• Noble Capital Markets Research released a comprehensive analysis of Nicola Mining.
• Nicola distinguishes itself among junior mining companies by combining exploration potential with operational cash flow, report states.
• Noble report also noted the company’s “superb corporate governance,” led by CEO Peter Espig, former 20-year Goldman Sachs banker.

Nicola Mining (TSX.V: NIM) (OTCQB: HUSIF), a junior mining company based in British Columbia, has recently been the focus of a comprehensive analysis by Noble Capital Markets Research (https://ibn.fm/3CDHY). The report gave the company an “Outperform” rating and a 12-month price target of C$0.70 and US$0.50 per share while highlighting Nicola Mining’s diversified asset base and cash-generating operations as key factors supporting this valuation.

“Nicola Mining is a unique junior exploration company because it offers discovery potential through its ownership of its flagship New Craigmont Copper Project, ownership of the Treasure Mountain high-grade silver-lead-zinc mine, a 75% economic interest in the Dominion Creek gold project, along with 100% ownership of the only mill permitted to receive and process material from throughout British Columbia,” the report stated. The company’s Merritt Mill, along with a sand/gravel pit, rock quarry, and ready-mix cement plant, generates cash flow supporting Nicola’s operations and exploration programs, which minimizes the need for dilutive equity issuance.

The New Craigmont Copper Project is noted as Nicola Mining’s flagship asset. Located in the Quesnel Trough, one of Canada’s most prolific copper belts, the project is adjacent to Teck Resources’ Highland Valley Copper Mine, the largest copper mine in Canada. The historic Craigmont Mine, which operated on the property from 1961 to 1982, produced more than 36.75 million tons of ore with an average grade of 1.28% copper, yielding 900 million pounds of copper.

Nicola Mining has completed more than 18,000 meters of diamond drilling, along with extensive geological mapping and surveys. In 2024, the company completed a geophysical survey to define drill targets in the WP, MARB and CAS zones, which were later drilled. Two holes were drilled in the Embayment Zone, expanding the known mineralized areas. Results from the program suggest the potential for copper porphyry systems. The company has finalized targets for the 2025 drilling season, expected to begin in June.

In addition to New Craigmont, Nicola Mining owns 100% of the past-producing Treasure Mountain high-grade silver, lead and zinc underground mine, which has significant exploration potential and an active mining permit.

Nicola Mining’s Merritt Mill is a fully permitted facility capable of processing both gold and silver mill feed via gravity and flotation processes. The mill, along with the company’s sand and gravel pit and rock quarry, provides operational cash flow that supports exploration activities. This diversified revenue stream is seen as a strategic advantage, enabling the company to fund its operations while minimizing shareholder dilution.

The Noble report also noted the company’s “superb corporate governance,” led by CEO Peter Espig. “Espig has had an accomplished career as an investment banker and turnaround specialist and has held executive positions with Goldman Sachs and Olympus Capital,” the report stated. “Nicola benefits from a talented management team and board with relevant experience in mining, geology, and finance.”

Noble Capital Markets’ initiation of coverage on Nicola Mining reflects confidence in the company’s ability to leverage its assets and operational cash flow to advance its exploration projects. The combination of a strong management team, strategic asset portfolio and revenue-generating operations underpins the “Outperform” rating and the price target of C$0.70 and US$0.50 per share.

“Nicola distinguishes itself by offering investors significant discovery and value creation potential through its exploration activities at New Craigmont and Treasure Mountain while generating cash flows from the Merritt Mill, which processes ore from third parties, a sand and gravel pit, rock quarry, and ready-mix cement plant,” the report concluded. “These operations help fund Nicola’s operations and exploration activities while limiting the need to issue dilutive equity. While the flagship New Craigmont Copper Project is the company’s value driver, we think the company’s Treasure Mountain Project represents an opportunity to create value through M&A, divestiture, joint venture, or reopening the mine.”

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

• The overuse and misuse of antibiotics have led to the emergence of antibiotic-resistant bacteria, posing a significant threat to public health.
• Soligenix’s SGX943 is a novel broad-spectrum therapy designed to treat bacterial infections without relying on conventional antibiotics.
• Preclinical studies have demonstrated the efficacy of SGX943 in various models of bacterial infection.

In the face of escalating antibiotic resistance, the medical community is urgently seeking alternative treatments for bacterial infections. Soligenix (NASDAQ: SNGX), a late-stage biopharmaceutical company, is at the forefront of this effort with its development of SGX943 (dusquetide), a novel broad-spectrum therapy designed to combat bacterial infections without relying on traditional antibiotics.

Antibiotics have been a cornerstone of modern medicine, effectively treating a wide range of bacterial infections. However, their overuse and misuse have led to the emergence of antibiotic-resistant bacteria, posing a significant threat to public health. According to the Centers for Disease Control and Prevention (“CDC”), at least 2.8 million people in the United States are infected with antibiotic-resistant bacteria annually, resulting in more than 35,000 deaths (https://ibn.fm/qjibe).

