP to non-GAAP Financial Measures

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin

(unaudited)

Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment.

Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company’s segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company’s computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company’s business.

	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
	(in thousands)
Pressure Control
Revenue	$	300,172		$	178,428		$	190,277

Operating income		38,605			48,672			54,333
Depreciation and amortization expense		17,441			7,201			7,035
Severance expenses⁽¹⁾		908			67			—
Inventory step-up expense⁽²⁾		10,449			—			—
Stock-based compensation		4,433			3,211			3,382
Adjusted Segment EBITDA	$	71,836		$	59,151		$	64,750
Operating income margin		12.9	%		27.3	%		28.6	%
Adjusted Segment EBITDA margin		23.9	%		33.2	%		34.0	%

Spoolable Technologies
Revenue	$	89,900		$	84,202		$	92,578

Operating income		23,567			20,925			23,876
Depreciation and amortization expense		8,872			8,961			8,643
Severance expenses⁽¹⁾		26			97			—
Stock-based compensation		437			1,094			1,009
Adjusted Segment EBITDA	$	32,902		$	31,077		$	33,528
Operating income margin		26.2	%		24.9	%		25.8	%
Adjusted Segment EBITDA margin		36.6	%		36.9	%		36.2	%

Corporate and Other
Revenue⁽³⁾	$	(1,723	)	$	(1,427	)	$	(2,536	)

Corporate and other expenses		(12,668	)		(9,747	)		(9,597	)
Stock-based compensation		2,169			1,713			1,673
Transaction related expenses⁽⁴⁾		5,811			3,299			3,487
Adjusted Corporate EBITDA	$	(4,688	)	$	(4,735	)	$	(4,437	)

Total revenue	$	388,349		$	261,203		$	280,319
Total operating income	$	49,504		$	59,850		$	68,612
Total operating income margin		12.7	%		22.9	%		24.5	%
Total Adjusted EBITDA	$	100,050		$	85,493		$	93,841
Total Adjusted EBITDA margin		25.8	%		32.7	%		33.5	%

(1)	Represents non-routine charges related to severance benefits.
(2)	Represents amortization of the Cactus International inventory step-up adjustment due to purchase price accounting.
(3)	Represents the elimination of inter-segment revenue for sales from our Pressure Control segment to our Spoolable Technologies segment.
(4)	Reflects transaction fees and expenses recorded in connection with the acquisition of Cactus International and other growth initiatives.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506624128/en/

Cactus, Inc.

Alan Boyd, 713-904-4669

Treasurer, Director of Corporate Development and Investor Relations

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Energy Other Energy Oil/Gas

MEDIA:

May 6, 2026 11:16 pm

Viridian Therapeutics Announces Pricing of Upsized Concurrent Public Offerings of 1.75% Convertible Senior Notes Due 2032 and Common Stock with Aggregate Gross Proceeds of $350.0 Million

Viridian Therapeutics Announces Pricing of Upsized Concurrent Public Offerings of 1.75% Convertible Senior Notes Due 2032 and Common Stock with Aggregate Gross Proceeds of $350.0 Million

WALTHAM, Mass.–(BUSINESS WIRE)–
Viridian Therapeutics, Inc. (Nasdaq: VRDN), a biotechnology company focused on discovering, developing and commercializing potential best-in-class medicines for autoimmune and rare diseases, today announced the pricing of its upsized underwritten public offering of $225.0 million aggregate principal amount of its 1.75% convertible senior notes due 2032 (the “Convertible Notes” and such offering, the “Convertible Notes Offering”) and its upsized underwritten public offering of 7,352,942 shares of its common stock at a public offering price of $17.00 per share (such offering, the “Equity Offering”).

Viridian estimates that the aggregate net proceeds from the Convertible Notes Offering and the Equity Offering will be approximately $334.7 million, after deducting underwriting discounts and commissions and Viridian’s estimated offering expenses. In addition, Viridian has granted the underwriters of the Convertible Notes Offering a 30-day option to purchase up to an additional $25.0 million aggregate principal amount of Convertible Notes offered in the Convertible Notes Offering, solely to cover over-allotments and on the same terms and conditions. Viridian also granted the underwriters of the Equity Offering a 30-day option to purchase up to an additional 1,102,941 shares of its common stock, on the same terms and conditions.

The Convertible Notes Offering and the Equity Offering are expected to close on May 11, 2026, subject in each case to the satisfaction of customary closing conditions. Neither the closing of the Convertible Notes Offering nor the closing of the Equity Offering is contingent upon the closing of the other offering.

The Convertible Notes will be general, unsecured, senior obligations of Viridian and interest will be payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026, at a rate equal to 1.75% per year. The Convertible Notes will mature on May 15, 2032, unless earlier converted, redeemed or repurchased by Viridian.

Before February 15, 2032, noteholders may convert their Convertible Notes at their option only in certain circumstances. From, and including, February 15, 2032 until the close of business on the scheduled trading day immediately before the maturity date, noteholders may convert their Convertible Notes at any time at their option. Viridian will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Viridian’s election. The initial conversion rate is 40.5680 shares of Viridian’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $24.65 per share of its common stock and represents a conversion premium of approximately 45.0% above the public offering price per share of its common stock in the Equity Offering. If a “make-whole fundamental change” (as defined in the indenture that will govern the Convertible Notes) occurs, then Viridian will in certain circumstances increase the conversion rate for a specified period of time.

The Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), at Viridian’s option at any time, and from time to time, on a redemption date on or after May 20, 2030 and on or before the 26th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of its common stock exceeds 130% of the conversion price for the Convertible Notes on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date Viridian sends the related redemption notice; and (2) the trading day immediately before the date Viridian sends such notice.

If a “fundamental change” (as defined in the indenture that will govern the Convertible Notes) occurs, then, subject to a limited exception, noteholders may require Viridian to repurchase their Convertible Notes at a cash repurchase price equal to the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

Viridian intends to use the net proceeds from the Convertible Notes Offering and the Equity Offering to repay all outstanding indebtedness under the Loan and Security Agreement with Hercules Capital, Inc., to fund market expansion studies for its thyroid eye disease (“TED”) franchise, and to advance the research and development of its earlier pipeline, as well as for working capital and other general corporate purposes.

Jefferies, Leerink Partners, and Goldman Sachs & Co. LLC are acting as joint book-running managers and LifeSci Capital is acting as lead manager for the Convertible Notes Offering. Jefferies, Leerink Partners, and Goldman Sachs & Co. LLC are acting as joint book-running managers and LifeSci Capital and Wedbush PacGrow are acting as lead managers for the Equity Offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on September 5, 2025. A final prospectus supplement and accompanying base prospectus relating to and describing the terms of each of the Convertible Notes Offering and Equity Offering will be filed with the SEC. The securities described above have not been qualified under any state blue sky laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offering will only be made by means of a prospectus, copies of which may be obtained at the SEC’s website at www.sec.gov, or by request to Jefferies LLC (Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022; telephone: 877-821-7388; email: [email protected]); Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at [email protected]; or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282 (Tel: 866-471-2526) or by e-mail at [email protected].

About Viridian Therapeutics, Inc.

Viridian is a biotechnology company focused on discovering, developing, and commercializing potential best-in-class medicines for patients with autoimmune and rare diseases. Viridian’s expertise in antibody discovery and protein engineering enables the development of differentiated therapeutic candidates for validated drug targets and disease-driving mechanisms in autoimmune and rare diseases.

Viridian is advancing multiple late-stage, anti-insulin-like growth factor-1 receptor (“IGF-1R”) candidates in the clinic for the treatment of patients with TED. The company conducted a pivotal program for veligrotug, including two global phase 3 clinical trials, THRIVE and THRIVE-2, to evaluate its efficacy and safety in patients with active and chronic TED. THRIVE and THRIVE-2 reported positive topline data, meeting their primary endpoints and all secondary endpoints. Viridian is also advancing elegrobart as the potential first subcutaneous autoinjector for the treatment of TED. Viridian is conducting an ongoing pivotal program for elegrobart, including two ongoing global phase 3 pivotal clinical trials, REVEAL-1 and REVEAL-2, to evaluate the efficacy and safety of elegrobart in patients with active and chronic TED. REVEAL-1 and REVEAL-2 reported positive topline data, meeting their primary endpoints and multiple secondary endpoints.

In addition to its IGF-1R inhibitor portfolio, Viridian is developing an anti–thyroid-stimulating hormone receptor (“TSHR”) program designed as a potential therapy for TED and Graves’ disease.

Viridian is also advancing a novel portfolio of neonatal Fc receptor (“FcRn”) inhibitors, including VRDN-006 and VRDN-008, which have the potential to be developed in multiple autoimmune diseases.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as, but not limited to, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or other similar terms or expressions that concern the company’s expectations, plans and intentions. Forward-looking statements include, without limitation, statements regarding the timing and completion of the offerings on the anticipated terms, or at all; statements regarding the expected net proceeds of the offerings and the anticipated use of proceeds from the offerings; the company’s plans regarding commercial launch activities related to veligrotug and elegrobart and research and development activities; the company’s belief that its product candidates may be best-in-class; and the potential for the company’s novel portfolio of FcRn inhibitors to be developed in multiple autoimmune diseases. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on the company’s current beliefs, expectations and assumptions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to: market conditions that may affect the timing, terms or conditions of the underwritten public offerings; the company’s successful completion of the underwritten public offerings; the satisfaction of customary closing conditions related to the underwritten public offerings; and other risks and uncertainties identified in the company’s filings with the SEC, including those risks set forth under the caption “Risk Factors” in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 5, 2026, and other subsequent disclosure documents filed with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither the company, nor its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date hereof.

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May 6, 2026 11:03 pm

Cytokinetics Announces Pricing of Upsized Public Offering of Common Stock

SOUTH SAN FRANCISCO, Calif., May 06, 2026 (GLOBE NEWSWIRE) — Cytokinetics, Incorporated (Nasdaq: CYTK) today announced the pricing of an underwritten public offering of 9,859,155 shares of its common stock at a price to the public of $71.00 per share, before underwriting discounts and commissions. The gross proceeds to Cytokinetics from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Cytokinetics, are expected to be approximately $700 million. The offering is expected to close on May 8, 2026, subject to customary closing conditions. Additionally, Cytokinetics has granted the underwriters a 30-day option to purchase up to an additional 1,478,873 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock in the offering will be sold by Cytokinetics.

Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan and Jefferies are acting as joint book-running managers for the offering. Mizuho is acting as lead co-manager for the offering and Citizens Capital Markets, Needham & Company, B. Riley Securities and H.C. Wainwright & Co. are acting as co-managers for the offering.

The securities described above are being offered by Cytokinetics pursuant to a shelf registration statement (including a base prospectus) filed on February 27, 2025 with the Securities and Exchange Commission (SEC), which has become automatically effective. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed, with the SEC and can be accessed for free on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2^nd Floor, New York, New York 10014, by telephone at 866-718-1649 or by email at [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526 or by email at [email protected]; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [email protected] and [email protected]; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About
Cytokinetics

Cytokinetics is a specialty cardiovascular biopharmaceutical company, building on its over 25 years of pioneering scientific innovations in muscle biology, and advancing a pipeline of potential new medicines for patients suffering from diseases of cardiac muscle dysfunction. Cytokinetics’ MYQORZO^® (aficamten) is a cardiac myosin inhibitor approved in the U.S., Europe and China for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). Cytokinetics is also developing omecamtiv mecarbil, an investigational cardiac myosin activator for the potential treatment of patients with heart failure with severely reduced ejection fraction and ulacamten, an investigational cardiac myosin inhibitor for the potential treatment of heart failure with preserved ejection fraction, while continuing pre-clinical research and development in muscle biology.

