• NRx Pharmaceuticals is advancing a pipeline of innovative therapies targeting multibillion-dollar unmet needs in central nervous system disorders.
• The company’s lead candidate, NRX-100 (preservative free IV ketamine), NDA in process with the FDA, has been granted Fast Track designation by the FDA for acute suicidal depression, and a patent for this novel formulation has been filed with the U.S. Patent and Trademark Office.
• NRX-101 (oral D-cycloserine/lurasidone), has received FDA Breakthrough Therapy designation, expediting its development.
• HOPE Therapeutics, NRx’s interventional psychiatry subsidiary, is targeting $100M in forward looking revenue by year-end 2025, through development of a national clinic network treating suicidal depression, treatment-resistant depression, PTSD and related central nervous system (“CNS”) disorders.
• The company’s experienced leadership team has a proven track record in pharmaceutical development and commercialization.
• NRx is positioned to address large and growing markets with its novel depression treatments, non-opioid therapeutic solutions and directly helping patients in HOPE clinics nationwide.

NRx Pharmaceuticals (NASDAQ: NRXP) is a clinical-stage biopharmaceutical company developing therapies for central nervous system disorders, particularly suicidal depression and PTSD. The company is leveraging its patented NMDA receptor modulation platform with two drugs, NRX-100 (preservative-free ketamine) and NRX-101 (D-cycloserine/lurasidone), that have received FDA Fast Track and Breakthrough Therapy designations, respectively. Both address acute unmet medical needs, in that there is no FDA-approved medication for suicidal depression and PTSD. The only approved treatment today is electroshock therapy.

A New Drug Application (“NDA”) for its lead investigational drug, NRX-100 (preservative free intravenous ketamine), is being filed for use as treatment for suicidal depression, a condition for which existing treatments remain limited. FDA has approved the company’s Pediatric Study Plan and granted a $4.3 million filing fee waiver to support this application. Additionally, the company is working to bring NRX-101 (D-cycloserine/lurasidone) to the market; the product is positioned to be the first FDA-approved oral therapy for suicidal bipolar depression.

Both new drugs are part of the growing focus on neuroplastic therapies that treat life-threatening CNS diseases by stimulating the growth of new synaptic connections within the brain. Research has shown that suicidal depression is associated with high levels of NMDA receptor activity in the brain, with atrophy of brain cell connections. Administration of NMDA antagonist drugs such as NRX-100 and NRX-101 is associated in increased levels of brain glutamate, formation of new synapses, and documented clinical improvement in well-controlled clinical trials.

NRx has also established HOPE Therapeutics, a wholly owned subsidiary focused on delivering interventional psychiatric care through a nationwide clinic network. HOPE Therapeutics aims to become the first coordinated system of care for suicidal depression, treatment-resistant depression and PTSD, combining ketamine therapies, transcranial magnetic stimulation (“TMS”), digital therapeutics, and other precision psychiatry tools in a safe, professional clinical environment. NRx plans to spin HOPE out as an independent, publicly traded company in the near term.

NRx is headquartered in Wilmington, Delaware. HOPE is headquartered in Miami, Florida.

NRx Product Portfolio

NRx Pharmaceuticals’ pipeline includes multiple late-stage therapeutic candidates targeting psychiatric and neurological disorders:

• NRX-100: A preservative free intravenous ketamine formulation (patent pending); an NDA for the product is being filed with the FDA for acute suicidal depression, backed by strong clinical trial data and Fast Track designation from the FDA.
• NRX-101 (oral D-cycloserine/lurasidone): A patent protected oral therapy with a dual mechanism targeting NMDA and 5-HT2A receptors, designed for patients with suicidal treatment-resistant bipolar depression. The drug has received Breakthrough Therapy designation from the FDA; an NDA for Accelerated Approval is planned for 2025.
• Expanded Research: The company is further evaluating NRX-101 as a potential non-opioid treatment for chronic pain and as a therapy for complicated urinary tract infections.

NRx’s therapeutic pipeline is designed to address conditions with limited or no treatment options, with the potential to improve patient outcomes and expand the standard of care.

HOPE Therapeutics

HOPE Therapeutics, a wholly owned subsidiary of NRx Pharmaceuticals, is establishing a national network of psychiatry-led clinics focused on suicidal depression, treatment-resistant depression, PTSD and related central nervous system (“CNS”) disorders. Its care model integrates ketamine therapy, TMS, digital therapeutics, and supervised psychiatric support to deliver rapid, measurable outcomes.

The company is targeting more than 30 clinic acquisitions by year-end 2025. Recent progress includes agreements to acquire Kadima Neuropsychiatric Institute and Dura Medical and a letter of intent with Neurospa TMS, strengthening HOPE’s foundation in interventional psychiatry.

