Author: Newsdesk

THE WOODLANDS, Texas, May 06, 2026 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the first quarter of 2026.

First Quarter 2026 Highlights

• Sold 12,276 barrels of oil per day (“Bo/d”) and 19,351 barrels of oil equivalent per day (“Boe/d”) both of which were essentially at the mid-point of guidance;
• Reported a net loss of $220.6 million, or $(1.06) per diluted share, driven primarily by a $162.1 million non-cash ceiling test impairment and a $77.0 million unrealized mark-to-market derivative loss related to changes in forward commodity prices;
• Generated Adjusted Net Income¹ of $7.4 million, or $0.04 per diluted share;
• Closed the sale of ~ 200 Boe/d of non-operated NWS assets for $4.5 million, valued at approximately 4.5 times estimated next twelve months cash flow²;
• Incurred Lease Operating Expense (“LOE”) of $10.41 per Boe, 3% below the low end of guidance due to ongoing efforts to reduce costs;
• Invested $34.5 million in capital expenditures, accelerating targeted infrastructure investments to expand flexibility and unlock more capital efficient longer lateral inventory;
• Improved NWS spud‑to‑TD drilling time by ~15% versus the 2025 average;
• Generated net cash flow from operating activities of $25.9 million and remained cash flow positive for the 26^th consecutive quarter; and
• Increased borrowings by $6 million to accelerate the capture of attractively priced opportunities while maintaining liquidity of $160.0 million as of March 31, 2026.

Management Commentary

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We successfully delivered on our sales guidance, handsomely beat on LOE, while investing ahead of our drilling campaign and extending our track record to 26 consecutive quarters of positive cash flow. Looking to the future, we believe the market has yet to recognize the potential impact of supply disruptions stemming from the Iranian Conflict and what that could mean for long term oil prices. Because we expect oil prices to remain elevated longer than the market currently implies, we made targeted adjustments late in the quarter to capture attractively priced opportunities that provide optionality and the potential to meaningfully expand our drilling inventory, improve capital efficiency and build long term stockholder value.”

Mr. McKinney concluded, “While we remained focused on operating within Adjusted Free Cash Flow¹ during the first quarter of 2026, we temporarily paused debt reduction to invest in select opportunities which are compelling on a risk-adjusted basis. We are acting early to capture upside potential before sustained higher oil prices translate into higher costs and increased competition. We believe these actions should improve our production later in the year and into 2027; however, it is too early to reflect any increases in our production guidance at this time. Looking ahead, we expect to resume our focus on debt reduction during the remainder of 2026, as we balance growth with strengthening our balance sheet and increasing the Company’s size and scale.”

___________________________________

¹ A non-GAAP financial measure; see the “Non-GAAP Financial Information” section in this release for more information including reconciliations to the most comparable GAAP measures.

² The cash flow for the next twelve months (“NTM”) represents field level cash flow based on a strip price as of January 12, 2026.

Summary Results and Additional Key Items

	Q1 2026			Q4 2025			Q1 2026 to Q4 2025 % Change		Q1 2025		Q1 2026 to Q1 2025 % Change
Average Daily Sales Volumes (Boe/d)		19,351			20,508		(6	)%		18,392	5	%
Crude Oil (Bo/d)		12,276			13,124		(6	)%		12,074	2	%
Net Sales (MBoe)		1,741.6			1,886.8		(8	)%		1,655.3	5	%
Realized Price – All Products ($/Boe)	$	42.30		$	35.45		19	%	$	47.78	(11	)%
Realized Price – Crude Oil ($/Bo)	$	68.97		$	57.47		20	%	$	70.40	(2	)%
Revenues ($MM)	$	73.7		$	66.9		10	%	$	79.1	(7	)%
Net Income (Loss) ($MM)	$	(220.6	)	$	(12.8	)	1623	%	$	9.1	(2524	)%
Adjusted Net Income1($MM)	$	7.4		$	3.6		106	%	$	10.7	(31	)%
Adjusted EBITDA1($MM)	$	38.3		$	38.4		—	%	$	46.4	(17	)%
Capital Expenditures ($MM)	$	34.5		$	24.3		42	%	$	32.5	6	%
Adjusted Free Cash Flow1($MM)	$	0.2		$	5.7		(96	)%	$	5.8	(97	)%

(1) Adjusted Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.” In addition, see section titled “Condensed Operating Data” for additional details concerning costs and expenses presented below.

Select Expenses and Other Items

	Q1 2026			Q4 2025		Q1 2026 to Q4 2025 % Change		Q1 2025			Q1 2026 to Q1 2025 % Change
Lease operating expenses (“LOE”) ($MM)	$	18.1		$	18.9	(4	)%	$	19.7		(8	)%
Lease operating expenses ($/BOE)	$	10.41		$	10.02	4	%	$	11.89		(12	)%
Depreciation, depletion and amortization ($MM)	$	21.4		$	23.0	(7	)%	$	22.6		(5	)%
Depreciation, depletion and amortization ($/BOE)	$	12.29		$	12.19	1	%	$	13.66		(10	)%
General and administrative expenses (“G&A”) ($MM)	$	7.4		$	8.0	(8	)%	$	8.6		(14	)%
General and administrative expenses ($/BOE)	$	4.27		$	4.26	—	%	$	5.21		(18	)%
G&A excluding share-based compensation ($MM)	$	5.9		$	6.6	(11	)%	$	6.9		(14	)%
G&A excluding share-based compensation ($/BOE)	$	3.40		$	3.47	(2	)%	$	4.19		(19	)%
G&A excluding share-based compensation & transaction costs ($MM)	$	5.9		$	6.5	(9	)%	$	6.9		(14	)%
G&A excluding share-based compensation & transaction costs ($/BOE)	$	3.40		$	3.46	(2	)%	$	4.18		(19	)%
Interest expense ($MM)	$	8.6		$	9.1	(5	)%	$	9.5		(9	)%
Interest expense ($/BOE)	$	4.94		$	4.83	2	%	$	5.74		(14	)%
Gain (loss) on derivative contracts ($MM)(1)	$	(82.2	)	$	17.5	(570	)%	$	(0.9	)	(9033	)%
Realized gain (loss) on derivative contracts ($MM)	$	(5.2	)	$	2.7	(293	)%	$	(0.5	)	(940	)%
Unrealized gain (loss) on derivative contracts ($MM)	$	(77.0	)	$	14.8	(620	)%	$	(0.4	)	(19150	)%

(1) A summary listing of the Company’s outstanding derivative positions as of May 5, 2026 is included in the tables shown later in this release. As of May 5, 2026, for the remainder (April through December) of 2026, the Company has approximately 2.6 million barrels of oil (approximately 72% of oil sales guidance midpoint) hedged at an average upside protection price of $73.27 and approximately 3.8 billion cubic feet of natural gas (approximately 73% of natural gas sales guidance midpoint) hedged at an average downside protection price of $3.78.

Balance Sheet and
Liquidity

Total liquidity (defined as cash and cash equivalents plus borrowing base availability under the Company’s credit facility) at March 31, 2026 was approximately $160.0 million, consisting of $159.0 million of availability under our revolving credit facility, which included a reduction of $35 thousand for letters of credit, and $1.0 million in cash and cash equivalents. On March 31, 2026, the Company had $426 million in borrowings outstanding on its credit facility that has a current borrowing base of $585 million. This reflects an increase of $6 million from the balance of $420 million at December 31, 2025. The Company intends to resume debt reduction, dependent on market conditions, the timing and level of capital spending, and other considerations.

Ceiling Test Impairment

The Company accounts for its assets under the full cost method of accounting, which requires calculation of the limitation on capitalized costs (the full cost ceiling) each quarter. Due to a decrease in the twelve month average SEC commodity pricing over the past quarter, the Company recorded a non-cash impairment charge of $162.1 million in the first quarter of 2026. This non-cash charge had no net impact on cash flows.

