TMR

BLOOMFIELD HILLS, Mich., Nov. 3, 2025 /PRNewswire/ — Woodward Park Partners is pleased to announce that Joe Lavely has joined the firm as a Managing Director. Based in Minneapolis, Joe brings more than 30 years of mergers and acquisitions experience advising private, public, and private equity clients across a wide range of industries nationwide.

“Joe’s extensive M&A background and deep client relationships make him an outstanding addition to our growing platform,” said Gene Bitonti, Co-Founder & Managing Director at Woodward Park Partners. “Having previously worked together at Quarton International and Cowen, this move reunites our team and strengthens the collaborative culture that has defined our shared approach to advisory work for many years.”

“I’m thrilled to join Woodward Park Partners and to once again work alongside colleagues I deeply respect,” said Lavely. “The opportunity to reunite with former teammates and build something exceptional together—anchored in senior-level engagement, trusted client relationships, and high-quality execution—is incredibly exciting.”

Before joining Woodward Park Partners, Joe was a Managing Director at Metronome Partners, where he advised middle-market clients across a variety of industries on strategic transactions. Prior to Metronome, he spent four years with Quarton International and its acquiror Cowen Inc., advising private and institutional clients on both sell-side and buy-side mandates. Earlier in his career, Joe helped build Greene Holcomb Fisher from its inception into a nationally recognized advisory firm with four offices and more than 35 bankers prior to its sale to Bank of Montreal. He began his career at Piper Jaffray, where he held roles in both investment banking and research.

Joe earned a Bachelor of Science in Business Administration from the University of Kansas. Outside of work, he enjoys golfing during Minnesota’s short summers and playing guitar when the weather keeps him indoors. He lives in Maple Grove, Minnesota, with his wife and two sons.

ABOUT WOODWARD PARK PARTNERS

Woodward Park Partners is a middle-market focused investment banking firm. The firm specializes in providing high-touch advisory services with unparalleled senior professional involvement to financial sponsors, private business owners and publicly-traded companies. The firm’s expertise covers a wide spectrum of transaction types, including private company sales, divestitures, mergers & acquisitions and other financial advisory engagements.

For more information contact us at [email protected]

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SOURCE Woodward Park Partners

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SYDNEY, Nov. 4, 2025 /PRNewswire/ — The Safe & Together Institute (S&TI) has launched their first Asia Pacific Safe & Together Model Core Training, marking a major step forward in localised, domestic violence–informed, child-centred practice across Australia and the Asia Pacific region.

S&TI’s Core Training equips professionals to translate domestic violence awareness into practical action—keeping children safe and families together with survivors while holding perpetrators accountable as parents. Available for in-person or live remote training, the updated Asia Pacific Core program preserves the globally recognised foundations of the Safe & Together Model while also introducing:

• Expanded implementation tools to help agencies embed the Model sustainably.
• Updated case studies, videos, and examples reflecting Australian law, data, and practice contexts.
• Enhanced diversity and inclusion content, featuring First Nations perspectives.
• Practical supervisor resources to build consistency, confidence, and measurable change.

“The updated Asia Pacific Core Training is our most localised, practice-ready version yet,” said David Mandel, founder and CEO of the Safe & Together Institute. “It’s built from the ground up with feedback from practitioners across the region. The Asia Pacific Core helps professionals embed perpetrator accountability, survivor partnership, and child-centered approaches in their everyday decisions.”

S&TI’s Core Training is designed for professionals across child and family-serving systems seeking to strengthen domestic violence–informed practice. Participants typically include:

• Child protection and family service workers aiming to keep children safe without blaming survivors.
• Supervisors and managers seeking consistent, accountable practice across teams.
• Family law and court professionals working to assess parenting and safety in the context of domestic violence.
• Health, mental health, and substance use practitioners integrating domestic abuse dynamics into whole-of-family responses.
• Policy and government leaders driving system reform on coercive control and family safety.

“Every update reflects our commitment to practice change—not just training,” said Ruth Reymundo Mandel, Chief Business Development Officer. “The updated Core Training connects local realities with the global movement for domestic violence–informed systems. It’s about helping practitioners and leaders work smarter, faster, and safer to keep children with their protective parent.”

Implemented in more than a dozen countries, the Safe & Together Model has been proven to improve family safety, reduce victim-blaming, and align systems around a shared framework for addressing domestic violence as a parenting issue.

To learn more or register for Core Training, visit safeandtogetherinstitute.com/core-training.

About the Safe & Together Institute
The Safe & Together Institute is a global leader in domestic abuse–informed training, consulting, and implementation support. Founded by David Mandel in 2006, the Institute’s mission is to create, nurture, and sustain a global network of professionals and organizations working to improve systems’ responses to domestic violence when children are involved. The Safe & Together Model provides a framework for partnering with domestic abuse survivors and intervening with domestic abuse perpetrators to enhance the safety and well-being of children. The Institute has trained thousands of professionals across the United States, Australia, United Kingdom, Canada, and other countries, working with child welfare systems, family courts, domestic abuse advocates, and other stakeholders to develop domestic abuse–informed practices and policies. For more information, visit https://safeandtogetherinstitute.com.

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SOURCE Safe & Together Institute

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The chronic progressive multiple sclerosis market size is anticipated to grow during the forecast period (2025–2034). According to DelveInsight’s analysis, this growth is expected to be driven by the rising diagnosed prevalence of progressive forms of multiple sclerosis, increasing disease awareness, improved access to advanced therapies, and the anticipated launch of emerging treatments such as BTK inhibitors and neuroprotective agents. Additionally, ongoing research focused on remyelination and neuroregeneration is likely to expand therapeutic options, further fueling market growth.

LAS VEGAS, Nov. 3, 2025 /PRNewswire/ — DelveInsight’s Chronic Progressive Multiple Sclerosis Market Insights report includes a comprehensive understanding of current treatment practices, chronic progressive multiple sclerosis emerging drugs, market share of individual therapies, and current and forecasted market size from 2020 to 2034, segmented into leading markets (the US, EU4, UK, and Japan). 

Chronic Progressive Multiple Sclerosis Market Summary

• The market size for chronic progressive multiple sclerosis in the leading markets is expected to grow significantly by 2034.
• The United States accounted for the highest chronic progressive multiple sclerosis treatment market size in 7MM in 2024, in comparison to the other major markets, i.e., EU4 countries, the United Kingdom, and Japan.
• DelveInsight’s analysis reveals that in 2024, multiple sclerosis had approximately 1.6 million cases across the 7MM. This growing prevalence, which includes increasing cases of multiple sclerosis, is projected to rise significantly with a notable CAGR from 2025 to 2034.
• Leading chronic progressive multiple sclerosis companies developing emerging therapies, such as Sanofi, Roche, Immunic Therapeutics, AB Science, Abata Therapeutics, Tiziana Life Sciences LTD, Kyverna Therapeutics, NeuroGenesis, and others, are developing new therapy for chronic progressive multiple sclerosis that can be available in the Chronic Progressive Multiple Sclerosis market in the coming years. 
• The promising chronic progressive multiple sclerosis therapies in clinical trials include Tolebrutinib, Fenebrutinib, Vidofludimus calcium, Masitinib, ABA-101, Foralumab, KYV-101, Ocrelizumab, NG01, and others.

