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Release – Kuya Silver Expands Fully-Funded 2026 Drill Program at the Bethania Project to a Record 20,000 Metres Focused on Resource Expansion Opportunities

Posted on by [email protected]

Toronto, Ontario–(Newsfile Corp. – March 17, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to announce an expansion of its fully-funded 2026 drill program at the Bethania Silver Project in central Peru designed to unlock value by focusing on delineating mineralized silver vein systems which have been historically underexplored. The program, expected to total approximately 20,000 metres combined underground and surface diamond drilling, would represent the largest drill program ever at the Bethania project.

The surface drill program is planned for approximately 10,000 metres and will focus on priority targets associated with historical artisanal mining areas identified during the Company’s recent regional exploration work, located outside the immediate Bethania mine area (Figure 1 below). These targets represent potential additions to the district-scale mineralized system and may also have potential for future production. Over the coming months Kuya Silver plans to conduct additional work to prioritize targets for the 2026 drill program which may include any of the six previously identified regional silver vein systems (e.g. Carmelitas, Tito PH, Millococha)

The Company also plans to expand on its previously announced underground drilling program to approximately 10,000 metres in 2026 (from 5,000 metres announced previously). Drilling will be conducted from established mine levels and is designed to test extensions of known mineralized structures that remain open along strike and at depth. This approach allows the Company to expand resources adjacent to current mine infrastructure while testing high-priority targets at relatively low cost and improving the geological continuity of the known vein system.

The combined surface and underground programs are expected to improve the geological understanding of the mineralized systems and support the Company’s ongoing efforts to grow resources within the broader Bethania district. Initial results from the underground drilling campaign are expected in Q2 2026 and additional drill results from underground and initial surface drilling results are expected over the second half of 2026.

“Following encouraging surface exploration results across the Bethania property, we are excited to begin the next phase of drilling,” stated Osbaldo Zamora, VP Exploration of Kuya Silver. “By combining surface drilling with underground drilling from existing workings, we are able to efficiently test both district-scale targets and near-mine extensions that could meaningfully expand the project’s resource base.”

David Stein, Kuya Silver’s President and CEO also remarked, “The Company is excited to embark on a much larger drill campaign covering multiple targets across the Bethania district. Given our significant cash position in excess of USD $25 million and expected cash flow from the Bethania mine, this more aggressive exploration strategy should be fully funded from internal sources and can be maintained and expanded over the coming years as we grow our silver mining operations.”

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_001.jpg

Figure 1: Bethania historical surface exploration results up to February 2026 showing all sample locations.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_001full.jpg

Regional (Bethania District) Target Summary

Surface drilling is expected to commence in the coming months following final permitting and logistical preparations. Over the past five plus years, Kuya Silver has consolidated in excess of 4,500 ha surrounding the Bethania mine. Various surface prospecting campaigns over the past several years has identified six different silver vein systems characterized by historical evidence of artisanal mining and outcropping veins with silver-polymetallic mineralization which have been mapped and sampled by Kuya Silver’s geologists. These additional vein systems can be subdivided into three areas located south (Tito PH), west (Carmelitas) and southwest (Millococha) of the Bethania silver mine.

Tito PH

Tito PH is a priority exploration target consisting of one main vein and at least seven additional subparallel veins (Figure 2 below). The main vein has been mapped over approximately 600 metres of strike and may extend up to 1,500 metres, although a 700 metres gap in surface exposure remains to be tested by drilling.

Minor artisanal workings, including two shallow adits and an open stope, occur along the vein cluster. A total of 55 grab samples collected by Kuya Silver geologists returned an arithmetic average grade of 285.7 g/t AgEq* and a maximum value of 2,114.7 g/t AgEq*. The interpreted strike length and high-grade surface samples suggest the system could be comparable in scale to the veins currently mined at Bethania.

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Figure 2. Detailed map showing interpreted veins, grab sample locations, and assays at the Tito PH prospect.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_002full.jpg

Millococha Oeste

Millococha Oeste is one of the most prospective targets identified within the Bethania land package due to the presence of more than 10 mapped veins with consistently high grades. A total of 40 grab samples collected by Kuya Silver geologists returned an arithmetic average grade of 690.4 g/t AgEq* and a maximum value of 2,652.7 g/t AgEq* (Figure 3 below).