The challenge is compounded by the fact that antibiotics are often specific to certain types of bacteria, and their efficacy can be compromised by resistance mechanisms. Moreover, the development of new antibiotics has not kept pace with the rapid evolution of resistant strains, leaving clinicians with limited options for treatment. Globally, the World Health Organization (“WHO”) has identified antimicrobial resistance as one of the top ten public health threats facing humanity. The situation is dire: if left unaddressed, it is projected that antibiotic resistance could cause 10 million deaths per year by 2050, surpassing cancer as a leading cause of death (https://ibn.fm/vC6MQ).

It is within this context that alternative approaches to bacterial infection treatment have become critically important. Soligenix’s SGX943 represents one such approach that could change the paradigm. SGX943 is a novel broad-spectrum therapy designed to treat bacterial infections without relying on conventional antibiotics (https://ibn.fm/5RJFl). This promising therapy takes a fundamentally different approach by leveraging the body’s innate immune system rather than directly targeting pathogens, offering a powerful new tool in the fight against resistant bacterial infections.

Soligenix’s SGX943 therapy is based on dusquetide, an Innate Defense Regulator (“IDR”) that modulates the body’s immune response rather than directly targeting bacteria. By enhancing the innate immune system, SGX943 promotes the clearance of infections and reduces inflammation, offering a broad-spectrum approach to bacterial infections.

One of the key advantages of SGX943 is its ability to be effective regardless of the bacterial species involved. This means it can be administered before the specific pathogen is identified, providing a timely intervention in acute infections. Additionally, SGX943 can be used in conjunction with existing antibiotics, potentially enhancing their efficacy and mitigating the development of resistance.

Preclinical studies have demonstrated the efficacy of SGX943 in various models of bacterial infection, including those caused by antibiotic-resistant strains. Notably, the therapy has shown promise in treating melioidosis, a serious infection caused by Burkholderia pseudomallei, which is highly resistant to many antibiotics. The U.S. Food and Drug Administration (“FDA”) has granted Fast Track designation to SGX943 for the treatment of melioidosis, recognizing its potential to address an unmet medical need.

The rise of antibiotic-resistant bacteria underscores the critical need for innovative therapies that go beyond traditional antibiotics. Soligenix’s SGX943 offers a novel approach by harnessing the body’s innate immune system to fight infections, providing a versatile and potentially more effective treatment option. As the medical community continues to grapple with the challenges of antibiotic resistance, therapies like SGX943 represent a hopeful advancement in the fight against bacterial infections.

Headquartered in Princeton, New Jersey, Soligenix operates within the medical, biomedical and genetics sector. The company’s portfolio encompasses both specialized biotherapeutics and public health solutions, targeting areas with significant unmet medical needs. Among its leading candidates are HyBryte(TM) (SGX301), a photodynamic therapy for cutaneous T-cell lymphoma (“CTCL”), and SGX942 (dusquetide), designed to address oral mucositis in patients undergoing chemoradiation for head and neck cancer.

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

• Kadima Neuropsychiatry Institute is expected to become the clinical model for HOPE Therapeutics’ nationwide network of psychiatric clinics.
• The acquisition brings profitability and is expected to be accretive to both revenue and EBITDA.
• Kadima’s founder and medical director, Dr. David Feifel, a leader in interventional psychiatry, will join HOPE as Chief Medical Innovation Officer.
• NRx’s pipeline includes investigational drugs for suicidal bipolar depression and chronic pain.
• HOPE is targeting 30 clinic acquisitions by the end of 2025, projecting $100M in annual revenue.

NRx Pharmaceuticals (NASDAQ: NRXP), a clinical-stage biopharmaceutical company, and its wholly owned subsidiary HOPE Therapeutics, Inc., a medical and technology-driven company, are expanding their footprint in the mental health care sector with the acquisition of Kadima Neuropsychiatry Institute in La Jolla, California. The companies announced the signing of a definitive agreement to purchase the institute earlier in May 2025. Kadima is expected to serve as the clinical template for HOPE’s planned network of interventional psychiatry clinics across the U.S. (https://ibn.fm/uwHMj).

One of California’s flagship interventional psychiatry clinics, Kadima is recognized for integrating clinical care with research into emerging treatments such as psychedelic medications, and transcranial magnetic stimulation (“TMS”). The clinic offers a full range of treatments for suicidal depression, PTSD and other central nervous system (“CNS”) disorders. The institute was among the first in California to move ketamine treatments for mental health conditions out of academic research and into clinical settings.

According to the announcement, the acquisition will be accretive to revenue and EBITDA for both HOPE and NRx Pharmaceuticals. Kadima is currently profitable and expected to continue on a growth trajectory.

Dr. David Feifel, Kadima’s founder and medical director, will join HOPE as its first Chief Medical Innovation Officer after the acquisition closes. Dr. Feifel is widely regarded in the field of interventional psychiatry and has led numerous clinical trials targeting central nervous system disorders. His distinctions include serving as an elected member of the American College of Neuropharmacology, peer-elected inclusion in “Best Doctors in America,” and citation in the Castle Connolly list of “Top Doctors” — a recognition given to only 10 psychiatrists in San Diego. Dr. Feifel’s role at HOPE will be instrumental in shaping its clinical offerings and research integration.

