slightbourne@noblecapitalmarkets.com, Author at Channelchek

Gyre Therapeutics, Inc (GYRE) – Cullgen Acquisition Adds New Platform To Build Long-Term Pipeline

Posted on March 3, 2026March 3, 2026 by slightbourne@noblecapitalmarkets.com

Tuesday, March 03, 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.

Gyre To Acquire Cullgen. Gyre Therapeutics announced the acquisiton of Cullgen, a privately-held company developing targeted protein degrader (TPD) and degrader antibody conjugate (DAC) therapies. The all-stock transaction valued Cullgen at approximately $300 million. We believe this acquisition adds a novel technology platform to the mid-term to long-term product pipeline.

The Cullgen Acquisition Transforms Gyre. Cullgen was private company founded in 2018. It has been developing its proprietary technology platform, uSMITE (ubiquitin-mediated small molecule-induced target elimination), to create targeted protein degrading drugs and antibody conjugates. These drugs are in development to treat pain, cancer, inflammation, autoimmune diseases, and neurodegenerative diseases.

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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.

Kratos Defense & Security (KTOS) – Funds to Pursue Growth

Posted on March 3, 2026March 3, 2026 by slightbourne@noblecapitalmarkets.com

Tuesday, March 03, 2026

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.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.

A Raise. Kratos raised a net $1.35 billion through the sale of 16,285,571 KTOS shares at $84/sh, including the Underwriters exercising the 30-day allotment in full. The offering closed on March 2, 2026. Noble Capital participated in the raise.

Uses. The net funds will be used to continue to make important capital expenditures to scale operations and meet the growing demands of The Department of War and National Security customers with respect to existing programs, recently awarded contracts and new opportunities, (ii) to continue to invest in new product, system and software product development, (iii) to strengthen the Company’s balance sheet to allow the Company to be responsive to anticipated contract awards from the large, strategic pipeline of opportunities, (iv) to fund the recent acquisition of Nomad, pending acquisition of Orbit, and select future strategic M&A opportunities, and (v) for general corporate purposes.

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Strait of Hormuz in Focus as U.S.-Iran War Sends Oil Markets Soaring

Posted on March 3, 2026March 3, 2026 by slightbourne@noblecapitalmarkets.com

Oil markets have swung sharply higher since the outbreak of war between the United States and Iran, with traders rapidly repricing geopolitical risk into crude benchmarks. U.S. crude rose more than 5% Monday after surging as much as 12% intraday, while Brent climbed above $77 per barrel before easing from session highs. The moves reflect mounting concern that the conflict could trigger sustained supply disruptions in one of the world’s most strategically vital energy corridors.

At the center of the market’s anxiety is the Strait of Hormuz, the narrow waterway linking the Persian Gulf to global markets. Shipping analysts report that tanker traffic through the Strait has effectively stalled as operators reassess security risks. In 2025, more than 14 million barrels per day—roughly one-third of the world’s seaborne crude exports—passed through this chokepoint. A prolonged disruption would have immediate consequences for refiners and importers across Asia, Europe, and North America.

Iran itself produces approximately 3.3 million barrels per day, ranking as OPEC’s fourth-largest oil producer. Beyond its own output, however, its geographic position gives it indirect leverage over exports from Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates. The conflict introduces overlapping supply risks: potential declines in Iranian production due to instability or infrastructure damage, and constraints on maritime transit that could temporarily restrict exports from multiple Gulf producers. Even the perception of restricted flows has been enough to trigger aggressive buying in crude futures and energy-linked equities.

Major banks have begun outlining upside price scenarios if the disruption persists. Some analysts suggest Brent could approach $100 per barrel under an extended supply squeeze, while more severe regional escalation could drive prices materially higher. For now, markets are oscillating between risk premium expansion and cautious optimism that diplomatic channels could reopen. President Donald Trump stated that U.S. combat operations will continue until objectives are met, while also indicating openness to talks. Iranian officials have publicly rejected negotiations, adding to uncertainty over the conflict’s trajectory.

