NEW YORK, January 28, 2026 /PRNewswire/ – Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”) today reaffirmed its long-term investment in WhiteFiber, Inc. (“WhiteFiber” or “WYFI”) and confirmed that it will not sell any of its WhiteFiber shares in any secondary offering or other discretionary disposition during 2026.
Following WhiteFiber’s initial public offering in August 2025, Bit Digital continues to own approximately 27 million shares of WhiteFiber. On February 2, 2026, the IPO lockup period for Bit Digital’s WhiteFiber shares will expire. As previously stated on the Company’s November 2025 earnings call, Bit Digital views its investment in WhiteFiber as a core strategic holding and will not sell any of its WYFI shares during 2026 following the expiration of the IPO lockup. From time to time, the Company may engage in limited treasury or risk-management activities, including derivative transactions, in the ordinary course of corporate finance. Any such activities would be undertaken with the intention of maintaining Bit Digital’s long-term ownership position in WhiteFiber and are not intended to represent a monetization of its WhiteFiber investment.
Sam Tabar, Chief Executive Officer of Bit Digital, commented:
“As WhiteFiber’s IPO lockup approaches expiration, we want to reaffirm what we previously communicated to investors. WhiteFiber is central to our long-term strategy and represents our core exposure to AI infrastructure, alongside our Ethereum-focused digital asset platform. Our continued ownership reflects strong alignment with WhiteFiber’s other shareholders and underscores our confidence in the company’s long-term growth.”
About Bit Digital Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. Bit Digital also holds a majority equity stake in WhiteFiber (Nasdaq: WYFI), a leading AI infrastructure provider and HPC solutions. For additional information, please contact ir@bit-digital.com or follow us on LinkedIn or X.
Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.
Safe Harbor Statement This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein, are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Forward-looking statements in this press release include statements regarding WYFI shares held by BTBT and WYFI’s long-term growth. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Veteran Talent From Dark Age of Camelot, Warhammer Online, and Star Wars: The Old Republic Drive Six-Figure Wishlist Momentum for Snail’s Latest Project
CULVER CITY, Calif., Jan. 28, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, in partnership with independent development studio Loric Games, officially launched Echoes of Elysium on Steam Early Access.
Echoes of Elysium blends open-world exploration, crafting, and cooperative survival gameplay in an airborne setting, positioning the title within a high-engagement genre that continues to demonstrate community-driven growth. Since its reveal, the game has surpassed 150,000 wishlists on Steam, signaling early demand and strong visibility ahead of its Early Access launch.
The partnership with Loric Games reflects Snail’s publishing strategy of backing experienced development teams, leveraging proven creative leadership, and identifying projects with clear audience and market fit. Loric Games’ pedigree in building immersive worlds and sustaining player communities aligns closely with Snail’s focus on scalable titles capable of long-tail performance through ongoing updates and community engagement.
“Echoes of Elysium represents the exact type of opportunity we actively seek; original IP built by seasoned developers, strong early audience traction, and a design foundation that supports long-term content expansion.” said Peter Kang, SVP of Business Development at Snail, Inc.
For Snail, Echoes of Elysium adds to a growing lineup of titles designed to complement the Company’s established franchises while diversifying potential revenue streams and expanding its presence. With Early Access serving as a platform for iterative development and community-driven refinement, Snail Games expects Echoes of Elysium to benefit from extended engagement cycles and recurring content opportunities over time reflected in their initial roadmap.
Echoes of Elysiumlaunched on Steam for $19.99 with a first week discount of 10% off.