HOPE projects $100 million in forward looking annual revenue and profitability by year-end 2025. Positioned as a stand-alone care delivery company, HOPE offers NRx a potential future spinout opportunity to unlock additional shareholder value.

Market Opportunity

The need for innovative treatments in mental health and pain management is substantial. Suicide is a leading cause of death in the United States, claiming nearly 50,000 lives each year, with over 12 million adults seriously considering suicide annually, according to the CDC.

Suicidal depression, an acutely life-threatening condition, affects approximately 12 million Americans. Despite this prevalence, the only approved intervention remains electroconvulsive therapy (“ECT”), a treatment with significant side effects and limited access. NRx aims to address this urgent gap with NRX-100, a preservative-free intravenous ketamine formulation being developed as the first FDA-approved treatment for suicidal depression.

Additionally, approximately 7 million Americans suffer from bipolar depression, a condition where nearly half of patients will attempt suicide during their lifetime and one in five may die by suicide. NRX-101, NRx’s oral drug candidate, targets this critical unmet need as a potential first-in-class therapy specifically for bipolar depression.

Beyond mood disorders, chronic pain affects over 50 million individuals in the U.S., and PTSD impacts more than 12 million people—conditions for which few non-opioid or fast-acting treatments are available. By addressing these high-risk, underserved populations, NRx Pharmaceuticals is positioned to enter multiple billion-dollar markets and reshape the standard of care for severe psychiatric and neurological illnesses.

Leadership Team

Jonathan C. Javitt, Founder, Chairman and Chief Executive Officer of NRx and Co-CEO of HOPE, brings four decades of experience in pharmaceutical and medical device development. He has led blockbuster drug and device programs at major companies, including Allergan, Merck, and Novartis, and has served as an advisor to four U.S. presidential administrations.

Michael Abrams, Chief Financial Officer, has nearly 30 years of experience in finance, having served in executive roles as an SEC-licensed securities professional, followed by executive roles as a CFO, including positions at Arch Therapeutics and FitLife Brands. His expertise spans investment banking, corporate finance, and business strategy.

Matthew Duffy, Chief Business Officer, NRx, Co-CEO of HOPE, has over 35 years of experience in healthcare commercialization, business development and investment banking. He has held leadership roles at Pfizer, MedImmune, and Lev Pharmaceuticals. He has also served as an SEC-licensed professional at Laidlaw Venture Partners, and several other financial institutions, specializing in corporate strategy and partnerships.

Rick Panicucci, Chief Technology Officer, has more than 25 years of leadership in pharmaceutical manufacturing and process development. He has held key positions at Novartis, WuXi AppTec, and other major companies, leading multiple approved New Drug Applications.

For more information about the company, visit NRx’s website at https://ir.nrxpharma.com.

NOTE TO INVESTORS: The latest news and updates relating to NRXP are available in the company’s newsroom at https://ibn.fm/NRXP

Rep. Morgan Luttrell (R-Texas), a retired Navy SEAL, is part of a rising wave of Republican lawmakers advocating for the therapeutic use of psychedelics to treat PTSD, depression, and suicidality among veterans—a movement recently spotlighted by The Wall Street Journal. After undergoing ibogaine and DMT therapy in Mexico in 2018, Luttrell described the experience as transformative, helping him confront trauma and save his marriage. Now in Congress, he’s pushing for science-based, medically supervised access to Schedule I drugs like ibogaine, psilocybin, and MDMA. Joined by fellow veterans in office, including Rep. Dan Crenshaw (R-Texas) and Rep. Jack Bergman (R-Mich.), Luttrell is helping lead legislative efforts to fund clinical trials through the VA and Pentagon, despite resistance from some conservatives and recent regulatory setbacks like the FDA’s rejection of an MDMA therapy from Lykos Therapeutics. 

Amid this shift, NRx Pharmaceuticals (NASDAQ: NRXP) and its subsidiary HOPE Therapeutics are emerging as leaders in veteran-focused psychedelic innovation. HOPE is developing ketamine-based treatments for acute suicidality and major depression and is building a nationwide network of interventional psychiatry clinics. The company recently signed a $7.8 million debt financing agreement to support clinic acquisitions and has announced partnerships with Kadima and Dura Medical to accelerate its rollout. With more than 6,400 veteran suicide deaths reported in 2022, advocates argue these alternative therapies could offer urgent relief where conventional treatments have failed. As Republican support grows and the Trump-aligned VA signals openness to new approaches, companies like NRx are poised to play a central role in advancing the next generation of mental health care for veterans. 

• Q1 milestones are representative of Soligenix’s commitment to advance its pipeline of therapeutic candidates, focusing on areas with significant unmet medical needs.
• The company noted positive interim results from the ongoing open-label, investigator-initiated study (“IIS”) evaluating extended HyBryte(TM) treatment.
• Soligenix announced the release of a publication describing the preclinical efficacy of CiVax(TM), a thermostabilized subunit vaccine against SARS-CoV-2.