Artisanal workings on Kuya Silver’s claims represent the most significant historic activity outside the Santa Elena concession, but remain relatively shallow and poorly explored, highlighting the potential for additional mineralization at depth.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_003.jpg

Figure 3. Detailed map showing interpreted veins, grab sample locations, and assays at the Millococha prospect.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_003full.jpg

Carmelitas

The Carmelitas prospect includes three vein clusters within an area of approximately 800 metres, comprising the main Carmelitas artisanal mine as well as the Carmelitas Norte and Carmelitas Este showings (Figure 4 below). A total of 125 grab samples collected by Kuya Silver returned grades up to 1,771.5 g/t Ag and an arithmetic average of 145.2 g/t AgEq*.

Although vein density is lower than at other targets, the prospect remains attractive due to the presence of high-grade mineralization and potential structural connections between the three vein clusters.

*Silver Equivalency (AgEq) was calculated using silver ($85.74 USD/troy oz), gold ($5,177.70 USD/troy oz), copper ($12,815.48 USD/tonne), lead ($1,892.0 USD/tonne) and zinc ($3,286.76 USD/tonne) values, obtained on March 3, 2026 from Kitco, and do not consider metal recovery.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_004.jpg

Figure 4. Detailed map showing interpreted veins, grab sample locations, and assays at the Carmelitas prospect.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5945/288804_334c5f1d74e5d8bf_004full.jpg

Quality Assurance and Quality Control

A total of 940 grab samples (plus QA/QC) were collected in different exploration campaigns from 2021 to 2026. Only 192 samples collected from 2024 to 2026 count with proper QA/QC assessment. The coordinates of the locations of each sample were measured by handheld GPS and the samples dispatched to the ALS Peru S.A. laboratory in Lima for geochemical analysis. The analyses were carried out using the following methods:

  • ME-OG61a – Multi-acid digestion with ICP-AES detection for 33 elements
  • Au-AA23 – Fire assay for gold
  • Ag-OG62 – Four-acid digestion with ICP-AES detection for overlimit silver

All QA/QC standards were acceptable and within two standard deviations of certified values.

As these samples include a mix of early-stage grab, chip, and channel samples and do not include details on vein width, they are not fully representative of total vein mineralization.

National Instrument 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Osbaldo Zamora, PhD., P.Geo., Vice President Exploration with Kuya Silver Corp. and a Qualified Person as defined by National Instrument 43-101.

About Kuya Silver Corporation

Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.

For more information, please contact:

David Stein, President and Chief Executive Officer
Telephone: (604) 398‐4493
[email protected]
www.kuyasilver.com

Reader Advisory

This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

info

Source: Kuya Silver Corporation

NeuroSense Therapeutics Ltd. (NRSN) – Phase 2b PARADIGM Study Published In JAMA Neurology

Posted on by [email protected]


Tuesday, March 17, 2026

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.

Presigious Journal Publishes The Phase 2b PARDIGM Study. JAMA Neurology has published an article dissussing the Phase 2b PARDIGM clinical trial. This peer-reviewed journal is published by the American Medical Association and regarded as one of the most prestigious journals in the field of neurology. We see this as a validation the clinical results and an acknowledgement of the impact PrimeC had on the amyotrophic lateral sclerosis (ALS) patients in the study.

PrimeC Addresses Important Mechanisms Of Neuron Degeneration. PrimeC is a proprietary fixed-dose oral combination of celecoxib and ciprofloxacin. These drugs target pathways of neuronal cell death, including regulation of microRNA synthesis, reduction in neuroinflammation, and modulation of iron accumulation. Additional testing by NeuroSense determined the optimal dosage combination of the two drugs for human studies and the extended releaase formulaton.


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Bitcoin Depot (BTM) – Wave of Regulatory Action Weighs on Outlook

Posted on by [email protected]


Tuesday, March 17, 2026

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.

