Market Newsdesk

April 16, 2025 8:03 am

Farmers National Banc Corp. Reports Earnings for First Quarter of 2025

Farmers National Banc Corp. Reports Earnings for First Quarter of 2025

169 consecutive quarters of profitability
Opened a commercial loan production office in Columbus at the end of the first quarter
Net interest margin increased from 2.70% in the first quarter of 2024 to 2.85% in the first quarter of 2025
Efficiency ratio improved to 59.6% in the first quarter of 2025 compared to the first quarter of 2024
Restructured $23.8 million of available for sale securities in March with a 260 basis point pickup in reinvestment yield
Credit metrics remain solid with non-performing loans to loans ratio falling to 0.64% at March 31, 2025
Annualized net charge-offs as a percentage of average loans were only 4 basis points in the first quarter of 2025

CANFIELD, Ohio–(BUSINESS WIRE)–
Farmers National Banc Corp. (“Farmers” or the “Company”) (NASDAQ: FMNB) today reported net income of $13.6 million, or $0.36 per diluted share, for the first quarter of 2025 compared to $11.2 million, or $0.30 per diluted share, for the first quarter of 2024. Net income for the first quarter of 2025 included pretax losses on the sale of investments securities and other assets totaling $1.3 million. Excluding these items (non-GAAP), net income for the first quarter of 2025 was $14.6 million, or $0.39 per diluted share.

Kevin J. Helmick, President and CEO, stated “We entered 2025 from a position of strength with a legacy of profitability, strong asset quality and robust liquidity levels. As near-term economic uncertainty has picked up recently, we are well positioned to support our Ohio and Pennsylvania communities, while making strategic investments across our business and adding proven bankers to our team. The most recent of those strategic investments is the Company’s exciting entrance into the growth market of greater Columbus.”

Balance Sheet

Total assets increased by $38.1 million in the first quarter of 2025 to $5.16 billion from $5.12 billion at December 31, 2024. Loans declined slightly to $3.25 billion at March 31, 2025 from $3.27 billion at December 31, 2024. The decrease from the prior quarter was primarily due to declines in C&I and CRE lending as rising business uncertainty has reduced origination activity. The pipeline for the second quarter currently shows improvement but the introduction of tariffs adds more uncertainty to the decision making of borrowers.

The Company had securities available for sale totaling $1.28 billion as of March 31, 2025, compared to $1.27 billion at December 31, 2024. Net unrealized losses on the portfolio totaled $223.7 million at March 31, 2025, compared to $244.1 million at December 31, 2024. The Company also restructured $23.8 million of available for sale securities and reinvested the proceeds into securities with yields approximately 260 basis points higher than those sold. The earn back on the $1.3 million loss that was incurred on the sale is approximately 2.2 years. The Company anticipates continued volatility in the bond market in 2025.

Total deposits increased to $4.48 billion at March 31, 2025, from $4.27 billion at December 31, 2024. This $214.5 million increase was driven by an increase of $85.0 million in brokered CDs along with an increase in customer deposits of $129.5 million. The majority of the increase in customer deposits was driven by seasonal growth in public funds which totaled $106.3 million for the quarter.

Total stockholders’ equity increased to $429.1 million at March 31, 2025, from $406.0 million at December 31, 2024. The increase was due to a reduction in the unrealized losses on investments securities of $16.0 million along with an increase in retained earnings of $7.2 million due to $13.6 million of net income recognized during the quarter offset by dividends paid on outstanding common shares.

Credit Quality

Non-performing loans declined to $20.7 million at March 31, 2025, compared to $22.8 million at December 31, 2024. The Company continues to actively manage its level of non-performing loans and designated a single non-performing loan relationship totaling $1.8 million to “loans held for sale” during the first quarter of 2025. The Company expects a sale of the relationship to close in the second quarter of 2025. Non-performing loans to total loans were 0.64% at March 31, 2025, compared to 0.70% at December 31, 2024. The Company’s loans which were 30-89 days delinquent were $11.2 million at March 31, 2025, compared to $13.0 million at December 31, 2024, or 0.34% of total loans at March 31, 2025.

The Company’s provision for credit losses and unfunded commitments was a recovery of $204,000 for the first quarter of 2025 compared to a recovery of $449,000 for the first quarter of 2024. The recovery in the first quarter of 2025 was driven primarily by a recovery related to the provision for unfunded commitments. Annualized net charge-offs as a percentage of average loans were 0.04% for the first quarter of 2025, compared to 0.13% for the first quarter of 2024. The allowance for credit losses to total loans was 1.09% at March 31, 2025, compared to 1.10% at December 31, 2024.

Net Interest Income

The Company recorded $34.2 million in net interest income in the first quarter of 2025 compared to $31.7 million in the first quarter of 2024. Average interest earning assets increased to $4.89 billion in the first quarter of 2025 compared to $4.80 billion in the first quarter of 2024. The increase was primarily driven by an increase in average loan balances of $80.6 million. The net interest margin improved to 2.85% in the first quarter of 2025 from 2.70% in the first quarter of 2024. The year-over-year increase in net interest margin was due to higher yields on earning assets and lower funding costs on interest bearing liabilities. The current rate cutting cycle by the Federal Reserve that began in September of 2024 has had a significant impact on funding costs while the lag effects of assets repricing continue to drive earning asset yields higher. The yield on interest earning assets increased from 4.65% in the first quarter of 2024 to 4.74% in the first quarter of 2025 with both loans and securities showing increased yields. Interest bearing liabilities declined from 2.61% in the first quarter of 2024 to 2.52% in the first quarter of 2025. The Company expects its net interest margin will continue to expand in 2025 but the degree of expansion will depend on future Federal Reserve cuts to the fed funds rate. Excluding acquisition marks and PPP interest, non-GAAP, the Company’s net interest margin was 2.67% in the first quarter of 2025 compared to 2.50% in the first quarter of 2024.

Noninterest Income

Noninterest income increased from $8.4 million in the first quarter of 2024 to $10.5 million in the first quarter of 2025 due to improved profitability across all fee based lines of business and a lower level of losses on the sale of available for sale securities. Service charge income on deposit accounts increased $175,000 to $1.8 million in the first quarter of 2025 compared to $1.6 million for the first quarter in 2024. The Company undertook a review of all service charges in late 2023 and early 2024 and implemented fee increases across deposit product lines in the second quarter of 2024. Bank owned life insurance income increased $103,000 during the first quarter of 2025 to $810,000 compared to $707,000 in the first quarter of 2024. The Company purchased an additional $15.0 million in policies during the first quarter of 2025 and policy crediting rates have increased over the last twelve months. Trust fees increased to $2.6 million in the first quarter of 2025 compared to $2.5 million in the first quarter of 2024. The increase was due to continued growth in the business unit. Insurance agency commissions increased to $1.7 million in the first quarter of 2025 from $1.5 million in the first quarter of 2024. Annuity sales continue to drive growth. Losses on the sale of available for sale securities declined to $1.3 million in the first quarter of 2025 from a loss of $2.1 million in the first quarter of 2024. The bank restructured $23.8 million at the end of the first quarter of 2025 resulting in the loss realized on the sale. Retirement plan consulting fees increased to $798,000 in the first quarter of 2025 from $617,000 in the first quarter of 2024 primarily due to the acquisition of Crest Retirement Advisors LLC in late December of 2024. Debit card income grew from $1.6 million in the first quarter of 2024 to $1.9 million in the first quarter of 2025 as better volumes were realized in the current period.

Noninterest Expense

Noninterest expense increased to $28.5 million in the first quarter of 2025 compared to $27.0 million in the first quarter of 2024. Salaries and employee benefits increased to $16.2 million in the first quarter of 2025, from $15.1 million for the first quarter of 2024. The increase was primarily driven by annual raises, the acquisition of Crest Retirement in the fourth quarter of 2024 and higher commission expense from increased revenue in the fee-based businesses. Occupancy and equipment expense increased to $4.1 million in the first quarter of 2025 from $3.7 million in the first quarter of 2024 due to increased maintenance costs in 2025, the result of more severe winter weather along with timing differences. Core processing expense increased $262,000 from the first quarter of 2024 to $1.4 million in the first quarter of 2025. The increase was due to annual increases and timing differences. Other noninterest expense declined to $3.2 million in the first quarter of 2025 from $3.4 million in the first quarter of 2024. Several categories of expense showed declines as the Company continues to implement various cost saving initiatives.