For creators interested collaborative opportunities please reach out to creatordirect@noiz.gg
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: snail.com
About Loric Games Loric Games, a venture-backed game development company headquartered in Arlington, Virginia, stands at the forefront of creating immersive online gaming experiences. With a commitment to innovation, Loric Games continues to captivate audiences worldwide. loricgames.com
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and in Snail Games’ public filings with the SEC and include, but are not limited to, statements regarding the partnership with Loric Games that reflects Snail’s publishing strategy of backing experienced development teams, leveraging proven creative leadership, and identifying projects with clear audience/market fit and Loric Games’ pedigree in building immersive worlds and sustaining player communities aligns closely with Snail’s focus on scalable titles capable of long-tail performance through ongoing updates and community engagement. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
New leadership signals a bold new era for bowling, live entertainment, and immersive media experiences
MIAMI–(BUSINESS WIRE)– Lucky Strike Entertainment and the Professional Bowlers Association (PBA), the world’s premier organization dedicated to the sport of bowling and elite professional competition, today announced the appointment of Peter Murray as Chief Executive Officer of the PBA and Head of Media for Lucky Strike Entertainment.
Murray’s appointment marks a defining moment in the evolution of the PBA and Lucky Strike Entertainment, as both organizations double down on the future of sports, storytelling, and location-based entertainment. In his dual role, Murray will oversee the global growth of the Professional Bowlers Association while shaping a next-generation content and cross-platform media strategy that transforms Lucky Strike and its venues into dynamic hubs for live sports, culture, and fan engagement.
Murray joins from the Professional Fighters League (PFL), where he was the founding CEO and played a key role in redefining MMA and building PFL into a global mainstream sports property. Across a distinguished career that includes executive leadership roles at Under Armour, Insignia Sports, William Morris Endeavor (WME), and the National Football League, Murray has consistently operated at the intersection of sport, media, and fandom—building leagues, growing global brands, scaling audiences, and creating cultural relevance.
“We are entering a new chapter for both the PBA and Lucky Strike Entertainment,” said Thomas Shannon, Founder and CEO of Lucky Strike Entertainment. “Pete Murray brings visionary leadership and a deep understanding of how media, live experiences, and community intersect. His appointment reflects our belief that the future of bowling lives not only on the lanes, but across screens, platforms, and unforgettable in-venue experiences at Lucky Strike locations around the world.”
Murray’s arrival comes at a pivotal point for the PBA. At PFL, he was instrumental in disrupting the sport of MMA and quickly establishing the league as a global leader. This includes driving a multi-year partnership with ESPN in the U.S., expanding international media distribution to over 170 countries, staging major global events around the world, launching international leagues in Europe, the Middle East, and Africa, and developing a star-studded athlete roster. That same playbook — building fandoms including authentic social communities through creating new IP, innovative formats, live events, premium content, storytelling, and access — is now being applied to professional bowling and other new sports experiences as part of Lucky Strike Entertainment’s media platform.
As CEO of the PBA, Murray will lead a media and growth strategy designed to modernize the sport, spotlight its athletes, and deepen fan connection. Central to this vision is the 2026 PBA Tour, which will feature expanded behind-the-scenes access, personality-driven storytelling, and new digital and social formats that meet fans where they are.
The PBA Tour’s lineup of marquee events in 2026 will be broadcast live across the PBA’s new premier media partners in the U.S. PBA on The CW launches Sunday, February 22nd with the first of four majors across 10 consecutive Championship Sundays. Starting April 4th, PBA coverage continues to expand with live broadcasts on CBS and Paramount+, including the PBA World Championships Finals, for the first time as part of CBS Sports’ 35 plus hours of PBA Tour coverage.
In his role as Head of Media for Lucky Strike Entertainment, Murray will also unlock the full potential of Lucky Strike’s more than 360 destinations nationwide, transforming them into immersive, always-on entertainment environments. These venues will serve as physical extensions of the PBA — places where fans can watch live broadcasts, engage with athletes, experience exclusive content, and participate in leagues, watch parties, and cultural events that blend sport, nightlife, and media. This strategy positions Lucky Strike locations at the forefront of experiential entertainment, where live sport, premium content, and social connection converge.
