InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.
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.
Third-quarter 2025 results. InPlay reported third-quarter results, with production averaging 18,970 barrels of oil equivalent per day (boe/d), up 7% from Q2 and 131% higher than Q3 2024. This was above our forecast of 18,695 boe/d, due to continued outperformance of wells drilled in the first quarter of 2025 and low decline base production. Revenue totaled C$79.3 million, below our forecast of C$86.8 million due to lower natural gas pricing. Adjusted funds flow (AFF) came in at C$26.8 million, or C$0.96 per share, modestly below our C$28.0 million, or $1.00 per share estimate, mainly due to the variance in revenue.
Market outlook. We think 2026 will offer a more favorable environment for InPlay. It will mark the first full year of results post-Pembina acquisition, unlocking the benefits of greater scale, infrastructure control, and an expanded drilling inventory. While near-term pricing remains soft, we expect stronger demand, slower supply growth, and potential for tighter oil and gas markets to support improved realizations and higher netbacks through 2026. With enhanced gas processing capacity and capital flexibility, InPlay remains well-positioned to capitalize on an improving macro backdrop.
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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.
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.
Overachieves fiscal first quarter. Total revenues increased a solid 10.9% to $253.9 million, better than our $244.0 million estimate, bolstered by a 59% increase in movie sales. In addition, adj. EBITDA of $12.2 million, up roughly 260% y-o-y, was better than our $9.5 million estimate, reflecting a 330 basis point improvement in margins. Figure #1 Q3 Results highlights our estimates and the recent results.
Strong movie sales likely to continue. Movie sales revenues increased 59% to $84.0 million, well above our $74.9 million estimate, a reflection of a recent licensing agreement with Paramount Pictures, and, to a smaller extent, strong Steelbook sales. The Paramount Pictures licensing revenue lift is likely to bolster total company revenues for the next few quarters.
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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.
SAN DIEGO, Nov. 12, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security, and global markets, today announced that its Indiana Payload Integration Facility (IPIF) for Hypersonic Systems located in Crane, Indiana, is on schedule to be fully mission capable by the end of 2026. The state-of-the-art facility is now under roof, and work is progressing rapidly to finalize equipment-bearing foundations and erect interior structures.
Kratos’ IPIF, which is estimated to cost more than $50 million once complete, is designed and purpose-built for rapid, affordable preparation of experimental payloads to significantly boost the tempo of flight testing for next-generation hypersonic systems and technologies and to accelerate the development of new and advanced weapons systems.
The state-of-the-art, 68,000-square-foot complex will feature advanced manufacturing and test capabilities along with enhanced workflows to boost the tempo of critical hypersonic vehicle and payload activities for programs such as the Multi-Service Advanced Capabilities Hypersonic Testbed (MACH-TB) program. The project demonstrates Kratos’ steadfast commitment to advancing hypersonic system development and expanding crucial industrial base infrastructure needed to accelerate Mach 5+ flight testing. The facility is expected to create over 100 high-tech jobs when complete, with an estimated average annual wage of $80,000+.
Josh Peterson, Senior Vice President and Product Manager for Kratos Launch Vehicles, said: “We’re pleased with the tremendous progress made so far, and extremely excited to get to work processing experiments and payloads for MACH-TB. This building’s design, which was heavily influenced by engineers and technicians with countless years of test vehicle experience, promises to accelerate throughput and provide a needed boost to the pace of hypersonic testing.”
Mike Johns, Senior Vice President of Kratos SRE, said: “This is an important addition to the hypersonics test infrastructure located near NSWC Crane and will be a national asset for the hypersonics test and experimentation community across the country. The entire community in Southern Indiana has been very helpful and supportive getting this project off the ground, and it is one of many new projects Kratos is bringing to the area.”
Dave Carter, President of Kratos Defense & Rocket Support Services, said: “Kratos is proud to be leading the MACH-TB industry team and building the facilities needed to augment our nation’s capabilities to advance hypersonic testing. The IPIF will provide needed infrastructure to accelerate the advancement of critical hypersonic technologies.”
Kratos remains at the forefront of hypersonic and advanced technology development and testing, providing affordable, high-performance solutions to meet the needs of the U.S. military and allied nations. Kratos is the only company delivering both propulsion and flyer systems, which includes Kratos’ low cost Erinyes Hypersonic Flyer, Dark Fury, Zeus and Oriole Solid Rocket Motors, along with other Kratos systems and technologies. Kratos provides unmatched innovation, disruptive capabilities, mission responsiveness and affordability to our customers across our portfolio of systems.
For more information on Kratos and its hypersonic programs, visit www.kratosdefense.com.