Forward-Looking
Statements

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the Act). Cytokinetics disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Cytokinetics’ expectations regarding the completion of the offering. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to, risks and uncertainties related to market and other conditions, and the satisfaction of customary closing conditions related to the public offering. There can be no assurance that Cytokinetics will be able to complete the public offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements. Additional risks and uncertainties relating to the public offering, Cytokinetics and its business can be found under the heading “Risk Factors” in Cytokinetics’ Annual Report on Form 10-K for the year ended December 31, 2025, which was filed on February 26, 2026, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which was filed on May 5, 2026, and other filings with the SEC, and in the preliminary prospectus supplement related to the public offering, filed with the SEC on May 5, 2026. Any forward-looking statements that Cytokinetics makes in this press release speak only as of the date of this press release. Cytokinetics assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

Contact:
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Affairs
(415) 290-7757

May 6, 2026 10:58 pm

MGE Energy, Inc. Prices Public Offering of 3,300,331 Shares of Common Stock

MGE Energy, Inc. Prices Public Offering of 3,300,331 Shares of Common Stock

MADISON, Wis.–(BUSINESS WIRE)–
MGE Energy, Inc. (Nasdaq: MGEE) (MGE Energy) announced today that it has priced its previously announced underwritten public offering of 3,300,331 shares of its common stock at a public offering price of $75.75 per share. Of the 3,300,331shares of common stock being offered, MGE Energy agreed to issue and sell directly 990,099shares to the underwriters in the offering, and the forward sellers (as defined below) agreed to borrow from third parties and sell to such underwriters 2,310,232 shares of common stock in connection with the forward sale agreements described below. In conjunction with the offering, MGE Energy has granted to the underwriters a 30-day option to purchase up to 495,049 additional shares of its common stock. If such option is exercised, MGE Energy may, in its sole discretion, enter into additional forward sale agreements with the forward purchasers with respect to such additional shares or issue and sell such shares directly to the underwriters.

Morgan Stanley, Guggenheim Securities, BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering. Closing of the offering is expected to occur on or about May 8, 2026, subject to customary closing conditions.

In connection with the offering, MGE Energy entered into separate forward sale agreements with each of Morgan Stanley, BofA Securities and J.P. Morgan or their respective affiliates, referred to in such capacity as the forward purchasers, pursuant to which MGE Energy agreed to sell to the forward purchasers the same number of shares of common stock as are borrowed from third parties and sold by the forward purchasers or their affiliates (in such capacities, the “forward sellers”) to the underwriters. Under the forward sale agreements, the forward purchasers agreed, upon physical settlement, to purchase shares from MGE Energy at an initial forward sale price per share equal to $72.9094, subject to certain adjustments that are made to that price over the term of each forward sale agreement. Settlement of the forward sale agreements is expected to occur no later than approximately 20 months after the date of the prospectus supplement for the offering. MGE Energy may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.

MGE Energy intends to use the net proceeds from the sale of shares of common stock in the offering for general corporate purposes, which may include repayment of short-term debt; repurchases, retirements and refinancing of other securities; funding capital expenditures; and investments in subsidiaries. MGE Energy will not initially receive any proceeds from the sale of the common stock sold by the forward sellers to the underwriters. MGE Energy intends to use any net proceeds that it receives upon settlement of the forward sale agreements as described above.

A shelf registration statement on Form S-3, including a prospectus, related to the shares, has been filed by MGE Energy with the U.S. Securities and Exchange Commission (“SEC”) and has become effective automatically upon filing. The offering will be made only by means of a preliminary prospectus supplement and the accompanying prospectus which has been filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying prospectus, and the final prospectus supplement, when available, may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Guggenheim Securities, LLC, Attention: Equity Syndicate, 330 Madison Avenue, New York, New York 10017 (email: [email protected]); BofA Securities, Inc., Attn: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 (email: [email protected]); or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at [email protected] or by visiting the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 170,000 customers in Dane County, Wis., and purchases and distributes natural gas to 180,000 customers in seven south-central and western Wisconsin counties. MGE’s roots in the Madison area date back more than 150 years.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the offering such as the consummation of the offering on the terms described, the anticipated closing date, the anticipated use of the proceeds and the satisfaction of customary closing conditions. Such forward-looking statements are based on MGE Energy’s current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.

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Steve B. Schultz

Media Relations

608-252-7219 | [email protected]

Ken Frassetto

Investor Relations

608-252-4723 | [email protected]

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INDUSTRY KEYWORDS: Energy Other Energy Utilities Oil/Gas

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Posted on May 6, 2026 10:31 pm
Travere Prices Upsized $475.0 Million Convertible Senior Notes Offering to Refinance 2029 Convertible Notes

Travere Prices Upsized $475.0 Million Convertible Senior Notes Offering to Refinance 2029 Convertible Notes

SAN DIEGO–(BUSINESS WIRE)–
Travere Therapeutics, Inc. (Nasdaq: TVTX) today announced the pricing of its underwritten offering of $475.0 million aggregate principal amount of 0.50% convertible senior notes due 2032 (the “Notes”). The sale of the Notes is expected to close on May 11, 2026, subject to customary closing conditions. The aggregate principal amount of the offering was increased from the previously announced offering size of $400.0 million. Travere also granted the underwriters of the Notes a 30-day option to purchase up to an additional $50.0 million aggregate principal amount of Notes, solely to cover over-allotments. As described in more detail below, Travere intends to use a portion of the net proceeds from the offering to repurchase a portion of its currently outstanding convertible notes.

The Notes will be senior unsecured obligations of Travere and will accrue interest payable in cash semi-annually in arrears at a rate of 0.50% per annum. The Notes will mature on May 15, 2032, unless earlier repurchased, redeemed or converted. Prior to the close of business on the business day immediately preceding February 17, 2032, the Notes will be convertible at the option of the holders only upon the satisfaction of certain conditions. Thereafter, the Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, Travere will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The initial conversion rate will be 15.4078 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $64.90 per share), subject to adjustment upon the occurrence of specified events. If a “make-whole fundamental change” (as defined in the indenture for the Notes) occurs, then Travere will in certain circumstances increase the conversion rate for a specified period of time.

Travere estimates that the net proceeds from the offering will be approximately $460.0 million (or approximately $508.5 million if the underwriters fully exercise their over-allotment option), after deducting the underwriters’ discounts and commissions and estimated offering expenses payable by Travere.

Travere intends to use approximately $350.9 million of the net proceeds from the offering to repurchase approximately $221.4 million aggregate principal amount of its outstanding 2.25% senior convertible notes due 2029 (the “2029 Notes”) for cash, including accrued and unpaid interest, pursuant to the concurrent note repurchase transactions described below. Travere intends to use the remaining net proceeds from the offering for general corporate purposes, which may include commercialization expenses, clinical trial and other research and development expenses, capital expenditures, working capital and general and administrative expenses.

Travere may not redeem the Notes at its option at any time before May 21, 2029. The Notes will be redeemable, in whole or in part (subject to the partial redemption limitation in the indenture for the Notes), at Travere’s option at any time, and from time to time, on a redemption date on or after May 21, 2029 and, in the case of any partial redemption, on or before the 30^th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of Travere’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date Travere sends the related redemption notice; and (2) the trading day immediately before the date Travere sends such notice. In addition, calling any Note for redemption will constitute a make-whole fundamental change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.

If a “fundamental change” (as defined in the indenture for the Notes) occurs, then, subject to certain exceptions, noteholders may require Travere to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

Concurrently with the pricing of the notes in the offering, Travere entered into separate and individually negotiated transactions with certain holders of the 2029 Notes to repurchase for cash approximately $221.4 million in aggregate principal amount of the 2029 Notes on terms negotiated with each holder (each, a “concurrent note repurchase transaction”). This press release is not an offer to repurchase the 2029 Notes, and the offering of the Notes is not contingent upon the repurchase of any of the 2029 Notes.

In connection with any repurchase of the 2029 Notes, Travere expects that holders of the 2029 Notes who agree to have their 2029 Notes repurchased and who have hedged their equity price risk with respect to such 2029 Notes (the “hedged holders”) will, concurrently with the pricing of the Notes, unwind their hedge positions by buying Travere’s common stock and/or entering into or unwinding various derivative transactions with respect to Travere’s common stock. The amount of Travere’s common stock to be purchased by the hedged holders may be substantial in relation to the historical average daily trading volume of Travere’s common stock. This activity by the hedged holders may increase the effective conversion price of the Notes. Travere cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or Travere’s common stock.

J.P. Morgan, Jefferies, and Leerink Partners are acting as joint book-running managers for the offering. Guggenheim Securities is acting as lead manager for the offering.

The offering of the Notes has been registered under the Securities Act of 1933, as amended. For additional information relating to the offering, Travere refers you to its Registration Statement on Form S-3, which Travere filed with the Securities and Exchange Commission (the “SEC”) on August 1, 2024 and which became immediately effective on the same date. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement (and, when available, the final prospectus supplement) and the accompanying prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at [email protected] and [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at [email protected]; or Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any shares issuable upon conversion of the Notes, nor shall there be any sale of the Notes or such shares, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering of these securities will be made only by means of the prospectus supplement and the accompanying prospectus.

About Travere Therapeutics

At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow.

Forward-Looking Statements

In addition to historical facts, this press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Without limiting the foregoing, these statements are often identified by the words “may”, “might”, “believes”, “thinks”, “anticipates”, “plans”, “expects”, “intends” or similar expressions. Such forward-looking statements include, among others, statements relating to Travere’s expectations regarding the completion of its proposed offering and the concurrent note repurchase transactions, the expected net proceeds from the offering and the use of such proceeds, and Travere’s expectations regarding the actions of the hedged holders. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with market conditions, the satisfaction of closing conditions related to the offering, and risks related to the application of the net proceeds, if any, from the offering, as well as risks and uncertainties associated with Travere’s business and finances in general, and the other risks described in Travere’s annual report on Form 10-K for the year ended December 31, 2025 and most recent quarterly report on Form 10-Q, which are on file with the SEC. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond Travere’s control. Travere undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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Posted on May 6, 2026 10:07 pm
McEwen Generates Strong Q1 Results & Advances Multi-Asset Growth Strategy; Net Income $33.4M ($0.56 per Share) vs. Net Loss $6.3M ($0.12 per Share) in Q1 2025; Internally Funding Key Projects to Double Production by 2030

TORONTO, May 06, 2026 (GLOBE NEWSWIRE) — McEwen Inc. (NYSE/TSX: MUX) (“McEwen” or the “Company”) today announced its first quarter financial results for the period ended March 31, 2026 (Q1), along with an update on its development projects, including an updated Mineral Resource Estimate and strong exploration results across all sites as the Company is advancing its plan to increase production to 250,000 – 300,000 GEOs by 2030.

Based on current gold and silver prices, McEwen believes that if mine operations meet guidance, the Company can self-fund its future production growth with limited share dilution. This will be a key driver behind growing our share price.