Q4 results. Bitcoin Depot reported Q4 revenue of $116.0 million, above our estimate of $112.0 million, reflecting somewhat stronger transaction activity than anticipated despite emerging regulatory headwinds. Adj. EBITDA of $1.6 million was below our forecast of $2.5 million due to higher operating expenses during the quarter.

Initial steps toward revenue diversification. The company is beginning to expand beyond the core Bitcoin ATM network through new fintech initiatives. It recently acquired Kutt, a peer-to-peer social betting platform, and launched ReadyBucks, a merchant cash advance platform targeting small businesses and gig workers. Management indicated that both initiative are starting small and not expected to materially impact near-term revenue.


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Townsquare Media (TSQ) – Were We On The Same Investor Call?

Posted on by [email protected]


Tuesday, March 17, 2026

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

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.

In-line Q4 results. The company reported Q4 revenue and adj. EBITDA of $106.5 million and $21.5 million, both of which were in line with our estimates of $106.1 million and $22.0 million, respectively. Notably, the company continued to face headwinds in its digital businesses, which have been its primary growth engine.

Advertising trends appear to be improving. Digital revenues remained the company’s largest contributor and primary growth engine, representing approximately 55% of total revenue in 2025, up from 52% in 2024, and generated 56% of segment profit, compared with 50% a year earlier. Despite the stronger mix, fourth quarter Digital Advertising revenue declined 1%, as weakness in remnant advertising offset growth in direct-sold and programmatic digital advertising.


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Big Pharma Is Running Out of Time — And Small-Cap Biotechs Are the Answer

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The pharmaceutical industry is facing a revenue crisis of its own making, and the fallout is quietly creating one of the most compelling acquisition environments for small-cap biotech investors in recent memory. The catalyst is straightforward: patent expirations on some of the world’s best-selling drugs are set to eliminate hundreds of billions in annual revenue from major drugmakers’ balance sheets, and the only viable path to replacing that income runs directly through the small-cap biotech sector.

An estimated $236 billion in annual Big Pharma revenue is at risk as blockbuster drugs lose exclusivity in the 2026–2030 window. Flagship products from AbbVie, Merck, Bristol Myers Squibb, and Pfizer are all exposed. Pfizer alone faces a revenue shortfall that analysts project could reach $17–18 billion by 2030 as key drugs lose patent protection. These are not minor headwinds — they represent structural holes in revenue models that took decades to build.

Acquisition Is the Only Realistic Fix

Internal R&D pipelines, no matter how well-funded, cannot reliably produce late-stage, de-risked assets fast enough to offset losses of this scale. That reality is driving an acceleration of M&A activity at a pace not seen in years. Biopharma dealmaking surged to $43.2 billion in value in Q3 2025 alone — a 36.7% jump quarter-over-quarter — and analysts broadly expect 2026 and 2027 to see even more aggressive activity as patent deadlines loom closer.

The targets of choice are small-cap biotechs with proven or near-proven assets, particularly those with late-stage clinical data in high-value therapeutic areas like oncology, rare disease, and immunology. These companies represent an increasingly attractive proposition: they carry significantly lower valuation multiples than large-cap pharma — many trading around 6x revenue — while offering precisely the pipeline depth that major acquirers need most.

What This Means for Small-Cap Investors

For investors paying attention to the small and microcap biotech space, this dynamic creates a clear opportunity structure. Companies advancing late-stage assets in therapeutic categories where major drug patents are expiring are sitting at the intersection of scientific value and urgent corporate need. That combination has historically produced acquisition premiums that significantly reward early investors.

Novartis’s $12 billion acquisition of Avidity Biosciences stands as one of the most cited recent examples — a deal that illustrated how quickly a credible pipeline can attract top-tier buyers willing to pay a substantial premium. It will not be the last. With private equity also sitting on an estimated $440 billion in dry powder earmarked for smaller enterprises, competition for the highest-quality small-cap biotech targets is intensifying from both strategic and financial buyers simultaneously.