Liquidity

The Company had access to an additional $749.3 million in FHLB borrowing capacity at March 31, 2025, along with $319.8 million in available for sale securities that are available for pledging. The Company’s loan to deposit ratio was 72.6% at March 31, 2025 while the Company’s average deposit balance per account (excluding collateralized deposits) was $25,741 for the same period.

About Farmers National Banc Corp.

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $5.2 billion in banking assets. Farmers National Banc Corp.’s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 62 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania, and Farmers Trust Company, which operates trust offices and offers services in the same geographic markets. Total wealth management assets under care at March 31, 2025 are $4.3 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.

Non-GAAP Disclosure

This press release includes disclosures of Farmers’ tangible common equity ratio, return on average tangible assets, return on average tangible equity, net income excluding costs related to acquisition activities and certain items, return on average assets excluding merger costs and certain items, return on average equity excluding merger costs and certain items, net interest margin excluding acquisition marks and related accretion and PPP interest and fees and efficiency ratio less certain items, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers’ marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures to their GAAP equivalents are included in the tables following Consolidated Financial Highlights below.

Cautionary Statements Regarding Forward-Looking Statements

We make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers’ financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers’ control. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as “will,” “would,” “should,” “could” or “may.” Farmers’ actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Farmers’ actual results to differ materially from those described in certain forward-looking statements include significant changes in near-term local, regional, and U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, U.S. and foreign country tariff policies, and possibility of a recession; and the other factors contained in Farmers’ Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and available on Farmers’ website (www.farmersbankgroup.com) and on the SEC’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Farmers does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Farmers National Banc Corp. and Subsidiaries
Consolidated Financial Highlights
(Amounts in thousands, except per share results) Unaudited


Consolidated Statements of Income	For the Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Total interest income	$	57,305		$	57,909		$	57,923		$	56,846		$	55,054
Total interest expense		23,110			25,170			26,047			24,780			23,367
Net interest income		34,195			32,739			31,876			32,066			31,687
Provision (credit) for credit losses		(204	)		295			7,008			1,112			(449	)
Noninterest income		10,481			11,413			12,340			9,606			8,357
Acquisition related costs		0			92			0			0			0
Other expense		28,526			26,082			27,075			26,403			27,039
Income before income taxes		16,354			17,683			10,133			14,157			13,454
Income taxes		2,776			3,292			1,598			2,374			2,214
Net income	$	13,578		$	14,391		$	8,535		$	11,783		$	11,240

Average diluted shares outstanding		37,381			37,616			37,567			37,487			37,479
Basic earnings per share		0.36			0.38			0.23			0.32			0.30
Diluted earnings per share		0.36			0.38			0.23			0.31			0.30
Cash dividends per share		0.17			0.17			0.17			0.17			0.17
Performance Ratios
Net Interest Margin (Annualized)		2.85	%		2.72	%		2.66	%		2.71	%		2.70	%
Efficiency Ratio (Tax equivalent basis)		59.60	%		56.42	%		58.47	%		60.80	%		61.54	%
Return on Average Assets (Annualized)		1.06	%		1.12	%		0.66	%		0.93	%		0.90	%
Return on Average Equity (Annualized)		13.12	%		13.43	%		8.18	%		12.15	%		11.47	%
Other Performance Ratios (Non-GAAP)
Return on Average Tangible Assets		1.10	%		1.16	%		0.69	%		0.97	%		0.93	%
Return on Average Tangible Equity		24.02	%		23.95	%		14.94	%		23.74	%		21.88	%

Consolidated Statements of Financial Condition
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Assets
Cash and cash equivalents	$	113,256		$	85,738		$	189,136		$	180,987		$	148,630
Debt securities available for sale		1,281,413			1,266,553			1,293,350			1,246,730			1,270,149
Other investments		40,334			45,405			33,617			37,594			34,619

Loans held for sale		2,973			5,005			2,852			2,577			1,854
Loans		3,251,391			3,268,346			3,280,517			3,237,369			3,181,318
Less allowance for credit losses		35,549			35,863			36,186			33,991			33,159
Net Loans		3,215,842			3,232,483			3,244,331			3,203,378			3,148,159

Other assets		503,222			483,740			473,217			485,587			476,599
Total Assets	$	5,157,040		$	5,118,924		$	5,236,503		$	5,156,853		$	5,080,010

Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing	$	979,142		$	965,507		$	969,682		$	968,693		$	977,475
Interest-bearing		3,342,182			3,226,321			3,317,223			3,237,142			3,220,650
Brokered time deposits		159,964			74,951			74,932			0			0
Total deposits		4,481,288			4,266,779			4,361,837			4,205,835			4,198,125
Other interest-bearing liabilities		188,275			391,150			371,038			494,890			433,777
Other liabilities		58,343			54,967			63,950			59,434			51,082
Total liabilities		4,727,906			4,712,896			4,796,825			4,760,159			4,682,984
Stockholders’ Equity		429,134			406,028			439,678			396,694			397,026
Total Liabilities and Stockholders’ Equity	$	5,157,040		$	5,118,924		$	5,236,503		$	5,156,853		$	5,080,010

Period-end shares outstanding		37,615			37,586			37,574			37,575			37,546
Book value per share	$	11.41		$	10.80		$	11.70		$	10.56		$	10.57
Tangible book value per share (Non-GAAP)*		6.42			5.80			6.69			5.53			5.52

* Tangible book value per share is calculated by dividing tangible common equity by outstanding shares

	For the Three Months Ended
Capital and Liquidity	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
Capital and Liquidity		2025			2024			2024			2024			2024
Common Equity Tier 1 Capital Ratio (a)		11.48	%		11.14	%		10.91	%		10.94	%		10.88	%
Total Risk Based Capital Ratio (a)		14.88	%		14.55	%		14.34	%		14.42	%		14.38	%
Tier 1 Risk Based Capital Ratio (a)		11.97	%		11.62	%		11.39	%		11.43	%		11.37	%
Tier 1 Leverage Ratio (a)		8.54	%		8.36	%		8.20	%		8.26	%		8.19	%
Equity to Asset Ratio		8.32	%		7.93	%		8.40	%		7.69	%		7.82	%
Tangible Common Equity Ratio (b)		4.86	%		4.42	%		4.98	%		4.18	%		4.24	%
Net Loans to Assets		62.36	%		63.15	%		61.96	%		62.12	%		61.97	%
Loans to Deposits		72.55	%		76.60	%		75.21	%		76.97	%		75.78	%
Asset Quality
Non-performing loans	$	20,724		$	22,818		$	19,076		$	12,870		$	11,951
Non-performing assets		20,902			22,903			19,137			12,975			12,215
Loans 30 – 89 days delinquent		11,192			13,032			15,562			18,546			14,069
Charged-off loans		698			928			5,116			661			1,282
Recoveries		362			293			504			98			271
Net Charge-offs		336			635			4,612			563			1,011
Annualized Net Charge-offs to Average Net Loans		0.04	%		0.08	%		0.58	%		0.07	%		0.13	%
Allowance for Credit Losses to Total Loans		1.09	%		1.10	%		1.10	%		1.05	%		1.04	%
Non-performing Loans to Total Loans		0.64	%		0.70	%		0.58	%		0.40	%		0.38	%
Loans 30 – 89 Days Delinquent to Total Loans		0.34	%		0.40	%		0.47	%		0.57	%		0.44	%
Allowance to Non-performing Loans		171.54	%		157.17	%		189.69	%		264.11	%		277.46	%
Non-performing Assets to Total Assets		0.41	%		0.45	%		0.37	%		0.25	%		0.24	%

(a) March 31, 2025 ratio is estimated
(b) This is a non-GAAP financial measure. A reconciliation to GAAP is shown below

