Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon21. On December 3rd, the company presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation was conducted by Mark Goldston, Executive Chairman, Carl Daikeler, Co-founder and CEO, and Brad Ramberg, CFO. The team highlighted its favorable digital fitness and nutrition businesses and the successful completion of a multi-year operational turnaround. A replay of the presentation can be viewed here.
Digital. The digital fitness segment is supported by 900,000 subscribers and roughly 140 programs, with over 10,000 hours of content. This segment provides predictable recurring revenue, with gross margins in the high 80% range, efficient customer acquisition, and cross-selling leverage as the company expands into retail distribution and repositions its nutrition business.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New time charters. Euroseas Ltd. announced new three-year forward time charter contracts for three of its modern, fuel-efficient 2,800 TEU containerships, the M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters are for a minimum period of 35 to a maximum period of 37 months at the charterer’s option, and will be performed at a gross daily rate of $30,000. The new charter periods are expected to generate approximately $75 million of EBITDA over the minimum contracted period and lift charter coverage for 2026, 2027, and 2028 to roughly 82.5%, 66.5%, and 42%, respectively.
Updating estimates. Reflecting the updated coverage, we are modestly reducing our 2026 estimates. We now forecast 2026 revenue, adjusted EBITDA, and EPS of $229.3 million, $161.4 million, and $17.39, respectively, compared with our prior estimates of $230.0 million, $162.1 million, and $17.49. Despite the slight downward revisions, Euroseas’ contracted rates, and 2026 outlook continue to show strong year-over-year growth.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exploration Licenses Granted in Brittany. Aurania, through a wholly owned French subsidiary, has been granted three new exploration licenses for polymetallic metals, including gold, in the Brittany Peninsula of northwestern France. It represents a new opportunity for Aurania in a stable mining jurisdiction with developed infrastructure. Initial mining inventory studies conducted by the French Geological Survey (BRGM) confirmed the presence of gold associated with strategic metals over more than 150 kilometers along a shear zone.
Precious and Strategic Metals. The permits allow Aurania to explore the South American Shear Zone, a major crustal fault where mineralization, including antimony, tungsten, tin, zinc, and copper, accompanied by gold and other metals, have been deposited. The Brittany Peninsula is a highly prospective area that can be considered a greenfield district. Aurania will proceed with stakeholder engagement, while advancing preparations for an airborne geophysical survey and subsequent field activities.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The global shift toward electrification is accelerating, and with it comes a renewed focus on the minerals that make modern energy and technology possible. Lithium, nickel, graphite, phosphate, rare earths, and other essential materials are the backbone of batteries, solar panels, electric vehicles, and grid-scale storage. As nations push to secure supply chains and reduce dependence on foreign imports, the critical minerals sector is becoming one of the most strategically important areas in global markets. For small-cap investors, this creates a compelling landscape of early-stage opportunities.
Large producers tend to dominate the headlines, but the real innovation and discovery often originate in the junior and small-cap space. These companies take on the high-risk, early exploration work that can eventually create meaningful supply for downstream industries. While these stocks can be volatile, they also offer leverage to rising demand and tightening supply conditions that can dramatically reprice assets once the market recognizes their potential.
One example of this emerging potential can be seen in the phosphate segment. Phosphate is best known for its role in agriculture, but it is increasingly valuable as a component in lithium iron phosphate (LFP) batteries. This chemistry has become a preferred option for EV manufacturers and grid-storage systems due to its safety profile, long cycle life, and lower cost. As LFP adoption expands, the need for battery-grade phosphate grows alongside it.
Emerging growth companies such as First Phosphate have positioned themselves within this shift. While still small-cap in size, the focus on high-purity phosphate projects in geopolitically stable regions aligns with what major battery and automotive manufacturers are now seeking: secure, traceable, and environmentally responsible supply. These are qualities that the North American market in particular is trying to build as part of a broader strategy to reduce reliance on overseas sources.