Discover the chronic progressive multiple sclerosis new treatment @ New Treatments for Chronic Progressive Multiple Sclerosis

Key Factors Driving the Growth of the Chronic Progressive Multiple Sclerosis Market 

Rising Multiple Sclerosis Prevalence

The global prevalence of multiple sclerosis is increasing, with earlier and more accurate diagnoses facilitated by advanced imaging technologies like MRI. In 2024, the total diagnosed prevalence of multiple sclerosis across the 7MM was estimated at approximately 1.6 million cases. This figure is projected to grow at a modest pace throughout the 2025–2034 forecast period.

Therapeutic Landscape of Progressive Multiple Sclerosis

Current treatments for chronic progressive multiple sclerosis include ocrelizumab (B-cell depletion, for PPMS and RRMS), siponimod (S1P modulator for active SPMS), cladribine (lymphocyte-depleting oral therapy), and mitoxantrone (limited use in SPMS due to toxicity), though options remain limited compared to relapsing multiple sclerosis.

Rising Chronic Progressive Multiple Sclerosis Clinical Trial Activities

The chronic progressive multiple sclerosis market is anticipated to be driven in the coming years due to the rise in novel drugs and therapies. The participation of the key players like Sanofi (Tolebrutinib), Roche (Fenebrutinib and Ocrelizumab), Immunic Therapeutics (Vidofludimus calcium), AB Science (Masitinib), Abata Therapeutics (ABA-101), Tiziana Life Sciences LTD (Foralumab), Kyverna Therapeutics (KYV-101), NeuroGenesis (NG01), and others, is expected to emerge in favor of the change in the dynamics of the market.

Promising of Tolebrutinib in Slowing Disease Progression

BTK inhibitors, such as tolebrutinib, demonstrated a 31% reduction in disease progression in patients with progressive multiple sclerosis, underscoring their promise to transform treatment approaches and enhance patient outcomes in this challenging stage of the disease.

Chronic Progressive Multiple Sclerosis Market Analysis

Multiple sclerosis has no known cure, but available treatments help reduce relapse rates and slow disease progression. Acute flare-ups are typically managed with intravenous corticosteroids such as methylprednisolone for 3–5 days, often followed by an oral taper. These agents rapidly suppress inflammation in the central nervous system and aid functional recovery, though they do not alter the long-term course of the disease. For ongoing management, disease-modifying therapies (DMTs) form the cornerstone of care, aiming to prevent relapses, delay progression, and preserve quality of life. The DMT landscape spans first- to fourth-line options, with therapy selection guided by efficacy, safety, and individual patient considerations. While interferons remain a mainstay, newer targeted agents have demonstrated superior efficacy and tolerability, marking a move toward personalized treatment approaches and driving continued market expansion for innovative multiple sclerosis therapies.

Among currently approved therapies, OCREVUS (ocrelizumab) by Genentech/Roche stands out as the only drug approved for both relapsing MS forms (CIS, RRMS, and active SPMS) and primary progressive MS (PPMS), making it broadly applicable across disease stages. It is available as an intravenous infusion, while the newly launched OCREVUS ZUNOVO (ocrelizumab and hyaluronidase-ocsq) provides a subcutaneous option for added flexibility. This dual-route availability enhances patient convenience and adherence. Roche’s continued development of OCREVUS formulations underscores its strategy to reinforce market leadership through differentiated delivery approaches and address unmet needs, particularly in progressive multiple sclerosis.

LEMTRADA (alemtuzumab), developed by Sanofi, is a CD52-targeting monoclonal antibody approved for RRMS and active SPMS, though not recommended for CIS due to safety concerns. In the U.S., it is distributed under a restricted LEMTADA REMS Program due to serious risks such as autoimmune disorders, infusion-related reactions, and malignancies. Despite strong Phase III efficacy data, its adoption remains limited because of its safety profile and intensive monitoring requirements. Sanofi holds global rights to the therapy, while Bayer receives royalties based on sales.

Meanwhile, oral agents like MAYZENT (siponimod), VUMERITY (diroximel fumarate), and MAVENCLAD (cladribine) illustrate the growing preference for convenient, patient-centric therapies with broad indications. MAYZENT, an S1P receptor modulator by Novartis, is approved in the U.S. for CIS, RRMS, and active SPMS, and in the EU4, UK, and Japan for SPMS. It offers meaningful benefits for progressive multiple sclerosis with inflammatory activity and is gaining traction owing to positive health technology assessments. Ongoing trials in pediatric RMS further expand its potential clinical reach.

Despite multiple key patent expirations, the multiple sclerosis market remains resilient, driven by the launch of differentiated therapies targeting specific disease subtypes. Continued progress in progressive MS and remyelination research, along with novel mechanisms such as CD20-directed inhibition, are fueling both scientific advancement and commercial growth across the evolving therapeutic landscape.

To know more about chronic progressive multiple sclerosis treatment options, visit @ Approved Chronic Progressive Multiple Sclerosis Drugs

Chronic Progressive Multiple Sclerosis Competitive Landscape

The participation of key players such as Sanofi (Tolebrutinib), Roche (Fenebrutinib and Ocrelizumab), Immunic Therapeutics (Vidofludimus calcium), AB Science (Masitinib), Abata Therapeutics (ABA-101), Tiziana Life Sciences LTD (Foralumab), Kyverna Therapeutics (KYV-101), NeuroGenesis (NG01), and others is expected to shift market dynamics in favor of change.

Sanofi’s Tolebrutinib is an investigational oral BTK inhibitor specifically developed to cross the blood–brain barrier and remain active within the central nervous system (CNS). Its goal is to target smoldering neuroinflammation, a key driver of disability progression in multiple sclerosis. In contrast to conventional multiple sclerosis therapies that primarily act on peripheral inflammation, tolebrutinib achieves therapeutic concentrations in the cerebrospinal fluid, enabling it to modulate both B cells and disease-associated microglia. This dual-targeting approach aims to address the underlying inflammatory mechanisms driving neurodegeneration and disease progression in multiple sclerosis.

The U.S. FDA has accepted for priority review the regulatory submission of tolebrutinib, filed in the first half of 2025, for the treatment of non-relapsing secondary progressive multiple sclerosis (nrSPMS) and for slowing disability accumulation independent of relapses. A decision is expected by the end of 2025. A similar submission is under review in the EU. In addition, the ongoing Phase III PERSEUS trial is evaluating tolebrutinib in patients with primary progressive MS (PPMS).

Roche’s Fenebrutinib, another investigational oral BTK inhibitor, is a reversible, non-covalent compound designed to regulate both adaptive and innate immune responses by targeting B cells and microglia. As the only reversible BTK inhibitor in Phase III trials for multiple sclerosis, fenebrutinib may provide a distinctive advantage in addressing both disease activity and long-term disability progression. Regulatory submissions for fenebrutinib in relapsing and primary progressive multiple sclerosis are planned for 2026.

Immunic Therapeutics’ Vidofludimus calcium (IMU-838) is an investigational oral small molecule that targets multiple mechanisms contributing to neurodegeneration in multiple sclerosis. It functions as a dihydroorotate dehydrogenase (DHODH) inhibitor while also activating the nuclear receptor Nurr1, a transcription factor with neuroprotective properties. In August 2025, Immunic reported that Vidofludimus calcium significantly reduced 24-week confirmed disability worsening in the Phase II CALLIPER trial among patients with progressive multiple sclerosis across all subtypes, underscoring its neuroprotective potential and capacity to slow disease progression.

The anticipated launch of these emerging therapies is poised to transform the chronic progressive multiple sclerosis market landscape in the coming years. As these cutting-edge therapies continue to mature and gain regulatory approval, they are expected to reshape the landscape of the chronic progressive multiple sclerosis market, setting new standards of care and unlocking opportunities for medical innovation and economic growth.