Drilling and Completion Activity

In 1Q 2026 the Company continued execution of its development program across its core operated positions. In the Northwest Shelf (Yoakum County), Ring drilled and completed five one-mile horizontal wells, each with a working interest of approximately 91%. In addition, the Company in the Central Basin Platform (Crane County), completed one previously drilled one-mile horizontal DUC well, and drilled and completed one vertical well, with a 100% working interest.

The table below sets forth Ring’s drilling and completion activities in the first quarter of 2026:

Quarter		Area		Wells Drilled		Wells Completed
1Q 2026		Northwest Shelf (Horizontal)		5		5
		Central Basin Platform (Horizontal)(1)		—		1
		Central Basin Platform (Vertical)		1		1
		Total		6		7

(1) The horizontal well completed in the Central Basin Platform in the first quarter of 2026 is the completion of a previously drilled but uncompleted (“DUC”) well.

Remaining
Quarters of
2026
Sales Volumes, Capital Investment and Operating Expense Guidance

The guidance in the table below represents the Company’s current good faith estimate of the range of likely future results. Guidance could be affected by the factors discussed below in the “Safe Harbor Statement” section.

		Q2			Q3			Q4
			2026			2026			2026
Sales Volumes:
Total Oil (Bo/d)		12,450 – 13,450			12,750 – 13,750			12,800 – 13,800
Midpoint (Bo/d)			12,950			13,250			13,300
Total (Boe/d)		19,400 – 21,000			19,700 – 21,300			19,800 – 21,400
Midpoint (Boe/d)			20,200			20,500			20,600
Oil (%)			64	%		65	%		65	%
NGLs (%)			20	%		20	%		20	%
Gas (%)			16	%		15	%		15	%
Capital Program:
Capital spending(1)(millions)		$28 – $36			$27 – $35			$17 – $25
Midpoint (millions)		$	32		$	31		$	21
New Hz wells drilled		5 – 7			5 – 7			3 – 5
New Vertical wells drilled		1 – 2			1 – 2				1
Wells completed and online		6 – 9			6 – 9			4 – 6
Operating Expenses:
LOE (per Boe)		$10.05 – $11.05			$10.00 – $11.00			$10.00 – $11.00
Midpoint (per Boe)		$	10.55		$	10.50		$	10.50

⁽¹⁾ In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, and well reactivations. Also included is anticipated spending for leasing acreage; and non-operated drilling, completion, capital workovers, and facility improvements.

Conference Call Information

Ring will hold a conference call on Thursday, May 7, 2026 at 11:00 a.m. ET (10 a.m. CT) to discuss its 1Q 2026 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 1Q 2026 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements also include assumptions and projections for remaining quarters of 2026 guidance for sales volumes, oil, NGL and natural gas mix as a percentage of total sales, capital expenditures, operating expenses and the projected impacts thereon. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz); adverse weather conditions that may negatively impact development or production activities particularly in the winter; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; changes in U.S. energy, environmental, monetary, tax and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; cost and availability of transportation and storage capacity as a result of oversupply, government regulation or other factors; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2025, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Contact Information

Al Petrie Advisors
Al Petrie, Senior Partner
Phone: 281-975-2146 Email: [email protected]

RING ENERGY, INC.
Condensed Statements of Operations
(Unaudited)
	Three Months Ended
	March 31,				December 31,				March 31,
		2026				2025				2025
Oil, Natural Gas, and Natural Gas Liquids Revenues	$	73,671,664			$	66,882,770			$	79,091,207
Costs and Operating Expenses
Lease operating expenses		18,122,344				18,911,801				19,677,552
Gathering, transportation and processing costs		117,049				121,097				203,612
Ad valorem taxes		2,202,537				2,279,266				1,532,108
Oil and natural gas production taxes		3,553,891				3,224,183				3,584,455
Depreciation, depletion and amortization		21,405,948				23,002,908				22,615,983
Ceiling test impairment		162,086,257				35,913,116				—
Asset retirement obligation accretion		395,496				390,892				326,549
Operating lease expense		175,091				175,090				175,091
General and administrative expense		7,438,778				8,030,310				8,619,976
Total Costs and Operating Expenses		215,497,391				92,048,663				56,735,326
Income (Loss) from Operations		(141,825,727	)			(25,165,893	)			22,355,881
Other Income (Expense)
Interest income		70,529				56,910				90,058
Interest (expense)		(8,599,609	)			(9,122,419	)			(9,498,786	)
Gain (loss) on derivative contracts		(82,230,925	)			17,495,270				(928,790	)
Gain (loss) on disposal of assets		—				60,855				124,610
Other income		5,837				29,582				8,942
Net Other Income (Expense)		(90,754,168	)			8,520,198				(10,203,966	)
Income (Loss) Before Benefit from (Provision for) Income Taxes		(232,579,895	)			(16,645,695	)			12,151,915
Benefit from (Provision for) Income Taxes		11,988,413				3,800,401				(3,041,177	)
Net Income (Loss)	$	(220,591,482	)		$	(12,845,294	)		$	9,110,738
Basic Earnings (Loss) per Share	$	(1.06	)		$	(0.06	)		$	0.05
Diluted Earnings (Loss) per Share	$	(1.06	)		$	(0.06	)		$	0.05
Basic Weighted-Average Shares Outstanding		208,558,546				207,233,067				199,314,182
Diluted Weighted-Average Shares Outstanding		208,558,546				207,233,067				201,072,594

RING ENERGY, INC.
Condensed Operating Data
(Unaudited)
	Three Months Ended
	March 31,				December 31,				March 31,
		2026				2025				2025
Net sales volumes:
Oil (Bbls)		1,104,823				1,207,425				1,086,694
Natural gas (Mcf)		1,689,512				1,808,355				1,615,196
Natural gas liquids (Bbls)		355,173				377,937				299,366
Total oil, natural gas and natural gas liquids (Boe)(1)		1,741,581				1,886,755				1,655,259
% Oil		64	%			64	%			66	%
% Natural Gas		16	%			16	%			16	%
% Natural Gas Liquids		20	%			20	%			18	%
Average daily sales volumes:
Oil (Bbls/d)		12,276				13,124				12,074
Natural gas (Mcf/d)		18,772				19,656				17,947
Natural gas liquids (Bbls/d)		3,946				4,108				3,326
Average daily equivalent sales (Boe/d)		19,351				20,508				18,392
Average realized sales prices:
Oil ($/Bbl)	$	68.97			$	57.47			$	70.40
Natural gas ($/Mcf)		(2.54	)			(2.49	)			(0.19	)
Natural gas liquids ($/Bbls)		4.96				5.29				9.65
Barrel of oil equivalent ($/Boe)	$	42.30			$	35.45			$	47.78
Average costs and expenses per Boe ($/Boe):
Lease operating expenses	$	10.41			$	10.02			$	11.89
Gathering, transportation and processing costs		0.07				0.06				0.12
Ad valorem taxes		1.26				1.21				0.93
Oil and natural gas production taxes		2.04				1.71				2.17
Depreciation, depletion and amortization		12.29				12.19				13.66
Ceiling test impairment		93.07				19.03				—
Asset retirement obligation accretion		0.23				0.21				0.20
Operating lease expense		0.10				0.09				0.11
G&A (including share-based compensation)		4.27				4.26				5.21
G&A (excluding share-based compensation)		3.40				3.47				4.19
G&A (excluding share-based compensation and transaction costs)		3.40				3.46				4.18

(1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly.