Beyond phosphate, other critical minerals are facing similar supply-demand pressures. Graphite remains essential for battery anodes, yet most production is concentrated in a single country. Rare earth elements are required for EV motors and wind turbines, but refining capacity is limited and slow to build. Nickel and manganese face challenges tied to environmental impacts and inconsistent global supply. In each of these segments, small-cap exploration and development companies are working to advance projects that could eventually scale into meaningful contributors to the supply chain.
For investors willing to put in the research, the small-cap critical minerals sector offers exposure to themes that are likely to play out over decades. Governments are investing heavily in domestic mineral strategies, electrification continues to expand worldwide, and technology companies are demanding reliable inputs to meet their production goals. These forces create a long runway for companies that can deliver high-purity materials at competitive costs.
Small-cap investing in this space still requires discipline. Projects take time to develop, capital needs can be significant, and not every discovery becomes a mine. But for investors looking for early entry points into the minerals reshaping the global energy landscape, this sector provides a combination of macro tailwinds and company-specific catalysts that can create real opportunity when approached carefully.
The asset-management industry is entering another phase of consolidation, highlighted by First Eagle Investments’ agreement to acquire Diamond Hill Investment Group in a deal valued at approximately $473 million. The all-cash transaction marks a significant premium for Diamond Hill shareholders and positions both firms to expand their capabilities in an increasingly competitive market for active management.
Under the terms of the agreement, First Eagle will purchase all outstanding shares of Diamond Hill for $175 per share. The price reflects a premium of nearly 50% over Diamond Hill’s closing price on December 10, 2025, and more than 40% above the company’s 30-day volume-weighted average price. With this valuation, Diamond Hill shareholders realize immediate financial benefit, while First Eagle secures a platform that strengthens its presence across key asset classes.
The strategic rationale centers on complementary strengths between the two firms. First Eagle, which oversees a diversified mix of equity, fixed income, alternative credit, and multi-asset strategies, gains a larger footprint in traditional fixed income through Diamond Hill’s growing franchise in that category. For Diamond Hill, the combination adds global resources, broader distribution reach, and operational depth without altering the core investment philosophy that has shaped the firm for more than two decades.
Diamond Hill’s U.S.-focused multi-cap equity approach aligns with First Eagle’s existing global equity and small-cap capabilities. This creates a more rounded platform for clients who want differentiated active-management styles across both domestic and international markets. Importantly, Diamond Hill will maintain its brand, investment process, and headquarters in Columbus following the completion of the transaction. Its investment teams are expected to remain in place, preserving continuity for existing clients.
The combined organization will oversee roughly $208 billion in assets under management and advisement on a pro forma basis as of the most recent reporting date. By operating at a larger scale, the firms anticipate improved efficiency, stronger product breadth, and enhanced competitiveness across the financial advisor and institutional channels.
The agreement also includes a formal “go-shop” period, allowing Diamond Hill to solicit alternative acquisition proposals for 35 days following the announcement. While there is no guarantee of a competing bid, the mechanism ensures fiduciary flexibility while the board evaluates shareholder value.
Subject to shareholder and regulatory approvals, the transaction is expected to close by the third quarter of 2026. Diamond Hill will suspend its quarterly dividends through closing, and its shares will be delisted from Nasdaq once the acquisition is finalized. There are no financing contingencies tied to the deal, which adds clarity to the expected timeline.
The acquisition underscores how firms with long-term investment philosophies are adapting to market pressures through scale, resource expansion, and strategic alignment. By combining Diamond Hill’s valuation-driven discipline with First Eagle’s global reach and historical focus on capital stewardship, the new partnership aims to create a more robust platform positioned for varied market cycles.
As consolidation continues across the asset-management industry, this transaction highlights how firms are pursuing strategic combinations to strengthen client offerings while delivering value to shareholders.