Discover more about therapy for chronic progressive multiple sclerosis @ Chronic Progressive Multiple Sclerosis Clinical Trials

Recent Developments in the Chronic Progressive Multiple Sclerosis Market

• In September 2025, Sanofi announced that the US FDA had extended the target action date for its review of the Tolebrutinib NDA by 3 months. Based on the submission of additional analyses during the review, the FDA has determined that the additional information constituted a major amendment to the NDA and extended the target action date accordingly. The revised target action date for the FDA decision is December 28, 2025.
• In August 2025, Immunic announced that Vidofludimus calcium substantially reduced 24-week confirmed disability worsening in the Phase II CALLIPER Trial in the overall progressive multiple sclerosis study population and across subtypes, reinforcing the drug’s neuroprotective potential and ability to slow disease progression.
• In May 2025, Roche shared new 96-week findings showing that fenebrutinib helped patients with relapsing multiple sclerosis (RMS) avoid disability progression and maintain low disease activity for up to 2 years. The latest data for this investigational BTK inhibitor, from the Phase II FENopta open-label extension (OLE) study, were presented at the Consortium of Multiple Sclerosis Centers (CMSC) Annual Meeting in Phoenix, Arizona.

What is Chronic Progressive Multiple Sclerosis?

Chronic progressive multiple sclerosis is a form of multiple sclerosis characterized by a steady and continuous worsening of neurological function over time, rather than distinct periods of relapse and remission. It results from persistent inflammation and degeneration of the myelin sheath, the protective covering around nerve fibers, in the central nervous system, including the brain, spinal cord, and optic nerves. This gradual demyelination disrupts the transmission of nerve impulses, leading to progressive symptoms such as muscle weakness, coordination problems, fatigue, and cognitive decline. Unlike relapsing-remitting multiple sclerosis, chronic progressive multiple sclerosis reflects an ongoing neurodegenerative process that advances independently of acute inflammatory attacks.

Chronic Progressive Multiple Sclerosis Epidemiology Segmentation

The chronic progressive multiple sclerosis epidemiology section provides insights into the historical and current chronic progressive multiple sclerosis patient pool and forecasted trends for the leading markets. The US accounted for 56% of multiple sclerosis cases in the 7MM. In 2024, PPMS accounted for approximately 7% of these cases, totaling around 70,000, and is projected to increase over the forecast period from 2025 to 2034.

The chronic progressive multiple sclerosis market report proffers epidemiological analysis for the study period 2020–2034 in the leading markets, segmented into:

• Total Diagnosed Prevalent Cases of Multiple Sclerosis
• Phenotype-specific Diagnosed Prevalent Cases of Multiple Sclerosis
• Total Diagnosed Prevalent Cases of Chronic Progressive Multiple Sclerosis
• Treated Cases of Chronic Progressive Multiple Sclerosis

Scope of the
Chronic Progressive Multiple Sclerosis
 Market Report

• Therapeutic Assessment: Chronic Progressive Multiple Sclerosis current marketed and emerging therapies
• Chronic Progressive Multiple Sclerosis Market Dynamics: Key Market Forecast Assumptions of Emerging Chronic Progressive Multiple Sclerosis Drugs and Market Outlook
• Competitive Intelligence Analysis: SWOT analysis and Market entry strategies
• Unmet Needs, KOL’s views, Analyst’s views, Chronic Progressive Multiple Sclerosis Market Access and Reimbursement

Download the report to understand which factors are driving chronic progressive multiple sclerosis therapeutics market trends @ Chronic Progressive Multiple Sclerosis Market Trends

Table of Contents

Related Reports

Chronic Progressive Multiple Sclerosis Clinical Trial Analysis

Chronic Progressive Multiple Sclerosis Pipeline Insight – 2025 report provides comprehensive insights about the pipeline landscape, pipeline drug profiles, including clinical and non-clinical stage products, and the key chronic progressive multiple sclerosis companies, including Sanofi, Roche, Immunic Therapeutics, AB Science, Abata Therapeutics, Tiziana Life Sciences LTD, Kyverna Therapeutics, NeuroGenesis, Novartis, among others.

Multiple Sclerosis Market

Multiple Sclerosis Market Insight, Epidemiology, and Market Forecast – 2034 report delivers an in-depth understanding of the market trends, market drivers, market barriers, and key multiple sclerosis companies, including Roche (Genentech), Sanofi, Novartis, Biogen, Merck KGaA, Bristol Myers Squibb, Vanda Pharmaceuticals, Juvisé Pharmaceuticals, TG Therapeutics, Cycle Pharmaceuticals (Banner Life Sciences), Immunic Therapeutics, AB Science, Clene Nanomedicine, InnoCare, Contineum Therapeutics, among others.

Relapsing-Remitting Multiple Sclerosis Market

Relapsing-Remitting Multiple Sclerosis Market Insights, Epidemiology, and Market Forecast – 2034 report deliver an in-depth understanding of the disease, historical and forecasted epidemiology, market share of the individual therapies, and key RRMS companies including Mapi Pharma, Apimeds, Genentech (Roche), Merck, Clene Nanomedicine, InnoCare Pharma, Oryzon Genomics, among others.

Primary Progressive Multiple Sclerosis Market

Primary Progressive Multiple Sclerosis Market Insights, Epidemiology, and Market Forecast
– 2034 report deliver an in-depth understanding of the disease, historical and forecasted epidemiology, as well as the market trends, market drivers, market barriers, and key PPMS companies, including Atara Biotherapeutics, AB Science, Sanofi, MediciNova, among others.

About DelveInsight

DelveInsight is a leading Business Consultant and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance. Get hassle-free access to all the healthcare and pharma market research reports through our subscription-based platform PharmDelve.

Contact Us
Shruti Thakur
[email protected]
+14699457679
www.delveinsight.com

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SOURCE DelveInsight Business Research, LLP

The post Chronic Progressive Multiple Sclerosis Market to Witness Accelerated Expansion During the Forecast Period (2025-2034) Due to Strong Pipeline and Advanced Therapeutic Strategies | DelveInsight appeared first on The Malaysian Reserve.

NAPLES, Fla., Nov. 3, 2025 /PRNewswire/ — Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, announced today that it will report its 2025 third quarter financial results before the market opens on Monday, November 10, 2025. The Company will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.

To access the conference call, interested parties may dial (800) 715-9871 or +1 (646) 307-1963, conference ID 1613596 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company’s website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company’s website, www.bbgi.com.

Questions from analysts, institutional investors and debt holders may be e-mailed to [email protected] at any time up until 9:00 a.m. ET on November 10, 2025. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).

About Beasley Broadcast Group

Beasley Broadcast Group, Inc. (www.bbgi.com) was founded in 1961 by George G. Beasley and owns a total of 54 AM and FM stations in 10 large- and mid-size markets in the United States. Beasley radio stations reach nearly 19 million unique consumers weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, X, text, apps and email. For more information, please visit www.bbgi.com.

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SOURCE Beasley Media Group, Inc.

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Highlights

• Production of 600 tonnes of low carbon PureGRAPH^® enhanced cement to go ahead in December targeting several client applications
• Concrete roof tiles containing PureGRAPH^® enhanced cement to be trialed by specialist precast concrete manufacturer and supplier FP McCann
• Morgan Sindall to use graphene enhanced cement for ground slabs in London railway infrastructure project
• Breedon to construct concrete demonstration site at Hope Cement Works for EV charging infrastructure

SYDNEY, Nov. 4, 2025 /PRNewswire/ — First Graphene Limited (ASX:FGR; “First Graphene” or “the Company”) is pleased to announce a raft of new trial projects to roll out in the UK containing PureGRAPH^® enhanced cement produced by commercial partner Breedon Group PLC (“Breedon”).