Strong Gold Prices Continue to Support Advancement of Key Projects:

Canada

In Canada, McEwen is advancing growth projects to increase production from 16,000 – 19,000 GEOs in 2026 to 105,000 – 120,000 GEOs by 2030. The Company will be developing these projects in a phased approach that is focused on initial capital requirements, IRR and the ability to execute successfully while prioritizing future growth through continued exploration success.

Stock Mine (Fox Complex, Timmins, Ontario) – Development continued on time and within budget during Q1. We invested $9.9 million into Stock during Q1 and $39.4 million since the start of underground development last year. Stock is expected to begin initial production in H2 2026, with commercial production set for 2027. This is expected to result in lower-cost gold production at the Fox Complex compared to current operations, due to a lower royalty burden, shorter haulage distances to the mill, and the benefits of processing softer material. Based on the current Mineral Resource Estimate, McEwen projects a six-year life at Stock, which is expected to increase as underground drilling advances to enhance resources throughout coming years.

Grey Fox (Fox Complex, Timmins, Ontario) – Work is now being finalized on the Pre-Feasibility Study (“PFS”) that will be released in the coming months. The PFS will highlight the Company’s ability to materially extend mine life at the Fox Complex, while using existing infrastructure. McEwen is targeting combined annual production from Grey Fox and Stock of 75,000 – 90,000 GEOs by 2030.

Tartan Mine Project (Flin Flon, Manitoba) – During Q1 the Company delivered a Mineral Resource Estimate with underground Indicated Resources totalling 308,900 gold ounces (2,619,000 tonnes at 3.67 gpt Au) and Inferred Resources totalling 302,700 gold ounces (2,832,900 tonnes at 3.32 gpt Au). The Company is reviewing existing environmental licenses, planning additional metallurgical testing, beginning underground mine designs, and potential equipment purchases as part of its plan to restart production within the existing permits. McEwen expects initial annual production at Tartan to average approximately 30,000 GEOs, with the potential to expand output through future permit modifications. The Company believes doubling the throughput from 500 tonnes per day (tpd) to 1,000 tpd could see production grow to 45,000 – 55,000 GEOs per year.

USA

In Nevada, McEwen is forecasting that production will more than double from 39,000 – 43,000 GEOs in 2026 to 90,000 – 110,000 GEOs by 2030, driven by production from Lookout Mountain, Windfall and Trinity Ridge. All three deposits are located within the Gold Bar Mine Complex and management will look to leverage the current infrastructure at site.

Windfall, Lookout Mountain and Trinity Ridge
(Gold Bar Mine Complex) – Gold Bar’s transformation into a long-life mine with increased production reached another milestone with the publication of the Windfall Mineral Resource Estimate. Windfall shows open-pit Indicated Resources of 227,500 gold ounces (9,402,800 tonnes at 0.75 gpt Au) and Inferred Resources of 127,800 gold ounces (2,596,400 tonnes at 1.53 gpt Au). Currently, 100% of the Mineral Resource Estimate is oxide gold mineralization that could potentially be processed using the same heap leaching methods being used at the Gold Bar Mine.

The global Resources and Reserves for the Gold Bar Mine Complex are the combined Mineral Resources and Reserves for Gold Bar Mine, Lookout Mountain and Windfall, which now total Indicated Resources of 792,000 gold ounces (38,602,800 tonnes @ 0.64 gpt Au) and Inferred Resources of 281,000 gold ounces (11,256,200 tonnes @ 0.78 gpt Au). This is in addition to Probable Reserves of 168,000 gold ounces (8,624,000 tonnes at 0.61 gpt Au).

Trinity Ridge is the next deposit where a Mineral Resource Estimate is set to be published within the Gold Bar Mine Complex and will look at merging the smaller existing Gold Bar Mine open pits into one enlarged pit that will capture a meaningful amount of gold mineralization that has not been included in the current Mineral Resource Estimate. Currently, 60% of the planned drilling at Trinity Ridge has been completed and a Mineral Resource update is expected by early 2027.

McEwen has completed its acquisition of Golden Lake Resources Inc. Golden Lake’s Jewel Ridge and Jewel Ridge West projects adjoin McEwen’s Windfall deposit to the north and have encouraging historical drill results, which highlight the potential to further grow our resources at the Gold Bar Mine Complex and to increase mine life.

Mexico

In Mexico, McEwen is forecasting 20,000 GEOs production per year starting mid-2027.

El Gallo – The Company continues to target Phase 1 production starting mid-2027. Detailed engineering is well advanced, with construction of the mill expected to begin in early Q3. Phase 1 is expected to operate for at least 10 years, producing approximately 20,000 GEOs annually once commercial production is achieved. The Company is exploring opportunities within its land package that would require minimal capital to see the life of Phase 1 extended. Permit approval for Phase 2 (El Gallo Silver) would materially extend the mine life and increase production to approximately 40,000 – 50,000 GEOs (based on 77:1 silver to gold ratio) due to higher grades being processed. The Company is currently updating the Mineral Resource Estimate to include all resources around the proposed mill site, which will be released in Q3.

Argentina

San José Mine – The operation is benefiting from the recently completed process plant expansion and higher mining rates, resulting in increased production and lower costs. At current gold and silver prices, San José is expected to be an important source of capital that the Company will use to expand production at its other sites. Production attributable to McEwen’s 49% interest is targeted at 60,000 – 70,000 GEOs per year (based on a 77:1 silver-to-gold ratio). The Company anticipates receiving $40 – $50M from San José in 2026.

McEwen Copper

McEwen owns a 46.3% equity stake in McEwen Copper and a 1.25% NSR royalty on McEwen Copper’s Los Azules copper project. The royalty is projected to generate pre-tax $520.5 million at recent copper spot price of $5.80/lb and $389.5 million at the feasibility study’s base-case copper price of $4.35/lb over the 22-year mine life. There is potential to extend the life of Los Azules by an additional 33 years.

Los Azules advanced significantly in 2025, completing two foundational milestones: approval of its application under Argentina’s RIGI (Large Investment Incentive Regime), securing 30 years of legal, fiscal, and customs stability; and publication of a Feasibility Study confirming robust project economics, with initial 5-year average production of 205 ktpa of copper cathodes at $1.71/lb C1 cash cost over a 22-year mine life and identified upside potential to extend mine life for an additional 33 years adding an average of 141ktpa Cu per annum.

Following the Feasibility Study, project costs began to be capitalized in late Q3 2025 under U.S. GAAP. The 2026 objective is to advance the project toward a Final Investment Decision targeted for year-end 2026, with construction targeted to commence in early 2027, and production in 2030, subject to project financing and customary approvals.

Highlights of Q1 2026

Abbreviations used are defined in the Glossary at the end of this press release.

Revenue Q1 2026 revenue increased by 107% to $74.0M from the sale of 15,752 GEOs, vs revenue of $35.7M from the sale of 13,036 GEOs in Q1 2025. The average realized gold sale price per GEO was $4,792 in Q1, 71% higher than $2,803 in Q1 2025. Our 49% ownership in the San José mine is excluded from our revenue numbers due to accounting policies under U.S. GAAP.

Profitability Q1 2026 gross profit was $31.5M, compared with $10.1M in Q1 2025. Gross margins were positively impacted by increased production and higher gold prices. Q1 2026 net income was $33.4M or $0.56 per share, compared with a net loss of $6.3M or $0.12 per share in Q1 2025.

Adjusted
EBITDA Q1 2026 adjusted EBITDA increased to $44.8M or $0.76 per share, compared with $8.7M or $0.16 per share in Q1 2025.

Adjusted EBITDA is calculated by adding back our portion of McEwen Copper’s results to our consolidated income or loss before financing costs, depreciation, and income and mining taxes. We use adjusted EBITDA to evaluate our operating performance and ability to generate cash flow from our gold operations in production, including the San José Mine.

Liquidity &
Capital
Resources at March 31, 2026

Cash and equivalents increased to $56.5M, compared with $51.0M at December 31, 2025.

The value of marketable securities decreased to $13.5M, compared with $21.1M at December 31, 2025. The main reason for the decrease is due to McEwen having acquired 100% of Canadian Gold Corp., which had a market value of $5.6M at December 31, 2025.

On December 9, 2025, the Company acquired a 27.3% interest in Paragon Advanced Labs, at a cost basis of $13.7M. As of March 31, 2026, the fair value of the investment was $20.4M.

As of March 31, 2026, McEwen has loaned $13.6M to McEwen Copper.

The most recent financing of McEwen Copper at $30 per share on October 24, 2024 implies a full market value of $987.5M. Based on this valuation, McEwen’s 46.3% ownership of McEwen Copper has an implied market value of $457M or $7.65 per MUX share (based on McEwen’s shares outstanding as of the date of this press release). Since that financing, the project has seen significant development and derisking with the RIGI approval, the completion of the feasibility study, and is now preparing for a Final Investment Decision.

Debt principal outstanding remained unchanged at $130.0M ($110.0M in convertible notes due 2030 and $20.0M under our term loan facility). The reported total debt of $126.4M reflects the debt principal of $130.0M, less debt issuance costs of $3.6M, which are amortized over the life of the debt, in accordance with U.S. GAAP.

McEwen had 59.2M shares outstanding on March 31, 2026, compared with 55.5M shares on December 31, 2025, mainly due to the shares issued in connection with the acquisition of Canadian Gold Corp.

San José Mine Performance

14,582 GEOs were produced in Q1 and were 33% higher than in Q1 2025. Strong production continued from Q4 2025 and was the result of increased plant capacity and mining rates.

Given the strong production in Q1, production costs per GEO sold were $2,365 for cash costs and $2,704 for AISC, a decrease of 8% and 11%, respectively, compared with Q1 2025.

In February, McEwen received an $8.8M dividend from the San José Mine. Gowing forward, San José intends to pay out 90% of the mine’s cash flow to the partners.

At March 31, 2026, the San José Mine held a cash balance of $217.1M versus $151.8M on December 31, 2025, on a 100% basis. At current gold and silver prices, the Company anticipates receiving $40-$50M in dividend payments from San José in 2026.

Gold Bar Performance   7,884 GEOs were produced from the Gold Bar Complex in Q1. Costs were higher than Q1 2025 due to 1) lower mined grades, and 2) increased mining of non-mineralized material. Both factors were anticipated and incorporated into our 2026 planning, and Gold Bar is on track to meet 2026 production and cost guidance.

Costs per GEO sold in Q1 were $2,460 for cash costs and $2,705 for AISC.

Fox Complex Performance 5,784 GEOs were produced in Q1. Costs per GEO sold in Q1 were $2,365 for cash costs and $3,148 for AISC. AISC costs were higher compared to prior quarters due to development work completed on the lower levels of Froome West to create access to new mining areas later in the year. This accounted for $778 of the AISC per ounce during the quarter. These costs are expected to trend down through 2026 as required development is completed.

Exploration & Development $5.5M was invested during Q1 in exploration, compared with $3.7M in Q1 2025. For the full year, the Company is planning to invest $22.2M across its portfolio. Recent exploration highlights are detailed in their respective sections in this news release.

$16.5M was invested by McEwen Copper in the Los Azules copper project in Q1, representing our 46.3% share of costs to advance detailed engineering in preparation of a final investment decision, compared with $18.5M in Q1 2025. As a Mineral Reserve statement with an effective date of September 3, 2025 was published, eligible development costs are now capitalized and will no longer be included in McEwen’s income statement under U.S. GAAP.