End of Period Loan Balances	For the Three Months Ended
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Commercial real estate	$	1,370,661	$	1,382,714	$	1,372,374	$	1,348,675	$	1,339,372
Commercial		336,600		349,966		358,247		343,694		335,747
Residential real estate		846,639		845,081		852,444		849,561		836,252
HELOC		161,991		158,014		155,967		151,511		143,696
Consumer		257,310		259,954		269,231		268,606		256,846
Agricultural loans		267,737		262,392		261,773		265,035		260,425
Total, excluding net deferred loan costs	$	3,240,938	$	3,258,121	$	3,270,036	$	3,227,082	$	3,172,338


End of Period Customer Deposit Balances	For the Three Months Ended
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Noninterest-bearing demand	$	979,142	$	965,507	$	969,682	$	968,693	$	977,474
Interest-bearing demand		1,468,424		1,366,255		1,453,288		1,380,266		1,381,383
Money market		718,083		682,558		676,664		677,058		646,308
Savings		416,162		414,796		418,771		433,166		452,949
Certificate of deposit		739,512		762,712		768,500		746,652		740,011
Total customer deposits	$	4,321,323	$	4,191,828	$	4,286,905	$	4,205,835	$	4,198,125

	For the Three Months Ended
Noninterest Income	March 31,			Dec. 31,		Sept. 30,			June 30,			March 31,
Noninterest Income		2025			2024		2024			2024			2024
Service charges on deposit accounts	$	1,758		$	1,890	$	1,992		$	1,846		$	1,583
Bank owned life insurance income, including death benefits		810			613		688			652			707
Trust fees		2,641			2,700		2,544			2,345			2,510
Insurance agency commissions		1,741			1,273		1,416			1,255			1,528
Security gains (losses), including fair value changes for equity securities		(1,313	)		10		(403	)		(124	)		(2,120	)
Retirement plan consulting fees		798			719		677			623			617
Investment commissions		529			621		476			478			432
Net gains on sale of loans		326			282		506			417			297
Other mortgage banking fee income (loss), net		147			285		(168	)		192			125
Debit card and EFT fees		1,866			2,164		1,993			1,760			1,567
Other noninterest income		1,178			856		2,619			162			1,111
Total Noninterest Income	$	10,481		$	11,413	$	12,340		$	9,606		$	8,357


	For the Three Months Ended
Noninterest Expense	March 31,			Dec. 31,		Sept. 30,			June 30,			March 31,
Noninterest Expense		2025			2024		2024			2024			2024
Salaries and employee benefits	$	16,166		$	14,424	$	14,874		$	14,558		$	15,069
Occupancy and equipment		4,138			4,075		3,968			3,815			3,730
FDIC insurance and state and local taxes		1,262			1,019		1,480			1,185			1,345
Professional fees		1,196			785		1,084			1,194			1,254
Merger related costs		0			92		0			0			0
Advertising		456			192		435			445			431
Intangible amortization		735			914		629			630			688
Core processing charges		1,397			1,202		1,186			1,099			1,135
Other noninterest expenses		3,176			3,471		3,419			3,477			3,387
Total Noninterest Expense	$	28,526		$	26,174	$	27,075		$	26,403		$	27,039

Average Balance Sheets and Related Yields and Rates
(Dollar Amounts in Thousands)

	Three Months Ended				Three Months Ended
	March 31, 2025				March 31, 2024
	AVERAGE			YIELD/	AVERAGE			YIELD/
	BALANCE		INTEREST (1)	RATE (1)	BALANCE		INTEREST (1)	RATE (1)
EARNING ASSETS
Loans (2)	$	3,261,908	$46,810	5.74%	$	3,181,337	$45,096	5.67%
Taxable securities		1,135,580	7,096	2.50		1,101,347	6,415	2.33
Tax-exempt securities (2)		377,078	2,990	3.17		408,075	3,208	3.14
Other investments		44,170	541	4.90		34,406	362	4.21
Federal funds sold and other		73,575	510	2.77		71,757	626	3.49
Total earning assets		4,892,311	57,947	4.74		4,796,922	55,707	4.65
Nonearning assets		226,456				227,044
Total assets	$	5,118,767			$	5,023,966
INTEREST-BEARING LIABILITIES
Time deposits	$	733,406	$6,632	3.62%	$	736,932	$7,048	3.83%
Brokered time deposits		143,393	1,538	4.29		0	0	0.00
Savings deposits		1,115,259	4,012	1.44		1,084,579	3,598	1.33
Demand deposits – interest bearing		1,377,522	7,535	2.19		1,345,311	7,743	2.30
Total interest-bearing deposits		3,369,580	19,717	2.34		3,166,822	18,389	2.32

Short term borrowings		218,444	2,417	4.43		324,791	3,939	4.85
Long term borrowings		86,209	976	4.53		88,721	1,038	4.68
Total borrowed funds		304,653	3,393	4.45		413,512	4,977	4.81

Total interest-bearing liabilities		3,674,233	23,110	2.52		3,580,334	23,366	2.61

NONINTEREST-BEARING LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand deposits – noninterest bearing		977,619				995,168
Other liabilities		52,894				52,915
Stockholders’ equity		414,021				395,549
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY	$	5,118,767			$	5,023,966
Net interest income and interest rate spread			$34,837	2.22%			$32,341	2.04%
Net interest margin				2.85%				2.70%

(1) Interest and yields are calculated on a tax-equivalent basis where applicable.
(2) For 2025, adjustments of $103 thousand and $539 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. For 2024, adjustments of $80 thousand and $573 thousand, respectively, were made to tax equate income on tax exempt loans and tax exempt securities. These adjustments were based on a marginal federal income tax rate of 21%, less disallowances.

Reconciliation of Total Assets to Tangible Assets	For the Three Months Ended
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Total Assets	$	5,157,040	$	5,118,924	$	5,236,503	$	5,156,853	$	5,080,010
Less Goodwill and other intangibles		187,466		188,200		188,340		188,970		189,599
Tangible Assets	$	4,969,574	$	4,930,724	$	5,048,163	$	4,967,883	$	4,890,411
Average Assets		5,118,767		5,159,901		5,134,062		5,044,516		5,023,966
Less average Goodwill and other intangibles		187,947		188,256		188,755		189,382		190,040
Average Tangible Assets	$	4,930,820	$	4,971,645	$	4,945,307	$	4,855,134	$	4,833,926


Reconciliation of Common Stockholders’ Equity to Tangible Common Equity	For the Three Months Ended
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Stockholders’ Equity	$	429,134	$	406,028	$	439,678	$	396,694	$	397,026
Less Goodwill and other intangibles		187,466		188,200		188,340		188,970		189,599
Tangible Common Equity	$	241,668	$	217,828	$	251,338	$	207,724	$	207,427
Average Stockholders’ Equity		414,021		428,646		417,327		387,881		395,549
Less average Goodwill and other intangibles		187,947		188,256		188,755		189,382		190,040
Average Tangible Common Equity	$	226,074	$	240,390	$	228,572	$	198,499	$	205,509

Reconciliation of Net Income, Less Merger and Certain Items	For the Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Net income	$	13,578		$	14,391		$	8,535		$	11,783		$	11,240
Acquisition related costs – after tax		0			82			0			0			0
Net loss (gain) on asset/security sales – after tax		1,056			70			(32	)		407			1,675
Net income – Adjusted	$	14,634		$	14,543		$	8,503		$	12,190		$	12,915
Diluted EPS excluding merger and certain items	$	0.39		$	0.39		$	0.23		$	0.33		$	0.34
Return on Average Assets excluding merger and certain items (Annualized)		1.14	%		1.13	%		0.66	%		0.97	%		1.03	%
Return on Average Equity excluding merger and certain items (Annualized)		14.14	%		13.57	%		8.15	%		12.57	%		13.06	%
Return on Average Tangible Equity excluding acquisition costs and certain items (Annualized)		25.89	%		24.20	%		14.88	%		24.56	%		25.14	%