RING ENERGY, INC.
Condensed Balance Sheets
(Unaudited)
		As of
		March 31, 2026				December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents		$	1,040,636			$	902,913
Accounts receivable			45,731,039				30,938,908
Joint interest billing receivables, net			901,472				1,623,991
Derivative assets			4,016,834				21,468,134
Inventory			6,148,963				5,312,715
Prepaid expenses and other assets			1,426,496				1,822,751
Total Current Assets			59,265,440				62,069,412
Properties and Equipment
Oil and natural gas properties, full cost method			1,761,765,033				1,891,510,431
Financing lease asset subject to depreciation			3,676,412				3,633,586
Fixed assets subject to depreciation			3,504,788				3,504,788
Total Properties and Equipment			1,768,946,233				1,898,648,805
Accumulated depreciation, depletion and amortization			(590,499,944	)			(569,180,901	)
Net Properties and Equipment			1,178,446,289				1,329,467,904
Operating lease asset			1,125,245				1,285,159
Derivative assets			7,199,724				9,739,430
Deferred financing costs			8,678,656				9,337,344
Total Assets		$	1,254,715,354			$	1,411,899,249
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable		$	102,616,433			$	90,258,731
Income tax liability			535,318				356,436
Financing lease liability			686,697				730,564
Operating lease liability			539,464				586,614
Derivative liabilities			43,082,871				841,193
Notes payable			—				505,752
Asset retirement obligations			397,413				418,526
Total Current Liabilities			147,858,196				93,697,816
Non-current Liabilities
Deferred income taxes			10,214,701				22,298,701
Revolving line of credit			426,000,000				420,000,000
Financing lease liability, less current portion			487,110				593,146
Operating lease liability, less current portion			695,226				819,223
Derivative liabilities			17,234,923				2,512,692
Asset retirement obligations			30,247,250				29,972,429
Total Liabilities			632,737,406				569,894,007
Commitments and contingencies
Stockholders’ Equity
Preferred stock – $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding			—				—
Common stock – $0.001 par value; 450,000,000 shares authorized; 209,395,110 shares and 207,656,929 shares issued and outstanding, respectively			209,395				207,657
Additional paid-in capital			813,340,036				812,777,586
Retained earnings (Accumulated deficit)			(191,571,483	)			29,019,999
Total Stockholders’ Equity			621,977,948				842,005,242
Total Liabilities and Stockholders’ Equity		$	1,254,715,354			$	1,411,899,249

RING ENERGY, INC.
Condensed Statements of Cash Flows
(Unaudited)
	Three Months Ended
	March 31,				December 31,				March 31,
		2026				2025				2025
Cash Flows From Operating Activities
Net income (loss)	$	(220,591,482	)		$	(12,845,294	)		$	9,110,738
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		21,405,948				23,002,908				22,615,983
Ceiling test impairment		162,086,257				35,913,116				—
Asset retirement obligation accretion		395,496				390,892				326,549
Amortization of deferred financing costs		694,148				691,228				1,238,493
Share-based compensation		1,524,808				1,474,560				1,690,958
Credit loss expense		—				—				17,917
(Gain) loss on disposal of assets		—				(60,855	)			(124,610	)
Deferred income tax expense (benefit)		(12,242,582	)			(3,650,179	)			2,805,346
Excess tax expense (benefit) related to share-based compensation		158,582				(201,533	)			99,437
(Gain) loss on derivative contracts		82,230,925				(17,495,270	)			928,790
Cash received (paid) for derivative settlements, net		(5,276,011	)			2,741,821				(553,594	)
Changes in operating assets and liabilities:
Accounts receivable		(14,069,612	)			2,153,443				(564,158	)
Inventory		(836,248	)			(327,355	)			747,064
Prepaid expenses and other assets		396,255				454,986				624,812
Accounts payable		10,221,636				12,513,783				(10,385,137	)
Settlement of asset retirement obligation		(203,419	)			(67,428	)			(207,580	)
Net Cash Provided by Operating Activities		25,894,701				44,688,823				28,371,008
Cash Flows From Investing Activities
Payments for the Lime Rock Acquisition		—				(9,293,884	)			(70,859,769	)
Payments to purchase oil and natural gas properties		(2,781,731	)			(1,016,517	)			(647,106	)
Payments to develop oil and natural gas properties		(32,506,820	)			(24,955,052	)			(31,083,507	)
Payments to acquire or improve fixed assets subject to depreciation		—				(4,402	)			(34,275	)
Proceeds from sale of fixed assets subject to depreciation		—				—				17,360
Proceeds from divestiture of oil and natural gas properties		4,266,479				—				—
Net Cash Used in Investing Activities		(31,022,072	)			(35,269,855	)			(102,607,297	)
Cash Flows From Financing Activities
Proceeds from revolving line of credit		48,000,000				30,500,000				114,000,000
Payments on revolving line of credit		(42,000,000	)			(38,500,000	)			(39,000,000	)
Payments for taxes withheld on vested restricted shares, net		(965	)			(228,359	)			(896,431	)
Payments on notes payable		(505,752	)			(496,077	)			(496,397	)
Payment of deferred financing costs		(35,460	)			66,871				—
Reduction of financing lease liabilities		(192,729	)			(145,397	)			(136,427	)
Net Cash Provided by (Used in) Financing Activities		5,265,094				(8,802,962	)			73,470,745
Net Increase (Decrease) in Cash		137,723				616,006				(765,544	)
Cash at Beginning of Period		902,913				286,907				1,866,395
Cash at End of Period	$	1,040,636			$	902,913			$	1,100,851

RING ENERGY, INC.

Financial Commodity Derivative Positions

As of
May 5, 2026

The following tables reflect the details of current derivative contracts as of May 5, 2026 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):

Oil Hedges (WTI)	Q2 2026			Q3 2026			Q4 2026			Q1 2027			Q2 2027			Q3 2027			Q4 2027			Q1 2028
Swaps:
Hedged volume (Bbl)		622,601			263,400			529,000			509,500			492,000			432,000			412,963			—
Weighted average swap price	$	66.43		$	61.77		$	65.34		$	62.82		$	60.45		$	61.80		$	57.59		$	—
Two-way collars:
Hedged volume (Bbl)		273,000			563,685			368,000			—			—			—			—			400,080
Weighted average put price	$	55.00		$	60.82		$	65.00		$	—		$	—		$	—		$	—		$	55.45
Weighted average call price	$	65.65		$	76.19		$	105.65		$	—		$	—		$	—		$	—		$	65.45
Swaps: WTI NYMEX Rolls
Hedged volume (BBL)		819,000			828,000			—			—			—			—			—			—
Weighted average swap price	$	5.30		$	5.98		$	—		$	—		$	—		$	—		$	—		$	—

Gas Hedges (Henry Hub)	Q2 2026			Q3 2026			Q4 2026			Q1 2027			Q2 2027			Q3 2027			Q4 2027			Q1 2028
NYMEX Swaps:
Hedged volume (MMBtu)		1,165,628			600,016			1,072,305			439,678			423,035			1,079,906			1,046,151			1,012,567
Weighted average swap price	$	3.82		$	4.19		$	3.99		$	4.02		$	4.02		$	3.86		$	4.02		$	3.77
Two-way collars:
Hedged volume (MMBtu)		139,000			648,728			128,000			717,000			694,000			—			—			—
Weighted average put price	$	3.50		$	3.10		$	3.50		$	3.99		$	3.00		$	—		$	—		$	—
Weighted average call price	$	5.42		$	4.24		$	5.42		$	5.21		$	4.32		$	—		$	—		$	—

Gas Hedges (Henry Hub)	Q2 2028			Q3 2028			Q4 2028			Q1 2029			Q2 2029			Q3 2029			Q4 2029
NYMEX Swaps:
Hedged volume (MMBtu)		984,322			956,865			931,539			908,117			886,933			866,585			846,134
Weighted average swap price	$	3.77		$	3.77		$	3.77		$	3.67		$	3.67		$	3.67		$	3.67

Gas Hedges (basis differential)	Q2 2026			Q3 2026			Q4 2026			Q1 2027			Q2 2027			Q3 2027			Q4 2027			Q1 2028
Waha basis swaps:
Hedged volume (MMBtu)		—			—			169,880			196,372			480,325			464,360			449,846			435,403
Weighted average spread price(1)	$	—		$	—		$	1.32		$	0.78		$	0.78		$	0.78		$	0.78		$	0.68
El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)		—			—			225,184			960,307			636,710			615,547			596,306			577,163
Weighted average spread price(1)	$	—		$	—		$	1.35		$	0.72		$	0.67		$	0.67		$	0.67		$	0.60

(1) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.