The implications extend well beyond the energy sector. A sustained rally in crude would complicate global inflation dynamics at a time when central banks have been attempting to stabilize price pressures. Higher oil prices feed directly into transportation, manufacturing, and consumer goods costs, potentially delaying interest rate normalization. Equity markets, particularly rate-sensitive and consumer-facing sectors, could experience renewed volatility if energy-driven inflation reaccelerates.

For small- and mid-cap companies, the effects are uneven. Domestic exploration and production firms may benefit from improved pricing and stronger cash flow if elevated crude levels persist. Oilfield services providers could also see renewed capital spending from producers seeking to capitalize on higher margins. Conversely, airlines, logistics operators, chemicals manufacturers, and other fuel-intensive businesses face margin compression if input costs rise faster than pricing power allows. Emerging market equities in energy-importing nations may also encounter currency and trade balance pressures.

The broader theme resurfacing in 2026 is the fragility embedded in global supply chains. While U.S. shale growth and diversified sourcing have added resilience over the past decade, the Strait of Hormuz remains irreplaceable in the near term. Even with strategic petroleum reserves and spare capacity assumptions, a chokepoint freeze underscores how quickly geopolitical flashpoints can ripple through commodity markets and financial assets.

Oil is once again functioning as a real-time geopolitical barometer. Until tanker traffic resumes at scale or a clearer diplomatic path emerges, volatility is likely to remain elevated. Investors across asset classes will be watching crude not only as an energy benchmark, but as a signal of broader macroeconomic risk.

RadNet Buys Gleamer, Building a Global Radiology AI Powerhouse

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

RadNet (NASDAQ: RDNT) is making a decisive move in healthcare AI. The Los Angeles-based outpatient imaging leader announced it has acquired Paris-based Gleamer SAS, integrating the business into its DeepHealth digital subsidiary. The all-cash deal, valued at up to €230 million including a post-closing milestone, positions DeepHealth as what the company describes as the largest provider of radiology clinical AI solutions worldwide.

For investors, the transaction underscores how artificial intelligence is shifting from pilot projects to scaled deployment across diagnostic imaging.

Gleamer brings more than 700 customer contracts across 44 countries and a cloud-first AI portfolio spanning musculoskeletal, breast, lung and neurologic applications. Its solutions include FDA-cleared and CE-marked products designed to support radiologists in screening, detection and workflow prioritization.

DeepHealth, RadNet’s digital health arm, already offers AI-enabled imaging tools across breast, chest, neuro, prostate and thyroid care. Combined, the companies report more than 2,700 customer contracts globally, a portfolio of 26 FDA-cleared and 22 CE-marked devices, and coverage across MR, CT, X-ray, mammography and ultrasound.

That breadth matters in a market where imaging volumes continue to rise while radiologist shortages persist worldwide.

RadNet CEO Dr. Howard Berger framed the deal around workflow automation—particularly in high-volume modalities like X-ray, ultrasound and mammography—where AI-enabled prioritization and draft reporting may help maintain access and efficiency.

Gleamer has operated under a SaaS model, generating annual recurring revenue (ARR) from subscription-based contracts. The company reported a compound annual ARR growth rate exceeding 90% from 2022 through 2025 and expects to reach approximately $30 million in ARR in 2026.

RadNet indicated that, on a combined basis, DeepHealth and Gleamer anticipate ARR approaching or exceeding $140 million by the end of 2026. ARR is a non-GAAP metric representing contracted recurring revenue and excludes one-time implementation and hardware sales.

For public market investors, recurring revenue visibility is increasingly central to valuation in health tech and AI-enabled platforms. The addition of Gleamer enhances DeepHealth’s cloud-native revenue base and expands its European footprint at a time when regulatory-cleared AI tools are gaining broader institutional adoption.

Beyond external sales, RadNet intends to deploy Gleamer’s AI capabilities across its own imaging network, which spans multiple U.S. states and performs millions of exams annually.

X-ray accounts for nearly 25% of RadNet’s imaging volume. The company expects AI-enabled triage and draft reporting tools to support productivity gains and workflow standardization, with deployment targeted by the third quarter of 2026.

Management has emphasized that benefits could include improved resource utilization and cost efficiencies. As with all integration efforts, realization of these outcomes depends on execution and adoption across clinical teams.