Soligenix (NASDAQ: SNGX), a late-stage biopharmaceutical company dedicated to developing and commercializing treatments for rare diseases, recently announced its financial results for the first quarter of 2025, alongside a summary of the company’s latest accomplishments (https://ibn.fm/OMQmM). These milestones are representative of Soligenix’s continued commitment to advance its pipeline of therapeutic candidates, focusing on areas with significant unmet medical needs.

“Our strategic focus remains on advancing our clinical programs, and we anticipate several significant development milestones,” said Soligenix CEO and president Christopher J. Schaber, PhD. “These include top-line results in 2026 from our actively enrolling phase 3 confirmatory study of HyBryte(TM) [synthetic hypericin] for early-stage cutaneous T-cell lymphoma (‘CTCL’). Furthermore, we expect to report top-line results in the second half of this year from our ongoing phase 2 studies of SGX945 (dusquetide) in Behçet’s disease and SGX302 (synthetic hypericin) in mild-to-moderate psoriasis.”

Among its recent accomplishments, last month Soligenix announced positive interim results from the ongoing open-label, investigator-initiated study (“IIS”) evaluating extended HyBryte(TM) treatment (https://ibn.fm/KrWyY). The study followed patients with early-stage CTCL for up to 54 weeks. “Following 18 weeks of treatment, 75% of patients achieved treatment success, reinforcing HyBryte as a potentially safe and fast-acting therapy for this chronic and underserved cancer,” the company reported.

Earlier this year, Soligenix announced the release of a publication describing the preclinical efficacy of CiVax(TM), a thermostabilized subunit vaccine against SARS-CoV-2 (https://ibn.fm/hjvcX). According to the announcement, “using custom-developed immunoassays, the combination of a primary adenovirus vaccine (COVID-19 Vaccine AstraZeneca) coupled with a CiVax(TM) booster was shown to induce broader protection against COVID-19 variants in non-human primates than a two-shot mRNA series (such as the Moderna vaccine Spikevax(R) or the Pfizer vaccine Cominarty(R)) in humans.”

The report, entitled “Use of a Multiplex Immunoassay Platform to Investigate Multifaceted Antibody Responses in SARS-CoV-2 Vaccinees With and Without Prior Infection,“ was published in the COVID journal. It was released in collaboration with Dr. Axel Lehrer, a professor in the Department of Tropical Medicine, Medical Microbiology and Pharmacology at John A. Burns School of Medicine at the University of Hawaiʻi.

“The CiVax(TM) vaccine has demonstrated broad and robust immune responses in mice, which has been recapitulated in NHPs and further shown to yield protection against infection with COVID-19 variants of concern,” said Lehrer. “The rapid-onset, multivariant booster response with CiVax(TM) in a heterologous or mixed prime-boost approach further supports the broad-spectrum utility of our vaccine candidate.”

Regarding its financial report, Soligenix reported no revenue for the quarter ended March 31, 2025, compared to $0.1 million for the prior quarter ended March 31, 2024. The report noted that the decrease in revenue was primarily related to a decrease in revenue associated with the zero-margin grant for the HyBryte(TM) IIS.

As of March 31, 2025, the company’s cash position was approximately $7.3 million. “We are committed to allocating resources responsibly to achieve our strategic goals and near-term milestones,” stated Schaber. “While this cash balance provides sufficient operating runway through December 2025, we continue to evaluate all strategic options, including partnership, merger and acquisition, government grants, and potential financing opportunities to advance our late-stage pipeline and the company.”

For more information, visit www.Soligenix.com.

NOTE TO INVESTORS: The latest news and updates relating to SNGX are available in the company’s newsroom at https://ibn.fm/SNGX

• Experienced leadership contributes to key performance indicators.
• Dr. Eric Poma brings more than 30 years of experience to his new role as CLDI CEO.
• His expertise will help the company develop and advance proprietary groundbreaking therapies.

Effective leadership is a cornerstone of organizational success, particularly in the dynamic and high-stakes realm of biotechnology. Recognizing the pivotal role of seasoned leadership, Calidi Biotherapeutics (NYSE American: CLDI) has announced the appointment of Eric Poma, PhD, as its new Chief Executive Officer and member of the board of directors (https://ibn.fm/qMEu4). This strategic transition underscores Calidi’s commitment to advancing its innovative cancer therapies under experienced guidance. Dr. Poma succeeds Allan Camaisa, who will continue to serve as a board member.

The significance of experienced leadership is well-documented. Research indicates that companies with strong leadership are 2.3 times more likely to outperform their competitors financially (https://ibn.fm/JtCzz). Moreover, companies that appoint new CEOs often experience a notable improvement in performance metrics, such as the Z-Score, reflecting enhanced strategic direction and reduced insolvency risk (https://ibn.fm/g1fpy). These findings highlight the tangible benefits that seasoned leaders bring to organizational performance and stability.