Health &
Safety On April 3, a contractor working for McEwen Copper at the Los Azules project in Argentina died during road construction when their bulldozer overturned. A full investigation at Los Azules is underway. A second fatality occurred on April 6, at the Gold Bar Mine, where a contractor passed away due to natural causes.

The Company is deeply saddened by these events and extends sincere condolences to the families, friends and colleagues affected by these losses.

2026 Production
& Unit Costs Outlook Full-year 2026 production guidance remains between 114,000 –126,000 GEOs, including our attributable production from our 49%-owned San José mine and assuming a 77:1 silver-to-gold ratio. Our production guidance does not include early pre-commercial production from the Stock mine.

Cost per ounce guidance range remains unchanged, at $2,100 to $2,300 for cash costs, and $2,400 to $2,600 for AISC.

Mineral Resource & Exploration Update

Gold Bar Mine Complex, Nevada (100% owned)

Update to Mineral Resource Estimate at Gold Bar

The Company is advancing three key areas at its Gold Bar Mine Complex to increase resources, extend mine life and boost annual production: 1) Lookout Mountain, 2) Windfall, and 3) Trinity Ridge, which envisions merging and enlarging several of the current open pits to access gold mineralization outside the current mine plan. McEwen believes that integrating these areas has the potential to transform the Gold Bar Mine Complex into a long-life asset. The Company released a Mineral Resource Estimate for Lookout Mountain with the 2025 year-end financial statements and is now pleased to release a Mineral Resource Estimate for the Windfall deposit located approximately 3 miles (5 km) NE of Lookout Mountain. The Windfall MRE is shown below:

Table 1. Windfall Mineral Resource Estimate
– Open Pit Au Cut-off Grade: 0.005 oz/ton oxide

Classification
Quantity

(‘000 tonnes) Gold Grade

(gpt) Contained Gold

(oz)

Gold Bar Mine Complex: Windfall

Indicated 9,402.8 0.75 227,500

Inferred 2,596.4 1.53 127,800

Notes to Table 1:

Effective date of the Mineral Resource estimate is 11 February 2026. The QP for the estimate is Mr. Michael Baumann SME-RM, CPG, an employee of McEwen Inc.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Resources are potentially amenable to open pit mining methods and demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE) using an optimized resource pit shell above an economic cut-off grade of 0.005 oz/ton gold for oxidized material. Cut-off grades are based on the following costs and parameters: mining costs of U$3.89/ton (mineralized) and U$2.81/ton (waste), heap leach process cost of U$4.93/ton, NSR royalty of 5%, metallurgical recoveries of 78% (oxide), and a gold price of US$3,000/oz.

Figures may not sum due to rounding.

Table 2. Gold Bar Mine Complex Mineral Resource and Reserve Estimates Updated

Reserves Resources

Probable Indicated Inferred

Quantity

(‘000
tonnes) Gold
Grade
(gpt) Contained
Gold

(oz) Quantity

(‘000
tonnes) Gold
Grade
(gpt) Contained
Gold

(oz) Quantity

(‘000
tonnes) Gold
Grade
(gpt) Contained
Gold

(oz)

Gold Bar Mine 8,624 0.61 168,000 9,630 0.52 162,200 1,368 0.43 19,000

Lookout Mountain – – – 19,570 0.64 402,300 7,292 0.57 134,200

Windfall
– – – 9,403 0.75 227,500 2,596 1.53 127,800

Total
8,624 0.61 168,000 38,603 0.64 792,000 11,256 0.78 281,000

Note to Table 2:

Reserves are as of December 31, 2025; Gold Bar and Lookout Resources are as of December 31, 2025; Windfall Resource as of February 11, 2026.

A Mineral Resource Estimate for Trinity Ridge will be completed separately and released early 2027. Notably, Trinity Ridge lies within the current Plan of Operations for mining activities at the Gold Bar Mine Complex and Windfall is located on private land, which should allow for an accelerated permitting process.

Exploration at Gold Bar

Over the past nine months, drilling at the northern end of the Windfall deposit has been returning good gold grades over long widths. The results highlighted below were received after the effective cut-off date for the Windfall Mineral Resource Estimate. It is also important to note that the results from Windfall continue to show oxide mineralization that could potentially be processed using the same heap leaching technology currently used at the Gold Bar Mine, with McEwen looking to utilize the existing mine infrastructure where possible. Our focus is on return on capital and how efficiently these new ounces can be developed and produced.

Windfall (Fig. 1

and

Fig. 2) (RCW = Reverse Circulation Width)

9.8 gpt gold over 24.4 meters (RCW) in drillhole WF181

0.9 gpt gold over 25.9 meters (RCW) in drillhole WF181
(Both intercepts show the zone is open to the northwest)

Fig. 1. Plan View of Recent Windfall Drilling

Fig. 2. Windfall Cross Section High-grade Results in Drillhole

WF181

Trinity Ridge

At Trinity Ridge, located within the current limits of Gold Bar Mine, the Company is at the early stages of evaluating the potential to expand and merge three existing open pits into one larger pit.

Recent drill results continue to support the Company’s development plans for the area, with highlights shown below:

1.2 gpt gold over 18.3 meters (RCW) in drillhole PK 105

1.1 gpt gold over 15.2 meters (RCW) in drillhole PK 107

1.0 gpt gold over 35.1 meters (RCW) in drillhole PK 110

1.9 gpt gold over 41.1 meters (RCW) in drillhole PK 115

1.7 gpt gold over 21.3 meters (RCW) in drillhole RG053

Fox Complex Mine, Ontario (100% owned)

Exploration at Grey Fox

(Fig. 3

,

Fig. 4

and

Fig. 5)

Early in 2026, drilling at Grey Fox focused on the Gibson and Whiskey Jack Zones, where the team at McEwen believes mining can be accelerated due to their location near existing underground infrastructure.

These new drill results support additional resource growth beyond the pending PFS:

6.1 gpt gold over 7.3 meters (TW) in drillhole 25GF-1675
(Infill hole that has demonstrated good continuity with higher grades)

5.3 gpt gold over 7.3 meters (TW) in drillhole 25GF-1611
(Expansion zone hole located 135 meters north of the Gibson Zone)

254.2 gpt gold
over 0.8 meters (TW) in drillhole 25GF-1655
(Located 180 meters from existing Gibson Ramp infrastructure and remains open for expansion)

11.9 gpt gold
over 5.7 meters (TW) in drillhole 26GF-1698
(Expanded the zone by 85 meters vertically or by 30% and remains open for expansion)

Fig. 3. Gibson and Whiskey Jack Plan View Map

Fig. 4. Whiskey
Jack
Cross Section

In 2025, McEwen also completed a 6,500-meter drill program at the Stroud deposit that was acquired in 2024. Stroud is located 1,500-meters southwest of the current Grey Fox Mineral Resource area (Fig. 5). The drill program was designed to confirm the historical drilling in order to update the Mineral Resource Estimate, which is set to be released with the Grey Fox PFS.

Drill highlights are shown below:

12.6 gpt gold
over 5.9 meters TW in drillhole 25GF-1653

5.0 gpt gold
over 13.4 meters TW in drillhole 25GF-1643

4.4 gpt gold
over 11.6 meters TW in drillhole 25GF-1664

Fig. 5. Stroud Location and Plan View Map

Tartan Mine Project, Manitoba (100% Owned)

Exploration at Tartan (Fig. 6)

On March 23, 2026, the Company released a Mineral Resource Estimate for the Tartan Mine Project that will serve as the foundation for a potential restart of the mine. The underground Mineral Resource Estimate outlined 308,900 gold ounces Indicated (2,619,000 tonnes @ 3.67 gpt gold) and 302,700 gold ounces Inferred (2,832,900 tonnes @ 3.32 gpt gold) with the mineralization open for expansion. New drill results that have been received after the effective cut-off date for the Mineral Resource Estimate highlight further growth potential and are shown below (Fig. 6):

Tartan
Potential at Depth (CW = Core Widths)

4.9 gpt gold over 20.0 meters (CW) in drillhole TLMZ26-52
(The fourth deepest hole at Tartan intersected the West Zone (Footwall to the Main Zone) and expanded the mineralization approximately 80 meters to the west)

Expansion Along Western
Flank

9.6 gpt gold over 11.9 meters (CW) in drillhole TLMZ26-52W3

6.4 gpt gold over 13.8 meters (CW) in drillhole TLMZ26-52W1

5.0 gpt gold over 6.4 meters (CW) in drillhole TLMZ26-52

4.8 gpt gold over 7.9 meters (CW) in drillhole TLMZ25-51W4

4.4 gpt gold over 5.0 meters (CW) in drillhole TLMZ26-52W2

3.0 gpt gold over 7.6 meters (CW) in drillhole TLMZ25-51W5
(Expanded the mineralization up to 40 metres west from 500 to 800 meters below surface)

Fig. 6. Long Section of Tartan’s Main Zone – Selected Drill Highlights

For additional information, a table showing all drill results and locations from our exploration programs at Gold Bar, Fox and Tartan is available on the Company’s website and can be accessed by clicking here.

Management Conference Call

Management will discuss our Q1 2026 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.

Thursday,

May 7, 2026

at 11:00 AM EDT
Toll Free North America: (888) 210-3454

Toll Dial-In: (646) 960-0130

International Dial-In: https://events.q4irportal.com/custom/access/2324/

Conference ID Number: 3232920

Webcast Link: https://events.q4inc.com/attendee/512075068/guest

An archived replay of the webcast will be available approximately two hours after the conclusion of the live event. Access the replay on the Company’s media page at https://www.mcewenmining.com/media.

Table 3. Q1 2026 Production and Costs
¹
, Comparatives from Q1 2025 and 2026 Annual Guidance

Q1 Full Year 2026

Guidance

2026 2025

Consolidated Production

GEOs^{(2) (3)} 30,471 24,132 114,000 – 126,000

Gold Bar Mine Complex, Nevada

GEOs 7,884 7,688 39,000 – 43,000

Cash Costs/GEO $2,460 $1,146 $2,250 – $2,450

AISC/GEO $2,705 $2,197 $2,350 – $2,550

Fox Complex, Canada

GEOs 5,784 5,520 16,000 – 19,000

Cash Costs/GEO $2,365 $2,061 $2,200 – $2,400

AISC/GEO $3,148 $2,504 $2,650 –$2,850

San José Mine, Argentina (49%)
⁽⁴⁾

GEOs 14,582 10,924 59,000 – 64,000

Cash Costs/GEO $2,365 $2,575 $2,000 – $2,200

AISC/GEO $2,704 $3,047 $2,300 – $2,500

Notes to Table 3:

Cash gross profit, cash costs per ounce, and all-in sustaining costs (AISC) per ounce,

adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) and adjusted EBITDA per share

are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definitions of these non-GAAP measures, refer to the “Non-GAAP Financial Measures” section in this press release. For reconciliations to the closest U.S. GAAP measures, see the Management Discussion and Analysis for the quarter ended

March 31, 2026

, filed on

EDGAR

and

SEDAR Plus

.

Gold Equivalent Ounces (GEOs)

are calculated using gold-to-silver price ratio of

58

:1 for Q1 2026
and

90:1

for Q1 2025

.

2026 production guidance is calculated based on

77:1

gold to silver price ratio.