The acquisition is still subject to customary closing conditions and financing. If completed, Kadima will become the first operational clinic under HOPE’s umbrella, setting the stage for additional acquisitions.

NRx Pharmaceuticals remains focused on the development of novel therapeutics for CNS conditions. The company’s lead compound, NRX-101, has been granted FDA Breakthrough Therapy Designation and is being developed for treatment-resistant bipolar depression with suicidality. The company is also pursuing development of NRX-100, a preservative-free IV ketamine formulation, for acute suicidality, which has received Fast Track status from the FDA.

The Kadima acquisition is part of HOPE’s broader plan to create a national network of interventional psychiatry clinics. The company aims to close on 30 such acquisitions by the end of 2025. HOPE projects $100 million in annual revenue and profitability by that time.

Commenting on the deal, Dr. Jonathan Javitt and Matthew Duffy, Co-CEOs of HOPE, said the signing of the definitive acquisition agreement marks a pivotal moment in the execution of the company’s strategy to redefine mental healthcare access and delivery of care. “Dr. David Feifel is a true pioneer in interventional psychiatry and we are honored to have him join our leadership team. With his guidance, we are accelerating the buildout of a world-class clinic network that integrates cutting-edge science with community-based care,” they said.

In addition to Kadima, HOPE has also announced agreements to acquire Dura Medical and signed a letter of intent with Neurospa TMS. These moves signal a push into outpatient psychiatric services at scale, a space seeing increased investor interest due to growing demand for mental health treatment options.

The strategy offers a dual approach to growth: a clinical-stage biotech company in NRx Pharmaceuticals, and a revenue-generating care delivery business in HOPE. The clinic network may also set the stage for a future spinout, offering NRx potential to unlock further shareholder value.

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

• FAVO Capital has filed to uplist to Nasdaq, aiming to scale its private credit model
•  U.S. small business lending is drawing renewed policy attention amid fintech innovation
• FAVO strengthening strategic partnership with Stewards Investment Capital Limited through Series A equity Investment
• Recently announced the voluntary conversion of all outstanding Super Voting Series C Preferred Shares into common stock

As traditional banks retreat from Main Street, alternative lenders are stepping up to fill the gap, reshaping the $1.7 trillion small business lending market in the process. With policymakers calling for renewed focus on small business financing and digital platforms redefining borrower access, private credit firms like FAVO Capital (OTC: FAVO) are emerging as essential players in the financial ecosystem. Backed by scalable technology, a seasoned leadership team, and a growing syndication network, FAVO is positioning itself for outsized growth at the intersection of policy tailwinds, market demand, and digital transformation.

Strategic Uplisting to Accelerate Growth

FAVO, a private credit firm focused on small and medium-sized businesses (“SMBs”), is laying the groundwork for its next growth phase. In February, the company filed a Form S-1 with the U.S. Securities and Exchange Commission, a move that signals its intent to uplist to the Nasdaq Capital Market.

The planned uplisting is more than a capital markets milestone, it’s a reflection of FAVO’s commitment to long-term growth, financial transparency, and operational scale. According to the company, the proceeds from its initial public offering will be used to reduce high-cost debt, invest in strategic initiatives, and expand technology-driven infrastructure. This financial optimization could position FAVO to enhance profitability while accelerating national expansion.

Recently, FAVO announced on May 13, 2025, the voluntary conversion of all outstanding Super Voting Series C Preferred Shares into common stock. This strategic move simplifies the company’s capital structure and aligns voting rights with public market expectations, reflecting FAVO Capital’s commitment to transparency and governance best practices. The conversion is a proactive step as the company continues preparations for its planned uplisting to Nasdaq.

“Converting our Series C Super Voting Shares demonstrates our commitment to transparency, governance and best practices as well as long-term value creation,” stated Vincent Napolitano, CEO of FAVO Capital. “It’s another important step forward as we align our structure with shareholder and institutional investor expectations.”

In addition to FAVO’s advancement towards Nasdaq, the company recently secured an $8 million Series A Preferred equity investment from strategic partner Stewards Investment Capital. This funding aims to accelerate direct SMB funding, restructure debt notes, and expand embedded lending partnerships, reinforcing FAVO to expand its operations. Stewards Investment Capital, already a significant shareholder following a $37 million acquisition deal in 2023, continues to support FAVO’s growth trajectory in the U.S. private credit market.

Filling a Growing Void in the Lending Ecosystem

FAVO’s timing may prove fortuitous. A renewed push from policymakers, potentially including President Trump, suggests the commercial banking industry could face pressure to return to its lending roots. Amid calls for banks to step up small business lending, non-bank lenders like FAVO are already playing an outsized role in meeting underserved financing demand.

Traditional banks have deprioritized small business loans in favor of global markets, trading operations, and wealth management services. As a result, a lending gap has formed in the U.S. market, where small businesses – those with fewer than 500 employees – make up nearly half of all economic activity. FAVO Capital is part of a new wave of alternative lenders stepping in to bridge this divide.