CHICAGO, Dec. 10, 2025 (GLOBE NEWSWIRE) — MAIA Biotechnology (NYSE American: MAIA) – The treatment paradigm for advanced non-small cell lung cancer (NSCLC) is undergoing another shift. After a decade of targeted therapies and checkpoint inhibitors (CPIs) dominating headlines, MAIA believes that a new therapeutic class—telomere-targeting agents—is emerging for the population with substantial unmet medical need: patients without actionable mutations and who no longer respond to CPIs or chemotherapy.
This is a segment that existing therapies leave behind. And it is the segment where we believe that ateganosine, developed by MAIA, may soon become one of the most consequential entrants in years.
A Market Dominated by Checkpoint Inhibitors—But Vulnerable at Its Edges
CPI therapies remain the backbone of NSCLC treatment in patients who don’t have an actionable mutation. Collectively, the category generated approximately $50 billion in global sales in 2024, anchored by five major agents approved for NSCLC. The therapeutic concentration in lung cancer is striking:
>30% of all NSCLC drug sales come from CPIs
>40% of all CPI global sales originate from NSCLC alone
Merck’s Keytruda, the category-defining CPI, reported $29.5 billion in revenue in 2024, with NSCLC representing an estimated 30% of its total sales. Keytruda is expected to approach $35 billion by 2027—just before biosimilars begin entering the market in 2028.
While CPIs have transformed outcomes for some patients, in our opinion their limitations remain clear: patients without actionable mutations, and those who become CPI-refractory, still experience extremely poor prognosis and limited therapeutic benefit. We believe this treatment gap has become one of the industry’s largest unmet needs.
Telomere-Targeting: A New Pathway for a Hard-to-Treat Population
We believe that MAIA’s ateganosine represents the first drug in a new class. Unlike targeted therapies requiring EGFR, ALK, KRAS, or other mutations—and unlike immunotherapies dependent on PD-1/PD-L1 dynamics—ateganosine has been designed to exploit a universal feature of cancer cells: telomerase activity, present in more than 80% of human tumors.
Its dual mechanism has been designed to disrupt telomeres to trigger direct cancer cell death while simultaneously enabling the immune system to respond to cancer. MAIA was recently awarded Fast Track Designation by the U.S. FDA for the treatment of NSCLC in patients resistant to immunotherapy and chemotherapy, and is initiating a Phase 3 THIO-104 trial.
A Commercial Opportunity That Extends Across Oncology
With the NSCLC market now valued at $34.1 billion—projected to nearly double to $68.8 billion by 2033—the implications of a first-in-class therapy are substantial. In the United States alone, roughly 180,000 patients enter the NSCLC treatment ecosystem every year.
But ateganosine’s opportunity does not end with lung cancer. The candidate already carries FDA Orphan Drug Designations (ODDs) for:
Small cell lung cancer (SCLC) (mortality: 0.3M; sales: $2.8B)
Each ODD offers seven years of U.S. market exclusivity upon regulatory FDA approval and access to tax credits—advantages that strengthen MAIA’s long-term market positioning.
A Strategic Inflection Point for the Entire NSCLC Treatment Landscape
The oncology market is poised for a shift as developers seek to fill in gaps in the treatment landscape. The next decade is expected to reward novel mechanisms, and in our opinioin advanced NSCLC represents the clearest example of that gap.
Telomere-targeting therapeutics may be the next foundation in that evolution. If ateganosine’s outcomes are successful, the therapy could become a defining entrant in a space where treatment failure has long been accepted as inevitable. Statistical assessments points to a high probability of technical success for regulatory approval of ateganosine.
In our opinion, MAIA is now positioned at the center of this turning point—scientifically and strategically.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine (THIO), a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
Newly Appointed Members Include Leaders in Vaccine Immunology, T-Cell Science, and Clinical Research
Atlanta, GA -December 10, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancers, today announced an update to its Scientific Advisory Board (SAB), welcoming internationally recognized experts whose work spans vaccine design, T-cell immunology, viral pathogenesis, and immunocompromised-host medicine.