El Gallo contributed
2,220
GEOs of production in Q1 2026.

San José Mine figures

represent the portion attributable to McEwen from its

49% interest

in the San José Mine.

Glossary of Terms and Abbreviations

Au

AISC

B

CW
ft
FS
GEO
gpt
H1
H2
m
M – gold
– all-in sustaining costs
– billion
– core width
– foot
– feasibility study
– gold equivalent ounce
– grams per tonne
– first half of the year (Jan 1 – June 30)
– second half of the year (Jul 1 – Dec 31)
– meter
– million oz

PFS

Q1

RCW

Q2

Q3

Q4

t

tpd

tpa

TW – troy ounce
– pre-feasibility study
– first quarter (Jan 1 – Mar 31)
– If not followed by a specific year, it references Q1 2026
– reverse circulation width
– second quarter (Apr 1 – June 30)
– third quarter (Jul 1 – Sep 30)
– fourth quarter (Oct 1 – Dec 31)
– tonne
– tonnes per day
– tonnes per annum
– true width

CAUTIONARY NOTE REGARDING NON-GAAP MEASURES

We have included in this report certain non-GAAP performance measures as detailed below. In the gold mining industry, these are common performance measures but do not have any standardized meaning and are considered non-GAAP measures. We use these measures to evaluate our business on an ongoing basis and believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors use such non-GAAP measures to evaluate our performance and ability to generate cash flow. We also report these measures to provide investors and analysts with useful information about our underlying costs of operations and clarity over our ability to finance operations. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are limitations associated with the use of such non-GAAP measures. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the non-GAAP measures supplementally.

The non-GAAP measures are presented for our wholly owned mines and our interest in the San José mine. The amounts in the reconciliation tables labeled “49% basis” were derived by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting. We do not control the interest in or operations of MSC and the presentations of assets and liabilities and revenues and expenses of MSC do not represent our legal claim to such items. The amount of cash we receive is based upon specific provisions of the Option and Joint Venture Agreement (“OJVA”) and varies depending on factors including the profitability of the operations.

The presentation of these measures, including the minority interest in the San José, has limitations as an analytical tool. Some of these limitations include:

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not represent our legal claim to the assets and liabilities, or the revenues and expenses; and

Other companies in our industry may calculate their cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining costs per ounce, adjusted EBITDA, and average realized price per ounce differently than we do, limiting the usefulness as a comparative measure.

Cash Costs and All-In Sustaining Costs

The terms cash costs, cash cost per ounce, all-in sustaining costs (“AISC”), and all-in sustaining cost per ounce used in this report are non-GAAP financial measures. We report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe these measures provide investors and analysts with useful information about our underlying costs of operations.

Cash costs consist of mining, processing, on-site general and administrative expenses, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, but exclude depreciation and amortization (non-cash items). The sum of these costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.

All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, environmental rehabilitation costs for mines with no reserves, sustaining exploration and development costs, sustaining capital expenditures and sustaining lease payments. Our all-in sustaining costs exclude the allocation of corporate general and administrative costs. The following is additional information regarding our all-in sustaining costs:

Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current annual production at the mine site and include mine development costs and ongoing replacement of mine equipment and other capital facilities. Sustaining capital costs do not include costs of expanding the project that would result in improved productivity of the existing asset, increased existing capacity or extended useful life.

Sustaining exploration and development costs include expenditures incurred to sustain current operations and to replace reserves and/or resources extracted as part of the ongoing production. Exploration activities performed near-mine (brownfield) or new exploration projects (greenfield) are classified as non-sustaining.

The sum of all-in sustaining costs is divided by the corresponding gold equivalent ounces sold to determine a per ounce amount.
Costs excluded from cash costs and all-in sustaining costs, in addition to depreciation and depletion, are income and mining tax expenses, all corporate financing charges, costs related to business combinations, asset acquisitions and asset disposal, and any items that are deducted for the purpose of normalizing items.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure, production costs applicable to sales:

Three months ended March 31, 2026

Gold Bar Fox Complex Total

(in thousands, except per ounce)

Production costs applicable to sales $ 19,379 $ 14,711 $ 34,090

Less: costs of externally sourced material processed — (1,712 ) (1,712 )

Production costs applicable to sales (100% owned) 19,379 12,999 32,378

In‑mine exploration 84 — 84

Capitalized mine development (sustaining) — 4,274 4,274

Capital expenditures on plant and equipment (sustaining) 1,846 — 1,846

Sustaining leases — 34 34

All‑in sustaining costs $ 21,309 $ 17,307 $ 38,616

Ounces sold, including stream (GEO) 7,877 5,669 13,547

Less: ounces from externally sourced material processed (GEO) — (172 ) (172 )

Ounces sold from own production, including stream (GEO) 7,877 5,497 13,375

Cash cost per ounce sold ($/GEO) $ 2,460 $ 2,365 $ 2,421

AISC per ounce sold ($/GEO) $ 2,705 $ 3,148 $ 2,887

Three months ended March 31, 2025

Gold Bar Fox Complex Total

(in thousands, except per ounce)

Production costs applicable to sales (100% owned) $ 9,094 $ 10,511 $ 19,605

In‑mine exploration 67 — 67

Capitalized underground mine development (sustaining) 7,597 2,338 9,935

Capital expenditures on plant and equipment (sustaining) 665 — 665

Sustaining leases 13 (75 ) (62 )

All‑in sustaining costs $ 17,436 $ 12,774 $ 30,210

Ounces sold, including stream (GEO) 7,935 5,101 13,036

Cash cost per ounce sold ($/GEO) $ 1,146 $ 2,061 $ 1,504

AISC per ounce sold ($/GEO) $ 2,197 $ 2,504 $ 2,318

Three months ended March 31,

     2026      2025

San José mine cash costs (100% basis) (in thousands, except per ounce)

Production costs applicable to sales $ 77,871 $ 56,588

Site exploration expenses 4,341 1,397

Capitalized underground mine development (sustaining) 5,751 8,761

Less: Depreciation (218 ) (694 )

Capital expenditures (sustaining) 1,294 920

All‑in sustaining costs $ 89,039 $ 66,972

Ounces sold (GEO) 32,933 21,977

Cash cost per ounce sold ($/GEO) $ 2,365 $ 2,575

AISC per ounce sold ($/GEO) $ 2,704 $ 3,047

The following tables present a reconciliation of adjusted EBITDA:

Three months ended March 31,

2026      2025

(in thousands)

Net income (loss) before income and mining taxes $ 33,205 $ (7,349 )

Less:

Depreciation and depletion 7,077 6,171

Loss from investment in Paragon Advanced Labs Inc. (Note 9) 340 —

Loss from investment in McEwen Copper Inc. (Note 9) 2,074 8,578

Interest expense 2,124 1,309

Adjusted EBITDA $ 44,819 $ 8,709

Weighted average shares outstanding (thousands) 59,112 53,270

Adjusted EBITDA per share $ 0.76 $ 0.16

Technical Information

The technical content of this news release related to financial results, mining, reserves and development projects has been reviewed and approved by William (Bill) Shaver, P.Eng., COO of McEwen Inc. and a Qualified Person as defined by SEC S-K 1300 and the Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Technical information pertaining to Gold Bar Mine Complex exploration contained in this news release has been prepared under the supervision of Robert Kastelic, CPG, McEwen Nevada’s Exploration Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Technical information pertaining to the Fox Complex exploration contained in this news release has been prepared under the supervision of Sean Farrell, P.Geo., McEwen Ontario’s Exploration Manager, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Technical information pertaining to resource estimates and the Tartan Mine Project exploration contained in this news release has been prepared under the supervision of Luke Willis, P.Geo., McEwen’s Director of Resource Modelling, who is a Qualified Person as defined by SEC S-K 1300 and Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Analyses reported herein were submitted either as half core or reverse circulation (RC) chip samples and assayed by the photon assay method either at the accredited laboratories of MSA Labs (ISO 9001 & ISO 17025) in Timmins, Ontario or Paragon Geochemical (ISO 17025), in either Hamilton (Ontario), Reno (Nevada) or Vancouver (British Columbia).   As part of our regular QA/QC program McEwen Inc. follows a closely controlled and documented Chain of Custody protocol and submits certified reference materials and blanks in the sample stream for the monitoring and assessment of laboratory processes and procedures. All incoming QA/QC results are reviewed to ensure data quality before incorporating the information into the geological database.

Reliability of Information Regarding San José

The Company accounts for its investment in Minera Santa Cruz S.A., the owner of the San José Mine, using the equity method. The Company relies on the management of MSC to provide accurate financial information prepared in accordance with GAAP. While the Company is not aware of any errors or possible misstatements of the financial information provided by MSC, MSC is responsible for and has supplied to the Company all reported results from the San José Mine, and such results are unaudited as of the date of this release. McEwen’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

ABOUT MCEWEN

McEwen shares trade on both the NYSE and TSX under the ticker MUX.

McEwen provides its shareholders with exposure to a growing base of gold and silver production in addition to a very large copper development project, all in the Americas. The gold and silver mines are in prolific mineral-rich regions of the world: the Cortez Trend in Nevada, USA, the Timmins district of Ontario and Flin Flon in Manitoba, Canada, and the Deseado Massif in Santa Cruz province, Argentina. McEwen is also reactivating its gold and silver El Gallo Mine in Mexico.

The Company has a 46.3% interest in McEwen Copper, which owns the large, long-life, advanced-stage Los Azules copper development project in San Juan province, Argentina – a region that hosts some of the country’s largest copper deposits. According to the last financing for McEwen Copper, the implied value of McEwen’s ownership interest is US$456 million.

The Los Azules copper project is designed to be one of the world’s first regenerative copper mines and carbon neutral by 2038. Its Feasibility Study results were announced in the press release dated October 7, 2025.

McEwen also recently purchased 27.3% of Paragon Advanced Labs Inc., a newly listed public company that is deploying PhotonAssay™ units around the world, a technology that the Company believes is poised to become the new industry standard for assaying precious and base metals, with Paragon aiming to be one of the leading service providers.

Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX’s profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, are as at the date of this news release and are McEwen Inc.’s (the “Company”) estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the Company to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, foreign exchange volatility, foreign exchange controls, foreign currency risk, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by the management of McEwen.

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Posted on May 6, 2026 9:51 pm
Fortuna Reports Results for the First Quarter 2026

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Fortuna generates record quarterly free cash flow
¹
of $174.0 million and adjusted attributable net income
¹
of $111.0 million

VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI)(“Fortuna” or the “Company”) today reported its financial and operating results for the first quarter of 2026.
^{(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures, due to the classification of the assets as discontinued in the previous period.)}

“Fortuna delivered new quarterly record results with free cash flow of $174.0 million and adjusted attributable earnings of $111.0 million while producing 72,872 gold equivalent ounces which keeps us on track to deliver our 2026 production guidance.” said Jorge A. Ganoza President and CEO of Fortuna. “At Séguéla, changes in the mine plan to accelerate the development of the Sunbird underground access portal from a pit wall are expected to push AISC to the higher end of the guidance range. This will reduce underground development costs and provide optionality for future production plans.” Mr. Ganoza concluded, “On April 23, we announced that we successfully expanded our mineral reserves by 15% year over year, which lends support to our next phase of growth. We also anticipate making key investment decisions regarding the Diamba Sud project and the Séguéla plant expansion by mid-year.”