Efficiency ratio excluding certain items	For the Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Net interest income, tax equated	$	34,837		$	33,364		$	32,483		$	32,661		$	32,341
Noninterest income		10,481			11,413			12,340			9,606			8,357
Net (gain) on loan sale		0			0			0			0			0
Net loss (gain) on asset/security sales		1,337			89			(41	)		515			2,120
Net interest income and noninterest income adjusted		46,655			44,866			44,782			42,782			42,818
Noninterest expense less intangible amortization		27,791			25,260			26,446			25,773			26,351
Acquisition related costs		0			92			0			0			0
Noninterest expense adjusted		27,791			25,168			26,446			25,773			26,351
Efficiency ratio excluding certain items		59.57	%		56.10	%		59.05	%		60.24	%		61.54	%


Net interest margin excluding acquisition marks and PPP interest and fees	For the Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Net interest income, tax equated	$	34,837		$	33,364		$	32,483		$	32,661		$	32,341
Acquisition marks		2,151			1,953			2,123			2,391			2,370
PPP interest and fees		0			0			0			1			1
Adjusted and annualized net interest income		130,744			125,644			121,440			121,076			119,880
Average earning assets		4,892,311			4,912,702			4,890,344			4,825,532			4,796,922
Less PPP average balances		105			112			118			171			213
Adjusted average earning assets		4,892,206			4,912,590			4,890,226			4,825,361			4,796,709
Net interest margin excluding marks and PPP interest and fees		2.67	%		2.56	%		2.48	%		2.51	%		2.50	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250414729002/en/

Kevin J. Helmick, President and CEO

20 South Broad Street, P.O. Box 555

Canfield, OH 44406

330.533.3341

Email: [email protected]

KEYWORDS: United States North America Pennsylvania Ohio

INDUSTRY KEYWORDS: Finance Banking Professional Services Other Professional Services Insurance

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April 16, 2025 8:03 am

Evercore to Announce First Quarter 2025 Financial Results and Host Conference Call on April 30, 2025

Evercore to Announce First Quarter 2025 Financial Results and Host Conference Call on April 30, 2025

NEW YORK–(BUSINESS WIRE)–
Evercore (NYSE: EVR) will release its first quarter 2025 financial results on Wednesday, April 30, 2025 at 6:45 a.m. Eastern Time. Evercore will host a related conference call, accessible via telephone and webcast, beginning at 8:00 a.m. Eastern Time that same day.

Evercore’s Chairman and Chief Executive Officer, John S. Weinberg, and Chief Financial Officer, Tim LaLonde, will review the Firm’s first quarter 2025 financial results. Following the review, there will be a question and answer session. This conference call is expected to last approximately one hour.

Investors and analysts may participate in the live conference call by dialing (800) 225-9448 (toll-free domestic) or (203) 518-9708 (international); passcode: EVRQ125. Please register at least 10 minutes before the conference call begins.

A live audio webcast of the conference call will be available on the For Investors section of Evercore’s website at www.evercore.com. The webcast will be archived on Evercore’s website for 30 days.

About Evercore

Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic and financial significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit www.evercore.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416238949/en/

Investor Contact:

Katy Haber

Head of Investor Relations & ESG

[email protected]

Media Contact:

Jamie Easton

Head of Communications & External Affairs

[email protected]

Shree Dhond / Zach Kouwe

Dukas Linden Public Relations

[email protected]

(646) 722-6531

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

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April 16, 2025 8:03 am

SunOpta Inc. Schedules First Quarter 2025 Financial Results Release and Conference Call

SunOpta Inc. Schedules First Quarter 2025 Financial Results Release and Conference Call

MINNEAPOLIS–(BUSINESS WIRE)–
SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), an innovative and sustainable manufacturer fueling the future of food, today announced that the Company will issue financial results for the first quarter ended March 29, 2025 after the markets close on Wednesday, May 7, 2025.

Following the release, SunOpta will host a conference call at 5:30 p.m. Eastern Time to discuss its financial results and recent corporate developments. After prepared remarks, there will be a question and answer period.

Investors interested in listening to the live webcast can access a link on SunOpta’s website at www.sunopta.com under the “Investor Relations” section or directly. A replay of the webcast will be archived and can be accessed for approximately 90 days on the Company’s website.

This call may be accessed with the toll free dial-in number (800) 715-9871 or international dial-in number (646) 307-1963 using Conference ID: 8323651.

About SunOpta Inc.

SunOpta (Nasdaq:STKL) (TSX:SOY) is an innovative and sustainable manufacturer fueling the future of food. With roots tracing back over 50 years, SunOpta drives growth for today’s leading brands by serving as a trusted innovation partner and value-added manufacturer, crafting organic, plant-based beverages, fruit snacks, nutritional beverages, broths and tea products sold through retail, club, foodservice and e-commerce channels. Alongside the company’s commitment to top brands, retailers and coffee shops, SunOpta also proudly produces its own brands, including SOWN^®, Dream^®, and West Life™. For more information, visit SunOpta and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416468853/en/

Investor Relations:

Reed Anderson

ICR

646-277-1260

[email protected]

Media Relations:

Claudine Galloway

SunOpta

952-295-9579

[email protected]

KEYWORDS: United States North America Canada Minnesota

INDUSTRY KEYWORDS: Organic Food Retail Environment Manufacturing Sustainability Other Manufacturing Food/Beverage

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April 16, 2025 8:03 am

Sprinklr Named a Leader in the 2025 Gartner® Magic Quadrant™ for Content Marketing Platforms for the Sixth Consecutive Year

Sprinklr Named a Leader in the 2025 Gartner® Magic Quadrant™ for Content Marketing Platforms for the Sixth Consecutive Year

NEW YORK–(BUSINESS WIRE)–Sprinklr (NYSE: CXM), the unified customer experience management (Unified-CXM) platform for modern enterprises, today announced that it has been named a Leaderin the Gartner Magic Quadrant for Content Marketing Platforms for the sixth year in a row.

“Sprinklr is the platform of choice for organizations looking to streamline marketing and advertising strategy across multiple brands, teams and geographies,” said Sprinklr President & CEO, Rory Read. “We’re dedicated to providing marketing teams with the AI-based tools they need to create and deliver marketing content that will drive business results. We believe that being named a Leader in the Magic Quadrant for Content Marketing Platforms for the sixth consecutive year is a testament to our performance and consistency in this space.”

Sprinklr Marketing gives brands a unified AI-based platform for executing campaigns, analyzing performance, mitigating risk, and optimizing content across 30+ digital channels.

According to a Gartner® Peer Insights™ review, “Sprinklr Marketing has been a powerful and versatile platform for our sophisticated marketing needs. Its integrated approach and cross channel management capabilities have made it an invaluable tool for our organization. Sprinklr also provides robust analytics and reporting tools that offer deep insights into campaign performance and audience behavior which has been invaluable to us. Finally, their customer support team is extremely knowledgeable and responsive.” — Project and Portfolio Management in the construction industry.

To download the 2024 Gartner Magic Quadrant for Content Marketing Platforms report, visit: https://www.sprinklr.com/gartner-cmp-2025/

Gartner Disclaimer:

Gartner, Magic Quadrant for Content Marketing Platforms, Jeff Cohen, Rene Cizio, Carlos Guerrero, Nicole Coskren, 11 March, 2025.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Sprinklr

Sprinklr is a leading enterprise software company for all customer-facing functions. With advanced AI, Sprinklr’s unified customer experience management (Unified-CXM) platform helps companies deliver human experiences to every customer, every time, across any modern channel. Headquartered in New York City with employees around the world, Sprinklr works with more than 1,900 valuable enterprises — global brands like Microsoft, P&G, Samsung and 60% of the Fortune 100. Sprinklr is redefining the world’s ability to make every customer experience extraordinary.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416950607/en/

Press Contact

Austin DeArman

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Technology Content Marketing Security Advertising Communications Software Networks Internet Data Management Artificial Intelligence

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Posted on April 16, 2025 8:02 am
WK Kellogg Co to Host Annual Shareholder Meeting

PR Newswire

BATTLE CREEK, Mich., April 16, 2025 /PRNewswire/ — WK Kellogg Co (NYSE: KLG) will host a live virtual webcast of its 2025 Annual Shareholder Meeting on Thursday, May 1, 2025, at 1:00 PM ET.