With more than $140 million funded to over 10,000 businesses since inception, FAVO brings real scale and momentum to this market. If regulatory or political changes make traditional lenders even slower to respond, private credit firms with flexible underwriting and tech-enabled operations could see demand surge.

Tech-Driven Efficiency Meets Real-World Impact

At the heart of FAVO’s competitive advantage is its technology-focused lending model. The company continues to build and refine its proprietary CRM platform, which enables efficient underwriting, customer service, and deal syndication. In a digital-first lending landscape, that infrastructure is essential, not just for cost efficiency, but for maintaining relationships with borrowers in real time.

According to industry insights, digital lending platforms have become central to the evolution of the private credit market. Their ability to process data, personalize loan structures, and streamline approvals gives them a clear edge over legacy systems. FAVO is investing in these capabilities while maintaining its human-centric service approach, combining fintech innovation with the high-touch needs of SMB borrowers.

This hybrid model, combined with the firm’s existing footprint and syndication track record, puts it in a strong position to scale as economic conditions stabilize and capital becomes more accessible.

A Compelling Play on Lending Resurgence

FAVO’s leadership team sees the uplisting as a key inflection point. By enhancing liquidity, improving investor access, and optimizing its cost of capital, the company is positioning itself for long-term relevance in an evolving private credit environment.

As big banks face political pressure to revisit their role in small business lending—and as digital lenders continue to grow in popularity—FAVO’s model stands at the crossroads of policy, technology, and capital market readiness. Investors looking for exposure to the future of private credit may find FAVO to be an early-stage player with meaningful traction and significant upside.

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

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

• Intelligent Bio Solutions remains on track for a 2025 U.S. launch of its non-invasive Intelligent Fingerprinting Drug Screening System.
• The company’s FDA 510(k) submission included validation studies showing 94.1% accuracy in detecting opiates through fingerprint sweat.
• INBS is already active in 24 countries, with over 450 commercial accounts globally, and adoption growing across diverse industries, including logistics, mining, retail, and marine operations.
• The firm is expanding its distributor network to support localized growth ahead of its U.S. market entry.

Intelligent Bio Solutions (NASDAQ: INBS), a medical technology company specializing in rapid, non-invasive testing solutions, is preparing for its expected U.S. launch in 2025, as it is progressing through the FDA clearance process for its Intelligent Fingerprinting Drug Screening System. The non-invasive device, which detects recent drug use via fingerprint sweat, is gaining international traction for its speed, portability, and ability to integrate into a range of safety-critical environments.

On Dec. 18, 2024, INBS submitted a 510(k) premarket notification to the U.S. Food and Drug Administration, seeking clearance for its opiate test system for codeine (https://ibn.fm/YVRNE). The FDA classified the system as a Class II medical device, which requires this form of submission. As of March 2025, the FDA has issued an Additional Information (“AI”) request, a standard part of the review process that pauses the 90-day review clock while the company prepares its response.

The 510(k) filing includes data from method comparison and pharmacokinetic studies. INBS reported a 94.1% accuracy rate in its performance evaluations and emphasized that fingerprint sweat provides a viable and statistically consistent alternative to blood for drug detection. According to the company, these findings support its plans to launch the platform in the U.S. and expand the system’s testing panel to additional drug classes over time.

“We appreciate the thoroughness of the FDA’s process, which aligns with our expectations. As we await FDA clearance, we remain confident in the strength of our data, which demonstrates the accuracy, reliability, and usability of our technology,” said Harry Simeonidis, President and CEO of INBS. “We are actively preparing for our planned U.S. launch in 2025, where we see significant opportunities to revolutionize drug screening with our non-invasive, rapid testing solution.”

Outside the U.S., INBS continues to expand its commercial footprint, reflecting rising global demand for drug screening technologies that can deliver fast, reliable results without the logistical challenges of traditional methods. As of May 2025, the company reported more than 450 active accounts across 24 countries, with 35 new clients added in the third fiscal quarter alone (https://ibn.fm/CgnKV).

Growth is being driven by industries where on-site, rapid testing is critical. INBS has seen adoption in sectors including transportation, engineering, logistics, mining, and, most recently, luxury marine operations in Europe. In Australia, the technology has gained traction in remote testing programs, waste management, and retail, including implementation by a major e-commerce brand.

To support expansion, INBS is building out its distributor network, which now spans 19 countries through 18 regional partners. The company is also preparing to offer collected testing services, aimed at organizations that require centralized testing capacity for high volumes.

The fingerprint-based screening system delivers results in under ten minutes and does not require specialist medical personnel to administer. This ease of use, combined with its compact form factor and accuracy, makes it attractive to organizations managing distributed or mobile workforces.

Doug Heath, INBS’s Vice President of Global Sales, said the technology is resonating with clients seeking a simpler and faster alternative to traditional urine or saliva tests. “Traditional testing methods aren’t keeping up with operational demands – our solution is,” Heath said. “Industries are moving quickly to adopt a system that’s fast, diverse in its capabilities, and easy to implement.”

For more information, visit the company’s website at https://ibs.inc.