“I am honored to lead the Professional Bowlers Association at such a transformative moment — not just for bowling, but for how sports live within culture,” said Peter Murray, CEO of the PBA and Head of Media for Lucky Strike Entertainment. “Together with Lucky Strike and our partners, we have an opportunity to grow the sport, elevate PBA, and expand its footprint around the world. This is about reimagining how fans experience and engage in sport across all platforms while developing new IP, innovative formats, and ushering in the next generation of players and future champions.”
Today, the PBA continues to experience strong momentum as part of Lucky Strike Entertainment, with over 180,000 league bowlers enrolled nationwide and continued growth across its amateur and professional ecosystems. With a renewed commitment to access, innovation, and fan-first experiences, the PBA is poised for its most exciting era yet.
For more information and updates on the 2026 PBA Tour, visit PBA.com and follow the PBA on Instagram, Facebook, X, TikTok, and YouTube.
About the Professional Bowlers Association The Professional Bowlers Association (PBA) is the world’s premier organization dedicated to the sport of bowling and its professional competition. The PBA has thousands of members from over 30 countries, competing in events including the PBA Tour, PBA Regional Tour, and PBA50 Tour. The PBA also serves casual and league bowlers through its membership programs, offering access to statistics, awards, and certified tournaments. With millions of fans worldwide, the PBA continues to grow the sport of bowling and inspire the next generation of bowlers.
About Lucky Strike Entertainment Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The Company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit IR.LuckyStrikeEnt.com.
Vancouver, British Columbia–(Newsfile Corp. – January 28, 2026) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to declare a quarterly dividend to shareholders, deliver guidance for 2026, and provide a corporate update.
Quarterly Dividend
Hemisphere is pleased to announce that its Board of Directors has approved a quarterly cash dividend of $0.025 per common share in accordance with the Company’s dividend policy. The dividend will be paid on February 26, 2026 to shareholders of record as of the close of business on February 12, 2026. The dividend is designated as an eligible dividend for income tax purposes.
2026 Corporate Guidance
Hemisphere’s Board of Directors has approved a 2026 capital program of approximately $12 million, which provides the Company disciplined year-over-year growth, while protecting the balance sheet and maintaining shareholder returns. The budget will be entirely funded by Hemisphere’s estimated 2026 adjusted funds flow1 (“AFF”) of $40 million.
After all capital expenditures1, 2026 free funds flow1 (“FFF”) is expected to be $28 million, of which approximately 35% will be allocated to quarterly base dividends. The balance of cash will be used for discretionary purposes, which may include potential acceleration of development or exploration projects, acquisitions, and additional return of capital to shareholders through Hemisphere’s normal course issuer bid (“NCIB”) program and/or special dividends. In 2025, two special dividends totaling $5.8 million ($0.06/share) were paid to shareholders in addition to Hemisphere’s base quarterly dividends of $9.6 million ($0.10/share). Coupled with $6.4 million ($0.04/share) spent on the Company’s NCIB, total shareholder returns for 2025 amounted to $21.8 million ($0.23/share).
Highlights and assumptions of Hemisphere’s guidance at US$60/bbl WTI are as follows:
Average annual production of 3,900 boe/d (99% heavy oil)
Average WTI price of US$60/bbl, with sensitivities shown at US$50/bbl and US$70/bbl
WCS differential of US$12.50/bbl and quality adjustment of $4.00/bbl
Cdn$ to US$ exchange rate of 0.72
Operating and transportation costs of $15.00/boe
Royalties of 16% at US$60/bbl WTI, 14% at US$50/bbl WTI, and 18% at US$70/bbl WTI
Net G&A of $3.47/boe
Tax Costs of $5.54/boe at US$60/bbl WTI, $2.98/boe at US$50/bbl WTI, $7.88/boe at US$70/bbl WTI
Capital expenditures1 of $12.0 million includes $0.4 million of asset retirement obligations (“ARO”)
2026 Corporate Guidance(2)
US$50 WTI
US$60 WTI
US$70 WTI
Adjusted Funds Flow (AFF)
$ million
28
40
51
AFF per Basic Share(1,3)
$/share
0.30
0.42
0.54
Capital Expenditures& ARO
$ million
12
12
12
Free Funds Flow (FFF)
$ million
16
28
39
FFF per Basic Share(1,3)
$/share
0.17
0.29
0.41
Base Dividend per Basic Share(3)
$/share
0.10
0.10
0.10
Notes:
(1)AFF, Capital Expenditures, and FFF (including per share amounts) are non-IFRS financial measures that are forward-looking and do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. AFF per basic share and FFF per basic share are non-IFRS financial ratios that are forward looking and do not have any standardized meaning under IFRS and therefore may not be comparable to similar ratios presented by other entities and include non-IFRS financial measure components of AFF and FFF. See “Non-IFRS Measures”. (2)See assumptions noted above within “2026 Corporate Guidance”. (3)Using a 2026 weighted average of 94.6 million basic shares issued and outstanding. (4)The amounts above do not include potential future purchases through the Company’s NCIB program or other discretionary uses of available funds.