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Launch in Key Global Crypto Market Signals Company’s Growing International Momentum
ATLANTA, Nov. 12, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced its entrance into the Asian market with its expansion into Hong Kong. This move highlights Bitcoin Depot’s accelerating global momentum and strategic focus on expanding into markets where cash-to-crypto access is in high demand.
Hong Kong has rapidly emerged as one of the most watched crypto markets in the world, serving as a key financial hub with growing institutional and retail interest in digital assets. With this launch, Bitcoin Depot will become one of the top five operators in the region.
“Hong Kong is quickly becoming a global center for crypto, with the right mix of regulation, demand, and momentum,” said Scott Buchanan, President & COO of Bitcoin Depot. “What we do best is make Bitcoin easy and accessible in the real world, directly addressing the demand we see in the Hong Kong market. Expanding here is a clear step forward as we continue our mission of bringing Bitcoin to the Masses.®”
This expansion into Hong Kong builds on Bitcoin Depot’s strong operational momentum and growth throughout 2025. It follows the recent retail partnership with GPM Investments, the asset acquisition of National Bitcoin ATM, and the successful rollout of enhancements to its compliance program in October.
Since becoming the first U.S. Bitcoin ATM operator to go public in July 2023, the company has steadily expanded its footprint across North America and Australia, highlighting its ability to scale while maintaining profitability.
Bitcoin Depot’s products and services provide an intuitive, fast, and convenient way to convert cash into Bitcoin. This allows users to access the broader digital financial system, including payments, transfers, remittances, online purchases, and investments.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com.
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Agreement. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
IRVINE, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN), today announced the pricing of its underwritten public offering of (i) 15,152,485 shares of its common stock at a public offering price of $1.65 per share and (ii) in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 15,151,515 shares of common stock at a public offering price of $1.649 per pre-funded warrant. The pre-funded warrants will be immediately exercisable and will have an exercise price of $0.001 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $50 million. In addition, Eledon has granted to the underwriters a 30-day option to purchase up to 4,545,600 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock and pre-funded warrants in the offering are to be sold by Eledon. The offering is expected to close on or about November 13, 2025, subject to the satisfaction of customary closing conditions.
Leerink Partners, Cantor and LifeSci Capital are acting as joint book-running managers for the offering.
Eledon currently intends to use the net proceeds from the offering to support the continued clinical development of its product candidates and advance its pipeline programs as well as for general corporate purposes.
The offering is being made pursuant to a registration statement on Form S-3 (File No. 333-282260), previously filed with the Securities and Exchange Commission (the “SEC”) on September 20, 2024 and declared effective on October 2, 2024. The offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC on November 12, 2025 and a final prospectus supplement relating to the offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, once available, may also be obtained by contacting Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com, or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Eledon Pharmaceuticals and tegoprubart
Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. Eledon’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. Eledon is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding Eledon’s expectations on the timing and completion of the offering and the anticipated use of proceeds therefrom. No assurance can be given that the offering will be completed on the terms described. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the preliminary prospectus supplement and final prospectus supplement that will be filed with the SEC and other risks and uncertainties that could cause Eledon’s actual results to differ materially from the forward-looking statements contained herein are discussed in the company’s quarterly 10-Qs, annual 10-K, and other filings with the SEC, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.
In a move signaling renewed interest in the digital radio sector, Canadian media and technology company Stingray Group has acquired internet radio service TuneIn for $175 million. The deal includes $150 million in cash at closing and up to $25 million in deferred payment, financed through Stingray’s renewed credit facility.
The acquisition marks a major shift in the online streaming landscape. Once valued near $500 million, TuneIn was a pioneer in internet radio streaming, known for bringing traditional radio stations, talk shows, sports broadcasts, and music to a global digital audience. Unlike subscription-heavy services such as Spotify or Apple Music, TuneIn built its business around live radio content accessible across devices, including smart speakers, connected cars, and mobile apps.
Founded in 2002, TuneIn grew to over 75 million monthly active listeners across more than 100 countries and over 200 connected platforms. However, the company faced increasing pressure as consumer listening habits evolved toward on-demand music and podcasts. Despite efforts to diversify into ad-free subscriptions and audiobooks, TuneIn’s growth slowed amid intense competition and changing user expectations.
For Stingray, the deal represents an opportunity to expand beyond its traditional media and music services. Based in Montreal, Stingray operates television music channels, radio stations, and ad-supported streaming platforms. Acquiring TuneIn gives the company instant global reach, access to a vast listener base, and valuable relationships with automakers and device manufacturers. TuneIn’s integration in over 50 car infotainment systems could position Stingray as a stronger player in the in-car audio experience, a fast-growing battleground for streaming companies.
The acquisition values TuneIn at approximately 1.6 times its projected 2025 sales of $110 million and about six times its adjusted EBITDA of $30 million. For a company that once attracted big-name investors and partnerships, the sale price highlights how crowded and capital-intensive the streaming audio market has become.