This strategic expansion is designed to support GeoVax’s current and future development efforts with MVA and its multi-antigen MVA vector platform for vaccines targeting biothreat pathogens and vulnerable or currently underserved populations such as those from low- and middle-income countries, and immunocompromised patients. Future additions to the GeoVax SAB will support its oncology immunotherapy pipeline.
Newly Announced SAB Members
Joining Prof. Teresa Lambe, PhD, OBE, FMedSci – Calleva Head of Vaccine Immunology, Oxford Vaccine Group / Jenner Institute, University of Oxford, whose appointment to the GeoVax SAB was previously announced, are the following:
Dr. Alessandro Sette, Dr of Biological Sciences – Center for Infectious Disease and Vaccine Research, La Jolla Institute for Immunology
An authority in T-cell epitope mapping and immune correlates of protection, Dr. Sette leads the NIH Immune Epitope Database (IEDB) and is widely recognized by defining T-cell immunity across SARS-CoV-2, Mpox, and Ebola.
Prof. Lance Turtle, PhD, MBBS, FRCP, DTMH – Chair in Immunity and Infectious Diseases, University of Liverpool / Royal Liverpool Hospital
A clinician-scientist specializing in viral pathogenesis and post-infection immune recovery, Prof. Turtle’s research provides key translational insights into long-term immunity and emerging pathogen preparedness.
Prof. Thushan I. de Silva, MBBS, PhD, MRCP – Professor of Infectious Diseases and Immunology, University of Sheffield
An expert in human viral immunology, vaccine responses, and global immunosurveillance, Prof. de Silva leads studies across Europe, Asia, and Africa evaluating population-level vaccine immunity and viral evolution.
Dr. Joshua A. Hill, MD, FIDSA – Associate Professor, University of Washington School of Medicine / Fred Hutchinson Cancer Center
A leading infectious-disease expert focusing on vaccine response in immunocompromised and transplant patients, Dr. Hill’s work aligns with GeoVax’s emphasis on protecting high-risk, under-served populations.
David Dodd, GeoVax Chairman & CEO, commented: “By assembling this exceptional team of global experts, we are further strengthening GeoVax’s position at the forefront of vaccine innovation. Their combined experience – from antigen design to human immunology and clinical translation – perfectly aligns with our mission to deliver durable, broad-spectrum protection to both global and immunocompromised populations.”
Dr. Kelly McKee, Chief Medical Officer, added: “The addition of these renowned experts ensures that our clinical strategy is guided by cutting-edge immunology insight and global research expertise. Their collaboration will be instrumental as GeoVax advances vaccines and immunotherapies designed to protect those who remain most vulnerable – particularly those in low and middle income countries (LMICs), and immunocompromised patients who have been underserved by traditional approaches or currently available vaccines”
Dr. Mark Newman, Chief Scientific Officer, stated: “This expanded SAB strengthens multiple aspects of our R&D platform. With direct input from some of the world’s most respected scientific leaders, we can ensure that our vaccine and immunotherapy candidates deliver real-world impact.”
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax is also developing a vaccine targeting Mpox and smallpox and, based on recent EMA regulatory guidance, anticipates progressing directly to a Phase 3 clinical evaluation, omitting Phase 1 and Phase 2 trials. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
MustGrow Reports Significant U.S. Potato Yield and Economic Performance in Large Scale Field Trials Utilizing TerraSanteTM
Mustard-derived organic TerraSanteTM focuses on crop yields, soil and soil microbiome health, and nutrient/water use efficiencies;
Large scale field trial showed 2 ton per acre yield increase with larger size potatoes and less culls equating to approximately US$5,000 increase in value per acre; and
Significant soil health benefit when applied in combination with the current grower standard program.