Information about the webcast, which will include both the audio and slide presentation from the meeting, is available on the Investor Relations page of our website at investor.wkkellogg.com. Only Shareholders will be permitted to participate.

A rebroadcast will be available 24 hours after the meeting, and available for at least 90 days thereafter at investor.wkkellogg.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/wk-kellogg-co-to-host-annual-shareholder-meeting-302429507.html

SOURCE WK Kellogg Co

Posted on April 16, 2025 7:48 am
Jacobs Secures Environmental Services Contract with US Air Force

PR Newswire

Multi-year award supports environmental compliance and restoration efforts for US Air Force installations and federal agencies globally

DALLAS
, April 16, 2025 /PRNewswire/ — Jacobs (NYSE: J) was selected by the U.S. Air Force Civil Engineer Center (AFCEC) to deliver architecture and engineering globally through an indefinite delivery indefinite quantity (IDIQ), multiple award task order contract (MATOC) to support environmental restoration, environmental conservation, planning and environmental quality.

Under this contract, Jacobs will provide comprehensive environmental services to the U.S. Air Force, Air Force Material Command, Air Force Installation and Mission Support Centre, AFCEC and other Department of Defense and federal agencies. Support will include planning, investigation, assessment, design, construction phase design and field inspection.

“Jacobs has provided critical infrastructure and associated architecture and engineering services across all end markets to the U.S. Air Force for more than 20 years,” said Jacobs Executive Vice President Susannah Kerr. “This contract is one example of how national security isn’t just about what happens inside a base—it encompasses a holistic perspective that includes the resilience of critical infrastructure such as cyber networks, water systems, energy grids and the environmental landscape.”

The U.S. Air Force and the AFCEC environmental program value the anticipated contract ceiling at $1.5 billion. Jacobs will provide services under a five-year base period and one five-year option period.

Jacobs also supports other U.S. federal organizations with environmental compliance, remediation, regeneration and associated critical infrastructure and program management solutions. These include working with the Naval Facilities Engineering Systems Command (NAVFAC) Atlantic under a single-award IDIQ to provide multimedia environmental compliance engineering in the eastern half of the U.S., Europe, Africa and the Middle East, and working with the National Aeronautics and Space Administration (NASA) to restore multiple installations through environmental engineering. Jacobs has worked with the U.S. Environmental Protection Agency at the Velsicol superfund site for more than 20 years, restoring health and safety to residents and wildlife habitats along Pine River, Michigan, and more recently aiding in efforts to clean up and restore 22 of the 25 remaining Great Lakes Areas of Concern by 2030.

Jacobs is ranked No. 1 in Sanitary & Storm Sewers, Sewer & Waste and Wastewater Treatment, and No. 2 in Chemical & Soil Remediation and Site Assessment & Compliance by Engineering News Record in 2024. Jacobs has also been ranked the No. 2 global environmental and sustainability consultancy in the Environment Analyst‘s latest Environmental & Sustainability Consulting Market Assessment from the 2023 fiscal year.

At Jacobs, we’re challenging today to reinvent tomorrow – delivering outcomes and solutions for the world’s most complex challenges. With approximately $12 billion in annual revenue and a team of almost 45,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we’re creating a more connected and sustainable world. See how at jacobs.com and connect with us on LinkedIn, Instagram, X and Facebook.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as “expects,” “anticipates,” “believes,” “seeks,” “estimates,” “plans,” “intends,” “future,” “will,” “would,” “could,” “can,” “may,” and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, uncertainties as to the impact of the recently completed separation transaction pursuant to which we spun off and merged our Critical Missions Solutions and Cyber & Intelligence government services businesses with Amentum (together, “new Amentum “) on Jacobs’ and new Amentum’s businesses, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and other legislation related to governmental spending, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession or economic downturn, increased uncertainty and risks, including policy risks and potential civil unrest, relating to the outcome of elections across our key markets and elevated geopolitical tension and conflicts, among others, and the impact of any future pandemic or infectious disease outbreak, including the related reaction of governments on global and regional market conditions, among others. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see the discussions contained under Item 1 – Business; Item 1A – Risk Factors; Item 3 – Legal Proceedings; and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations in our most recently filed Annual Report on Form 10-K, and Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations; Item 1 – Legal Proceedings, as well as the company’s other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/jacobs-secures-environmental-services-contract-with-us-air-force-302427093.html

SOURCE Jacobs

Posted on April 16, 2025 7:48 am
Juniper Networks Achieves FedRAMP Moderate Authorization

Juniper Networks Achieves FedRAMP Moderate Authorization

Accelerating the AI-Native Networking adoption path for federal agencies to enhance user experiences and streamline operations

SUNNYVALE, Calif.–(BUSINESS WIRE)–Juniper Networks®, (NYSE: JNPR), a leader in secure, AI-Native Networking, today announced that it has achieved FedRAMP® (Federal Risk and Authorization Management Program) “Moderate” Authorization for Juniper Mist Government Cloud, which includes wireless, wired, WAN, Marvis® Virtual Network Assistant (VNA), network access control, indoor location services and premium analytics.

Juniper Mist Government Cloud has met the Federal Government’s cloud security requirements and is certified to assist federal agencies as they accelerate their digital transformation efforts. The authorization process includes an in-depth examination of the solution’s data security posture and compliance with NIST SP 800-53 controls and is intended to remove duplication of assessment efforts across disparate federal agencies.

The FedRAMP Authorization was achieved via agency-ATO (Authority to Operate) and sponsored by the U.S. Department of Veterans Affairs (VA). The Juniper Mist Government Cloud is specifically designed for use by federal agencies and federal system integrators. Many state and local agencies also leverage FedRAMP-authorized cloud services especially those that handle sensitive data or receive federal funding. It is built on a modern microservices cloud for elastic scale and resiliency to meet dynamic requirements and support mission-critical applications. The Juniper Mist AI-Native Networking Platform applies artificial intelligence and machine learning to automate key network operations tasks and proactively identify and resolve wired (including both campus fabric and distributed enterprise site topologies), wireless, network access, indoor location services and WAN networking issues before they impact user quality-of-service levels and ultimately end user experiences.

Juniper Mist Government Cloud further simplifies IT operations through Marvis VNA to accelerate problem identification and resolution for federal IT teams. With these capabilities, Juniper’s federal customers and partners can save time and money while maximizing the connected experiences across their network infrastructure.

With this certification and a growing number of federal networks now running Juniper’s solution securely, U.S. federal agencies and partners can adopt Juniper Mist cloud services with confidence, fully adhering to U.S. Government FedRAMP Moderate standard for cloud products and services. “Moderate Impact” systems account for nearly 80 percent of cloud service provider applications that receive FedRAMP authorization and are most appropriate for cloud service offerings where the loss of confidentiality, integrity and availability would result in serious adverse effects to an agency’s operations, assets or individuals.

With FedRAMP authorization, Juniper brings the power of AI-Native Networking to federal agencies and partners to boost efficiencies for these organizations while also securely connecting users to their applications.

Supporting Quotes:

“Juniper’s efforts align with the growing need for effective and pervasive security in the public sector, enabling federal agencies to adopt innovative networking technologies with high-level security and compliance. The achievement of FedRAMP Authorization allows us to deliver AI-Native Networking solutions that help agencies optimize their networks while modernizing their IT environments with confidence that the technology is inherently secure.”

– Greg Bourdelais, Vice President of Federal Sales, Juniper Networks

“Juniper’s AI-Native Networking Platform enables federal agencies to transform operations with greater efficiency and reliability. Through advanced automation and proactive insights, the platform delivers secure, seamless connectivity, enhancing user experiences and supporting mission-critical tasks. Mist AI streamlines network operations, allowing IT teams to prioritize strategic initiatives while ensuring compliance with federal standards. This approach helps agencies build resilient infrastructures that adapt to evolving demands and security requirements.”