First Quarter Highlights

Cash and Cash Flow

Record free cash flow¹ from ongoing operations of $174.0 million; a QoQ increase of $41.7 million

$213.3 million of net cash from operating activities before changes in working capital or $0.70 per share; a QoQ increase of $65.7 million

Liquidity increased to $815.9 million, and the cash position strengthened to $665.9 million, from $554.0 million at the end of 2025, an increase of $111.9 million

Profitability

Record adjusted attributable net income¹ was $111.0 million or $0.36 basic EPS; a QoQ increase of $0.14 per share

Attributable net income of $111.0 million or $0.36 basic EPS

Return to Shareholders

Year to date the Company has returned $40.0 million to shareholders via the repurchase of 4.2 million shares at an average price of $9.53 per share

Operational

Gold equivalent production² (“GEO”) of 72,872 ounces

Consolidated cash cost per GEO¹ of $951, down from $971 in the previous quarter

Consolidated AISC per GEO¹ of $2,107 for Q1 2026, up from $2,054 in the previous quarter. The slight increase from the previous quarter is primarily due to the impact of higher metal prices on royalties and higher CAPEX

Total recordable injury frequency rate for the quarter was 1.16 and zero lost time injuries, which reflects continued strong safety performance

Growth and Business Development

Established a presence in a highly prospective district in the Guyana Shield through an earn-in agreement for the Quartzstone gold project. Refer to the news release dated April 20, 2026 “Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement”

Reported a 15% year over year increase in consolidated Mineral Reserves with significant growth at Sunbird underground. Refer to the news release dated April 23, 2026 “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla”

The Séguéla plant expansion and Diamba Sud project remain on track for final investment decisions by mid-year

First Quarter 2026 Consolidated Results

Three months ended

(in millions of US dollars) Dec. 31, 2025 Mar. 31, 2026 Mar. 31, 2025 Q1 % Change

OPERATING STATISTICS

GEO production from continuing operations ⁽¹⁾⁽²⁾ 65,130 72,872 70,386 4 %

Cash cost continuing operations($/oz GEO) ⁽¹⁾⁽²⁾ 971 951 866 10 %

AISC continuing operations($/oz GEO) ⁽¹⁾⁽²⁾ 2,054 2,107 1,752 20 %

FINANCIAL HIGHLIGHTS

Sales 270.2 342.5 195.0 76 %

Attributable net income from continuing operations 68.1 111.0 35.4 213 %

Attributable earnings per share from continuing operations – basic 0.22 0.36 0.12 200 %

Adjusted EBITDA ⁽¹⁾ 163.1 218.8 102.6 113 %

CASH FLOW AND CAPEX

Net cash provided by operating activities – continuing operations 162.3 209.4 89.0 135 %

Free cash flow from ongoing operations ⁽¹⁾ 132.3 174.0 66.7 161 %

Capital expenditures ⁽³⁾

Sustaining 23.9 27.9 22.6 23 %

Sustaining leases 6.6 6.8 4.9 39 %

Growth capital 20.6 17.4 15.4 13 %

Mar. 31, 2026 Dec. 31, 2025 % Change

Cash and cash equivalents and short-term investments 665.9 554.0 20 %

Net liquidity position (excluding letters of credit) 815.9 704.0 16 %

Shareholder’s equity attributable to Fortuna shareholders 1,773.0 1,677.0 6 %

(1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

(2) Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn for Q1 2026. Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn for Q1 2025. Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025

(3) Capital expenditures are presented on a cash basis

Figures may not add due to rounding

First Quarter 2026 Results

Q1 2026 vs Fourth Quarter 2025 (“Q4 2025”)

Cash cost per ounce and AISC

Cash cost per GEO sold from continuing operations was $951 in Q1 2026, representing a marginal decrease from $971 in Q4 2025.

All-in sustaining costs per GEO from continuing operations was $2,107 in Q1 2026 representing a $53 increase from the $2,054 recorded in Q4 2025. The rise was primarily driven by higher CAPEX and royalties derived from higher metal prices and partially offset by an increase in metal sold.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $111.0 million in Q1 2026, compared to $68.1 million in Q4 2025.

After adjusting for non-recurring items, adjusted attributable net income was $111.0 million or $0.36 per share compared to $71.3 million or $0.23 per share in Q4 2025. The increase was primarily due to higher realized gold prices and gold sales volume. The realized gold price in Q1 2026 was $4,884 per ounce compared to $4,166 in Q4 2025. Higher gold sales were driven by higher gold production at Séguéla and Lindero.

Foreign Exchange

In Q1 2026, the Company recorded a foreign exchange loss of $2.1 million compared to a loss of $2.9 million in Q4 2025. The foreign exchange loss was due to the purchase of US dollars in Argentina for repatriation and movement in the Euro and the impact on cash and VAT balances in Côte d’Ivoire held in West Africa Francs.

Cash Flow

Net cash generated by operations before changes in working capital totaled $213.3 million or $0.70 per share. After adjusting for working capital, net cash generated by operations for the quarter was $209.4 million, an increase of $47.1 million compared to $162.3 million in Q4 2025. The increase was driven primarily by higher sales, partially offset by positive changes in working capital of $14.7 million in Q4 2025 compared to negative $4.0 million in Q1 2026.

Free cash flow from ongoing operations in Q1 2026 was $174.0 million, an increase of $41.7 million compared to $132.3 million in Q4 2025 reflecting higher cash from operating activities partially offset by higher sustaining capital expenditures.

In Q1 2026, the Company’s total capital expenditures were $45.3 million of which $27.9 million were classified as sustaining and $17.4 million as non-sustaining. Non-sustaining capital expenditures were comprised primarily of $8.8 million at the Diamba Sud project and $8.6 million in brownfields and greenfields exploration.

Q1 2026 vs Q1 2025

Cash cost per ounce and AISC

Consolidated cash cost per GEO increased to $951 in Q1 2026, representing a $85 increase compared to $866 recorded in Q1 2025. The increase was primarily due to the impact of higher gold prices on the calculation of GEOs at Caylloma. Lindero and Séguéla had modest increases in cash costs per ounce of $61 and $28 respectively.

All-in sustaining costs per GEO from continuing operations increased $355 to $2,107 in Q1 2026 from $1,752 in Q1 2025. This increase primarily resulted from higher royalties of $114, higher cash costs as described above and higher CAPEX and sustaining leases. This was partially offset by higher GEOs sold.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations was $111.0 million, or $0.36 per share, compared to $35.4 million, or $0.12 per share, in Q1 2025.

After adjusting for non-recurring items, adjusted attributable net income from continuing operations was $111.0 million or $0.36 per share compared to $35.6 million or $0.12 per share in Q1 2025. The increase was primarily due to higher realized gold prices and 10% higher gold volume sold. Gold averaged $4,884 per ounce in Q1 2026 compared to $2,884 per ounce in Q1 2025. The higher gold volume sold was explained by higher gold production both at Séguéla and Lindero.

Depreciation and Depletion

Depreciation and depletion increased by $1.1 million to $45.9 million compared to $44.8 million Q1 2025. Depletion per GEO decreased primarily due to the increase in reserves at Séguéla and partially offset by higher depletion per GEO at Lindero due to an impairment reversal of $52.7 million recorded in Q3 2025. Depreciation and depletion in the period included $11.6 million related to the purchase price allocation from the 2021 Roxgold acquisition.

Cash Flow

Net cash generated by operations for the quarter was $209.4 million, an increase of $120.4 million compared to $89.0 million reported in Q1 2025. The increase was primarily driven by higher gold prices.

Free cash flow from ongoing operations in Q1 2026 was $174.0 million, an increase of $107.3 million compared to $66.7 million reported in Q1 2025. The increase was mainly due to higher cash flow from operations as discussed above partially offset by higher sustaining capital expenditures.

Séguéla Mine, Côte d’Ivoire

Three months ended March 31,

2026 2025

Mine production

Tonnes milled 430,953 444,004

Average tonnes crushed per day 4,788 4,933

Gold

Grade (g/t) 3.21 2.76

Recovery (%) 93 93

Production (oz) 42,016 38,500

Metal sold (oz) 42,054 38,439

Realized price ($/oz) 4,906 2,888

Unit costs

Cash cost ($/oz Au) ⁽¹⁾ 678 650

All-in sustaining cash cost ($/oz Au) ⁽¹⁾ 1,760 1,290

Capital expenditures ($000’s)
⁽²⁾

Sustaining 18,017 8,613

Sustaining leases 4,264 3,639

Growth capital 6,644 9,207

¹ Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

² Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

During the first quarter of 2026, mine production totaled 392,728 tonnes of ore, averaging 3.69 g/t Au, and containing an estimated 46,640 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes mined were lower than tonnes milled during the quarter, in line with the mine plan and the strategy to reduce surface stockpiles. A total of 5,461,098 tonnes of waste was moved during the period, resulting in a strip ratio of 13.9:1. Stripping activities also commenced at the Sunbird pit, where 1,393,130 tonnes of waste were mined.

In the first quarter of 2026, Séguéla processed 430,953 tonnes of ore, producing 42,016 ounces of gold, at an average head grade of 3.21 g/t Au, a 3% decrease in tonnes of ore and 16% increase in average head grade, compared to the same period of the previous year.

Cash cost per gold ounce sold was $678 in the current quarter, comparable to the $650 for the first quarter of 2025 as higher operating costs were offset by increased production.

All-in sustaining cash cost per gold ounce sold was $1,760 for the first quarter of 2026 compared to $1,290 for the first quarter of 2025. The increase was primarily a result of higher sustaining capital from capitalized stripping and royalties due to higher gold prices and partially offset by the increase in ounces sold.

Lindero Mine, Argentina

Three months ended March 31,

2026 2025

Mine production

Tonnes placed on the leach pad 1,525,826 1,753,016

Gold

Grade (g/t) 0.62 0.55

Production (oz) 21,545 20,320

Metal sold (oz) 21,183 18,655

Realized price ($/oz) 4,837 2,877

Unit costs

Cash cost ($/oz Au) ⁽¹⁾ 1,208 1,147

All-in sustaining cash cost ($/oz Au) ⁽¹⁾ 1,783 1,911

Capital expenditures ($000’s)
⁽²⁾

Sustaining 7,669 12,362

Sustaining leases 1,397 582

Growth capital 715 307

¹Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

²Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

In the first quarter of 2026, a total of 1,525,826 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.62 g/t, containing an estimated 30,538 ounces of gold. Ore mined was 1.7 million tonnes, with a stripping ratio of 1.35:1.

Lindero’s gold production for the quarter was 21,545 ounces compared to 20,320 ounces in the previous period. Higher production was mainly due to higher head grade and improved mining sequence. In late-March 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations. Mining operations continued in advance of the scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during the foundation replacement period. Replacement of the primary crusher steel foundations was successfully completed on May 1, 2026 and the mine resumed full operations.

The cash cost per ounce of gold for the current quarter was $1,208 compared to $1,147 in the same period of 2025. The increase in cash costs was primarily driven by higher processing costs and macroeconomic factors increasing peso denominated costs and partially offset by higher production.

In the first quarter of 2026, AISC per gold ounce sold decreased to $1,783 compared to $1,911 in the previous period. The decrease was primarily driven by lower sustaining capital expenditures as the leach pad expansion was under construction in the comparable period. This was partially offset by higher cash costs.