RING ENERGY, INC.

Non-GAAP Financial Information

Certain financial information included in this release are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income,” “Adjusted EBITDA,” “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding Share-Based Compensation,” “G&A Excluding Share-Based Compensation and Transaction Costs,” “Leverage Ratio,” “All-In Cash Operating Costs,” and “Cash Operating Margin.” Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

Reconciliation of
Net income (loss)
to
Adjusted Net Income

“Adjusted Net Income” is calculated as net income (loss) minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for acquisitions and divestitures (“A&D”). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare the Company’s results with its peers.  

	(Unaudited for All Periods)
	Three Months Ended
	March 31,								December 31,								March 31,
		2026								2025								2025
	Total				Per share – diluted				Total				Per share – diluted				Total				Per share – diluted
Net income (loss)	$	(220,591,482	)		$	(1.06	)		$	(12,845,294	)		$	(0.06	)		$	9,110,738			$	0.05
Share-based compensation		1,524,808				0.01				1,474,560				0.01				1,690,958				0.01
Ceiling test impairment		162,086,257				0.78				35,913,116				0.17				—				—
Unrealized loss (gain) on change in fair value of derivatives		76,954,914				0.37				(14,753,449	)			(0.07	)			375,196				—
Transaction costs – A&D		—				—				25,000				—				1,776				—
Tax impact on adjusted items		(12,557,544	)			(0.06	)			(6,213,517	)			(0.03	)			(500,646	)			(0.01	)
Adjusted Net Income	$	7,416,953			$	0.04			$	3,600,416			$	0.02			$	10,678,022			$	0.05
Diluted Weighted-Average Shares Outstanding		208,558,546								207,233,067								201,072,594
Adjusted Net Income per Diluted Share	$	0.04							$	0.02							$	0.05

Reconciliation of
Net income (loss)
to Adjusted EBITDA

The Company defines “Adjusted EBITDA” as net income (loss) plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

	(Unaudited for All Periods)
	Three Months Ended
	March 31,				December 31,				March 31,
		2026				2025				2025
Net income (loss)	$	(220,591,482	)		$	(12,845,294	)		$	9,110,738
Interest expense, net		8,529,080				9,065,509				9,408,728
Unrealized loss (gain) on change in fair value of derivatives		76,954,914				(14,753,449	)			375,196
Ceiling test impairment		162,086,257				35,913,116				—
Income tax (benefit) expense		(11,988,413	)			(3,800,401	)			3,041,177
Depreciation, depletion and amortization		21,405,948				23,002,908				22,615,983
Asset retirement obligation accretion		395,496				390,892				326,549
Transaction costs – A&D		—				25,000				1,776
Share-based compensation		1,524,808				1,474,560				1,690,958
Loss (gain) on disposal of assets		—				(60,855	)			(124,610	)
Other income		(5,837	)			(29,582	)			(8,942	)
Adjusted EBITDA	$	38,310,771			$	38,382,404			$	46,437,553
Adjusted EBITDA Margin		52	%			57	%			59	%

Reconciliations of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA to Adjusted Free Cash Flow

The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities (as reflected on the Company’s Condensed Statements of Cash Flows) less changes in operating assets and liabilities, and plus transaction costs for acquisitions and divestitures (“A&D”), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of the Company’s current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.

	(Unaudited for All Periods)
	Three Months Ended
	March 31,				December 31,				March 31,
		2026				2025				2025
Net Cash Provided by Operating Activities	$	25,894,701			$	44,688,823			$	28,371,008
Adjustments – Condensed Statements of Cash Flows
Changes in operating assets and liabilities		4,491,388				(14,727,429	)			9,784,999
Transaction costs – A&D		—				25,000				1,776
Income tax expense (benefit) – current		95,587				51,311				136,394
Capital expenditures		(34,505,509	)			(24,343,200	)			(32,451,531	)
Proceeds from divestiture of oil and natural gas properties		4,266,479				—				—
Credit loss expense		—				—				(17,917	)
Other income		(5,837	)			(29,582	)			(8,942	)
Adjusted Free Cash Flow	$	236,809			$	5,664,923			$	5,815,787

	(Unaudited for All Periods)
	Three Months Ended
	March 31,				December 31,				March 31,
		2026				2025				2025
Adjusted EBITDA	$	38,310,771			$	38,382,404			$	46,437,553
Net interest expense (excluding amortization of deferred financing costs)		(7,834,932	)			(8,374,281	)			(8,170,235	)
Capital expenditures		(34,505,509	)			(24,343,200	)			(32,451,531	)
Proceeds from divestiture of oil and natural gas properties		4,266,479				—				—
Adjusted Free Cash Flow	$	236,809			$	5,664,923			$	5,815,787

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Cash Flow from Operations

The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in the Company’s Condensed Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this financial performance measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector.

	(Unaudited for All Periods)
	Three Months Ended
	March 31,			December 31,				March 31,
		2026			2025				2025
Net Cash Provided by Operating Activities	$	25,894,701		$	44,688,823			$	28,371,008
Changes in operating assets and liabilities		4,491,388			(14,727,429	)			9,784,999
Adjusted Cash Flow from Operations	$	30,386,089		$	29,961,394			$	38,156,007

Reconciliation of General and Administrative Expense (G&A) to G&A Excluding Share-Based Compensation and Transaction Costs

The following table presents a reconciliation of General and Administrative Expense (“G&A”), a GAAP measure, to G&A excluding share-based compensation, and G&A excluding share-based compensation and transaction costs for acquisitions and divestitures (A&D).

	(Unaudited for All Periods)
	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
General and administrative expense (G&A)	$	7,438,778		$	8,030,310		$	8,619,976
Shared-based compensation		1,524,808			1,474,560			1,690,958
G&A excluding share-based compensation	$	5,913,970		$	6,555,750		$	6,929,018
Transaction costs – A&D		—			25,000			1,776
G&A excluding share-based compensation and transaction costs	$	5,913,970		$	6,530,750		$	6,927,242

Calculation of Leverage Ratio

“Leverage” or the “Leverage Ratio” is calculated pursuant to the Company’s existing senior revolving credit facility and means as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under the credit facility.

The Company defines “Consolidated Total Debt” in accordance with its existing senior revolving credit facility and means, as of any date, all Indebtedness of the Company on a consolidated basis as of such date, but excluding hedging obligations.

The Company defines “Indebtedness” in accordance with its existing senior revolving credit facility and generally means (i) all obligations of the Company for borrowed money, (ii) all obligations of the Company evidenced by notes or other similar instruments, (iii) all obligations of the Company in respect of the deferred purchase price of property or services, (iv) all obligations of the Company under any conditional sale relating to property acquired the Company, (v) all capital lease obligations of the Company, (vi) all obligations, contingent or otherwise, of the Company in respect of letters of credit or similar extensions of credit, (vii) all guarantees of the Company of the type of Indebtedness described in clauses (i) through (vi) above, (viii) all Indebtedness of a third party secured by any lien on property owned by the Company, whether or not such Indebtedness has been assumed by the Company, (ix) all off-balance sheet liabilities, (x) all hedging obligations and (xi) the undischarged balance of any production payment created by the Company or for the creation of which the Company directly or indirectly received payment.