Breedon will produce approximately 600 tonnes of cement incorporating circa three tonnes of PureGRAPH^® CEM at its Hope Cement Works in Derbyshire, UK.

This will in turn be distributed to numerous material, construction and academic partners in the UK looking to benefit from material performance improvements and carbon reduction associated with graphene enhanced cement (GEC) and concrete products.

It is anticipated CO₂ emissions associated with cement production will reduce by approximately 16% thanks to the partial replacement of carbon intensive clinker.

Several other organisations have requested material to be tested in their respective applications.

FP McCann to test graphene in concrete roof tiles

FP McCann is utilising between 40 and 60 tonnes of graphene enhanced cement in the production of thousands of roof tiles at its Cadeby manufacturing plant in Leicestershire, which will then be tested at the company’s R&D facility at Knockloughrim.

This aspect of the trial forms part of a successful application for a Contracts for Innovation with the Department for Energy Security and Net Zero (DESNZ) and Defra: Resource Efficient Construction Impacts project funded by UK Government[1], of which A$30,000 is for the supply of graphene enhanced cement and other raw materials.

Cadeby has traditionally used large quantities of CEM I and fine aggregate in the production of millions of concrete roof tiles annually. Manufacturing at this scale relies on strict process control, where even small variations can have a negative impact in production efficiency.

The trial project will replace CEM I with GEC, which incorporates graphene nanoplatelets to reduce carbon without compromising product strength.

Testing and tile quality assessment will be carried out for approximately five months following their manufacture looking at realising material use efficiencies and reducing waste.

FP McCann’s trial has partially been designed in response to the UK housing shortage crisis and Government’s plan to deliver 1.5 million affordable, sustainable new homes.

This involves combatting rising material cost constraints by making cost effective, low carbon construction solutions available to the construction market.

Morgan Sindall gears up to lay graphene ground slabs

Meanwhile the high-end infrastructure division of Morgan Sindall Group PLC plans to use concrete batched by Capital Concrete in railway infrastructure ground slabs in London.

Morgan Sindall has previously successfully tested graphene enhanced concrete containing PureGRAPH^® to build a high use truck wash bay on a motorway in the UK.

This new collaboration will involve two tonnes of cement for a concrete batch, which will be used primarily in ground slabs while a smaller test slab will be poured for durability testing, monitoring and measuring. Remaining concrete will be used to produce samples for a suite of standard strength tests.

Breedon trial reflects decarbonisation targets

As the manufacturer of graphene enhanced cement, Breedon plans to conduct pre-trial equipment inspections at Hope Cement Works this month with production to commence December 2025.

Having already proven up carbon emissions reduction and performance improvements of cement produced with PureGRAPH^®, Breedon is a valued commercial partner of First Graphene and has strong commitments to manufacturing more sustainable construction materials.

Some of the trial material will be used in the construction of a concrete slab at Hope Cement Works integrating EV charging infrastructure for staff and visitors.

First Graphene Managing Director and CEO Michael Bell said:

“This is a dynamic approach to trialling graphene enhanced construction material formulated by First Graphene and produced in collaboration with our strategic commercial partner Breedon.

We know the cement and concrete sector has one of the highest volume potentials for graphene integration into product, and we’re proud to supply three tonnes of our Aqua Dispersed PureGRAPH^® to build the foundation of this 600-tonne cement trial.

While there has been some delay to trial production at this scale, it has allowed our partners to secure appropriate infrastructure projects and construction schedules to put Breedon’s GEC to use.

Naturally, we’re very excited to be working alongside some of the UK’s premier construction and materials organisations – Morgan Sindall and FP McCann – with ongoing support from the University of Manchester to bring this trial to fruition.”

About First Graphene Ltd (ASX: FGR)

First Graphene Limited is focused on the development of advanced materials to help industry improve. The Company is a leading supplier of graphitic materials and product formulations with a specific commercial focus on large, high-growth global markets including cement and concrete; composites and plastics; coatings, adhesives, sealants and elastomers (CASE); and energy storage applications.

One of the key outcomes these advanced materials offer is the reduction of carbon dioxide emissions, whether directly through a reduction in output of these harmful greenhouse gases or lower energy usage requirements in manufacturing, or indirectly due to enhanced performance characteristics and extending the usable life of products.

First Graphene has a robust manufacturing platform based on captive and abundant supply of high-purity raw materials, and readily scalable technologies to meet growing market demand. As well as being the world’s leading supplier of its own high performance PureGRAPH^® graphene product range, the Company works with multiple industry partners around the world as a supplier of graphitic materials and partner to research, develop, test and facilitate the commercial marketing of a wide range of sector-specific chemical solutions. 

First Graphene Ltd is publicly listed in Australia (ASX:FGR) and has a primary manufacturing base in Henderson, near Perth, WA. The Company is incorporated in the UK as First Graphene (UK) Ltd where it has a strong R&D capability.

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SOURCE First Graphene Ltd

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Vancouver, BC, Nov. 3, 2025 /PRNewswire/ – ELSE NUTRITION HOLDINGS INC. (TSX: BABY) (OTCQX: BABYF) (FSE: 0YL) (the “Company”) announces that the Company’s board of directors has approved a consolidation of the Company’s common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares. The Company’s common shares are expected to commence trading on the Toronto Stock Exchange on a post-share consolidation basis at market opening on November 6, 2025.

The common shares will continue to be listed on the TSX under the symbol “BABY” on a post-consolidation basis under the new CUSIP and new ISIN numbers, 290257500 and CA2902575000, respectively.

As a result of the share consolidation the number of issued and outstanding common shares of the Company will be reduced from 374,114,284 pre-consolidation common shares to approximately 37,411,430 post-consolidation common shares, subject to adjustments for rounding. Proportionate adjustments have been made to the Company’s outstanding stock options, warrants, and other convertible securities. No fractional common shares will be issued as a result of the share consolidation. Any fractional interest in common shares that is less than 0.5 of a common share resulting from the share consolidation will be rounded down to the nearest whole common share, and any fractional interest in common shares that is equal to or greater than 0.5 of a common share will be rounded up to the nearest whole common share.

The Company’s registered shareholders holding their common shares in certificated form will receive a letter of transmittal from Computershare Investor Services Inc., the Company’s transfer agent, in respect to the share consolidation, which each registered shareholder will need to sign and complete. The letter of transmittal will contain instructions to registered shareholders on how to surrender the certificates representing their pre-consolidation common shares and authorize Computershare to issue a direct registration advice(s) (DRS) representing their post-consolidation common shares. The Company’s registered shareholders whose common shares are represented by a DRS statement will not be required to complete and sign a letter of transmittal, and a DRS statement representing their post-consolidation common shares will automatically be issued to those registered shareholder by Computershare.

Non-registered shareholders who hold their common shares through an intermediary such as a bank, trust company, securities dealer or broker should note that these intermediaries may have their own procedures for processing the share consolidation which may differ from those described above for registered shareholders. Non-registered shareholders who have questions should contact their intermediary for more information.

Registered holders of the Company’s warrants issued on October 20, 2021, will be given notice of the effect of the share consolidation pursuant to the Warrant Indenture dated October 20, 2021 between the Company and Computershare. Registered holders of the Company’s warrants issued on June 29, 2022, will be given notice of the effect of the share consolidation pursuant to the Warrant Indenture dated June 29, 2022.