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

• Recent interviews with ESGold Corp. officers highlight the company’s strategy to build revenue through clean technology mine tailings reclamation that will build into an exploration project at a legacy site in Quebec
• Officers for the Canada-based gold and silver development company have presented investor updates on ESGold’s timeline for production in a variety of forums and interviews, most recently at Canada’s Metals Investor Forum
• ESGold’s Montauban Gold-Silver Project covers 265 mining claims across 13,116 hectares (about 32,410 acres) in Quebec, where the project site was mined for 90 years, and company officers say there is still more potential gold and silver at depth in a VMS structure
• The company anticipates beginning production on the tailings reclamation by year-end and working that for three years before expanding its operation

Pre-production gold and silver resource developer ESGold (CSE: ESAU) (OTCQB: ESAUF) has a positive outlook for the precious metals as company officers promote insights to its unique clean extraction model and revenue strategy, which is focused on its permitted asset in a Quebec historic resource.

“We’re totally different than every other junior resource company. We’re here to make money as well, and what we’re doing … first is going into production, and then doing our exploration,” ESGold President and Director Brad Kitchen said during a presentation at this month’s Metals Investor Forum in Vancouver (https://ibn.fm/I55Tr). “Basically, what we’re going to be doing is processing tailings, extracting silver and gold and mica. … And those tailings will bring in a revenue of about $35 million a year. That revenue will then help fund exploration. We’re not going to have to go to the market.”

Kitchen noted that most junior gold and silver resource companies begin by exploring a site and expanding once a feasibility study may help them move decisively toward production, but then prohibitive costs and other dilutive factors cause the companies’ values to drop off, creating a frustrating obstacle.

“So what you’re doing (with ESGold) is you’re combining the upside on the exploration plus the upside on the production, and there’s no downside,” he said.

The company will go into production before the end of the year at its Montauban Gold-Silver Project, which covers 265 mining claims across 13,116 hectares (about 32,410 acres).

“In any sort of mining project, the toughest thing to is to get the permits and then also get the community behind you,” Kitchen said. “So, (CEO and Director Paul Mastantuono) was able to do that and that allows us to go into production, literally as soon as Halloween.”

Total gold demand reached a record annual high last year as it continued to rebound in the wake of the COVID pandemic, according to the World Gold Council (https://ibn.fm/JwTec). Amid economic volatility during the first months of this year, gold’s appeal has continued to grow, with prices briefly touching $3,500 last month when anxiety over the United States’ trade tariff and interest rate policies reached a peak level (https://ibn.fm/7kjgw).

“I’m very bullish on gold and silver,” Kitchen told Canadian junior stock market investment podcast The Deep Dive at the time (https://ibn.fm/nXlnU). “Just in the fact that, with silver especially, you’re going to have to have that resource to help with all the electric vehicles, all the solar panels. But with gold itself, it still is that safe base. People still look at it as something that they can see tangible value.”

High-conviction silver investor Peter Krauth invited ESGold to present at the Metals Investor Forum and has identified ESGold as a standout story among junior gold-silver companies advancing toward production, underscoring the market interest in ESGold’s potential, according to a company news release (https://ibn.fm/gnxqc).

“About nine months ago, the company … had a $3 million market cap. It was trading maybe 5,000 to 10,000 shares a day,” Kitchen said during the Metals Investor presentation. “We’re now at $35 million market cap nine months from there. We’re trading about 250,00 to 300,000 shares a day. We’ve raised $5 million. All of that money has come from friends, family and some specific family trusts. So we haven’t gone to the brokerage community, we haven’t hit the institutional market yet.”

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

• AVERSA Fentanyl has potential to become the world’s first opioid pain patch with abuse deterrent properties, CEO states in report
• Nutriband and Kindeva Drug Delivery have formalized a strong product-development partnership and long-term commitment
• Other key steps outlined as company works to develop, scale-up manufacturing process to bring Aversa technology closer toward commercialization

In a recent report to shareholders, Nutriband (NASDAQ: NTRB) CEO Gareth Sheridan shared significant company achievements and milestones as well as his expectations for 2025 (https://ibn.fm/9K5zT). At the center of the company’s positive outlook for future is noteworthy progress made toward the commercialization of its proprietary Aversa technology, including a strong partnership with Kindeva Drug Delivery.

“Nutriband is primarily focused on working with our partner Kindeva Drug Delivery, a leading global contract development and manufacturing organization focused on drug-device combination products, to develop our lead product, AVERSA(TM) Fentanyl, which incorporates Nutriband’s AVERSA abuse-deterrent transdermal technology into Kindeva’s FDA-approved transdermal fentanyl patch,” stated Sheridan in the letter.

“AVERSA Fentanyl has the potential to become the world’s first opioid pain patch with abuse deterrent properties and is estimated to potentially reach peak annual sales of $80 million–$200 million,” he continued. “In addition, AVERSA Buprenorphine, our next candidate for AVERSA, is projected to reach peak annual sales of $70 million–$130 million. Nutriband recently performed an extensive evaluation of the commercial cost of goods of incorporating the AVERSA technology into existing FDA-approved transdermal patches and has confirmed the viability of achieving high margins that are typically found in NDA pharmaceutical products.”