Dr. Poma brings more than three decades of experience in the biopharmaceutical industry, with a robust track record in oncology-focused leadership. Prior to joining Calidi, he served as CEO of Molecular Templates (NASDAQ: MTEM), where he successfully raised more than $250 million in equity financing and secured more than $150 million through strategic partnerships with major pharmaceutical companies, including Takeda, Vertex and Bristol Myers Squibb. His tenure at Molecular Templates was marked by significant advancements in clinical program development and strategic collaborations.

In addition to his role at Molecular Templates, Dr. Poma has held senior positions at Innovive Pharmaceuticals and ImClone Systems Inc., primarily focusing on business development. His early career as a healthcare and biotechnology analyst with Eagle Advisors provided him with a comprehensive understanding of the financial and strategic aspects of the biotech industry. This diverse background equips Dr. Poma with a unique perspective on both the scientific and commercial facets of biopharmaceutical development.

“I am thrilled to be joining Calidi at this exciting time, as the company progresses RTNova, its systemic, enveloped virotherapy platform with transient gene therapy payload delivery to the clinic with CLD-400 and continues to advance its CLD-101 and CLD-201 programs clinically,” said Dr. Poma. “I appreciate the solid foundation Allan Camaisa has established at Calidi, the strong team that he has assembled and the opportunity to advance these groundbreaking therapies. I look forward to leveraging my experience not only as a biotech CEO but also as a former business development executive and healthcare fund analyst, to drive and increase shareholder value.”

Calidi board chair James Schoeneck expressed confidence in Dr. Poma’s leadership, stating, “We are pleased to welcome Eric as Calidi’s new CEO, given his deep experience in life science leadership with a focus on oncology, as Calidi advances its systemic enveloped virotherapy platform to the clinic and prepares for a company-sponsored, dose escalation trial of CLD-201 in adult patients with solid tumors.”

As Calidi Biotherapeutics continues to pioneer targeted antitumor virotherapies, the appointment of Dr. Poma as CEO represents a strategic move to harness experienced leadership for the company’s next phase of growth. His extensive background in oncology, successful track record in fundraising and strategic partnerships, and comprehensive understanding of the biotech landscape position him to effectively steer Calidi’s innovative therapies through clinical development and toward commercialization.

For more information, visit www.CalidiBio.com.

NOTE TO INVESTORS: The latest news and updates relating to CLDI are available in the company’s newsroom at https://ibn.fm/CLDI

• With its essential role in automotive, industrial and emerging technology applications, palladium is poised to remain a critical asset in 2025 and beyond.
• Projected palladium price ranges indicate confidence that the metal will maintain significant market value due to constrained supply and ongoing industrial necessity.
• Platinum Group Metals Ltd. is positioning itself as a strong player in the palladium space.

As the global economy continues to evolve and diversify, investors are seeking opportunities in sectors with long-term growth potential and strong fundamentals. Precious metals, long viewed as stores of value and industrial cornerstones, are receiving renewed attention, particularly palladium. With its essential role in automotive, industrial and emerging technology applications, palladium is poised to remain a critical element in 2025 and beyond. Platinum Group Metals (NYSE American: PLG) (TSX: PTM), a development stage mining company, is strategically positioned to benefit from this momentum.

“Palladium is a rare member of the platinum-group metals (‘PGMs’), known for its remarkable properties and industrial utility,” stated a report from Bullion Exchanges (https://ibn.fm/YyqcB). “Unlike gold, which is often viewed as a store of value or safe-haven asset, palladium’s primary demand is industrial, particularly within the automotive sector. . . . Beyond automotive, palladium sees applications in electronics, dentistry, and renewable energy technologies like hydrogen fuel cells, emphasizing its importance and versatility.”

Palladium has traditionally been prized for its role in automotive catalytic converters, where it reduces harmful emissions in internal combustion engine vehicles. Despite the rise of electric vehicles (“EVs”), which use fewer or no catalytic converters, demand for palladium remains steady. The World Platinum Investment Council (“WPIC”) continues to forecast a sustained supply deficit for palladium in 2025, reflecting the limited number of new mines coming online and continued industrial demand (https://ibn.fm/jy3RW).

Price forecasts for palladium vary but generally support a bullish outlook. Heraeus Precious Metals, for instance, predicts that palladium will trade in a wide band between $800 and $1,200 per ounce in 2025, depending on macroeconomic conditions and market sentiment (https://ibn.fm/GkLuX). Similarly, the CPM Group estimates that prices will stabilize within the $900 to $1,000 range (https://ibn.fm/U76GN). These ranges, while broad, indicate confidence that palladium will maintain significant market value due to constrained supply and ongoing industrial necessity.