Still, Stingray appears to be betting on a rebound in digital radio and live content consumption. As advertisers look for alternatives to traditional broadcast and major streaming services, TuneIn’s platform offers diverse ad inventory and a global audience. The acquisition could also help Stingray cross-promote its other media properties, while using TuneIn’s distribution network to scale faster internationally.
The deal is expected to close by year-end, pending customary approvals. Post-acquisition, the TuneIn brand will remain active, while Stingray forecasts that combined revenue will exceed $400 million annually.
For small-cap investors, the move underscores how mid-sized media companies can leverage acquisitions to compete in a market dominated by giants. By acquiring undervalued digital assets like TuneIn, firms such as Stingray can tap into niche but loyal audiences, diversify revenue streams, and strengthen their foothold in the evolving audio ecosystem.
If successful, this acquisition could set the stage for renewed investor confidence in small and mid-cap media technology plays — especially those with the scale and strategy to bridge traditional and digital listening experiences.
The Dow Jones Industrial Average rallied more than 500 points on Tuesday as investors shifted money away from high-flying technology stocks and toward value-oriented sectors, extending a broader trend of portfolio rotation that’s been building for weeks.
The 30-stock blue-chip index climbed 542 points, or roughly 1.2%, driven by gains in healthcare and industrial names such as Merck, Amgen, and Johnson & Johnson. The S&P 500 edged higher by 0.3%, while the Nasdaq Composite slipped 0.2% as pressure continued to mount on the technology sector.
The day’s market action reflected an ongoing tug-of-war between growth and value equities. While tech stocks have dominated 2025’s rally, recent concerns about stretched valuations have led investors to lock in profits and reallocate capital toward sectors considered more resilient in a high-rate, slower-growth environment.
The AI sector was among the hardest hit. Cloud infrastructure provider CoreWeave sank 16% after issuing disappointing guidance, sparking a broader selloff in artificial intelligence names. Nvidia dropped 2% following reports that SoftBank exited its multibillion-dollar position in the chipmaker, while Micron, Oracle, and Palantir also traded lower. The Technology Select Sector SPDR Fund (XLK) finished the session down about 1%.
Meanwhile, value-oriented sectors like healthcare, energy, and consumer staples gained traction as investors sought stability amid lingering economic uncertainty. Analysts noted that companies with strong balance sheets, consistent earnings, and solid dividends are becoming increasingly attractive as the market recalibrates after an AI-driven surge earlier this year.
The broader sentiment was also supported by optimism that the record-setting U.S. government shutdown may soon end. The Senate passed a bill Monday evening to reopen the government, with the measure now awaiting approval in the House. The latest version of the bill excludes an extension of Affordable Care Act subsidies but includes provisions for a vote on the issue in December.
While the political gridlock has weighed on sentiment in recent weeks, hopes for resolution boosted cyclical sectors that tend to benefit from improved government spending and consumer confidence.
Still, not all economic data aligned with the upbeat tone in equities. A new ADP report showed a slowdown in private-sector job creation for the four weeks ending October 25, falling by more than 11,000 per week on average. Combined with muted hiring trends and rising layoff announcements, the data suggest a softer labor market heading into year-end.
Even so, investors appear willing to look past the near-term softness in economic indicators in favor of more stable growth plays. The move away from richly valued technology stocks toward defensive and dividend-paying equities signals that Wall Street may be entering a new phase of this market cycle—one less driven by momentum and more by fundamentals.
At the close of trading, the Dow stood at its highest level in over two months, marking a strong rebound from October’s volatility. As traders continue to rotate portfolios, the key question heading into the final weeks of 2025 is whether this shift toward value and quality will persist—or if tech’s dominance will once again reassert itself.
In October 2025 private-sector employment rose by 42,000 jobs, according to the ADP National Employment Report. This marks a rebound after two months of declines and comes amid higher attention on private-payroll data due to the ongoing U.S. government shutdown.
The gain was modest, particularly when compared with the stronger hiring earlier in the year. Gains were concentrated in certain service sectors, including trade/transportation/utilities (+47,000) and education/health services (+26,000). Other segments — notably professional/business services, information, and leisure/hospitality — posted job losses yet again, continuing a three-month run of contraction in those areas.
Pay growth held steady in October: for workers who stayed in the same job, median year-over-year pay rose 4.5%, while workers who changed jobs saw a 6.7% rise. The data indicate that wage pressures remain but are not accelerating rapidly.
With the federal government shutdown delaying or halting key official employment and economic data, private-payroll releases like ADP’s have taken on extra significance for markets and policymakers. In that light, the 42,000 job gain — while weak in the absolute sense — offers a cautious note of hope that hiring may be stabilizing rather than collapsing.