The Company defines “Consolidated EBITDAX” in accordance with its existing senior revolving credit facility and means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income (loss) for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense (benefit) determined on a consolidated basis, (C) depreciation, depletion and amortization determined on a consolidated basis, (D) exploration expenses determined on a consolidated basis, and (E) all other non-cash charges reasonably acceptable to the administrative agent, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants under the credit facility, to the extent that during such period the Company has consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets acquired or disposed of.

The maximum permitted Leverage Ratio under the senior revolving credit facility is 3.00. The following tables show the leverage ratio calculations for the quarters ended March 31, 2026 and March 31, 2025.

	(Unaudited)
	Three Months Ended
	June 30,				September 30,				December 31,				March 31,				Last Four Quarters
		2025				2025				2025				2026
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	20,634,887			$	(51,631,530	)		$	(12,845,294	)		$	(220,591,482	)		$	(264,433,419	)
Plus: Consolidated interest expense		11,687,746				9,978,067				9,065,509				8,529,080				39,260,402
Plus: Income tax provision (benefit)		6,107,425				(12,800,947	)			(3,800,401	)			(11,988,413	)			(22,482,336	)
Plus: Depreciation, depletion and amortization		25,569,914				25,225,345				23,002,908				21,405,948				95,204,115
Plus: non-cash charges reasonably acceptable to Administrative Agent		(12,236,121	)			77,063,418				23,025,119				240,961,475				328,813,891
Consolidated EBITDAX	$	51,763,851			$	47,834,353			$	38,447,841			$	38,316,608			$	176,362,653
Plus: Pro Forma Acquired Consolidated EBITDAX		—				—				—				—				—
Less: Pro Forma Divested Consolidated EBITDAX		—				—				—				—				—
Pro Forma Consolidated EBITDAX	$	51,763,851			$	47,834,353			$	38,447,841			$	38,316,608			$	176,362,653
Non-cash charges reasonably acceptable to Administrative Agent:
Asset retirement obligation accretion	$	382,251			$	390,563			$	390,892			$	395,496
Unrealized loss (gain) on derivative assets		(13,970,211	)			2,141,925				(14,753,449	)			76,954,914
Ceiling test impairment		—				72,912,330				35,913,116				162,086,257
Share-based compensation		1,351,839				1,618,600				1,474,560				1,524,808
Total non-cash charges reasonably acceptable to Administrative Agent	$	(12,236,121	)		$	77,063,418			$	23,025,119			$	240,961,475
	As of
	March 31,				Corresponding
		2026			Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	426,000,000				2.42
Notes payable		—				—
Deferred payment		—				—
Capital lease obligations	$	1,173,807				—
Consolidated Total Debt	$	427,173,807				2.42
Pro Forma Consolidated EBITDAX		176,362,653
Leverage Ratio		2.42
Maximum Allowed	≤ 3.00x

	(Unaudited)
	Three Months Ended
	June 30,				September 30,				December 31,			March 31,			Last Four Quarters
		2024				2024				2024			2025
Consolidated EBITDAX Calculation:
Net Income (Loss)	$	22,418,994			$	33,878,424			$	5,657,519		$	9,110,738		$	71,065,675
Plus: Consolidated interest expense		10,801,194				10,610,539				9,987,731			9,408,728			40,808,192
Plus: Income tax provision (benefit)		6,820,485				10,087,954				1,803,629			3,041,177			21,753,245
Plus: Depreciation, depletion and amortization		24,699,421				25,662,123				24,548,849			22,615,983			97,526,376
Plus: non-cash charges acceptable to Administrative Agent		1,664,064				(26,228,108	)			8,994,957			2,392,703			(13,176,384	)
Consolidated EBITDAX	$	66,404,158			$	54,010,932			$	50,992,685		$	46,569,329		$	217,977,104
Plus: Pro Forma Acquired Consolidated EBITDAX		10,329,116				7,838,163				5,244,078			7,392,359			30,803,716
Less: Pro Forma Divested Consolidated EBITDAX		(469,376	)			(600,460	)			77,819			8,855			(983,162	)
Pro Forma Consolidated EBITDAX	$	76,263,898			$	61,248,635			$	56,314,582		$	53,970,543		$	247,797,658
Non-cash charges acceptable to Administrative Agent:
Asset retirement obligation accretion	$	352,184			$	354,195			$	323,085		$	326,549
Unrealized loss (gain) on derivative assets		(765,898	)			(26,614,390	)			6,999,552			375,196
Share-based compensation		2,077,778				32,087				1,672,320			1,690,958
Total non-cash charges acceptable to Administrative Agent	$	1,664,064			$	(26,228,108	)		$	8,994,957		$	2,392,703
	As of
	March 31,				Corresponding
		2025			Leverage Ratio
Leverage Ratio Covenant:
Revolving line of credit	$	460,000,000				1.86
Lime Rock deferred payment		10,000,000				0.04
Consolidated Total Debt	$	470,000,000				1.90
Pro Forma Consolidated EBITDAX		247,797,658
Leverage Ratio		1.90
Maximum Allowed	≤ 3.00x

All-In Cash Operating Costs

The Company defines All-In Cash Operating Costs, a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company.

	(Unaudited for All Periods)
	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
All-In Cash Operating Costs:
Lease operating expenses (including workovers)	$	18,122,344		$	18,911,801		$	19,677,552
G&A excluding share-based compensation		5,913,970			6,555,750			6,929,018
Net interest expense (excluding amortization of deferred financing costs)		7,834,932			8,374,281			8,170,235
Operating lease expense		175,091			175,090			175,091
Oil and natural gas production taxes		3,553,891			3,224,183			3,584,455
Ad valorem taxes		2,202,537			2,279,266			1,532,108
Gathering, transportation and processing costs		117,049			121,097			203,612
All-in cash operating costs	$	37,919,814		$	39,641,468		$	40,272,071
Boe		1,741,581			1,886,755			1,655,259
All-in cash operating costs per Boe	$	21.77		$	21.01		$	24.33

Cash Operating Margin

The Company defines Cash Operating Margin, a non-GAAP financial measure, as realized revenues per Boe less “all-in cash operating costs” per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company.

	(Unaudited for All Periods)
	Three Months Ended
	March 31,			December 31,			March 31,
		2026			2025			2025
Cash Operating Margin
Realized revenues per Boe	$	42.30		$	35.45		$	47.78
All-in cash operating costs per Boe		21.77			21.01			24.33
Cash Operating Margin per Boe	$	20.53		$	14.44		$	23.45

VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) — Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold” or the “Company”) is pleased to announce that its Board of Directors (“Board”) has declared a quarterly cash dividend of US$0.015 per common share of the Company, payable on June 5, 2026 to shareholders of record as at the close of business on the record date of May 21, 2026.

The dividend is designated as an “eligible dividend” for Canadian income tax purposes.

The declaration, amount, and payment of future dividends remain subject to the discretion of the Board and will depend upon the Company’s financial results, capital requirements, business conditions, compliance with applicable legal and debt covenant requirements and other factors considered relevant. The Company will review its dividend policy on an ongoing basis and may amend it at any time.