Industrial applications beyond the automotive sector are also emerging as growth areas for palladium. Its use in electronics, hydrogen purification and potentially in fuel cells is expanding (https://ibn.fm/JgOEm). As decarbonization and clean-energy initiatives accelerate globally, materials such as palladium may find increasing use in advanced energy systems and technologies (https://ibn.fm/Pk2mV). These evolving use cases help hedge the long-term value of palladium and further validate its investment proposition.

Platinum Group Metals Ltd. recognizes this potential and is positioning itself as a strong player in the palladium space. The company is advancing the Waterberg Project in South Africa, one of the largest undeveloped primary palladium and platinum projects globally (https://ibn.fm/omk0f). This bulk underground deposit, discovered by Platinum Group Metals, offers a unique opportunity for large-scale mechanized mining operations due to its shallow depth and thick mineralized zones. The company’s joint venture partners include some big names in the sector, such as Impala Platinum Holdings Ltd. and the Japan Organization for Metals and Energy Security.

The Waterberg Project is not only a cornerstone of Platinum Group Metals’ growth strategy but also a significant asset in the broader palladium market. As global production of palladium becomes increasingly limited due to geological and geopolitical constraints, new large-scale, low-cost mines such as Waterberg are set to play a vital role in meeting future demand. In addition to its mining development, the company has demonstrated a forward-thinking approach by embracing innovation through strategic partnerships.

In addition to its efforts at Waterberg, Platinum Group Metals cofounded Lion Battery Technologies Inc. in partnership with Anglo American Platinum Limited. Lion is exploring the use of platinum and palladium in next-generation lithium battery technologies. This initiative underscores the company’s commitment to long-term value creation and diversification beyond traditional mining. By investing in advanced battery research, Platinum Group Metals is positioning itself to be relevant not just as a raw material supplier but also as a technology innovator within the evolving energy and mobility landscape.

Platinum Group Metals’ dual-pronged approach — developing high-value mining assets such as Waterberg while also investing in cutting-edge applications through Lion Battery Technologies — sets the company apart in a crowded field. Its strategic focus on palladium and platinum, supported by robust assets and forward-looking partnerships, makes it an option worth considering for investors seeking exposure to critical materials in a changing global economy.

For more information, visit www.PlatinumGroupMetals.net.

NOTE TO INVESTORS: The latest news and updates relating to PLG are available in the company’s newsroom at https://ibn.fm/PLG

• According to the International Energy Agency, global demand for copper from data-center development alone will more than double by 2030.
• Nicola Mining is well-positioned to meet this burgeoning demand through its New Craigmont Copper Project in British Columbia.
• The company owns 100% of the New Craigmont high-grade copper property, which has a rich history of production and significant exploration potential.

As artificial intelligence (“AI”) continues to revolutionize industries, the infrastructure supporting its growth — particularly data centers — has become increasingly reliant on copper due to its superior electrical conductivity. This surge in demand for copper presents significant opportunities for mining companies such as Nicola Mining (TSX.V: NIM) (OTCQB: HUSIF), which is strategically positioned to supply this critical resource.

Copper’s exceptional ability to conduct electricity makes it indispensable in the construction and operation of data centers. These facilities require vast amounts of copper for power distribution, cooling systems and internal wiring. According to the International Energy Agency, global demand for copper from data-center development alone will more than double by 2030 (https://ibn.fm/GIINv), while Goldman Sachs Research estimates that AI will contribute to a 160% rise in data center power demand between 2023 and 2030 (https://ibn.fm/BKG4K). This escalation underscores the necessity for substantial copper supplies to support the electrical infrastructure of these energy-intensive facilities.

Nicola Mining is well-positioned to meet this burgeoning demand through its New Craigmont Copper Project in British Columbia (https://ibn.fm/rwQLm). This wholly owned project encompasses a historic high-grade copper mine with significant exploration potential. The company’s strategic focus on copper aligns with the increasing requirements of data centers, particularly those optimized for AI workloads. Nicola Mining’s commitment to responsible development and operational excellence further enhances its capability to supply high-quality copper to the market.

The New Craigmont Copper Project, located near Merritt, British Columbia, spans more than 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Canada’s largest open-pit copper mine. Nicola Mining owns 100% of the New Craigmont high-grade copper property, which has a rich history of production and significant exploration potential. The company has been actively conducting drilling programs to assess the property’s resources and expand its mineral inventory. 

In addition to its mining operations, Nicola Mining operates the Merritt Mill and Tailings Facility, a 200-tonne-per-day crushing, grinding and flotation mill permitted for custom milling of ore. This facility enables the company to process ore efficiently, ensuring a steady supply of copper concentrate to meet market demands. Furthermore, Nicola Mining’s partnerships with First Nations communities demonstrate its commitment to sustainable and inclusive growth.