SASKATOON, Saskatchewan, Canada, December 10, 2025 – MustGrow Biologics Corp. (TSXV:MGRO) (OTC:MGROF) (FRA:0C0) (the “Company” or “MustGrow“), a leading provider of biological and regenerative agriculture solutions, is pleased to announce outstanding performance metrics on its organic TerraSanteTM biofertility product applied to potato farming acres in Washington State and Idaho, based on customer performance data.
In its use by a Washington State farming customer, TerraSanteTM demonstrated a consistent and substantial potato yield, size, and quality increase at a dose rate of 11 lbs/acre. This customer performance data was generated on a large-scale commercial potato field. With the increase in size, quality and yield, the farmer estimated an approximate US$5,000 increase in value per acre at a cost of only US$180 per acre for TerraSanteTM. Work done in fields in Idaho has also shown significant benefits to the soil and health of the potato crops when used within a currently established grower production program.
These large-scale field trial results are consistent with small plot results that MustGrow has completed in the U.S. with TerraSanteTM, as outlined in the following table: The following figures illustrate TerraSanteTM ‘wet-able’ powder being mixed into liquid format and applied through typical spray equipment.
MustGrow’s mustard-derived TerraSanteTM organic biofertilizer is a soluble mixable form containing nutritious plant proteins and carbohydrates that feed the soil and soil microbes. TerraSanteTM is currently registered and approved for sale in California, Florida, Arizona, Idaho, Oregon, and Washington State, under Organic OMRI Listed® certification and California’s Organic Input Material (OIM) Program.
In 2024, the United States Department of Agriculture (USDA) reported 927,000 potato acres harvested for US$4.6 billion of value sold.(1)
TerraSanteTM for Soil and Ecological Health
MustGrow’s biofertility program focuses on soil and soil microbiome health, nutrient and water use efficiencies, and plant yields. Soil is a farmer’s most valuable asset, and MustGrow’s mustard plant-based technologies are being applied with the intention to improve not only the health of the soil, but also the surrounding ecological environment.
TerraSanteTM, an organic biofertilizer in soluble mixable form, contains nutritious plant proteins and carbohydrates that feed the soil and soil microbes, potentially improving beneficial microbial activity and ensuring long-term sustainable soil health. These targeted micro-communities have been shown to work to improve nutrient availability, which can potentially increase plant vigor and yields, while reducing plant stress. TerraSanteTM has the potential to improve crop nutrient uptake and, hence, overall crop performance. There are no artificial additives or preservatives used during its manufacturing.
MustGrow Biologics Corp. is a fully integrated provider of innovative biological and regenerative agriculture solutions designed to support sustainable farming. The Company’s proprietary and third-party product lines offer eco-friendly alternatives to restricted or banned synthetic chemicals and fertilizers. In North America, MustGrow offers a portfolio of third-party crop nutrition solutions, including micronutrients, nitrogen stabilizers, biostimulants, adjuvants and foliar products. These products are synergistically distributed alongside MustGrow’s wholly-owned proprietary products and technologies that are derived from mustard and developed into organic biocontrol and biofertility products to help replace banned or restricted synthetic chemicals and fertilizers. Outside of North America, MustGrow is focused on collaborating with agriculture companies, such as Bayer AG in Europe, the Middle East and Africa, to commercialize MustGrow’s wholly-owned proprietary products and technologies. The Company is dedicated to driving shareholder value through the commercialization and expansion of its intellectual property portfolio of approximately 110 patents that are currently issued and pending, and the sales and distribution of its proprietary and third-party product lines through NexusBioAg. MustGrow is a publicly traded company (TSXV-MGRO) and has approximately 58.9 million common shares issued and outstanding and 69.1 million shares fully diluted. For further details, please visit www.mustgrow.ca.
Contact Information
Corey Giasson Director & CEO Phone: +1-306-668-2652 info@mustgrow.ca
MustGrow’s Forward-Looking Statements
Certain statements included in this news release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements in this news release, including statements about: the impact and significance of customer performance data and field testing, the increase in value of yields and the costs of such increase in value, if any, and are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include: those risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2024 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.