The Floor Has Shifted

What makes this M&A wave structurally different from prior cycles is the urgency driving it. This is not opportunistic dealmaking — it is defensive necessity for some of the most capitalized companies in the world. That urgency creates a pricing floor for quality small-cap biotech assets that did not exist five years ago.

For investors willing to do the fundamental work of identifying companies with credible late-stage pipelines, strong IP positions, and exposure to the therapeutic categories where patent cliffs are most acute, the current environment may represent one of the better entry windows of the decade. The deals are coming. The question is whether investors are positioned ahead of them.

Horizon Technology Finance and Monroe Capital Win Shareholder Approval to Merge

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The consolidation wave sweeping through the business development company space claimed another milestone last week. Horizon Technology Finance Corporation (NASDAQ: HRZN) and Monroe Capital Corporation (NASDAQ: MRCC) announced that shareholders of both companies voted at special meetings held March 13 to approve the proposed merger — with HRZN shareholders voting more than 83% in favor and MRCC shareholders casting over 88% of votes in support.

The deal structure is straightforward but deliberate. Prior to the merger’s effectiveness, Monroe Capital Income Plus Corporation will purchase substantially all of MRCC’s assets at fair value for cash. Following the close of that asset sale, MRCC will merge into HRZN, with Horizon remaining the surviving publicly traded entity on Nasdaq under the ticker “HRZN,” continuing under the management of Horizon Technology Finance Management LLC and backed by Monroe Capital’s approximately $24 billion in assets under management.

The transaction was structured with shareholder economics front and center. MRCC shareholders are set to receive a pre-merger closing distribution totaling approximately $15.9 million, or $0.75 per share. Horizon also has $27.6 million in undistributed taxable earnings earmarked to supplement monthly distributions for two quarters post-merger, and the management firm agreed to waive up to $4 million in fees over the first four full fiscal quarters following the close. Closing is expected within 30 days, subject to customary conditions.

The strategic rationale centers on scale and positioning within venture lending. The overwhelming shareholder support underscores confidence that the deal will unlock value at Monroe, strengthen Horizon’s competitive footing in the innovation economy, and accelerate the platform’s next phase of growth. For context, HRZN currently carries a market capitalization of approximately $196 million — firmly in small cap territory — making this a meaningful consolidation play rather than a megadeal footnote.

The path to closing was not without friction. Horizon worked to resolve three shareholder lawsuits seeking to block the transaction — two complaints filed in New York County Supreme Court in February and a third filed in Delaware in January. The resolution of those cases cleared the way for the shareholder votes that ultimately delivered the lopsided approval margins seen last week.

The BDC sector has been steadily consolidating as managers seek the scale necessary to compete for institutional capital, lower operating cost ratios and support more robust dividend coverage. Horizon’s venture lending focus — providing secured loans to VC-backed companies in technology, life sciences, healthcare information services and sustainability — gives the combined platform a differentiated niche at a time when private credit is expanding rapidly into spaces that traditional banks have largely exited.

With shareholder approval now secured on both sides and closing expected before mid-April, the combined HRZN platform will emerge as a larger, better-capitalized lender to the innovation economy — exactly the kind of strategic BDC consolidation that income-focused small cap investors should be watching closely.

Allegiant and Sun Country Clear a Major Merger Hurdle

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Allegiant Travel Company (NASDAQ: ALGT) and Sun Country Airlines (NASDAQ: SNCY) cleared a critical regulatory hurdle this morning, announcing the early termination of the Hart-Scott-Rodino antitrust waiting period — meaning the U.S. Department of Justice has signed off on Allegiant’s proposed acquisition of Sun Country without objection. The milestone moves one of the more strategically compelling small-cap airline consolidations in years meaningfully closer to the finish line.

The deal, originally announced in January 2026, is structured as a $1.5 billion cash-and-stock transaction that offered Sun Country shareholders a premium of nearly 20% over the stock’s last close before the announcement. With DOJ clearance now secured, the primary remaining conditions are approval from the U.S. Department of Transportation and a shareholder vote from both companies. Closing is targeted for the second or third quarter of 2026.