About Else Nutrition Holdings Inc.

Else Nutrition Holdings Inc. is a food and nutrition company in the international expansion stage focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formulas. Since launching its Plant-Based Complete Nutrition for Toddlers, made of whole foods, almonds, buckwheat, and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support, and achieved rapid sales growth.

Awards and Recognition:

• “2017 Best Health and Diet Solutions” award at Milan’s Global Food Innovation Summit
• #1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler Formula Category
• “Best Dairy Alternative” Award 2021 at World Plant-Based Expo
• Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category
• During September 2022, Else Super Cereal reached the #1 Best Seller in Baby Cereal across all brands on Amazon

For more information, visit www.elsenutrition.com or @elsenutrition on Facebook and Instagram.

Caution Regarding Forward-Looking Statements 

This news release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “will” or similar expressions. Forward-looking statements in this news release include but are not limited to, statements relating to current intent, belief, and expectations with respect to: the trading of the post-consolidation shares on the TSX and the expected timing thereof, the number of post-consolidation shares following the share consolidation, and the timing and process for issuing post-consolidation shares. These forward-looking statements are made as of the date of this news release. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management’s perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Although the Company believes the forward-looking statements in this news release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, variations in market conditions; currency exchange rates; the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities; the Company’s ability to access further funding, to continue its projected growth, or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements.  Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s expectations only as of the date of this news release.  The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Else Nutrition Holdings Inc.

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ATLANTA, Nov. 3, 2025 /PRNewswire/ — The CDC Foundation today announced that Christopher J.L. Murray, MD, DPhil, received the 2025 James and Sarah Fries Prize for Improving Health. Murray is honored for his pioneering work as a physician and health economist, which has transformed public health by developing new analytic methods for identifying and prioritizing health issues, resulting in more impactful policies and interventions globally.

The James and Sarah Fries Prize for Improving Health award was presented this afternoon at the American Public Health Association’s (APHA) annual meeting, which is taking place in Washington, D.C. The award recognizes an outstanding leader who is making major contributions to the improvement of public health. It is intended for those who have done the most to improve health for the greatest number of people. The monetary award for the James and Sarah Fries Prize for Improving Health is $100,000.

“Dr. Murray’s work has given the global health community better tools to understand where disease burden is greatest and where interventions can have the most impact,” said Judy Monroe, MD, president and CEO of the CDC Foundation. “His leadership has reshaped how public health priorities are set and has improved health outcomes for millions of people around the world. We are proud to honor his extraordinary contributions with this year’s Fries Prize.”

Murray’s work has fundamentally changed how governments, health agencies and policymakers assess population health and allocate resources. He led the development of the Global Burden of Disease (GBD) study, the largest and most comprehensive effort to quantify health loss across places and over time. This pioneering framework measures and compares health outcomes worldwide, providing evidence-based insights on key indicators such as life expectancy, disease and injury prevalence and health-related risk factors. The recently released GBD 2023 provides comprehensive tools to identify pressing health challenges, strengthen health systems worldwide and drive action toward a healthier future for everyone.

As founder and director of the Institute for Health Metrics and Evaluation (IHME) at the University of Washington, Murray leads an independent research institution that works with more than 17,000 collaborators around the world to develop timely, relevant and scientifically valid evidence that illuminates the state of health everywhere. IHME’s work aims to inform health policy and practice to achieve its vision of all people living long lives in full health.

Murray has authored hundreds of peer-reviewed articles and reports that have shaped public health strategies worldwide. His analytic frameworks have informed global priorities on maternal and child health, infectious diseases, noncommunicable diseases and health systems performance. His work continues to influence public health research, funding and policy at a global scale.

“Dr. Murray’s vision for a world where all people live long and healthy lives is matched only by his inspiring spirit,” stated Julio Frenk, MD, UCLA chancellor, who championed Murray’s nomination for the Fries award. “He truly endeavors to educate, enlighten and inspire those responsible for policy making and practice.”

The James F. and Sarah T. Fries Foundation is a nonprofit corporation founded in 1991. The mission of the foundation is to identify and honor individuals, organizations or institutions that have made great contributions to the health of the public. The foundation seeks to reward accomplishment rather than promise, practicality rather than theory.

The CDC Foundation is honored to partner with the James F. and Sarah T. Fries Foundation, which established and funds the award. The CDC Foundation manages and administers the Fries Foundation’s public health award programs, which include the James and Sarah Fries Prize for Improving Health and the Elizabeth Fries Health Education Award.

Nominations and additional information for the James and Sarah Fries Prize for Improving Health are available on the Fries Awards for Health nomination page.

About the CDC Foundation
The CDC Foundation helps the public health system including the Centers for Disease Control and Prevention (CDC) save and improve lives by unleashing the power of partnerships to protect the health, safety and security of all communities, everywhere. The CDC Foundation is authorized by Congress to mobilize philanthropic partners, corporations, organizations and individuals to support the critical health protection mission of CDC and the nation’s public health. Since 1995, the CDC Foundation has launched more than 1,450 programs aimed at protecting communities across the country from a variety of health threats—from chronic disease conditions, including cardiovascular disease and cancer, to infectious diseases like malaria and HIV to emergency responses such as Ebola and Zika. The CDC Foundation is uniquely positioned to advance public health and managed hundreds of programs in the United States and in more than 100 countries last year. Learn more at www.cdcfoundation.org. Follow the CDC Foundation on Facebook, LinkedIn, Instagram, X/Twitter and TikTok.

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SOURCE CDC Foundation

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CALGARY, AB, Nov. 3, 2025 /CNW/ – Topaz Energy Corp. (TSX: TPZ) (“Topaz” or the “Company”) is pleased to provide third quarter 2025 financial results.  Select financial information is outlined below and should be read in conjunction with Topaz’s interim condensed consolidated financial statements (“Financial Statements”) and related management’s discussion and analysis (“MD&A”) as at and for the three and nine months ended September 30, 2025, which are available on SEDAR+ at www.sedarplus.ca and on Topaz’s website at www.topazenergy.ca.

Highlights

• Generated Q3 2025 cash flow of $74.8 million ($0.49 per share⁽²⁾) and free cash flow (FCF)⁽¹⁾ of $73.0 million ($0.47 per share⁽²⁾), both of which increased 7% per share⁽²⁾ from the prior year. 
• Q3 2025 royalty production of 21,596 boe/d⁽⁴⁾ increased 15% from the prior year, which includes new record heavy oil royalty production of 3,386 bbl/d, 17% higher natural gas (primarily attributed to acquisitions) and 11% higher total oil and liquids royalty production.  
• Topaz estimates that operators invested $0.5 billion to $0.6 billion of development capital across the Company’s royalty acreage in Q3 2025 ($2.0 billion to $2.1 billion YTD 2025)⁽³⁾.  During Q3 2025, 161 gross wells (6.3 net)⁽⁷⁾ were drilled and 12 gross wells were reactivated across Topaz’s royalty acreage, with 52% of the drilling activity in the Montney and Clearwater operating areas. 
• Processing revenue of $21.2 million from Topaz’s infrastructure assets increased 16% from the prior year and 5% from the prior quarter.
• Paid the third quarter dividend of $0.34 per share (70% payout ratio⁽¹⁾) and approved the fourth quarter dividend of $0.34 per share which represents a 5.5% annualized yield to Topaz’s current share price.(9)

• Topaz completed the previously announced NEBC Montney tuck-in royalty acquisition from Tourmaline on September 30, 2025 which fully aligns Topaz to each of Tourmaline’s future growth projects under their multi-year NEBC Montney build-out plan. 