Still, the uneven nature of the rebound raises concerns. The fact that job growth is concentrated among large firms (those with 500+ employees added 73,000 jobs in October) while small and medium firms saw declines suggests that the labor market may be bifurcated — strong for the largest players, but soft for smaller employers.
From a policy perspective, the modest rebound and still-muted hiring raise questions about how aggressively the Federal Reserve should expect inflation and labor market pressures to ease. Wage growth remains elevated relative to the Fed’s longer-term goals, although it is not spiking.
For equity investors — and particularly small-cap and cyclical stock holders — this data is a mixed signal. On one hand, job growth returning is supportive of consumer demand and economic activity. On the other hand, the weakness in smaller firms and certain industries could weigh on earnings and lead to a more cautious stance toward growth stocks.
Fixed income markets may also interpret the steady wage growth and modest job gain as a reason for the Fed to maintain a cautious stance on rate cuts. If the Fed perceives stubbornness in labor costs, the timeline for further easing could shift.
The October ADP report signals stability rather than strength in the labor market. That may be enough to reduce fears of a sharp downturn, but not yet sufficient to suggest a robust rebound. Investors should keep their eyes on upcoming data (including the official jobs report when released) and pay particular attention to hiring across smaller firms and service-oriented industries.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
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.
3Q25 Results. Revenue was $195.2 million, up $4 million y-o-y, although slightly below our $200 million estimate. Adjusted EBITDA totaled $39.3 million, or a 20.1% margin, up from $27 million in 3Q24, and above our $30.5 million estimate. Great Lakes reported EPS of $0.26, up from $0.13 in 3Q24 and our $0.16 projection. Results were driven by high equipment utilization and strong project execution.
Backlog. During the third quarter, Great Lakes was awarded new projects totaling $136 million, for a quarterly book-to-bill of 0.7x. Dredging backlog stood at $934.5 million as of the end of the third quarter, with an additional $193.5 million in low bids and options pending award, providing revenue visibility for the remainder of 2025 and well into 2026. Offshore Energy backlog was $73 million at quarter’s end.
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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.
Michael Burry, the legendary investor behind “The Big Short,” has once again taken a contrarian stance—this time targeting the artificial intelligence (AI) sector. In newly released regulatory filings, his firm, Scion Asset Management, revealed large bearish positions against two of the market’s biggest AI winners: Nvidia and Palantir.
According to the third-quarter 13F filings, Scion holds put options tied to one million shares of Nvidia and five million shares of Palantir. These options, which increase in value as stock prices fall, suggest Burry is bracing for a potential pullback in the high-flying AI trade that has dominated markets for the past two years.
Both companies have seen staggering gains. Nvidia’s stock has surged roughly 55% year-to-date, following explosive rallies of 170% in 2024 and 240% in 2023. The company even crossed a historic milestone last week, becoming the first firm to reach a $5 trillion market capitalization—cementing its dominance in AI chipmaking. Palantir, meanwhile, has skyrocketed more than 170% this year, driven by enthusiasm over its AI-driven software for government and enterprise clients.
Yet, despite the strong performance and record valuations, Burry appears skeptical. In recent social media posts, he hinted that the current AI euphoria bears similarities to the late-1990s dot-com bubble. He highlighted charts showing rapid capital expenditure growth by major tech firms like Amazon, Alphabet, and Microsoft—levels not seen since the tech bubble of 1999–2000. He also pointed to a slowdown in cloud segment growth among these companies, suggesting that the underlying demand for AI infrastructure may not justify the soaring stock prices.
Burry’s cautionary tone has extended to broader market concerns. He recently reshaped his online profile to “Cassandra Unchained,” referencing the mythological figure who foresaw disaster but was ignored. The move echoes his role in 2008, when his warnings about the housing bubble went largely unheeded until the financial crisis unfolded.
While Burry’s AI skepticism has attracted significant attention, not everyone agrees with his outlook. Palantir CEO Alex Karp publicly dismissed the notion that companies like his should be targets for short-sellers, calling it “crazy” given the firm’s contributions to advanced analytics and national defense. Still, even Palantir’s latest strong quarterly results and raised revenue outlook failed to stop its stock from dropping more than 10% after the announcement, as investors questioned its lofty valuation. Nvidia’s shares also dipped nearly 3% following the disclosure of Burry’s puts.
Investor unease around the AI sector has been growing, particularly after reports of “circular financing” arrangements among major AI firms, including Nvidia and OpenAI, raised concerns that parts of the boom may be artificially sustained.
It remains unclear whether Burry’s put options represent outright short bets or form part of a hedging strategy against other positions. However, his timing—and history of accurately predicting bubbles—has reignited debate over whether the AI-driven rally can continue unchecked.