Equinox Gold Contact

Ryan King

EVP Capital Markets
T: 778.998.3700
E: [email protected]
E: [email protected]

Cautionary Notes & Forward-looking Statements


This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively “Forward-looking Information”). Forward-looking Information in this news release relates to planned dividend payments. Forward-looking Information is generally identified by words such as “will”, “future”, and similar expressions, or statements that actions, events or results “may”, “could” or “should” occur. Although the Company believes the expectations reflected in the Forward-looking Information are reasonable , readers are cautioned not to put undue reliance on Forward-looking Information as actual results may differ materially. Forward-looking Information in this news release is based on the Company’s current expectations and projections about future events and these assumptions include: Equinox Gold’s ability to achieve the production, cost and development expectations for its respective operations and projects; prices for gold remaining as estimated; and availability of funds for the Company’s projects and future cash requirements, including for any dividend. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. These factors include those described under “Risk Factors” in the Company’s most recent MD&A and “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, each available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Forward-Looking Information reflects management’s current expectations and assumptions and is subject to change. Except as required by applicable law, the Company undertakes no obligation to update or publicly revise any Forward-Looking Information, whether because of new information, future events or otherwise. No inference should be drawn from any update that the Company will make further updates. All Forward-Looking Information in this news release is expressly qualified by this cautionary statement.

VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) — Endeavour Silver Corp.
(“Endeavour” or the “Company”)
(NYSE: EXK; TSX: EDR) announces its financial and operating results for the three months ended March 31, 2026. The Company will host a conference call to discuss these results on Thursday, May 7 at 10:00am PT/1:00pm EDT; details are provided further in this news release. All dollar amounts are in US dollars ($).

“Endeavour delivered exceptional results in the first quarter of 2026, with increased production driving strong quarterly growth,” said Dan Dickson, Chief Executive Officer. “We reached new records in both production and revenue, underscoring the strength of our operations, the dedication of our team and the benefit of robust silver and gold prices. The Company’s operating cash flow also saw significant growth.”

“With a solid financial foundation and the successful completion of the Kolpa plant expansion and Terronera operating near design criteria, Endeavour is well positioned to achieve its production goals for the remainder of the year. These results highlight our commitment to operational excellence while creating lasting value for our shareholders.”

Q1 2026 Highlights

• Higher Production Fuels Quarterly Growth: Consolidated production of 1,875,375 ounces (“oz”) Silver and 11,740 oz Gold for 3.3 million oz silver equivalent (“AgEq”)⁽¹⁾. Production was 78% higher than the same period in 2025.   
• Record Ounces Sold with Record Realized Prices: $209.7 million from the sale of 1,642,220 oz of silver and 10,942 oz of gold at average realized prices of $85.95 per oz silver and $5,035 per oz gold as well as from sales of base metals. Revenue is 230% higher than in the same period in 2025.
• Strong Mine Operating Cash Flow: $114.6 million in mine operating cash flow before taxes⁽²⁾, 419% higher than the same period in 2025.
• Steady Operating Costs: Cash costs⁽²⁾ of $22.54 per oz payable silver and all-in sustaining costs⁽²⁾ of $37.03 per oz, net of by-product credits compared to $19.05 and $41.19, respectively, in Q4 2025.
• Strong Cash Position
  : $231.8 million in cash as of March 31, 2026.
• Higher Production Capacity: Plant expansion at Kolpa has been completed with throughput expected to be in line with guidance for the remainder of 2026.
• Bolañitos Sale Finalized: On January 15, 2026, the Company completed the sale of the Bolañitos silver and gold mine (see news release from January 15, 2026 here) and made a gain on the sale of $35.6 million. The Bolañitos results for the first 15 days of 2026 are included in the Company’s financial results.

Financial Overview

Q1 2026 Highlights	Three Months Ended March 31
	2026	2025	% Change
Production
Silver ounces produced	1,875,375	1,205,793	56%
Gold ounces produced	11,740	8,338	41%
Lead tonnes produced	4,939	–	–
Zinc tonnes produced	2,842	–	–
Silver equivalent ounces produced(1)	3,341,943	1,872,833	78%
Cash costs per silver ounce ($)(2)	22.54	15.89	42%
Total production costs per ounce ($)(2)	35.21	24.23	45%
All-in sustaining costs per ounce ($)(2)	37.03	24.48	51%
Processed tonnes	456,657	209,507	118%
Direct operating costs per tonne ($)(2)	186.92	142.72	31%
Direct costs per tonne ($)(2)	256.33	207.27	24%
Financial
Revenue ($ millions)	209.7	63.5	230%
Silver ounces sold	1,642,220	1,223,684	34%
Gold ounces sold	10,942	8,538	28%
Realized silver price per ounce ($)	85.95	31.99	169%
Realized gold price per ounce ($)	5,035	2,903	73%
Net earnings (loss) ($ millions)	64.9	(32.9)	297%
Adjusted net earnings (loss)(2) ($ millions)	59.2	(0.2)	28861%
Mine operating earnings ($ millions)	93.5	12.8	628%
Mine operating cash flow before taxes ($ millions)(2)	114.6	22.1	419%
Operating cash flow before working capital changes ($ millions)(2)	38.8	8.3	365%
EBITDA ($ millions)(2)	112.6	(18.1)	722%
Adjusted EBITDA ($ millions)(2)	108.4	15.1	617%
Working capital ($ millions)(2)	173.4	14.8	1071%
Shareholders
Earnings (loss) per share – basic ($)	0.23	(0.13)	277%
Adjusted earnings (loss) per share – basic ($)(2)	0.21	–	100%
Operating cash flow before working capital changes per share ($)(2)	0.14	0.03	367%
Basic weighted average shares outstanding (‘000)	283,078	262,323	8%

⁽¹⁾ Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratio.
⁽²⁾ These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company’s financial statements, which can be viewed on the Company’s website, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

Direct operating costs per tonne in Q1 2026 increased to $186.92, 31% higher than $142.72 in Q1 2025. The increase was primarily driven by the addition of Terronera and Kolpa, which had direct operating costs per tonne of $195.11 and $155.92, respectively, during Q1 2026. The disposal of Bolañitos, which had a lower direct operating cost per tonne of $102.81 in Q1 2025, also contributed to the higher consolidated average. In addition, Guanaceví experienced higher cost per tonne due to lower throughput and higher underlying direct production costs.

Consolidated cash costs per silver ounce, net of by-product credits, were $22.54 in Q1 2026, representing a 42% increase from $15.89 in Q1 2025 due to the higher metal prices causing higher royalty, third party material cost, and special mining duties. Each mine has different costs and produces different amounts of payable silver, which affect the consolidated cash cost per ounce depending on the mix of production. For the three months ended March 31, 2026, the cash costs per silver ounce were $24.52 for Kolpa, $38.59 for Guanaceví, offset by negative $2.14 for Terronera.

Consolidated All‑in Sustaining Costs (“AISC”) per silver ounce in Q1 2026 were $37.03, 51% higher than $24.48 in Q1 2025. The increase was predominantly due to the contribution of Kolpa, which had AISC of $36.12 per ounce, and higher AISC of $48.47 at Guanaceví caused by the higher third-party material cost, higher royalties and special mining duties, partially offset by the contribution from Terronera, where AISC of $22.31 per ounce lowered the consolidated average. Consolidated AISC decreased from $41.19 in Q4 2025 to $37.03 in Q1 2026 primarily reflecting the ramp up of operations at Terronera and the efficiencies gained.

In Q1 2026, the Company’s mine operating earnings were $93.5 million (Q1 2025 – $12.9 million), driven by operating earnings of $38.4 million from Terronera, $23.0 million from Kolpa, and $20.4 million higher operating earnings at Guanaceví, partially offset by lower operating earnings from Bolañitos following its sale on January 15, 2026. Revenue for the quarter was $209.7 million, compared to $63.5 million in Q1 2025 driven by higher metal prices and higher sales, while cost of sales increased to $116.3 million from $50.6 million, primarily due to the inclusion of revenue and costs incurred at Terronera and Kolpa.