– Sunalini Sankhavaram, Vice President, Product Management, Campus and Branch, Juniper Networks

Additional resources:

Federal solution webpage

Juniper Networks’ FedRAMP Authorization: Link

2024 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure: View Report

Juniper’s Fourth Time in a Row: A Leader in the 2024 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure

Juniper industry recognition

About Juniper Networks

Juniper Networks believes that connectivity is not the same as experiencing a great connection. Juniper’s AI-Native Networking Platform is built from the ground up to leverage AI to deliver exceptional, highly secure and sustainable user experiences from the edge to the data center and cloud. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on X (Twitter), LinkedIn, and Facebook.

Juniper Networks, the Juniper Networks logo, Juniper, Junos, and other trademarks listed here, are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416784747/en/

Media Relations:

Pelin Murphy

Juniper Networks

[email protected]

+44 (0) 1372 385 686

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Data Management Technology Software Networks Artificial Intelligence Internet

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Posted on April 16, 2025 7:35 am
South Bow Safely Restarts Keystone Pipeline

CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) has safely restarted the Keystone Pipeline (Keystone) after receiving regulatory approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA), following South Bow’s response to an oil release at Milepost 171 (MP-171) of Keystone on April 8, 2025, near Fort Ransom, North Dakota.

South Bow is actively progressing its response and recovery efforts, having repaired and replaced the impacted pipe, and recovered substantially most of the estimated release volume of 3,500 barrels of oil, working now to remediate the impacted soil. South Bow’s primary focus remains the safety of onsite personnel and mitigating risks to the environment and the community surrounding Fort Ransom. South Bow will continue its clean-up activities until the site has been fully remediated, with continuous air quality monitoring steadily showing no indication of adverse health or public concerns. South Bow will continue working closely with regulators, local officials, landowners, and the community.

Corrective Action Order

On April 11, 2025, PHMSA issued a Corrective Action Order (CAO), requiring South Bow to undertake certain corrective actions in response to the MP-171 incident. As part of the CAO, South Bow developed a restart plan that was subsequently approved by PHMSA, authorizing Keystone’s return to service under certain operating pressure restrictions. South Bow is committed to the safe operation of Keystone and has notified the Canada Energy Regulator that the Company is also implementing certain operating pressure restrictions on the Canadian sections of the pipeline. The pipeline was operating within its design and regulatory approval requirements at the time of the incident. In addition to working closely with regulators, South Bow will work closely with customers during Keystone’s return to service.

South Bow will continue providing timely updates as information becomes available on its website at www.southbow.com/incident-response.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements, including with respect to response, recovery and clean-up efforts; notification and forthcoming updates regarding the oil release; and regulatory, landowner, community, and customer engagement.

The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s annual information form dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available at www.sedarplus.ca, www.sec.gov, and on South Bow’s website at www.southbow.com.

The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Contact information

Investor Relations

Martha Wilmot
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Posted on April 16, 2025 7:34 am
Silvercorp Reports Operational Results and Financial Results Release Date for the Fiscal 2025, and Issues Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance

PR Newswire

Trading Symbol:           TSX/NYSE American: SVM

VANCOUVER, BC
, April 16, 2025 /PRNewswire/ – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter (“Q4 Fiscal 2025”) and fiscal year ended March 31, 2025 (“Fiscal 2025”) and the production and cost guidance for the 2026 fiscal year ending March 31, 2026 (‘Fiscal 2026″). Silvercorp expects to release its Fiscal 2025 audited financial results on Thursday, May 22, 2025, after market close.

Q4 Fiscal 2025 Operational Highlights

Revenue of approximately $75.1 million, an increase of 76% over the same quarter last year (“Q4 Fiscal 2024”);

Ore processed 345,984 tonnes, up 46% over Q4 Fiscal 2024;

Silver production of 1.6 million ounces, an increase of 42% over Q4 Fiscal 2024; silver equivalent (only silver and gold)ⁱ production of approximately 1.9 million ounces, compared to 1.3 million ounces in Q4 Fiscal 2024;

Lead production of approximately 16.3 million pounds, an increase of 30% over Q4 Fiscal 2024; and

Zinc production of approximately 4.4 million pounds, a decrease of 3% over Q4 Fiscal 2024.

Fiscal 2025 Operational Highlights

Record revenue of approximately $298.9 million, up 39% over Fiscal 2024;

Record silver production of approximately 6.9 million ounces, up 12% and within the Company’s annual production guidance to produce 6.8 to 7.2 million ounces of silver in Fiscal 2025; silver equivalent (only silver and gold) production of approximately 7.6 million ounces, an increase of 11% over Fiscal 2024.

Q4 Fiscal 2025 Operational Results

At the Ying Mining District, 304,224 tonnes of ore were processed, up 69% over Q4 Fiscal 2024. Approximately 1,563 Koz (thousands of ounces) of silver, 3,110 oz (ounces) of gold, or 1,850 Koz of silver equivalent plus 15,563 Klbs (thousands of pounds) of lead, and 2,039 Klbs of zinc were produced, representing production increases of 62%, 47%, 50%, 38%, and 17%, respectively, in gold, silver, silver equivalent, lead and zinc over Q4 Fiscal 2024.

At the GC Mine, 41,760 tonnes of ore were processed, down 27% over Q4 Fiscal 2024. Approximately 67 Koz of silver, 699 Klbs of lead, and 2,365 Klbs of zinc were produced, representing decreases of 23%, 42% and 16%, respectively, in silver, lead and zinc over Q4 Fiscal 2024.

Q4 Fiscal 2025

Q4 Fiscal 2024

Ying Mining District

GC

Consolidated

Ying Mining District

GC

Consolidated

Production Data

Ore Processed (tonnes)

304,224

41,760

345,984

180,267

57,226

237,493

Gold ore (tonne)

39,025

—

39,025

21,843

—

21,843

Silver ore (tonne)

265,199

41,760

306,959

158,424

57,226

215,650

Head Grades

Silver (gram/tonne)

172

61

197

57

Lead (%)

2.6

0.9

3.1

1.1

Zinc (%)

0.5

2.9

0.6

2.5

Recovery Rates

Silver (%)

94.2

83.7

94.4

83.2

Lead (%)

92.3

87.4

95.0

89.8

Zinc (%)

67.3

90.3

70.2

89.3

Metal Production

Gold (oz)

3,110

—

3,110

1,916

—

1,916

Silver (Koz)

1,563

67

1,630

1,063

87

1,150

Silver equivalent (Koz)

1,850

67

1,917

1,237

87

1,324

Lead (Klb)

15,563

699

16,262

11,317

1,210

12,527

Zinc (Klb)

2,039

2,365

4,404

1,750

2,809

4,559

Metals Sold

Gold (oz)

3,465

—

3,465

1,916

—

1,916

Silver (Koz)

1,522

77

1,599

1,052

87

1,139

Lead (Klb)

15,479

784

16,263

10,821

1,051

11,872

Zinc (Klb)

2,087

2,401

4,488

1,730

2,702

4,432

Fiscal 2025 Operational Results

At the Ying Mining District, 1,013,659 tonnes of ore were processed, up 24% over Fiscal 2024. A total of 6,431 Koz of silver, 7,495 oz of gold, or 7.495 Koz of silver equivalent, 56,847 Klbs of lead, and 8,552 Klbs of zinc were produced, representing increases of 13%, 3%, 12%, 1% and 4%, respectively, in silver, gold, silver equivalent, lead and zinc over Fiscal 2024.

At the GC Mine, 299,036 tonnes of ore were processed, up 3% over Fiscal 2024. A total of 517 Koz of silver, 5,323 Klbs of lead, and 14,765 Klbs of zinc were produced, representing decreases of 2%, 23% and 3%, respectively, in silver, lead and zinc over Fiscal 2024.