Nicola Mining’s strategic initiatives and robust infrastructure position it to capitalize on the increasing demand for copper driven by AI-powered data centers. As the global economy continues to digitize, the company’s assets and partnerships provide a solid foundation for growth and value creation in the evolving technological landscape. With a strong commitment to environmental stewardship and community engagement, Nicola Mining is poised to play a pivotal role in supplying the essential resources needed for the future.

For more information, visit www.NicolaMining.com.

NOTE TO INVESTORS: The latest news and updates relating to HUSIF are available in the company’s newsroom at https://ibn.fm/HUSIF

• Brera Holdings has signed a letter of intent to introduce PLAY LEAP, a gamified fan engagement platform, to its portfolio clubs.
• The pilot is planned to launch with Italian Serie B club Juve Stabia after the 2024/25 season.
• PLAY LEAP offers a Software-as-a-Service model with monetization tied to fan engagement.
• The platform targets younger, mobile-native fans, with interactive challenges and content sharing.
• Brera plans to roll out the platform across its growing network of sports clubs.

Brera Holdings (NASDAQ: BREA), a global sports investment group, announced the signing of a letter of intent to introduce the digital engagement platform PLAY LEAP to its portfolio of clubs, beginning with Italian Serie B side Juve Stabia. The initiative is part of a wider strategy to generate new digital revenue streams and broaden fan interaction and engagement.

The partnership, detailed in a recent press release, involves a collaboration with Israeli sports-tech innovator Leap Sport Digital Ltd., the developer of PLAY LEAP (https://ibn.fm/trA10). The platform is designed to enhance fan involvement through gamified experiences and challenges and eventually convert that engagement into monetizable opportunities for clubs.

Brera intends to pilot PLAY LEAP with Juve Stabia after the conclusion of the 2024/25 season. The platform allows fans to participate in daily tasks, create and vote on user-generated content, and win club-branded prizes, all via a mobile-first interface tailored to younger audiences. The company plans to expand the rollout to other clubs in its international portfolio if the pilot proves successful.

“This model blends engagement with monetization,” said Daniel McClory, Executive Chairman of Brera Holdings. “PLAY LEAP will allow us to create scalable, recurring digital revenue while delivering a dynamic experience that attracts the next generation of fans. Juve Stabia is just the beginning—we intend to activate this across multiple markets.”

PLAY LEAP is structured as a Software-as-a-Service (“SaaS”) product, with its cost model based on actual usage. Clubs pay based on the number of actively engaged fans, aligning spending with digital audience growth. This model also includes in-app sponsorship opportunities, where brands can sponsor challenges or reward placements, creating new advertising inventory within the digital fan space.

For Brera, the platform adds a new layer to its multi-club investment strategy. The company focuses on acquiring and managing emerging football and sports teams, aiming to improve their market value through innovation, social impact, and performance. By leveraging PLAY LEAP, Brera is exploring how digital infrastructure can increase both fan lifetime value and club revenue potential.

Leap Sport Digital CEO Dani Avidor said the platform was designed to help clubs like Juve Stabia expand digital communities and convert passive fans into active participants. “Our vision is to empower clubs to monetize their digital communities beyond the stadium,” he said. “Together with Brera Holdings, we aim to redefine the future of sports fandom-one fan-inspired challenge at a time.”

Key monetization tools offered by PLAY LEAP include real-time analytics that allow clubs to track fan behavior and demographics. This data can then be used to refine marketing strategies or enhance sponsorship appeal. The platform’s design, which emphasizes creativity and peer interaction, is also aimed at younger fan cohorts, including Gen Z and Gen Alpha, groups known for valuing digital-native experiences. In an increasingly global and digital sports environment, tools like PLAY LEAP offer a route to revenue that doesn’t rely solely on ticket sales, broadcast rights, or traditional sponsorship.

For more information, visit the company’s website at www.BreraHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA

• Vancouver-based gold and silver resource developer ESGold Corp. is preparing to begin production on a legacy mine restoration project at Quebec that will improve the environment while generating revenue for the company’s planned exploration project
• As the company prepares for transition to the production stage, it has announced the appointment of experienced junior miner builder Peter Espig to its Board of Directors
• Espig gained distinction by helping junior miner Nicola Mining into a cash-flowing enterprise from creditor-protection status
• ESGold’s Montauban Gold-Silver Project covers 265 mining claims across 13,116 hectares (about 32,410 acres) with tailings for its reclamation effort, while the company conducts the site’s first-ever systematic exploration program to determine the size of the remaining deposit

Pre-production gold and silver resource developer ESGold (CSE: ESAU) (OTCQB: ESAUF) is announcing the appointment of seasoned mining executive and former global investment banker Peter Espig to its Board of Directors, establishing a vital leadership resource for the company as it prepares to transform itself from an exploration-stage junior into one of Canada’s important precious metals producers.

ESGold is distinguishing itself as an explorer and developer focused on expanding its clean extraction model that turns legacy mine sites into revenue-generating assets. The company is aiming to set new benchmarks in sustainable resource recovery through a scalable and replicable process.