The acquisition arrives amid accelerating consolidation in healthcare AI, as imaging platforms seek both modality breadth and geographic reach. Hospitals and outpatient providers are increasingly evaluating enterprise-wide AI solutions rather than single-use tools.

By combining Gleamer’s automated reporting capabilities—already deployed in Europe—with DeepHealth’s imaging informatics platform, RadNet is aiming to deliver an integrated operating system approach across the radiology workflow.

Investors should view the transaction as part of a broader capital allocation strategy: pairing RadNet’s stable outpatient imaging cash flows with scalable digital health assets that carry higher growth profiles.

As AI moves from experimental deployments to embedded clinical infrastructure, scale, regulatory clearance and recurring revenue models are becoming competitive differentiators. RadNet’s latest acquisition suggests the next phase of radiology AI will be defined less by innovation alone—and more by integration at enterprise scale.

Titan International (TWI) – Reports Fourth Quarter Results

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

Monday, March 02, 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. Titan ended 2025 with another positive quarter as fourth quarter revenue, gross margin, and adjusted EBITDA exceeded fourth quarter 2024 results. These results are ahead of management’s revenue guidance and also better than adjusted EBITDA expectations. The EMC segment was the standout performer, with revenue growth of 21% and gross margin expansion of 3.4 percentage points.

4Q25 Results. Revenue grew 7.0% to $410.4 million. Ex foreign exchange, the Ag segment was flat, EMC up nicely, and Consumer down modestly. Adjusted EBITDA came in at $11 million, up 18% y-o-y. Due to non-cash valuation allowances, Titan recorded a GAAP net loss of $56 million in the quarter, compared to net income of $1.3 million in 4Q24. Adjusted net loss was $17.4 million, or $0.27/sh, compared to net income of $5.8 million, or $0.09/sh, in 4Q24.

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MAIA Biotechnology (MAIA) – Ateganosine Moves Forward With A Pivotal Year Ahead

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

Monday, March 02, 2026

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

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.

Building On Success In 2025, Ateganosine Continues Moving Forward. MAIA has been conducting the Phase 2 THIO-101 trial, testing ateganosine (also known as THIO) in combination with cemiplimab, a checkpoint inhibitor. The trial is now in its third stage after the data showed meaningful improvements in median survival, overall response rates, and disease control rate. Separately, a Phase 3 trial has begun. Based on the reported results, we believe both trials have a high probability of success and could lead to FDA approvals.

Phase 2 THIO-101 Could Support Early Approval. The THIO-101 trial was designed with three stages. Part A confirmed safety and tolerabity, while Part B tested three doses to determine the optimal dosing regimen. In December 2025, the Part C Expansion/Registration stage began. This is an open-label arm designed to determine the Overall Response Rate (ORR). Positive data could lead to an application for Early Approval from the FDA.

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Codere Online (CDRO) – Favorable Operating Momentum

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

Monday, March 02, 2026

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).

Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.

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Wholesale Inflation Heats Up: Producer Prices Jump 0.5% in January, Complicating Fed Outlook

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

U.S. wholesale inflation came in hotter than expected in January, adding a fresh wrinkle to the Federal Reserve’s already delicate balancing act on interest rates.

The Labor Department reported Friday that its Producer Price Index (PPI) — which measures price changes before they reach consumers — rose 0.5% from December and 2.9% from a year earlier. Economists surveyed by FactSet had forecast a 0.3% monthly increase and a 1.6% annual gain.

The upside surprise didn’t stop there.

Excluding volatile food and energy prices, so-called core wholesale prices climbed 0.8% month over month and 3.6% from a year ago — both well above expectations. The annual core increase was the largest since March of last year.

Services Drive the Upside

Much of January’s acceleration came from services, particularly higher profit margins for retailers and wholesalers.

That detail is significant.

It suggests companies may be maintaining — or expanding — pricing power, even as tariff costs shift and input prices fluctuate. Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, noted that while retailers’ tariff bills have edged down in recent months, selling prices have continued to rise.