Neither the TSX Venture Exchange, nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTC Markets has approved the contents of this release or accepts responsibility for the adequacy or accuracy of this release.
Toronto, Ontario–(Newsfile Corp. – December 10, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) is pleased to announce it has been granted three new exploration licenses for polymetallic metals including gold, in the Brittany Peninsula of northwestern France through a wholly-owned French subsidiary of the Company.
President and CEO, Dr. Keith Barron commented, “The French government’s decision to grant us these permits is an excellent opportunity for Brittany and the Pays de la Loire to gain a deeper understanding of their subsurface resources and for France to find new sources of metals to secure the country’s supplies through exploration to be conducted by Company. It also marks a new opportunity for Aurania in a jurisdiction where institutional stability and high-quality infrastructure make exploration safe and more efficient than other areas in the world. The initial mining inventory studies conducted by the French Geological Survey (BRGM) confirmed the presence of gold associated with strategic metals over more than 150 km along the shear zone, and in some cases at exceptional grades. This demonstrates the strength of the hydrothermal activity that occurred in the region.”
Aurania announced the filing of an exploration permit named Epona back in 2023 (see press release dated July 24, 2023). Subsequently, in October 2023, the Company submitted two additional applications, Taranis and Bélénos, covering areas of 359.5 km² and 440.9 km² respectively. These areas are located in southern Brittany and northern Pays de la Loire in France (see map in Figure 1 below).
Since antiquity, Brittany has been an important producer of metals in Europe – supplying tin and gold to the Roman Empire, then base metals and silver during the Middle Ages, and later tin, antimony, and uranium during the Industrial Revolution. Despite this long history, no exploration has been conducted in the region since the 1980s, leaving its significant potential largely unexplored. With more than four decades of advances in exploration technologies, the application of modern exploration techniques potentially positions the Brittany Peninsula as a highly prospective area that can be considered a greenfield district.
The purpose of these permits is to explore the South Armorican Shear Zone, a major crustal fault where mineralization of antimony, tungsten, tin, zinc, and copper – accompanied by gold – and other metals have been deposited as indicated by the BRGM.
Figure 1: Location of Aurania’s permits in France.
With geology comparable to the Iberian Peninsula, the Bohemian Massif, Newfoundland and other Variscan terranes, the Armorican Massif stands out as a possible candidate to help meet Europe’s growing demand for strategic metals in a market environment largely dominated by China. The European Union launched the European Critical Raw Materials Act, a plan that aims to secure 10% of its metal supply from within Europe by 2030. Support for the mining industry was first expressed by the French government in 2022 after receiving the Varin Report and was later reinforced through the launch of a new national mineral inventory1. The areas selected by Aurania align with this plan, and show strong potential for strategic metals such as antimony, tungsten, and tin, as well as zinc and silver, with by-products of indium (see Figure 2).1
Figure 2: Geology of the permit areas and main commodities.
An advantage of the Armorican Massif is its potential richness in gold associated with the aforementioned metals, which enhances the likelihood of an economic discovery. In this respect, the area can be compared to the district currently being explored by New Found Gold in Newfoundland, Canada, where a similar dispersion of gold is observed along a shear zone within a comparable Cambrian to Ordovician geological environment.
Figure 3: Comparison on the same scale between the geology and gold showings at the Queensway permit (New Found Gold) located in Canada and the area of Aurania’s permits in France (modified from the map published in the 43-101 report, January 2023 Exploration Update: New Found Gold Corp.’s Queensway Gold Project, NL, Figure 7.17).
Aurania will proceed with stakeholder engagement, including outreach and dialogue with local landowners, while advancing preparations for an airborne geophysical survey and subsequent field activities.