Corporate Outlook
Hemisphere’s corporate production to date in January is trending over 3,800 boe/d (99% heavy oil; field estimates from January 1 to 25, 2026). Over 95% of the Company’s production base is supported by enhanced oil recovery (“EOR”) polymer floods, with the effect of lower corporate decline rates, reduced capital requirements for production replacement, and higher free cash flows for shareholder returns.
Hemisphere entered 2026 debt-free with a positive working capital position of more than $7 million. Together with its projected $40 million AFF (US$60 WTI) for the year, the Company has a great deal of room to flexibly expand or reduce its planned $12 million capital program as market conditions evolve, while still returning significant value to shareholders and advancing strategic growth initiatives.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood EOR methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as anticipate, continue, estimate, expect, forecast, may, will, project, could, plan, intend, should, believe, outlook, potential, target, and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements regarding the record date and payment date for Hemisphere’s quarterly dividend; that Hemisphere’s 2026 capital budget is planned to be entirely funded by Hemisphere’s estimated $40 million AFF (US$60 WTI); Hemisphere’s anticipation that approximately 35% of estimated $28 million in FFF will be paid in quarterly dividends with the balance of cash being used for discretionary purposes; the expected manner in which the Company’s 2026 capital budget will be spent, including the timing of such expenditures and any discretionary amounts, which may include potential acceleration of other development or exploration projects, acquisitions, and return of capital to shareholders through Hemisphere’s NCIB program and/or dividends, and the anticipated effects thereof, including as set forth under “2026 Corporate Guidance” and the Company’s dividend policy and the other matters and guidance set forth under “2026 Corporate Guidance”; and management’s belief that the 2026 development plan provides disciplined production growth while protecting the balance sheet, maintaining shareholder returns, and advancing strategic growth initiatives, with flexibility built in to allow for necessary adjustments based on market conditions.
Forward‐looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein (including the assumptions noted in respect of “2026 Corporate Guidance”), assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; continued trade-agreements remain in place and no trade related disputes will develop, including tariffs on Canadian energy production to the United States will be applicable, that results from drilling and development activities are consistent with past operations; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; inflationary pressure and related costs; that the Company’s dividend policy will remain the same and the Company will continue to be able to declare dividends; the accuracy of the estimates of Hemisphere’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the accuracy of the Company’s reservoir modelling; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.
The forward‐looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward‐looking statements including, without limitation: changes in commodity prices; regulatory risks, including penalties or other remedial actions, the ability of the Company to maintain legal title to its properties; changes in the demand for or supply of Hemisphere’s products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; results of Hemisphere’s waterflood operations; the ability of Hemisphere to, pending future events, return capital to shareholders as a result of any required third party approvals; changes in budgets; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere’s properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time‐to‐time in Hemisphere’s public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere’s most recent Annual Information Form).