Core goods prices also strengthened, rising 0.7% from December and 4.2% year over year. Hefty increases were reported in categories including cosmetics, pet food, certain metals, and metal-cutting machinery.

In contrast, energy prices provided some relief. Gasoline prices dropped 5.5% from December and were down 15.7% from a year earlier. Wholesale food prices also declined.

A Mixed Inflation Picture

The hotter PPI report comes just two weeks after consumer price data showed more moderation. The Consumer Price Index (CPI) rose 2.4% year over year in January — moving closer to the Federal Reserve’s 2% target.

But wholesale inflation can act as an early indicator of future consumer price pressures. Some PPI components — particularly health care and financial services — also feed directly into the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index.

In December, PCE inflation rose 2.9% year over year, marking its fastest pace since March 2024.

For policymakers, that backdrop complicates the rate outlook.

The Fed cut its benchmark rate three times last year in response to a cooling labor market. However, it has since adopted a more cautious stance, signaling it wants clearer evidence that inflation is sustainably moving toward 2%.

Following Friday’s report, Nationwide economist Ben Ayers said he expects the Fed to remain on pause at its upcoming March meeting.

Why It Matters for Investors

Markets have been wrestling with two competing narratives in 2026: moderating consumer inflation versus persistent underlying price pressures.

The stronger-than-expected wholesale reading reinforces the idea that inflation may prove stickier than hoped — especially in services and core goods. For equities, that could mean renewed volatility if bond yields rise on expectations of prolonged higher rates.

For fixed-income investors, it underscores that the path to further rate cuts may not be straightforward.

In short, January’s data doesn’t signal a resurgence of runaway inflation. But it does suggest the Fed’s job isn’t finished — and markets may need to recalibrate expectations for how quickly monetary easing resumes.

OpenAI Lands $840 Billion Valuation as Amazon, Nvidia, SoftBank Double Down on AI Arms Race

Posted on February 27, 2026February 27, 2026 by slightbourne@noblecapitalmarkets.com

OpenAI has secured one of the largest private capital raises in history, reaching an $840 billion valuation as Amazon, Nvidia, and SoftBank anchor a massive $110 billion funding round.

The blockbuster raise underscores that, despite 2026’s volatility in technology stocks and growing talk of an AI valuation bubble, capital formation in artificial intelligence remains robust. For investors, the message is clear: the AI infrastructure race is accelerating, not slowing.

According to Reuters, SoftBank committed $30 billion in the round, Nvidia invested $30 billion, and Amazon pledged $50 billion. Additional investors are expected to participate as the financing progresses. The funding comes ahead of OpenAI’s anticipated mega-IPO later this year, with Wall Street expecting further capital raises before a public debut.

Compute Is the New Oil

The capital injection is designed primarily to secure advanced chips and computing infrastructure.

OpenAI said it will deploy Nvidia’s latest Rubin systems, representing five gigawatts of computing capacity — enough energy to power millions of U.S. households. That scale highlights a defining theme of the AI cycle: frontier models now require industrial-level energy and hardware commitments.

For Nvidia (NVDA), the $30 billion investment deepens its financial ties to one of its largest customers. However, shareholders have recently pressured the chipmaker over its decision to reinvest heavily into the AI ecosystem rather than prioritize capital returns.

The interdependence has also revived concerns about “circular financing,” in which companies invest in key customers while simultaneously securing supply agreements. Critics argue such structures can blur the line between organic demand and strategically supported revenue.

Amazon Expands Strategic AI Footprint

Amazon (AMZN) is pairing capital with infrastructure.

Alongside its $50 billion commitment — beginning with an initial $15 billion investment — OpenAI will utilize two gigawatts of computing capacity powered by Amazon’s proprietary Trainium AI chips. The companies are also expanding a previously signed $38 billion cloud agreement, with OpenAI planning to spend an additional $100 billion on Amazon Web Services over eight years.

AWS will become the exclusive third-party cloud provider for OpenAI Frontier, the company’s enterprise AI platform for building and running agents. Importantly, OpenAI’s relationship with Microsoft remains intact, with Azure continuing as the exclusive cloud provider for its APIs.