Qualified Person
The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc., Vice-President Exploration of the Company. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and critical energy in Europe.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes that the Company’s exploration activities may be an excellent opportunity for Brittany and the Pays de la Loire to gain a deeper understanding of their subsurface resources, the purpose of obtaining the permits being to explore the South Armorican Shear Zone, that the Armorican Massif stands out as a possible candidate to help meet Europe’s growing demand for strategic metals, that an advantage of the Armorican Massif is its potential richness in gold associated with the aforementioned metals, which enhances the likelihood of an economic discovery, the Company’s next steps with respect to the permits and exploration activities conducted thereof, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
1 In September 2023, President Emmanuel Macron announced the launch of a major update to France’s national mineral inventory, known as the Inventaire des Ressources Minérales (IRM). This initiative was designed to identify subsurface areas with potential mineral resources, reduce import dependence, and support re-industrialization efforts. The inventory is being led by the French Geological Survey (BRGM) and aligns with the EU’s Critical Raw Materials Act. https://www.brgm.fr/en/news/feature-article/mineral-resources-inventory-answers-questions-faq
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q3 Results. The company reported Q3 revenue of $85.1 million, beating our estimate of $80.0 million by 6.4%. Adj. EBITDA of $6.5 million, strongly outperformed our estimate of $1.7 million by 289%. The strong operating results were driven by growth in the wholesale and direct-to-consumer channels, its e-commerce platform, and by effective tariff mitigation strategies.
Digital momentum. Notably, the company’s e-commerce platform experienced triple-digit traffic growth late in the quarter, creating a strong backdrop for the launch of its dropship initiative. While the initiative currently offers only footwear, the company highlighted encouraging early results and plans to expand product offerings, leveraging its partnership with Authentic Brands. In our view, the dropship strategy provides the company with a capital-efficient way to broaden product offerings while gathering customer insight.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2025 Milestones. At New Craigmont, Nicola recently completed a drilling program with assay results pending. At the Merritt Mill, Nicola transitioned from toll milling to long-term precious metals production supported by multiple sources of feed. A multi-year exploration permit and a 10-year mine lease extension further support renewed exploration and the potential reopening of the Treasure Mountain Silver Project. Nicola also secured two key permits for its wholly owned gravel pit and completed construction of its ready-mix cement plant, positioning the company to generate additional revenues to support operations. Finally, Nicola completed the mine development required for a 10,000-tonne bulk sample at the Dominion Creek Gold Project, with a restart planned for July 2026.
What’s Next? 2026 value drivers include: (1) operating the Merritt Mill at full capacity, (2) continued drilling at New Craigmont to vector toward the core of a copper porphyry system, (3) initiating exploration and drilling at the Treasure Mountain Silver Project, and (4) processing high-grade ore from the Dominion Creek bulk sample.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Phase 3 FLAMINGO-01 Trial Reaches Enrollment Milestone. Greenwich Pharmaceuticals has completed enrollment in the open-label arm (non HLA-A*2 patients) in the Phase 3 FLAMINGO-01 trial, its trial testing GLSI-100 for prevention of breast cancer recurrence in high-risk patients. The patients are stratified according to their HLA (human leukocyte antigen) types, immune system characteristics that classify an individual’s potential response to antigens. Over 1,000 patients have been screened for the trial at over 140 clinical sites in the US and Europe.
Greenwich Pharmaceuticals Presented At the NobleCon21 Conference. CEO Snehal Patel spoke at the annual NobleCon21 conference. He presented a brief summary of GLSI-100 and the clinical trial, followed by a fireside chat discussion, and questions from the audience. To listen to the presentation, click here.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Jeff Walker, CEO, highlighted the company’s record financial performance, dominant wholesale distribution platform, and favorable growth initiative in authenticated collectibles. A replay of the presentation can be viewed here.
Dominant wholesale platform. As the largest wholesale distributor of physical entertainment in the U.S., the company’s scaled, automated logistics operations provide a significant competitive moat. Furthermore, it serves as the category manager and primary fulfillment partner for major retailers like Walmart, Target, and Amazon, managing both in-store inventory and direct-to-consumer e-commerce shipments.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