Sheridan noted that Nutriband and Kindeva have formalized an exclusive product-development partnership and long-term commitment based on shared development costs in exchange for milestone payments. This agreement “solidifies a transition to commercial scale development for AVERSA(TM) Fentanyl,” he noted.

“We have confidently shifted our focus from feasibility towards commercial development in support of an NDA filing and commercialization,” Sheridan observed. “This was a very strong show of support from our partner Kindeva, which also allowed us to reduce the impact of dilution to our existing shareholders, which I stress has been and will remain a core focus of the company. This was evident through our raise of $8.4 million in April 2024 in a nonbrokered private placement primarily through existing shareholders.”

In addition to the company’s partnership with Kindeva, Sheridan noted other key steps taken as Nutriband works to develop and scale-up the manufacturing process to bring Aversa technology closer toward commercialization. Those steps have included developing and refining Nutriband’s proprietary technology for commercial scale manufacturability, establishing the commercial supply chain and validating the analytical methods required to meet U.S. Food and Drug Administration (“FDA”) regulatory standards for a pharmaceutical product.

Nutriband has also expanded the worldwide intellectual property portfolio for its AVERSA abuse deterrent technology, the shareholder report noted. That expansion has included approvals in China and its territories, Hong Kong and Macao, as well as a new patent approval in the United States.

“This improves our position to bring our leading abuse deterrent platform to market,” Sheridan explained. “We are now patented in 46 countries around the world. While initially concentrating on the U.S. market, the unmet medical need for adequate pain management is a global problem, and our goal is to make a global solution strategically targeting all major medical markets in the world.”

In the report, Sheridan outlined the company’s “ambitious yet achievable” 2025 goals. Nutriband will work on getting into the clinic to evaluate its lead product, AVERSA(TM) Fentanyl, in a pivotal Human Abuse Liability (“HAL”) clinical trial, which be key for an NDA filing. This will involve manufacturing clinical supplies using a commercial scale process as well as filing an Investigational New Drug application with the FDA. The company is also exploring new potential international partnerships for its AVERSA intellectual property and will be evaluating licensing and partnership opportunities, all while working to have the AVERSA(TM) Fentanyl product to be used in mass soon.

Sheridan also pointed out the strong revenue numbers reported by Nutriband’s Pocono Pharma subsidiary for its kinesiology tape contract manufacturing services. Company officials believe that 2025 is shaping up to be Pocono Pharma’s best year on record due to its expanding manufacturing collaboration with KT Tape, the world leader in kinesiology tape.

“Many of you have been with us from the beginning,” Sheridan concluded. “And many more joined our mission to change the pharmaceutical industry for the better by developing our AVERSA technology designed to improve the safety of easily abused transdermal drugs, such as pain medications, while making them available to patients who need them. Pain patients have been struggling with inadequate care for too long, and they deserve to be able to access the medication they need. AVERSA gives them this access. Today we are on track to be the world’s first and only abuse deterrent technology in the transdermal space targeting abusable medications such as fentanyl and buprenorphine.”

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

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

• FAVO Capital is developing a digital lending platform tailored to small and medium-sized businesses, targeting gaps left by traditional banks
• Proprietary fintech tools and flexible financing solutions aim to provide capital access for businesses that are often denied by legacy lenders
• Rising demand for alternative credit sources presents a major opportunity for agile, tech-driven lenders like FAVO

With over 5.5 million new business applications filed in the U.S. last year alone, small- to medium-sized businesses (“SMBs”) are thriving, but many are finding themselves underserved by traditional financial institutions. According to recent industry insights, 6 in 10 SMBs are denied access to essential funding due to outdated underwriting processes that fail to reflect their real financial health.

This growing disconnect has paved the way for fintech innovators to step in with more inclusive, tech-enabled lending models. Among these players is FAVO Capital (OTC: FAVO), a company focused on delivering fast, flexible, and accessible capital solutions for SMBs that are often overlooked by banks.

Proprietary Technology to Modernize SMB Financing

FAVO Capital is currently developing a proprietary lending platform and mobile app designed to streamline the funding process for business owners. Once launched, this digital ecosystem will allow clients to apply for funding, track their progress, and manage repayments through a user-friendly interface.

In parallel, the company is exploring the integration of advanced analytics and alternative data sources into its credit decision-making. By evaluating factors like cash flow, vendor payment behavior, and transaction histories, FAVO aims to provide more predictive, fairer assessments of creditworthiness, especially for businesses that may not have an established credit file.

Flexible Products for Real-World Business Needs

FAVO Capital doesn’t rely on one-size-fits-all products. Instead, it structures customized capital solutions that evolve alongside its clients’ needs. Whether it’s short-term working capital or a longer-term growth initiative, the company’s financing products are designed to be adaptive, helping business owners overcome real-world financial hurdles.

This kind of lending agility is especially valuable for low-revenue or newly formed SMBs, many of which require loans of $100,000 or less, an amount most traditional banks don’t prioritize.