The forward‐looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Forward-Looking Financial Information
This news release may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws, including with respect to the Company’s anticipated 2026 Free Funds Flow, Capital Expenditures and Adjusted Funds Flow (including where applicable per share amounts). The FOFI has been prepared by management to provide an outlook of the Company’s activities and results. The FOFI has been prepared based on a number of assumptions including the assumptions discussed and disclosed above, including in relation to “2026 Corporate Guidance” above and “Forward-Looking Statements” above and that the Company is cash taxable in 2026. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits the Company will derive therefrom. The Company has included the FOFI in order to provide readers with a more complete perspective on the Company’s future operations and such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-IFRS and Other Measures
This news release contains terms that are non-IFRS measures or ratios that are forward-looking and commonly used in the oil and gas industry which are not defined by or calculated in accordance with International Financial Reporting Standards (“IFRS”), such as: (i) adjusted funds flow (ii) adjusted funds flow per basic share; (iii) capital expenditures; (iv) free funds flow; and (v) free funds flow per basic share. These terms should not be considered an alternative to, or more meaningful than the comparable IFRS measures (as determined in accordance with IFRS) which in the case of funds flow is cash provided by operating activities, in the case of adjusted funds flow (and adjusted funds flow per share) is cash provided by operating activities and in the case of capital expenditures is cash flow used in investing activities. There is no IFRS measure that is reasonably comparable to free funds flow. These measures are commonly used in the oil and gas industry and by Hemisphere to provide shareholders and potential investors with additional information regarding: (i) in the case of adjusted funds flow and free funds flow, the Company’s ability to generate the funds necessary to support future growth through capital investment and to repay any debt.
Hemisphere’s determination of these measures may not be comparable to that reported by other companies. Adjusted funds flow is calculated as cash generated by operating activities, before changes in non-cash working capital and adjusted for any decommissioning expenditures; Adjusted funds flow per share is calculated using the outstanding basic shares of the company as footnoted in the 2026 Corporate Guidance table; Free Funds Flow is calculated as Adjusted Funds Flow less capital expenditures; and Free funds flow per share is calculated using the outstanding basic shares of the company as footnoted in the 2026 Corporate Guidance table. The Company has provided additional information on how these measures are calculated, including a reconciliation of such measures to their comparable IFRS measure, in the Management’s Discussion and Analysis for the year ended December 31, 2024 and the interim period ended September 30, 2025, which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.
In respect of any forward-looking non-IFRS measures, there is no significant difference between the non-GAAP financial measure that are forward-looking information and the equivalent historical non-GAAP financial measures.
In this news release, Hemisphere uses the term market capitalization at year-end. Hemisphere’s market capitalization was $186.1 million based on 94,481,702 shares outstanding and the Company’s closing price of $1.97 per share on December 31, 2025.
All amounts are expressed in Canadian dollars unless otherwise noted.
Oil and Gas Advisories
Any references in this news release to recent production rates (including as a result of recent waterflood activities) which may be considered to be initial rates and are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time.
A barrel of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Definitions and Abbreviations
bbl
Barrel
WTI
West Texas Intermediate
bbl/d
barrels per day
WCS
Western Canadian Select
$/bbl
dollar per barrel
US$
United States Dollar
boe
barrel of oil equivalent
Cdn$
Canadian Dollar
boe/d
barrel of oil equivalent per day
IFRS
International Financial Reporting Standards
$/boe
dollar per barrel of oil equivalent
G&A
General and Administrative Costs
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 news release.
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.
Cardiff Made Two Significant Announcements. New data from the Phase 2 CRDF-004 trial testing onvansertib as a first line treatment for metastatic colorectal cancer was announced as expected. Patients in the high-dose onvansertib group showed a large benefit in overall response rates (ORR) and progression free survival (PFS). Separately, the CEO and CFO have left the company. Board Member Dr. Mani Mohindru was named Interim CEO.