Third Quarter 2025 Update


Financial Overview

• Topaz generated total revenue and other income of $76.4 million, 49% from crude and heavy oil royalties, 20% from natural gas and NGL royalties, and 31% from the infrastructure portfolio.
• Cash flow of $74.8 million was 12% higher than Q3 2024 attributed to 16% higher processing revenue and other income and a 13% overall reduction in operating and interest costs. 
• Topaz’s Q3 2025 FCF Margin of 95% realized a meaningful increase from Q3 2024 (88%) attributed to 30% lower operating expense, a 24% reduction in Topaz’s effective borrowing rate under the Company’s credit facility and an $8.7 million hedging gain ($0.06 per share⁽²⁾) realized during the third quarter.
• Paid $52.3 million in dividends ($0.34 per share and 70% payout ratio⁽¹⁾) which represents a 5.3% trailing annualized yield to the Q3 2025 average share price.(8)

• Topaz exited Q3 2025 with $535.4 million of net debt⁽¹⁾ (1.6x net debt to Q3 2025 annualized EBITDA⁽¹⁾).  As at November 3, 2025, Topaz has over $0.4 billion of available capacity under the facility.⁽⁶⁾ 

Royalty Activity, Commodity Pricing & Hedging

• Q3 2025 average royalty production of 21,596 boe/d⁽⁴⁾ includes natural gas production of 89.6 mmcf/d and 6,661 bbl/d of oil and liquids production which increased 17% and 11%, respectively from Q3 2024. 
• During the quarter, Topaz generated $52.3 million total royalty revenue (99% operating margin⁽¹⁾) and an average realized price of $26.32 per boe (before hedging).  Topaz’s $8.7 million Q3 2025 realized hedging gain includes a $7.1 million gain attributed to natural gas contracts which represents a 144% premium relative to Topaz’s Q3 2025 realized natural gas price.  The third quarter natural gas price volatility is largely attributable to third-party maintenance activity that restricted natural gas transmission line flow and WCSB export, particularly during the month of September.  The maintenance activity and physical egress restrictions are expected to be alleviated during the fourth quarter.  For the fourth quarter of 2025, approximately 31% of natural gas is hedged at a weighted average fixed price of C$3.06 per mcf, and approximately 30% of oil and total liquids is hedged at a weighted average floor price of C$97.64 per barrel.(11)

• Topaz estimates that operators invested $0.5 billion to $0.6 billion of development capital across the Company’s royalty acreage in Q3 2025 ($2.0 billion to $2.1 billion YTD 2025)⁽³⁾, with drilling activity (161 gross wells spud⁽⁷⁾) diversified as follows: 61 Clearwater, 23 NEBC & Alberta Montney, 38 Deep Basin, 12 Peace River 12, SE Saskatchewan, 9 Central AB, and 6 Manitoba.
• During Q3 2025, 184 total gross wells were brought on production⁽⁷⁾ and at September 30, 2025, 94 gross wells were drilled but not yet completed (representing 58% of Q3 2025 new wells drilled).
• Topaz estimates that over 30% of its Clearwater royalty production is currently stabilized under waterflood.  Waterflood application over the past four years has contributed to a significant decrease in the base decline rate attributed to the developed Clearwater reserves, increased the oil recovery rates, and together, reduced operator maintenance capital required to sustain production. Through 2025, this operator capital has been re-allocated and resulted in the identification of incremental zones and increased waterflood application across Topaz’s acreage. Topaz’s Clearwater royalty production achieved a new record of 3,555 boe/d⁽¹³⁾ (92% oil) during Q3 2025, representing a 12% increase from Q3 2024.  
• Based on planned operator drilling activity, Topaz expects between 27 and 31 active drilling rigs on the Company’s royalty acreage through the fourth quarter of 2025.⁽³⁾

Infrastructure Activity

• During Q3 2025, Topaz generated $24.2 million in processing revenue and other income which increased 16% from the prior year.  The infrastructure assets generated 99% utilization and Topaz incurred $1.5 million in operating expenses, providing a 94% operating margin.⁽¹⁾  Topaz incurred $1.1 million in maintenance-related capital expenditures (before capitalized G&A). 

Acquisition Activity

• Topaz completed the previously announced NEBC Montney tuck-in royalty acquisition from Tourmaline on September 30, 2025 for $71.7 million.  The acquisition provides a new royalty interest over approximately 134,000 gross acres (over 65% undeveloped with 410 tier one future Montney drilling locations identified), multi-zone upside optionality, and fully aligns Topaz to each of Tourmaline’s future growth projects under their multi-year NEBC Montney build-out plan.  YTD 2025, Topaz has completed $115.2 million of royalty and infrastructure acquisitions in the Montney, $72.5 million of which was funded through YTD 2025 Excess FCF and $42.7 million using the Company’s existing credit facilities.

Dividend
 

• Topaz’s Board approved the Company’s fourth quarter 2025 dividend of $0.34 per share⁽¹⁰⁾ which is expected to be paid on December 31, 2025, to shareholders of record on December 15, 2025.  The quarterly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes. 
• Topaz’s 2025e dividend remains sustainable down to $0.01 per mcf natural gas and US$55.00 per bbl crude oil⁽³⁾ attributable to: (i) the Company’s high-margin, stable infrastructure revenue which represents 43% of the 2025e dividend⁽³⁾; (ii) hedging strategy and financial derivative contracts in place⁽¹¹⁾; (iii) the stabilized production supported by secondary recovery in Topaz’s Clearwater and Weyburn royalty areas; and (iv) the quality and financial strength of Topaz’s asset portfolio and strategic partners’ planned development activity.

Guidance Outlook

2025e Guidance Estimates Reconfirmed

• Topaz reconfirms the Company’s 2025e guidance estimates^(3)(14) of average annual royalty production between 21,000 boe/d and 23,000 boe/d⁽³⁾⁽⁴⁾ and processing revenue and other income between $88.0 and $92.0 million.⁽³⁾  Based on estimated commodity pricing⁽⁵⁾, Topaz expects to exit 2025 with net debt between $500.0 and $510.0 million^(3)(12) (net debt to EBITDA 1.5x⁽¹⁾⁽³⁾), before consideration of incremental acquisitions, and generate a modest payout ratio at the lower end of the 60% – 90% long-term targeted payout range.

Q3 2025 CONFERENCE CALL

Topaz will host a conference call tomorrow, Tuesday, November 4, 2025 starting at 9:00 a.m. MST (11:00 a.m. EST). To join the conference call without operator assistance, participants can register and enter their phone number at  https://emportal.ink/47FNQDK to receive an instant automated call back. Alternatively, participants can join by calling a live operator at 1-888-510-2154 (North American toll free).  The conference call ID is 04114.

ABOUT THE COMPANY

Topaz is a unique royalty and infrastructure energy company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with Canada’s largest and most active natural gas producer, Tourmaline Oil Corp. (“Tourmaline”), an investment-grade senior Canadian E&P company, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies. Topaz focuses on top-quartile energy resources and assets best positioned to attract capital in order to generate sustainable long-term growth and profitability.

Topaz’s common shares are listed and posted for trading on the TSX under the trading symbol “TPZ” and it is included in the S&P/TSX Composite Index. This is the headline index for Canada and is the principal benchmark measure for the Canadian equity markets, represented by the largest companies on the TSX.