A Market Ready for Disruption

With SMBs representing 99.9% of all American businesses and contributing roughly 40% of U.S. GDP, the need for modern funding solutions is not only massive but urgent. As traditional credit models struggle to meet the diverse and fast-moving demands of small businesses, companies like FAVO Capital are positioned to gain traction.

By leveraging fintech tools, proprietary platforms, and a customer-first approach, FAVO Capital could play a vital role in transforming how American small businesses access the capital they need to grow, compete, and thrive.

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

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

• The Santa Fe Mine hosts 1.95 million ounces of pit-constrained gold equivalent resources across Indicated and Inferred categories.
• A 2025 Preliminary Economic Assessment for Santa Fe outlines an after-tax NPV5% of $200 million and a 34.2% IRR based on spot pricing.
• All four projects are 100%-owned or under low-cost acquisition agreements, with development centered in Nevada, the world’s top mining jurisdiction.
• Near-term catalysts include Santa Fe permitting milestones, West Santa Fe’s maiden drill program, and an updated economic study.
• The company is led by a proven team with multiple M&A exits and extensive experience in advancing heap-leach gold operations.

Lahontan (TSX.V: LG) (OTCQB: LGCXF) is a Canadian mine development and exploration company advancing a portfolio of gold and silver assets in Nevada’s Walker Lane, one of the world’s most productive and mining-friendly regions. Through its U.S. subsidiaries, the company controls four gold and silver properties in Nevada, three of which are 100%-owned and one under a low-cost option to acquire full ownership. With a clear near-term path to production, Lahontan is focused on unlocking oxide gold and silver value from past-producing, infrastructure-ready projects.

The company’s mission is to responsibly develop and expand its oxide resources while minimizing capital intensity and maximizing economic returns. Leveraging a strong technical team with a track record of advancing high-margin heap-leach operations, Lahontan is progressing both resource growth and permitting milestones across multiple sites. Its strategy prioritizes scalability, efficiency, and timely value realization for shareholders.

By maintaining full project ownership and a capital-light development model, Lahontan Gold is positioned to rapidly transition from development to production.

The company is headquartered in Toronto, Ontario.

Projects

Santa Fe Mine

The 26.4 km² Santa Fe Mine is Lahontan’s flagship asset and core development priority. A past-producing open-pit, heap-leach gold and silver operation, Santa Fe historically yielded more than 359,000 ounces of gold and 702,000 ounces of silver between 1988 and 1995. The site benefits from established infrastructure—including power, water, and road access—and more than 79% of its known resources are unencumbered by royalties.

A 2024 NI 43-101 resource estimate outlines 1.54 million ounces of gold equivalent (“AuEq”) in the Indicated category and 0.41 million ounces Inferred, all pit-constrained. Oxide resources average among the highest grades in the state and are distributed across five known deposits. A 2025 Preliminary Economic Assessment (“PEA”) projects strong economic returns, including an after-tax NPV5% of $200 million, a 34.2% internal rate of return (“IRR”), and average annual production of approximately 50,000 ounces AuEq over an eight-year mine life.

Permitting is well underway for both the Exploration and Mine Plans of Operation, covering over 12 km² and more than 700 drill holes. The company is targeting construction readiness in 2026 and continues to pursue oxide resource expansion and metallurgical optimization, particularly within the Slab-Calvada corridor.

West Santa Fe

West Santa Fe lies just 13 kilometers from the flagship and is being explored as a potential satellite operation. The project is defined by a shallow, oxide-dominant gold-silver system with a conceptual target of 0.5 to 1.0 million ounces AuEq based on historic drilling and recent surface sampling, which returned up to 2.61 g/t Au and 899 g/t Ag (14.6 g/t AuEq). A 6,300-meter Phase One reverse circulation drill program is scheduled for 2025 to validate historical data and support a maiden resource estimate. Development is streamlined under a low-cost option agreement and a rapid permitting path via Notice of Intent.

Moho and Redlich

The Moho and Redlich projects provide additional longer-term upside within Lahontan’s portfolio. Moho features high-grade, oxidized epithermal veins with historic production at grades of 20–25 g/t Au and 300 g/t Ag. A 2019 core drill program confirmed the presence of high-grade mineralization at depth. Redlich, located along trend from the historic Candelaria silver mine, hosts disseminated Ag mineralization in epithermal veins and hydrothermal breccias but remains untested by drilling. While no near-term programs are currently disclosed, both assets represent future exploration optionality.

Market Opportunity

Lahontan Gold operates in Nevada, consistently ranked the top global mining jurisdiction by the Fraser Institute due to its transparent permitting process, legal stability, and established infrastructure. Nevada produces over 4.5 million ounces of gold annually, generating approximately $9 billion in value, and ranks fifth globally in total gold production.

According to the World Gold Council, total gold demand in Q1 2025 reached 1,206 tonnes, up 1% year-over-year, marking the strongest first quarter since 2016. Central banks added 244 tonnes to reserves, a slight slowdown from the prior quarter but well within the strong buying range observed over the past three years. Meanwhile, silver demand is supported by strong industrial usage in solar panels, electric vehicles, and semiconductors, with long-term deficits forecast in the physical silver market.