The Company recorded operating earnings of $83.8 million in Q1 2026 (Q1 2025 – $4.1 million) after exploration expenditures of $5.0 million (Q1 2025 – $4.5 million) and general and administrative expenses of $4.7 million (Q1 2025 – $4.3 million). Exploration expenses increased due to additional expenditures on advancing Pitarrilla and exploration work at Kolpa, partially offset by lower exploration spending at Terronera.

Earnings before taxes for Q1 2026 were $85.9 million, compared to a loss of $27.7 million in Q1 2025. This was after a loss on derivative contract revaluations of $24.2 million, a foreign exchange loss of $0.3 million, investment and other income loss of $3.2 million, and finance costs of $5.8 million, partially offset by a gain on the sale of Bolañitos of $35.6 million.

The Company recorded net earnings of $64.9 million for Q1 2026 (Q1 2025 – net loss of $32.9 million) after income tax expense of $21.0 million, which included $33.8 million of current tax expense and a deferred tax recovery of $12.8 million, primarily arising from temporary differences related to the buildup of finished goods inventory.

This news release should be read in conjunction with the Company’s condensed consolidated interim financial statements for the period ended March 31, 2026, and associated Management’s Discussion and Analysis (“MD&A”) which are available on the Company’s website, www.edrsilver.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

About Endeavour Silver – Endeavour is a mid-tier silver producer with three operating mines in Mexico and Peru and a robust pipeline of exploration projects across Mexico, Chile, and the United States. With a proven track record of discovery, development, and responsible mining, Endeavour is driving organic growth and creating lasting value on its path to becoming a leading senior silver producer.

Conference Call

Management will host a conference call to discuss the Company’s Q1 2026 financial results on May 7 at 10:00am Pacific (PT)/ 1:00pm Eastern (EDT).

Date:	Thursday, May 7, 2026
Time:	10:00am Pacific Time / 1:00pm Eastern Daylight Time
Telephone:	Canada & US +1-833-752-3348
	International +1-647-846-2804
Replay:	Canada/US Toll Free +1-855-669-9658
	International +1-412-317-0088
	Access code is 7015869; audio replay will be available on the Company’s website

Contact Information

Allison Pettit
Vice President, Investor Relations
Email: [email protected]
Website: www.edrsilver.com

Endnotes

¹
Silver equivalent (AgEq)

Silver equivalents for 2026 are calculated using a 90:1 Ag:Au ratio, 45 silver oz to 1 lead tonne; 61 silver oz to 1 zinc tonne; 238 silver oz to 1 copper tonne ratio. Silver equivalents for 2025 are calculated using an 80:1 Ag:Au ratio, 60 silver oz to 1 lead tonne; 85 silver oz to 1 zinc tonne; 300 silver oz to 1 copper tonne ratio.

²
Non-IFRS and Other Financial Measures and Ratios

Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, AISC per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA per share, sustaining and growth capital and adjusted net earnings (loss).

Please see the March 31, 2026 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section “Non-IFRS Measures” in the March 31, 2026 MD&A available on SEDAR at www.sedarplus.com.

Reconciliation of Working Capital

Expressed in millions of U.S. dollars	As at March 31, 2026		As at December 31, 2025
Current assets		$422.9		$423.2
Current liabilities		249.5		276.8
Working capital surplus		$173.4		$146.4

Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share

Expressed in millions of U.S. dollars	Three Months Ended March 31
(except for share numbers and per share amounts)	2026	2025
Net earnings (loss) for the period per financial statements	$64.9	($32.9)
Unrealized foreign exchange (gain) loss	0.6	0.3
(Gain) loss on derivatives copper stream and contingent liabilities revaluations	25.4	31.9
Gain from sale of Bolañitos	(35.6)	–
Change in fair value of investments	4.1	(0.1)
Change in fair value of cash settled DSUs	(0.1)	0.6
Adjusted net earnings (loss)	$59.2	($0.2)
Basic weighted average shares outstanding (‘000)	283,078	262,323
Adjusted net earnings (loss) per share	$0.21	($0.00)

Reconciliation of Mine Operating Cash Flow Before Taxes

Expressed in millions of U.S. dollars	Three Months Ended March 31
	2026	2025
Mine operating earnings per financial statements	$93.5	$12.8
Share-based compensation	0.2	–
Depreciation	20.9	9.2
Mine operating cash flow before taxes	$114.6	$22.1

Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share

Expressed in millions of U.S. dollars	Three Months Ended March 31
(except for per share amounts)	2026	2025
Cash from (used in) operating activities per financial statements	$20.7	$3.4
Net changes in non-cash working capital per financial statements	(18.1)	(5.0)
Operating cash flow before working capital changes	$38.8	$8.3
Basic weighted average shares outstanding (‘000)	283,078	262,323
Operating cash flow before working capital changes per share	$0.14	$0.03

Reconciliation of EBITDA and Adjusted EBITDA

Expressed in millions of U.S. dollars	Three Months Ended March 31
	2026	2025
Net earnings (loss) for the period per financial statements	$64.9	($32.9)
Depreciation – cost of sales	20.9	9.2
Depreciation – exploration, evaluation and development	0.2	0.3
Depreciation – general & administration	0.1	0.1
Finance costs	5.6	0.2
Current income tax expense (recovery)	33.8	5.3
Deferred income tax expense (recovery)	(12.8)	(0.2)
EBITDA	$112.6	($18.1)
Share based compensation	1.4	0.5
Unrealized foreign exchange (Gain) loss	0.6	0.2
(Gain) loss on derivatives, copper stream and contingent liabilities revaluations	25.4	31.9
(Gain) loss from disposal of Bolañitos	(35.6)	–
Change in fair value of investments	4.1	(0.1)
Change in fair value of cash settled DSUs	(0.1)	0.6
Adjusted EBITDA	$108.4	$15.1
Basic weighted average shares outstanding (‘000)	283,078	262,323
Adjusted EBITDA per share	$0.38	$0.06

Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne

Expressed in millions of U.S. dollars	Three Months Ended March 31, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Direct production costs per financial statements	$33.8	$24.0	$1.7	$24.5	$83.9
Purchase of the third-party material	–	(10.3)	–	(0.9)	(11.3)
Smelting and refining costs included in revenue	1.2	0.2	–	2.6	4.0
Opening finished goods	(3.0)	(8.6)	(0.2)	(0.8)	(12.6)
Closing finished goods	2.2	17.6	–	1.4	21.3
Direct operating costs	34.2	22.8	1.6	26.8	85.4
Purchase of the third-party material	–	10.3	–	0.9	11.3
Royalties	2.4	7.1	–	1.6	11.2
Special mining duty (1)	4.4	3.5	0.2	1.2	9.2
Direct costs	41.0	43.7	1.8	30.5	117.1
By-products sales	(42.5)	(10.1)	(2.5)	(17.5)	(72.6)
Opening by-products inventory fair market value	3.0	3.2	0.1	0.6	6.9
Closing by-products inventory fair market value	(2.6)	(6.4)	–	(1.3)	(10.4)
Cash costs net of by-products	(1.1)	30.3	(0.6)	12.3	40.9
Depreciation	9.4	4.7	–	6.8	20.9
Share-based compensation	0.1	0.1	–	0.1	0.2
Opening finished goods depreciation	(0.5)	(1.8)	–	(0.2)	(2.4)
Closing finished goods depreciation	0.6	3.5	–	0.3	4.4
Total production costs	$8.5	$36.7	$(0.6)	$19.3	$63.9