The multi-cloud, multi-chip strategy reflects how hyperscalers are competing not just for AI workloads, but for long-term ecosystem control.

Competition Is Intensifying

The raise comes as Alphabet’s Google strengthens its AI position following the launch of Gemini 3, and as Anthropic continues to gain traction in enterprise AI applications. OpenAI, which has yet to turn a profit, is reportedly targeting approximately $600 billion in total compute spending through 2030.

At the same time, technology stocks have faced sharp declines in 2026 as investors question whether AI investments will generate returns sufficient to justify soaring valuations.

Still, OpenAI’s scale is formidable. The company reports more than 900 million weekly active users for ChatGPT and over 50 million consumer subscribers, with early 2026 pacing as its strongest period for new subscriber growth.

Why It Matters for Investors

This deal reinforces several market themes:

AI capital intensity is rising dramatically.
Infrastructure partnerships are becoming equity-linked.
Hyperscalers are competing for exclusive compute relationships.
Pre-IPO valuations are stretching toward trillion-dollar territory.

Whether these commitments ultimately deliver sustainable returns remains a key question for public markets. But for now, the AI capital formation cycle remains firmly in expansion mode.

E.W. Scripps (SSP) – Transformation Plan Underscores Compelling Valuation

Posted on February 27, 2026February 27, 2026 by slightbourne@noblecapitalmarkets.com

Friday, February 27, 2026

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

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.

Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.

Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. Importantly, management indicated that Core Advertising momentum continues to be favorable into the first quarter 2026.

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Nicola Mining Inc. (HUSIF) – Building Momentum

Posted on February 27, 2026February 27, 2026 by slightbourne@noblecapitalmarkets.com

Friday, February 27, 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.

Operational momentum continues. Nicola reported a significant increase in throughput of high-grade gold and silver mill feed from its partnership with Blue Lagoon Resources at the Dome Mountain Gold Project. Processing at the Merritt Mill has shifted from a gravity-and-flotation circuit to a flotation-only flowsheet, better aligning with the sulphide-hosted mineralization and enhancing recoveries, concentrate grades, and payable metal output. Ongoing plant upgrades are expected to improve efficiency and throughput. Underground development at Dome Mountain is progressing, with additional mining faces being prepared to support sustainable increases in mill feed tonnage.

Advancing the next phase of gold production at Dominion Creek. Dominion represents an additional driver of growth, targeting high-grade gold mineralization. Nicola is procuring needed mobile equipment and personnel ahead of the planned extraction in July 2026 under a bulk sample permit. The bulk sample program is intended to validate grade continuity, metallurgical performance, and mining selectivity, while also contributing incremental cash flow.

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Codere Online (CDRO) – Delivers Operating Leverage

Posted on February 27, 2026February 27, 2026 by slightbourne@noblecapitalmarkets.com

Friday, February 27, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).

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Aurania Resources (AUIAF) – Making Progress at the Balangero Green Nickel Project

Posted on February 27, 2026February 27, 2026 by slightbourne@noblecapitalmarkets.com

Friday, February 27, 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.

Recent assay results confirm strong nickel-cobalt grades. Aurania reported results from 28 new samples at the Balangero Nickel-Cobalt Project in northern Italy, returning nickel values between 1,560 and 2,015 parts per million (ppm) and averaging 1,763 ppm, along with 81.5 to 108 ppm cobalt and 16.2 to 146 ppm copper. These results align with more than 200 historical samples and validate the presence of awaruite, a nickel-iron alloy suitable to be used as a direct source of furnace feed for stainless steel production or processed downstream EV battery-grade nickel sulphate production. Notably, samples from development rock piles were confirmed to be asbestos-free, potentially expanding the resource base beyond tailings.

A differentiated alternative to greenfield peers. Unlike comparable awaruite-focused projects, which require full mine development, Balangero’s potential resource consists primarily of dry-stacked, pre-crushed tailings and surface rock already extracted from the ground. This eliminates the need for drilling, blasting, and underground haulage. The project benefits from electric power, rail access, highway connectivity, and an available skilled workforce, positioning it as a potentially accelerated development opportunity with significant cost advantages.

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