Phase 2 Trial Design. As discussed in our January 5 report, CDRF-004 is a Phase 2 dose-finding trial testing two doses of onvansertib in combination with two standard-of-care (SOC) regimens against the standard of care regimens alone. It enrolled 110 patients with RAS-mutated metastatic colorectal cancer, mCRC. Its primary endpoint is objective response rate (ORR). Secondary endpoints include progression-free survival (PFS), duration of response (DOR) and safety. These endpoints were selected to guide the design of Phase 3.
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.
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.
Processing plant acquisition. Kuya Silver signed a Letter of Intent (LOI) to purchase 100% of SMRL Camila, the company that owns the Camila conventional flotation plant, for US$7.8 million, subject to closing conditions. The Camila plant is currently processing Kuya Silver’s mineralized material to produce silver and other metal concentrates on a toll-milling basis. The plant is located on a key transport corridor between the Bethania mine and Lima, Peru, where concentrate is shipped to port. Execution of a definitive agreement is subject to the completion of legal, financial, environmental, and technical due diligence.
Scalable processing capacity. The Camila plant currently operates at 150 metric tonnes per day with plans to increase production capacity to 300 to 350 tonnes per day, which Kuya Silver expects to undertake after closing the acquisition. The expansion is projected to require an additional capital investment in the range of US$0.7 million to US$1.0 million.
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.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Chapter 11. Along with parent company FAT Brands, Twin Hospitality commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Twin Hospitality plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support the continued growth of its brands.
Precipitating Factor? It appears the tipping point for Twin Hospitality to file the voluntary chapter 11 was Investor 352 Fund, FAT Brands’ largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality. FAT Brands and Twin Hospitality are seeking joint administration of the Chapter 11 cases under the caption “In re FAT Brands Inc., et al.”
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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.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Chapter 11. Late Monday night, FAT Brands announced it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. The Company plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands.
Precipitating Factor? It appears the tipping point for FAT to file the voluntary chapter 11 was Investor 352 Fund, the Company’s largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality.
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.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
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.
Leadership transition at a natural inflection point. Conduent announced that Harsha V. Agadi has been appointed Chief Executive Officer, succeeding Cliff Skelton, with Margarita Paláu-Hernández named independent Chair of the Board. The change follows a multi-year period of portfolio rationalization, asset divestitures, and balance sheet repair. In our view, the move marks a clear emphasis on operational execution.
A shift toward speed and accountability. We view Agadi’s appointment as a logical next step for the company. His background includes senior operating and leadership roles across large, complex organizations such as Little Caesars, Church’s Chicken, Friendly’s, and Crawford & Company. We expect an early focus on leadership depth, decision velocity, and operational accountability, with an emphasis on accelerating the company’s return to revenue and cash flow growth. In our view, this signals a move from stabilization to performance.
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.
The U.S. dollar has tumbled to its lowest level since early 2022, and President Trump’s dismissive response to the decline is accelerating a major shift in global currency markets. When reporters asked if he was concerned about the weakening currency, Trump replied, “No, I think it’s great,” sending the greenback into a fresh spiral that has investors reassessing their exposure to American assets.
A Currency in Free Fall
The Bloomberg Dollar Spot Index has plunged nearly 10% since Trump’s inauguration and is on track for its worst monthly performance since April. The decline intensified after Trump’s comments, with the dollar weakening against all major counterparts. Trading volumes hit record levels as market participants rushed to adjust positions in what has become one of the most dramatic currency moves in recent years.
This isn’t just a technical market correction. Trump’s remarks represent a clear policy signal that his administration is comfortable with—or actively seeking—a weaker dollar to boost American manufacturing and export competitiveness. The cabinet appears unified on this approach, with economists noting they’re taking a calculated gamble that currency weakness will help domestic industries without triggering broader instability.
The Great Rotation Accelerates
What makes this dollar decline particularly significant is the context in which it’s occurring. Despite rising government bond yields and expectations that the Federal Reserve will pause rate cuts this week—factors that typically support a currency—the dollar continues falling. This suggests deeper forces at work beyond standard monetary dynamics.