Expressed in millions of U.S. dollars	Three Months Ended March 31, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Direct production costs per financial statements	$-	$25.4	$9.7	$-	$35.2
Purchase of the third-party material	–	(5.9)	–	–	(5.9)
Smelting and refining costs included in revenue	–	–	0.4	–	0.4
Opening finished goods	–	(5.4)	(0.5)	–	(5.9)
Closing finished goods	–	4.8	1.3	–	6.1
Direct operating costs	–	18.9	11.0	–	29.9
Purchase of the third-party material	–	5.9	–	–	5.9
Royalties	–	6.1	0.2	–	6.2
Special mining duty (1)	–	1.0	0.4	–	1.4
Direct costs	–	31.8	11.6	–	43.4
By-products sales	–	(12.8)	(12.0)	–	(24.8)
Opening by-products inventory fair market value	–	3.2	0.8	–	4.0
Closing by-products inventory fair market value	–	(2.2)	(1.4)	–	(3.6)
Cash costs net of by-products	–	20.0	(1.0)	–	19.0
Depreciation	–	6.6	2.6	–	9.2
Share-based compensation	–	0.0	0.0	–	0.0
Opening finished goods depreciation	–	(1.2)	(0.1)	–	(1.3)
Closing finished goods depreciation	–	1.6	0.4	–	2.0
Total production costs	$-	$27.0	$1.9	$-	$28.9

(1)    Special mining duty is an EBITDA royalty tax presented as a current income tax in accordance with IFRS.

	Three Months Ended March 31, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	175,418	95,524	13,988	171,727	456,657
Payable silver ounces	510,521	785,494	17,668	501,458	1,815,142
Cash costs per silver ounce	($2.14)	$38.59	($34.70)	$24.52	$22.54
Total production costs per ounce	$16.67	$46.76	($34.69)	$38.43	$35.21
Direct operating costs per tonne	$195.11	$238.30	$113.74	$155.92	$186.92
Direct costs per tonne	$233.84	$457.23	$130.37	$177.82	$256.33

	Three Months Ended March 31, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	–	102,438	107,069	–	209,507
Payable silver ounces	–	1,012,281	181,077	–	1,193,358
Cash costs per silver ounce	$-	$19.73	($5.60)	$-	$15.89
Total production costs per ounce	$-	$26.66	$10.65	$-	$24.23
Direct operating costs per tonne	$-	$184.43	$102.81	$-	$142.72
Direct costs per tonne	$-	$310.52	$108.49	$-	$207.27

Expressed in millions of U.S. dollars	March 31, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Closing finished goods	2.2	17.6	–	1.4	21.3
Closing finished goods depreciation	0.6	3.5	–	0.3	4.4
Finished goods inventory	$2.8	$21.1	$-	$1.7	$25.7

Expressed in millions of U.S. dollars	March 31, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Closing finished goods	–	4.8	1.3	–	6.1
Closing finished goods depreciation	–	1.6	0.4	–	2.0
Finished goods inventory	$-	6.4	1.7	$-	8.1

Reconciliation of All-In Costs Per Ounce and AISC per ounce

Expressed in millions of U.S. dollars	Three Months Ended March 31, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Cash costs net of by-products	($1.1)	$30.3	($0.6)	$12.3	$40.9
Operations share-based compensation	0.1	0.1	–	0.1	0.2
Corporate general and administrative	1.3	1.1	0.1	1.0	3.4
Corporate share-based compensation	0.5	0.4	–	0.3	1.2
Reclamation – amortization/accretion	0.1	0.1	–	–	0.3
Mine site expensed exploration	0.3	0.4	–	1.4	2.1
Equipment loan payments	0.9	–	–	0.2	1.1
Capital expenditures sustaining	9.3	5.7	0.2	2.9	18.1
All-In-Sustaining Costs	$11.4	$38.1	($0.4)	$18.1	$67.2
Growth exploration, evaluation and development					2.7
Growth capital expenditures					5.8
All-In-Costs					$75.7

Expressed in millions of U.S. dollars	Three Months Ended March 31, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Cash costs net of by-products	$-	$20.0	($1.0)	$-	$19.0
Operations share-based compensation	–	–	–	–	0.0
Corporate general and administrative	–	2.7	1.1	–	3.8
Corporate share-based compensation	–	0.3	0.1	–	0.4
Reclamation – amortization/accretion	–	0.1	0.1	–	0.2
Mine site expensed exploration	–	0.3	0.2	–	0.4
Capital expenditures sustaining	–	3.4	1.9	–	5.4
All-In-Sustaining Costs	$-	$26.8	$2.4	$-	$29.2
Growth exploration, evaluation and development					3.8
Growth capital expenditures					36.2
All-In-Costs					$69.2

	Three Months Ended March 31, 2026
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	175,418	95,524	13,988	171,727	456,657
Payable silver ounces	510,521	785,494	17,668	501,458	1,815,142
Silver equivalent production (ounces)	1,296,348	1,042,779	62,766	940,050	3,341,943
All-in-Sustaining cost per ounce	$22.31	$48.47	($20.22)	$36.12	$37.03

	Three Months Ended March 31, 2025
	Terronera	Guanaceví	Bolañitos	Kolpa	Total
Throughput tonnes	–	102,438	107,069	–	209,507
Payable silver ounces	–	1,012,281	181,077	–	1,193,358
Silver equivalent production (ounces)	–	1,334,447	538,386	–	1,872,833
All-in-Sustaining cost per ounce	$-	$26.50	$13.16	$-	$24.48

Reconciliation o
f Sustaining Capital and Growth Capital

Expressed in millions of U.S. dollars	Three Months Ended March 31
	2026	2025
Capital expenditures sustaining	$18.1	$5.4
Growth capital expenditures	5.8	$36.2
Property, plant and equipment expenditures per financial statements	$23.9	$41.6

Expressed in millions of U.S. dollars	Three Months Ended March 31
	2026	2025
Mine site expensed exploration	$2.1	$0.4
Growth exploration, evaluation and development	2.7	3.8
Total exploration, evaluation and development	4.8	4.2
Exploration, evaluation and development depreciation	0.2	0.3
Exploration, evaluation and development share-based compensation	0.1	0.1
Exploration, evaluation and development expense	$5.0	$4.5

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended March 31
	2026		2025
Gross silver sales		$141.1	$39.2
Silver ounces sold		1,642,220	1,223,684
Realized silver price per ounce		$85.95	$31.99

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended March 31
	2026				2025
Gross gold sales		$55.1		$24.8
Gold ounces sold			10,942		8,538
Realized gold price per ounce		$5,035		$2,903

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended March 31
	2026		2025
Gross lead sales		$8.9	$-
Lead tonnes sold		4,542	–
Realized lead price per tonne		$1,966	$-

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended March 31
	2026				2025
Gross zinc sales		$7.0		$-
Zinc tonnes sold			2,295		–
Realized zinc price per tonne		$3,070		$-

Expressed in millions of U.S. dollars Unless otherwise stated	Three Months Ended March 31
	2026				2025
Gross copper sales		$0.7		$-
Copper tonnes sold			55		–
Realized copper price per tonne		$12,909		$-

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding expected operating and efficiency improvements, the Company’s strategic objectives, areas of priority, ability to meet production goals, expectations of throughput at Kolpa, the planned allocation of resources, Endeavour’s ability to unlock value across the Company’s development pipeline and deliver long-term value for its stakeholders, and the timing and results of various activities. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to unexpected changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; fluctuations in the prices of silver and gold; fluctuations in the currency markets (particularly the Mexican peso, Peruvian sol, Canadian dollar, Chilean peso, and U.S. dollar); fluctuations in interest rates; effects of inflation; changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada, Peru and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including, but not limited to, environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; risks in obtaining necessary licenses and permits; and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, forecasted mine economics, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.