Year ended March 31, 2025

Year ended March 31, 2024

Ying Mining District

GC

Consolidated

Ying Mining District

GC

Consolidated

Production Data

Ore Processed (tonne)

1,013,659

299,036

1,312,695

816,145

290,050

1,106,195

Gold ore (tonne)

86,488

—

86,488

58,262

—

58,262

Silver ore (tonne)

927,171

299,036

1,226,207

757,883

290,050

1,047,933

Head Grades

Silver (gram/tonne)

212

67

231

69

Lead (%)

2.8

0.9

3.4

1.2

Zinc (%)

0.6

2.5

0.7

2.6

Recovery Rates

Silver (%)

94.7

83.1

94.9

82.0

Lead (%)

93.6

89.3

95.1

90.5

Zinc (%)

69.7

90.3

70.6

90.0

Metal Production

Gold (oz)

7,495

—

7,495

7,268

—

7,268

Silver (Koz)

6,431

517

6,948

5,677

527

6,204

Silver equivalent (Koz)

7,072

517

7,589

6,317

527

6,844

Lead (Klb)

56,847

5,323

62,170

56,269

6,902

63,171

Zinc (Klb)

8,552

14,765

23,317

8,213

15,172

23,385

Metals Sold

Gold (oz)

7,577

—

7,577

7,268

—

7,268

Silver (Koz)

6,405

525

6,930

5,717

518

6,235

Lead (Klb)

56,787

5,469

62,256

54,292

6,333

60,625

Zinc (Klb)

8,601

14,868

23,469

8,240

15,010

23,250

Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance

Guidance for Fiscal 2026 production, cash and all-in sustaining (AIS)costs

In Fiscal 2026, the Company expects to process 1,331,000 to 1,369,000 tonnes of ore, yielding approximately 8,100 to 9,000 oz of gold, 7,380 to 7,600 Koz of silver, 65,200 to 66,900 Klbs of lead, and 29,300 to 30,300 Klbs of zinc. The guidance represents 1% – 4% increase in ore processed, and 21% to 39% in gold, 6% to 9% in silver, 5% to 8% in lead, and 26% to 30% in zinc metal production, compared to the Fiscal 2025 results.

Production

F2026 Guidance

Year ended March 31, 2025

Ying Mining District

GC

Consolidated

Ying Mining District

GC

Consolidated

Low

High

Low

High

Low

High

Actual

Ore Processed (tonne)

1,031,000

1,057,000

300,000

312,000

1,331,000

1,369,000

1,013,659

299,036

1,312,695

Gold ore (tonne)

131,000

142,000

—

—

131,000

142,000

86,488

—

86,488

Silver ore (tonne)

900,000

915,000

300,000

312,000

1,200,000

1,227,000

927,171

299,036

1,226,207

Head Grades

Gold (gram/t)

0.3

—

0.3

—

Silver (gram/t)

225

74

212

67

Lead (%)

2.8

1.1

2.8

0.9

Zinc (%)

0.7

2.9

0.6

2.5

Metal Production

Gold (oz)

9,100

10,400

—

—

9,100

10,400

7,495

—

7,495

Silver (in Koz)

6,800

7,000

580

600

7,380

7,600

6,431

517

6,948

Lead (in Klb)

58,800

60,300

6,400

6,600

65,200

66,900

56,847

5,323

62,170

Zinc (in Klb)

11,800

12,200

17,500

18,100

29,300

30,300

8,552

14,765

23,317

Costs

F2026 Guidance

Nine months ended December 31, 2024

Ying Mining District

GC

Consolidated

Ying Mining District

GC

Consolidated

Cash Cost ($/t)

86.8

88.4

60.3

60.8

80.7

82.1

89.2

51.4

80.2

AISC ($/t)

157.8

160.5

90.9

92.6

154.8

157.8

146.6

77.9

145.7

The Ying Mining District plans to process 1,031,000 to 1,057,000 tonnes of ore, to produce 9,100 to 10,400 oz of gold, 6,800 to 7,000 Koz of silver, 58,800 to 60,300 Klbs of lead, and 11,800 to 12,200 Klbs of zinc for Fiscal 2026. This production guidance represents production increases of 2% to 4% in ore, 21% to 39% in gold, 6% to 9% in silver, 3% to 6% in lead and 38% to 43% in zinc, compared to the Fiscal 2025 results.

The cash costⁱⁱ at the Ying Mining District is expected to be $86.8 to $88.4 per tonne of ore, comparable to the cash cost of $89.2 for the first nine months of Fiscal 2025 ended December 31, 2024. The all-in sustaining cost (AISC)ⁱⁱ is estimated at $157.8 to $160.5 per tonne, higher than the AISC of $146.6 recorded in the first nine months of Fiscal 2025 due to the new regulation of 2.3% mineral right royalty in China.

The GC Mine plans to process 300,000 to 312,000 tonnes of ore to produce 580 to 600 Koz of silver, 6,400 to 6,600 Klbs of lead, and 17,500 to 18,100 Klbs of zinc. Fiscal 2026 production guidance at the GC Mine represents production increases of 0.3% to 4% in ore and 12% to 16% in silver, 20% to 24% in lead and 19% to 23% in zinc compared to the Fiscal 2025 results.

The cash cost at the GC Mine is expected to be $60.3 to $60.8 per tonne of ore, compared to $51.4 recorded in the first nine months of Fiscal 2025. The AISC is estimated at $90.9 to $92.6 per tonne of ore processed, compared to $77.9 recorded in the first nine months of Fiscal 2025 as more development tunneling has been planned in Fiscal 2026. The mineral right royalty will not apply to the GC Mine until the mining license is renewed in 2040.

The consolidated cash cost in Fiscal 2026 is expected to be $80.7 to $82.1 per tonne, while the consolidated AISC is expected to be $154.8 to $157.8 per tonne.

Fiscal 2026 capital expenditure guidance for China Operations

The table below summarizes the capital expenditure the Company expects to be incurred for our projects in China in Fiscal 2026.

Fiscal 2026 Guidance

Ying Mining District

GC Mine

Kuanping

Total

Capitalized
Expenditures

Ramp and Development Tunneling¹

(Metres)

38,800

5,700

6,300

50,800

($ Million)

25.3

3.6

2.7

31.6

Exploration Tunneling

(Metres)

67,700

11,100

1,300

80,100

($ Million)

24.8

3.9

0.4

29.1

Diamond Drilling

(Metres)

190,600

48,400

—

239,000

($ Million)

5.8

1.1

—

6.9

Facilities and Equipment1

($ Million)

17.5

0.7

0.8

19.0

Total

($ Million)

73.4

9.3

3.9

86.6

Expensed (included as cash cost)

Mining Preparation Tunneling

(Metres)

67,300

11,400

—

78,700

($ Million)

27.1

4.6

—

31.7

Diamond Drilling

(Metres)

58,500

12,600

—

71,100

($ Million)

1.7

0.3

3.9

2.0

Note 1: Items included in AISC

1.       Ying Mining District

The total capital expenditure at the Ying Mining District in Fiscal 2026 is estimated at $73.4 million as the Company continues to optimize the mine plan to increase ore production and grow its mineral resources. Projected spending will be:

$25.3 million to develop 38,800 metres of ramps and tunnels for transportation and access, included in AISC;

$24.8 million to develop 67,700 metres of exploration tunnels and $5.8 million to drill 190,600 metres of exploration diamond drill holes; and

$17.5 million on equipment replacement and facility upgrade and construction, included in AISC.

In addition to the above work, the Company also plans to complete and expense 67,300 metres of mining preparation tunnels and 58,500 metres of diamond drilling at the Ying Mining District, included as part of the cash cost.

2. GC Mine

The total capital expenditure at the GC Mine in Fiscal 2026 is estimated at $9.3 million to maintain its production and mineral resources. Projected spending will be:

$3.6 million to develop 5,700 metres of ramps and tunnels, included in AISC;

$3.9 million to develop 11,100 metres of exploration tunnels and $1.1 million to drill 48,400 metres of exploration diamond drill holes; and

$0.7 million on equipment replacement, facility upgrades and construction, included in AISC.

In addition to the above work, the Company also plans to complete and expense 11,400 metres of mining preparation tunnels and 12,600 metres of diamond drilling at the GC Mine, included as part of the cash cost.

3. Kuanping Project

The Kuanping Project has received all permits and licenses for mine construction, and the access road and site preparation work has started. In Fiscal 2026, the Company will invest $3.9 million for the construction of the mine, which includes $2.7 million on 6,300 metres of ramp and tunnel development $0.4 million on 1,300 metres of exploration tunnels, $0.8 million on equipment.