Both carriers occupy a niche that the major airlines have largely ignored — leisure travelers flying from small and mid-sized cities to vacation destinations. Allegiant, based in Las Vegas, has built its entire model around non-stop routes linking secondary markets to resort towns. Sun Country, operating out of Minneapolis, runs a hybrid model combining scheduled passenger service, charter operations, and an Amazon cargo business that generated record full-year revenue of $1.13 billion in 2025 — its fifth consecutive profitable year.

Together, the combined carrier would serve roughly 22 million annual customers, operate across nearly 175 cities, and cover more than 650 routes with a fleet of 195 aircraft. Neither airline competes heavily for the same routes, which likely explains why the DOJ review resolved quickly and without required divestitures — a favorable signal for deal certainty.

At the time of the deal announcement, Allegiant carried a market cap of approximately $1.37 billion and Sun Country traded below $700 million — both firmly in small-cap territory. This transaction is a reminder that some of the most structurally sound consolidation plays in the market are happening below the radar of mainstream financial media, which remains fixated on mega-cap M&A.

The leisure travel segment has proven more resilient than traditional scheduled carriers across multiple economic cycles. Consumers continue to prioritize experiences and affordable vacation travel, and both Allegiant and Sun Country have built disciplined, asset-light models well-suited to capitalize on that demand. Sun Country’s diversified revenue streams — cargo, charter, and scheduled service — add a layer of earnings stability to the combined entity that pure-play passenger carriers often lack.

The DOT’s interim exemption approval is the next significant milestone, followed by formal shareholder votes at both companies. Neither hurdle is considered unusually high risk at this stage, and most observers expect the transaction to close on schedule. Allegiant has flagged the combination as accretive to earnings power and expects meaningful cost synergies from consolidating operations, maintenance programs, and corporate overhead.

For small-cap investors tracking consolidation trends in the airline sector, the Allegiant-Sun Country merger is a case study in how smaller carriers are quietly reshaping the competitive landscape — one nonstop leisure route at a time.

ONE Group Hospitality (STKS) – Fourth Quarter In-line with Pre-announced Results

Posted on by [email protected]


Monday, March 16, 2026

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.

Overview. Fourth quarter and full year 2025 results came in-line with management’s January 12, 2026 pre-announcement, with fourth quarter revenue of $207 million and full year revenue of $806 million. Notably, all brands demonstrated a sequential improvement in comparable sales during the quarter. Fourth quarter consolidated comparable sales declined approximately 1.8%, representing about 4 points of sequential improvement from the third quarter. And this momentum has continued in the new year.

4Q25 Results. For the fourth quarter, total GAAP revenue was approximately $207 million compared to $222 million in the prior year quarter. Adjusted EBITDA was $28.1 million compared to $31 million in the prior year quarter, a decrease of 9.5%. ONE Group reported a net loss, before preferred stock dividends, of $6.4 million compared to net income of $1.6 million in 4Q24.


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MariMed Inc (MRMD) – Reports Fourth Quarter and Full Year Results

Posted on by [email protected]


Monday, March 16, 2026

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.

Overview. For the full year 2025, MariMed reported record revenue as well as the sixth consecutive year of positive adjusted EBITDA. Wholesale was once again the star performer, with sales increasing 11% y-o-y. MariMed increased its distribution footprint penetration to 85% of the dispensaries in its core markets.

4Q25 Results. Revenue of $41.7 million rose 7.2% y-o-y and exceeded our $40.5 million estimate. Better than expected retail sales drove the results. Adjusted gross margin came in at 39.9% versus 43.2% last year. Adjusted EBITDA totaled $4.4 million, down from $5.9 million in 4Q24. MariMed reported adjusted net income of $2.2 million, compared to a net loss of $3.1 million in 4Q24.


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17% Gains, Back-to-Back Losses — Gold’s 2026 Story Is Getting Complicated

Posted on by [email protected]

Gold is heading into the weekend with back-to-back weekly losses — a signal that something unusual is happening in commodity markets. The metal that investors typically rush to during geopolitical crises is being undercut by the very crisis driving its usual tailwinds.