Investors are responding by fleeing to alternatives. Gold has surged to record highs as part of what traders are calling the “debasement trade.” Emerging market funds are receiving record inflows as momentum builds for a rotation away from U.S. assets. Some analysts have dubbed this shift “quiet-quitting” American holdings, as overseas investors gradually reduce their exposure to dollar-denominated investments.
The policy uncertainty driving this exodus is unmistakable. Trump’s erratic decision-making—from threatening to seize Greenland to pressuring the Federal Reserve, implementing deficit-expanding tax cuts, and deepening political polarization—has rattled international confidence in American stability.
The Risks of a Weak Dollar
While a declining currency does make American exports more competitive, the potential dangers are substantial. The United States carries nearly $40 trillion in debt, and currency instability makes it harder to attract buyers for Treasury bonds. As one Goldman Sachs executive noted, with debt levels this high, currency stability probably matters more than export advantages.
The market is pricing in further weakness ahead. Options traders are positioning for additional dollar declines at levels not seen since 2011, suggesting expectations that this trend has room to run.
Trump himself has sent mixed signals, historically praising dollar strength while acknowledging that weakness “makes you a hell of a lot more money.” He even suggested he could manipulate the currency “like a yo-yo,” though he framed such volatility as undesirable while criticizing Asian economies for past devaluation efforts.
What This Means for Investors
The dollar’s decline is reshaping the investment landscape across asset classes. Export-oriented companies stand to benefit from improved competitiveness, while businesses reliant on imports or foreign-denominated debt face headwinds. The key question is whether this weakness remains orderly or spirals into instability.
For now, the Trump administration appears willing to test how far the dollar can fall without triggering a crisis. That calculated risk is playing out in real time, with profound implications for portfolios worldwide.
The Federal Reserve paused its rate-cutting campaign Wednesday, holding its benchmark interest rate at 3.5% to 3.75% after three consecutive cuts. But the decision was far from unanimous, with two officials breaking ranks in a rare display of division that underscores the difficult position facing the central bank.
Fed Governors Chris Waller and Stephen Miran dissented from the majority, voting instead for an additional quarter-point rate cut. The split is particularly significant given Waller’s status as one of President Trump’s finalists to replace current Fed Chair Jerome Powell, whose term expires in May. Waller has expressed ongoing concerns about weakness in the labor market, suggesting the Fed risks waiting too long to provide additional support.
The disagreement comes as the Fed navigates conflicting economic signals. Officials upgraded their economic assessment to “solid” from “moderate,” pointing to strong GDP growth in recent quarters. They also softened their language on employment risks, removing previous warnings that “downside risks to employment rose in recent months.” The committee now simply states it remains “attentive to the risks to both sides of its dual mandate.”
Yet the underlying data tells a more complicated story. December payroll growth remained weak, though the unemployment rate did improve to 4.4% after ticking up in November. The Fed had cut rates three times last year specifically to cushion soft job numbers, making the current pause a bet that those cuts have already done enough.
Inflation remains the stickier problem. Core Consumer Price Index inflation held at 2.6% in December, unchanged since September. The Fed’s preferred inflation gauge—core Personal Consumption Expenditures—registered 2.8% in November, well above the central bank’s 2% target. That reading was delayed due to lingering effects from last fall’s government shutdown.
These persistent inflation readings complicate any argument for additional rate cuts, even as some officials worry about labor market deterioration. The Fed’s statement emphasized that future decisions will depend on “incoming data, the evolving outlook, and the balance of risks,” keeping all options on the table without providing clear forward guidance.
The rate hold also comes amid unprecedented tensions between the White House and the Fed. Trump has repeatedly called for lower interest rates, and the relationship between the administration and the central bank has deteriorated sharply. Powell revealed earlier this month that the White House has opened a criminal investigation into testimony he gave last summer regarding the Fed’s headquarters renovation—an extraordinary move that raises serious questions about central bank independence.