For now, the market’s faith in artificial intelligence remains strong. But with one of Wall Street’s most famous skeptics sounding the alarm, investors are being reminded that even revolutionary technologies can trade ahead of their fundamentals.
CALGARY, AB, Nov. 3, 2025 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to confirm that its Board of Directors has declared a monthly cash dividend of $0.09 per common share payable on November 28, 2025, to shareholders of record at the close of business on November 14, 2025. The monthly cash dividend is expected to be designated as an “eligible dividend” for Canadian federal and provincial income tax purposes.
About InPlay Oil Corp.
InPlay is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.
SOURCE InPlay Oil Corp.
For further information please contact: Doug Bartole, President and Chief Executive Officer, InPlay Oil Corp., Telephone: (587) 955-0632, www.inplayoil.com; Darren Dittmer, Chief Financial Officer, InPlay Oil Corp., Telephone: (587) 955-0634
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.
3Q25. NN reported 3Q25 results that were below expectations, although there were some y-o-y improvements. Revenue of $103.9 million was down 8.5% y-o-y on a reported basis and down 4.4% on a pro forma basis. We had projected $115 million, and the consensus was $112 million. Gross margin rose to 16.8% and 18.8% on an adjusted basis, up from 14.5% and 16.8%, respectively, in 3Q24. Adjusted EBITDA grew to $12.4 million, or an 11.9% margin, up from $11.6 million and 10.2% last year. We had forecast $13.6 million. Adjusted net loss was $0.01/sh. We and consensus were at EPS of $0.01.
New Business. NN reported third quarter new business wins of $11.3 million, led by strategic wins in North America auto, fire protection, and aerospace and defense products. YTD, the Company has won $44.4 million of new business. Management’s goal remains to win $60-$70 million annually.
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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.
Toronto, Ontario–(Newsfile Corp. – October 30, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) provides a detailed summary of recognized areas of enhanced prospectivity on its Cutucu Project in southeastern Ecuador amidst changing political conditions in the country. The Company also confirms its focus on gold and strategic metals projects in Europe and other opportunities abroad.
Highlights:
Since 2017, through diligent exploration using modern methods, the Company has discovered several highly prospective gold and copper exploration targets in the Cutucu region in southeastern Ecuador
Led to the area by in-depth research of the legendarily rich gold mines of the “Lost Cities” of the Cutucu Cordillera over ten years of archival investigation, the Company determined that significant gold potential existed in the area
Several “blind” epithermal gold targets, similar to the those that led to the discovery of the world-class Fruta del Norte gold deposit in southern Ecuador, have been delineated in the region, including Crunchy Hill, Kuri-Yawi and others
Below epithermal targets, several potentially significant porphyry copper targets have been identified using newly reprocessed MobileMT geophysical data
Sediment-hosted style copper mineralization, like that of the very large and high-grade Central African Copper Belt, has been identified at the 14 km-long Tsenken prospect
Due to the evolving political situation and challenging business conditions for exploration companies in Ecuador, the Company has chosen to suspend all activities and take a “wait and see” approach
The Company remains optimistic about its strategy to focus its efforts on projects for gold and strategic metals in Europe, along with potential opportunities elsewhere
When the Company acquired its initial 42 mineral concessions in the Cutucu region from Dr. Keith Barron in 2017, little was known of the geologic potential of the area since the centuries-old activities of the Conquistadors. The Shuar people, who historically inhabited the Cutucu region, did not traditionally engage in gold mining before the arrival of the Spanish. Aurania initiated modern exploration in the area, including an airborne Mobile MagnetoTellurics (MobileMT) geophysical survey in 2021. The data from that survey was reprocessed using new techniques in 2024 and 2025, revealing highly prospective new anomalies at the Awacha target (see press release dated June 27, 2025). While the state of knowledge of these areas was very preliminary in nature in 2021, now, with the benefit of hindsight from the new data acquired utilizing new technologies, age-dating, geological mapping and sampling over the last four years, a much more coherent picture has emerged. In addition, much information has been released in the public filings of Lundin Gold and Solaris from the adjacent and contiguous Cordillera del Condor, immediately south of Aurania’s block of concessions, providing further geological context for Aurania’s target areas.