Spot gold is trading around $5,084 per ounce on Friday, down nearly 1% from Thursday’s close and on pace for a 2.4% weekly decline. That would mark the first consecutive weekly drop since November, pulling gold further from its all-time high of $5,595 set on January 29. Despite the retreat, the metal remains roughly 17% higher year-to-date — a figure that should not be lost on investors trying to contextualize the current pullback.

The Oil-Inflation Paradox

The culprit is crude. Oil prices near $100 a barrel — sustained by the ongoing US-Israeli military campaign against Iran — are creating an inflation feedback loop that is actually working against gold in the near term. Here’s the mechanism: rising oil strengthens the U.S. dollar, since the U.S. is a net energy exporter. A stronger dollar makes dollar-denominated gold more expensive for global buyers, compressing demand. At the same time, oil-driven inflation is forcing markets to price out Federal Reserve rate cuts, and gold doesn’t pay interest — so higher-for-longer rates make yield-bearing assets comparatively more attractive.

The U.S. Dollar Index has gained about 1% over the past five trading sessions and is up 3.3% over the past month. That’s a meaningful headwind for bullion.

Fed Watch Dominates

Markets now assign just a 4.4% probability to a rate cut at next week’s Fed meeting, with 95.6% of participants expecting rates to hold at 3.50%–3.75%. Earlier this year, the consensus expectation was two cuts in 2026. That view has collapsed as energy prices reignite inflationary pressure — and fresh consumer spending data released Friday showed spending barely moved in January, adding to concerns that a stagflationary dynamic could be forming ahead of the conflict’s economic ripple effects.

U.S. consumer sentiment has also declined to a three-month low as gasoline prices climb. This matters for the Fed: a consumer-led slowdown paired with sticky inflation removes the policy flexibility that gold bulls were counting on.

Where Does Gold Go From Here?

The longer-term picture remains constructive. Wall Street’s major banks haven’t flinched — J.P. Morgan holds a $6,300 price target for gold in 2026, and Deutsche Bank is at $6,000. Central bank buying, persistent inflation above the Fed’s 2% target, and geopolitical uncertainty all underpin a structurally bullish case. The current weakness appears to be a recalibration, not a reversal.

For small and microcap investors, the gold pullback carries downstream implications worth watching. Junior miners and gold royalty companies — many of which trade well below the $2 billion market cap threshold — tend to amplify gold’s moves in both directions. A sustained drop from current levels would compress margins and valuations across that segment. Conversely, if conflict escalation or a dollar reversal sends gold back toward $5,500, smaller producers could see outsized recoveries.

The market is being asked a simple question right now: is $100 oil a headwind or a catalyst for gold? The answer, at least this week, is headwind.

Iran, Stagflation, and a Frozen Fed: The Triple Threat Driving the S&P 500’s Worst Streak in a Year

Posted on by [email protected]

The S&P 500 is closing out its third consecutive losing week — the longest such streak in nearly a year — and the forces behind the selloff are not the kind that resolve quickly. A geopolitical shock, deteriorating economic data, and a Federal Reserve with no room to maneuver have converged into a triple threat that is reshaping how investors should be positioning right now.

The index hit an all-time high of 7,002 on January 27, 2026. It has since fallen approximately 4.5%, trading near 6,684 as of Thursday’s close — its lowest level since mid-December. The Dow Jones Industrial Average is tracking for a 1.8% weekly loss, and the Nasdaq Composite has declined roughly 0.9% week-to-date. The S&P 500 is now down 1.54% on the year.

Threat #1: Iran and the Oil Shock

The U.S.-Israeli military conflict with Iran has disrupted Persian Gulf shipping lanes, sending Brent crude above $100 per barrel for the first time since August 2022 and pushing WTI crude near $96. With Iran’s new Supreme Leader signaling the Strait of Hormuz closure should continue as leverage against the West, there is no near-term resolution in sight. Energy costs at these levels feed directly into consumer prices, complicating an inflation fight the Fed had not yet won.