Espig served as vice-president in the Principal Finance and Securitization Group and the Asia Special Situations Group at Goldman Sachs Japan, and has distinguished himself more recently as the president and CEO of junior miner Nicola Mining Inc.

Under his leadership, Nicola emerged from creditor protection status and transformed itself from a distressed asset into a cash-flowing mining enterprise, increasing its market capitalization by over tenfold.

“ESGold is entering a transformational phase — one that few mining companies successfully reach,” Espig stated in the company’s announcement (https://ibn.fm/V3iy3). “With a permitted asset, near-term production, and an ambitious but disciplined leadership team, I believe ESGold has the building blocks to become a scalable and sustainable Canadian producer.”

ESGold’s permitted asset is the Montauban Gold-Silver Project in Quebec, covering 265 mining claims across 13,116 hectares (about 32,410 acres) that are a historic resource with tailings the company will reprocess to fund district-scale exploration.

The company has used a proprietary non-cyanide extraction method in lab testing that produced gold recovery of 90.9%, and is further developing clean technology solutions through a joint venture with private consultancy DMCMS Inc.

The joint venture fuses mine waste with an organic polymer to turn the resulting product into environmentally friendly, sustainable building materials such as road stabilizers and dust suppressants.

A 2022 Construction Canada news report states the polymer requires no furnace cooking to set so it doesn’t produce carbon dioxide pollutants, and that the resulting product has proven to be stronger than concrete (https://ibn.fm/zbQk5).

As ESGold works to reprocess and revitalize legacy mine sites, it is delivering an opportunity for investors to see a straightforward approach to building revenue and profitability.

“We’re actually going to go into production in the next six to nine months, and after that we’re then going to do exploration,” ESGold President Brad Kitchen said in a November interview about the company’s operations (https://ibn.fm/YyUqM). “Most companies do a ton of exploration, then have to get their permits and have to go into production. We’re not. We’re going to be cash-flow positive by this time next year (in 2025).”

For more information, visit the company’s website at https://esgold.com.

NOTE TO INVESTORS: The latest news and updates relating to ESAUF are available in the company’s newsroom at https://ibn.fm/ESAUF

• The company posted record quarterly revenue of $15 million, up over 500% from Q1 2024.
• Gross profit surged to $13.9 million, driven by a high-margin Advantage™ quantum system sale.
• The company ended Q1 with $304.3 million in cash, its highest quarter-end balance in the company’s history.
• Customer count grew to 133, with 69 commercial users including 25 Forbes Global 2000 firms.

D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software, and services, reported a significant increase in revenue, gross profit, and cash reserves for the first quarter of fiscal 2025, enabled by the sale of a high-margin annealing quantum computing system. The results, detailed in a conference call hosted by CEO Dr. Alan Baratz and CFO John Markovich on May 8, signal the company’s continuing momentum in driving commercial adoption of quantum computing (https://ibn.fm/UoZWf).

Quarterly revenue came in at $15 million, a 509% increase from the same period last year, when the company reported $2.5 million. The growth was primarily attributed to a system sale recognized in the quarter, underscoring an additional revenue stream for the company beyond its traditional cloud-based quantum computing as a service and professional services revenue.

Gross profit rose to $13.9 million, up 736% from $1.7 million in Q1 2024. The gross margin for the quarter reached 92.5%, compared to 67.3% a year earlier. D-Wave’s non-GAAP gross profit, which excludes stock-based compensation and depreciation, came in at $14 million, or 93.6% margin.

The company’s cash position also reached a new high. As of March 31, 2025, D-Wave reported $304.3 million in consolidated cash, bolstered by $146.2 million raised through its third at-the-market equity program during the quarter. Management believes this provides sufficient runway to reach profitability.

D-Wave also reported a total of 133 customers over the last four quarters, compared to 128 in the prior four-quarter period. Among them were 69 commercial customers, including 25 from the Forbes Global 2000 list, as well as 52 research institutions and 12 government clients.

Operating expenses rose to $25.2 million, up 31% year-over-year, driven by increases in personnel, marketing, and R&D costs. On a non-GAAP basis, adjusted operating expenses were $20.2 million.

Q1 also included a number of technical and commercial milestones. A highlight was the company’s demonstration of quantum supremacy on a real-world magnetic materials simulation problem, as detailed in the peer-reviewed paper “Beyond-Classical Computation in Quantum Simulation” published in Science. The problem, solved using D-Wave’s annealing quantum computer, would have taken one of the world’s most powerful classical supercomputers, the Frontier supercomputer located at Los Alamos National Laboratory, nearly one million years to complete.

The company also deployed a hybrid-quantum application for Ford Otosan, which reduced vehicle production scheduling time from 30 minutes to under five minutes. In a pilot project, Japan Tobacco’s pharma unit applied D-Wave’s quantum computer in drug discovery, yielding improved molecular structures compared to classical-only approaches.