Geological Context of Aurania’s Cutucu Project
The Cordillera de Cutucu and the Cordillera del Condor are part of a Jurassic back-arc rift system which extends roughly north-south through the whole of Ecuador. In the two Cordilleras, the fault system which demarcated the Jurassic rift basins was later reactivated and reversed in the Tertiary, forming the height-of-land characteristic of the Cordilleras. The mineralizing systems were then unroofed by erosion and exposed. In the case of the Condor, the erosion and uplift have removed several kilometres of sedimentary cover, exposing many copper porphyry systems and generating large areas of placer gold mineralization where epithermal vein systems have been entirely eroded away. In the Cutucu, the sedimentary cover over the mineralizing systems remains largely intact, so that the very tops of epithermal systems comprising hotspring sinters and siliceous terraces are preserved; the main body of the epithermal systems, as well as likely porphyry systems, remain preserved at depth. Additionally, the Cutucu shows abundant evidence that the fault basins contained playa lakes that evaporated to dryness, depositing thick layers of salt and gypsum. Conditions became favourable for the mobilization of copper and silver in saline fluids from volcanic rocks into shales and sandstones. This combination of unique geological conditions deposited and preserved extensive sheets of copper-silver mineralization in sediments, akin to Kamoa-Kakula, Dzezkazgan, and the Kupferschiefer. To date, this type of sediment-hosted style copper mineralization remains untested by drilling.
Blind Deposit Exploration
In the Cutucu, the porphyry and epithermal systems outcrop rather poorly or not at all. Their presence is not obvious but is revealed by geophysics and geochemistry. The world-class Fruta del Norte (FDN) gold-silver deposit, approximately 100 km to the south in the more deeply eroded Condor, was fortuitously preserved in a down-dropped graben block and covered by a Cretaceous sandstone which protected it from erosion. This was a “blind discovery” since there was very little gold on the surface. Its discovery by Aurania’s predecessor company Aurelian Resources, founded by Dr. Barron, came through the application of geochemical sampling for pathfinder-type elements, i.e., other metals which occur in gold systems but are much more abundant and more easily detected than gold itself. Early application of this methodology in the Cutucu led Aurania to the discovery of Crunchy Hill, Kuri-Yawi and other epithermal prospects. Actively artisanal-mined gold alluvials at Patuca, just outside the Aurania concession block, were determined to be derived from eroded early Cretaceous paleoplacers; in other words, the placer gold accumulations were more or less coincident in time with the epithermal vein system formation some 230 million years ago. This suggests that at least some of the sinter systems spread out over 30 kilometres within the Aurania claims could host another bonanza-grade type FDN.
Prospective Graben Settings
Intensive geological mapping has shown there are at least two, and possibly three, down-dropped grabens arrayed north-south through the Project. These became apparent after very careful reconnaissance mapping and reinterpretation of the biostratigraphy of the fossil endowment. Grabens form through extensional forces in the earth that pull apart the rocks horizontally. The central block will fall vertically into the space created and a deep canyon may result. The extensional spreading allows intrusion of porphyry-producing magmas, producing hot hydrothermal fluids that can pond in the dilatant zones: grabens are recognized as one of the most productive mineralizing environments.
Aurania Among First Industry Users of MobileMT
At the time of the initial MobileMt survey, Electromagnetic (EM) data inversion was performed using a one-dimensional (1D) algorithm. In recent years, EM inversion technology has significantly improved, particularly for areas with rugged terrain. As a result, Aurania recommissioned Expert Geophysics Surveys Inc. to reprocess the 2021 MobileMT data using the latest 2D inversion technology. The 2.5D inversion code that was applied is more objective and comprehensive than the previous 1D technology, as it considers the actual topography of the area being investigated, yielding robust lateral and vertical resolution, resulting in more accurate mapping of the subsurface conductivity, which may be related to mineralization.
Aurania was one of the very first companies worldwide to adopt MobileMT, but there were few publicly-available examples to demonstrate the expected geophysical signature of porphyry deposits using the MobileMT method. For a “real world” test and ground truthing, Aurania had the contractors fly over the known Panantza and San Carlos porphyry copper bodies outside of our concessions. These were proven deposits with extensive drilling. The MobileMT results generated outstanding signatures, with close spatial correlation of the ore bodies with strongly anomalously geophysical signatures. Based on this test study we flew large portions of our project using the MobileMT method, yielding several anomalies. The mineralized area of the Panantza/San Carlos test grid had only minor topographic relief, however, unlike our area in the much more rugged Cutucu. The primitive 1-D data inversion available at the time was unable to correct for the more rugged terrain, and we later drilled some targets that subsequently proved to be spurious. We have great confidence in the improved 2.5-D reprocessing of our data to produce reliable results: the new processing method accounts for the more significant terrain correction, and the new anomalies agree well with known geology, other geophysics and the porphyry copper exploration model.