Additional information

Additional information about Topaz, including the Financial Statements and MD&A as at and for the three and nine months ended September 30, 2025 are available on SEDAR+ at www.sedarplus.ca under the Company’s profile, and on Topaz’s website at www.topazenergy.ca.

NOTE REFERENCES

This news release refers to financial reporting periods in abbreviated form as follows: “Q3 2025” refers to the three months ended September 30, 2025; “YTD 2025” refers to the nine months ended September 30, 2025; “Q3 2024” refers to the three months ended September 30, 2024; and “YTD 2024” refers to the nine months ended September 30, 2024.  In addition, “2025e” refers to estimated amounts or results for the year ending December 31, 2025.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events. These forward-looking statements relate to future events or the Company’s future performance. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements pertaining to the following: Topaz’s future growth outlook, guidance and strategic plans; estimated annual average royalty production for 2025; estimated processing revenue and other income for 2025; anticipated exit 2025 net debt levels and 2025 net debt to EBITDA levels; dividend amounts, dividend increases (including the intention to increase dividends) and the estimated payout ratio; the sustainability of the dividend and the rationale for such sustainability; the anticipated capital expenditure and drilling plans; the estimated amount of development capital invested by operators across the Company’s royalty acreage and their drilling activity; the number of drilling rigs to be active on Topaz’s royalty acreage during the fourth quarter of 2025; the future declaration and payment of dividends and the timing and amount thereof; the forecasts described under the headings “Third Quarter 2025 Update” (including under the sub-heading “Dividend”) and the assumptions and estimates described under the heading “Guidance Outlook” and “Note References” above and under the heading “Financial Outlook” below; and the Company’s business as described under the heading “About the Company” above.

Forward‐looking statements are based on a number of assumptions including those highlighted in this news release including future commodity prices, capital expenditures, infrastructure ownership capacity utilization and operator development plans, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements.

Such risks and uncertainties include, but are not limited to, potential political, geopolitical and economic instability; trade policy, barriers, disputes or wars (including new tariffs or changes to existing international trade arrangements); the failure to complete acquisitions on the terms or on the timing announced or at all and the failure to realize some or all of the anticipated benefits of acquisitions including estimated royalty production, royalty production revenue and FCF per share growth, and the factors discussed in the Company’s most recently filed Management’s Discussion and Analysis (See “Forward-Looking Statements” therein), 2024 Annual Information Form (See “Risk Factors” and “Forward-Looking Statements” therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or Topaz’s website (www.topazenergy.ca).

Statements relating to “reserves” are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

Without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as the Company’s dividend policy and the funds available for the payment of dividends from time to time is dependent upon, among other things, FCF, financial requirements  for the Company’s operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond the Company’s control. Further, the ability of Topaz to pay dividends will be subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness, including its credit facility.

Topaz does not undertake any obligation to update such forward‐looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FINANCIAL OUTLOOK

Also included in this news release are estimates of the average royalty production range and processing revenue and other income range for the year ending December 31, 2025 and estimated year-end exit net debt and net debt to EBITDA for 2025 based on YTD 2025 average royalty production and YTD 2025 annualized processing revenue and other income, which are based on, among other things, the various assumptions as to production levels and capital expenditures and other assumptions disclosed in this news release including under the heading “Guidance Outlook” and “Note References” above and are based on the following key assumptions: Topaz’s estimated capital expenditures (excluding acquisitions) of $5.0 to $7.0 million in 2025; the Company’s tax pool balances at year-end 2024 and the resulting future tax horizon; the working interest owners’ anticipated 2025 capital plans attributable to Topaz’s undeveloped royalty lands; estimated average annual royalty production range of 21,000 to 23,000 boe/d in 2025; 2025 average infrastructure ownership capacity utilization of 95%; December 31, 2025 exit net debt (midpoint) range between $500.0 and $510.0 million, recent commodity price and exchange rate forecast for October to December 2025 of: C$2.55/mcf (AECO 5A), US$65.00/bbl (NYMEX WTI), US$12.00/bbl (WCS oil differential), US$3.50/bbl (MSW oil differential) and US$/CAD$ foreign exchange 0.73. 

To the extent such estimates constitute financial outlooks, they are included to provide readers with an understanding of the estimated revenue, net debt and the other metrics described above for the year ending December 31, 2025 based on the assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes.

NON-GAAP AND OTHER FINANCIAL MEASURES

Certain financial terms and measures contained in this news release are “specified financial measures” (as such term is defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”)). The specified financial measures referred to in this news release are comprised of “non-GAAP financial measures”, “capital management measures” and “supplementary financial measures” (as such terms are defined in NI 52-112). These measures are defined, qualified, and where required, reconciled with the nearest GAAP measure below.

Non-GAAP Measures and Ratios
The non-GAAP financial measure used herein does not have a standardized meaning prescribed by GAAP. Accordingly, the Company’s use of this term may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that the non-GAAP financial measure should not be considered in isolation nor as an alternative to net income (loss) or other financial information determined in accordance with GAAP, as an indication of the Company’s performance.  

Non-GAAP Financial Measures
This news release makes reference to the terms “adjusted net income”, “acquisitions, excluding decommissioning obligations” and “operating margin”, which are considered non-GAAP financial measures under NI 52-112; defined as a financial measure disclosed by an issuer that depicts the historical or expected future financial performance, financial position, or cash flow of an entity, and is not disclosed in the financial statements of the issuer.

Other Financial Measures


Capital management measures

Capital management measures are defined as financial measures disclosed by an issuer that are intended to enable an individual to evaluate the entity’s objectives, policies and processes for managing the entity’s capital, are not a component of a line item or a line item on the primary financial statements, and which are disclosed in the notes to the financial statements. The Company’s capital management measures disclosed in the Company’s interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2025 include adjusted working capital, net debt (cash), free cash flow (FCF) and Excess FCF.

Supplementary financial measures

This news release makes reference to the terms “adjusted net income per basic or diluted share”, “cash flow per basic or diluted share”, “FCF per basic or diluted share”, “EBITDA per basic or diluted share”, “FCF margin”, “operating margin percentage” and “payout ratio” which are all considered supplementary financial measures under NI 52-112; defined as a financial measure disclosed by an issuer that is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity, is not disclosed in the financial statements of the issuer, and is not a non-GAAP financial measure or non-GAAP financial ratio.

The following terms are financial measures as defined under the Company’s Syndicated Credit Facility, presented in the Company’s interim condensed consolidated financial statements as at and for the three and nine months ended September 30, 2025: (i) consolidated senior debt, (ii) total debt, (iii) EBITDA and (iv) capitalization.

Cash flow, FCF, FCF margin, and Excess FCF
Management uses cash flow, FCF, FCF margin and Excess FCF for its own performance measures and to provide investors with a measurement of the Company’s efficiency and its ability to generate the cash necessary to fund or increase dividends, fund future growth opportunities and/or to repay debt; and furthermore, uses per share metrics to provide investors with a measure of the proportion attributable to the basic or diluted weighted average common shares outstanding. 

Cash flow is a GAAP measure which is derived of cash from operating activities excluding the change in non-cash working capital and is presented in the consolidated statements of cash flows.  FCF is a capital management measure presented in the notes to the consolidated financial statements and is defined as cash flow, less capital expenditures.  The supplementary financial measure “FCF margin”, is defined as FCF divided by total revenue and other income (expressed as a percentage of total revenue and other income).  The capital management measure “Excess FCF”, is defined as FCF less dividends paid.  The supplementary financial measures “cash flow per basic or diluted share” and “FCF per basic or diluted share” are calculated by dividing cash flow and FCF, respectively, by the basic or diluted weighted average common shares outstanding during the period.  