In Europe, D-Wave sold its first Advantage system to the Jülich Supercomputing Centre, where it is expected to connect with the continent’s first exascale computer, JUPITER. In the U.S., the Advantage2™ system is nearing installation completion at Davidson Technologies’ headquarters in Alabama, where it is planned to support national defense-related applications.

The quarter also saw the introduction of new hybrid solver capabilities for applications like budget allocation and maintenance optimization, expanding the practical use cases for D-Wave’s offering.

Lastly, Qubits 2025, D-Wave’s annual user conference, drew record attendance both in-person and online. Customer presentations featured deployments across industries and geographies, reflecting increased engagement and real-world implementation.

“The first quarter of 2025 was arguably the most significant in D-Wave’s history, especially in terms of our unique ability to deliver quantum value today to our customers and the scientific community,” said CEO Dr. Alan Baratz in the earnings release. He pointed to revenue recognition from the Advantage system sale, customer deployment progress, and the company’s recent scientific milestone as evidence of growing market traction. “We recognized revenue on our first Advantage system sale to a major research institution, moved an additional customer application into commercial production, and became the first to demonstrate quantum supremacy over classical computing on a useful real-world problem. The end result was a record revenue and gross profit quarter,” he explained.

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage and Advantage2 systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

Forward Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

• The global powersports market is projected to grow to $60.51 billion by 2032.
• Recreational boating market size is expected to observe around a 10% CAGR from 2024 to 2032.
• Massimo Group has strategically positioned itself to leverage these market trends.

The powersports and recreational watercraft industries are experiencing a notable upswing, driven by consumers’ growing appetite for outdoor adventures and leisure activities. Amid this surge, Massimo (NASDAQ: MAMO), a Texas-based manufacturer and distributor, is emerging as a significant player, capitalizing on market trends and expanding its footprint in the sector.

The global powersports market, encompassing vehicles like ATVs, UTVs and bikes, was valued at $37.96 billion in 2023 and is projected to grow to $60.51 billion by 2032, reflecting a compound annual growth rate (“CAGR”) of 5.4% (https://ibn.fm/b205e). This growth is fueled by increasing consumer interest in outdoor recreational activities and the versatility these vehicles offer.

“Increasing demand among the youth for off-road adventure tourism and leisure activities, a rise in disposable income, and clubs and state organizations promoting powersports activities drive market growth,” stated a Fortune Business Insights report. “Additionally, government policies supporting the development of recreational infrastructure also increase the market growth.”

Similarly, the recreational boating market has shown resilience. Despite a 9% decline in new boat retail sales in 2024, the market size reached $39.7 billion in 2023 and is expected to observe around a 10% CAGR from 2024 to 2032 (https://ibn.fm/7QOPw). This growth is propelled by increasing disposable incomes and a rising interest in outdoor leisure activities.

“As economic conditions improve, more individuals can afford luxury items like recreational boats, enhancing market demand,” reported Global Market Insights. “The growing popularity of water-based recreational activities, such as fishing, sailing, and watersports, also contributes to this upward trend.”

Massimo Motor, founded in 2009 and headquartered in Garland, Texas, has strategically positioned itself to leverage these market trends. The company offers a diverse portfolio, including UTVs, ATVs, e-bikes and pontoon boats, catering to both recreational enthusiasts and commercial users. Massimo’s commitment to innovation and quality has been central to its growth strategy (https://ibn.fm/e9f1X).

In 2025, Massimo announced the relocation of its MVR Golf Cart series production to its Garland facility (https://ibn.fm/00Eua). This move aims to enhance quality control and market positioning while mitigating the impact of international trade tariffs. By assembling vehicles domestically, Massimo ensures stricter quality standards and strengthens its presence in the U.S. market.

“We are committed to providing our customers with the highest quality golf carts while ensuring long-term business sustainability,” said Massimo Motor founder and CEO David Shan. “Bringing production to our Texas facility strengthens our supply chain, enhances quality assurance and positions us competitively in the U.S. market. Our customers and dealer partners can continue to rely on Massimo for innovative and reliable personal transportation solutions.”

Further expanding its reach, Massimo has established a sixth distribution center in Illinois and recently launched a comprehensive digital retail platform, enhancing its ability to meet growing demand and improve customer service.

As the powersports and recreational watercraft markets continue to evolve and grow, Massimo Group’s proactive approach, encompassing domestic manufacturing, strategic partnerships, and product diversification, positions the company well to capitalize on emerging opportunities and sustain its growth trajectory.

For more information, visit the company’s website at massimomotor.com, massimomarine.com, and massimoelectric.com.

NOTE TO INVESTORS: The latest news and updates relating to MAMO are available in the company’s newsroom at https://ibn.fm/MAMO