The Lost Cities Cutucu Project
Aurania’s Lost Cities Cutucu Project was an outgrowth of historical research in the Archive of the Indies, Seville, and the Vatican Library, which suggested that the rich gold mines of Logroño de Los Caballeros and Sevilla del Oro, active circa 1565-1605 were in the Cutucu Cordillera. The Company used an extremely innovative approach with Metron Inc. of Reston, Virginia, a company that uses Bayesian Theory in geo-location of lost objects, including downed aircraft. Metron successfully located Logroño, which is a large alluvial plain along the Rio Santiago, just off our concession block. This was confirmed by the recovery of large amounts of alluvial gold by our geologists. We believe that this gold deposit was in part fed from our property. Attempts to partner with the construction company owning the gold alluvial area have to date been unsuccessful. Sevilla del Oro remains “lost” but it is believed to be in the drainage basin of the Pastaza River and outside our concessions. Aurania can find no evidence of past mining activity on the copper-silver, and lead-zinc-silver showings on our concessions. Dr. Barron’s experience in Guatemala, Mexico and Colombia suggests that the Colonial Spanish would have sunk shafts and adits on any of these areas had they been known at that time. We believe that these are virgin areas. The road network detected on the concessions by LiDAR surveying is almost certainly pre-Colombian and could be many thousands of years old and related to the lost culture in the Upano Valley, north of Macas. It appears that the pre-Shuar inhabitants mined and transported salt along these roads.
Aurania’s Target Areas in the Cutucu
Awacha, Sunka, Kirus, Awacha Norte
These prospect areas were initially revealed from a 400 metre-spaced airborne magnetometer and radiometric survey carried out in 2017. To date, Awacha has been the focus of our exploration efforts, but all prospects remain undrilled. Awacha and Awacha North appear to be in an area of uplift where early Jurassic rock is at surface. These prospects do not outcrop well, being covered by a thin stratum of mudstone, which in the ravines is eroded away sufficiently to expose porphyry intrusives. In addition, stream sediment sampling produced wide anomalous areas of several kilometres extent where copper and molybdenum were elevated. At both Awacha and Awacha North, zones of classic-type QSP (quartz-sericite-pyrite) alteration and “D-type” mineralized veinlets with molybdenite and chalcopyrite are present. D-type veins are very distinctive with a medial septum of sulphide, only seen in magmatic systems like porphyries. Awacha has been mapped in detail using the Anaconda mapping method. The recasting of the MobileMT survey has shown possible presence of six discrete porphyry bodies (see press release dated June 27, 2025). Awacha North has been cursorily mapped but not explored with MobileMT. We believe that Awacha and Awacha Norte represent multiple potential Cu-Mo porphyry bodies in a cluster, much like Solaris’ Warintza area, located south of Aurania’s concessions. Sunka and Kirus areas have yielded porphyry-style mineralization but have not been mapped in detail.
Crunchy Hill, Kuri-Yawi, Apai, Kuripan etc.
This collection of targets has high potential for epithermal-type gold-silver veining. These targets were discovered fortuitously very early in Aurania’s exploration efforts in the area, near the paved road where excellent access facilitated sampling. Apart from Crunchy Hill, all contain siliceous hotspring sinter on the surface, with evidence of reeds and other plants entombed in the splash zone of geysers. Very distinctive “geyserite” has also been found. This is a rock of solidified tiny spheres of quartz that represent sand grains on which silica nucleated as they were tumbled in the convecting hotspring. Hotspring-type rocks are located immediately above the ore zone at FDN, and Aurania staff were considerably encouraged by their discovery. Epithermal banded veins have been encountered by drilling, but fluid inclusion paleothermometry indicated that trapping temperatures were low, though salinities high. This means we were drilling on the periphery of the systems or not deep enough where the mineralizing fluids had already deposited their metals and were cooling. Only determined and persevering exploration with the drill will guarantee discovery. The results of an Induced Polarization (IP) Survey were ambivalent. Recasting of the MobileMT over Kuri-Yawi, however, strongly suggests two areas of potential sulphide flooding related to epithermal processes, as well as a deeper zone that bears the signature of a buried porphyry body. The Crunchy Hill area has not been covered by MobileMT. Crunchy Hill is a zone of disseminated sulphide with minor epithermal veining, which is enriched in the pathfinder elements Ag, As, Mn, Sb, Se, Tl, and Hg. Further geophysical surveys and a drilling campaign are required.
Tsenken
Tsenken was a wholly unexpected target area. Early in the exploration, the field assistants returned from the field with specimens over half a metre in size and more than 50 kg weight of significant amounts of chalcocite (a copper-rich (80% Cu) sulphide mineral) in bedded shales and sandstones. This sediment-hosted style of high-grade copper-silver mineralization, common to the large and high-grade copper deposits of Central Africa and the Kupferschiefer, was previously unrecognized in Ecuador and represent a compelling new exploration target. Informed by our early version of the MobileMT over this area we drilled several targets that unfortunately turned out to be duds. The problem was a misinterpretation of the sedimentary stratigraphy in this area, which was only sorted out by Professor Gregor Borg and Consultant Cristian Vallejo after a number of holes had been drilled. These sorts of copper deposits occur in areas of maximum fluid flow where there are favourable and reactive host rocks. By initiating a serious study of analogues from Ivanhoe Mines’ Kamoa-Kakula Deposit in the Central African Copper Belt, we were very excited to discover a large arcuate zone of high conductivity that parallels the surface trace of a major fault and subcropping Santiago Formation for 14 kilometres. The Santiago is a pyritic carbonaceous mudstone unit which could be an analogue to the chemically reactive pyritic diamictite that hosts most of the copper at Kamoa-Kakula. The coincidence of a strongly copper-mineralized rock indicating the presence of an effective mineralizing system, subsurface conductivity anomaly associated with a known fault/plumbing system and receptive host stratigraphy makes Tsenken highly prospective. This target remains undrilled.