A summary of the reconciliation from cash from operating activities (per the consolidated statements of cash flows) to cash flow (per the consolidated statements of cash flows), cash flow per basic or diluted share, FCF, Excess FCF, FCF per basic or diluted share and FCF margin is set forth below:

Adjusted net income
Management uses adjusted net income for its own performance measure and to provide investors with a measurement of the Company’s net income prior to the non-cash effects of unrealized gains and losses on financial instruments. Adjusted net income is calculated as net income per the consolidated statement of net income and comprehensive income, less unrealized gains (losses) on financial instruments. The supplementary financial measures “adjusted net income per basic or diluted share” is calculated by dividing adjusted net income by the basic or diluted weighted average common shares outstanding during the period. 

A summary of the reconciliation from net income to adjusted net income and adjusted net income per basic and diluted share is set forth below:

Operating margin and operating margin percentage
Operating margin (infrastructure assets) is a non-GAAP financial measure derived from processing revenue and other income, less operating expenses. Operating margin percentage (infrastructure assets) is a supplemental financial measure, calculated as operating margin (infrastructure assets), expressed as a percentage of total processing revenue and other income. Operating margin (royalty assets) is a non-GAAP financial measure derived from royalty production revenue, less marketing expenses. Operating margin percentage (royalty assets) is a supplemental financial measure, calculated as operating margin (royalty assets), expressed as a percentage of total royalty production revenue. Operating margin and operating margin percentage are used by management to analyze the profitability of its infrastructure assets and royalty assets.  A summary of the reconciliation of operating margin and operating margin percentage, for infrastructure and royalty assets, are set forth below:

Operating margin and operating margin percentage (infrastructure assets)

Operating margin and operating margin percentage (royalty assets)

Adjusted working capital and net debt
Management uses the terms “adjusted working capital” and “net debt” to measure the Company’s liquidity position and capital flexibility, as such these terms are considered capital management measures. “Adjusted working capital” is calculated as current assets less current liabilities, adjusted for financial instruments and work in progress capital costs.  “Net debt” is calculated as total debt outstanding less adjusted working capital.

A summary of the reconciliation from working capital, to adjusted working capital and net debt is set forth below:

EBITDA and EBITDA per basic or diluted share
EBITDA, as defined under the Company’s Syndicated Credit Facility and disclosed in note 8 of the Interim Condensed Consolidated Financial Statements as at and for the three and nine months ended September 30, 2025, is considered by the Company as a capital management measure which is used to evaluate the Company’s operating performance, and provides investors with a measurement of the Company’s cash generated from its operations, before consideration of interest income or expense. “EBITDA” is calculated as consolidated net income or loss from continuing operations, excluding extraordinary items, plus interest expense, income taxes, and adjusted for non-cash items and gains or losses on dispositions. 

EBITDA per basic or diluted share is a supplementary financial measure that is calculated by dividing EBITDA by the basic or diluted weighted average common shares outstanding during the period and provides investors with a measure of the proportion of EBITDA attributed to the basic or diluted weighted average common shares outstanding.

A summary of the reconciliation of net income (per the Financial Statements), to EBITDA, is set forth below:

Payout ratio
“Payout ratio”, a supplementary financial measure, represents dividends paid, expressed as a percentage of cash flow and provides investors with a measure of the percentage of cash flow that was used during the period to fund dividend payments. Payout ratio is calculated as cash flow divided by dividends paid.

A summary of the reconciliation from cash flow to payout ratio is set forth below:

 Acquisitions, excluding decommissioning obligations
“Acquisitions, excluding decommissioning obligations”, is considered a non-GAAP financial measure, and is calculated as: acquisitions (per the consolidated statements of cash flows) plus non-cash acquisitions but excluding non-cash decommissioning obligations.

A summary of the reconciliation from acquisitions (per the consolidated statements of cash flow) to acquisitions, excluding decommissioning obligations is set forth below:

BOE EQUIVALENCY

Per barrel of oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1).  Barrel of oil equivalents (boe) may be misleading, particularly if used in isolation.  A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

OIL AND GAS METRICS

This news release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this news release to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the Company’s future performance and future performance may not compare to the Company’s performance in previous periods and therefore such metrics should not be unduly relied upon.

INFORMATION REGARDING PUBLIC ISSUER COUNTERPARTIES

Certain information contained in this news release relating to the Company’s public issuer counterparties which include Tourmaline and others, and the nature of their respective businesses is taken from and based solely upon information published by such issuers. The Company has not independently verified the accuracy or completeness of any such information.

CREDIT RATINGS

This news release makes reference to Tourmaline’s credit rating. Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.

SUPPLEMENTAL INFORMATION REGARDING PRODUCT TYPES

This news release includes references to actual and estimated average royalty production. The following table is intended to provide supplemental information about the product type composition for each of the production figures that are provided in this news release:

SOURCE Topaz Energy Corp

The post TOPAZ ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS INCLUDING 15% ROYALTY PRODUCTION GROWTH AND NEW RECORD CLEARWATER PRODUCTION appeared first on The Malaysian Reserve.

WESTPORT, Conn., Nov. 3, 2025 /PRNewswire/ — Gemspring Capital Management, LLC (“Gemspring”), a middle-market private equity firm, is pleased to announce that an affiliate has completed the acquisition of The Goodyear Tire & Rubber Company’s (NASDAQ: GT) (“Goodyear”) polymer chemicals business (the “Polymer Chemical Business” or the “Company”).

The acquisition includes two manufacturing plants in Houston and Beaumont, Texas, as well as a research and development facility in Akron, Ohio. Goodyear will retain its chemical facilities in Niagara Falls, New York, and Bayport, Texas, along with the rights to products produced at those locations.

Headquartered in Ohio, the Polymer Chemical Business is a leading producer of synthetic rubber with a broad product portfolio serving customers across North America. The Company supports an extensive base of world-class customers, including many of the leading tire manufacturers, and delivers differentiated solutions across diverse end markets such as food, medical, sporting goods, thermoset plastics, adhesives, and packaging.

Mathew Wallace, Managing Director at Gemspring, commented, “We look forward to unlocking the Company’s full potential as a standalone business and supporting its next chapter of growth and innovation. We see ample opportunity to expand the Company’s offering by strengthening its capabilities in synthetic rubber markets and expanding into adjacent chemical categories, both organically and through strategic acquisitions. These opportunities will be made possible by the Company’s talented employees, strong customer relationships, and dedicated suppliers.”

Tesham Gor, a Gemspring Executive Advisor and incoming Chief Executive Officer, added, “Today marks the beginning of an exciting new chapter for an organization poised to deliver tremendous value to its current and future customers. Our team is unified in its commitment to invest in our people, safety, product development, sustainability, and operational excellence. We will continue to push the boundaries of innovation to redefine what’s possible in polymers and materials science.”

Piper Sandler & Co. acted as lead financial advisor, Greenhill & Co. served as a financial advisor, and Kirkland & Ellis LLP served as legal counsel to Gemspring on the transaction.

About Gemspring Capital

Gemspring Capital, a Westport, Connecticut-based private equity firm with $5.1 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $2.0 billion in revenue and are in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors. For more information, visit www.gemspring.com.

CONTACT: Matt Wallace, [email protected]

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SOURCE Gemspring Capital

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