Threat #2: Stagflation Is No Longer a Tail Risk

This morning’s Q4 2025 GDP revision delivered a gut punch to the soft-landing narrative. Economic growth came in at just 0.7% annualized — down sharply from the prior estimate of 1.4% and well below the consensus forecast of 1.5%. That is the weakest quarterly growth reading in years, outside of the pandemic. Meanwhile, core PCE rose 0.4% month-over-month and February CPI held at 2.4% year-over-year. Slow growth paired with rising prices is the textbook definition of stagflation — historically one of the most punishing environments for equity markets. The 1973 OPEC oil crisis offers an uncomfortable parallel, when the S&P 500 fell more than 40% as recession and energy shock collided.

Threat #3: The Fed Has No Good Options

The Federal Open Market Committee meets March 17–18, and futures markets are pricing in just a 4.7% probability of a rate cut, according to CME FedWatch data. The Fed cannot cut into rising inflation driven by an oil shock, and it cannot hike into slowing growth. The result is policy paralysis — and markets hate uncertainty more than bad news. Rate-sensitive equities, particularly high-multiple tech names, are absorbing the most damage.

What the Headline Number Isn’t Telling You

While the cap-weighted S&P 500 is down 1.54% year-to-date, the S&P 500 Equal Weight Index is up 3.16% over the same period. That divergence reveals the selloff for what it is — a concentrated repricing of mega-cap technology, not a broad market collapse. The Russell 2000 small cap index outperformed Thursday, climbing over 1% on a day the Nasdaq posted losses. Energy, defense, financials, and domestically focused small cap names are holding ground while Big Tech reprices.

The macro environment is undeniably difficult. But for investors willing to look past the headline index, the rotation already underway may prove to be one of 2026’s most important opportunities.

The Oncology Institute, Inc. (TOI) – Strong Results Driven By Covered Population Growth With Improving Margins

Posted on by [email protected]


Friday, March 13, 2026

TOI is an oncology practice management company that provides administrative services to oncology clinics. These clinics provide cancer care to a population of approximately 1.9 million patients. Services include cancer care, pharmacy and dispensary services, clinical trials, and services associated with oncology care. The company employs nearly 120 clinicians and over 700 teammates at over 70 clinic locations.

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.

4Q25 Had Strong Revenue Growth. The Oncology Institute reported a 4Q25 loss of $7.5 million or $(0.06) per share and a FY2026 loss of $60.6 million or $(0.54) per share. Importantly, 4Q25 Revenues of $142.0 million were up 41.6% over 4Q24, close to our estimate of $142.4 million, with a slightly different mix from Patient Services and Dispensary Revenues. EBITDA in 4Q25 was $0.15 million, turning positive for the first time, and compares with $(7.8) million in 4Q24. Cash balance on December 31, 2025 was $33.6 million.

Margins Improved During 4Q and For FY2025. Overall Gross Margin for 4Q2025 improved to 16.0% of revenues compared with 14.6% in 4Q2024. This reflects margins improvements in Patient Services of 11.9% compared with 8.9% in 4Q24, and Dispensary margins of 18.1% compared with 16.9% in 4Q24. FY2025 Overall Gross Margin was 15.2% compared with 13.7% for FY2024.


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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. 

Summit Midstream Corp (SMC) – Summit to Host FY2025 Earnings Call on March 17

Posted on by [email protected]


Friday, March 13, 2026

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.

Fourth quarter and FY2025 financial results. Summit will report operating and financial results after the market close on Monday, March 16. Management will host a teleconference at 10 am ET on Tuesday, March 17. We anticipate management will provide its outlook and corporate guidance for 2026.

Noble estimates. We forecasted fourth quarter and FY2025 EBITDA of $62.5 million and $246.6 million, respectively, and net losses of $0.4 million, or $(0.00) per share, and $11.5 million, or $(0.95) per share. Our fourth quarter and full year revenue estimates are $146.7 million and $566.5 million, respectively. Recall management previously communicated that it expected adjusted EBITDA to be at the low end of its $245 million to $280 million 2025 guidance range. For 2026, we are projecting revenue, EBITDA, net income and EPS of $591.3 million, $265.7 million, $12.7 million, and $1.03, respectively. 


Get the Full Report

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.