Caylloma Mine, Peru

Three months ended March 31,

2026 2025

Mine production

Tonnes milled 136,701 136,659

Average tonnes milled per day 1,553 1,553

Silver

Grade (g/t) 72 67

Recovery (%) 82 83

Production (oz) 257,603 242,993

Metal sold (oz) 200,349 250,284

Realized price ($/oz) 82.69 31.77

Lead

Grade (%) 2.99 3.21

Recovery (%) 91 91

Production (000’s lbs) 8,175 8,836

Metal sold (000’s lbs) 7,039 9,199

Realized price ($/lb) 0.87 0.89

Zinc

Grade (%) 4.21 5.01

Recovery (%) 91 91

Production (000’s lbs) 11,526 13,772

Metal sold (000’s lbs) 11,017 13,826

Realized price ($/lb) 1.47 1.29

Unit costs

Cash cost ($/oz Ag Eq) ^(1,2) 30.26 12.80

All-in sustaining cash cost ($/oz Ag Eq) ^(1,2) 44.36 18.74

Capital expenditures ($000’s)
⁽³⁾

Sustaining 2,240 1,615

Sustaining leases 1,134 631

Growth capital 77 249

¹ Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.

² Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

³ Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

In the first quarter of 2026, the Caylloma Mine produced 257,603 ounces of silver at an average head grade of 72 g/t, a 6% increase when compared to the same period of 2025.

Lead and zinc production for the current quarter was 8.2 million pounds and 11.5 million pounds, respectively. Head grades averaged 2.99% Pb and 4.21% Zn, a 7% and 16% decrease, respectively, when compared to the same quarter in 2025. Production was lower due to lower head grades and was in line with the mine plan.

The cash cost per silver equivalent ounce sold in the first quarter of 2026 was $30.26 compared to $12.80 during the first quarter of 2025. The higher cost per ounce for the current quarter was primarily the result of higher realized silver prices and the impact on the calculation of silver equivalent ounces sold.

The all-in sustaining cash cost per ounce of payable silver equivalent in the first quarter of 2026 increased 137% to $44.36 compared to $18.74 for the same period of 2025. The increase for the current quarter was the result of lower silver equivalent ounces due to higher silver prices.

Conference Call and Webcast

A conference call to discuss the financial and operational results will be held on Thursday, May 7, 2026, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, David Whittle, Chief Operating Officer – West Africa, and Cesar Velasco, Chief Operating Officer – Latin America.

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at https://www.webcaster5.com/Webcast/Page/1696/53929 or over the phone by dialing in just prior to the starting time.

Conference call details:

Date: Thursday, May 7, 2026
Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

Dial in number (Toll Free): +1.888.506.0062
Dial in number (International): +1.973.528.0011
Access code: 788835

Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay passcode: 53929

Playback of the earnings call will be available until Thursday, May 21, 2026. Playback of the webcast will be available until Friday, May 7, 2027. In addition, a transcript of the call will be archived on the Company’s website.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director
Fortuna Mining Corp.

Investor Relations:

Carlos Baca | [email protected] | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok

Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

Non-IFRS Financial Measures

The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company’s financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA, adjusted EBITDA margin and working capital.

These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company’s operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS.

To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the three months ended March 31, 2026 (“Q1 2026 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The Q1 2026 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile. The Company has calculated these measures consistently for all periods presented with the exception of the following:

The calculation of Adjusted EBITDA was revised to no longer include right of use payments the cash flow statement. Management elected to make the change to simplify the calculation and to better align with our peers to improve comparability

Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio as at March 31, 2026

(in millions of US dollars, except Total net debt to adjusted EBITDA ratio) March 31,
2026

2024 Convertible Notes 172.5

Less: cash and cash equivalents and short-term investments (665.9 )

Total net debt (493.4 )

Income to attributable adjusted net income for the three months ended December 31, 2025 and March 31, 2026 and 2025

Three months ended

Consolidated
(in millions of US dollars) Mar. 31, 2026 Mar. 31, 2025 Dec. 31, 2025

Net income attributable to shareholders 111.0 58.5 68.1

Adjustments, net of tax:

Discontinued operations – (25.9 ) –

Write off of mineral properties – – 2.3

San Jose ARO adjustment – 0.3 –

Inventory adjustment – (0.1 ) 0.5

Other non-cash/non-recurring items – 2.8 0.4

Attributable adjusted net income 111.0 35.6 71.3

Figures may not add due to rounding

Reconciliation of net income to adjusted EBITDA for the three months ended December 31, 2025 and March 31, 2026 and 2025

Three months ended

Consolidated
(in millions of US dollars) Mar. 31, 2026 Mar. 31, 2025 Dec. 31, 2025

Net income 119.9 64.8 74.0

Adjustments:

Discontinued operations – (25.9 ) –

Inventory adjustment (0.1 ) – 0.5

Net finance items 1.9 3.0 2.7

Depreciation, depletion, and amortization 45.9 45.1 43.9

Income taxes 58.4 15.4 37.5

Other operating expenses (income) (7.0 ) – –

Other non-cash/non-recurring items (0.2 ) 0.2 4.6

Adjusted EBITDA 218.8 102.6 163.1

Sales 342.5 195.0 270.2

EBITDA margin 64 % 53 % 60 %

Figures may not add due to rounding

Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended December 31, 2025 and March 31, 2026 and 2025

Three months ended

Consolidated
(in millions of US dollars) Mar. 31, 2026 Mar. 31, 2025 Dec. 31, 2025

Net cash provided by operating activities 209.4 126.4 162.3

Additions to mineral properties, plant and equipment (45.3 ) (39.6 ) (44.5 )

Payments of lease obligations (6.9 ) (6.0 ) (6.7 )

Free cash flow 157.2 80.8 111.1

Growth capital 17.4 15.4 20.6

Discontinued operations – (34.8 ) –

Gain on blue chip swap investments – 1.3 –

Other adjustments (0.6 ) 4.0 0.6

Free cash flow from ongoing operations 174.0 66.7 132.3

Figures may not add due to rounding

Reconciliation of cost of sales to cash cost per ounce of GEO sold for the three months ended December 31, 2025 and March 31, 2026 and 2025

Cash cost per gold equivalent ounce sold – Q4 2025

(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs

Cost of sales 35,966 67,202 18,675 121,845

Depletion, depreciation, and amortization (13,003 ) (26,599 ) (3,964 ) (43,566 )

Royalties and taxes (82 ) (14,339 ) (330 ) (14,751 )

By-product credits (1,097 ) – – (1,097 )

Other (473 ) – (832 ) (1,305 )

Treatment and refining charges – – 1,744 1,744

Cash cost applicable per gold equivalent ounce sold 21,311 26,264 15,293 62,868

Ounces of gold equivalent sold 19,073 36,998 8,652 64,723

Cash cost per ounce of gold equivalent sold ($/oz) 1,117 710 1,768 971

Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025

Figures may not add due to rounding.

Cash cost per gold equivalent ounce sold – Q1 2026

(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs

Cost of sales 41,678 73,004 15,952 130,634

Depletion, depreciation, and amortization (14,933 ) (26,099 ) (3,643 ) (44,675 )

Royalties and taxes (63 ) (18,389 ) (471 ) (18,923 )

By-product credits (1,253 ) – – (1,253 )

Other 69 – (840 ) (771 )

Treatment and refining charges – – 1,899 1,899

Cash cost applicable per gold equivalent ounce sold 25,498 28,516 12,897 66,911

Ounces of gold equivalent sold 21,111 42,054 7,230 70,395

Cash cost per ounce of gold equivalent sold ($/oz) 1,208 678 1,784 951

Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn

Figures may not add due to rounding.

Cash cost per gold equivalent ounce sold – Q1 2025

(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs

Cost of sales 31,805 65,425 17,463 114,693

Depletion, depreciation, and amortization (9,799 ) (30,310 ) (4,369 ) (44,478 )

Royalties and taxes (94 ) (10,133 ) (240 ) (10,467 )

By-product credits (731 ) – – (731 )

Other 123 – (659 ) (536 )

Treatment and refining charges – – 50 50

Cash cost applicable per gold equivalent ounce sold 21,304 24,982 12,245 58,531

Ounces of gold equivalent sold 18,580 38,439 10,539 67,558

Cash cost per ounce of gold equivalent sold ($/oz) 1,147 650 1,162 866

Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.80/oz Ag, $1,971/t Pb and $2,841/t Zn

Figures may not add due to rounding.

Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended December 31, 2025 and March 31, 2026 and 2025

AISC per gold equivalent ounce sold – Q4 2025

(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC

Cash cost applicable per gold equivalent ounce sold 21,311 26,264 15,293 – 62,868

Royalties and taxes 82 14,339 330 – 14,751

Worker’s participation – – 965 – 965

General and administration 2,727 4,573 3,002 13,575 23,877

Total cash costs 24,120 45,176 19,590 13,575 102,461

Sustaining capital ⁽¹⁾ 7,144 13,123 10,218 – 30,485

Blue chips gains (investing activities) ⁽¹⁾ – – – – –

All-in sustaining costs 31,264 58,299 29,808 13,575 132,946

Gold equivalent ounces sold 19,073 36,998 8,652 – 64,723

All-in sustaining costs per ounce 1,639 1,576 3,445 – 2,054

Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025

Figures may not add due to rounding.

(1) Presented on a cash basis.

AISC per gold equivalent ounce sold – Q1 2026

(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC

Cash cost applicable per gold equivalent ounce sold 25,498 28,516 12,897 – 66,911

Royalties and taxes 63 18,389 471 – 18,923

Worker’s participation – – 1,273 – 1,273

General and administration 3,005 3,952 893 17,780 25,630

Other – 874 – – 874

Total cash costs 28,566 51,731 15,534 17,780 113,611

Sustaining capital ⁽¹⁾ 9,066 22,281 3,374 – 34,721

Blue chips gains (investing activities) ⁽¹⁾ – – – – –

All-in sustaining costs 37,632 74,012 18,908 17,780 148,332

Gold equivalent ounces sold 21,111 42,054 7,230 – 70,395

All-in sustaining costs per ounce 1,783 1,760 2,615 – 2,107

Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn

Figures may not add due to rounding.

(1) Presented on a cash basis.

AISC per gold equivalent ounce sold – Q1 2025

(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC

Cash cost applicable per gold equivalent ounce sold 21,303 24,982 12,245 – 58,530

Royalties and taxes 94 10,133 240 – 10,467

Worker’s participation – – 739 – 739

General and administration 2,480 2,224 2,455 15,373 22,532

Other – – – – –

Total cash costs 23,877 37,339 15,679 15,373 92,268

Sustaining capital ⁽¹⁾ 12,944 12,252 2,246 – 27,442

Blue chips gains (investing activities) ⁽¹⁾ (1,319 ) – – – (1,319 )

All-in sustaining costs 35,502 49,591 17,925 15,373 118,391

Gold equivalent ounces sold 18,580 38,439 10,539 – 67,558

All-in sustaining costs per ounce 1,911 1,290 1,701 – 1,752

Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn

Figures may not add due to rounding.

(1) Presented on a cash basis.

Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended December 31, 2025 and March 31, 2026 and 2025

Cash cost per silver equivalent ounce sold – Q4 2025

(in thousands of US dollars, except ounces sold) Caylloma

Cost of sales 18,675

Depletion, depreciation, and amortization (3,964 )

Royalties and taxes (330 )

Other (832 )

Treatment and refining charges 1,744

Cash cost applicable per silver equivalent sold 15,293

Ounces of silver equivalent sold ^(1,2) 644,249

Cash cost per ounce of silver equivalent sold ($/oz) 23.74

(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.

Figures may not add due to rounding.

Cash cost per silver equivalent ounce sold – Q1 2026

(in thousands of US dollars, except ounces sold) Caylloma

Cost of sales 15,952

Depletion, depreciation, and amortization (3,643 )

Royalties and taxes (471 )

Other (840 )

Treatment and refining charges 1,899

Cash cost applicable per silver equivalent sold 12,897

Ounces of silver equivalent sold ^(1,2) 426,253

Cash cost per ounce of silver equivalent sold ($/oz) 30.26

(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.

Figures may not add due to rounding.

Cash cost per silver equivalent ounce sold – Q1 2025

(in thousands of US dollars, except ounces sold) Caylloma

Cost of sales 17,463

Depletion, depreciation, and amortization (4,369 )

Royalties and taxes (240 )

Other (659 )

Treatment and refining charges 50

Cash cost applicable per silver equivalent sold 12,245

Ounces of silver equivalent sold ^(1,2) 956,640

Cash cost per ounce of silver equivalent sold ($/oz) 12.80

(1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.

Figures have been restated to remove Right of Use.

Figures may not add due to rounding.

Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended December 31, 2025 and March 31, 2026 and 2025

AISC per silver equivalent ounce sold – Q4 2025

(in thousands of US dollars, except ounces sold) Caylloma

Cash cost applicable per silver equivalent ounce sold 15,293

Royalties and taxes 330

Worker’s participation 965

General and administration 3,002

Total cash costs 19,590

Sustaining capital ⁽³⁾ 10,218

All-in sustaining costs 29,808

Silver equivalent ounces sold ^(1,2) 644,249

All-in sustaining costs per ounce 46.27

(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.

(3) Presented on a cash basis.

AISC per silver equivalent ounce sold – Q1 2026

(in thousands of US dollars, except ounces sold) Caylloma

Cash cost applicable per silver equivalent ounce sold 12,897

Royalties and taxes 471

Worker’s participation 1,273

General and administration 893

Total cash costs 15,534

Sustaining capital ⁽³⁾ 3,374

All-in sustaining costs 18,908

Silver equivalent ounces sold ^(1,2) 426,253

All-in sustaining costs per ounce 44.36

(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.

(3) Presented on a cash basis.

AISC per silver equivalent ounce sold – Q1 2025

(in thousands of US dollars, except ounces sold) Caylloma

Cash cost applicable per silver equivalent ounce sold 12,245

Royalties and taxes 240

Worker’s participation 739

General and administration 2,455

Total cash costs 15,679

Sustaining capital ⁽³⁾ 2,246

All-in sustaining costs 17,925

Silver equivalent ounces sold ^(1,2) 956,640

All-in sustaining costs per ounce 18.74

(1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.

(3) Presented on a cash basis.

Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 and 2025 and accompanying Q1 2026 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar.

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company’s plans for its mines and mineral properties; the Company’s expectation that it is on track to deliver its 2026 production guidance; the making and timing of a decision on the Séguéla plant expansion; the next phase of growth at the Diamba Sud project; the making and timing of a construction decision at the Diamba Sud project; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “expected”, “anticipated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “

FOFI

”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company’s business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; risks associated with war or other geo-political hostilities, such as the Ukrainian – Russian, Israel – Iran and US, and Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity; fluctuation in currencies and foreign exchange rates; increases in the rate of inflation; the imposition or any extension of capital controls in countries in which the Company operates; any changes in tax laws in Argentina and the other countries in which we operate; changes in the prices of key supplies; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; technological and operational hazards in Fortuna’s mining and mine development activities; risks related to water and power availability; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form for the financial year ended December 31, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company’s operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

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

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/f6867857-d55f-4404-87d1-e9cd1da943db

Posted on May 6, 2026 9:18 pm
SCYNEXIS Announces Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

JERSEY CITY, N.J., May 06, 2026 (GLOBE NEWSWIRE) — SCYNEXIS, Inc. (Nasdaq: SCYX) (“SCYNEXIS” or the “Company”), a biotechnology company focused on developing innovative new therapies to address severe rare diseases including SCY-770 for Autosomal Dominant Polycystic Kidney Disease (ADPKD), today announced that on April 30, 2026, the Compensation Committee of the Company’s Board of Directors approved inducement equity awards for a new Vice President in connection with the commencement of employment with the Company. The awards were granted as a material inducement to the employee’s acceptance of employment and were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The awards were granted pursuant to SCYNEXIS’ 2015 Inducement Award Plan, as amended, which was adopted by the Company’s Board of Directors in March 2015 under Rule 5635(c)(4) of the Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.

The inducement awards consist of stock options to purchase 125,000 shares of the Company’s common stock at a per share exercise price of $0.93, the closing price per share of the Company’s common stock as reported by Nasdaq on April 30, 2026, and restricted stock units (“RSUs”) covering 20,000 shares of the Company’s common stock. The employee’s stock options have a vesting commencement date of April 13, 2026, vest over a four-year period, with 25% of the shares underlying the option vesting on the on-year anniversary of the vesting commencement date, and the remaining shares vest in equal monthly installments thereafter over 36 months, subject to the employee’s continued service with the Company. The employee’s RSUs have a vesting commencement date of June 15, 2026, and vest in three equal annual installments over a three-year period, subject to the employee’s continued service through each applicable vesting date.

About SCYNEXIS, Inc.

SCYNEXIS, Inc. (NASDAQ: SCYX) is dedicated to advancing innovative solutions for severe rare diseases. SCY-770 is being developed for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD) and has been granted Orphan Drug designation. SCYNEXIS’s proprietary antifungal platform “fungerps” includes BREXAFEMME^® (ibrexafungerp tablets), the first approved representative of this novel class, which has been licensed to GSK, and SCY-247, currently in clinical stages of development. For more information, visit www.scynexis.com.

CONTACT

:

Investor Relations
LifeSci Advisors

John Fraunces
T: 917-355-2395
[email protected]

Source: Scynexis

Posted on May 6, 2026 9:03 pm
Interactive Brokers Launches Access to Korean Equities, Breaking New Ground for Global Investors

Interactive Brokers Launches Access to Korean Equities, Breaking New Ground for Global Investors

GREENWICH, Conn.–(BUSINESS WIRE)–Interactive Brokers (Nasdaq: IBKR), an automated global broker, today announced the launch of access to equities listed on the Korea Exchange (KRX), becoming the first major US-based broker to offer seamless trading in Korea’s $1.8 trillion equity market.

Korea ranks fourth among Asia’s equity markets and tenth globally by market capitalization, with over $10 billion in daily volume – liquidity comparable to many European exchanges. The market is home to category-leading semiconductor manufacturers, automotive innovators, and consumer technology companies with global footprints, including Samsung Electronics, SK Hynix, and Hyundai Motor. As one of Asia’s most liquid markets, Korea represents a point of entry for international investors seeking exposure to the region’s technology leadership and industrial innovation.

For investors operating across multiple markets and time zones, Interactive Brokers’ launch expands the ability to build truly global portfolios with the same integrated trading experience Interactive Brokers provides across all asset classes and regions.

Eligible clients worldwide can now access Korean equities with same-day account enablement, real-time execution, and transparent institutional-grade pricing. IBKR clients can trade Korean equities and derivatives alongside over 170 global markets spanning stocks, options, futures, currencies, bonds, funds and more from a single unified platform.

“Korea is one of Asia’s most dynamic equity markets, and access to the KRX enables our clients to more comprehensively manage their Asian exposure,” said David Friedland, Managing Director for Asia Pacific at Interactive Brokers. “This launch is a natural extension of our mission to continually expand market access, ensuring our clients can seize investment opportunities wherever they exist. This market has long deserved a place in truly diversified portfolios, and Korean equities can now be traded with the same ease and efficiency as other markets on our platform.”

Access to Korean equities through Interactive Brokers includes more than 1,800 listed securities, multi-currency support with FX conversion commissions as low as 0.20 basis points or 0.0020% of the trade value, integrated portfolio margining across global holdings where applicable, and API access for algorithmic trading strategies.

Existing Interactive Brokers clients can begin trading Korean equities immediately by enabling KRX market data and trading permissions in Client Portal. New clients can open accounts online, with most approvals completed within one business day.

For additional information about access to Korean equities, visit:

US and countries served by IB LLC: Korea Exchange (KRX)

Canada: Korea Exchange (KRX)

United Kingdom: Korea Exchange (KRX)

Europe: Korea Exchange (KRX)

Hong Kong: Korea Exchange (KRX)

Singapore: Korea Exchange (KRX)

Australia: Korea Exchange (KRX)

Access to equities on the Korea Exchange through Interactive Brokers is not available to residents of Korea, clients of Interactive Brokers Securities Japan Inc., or clients of Interactive Brokers India Pvt. Ltd.

The best-informed investors choose Interactive Brokers

About Interactive Brokers Group, Inc.:

Interactive Brokers Group, Inc. (NASDAQ: IBKR) is a member of the S&P 500. Its affiliates provide automated trade execution and custody of securities, commodities, foreign exchange, and forecast contracts around the clock on over 170 markets in numerous countries and currencies from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation have enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron’s, Investopedia, Stockbrokers.com, and many others.

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Posted on May 6, 2026 8:56 pm
Enerflex Ltd. Announces Election of Directors

CALGARY, Alberta, May 06, 2026 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”), announces that at its Annual and Special Meeting of Shareholders (the “Meeting”) held virtually on May 6, 2026, Enerflex’s shareholders approved the election of all 10 nominee directors presented in the Company’s Management Information Circular dated March 20, 2026. The shares represented at the Meeting voting on individual nominee directors were as follows:

Approval Against

Director Votes For Percentage Votes Against Percentage

Fernando R. Assing 86,602,468 97.65% 2,088,077 2.35%

Benjamin Cherniavsky 86,622,946 97.67% 2,067,599 2.33%

Joanne Cox 86,155,032 97.14% 2,535,513 2.86%

Céline B. Gerson 86,706,678 97.76% 1,983,867 2.24%

James C. Gouin 88,278,871 99.54% 411,674 0.46%

Mona Hale 86,475,109 97.50% 2,215,436 2.50%

Paul Mahoney 88,451,140 99.73% 239,405 0.27%

Kevin J. Reinhart 86,516,043 97.55% 2,174,502 2.45%

Thomas B. Tyree, Jr. 86,003,820 96.97% 2,686,725 3.03%

Juan Carlos Villegas 86,375,516 97.39% 2,315,029 2.61%

Final voting results on all matters voted on at the Meeting held earlier today will be filed with the Canadian and U.S. securities regulators.

ABOUT ENERFLEX

Enerflex is a leading provider of modular natural gas, power technology and treated water solutions, delivering value through disciplined execution and a deliberate approach to where we compete. Our customer focused delivery model supports operational excellence, innovation, and scalability across our global footprint with a focus on creating long-term shareholder value.

With approximately 4,400 engineers, manufacturers, technicians, professionals, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the world’s energy needs.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, please contact the Company by email to [email protected] or [email protected].

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