Trump is expected to name Powell’s replacement soon, adding another layer of uncertainty to an already murky policy outlook. The criminal probe appears designed to undermine Powell’s credibility as his term winds down, representing a level of political interference rarely seen in the Fed’s modern history.
For markets, the split vote and political pressure signal continued uncertainty ahead. The Fed faces no easy path forward: cut rates too aggressively and inflation could accelerate, but wait too long and employment could weaken further. With leadership changes looming and political tensions escalating, investors should prepare for a bumpy road as the central bank tries to navigate these crosscurrents while maintaining its independence.
The investment landscape entering 2026 has delivered an unmistakable verdict: when uncertainty strikes, capital flows to tangible assets. While cryptocurrencies continue to struggle with volatility and declining investor confidence, precious metals are shattering records in a historic surge that’s forcing investors to reconsider where true value resides.
In a stunning display of safe-haven demand, gold exploded past $5,100 per ounce in late January 2026, following a 65% gain throughout 2025. Silver achieved an even more extraordinary feat, soaring beyond $117 per ounce after rising over 200% in just 12 months. Platinum surged 121% while palladium rallied to breach $2,000 per ounce. This synchronized rally across all major precious metals represents the most significant wealth preservation movement in modern financial history.
Meanwhile, the cryptocurrency market tells a starkly different story. After finishing 2025 down 6% for Bitcoin and 11% for Ethereum, early 2026 has brought more pain. Bitcoin plunged below $90,000 in mid-January amid global risk-off sentiment, while Ethereum dropped below $3,000. Heavy liquidations continued to plague the market, with over $1 billion wiped out in a single January event as 182,000 traders saw their positions forcibly closed. Bitcoin ETFs recorded persistent outflows, with nearly $500 million exiting in late 2025 as investors lost confidence in digital assets.
The rotation from crypto to hard assets isn’t speculation—it’s quantifiable and accelerating. Gold funds attracted nearly $40 billion in 2025 alone, while gold mining funds soared 114% with $5.4 billion in net inflows during Q3—the largest quarterly move since 2009. Most tellingly, the Bitcoin-to-gold ratio collapsed by 50% throughout 2025 and continues to deteriorate. With gold now around $5,100 and Bitcoin at roughly $90,000, one bitcoin now buys less than 18 ounces of gold—down dramatically from highs where it purchased over 30 ounces.
Four converging forces explain this historic reallocation. The U.S. Dollar Index plummeted 10-11% in 2025, marking its worst performance in over five decades, driving investors urgently toward assets with intrinsic value. Goldman Sachs recently raised its December 2026 gold forecast to $5,400 per ounce. Federal Reserve rate cuts have made non-yielding assets like gold more attractive, while paradoxically failing to boost crypto as advocates predicted. Rising geopolitical tensions including tariff threats, military actions, and global debt fears have amplified safe-haven demand. Perhaps most critically, physical precious metals face real-world production limits—COMEX silver inventories plunged 26% in a single week in January 2026, triggering what analysts call a “run on the vaults” that pushed prices parabolic.
The market has spoken with unprecedented clarity: as gold breaches $5,100, silver soars past $117, and investment banks project gold could reach $6,000 by year-end, the evidence of a historic wealth rotation is irrefutable. When survival is at stake, investors don’t seek innovation—they seek preservation. And preservation, history repeatedly demonstrates, resides in physical assets that have maintained value for millennia, not digital tokens that have existed for barely a decade.
RICHMOND, Va.–(BUSINESS WIRE)– Lucky Strike Entertainment (NYSE: LUCK), one of the world’s premier operators of location-based entertainment, will report financial results for the second quarter of fiscal 2026 on Wednesday, February 4, 2026, after the U.S. stock market closes. Management will discuss the results via webcast at 5:00 PM ET on the same day.
The live webcast, replay, and results presentation will be available in the Events & Presentations section of the Lucky Strike Entertainment Investor Relations website at IR.LuckyStrikeEnt.com.
About Lucky Strike Entertainment
Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit IR.LuckyStrikeEnt.com.