4. Fiscal 2026 capital expenditure guidance for Ecuador Operations

The Company is preparing a separate press release on the guidance of its Ecuador Operations.

About Silvercorp

Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.

For further information

Silvercorp Metals Inc.

Lon Shaver

President

Phone: (604) 669-9397

Toll Free 1(888) 224-1881

Email: [email protected]

Website: www.silvercorpmetals.com

CAUTIONARY DISCLAIMER – FORWARD-LOOKING STATEMENTS

This news release includes “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 securities laws relating to, among other things statements regarding the Company’s Fiscal 2026 production, cash costs, and capital expenditures guidance, and timing of release the Company’s Fiscal 2025 audited financial results. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking information may in some cases be identified by words such as “will”, “anticipates”, “expects”, “intends” and similar expressions suggesting future events or future performance. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; estimates of the Company’s revenues and capital expenditures; estimated production from the Company’s mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.

Actual results may vary from forward-looking statements. We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors, including fluctuating commodity prices; recent market events and condition; estimation of mineral resources, mineral reserves and mineralization and metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; climate change; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into existing operations; permits and licences for mining and exploration in China; title to properties; non-controlling interest shareholders; acquisition of commercially mineable mineral rights; financing; competition; operations and political conditions; regulatory environment in China; regulatory environment and political climate in Bolivia and Ecuador; changes in national and local government’s taxation, controls, political or economic developments; integration and operations of Adventus; environmental risks; natural disasters; dependence on management and key personnel; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; conflicts of interest; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; outcome of current or future litigation or regulatory actions; bringing actions and enforcing judgments under U.S. securities laws; cyber-security risks; public health crises; the Company’s investment in New Pacific Metals Corp. and Tincorp Metals Inc.; and the other risk factors described in the Company’s Annual Information Form and in the Company’s Annual Report on Form 40-F, and other filings with Canadian and U.S. regulators on www.sedarplus.ca and www.sec.gov; could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents expectations as of the date of this news release and is subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

A comprehensive discussion of other risks that impact Silvercorp can also be found in their public reports and filings which are available under its profile at www.sedarplus.ca.

ⁱ Silver equivalent is calculated by converting the gold metal quantity to its silver equivalent using the ratio between the net realized selling prices of gold and silver achieved, and then adding the converted amount expressed in silver ounces to the ounces of silver.

ⁱⁱCash cost and AISC per tonne are non-GAAP measures. Cash cost per tonne is calculated based on the total cash production cost on a sales basis, adjusted for changes in inventory, to arrive at total cash cost that is related to ore production during the period. The total cash cost is then further divided into mining cost, shipping cost, and milling cost. Cash cost per tonne is the total of per tonne mining cost, per tonne milling cost, and per tonne milling cost. AISC is the extensions of cash cost. AISC per tonne is based on the Company’s cash cost, and further include general and administrative expenses, government fees and other taxes, reclamation costs accretion, lease liability payments, and sustaining capital expenditures that already paid. Mineral resources tax, which mainly levy based on revenue, are not included in the calculation of AISC.

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SOURCE Silvercorp Metals Inc.

Posted on April 16, 2025 7:34 am
BriaCell Phase 2 Survival Data Beats Leading Standard in HR+ Breast Cancer

Median overall survival of 17.3 months in Bria-IMT™ treated patients with hormone receptor positive (HR+) metastatic breast cancer markedly exceeds historical data of 14.4 months in TRODELVY^® (sacituzumab govitecan-hziy) in similar heavily pre-treated patients

Survival data in triple negative breast cancer patients treated with the BriaCell regimen was comparable to TRODELVY^®

No Bria-IMT related discontinuations reported to date

PHILADELPHIA and VANCOUVER, British Columbia, April 16, 2025 (GLOBE NEWSWIRE) — BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW) (TSX: BCT) (“BriaCell” or the “Company”), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, announces new positive survival data in its Phase 2 study of Bria-IMT plus check point inhibitors (CPI), outperforming ADC drugs in hormone receptor positive (HR+) metastatic breast cancer (MBC) patients.

In BriaCell’s Phase 2 clinical study in late-stage MBC, 25 of 37 patients treated with the ongoing pivotal Phase 3 Bria-IMT formulation were identified as having HR+ breast cancer. As shown in Table 1, the survival data of these 25 patients (17.3 months) exceeds those of the current ADC standard of care TRODELVY^® (14.4 months). The survival data for the Bria-IMT regimen + immune check point inhibitor in the triple negative breast cancer (TNBC), characterized by the absence of estrogen (ER), progesterone (PR) and human epidermal growth factor (HER2) receptors, was similar to TRODELVY^® but still markedly higher (70%) than those of chemotherapy.

“We are truly impressed with the survival benefit data of the regimen that exceeds or meets those of TRODELVY^® in HR+ and TNBC metastatic breast cancer patients, respectively. Bria-IMT appears to be very well-tolerated,” stated Dr. William V. Williams, BriaCell’s President and CEO. “We look forward to further confirming this clinical data in our ongoing pivotal Phase 3 study with overall survival as its primary endpoint.”

“HR+ and TNBC metastatic breast cancer represent a significant proportion of the patient population and are the most difficult patient groups to treat. They have limited therapeutic options and overall survival of only a few months,” commented Dr. Giuseppe Del Priore, BriaCell’s Chief Medical Officer. “Our clinical data supports our hypothesis that the Bria-IMT regimen + CPI has the potential to address the unmet medical needs of HR+ and TNBC MBC patients and provide an effective and well-tolerated therapeutic option.”

Table 1: Comparable Analysis of median overall survival (estimated using the Kaplan-Meier method) for the BriaCell Phase 2 study of BriaCell’s Bria-IMT™ plus CPI versus other drugs in MBC patient subsets

Reference Breast Cancer
Type Median # of prior
lines of therapy Median OS
(months)

Bria-IMT plus CPI* HR+ 6 17.3

TRODELVY^®¹
(sacituzumab govitecan-hziy)
HR+ 4 14.4

Single agent
chemotherapy 4 11.3

Bria-IMT plus CPI* TNBC 6 11.4

TRODELVY^®¹
(sacituzumab govitecan-hziy)
TNBC 3** 11.8

Single agent
chemotherapy 3** 6.9

* Patients treated with the Phase 3 formulation
** Number of prior chemotherapy-containing regimens

1. https://www.gilead.com/-/media/files/pdfs/medicines/oncology/trodelvy/trodelvy_pi.pdf

Abbreviations:

HR+:

hormone receptor-positive

TNBC:

Triple-negative breast cancer (lacks the estrogen receptor, progesterone receptor, and lacks or has low levels of human epidermal growth factor receptor 2 (HER2))

The Phase 2 study enrolled 54 heavily pre-treated metastatic breast cancer patients (median number of prior treatments = 6) who received the Bria-IMT regimen plus checkpoint inhibitor. Of these 54 patients, 37 were treated with the formulation currently being used in BriaCell’s ongoing pivotal Phase 3 study in metastatic breast cancer (listed on ClinicalTrials.gov as NCT06072612). No Bria-IMT related discontinuations have been reported to date.

About BriaCell Therapeutics Corp.

BriaCell is a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care. More information is available at https://briacell.com/.

Safe Harbor

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements, including statements about: BriaCell further confirming positive clinical data in its ongoing pivotal Phase 3 study; BriaCell’s further clinical development of Bria-IMT™; the Company’s beliefs regarding the results of BriaCell’s pivotal Phase 3 study; and the Company’s beliefs that the Bria-IMT™ regimen + CPI has the potential to address the unmet medical needs of HR+ and TNBC MBC patients and provide an effective and well-tolerated therapeutic option, are based on BriaCell’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis, under the heading “Risk Factors” in the Company’s most recent Annual Information Form, and under “Risks and Uncertainties” in the Company’s other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under the Company’s profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements contained in this announcement are made as of this date, and BriaCell Therapeutics Corp. undertakes no duty to update such information except as required under applicable law.

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

Contact Information

Company Contact:

William V. Williams, MD
President & CEO
1-888-485-6340
[email protected]

Investor Relations Contact:

[email protected]

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