Tiria-Shimpia
The Tiria-Shimpia zone appears to be localized along the east side of a graben fault and is hosted by limestone. The mineralization consists of semi-massive and vein-hosted Zn-Pb-Ag-Ba-bearing minerals and could represent the distal expression of the Tsenken copper-silver system. Extending for over nine kilometres and only partly covered by the MobileMT survey, it has been explored with four drill holes, all of which encountered mineralization.
Tatasham
The Tatasham target corresponds to a magnetic low lying within a major magnetic high anomaly. This magnetic low is interpreted as a classic de-magnetization of the rock by hydrothermal alteration related to the core of a porphyry system. The Anaconda mapping conducted in the area confirmed the presence of an intensive hydrothermal alteration, which justified a scout drilling campaign in 2023. The third drill hole intersected a thick silicified zone interpreted as the distal portion of an epithermal system at the same stratigraphic level as the sinter horizon. This indicates that we are in the upper level of the epithermal-porphyry system with the Tatasham prospect representing an epithermal target likely overlying a porphyry system at depth. Follow-up field verification confirmed the presence of sinters and extensive hydrothermal breccias. The thickness of the near-surface silicified system is comparable to that of Fruta del Norte and is situated within a small graben of similar age. Additional surface exploration is warranted to delineate the sinter zone and define targets for the next phase of drilling.
Conclusion
During the last two years, Aurania has engaged with four major companies in discussions of potential collaboration. In each case, the due diligence phase has taken more than six months. Two field visits were made, and a third was cancelled due to the assassination of a political candidate in the lead-up to elections. In each case, Aurania was praised for choosing to keep the large landholding intact, maximizing the chances for discovery, and for the diligent exploration work and positive engagement with the Shuar stakeholder community in Ecuador. Though the exploration market appears to be improving due to rising metal prices, junior explorers, particularly in greenfield areas, still struggle to raise adequate project funding. Aurania’s technical team are convinced that the Cutucu land package is one of the last areas left of significant mineral potential in the South American Cordillera that may have the potential to yield several new mines. Pioneering is not easy, nor does it yield the quick results preferred by investors and other stakeholders. It requires patience and perseverance, but the rewards can be spectacular.
Current Situation in Ecuador and Recently Imposed Mining Service Fee
As announced in our press releases July 28, 2025 and June 11, 2025, the Company has been assessed a $24.1 million USD mining service fee (the “TASA”) annually by the Government of Ecuador, ostensibly to fight illegal mining in the country. This is an industry-wide fee and is assessed by area under concessions. Aurania has no illegal mining on the concessions; nevertheless, the demand still stands. Comments have appeared in the Mining Journal, Bloomberg and Forbes regarding the potential damage the TASA would cause to the exploration industry in Ecuador and to date, we are aware of seven Constitutional Challenges that have been brought about, questioning its legality.
The recent initiatives presented by President Noboa have triggered conflict with the Court and widespread social unrest in Ecuador. This has resulted in clashes, nationwide protests, road closures, direct attacks on the President, and significant disruptions across multiple regions. Given the current circumstances, the Company has chosen to suspend all activity in Ecuador and take a “wait and see” attitude. In the meantime, the Company remains optimistic about its strategy to focus its efforts on projects for gold and strategic metals in Europe, along with potential opportunities elsewhere.
Qualified Persons:
The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America and critical energy and precious metals in Europe.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes: that the company is focused on gold and strategic metals projects in Europe and other opportunities abroad, the possibility that at least some of the Aurania sinter systems spread out over 30 kilometres could host another bonanza-grade type FDN, that Aurania’s technical team are convinced that the Cutucu land package is one of the last areas left of significant mineral potential in the South American Cordillera that may have the potential to yield up several new mines, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; an inability to fund or extend the payment of Ecuador mineral concession fees which are due and payable and could result in the forfeiture of such mineral concessions; an inability to fund the administrative fees imposed by the Ecuadorian Control and Regulation Agency (ARCOM for its Spanish acronym) on the mining sector which could render the Company insolvent; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