With macro-driven demand for gold, technology-driven silver consumption, and strong institutional buying across both metals, Lahontan is uniquely positioned to capitalize through its portfolio of oxide-focused projects in a top-tier jurisdiction—offering near-term production potential and longer-term resource expansion.

Leadership Team

Kimberly Ann, Founder, CEO, President & Executive Chair, is a veteran mining executive with a track record of founding and scaling junior resource companies. She has raised over $210M in financing and led the $340M buyout of Prodigy Gold. Her prior roles include CFO of PPX Mining and founder of Latin America Resource Group, which merged with Carube Copper to form C3 Metals.

Brian Maher, Founder and VP of Exploration, is an economic geologist with more than 45 years of experience. He previously led Prodigy Gold as CEO, where he helped develop the Magino gold project before its $341M acquisition. His career includes senior roles at ASARCO, Hochschild Mining, and PPX Mining, where he oversaw exploration and production in the Americas.

John McNeice, Chief Financial Officer, is a Chartered Professional Accountant with three decades of experience in public company reporting. He has served as CFO for seven public resource companies and played a key role in Ur-Energy Inc.’s TSX IPO and $150M in financings. He also serves as CFO for Gold79 Mines, C3 Metals, and Northern Graphite Corp.

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

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

• ONAR’s acquisition-led growth operation is accelerating, with a major marketing tech acquisition set to double revenues at subsidiary Storia
• AI, data, and automation are at the core of ONAR’s efforts to help middle-market clients achieve measurable marketing performance
• Fiscal 2024 marked major operational progress, with asset growth, cost reduction, and increasing investor confidence through successful capital raises

Marketing in the Age of AI and Data

Marketing is undergoing a once-in-a-generation transformation, powered by artificial intelligence, real-time data, and next-generation automation. Today’s marketing systems aren’t static; they’re dynamic, adaptive, and personalized in real time. For growth-stage and middle-market businesses, this shift presents both a challenge and an opportunity. Navigating this landscape requires tools that are flexible, insights that are deep, and strategies grounded in data. That’s precisely where ONAR Holding Corp. (OTCQB: ONAR) is establishing itself as a market leader.

Founded in 2021, ONAR is operating a network of best-in-class, technology-first marketing agencies designed to scale client performance in the digital age. By acquiring and integrating high-performing agencies into its operations, ONAR is offering clients measurable outcomes through proprietary tech, AI-powered workflows, and creative storytelling, an essential blend in the emerging “intelligence economy” of marketing.

A Transformative 2024 Sets the Stage

According to its April 2025 shareholder letter, ONAR achieved meaningful financial and operational growth last year. The company increased total assets by $1 million year-over-year to approximately $2.45 million and closed 2024 with nearly $1 million in current assets, marking key indicators of rising business momentum. Despite ending the year with a net loss, largely attributable to the costs tied to its reverse merger and ongoing transformation, ONAR has taken active steps to strengthen its financial position.

Cost-cutting measures reduced cost of revenues by $250,000 year-over-year, while capital raising efforts brought in about $2.1 million in notes payable during the year. Much of this capital is now being converted to equity, reflecting investor confidence in ONAR’s long-term strategy and helping to improve the company’s balance sheet.

Additionally, management reports that it is in late-stage conversations to finalize a new financing round, which will support its next acquisition and fuel further expansion.

Strategic Acquisitions Driving Growth

Central to ONAR’s growth plan is its disciplined roll-up strategy: acquiring innovative martech firms that complement its existing portfolio and unlock synergy opportunities. In February 2025, ONAR announced it would acquire a high-performing marketing technology company to merge with its subsidiary Storia. Once closed, this transaction is expected to double Storia’s revenues and drive stronger EBITDA margins through tech integration and operational efficiencies.

The acquisition reflects ONAR’s broader vision: to assemble a network of best-in-class agencies that leverage technology and combine data science, creative strategy, and performance marketing under one agile, scalable platform. By embedding proprietary AI across campaign workflows, ONAR agencies deliver dynamic personalization, predictive targeting, and automation that enhances every customer touchpoint.

A $1.7 Trillion Opportunity

ONAR’s vision is set against the backdrop of a rapidly expanding global martech market. According to Coherent Market Insights, the global marketing technology market is projected to nearly triple from $575.11 billion in 2025 to $1.77 trillion by 2032, representing a 17.3% CAGR. This explosive growth is being fueled by the increasing demand for AI-powered marketing tools, automation platforms, and data-driven engagement across industries such as retail, e-commerce, finance, and healthcare.

Automation tools are expected to make up over a third of total market share in 2025, with North America leading in overall spending and Asia Pacific posting the fastest growth. For companies like ONAR, focused on deploying intelligent, scalable solutions for mid-sized businesses, the timing couldn’t be better. As digital transformation accelerates and traditional marketing tactics lose effectiveness, businesses are increasingly seeking measurable performance from their marketing spend – precisely what ONAR’s agencies deliver.

While regulatory complexity and cost remain barriers to entry for smaller players, ONAR’s model and capital access give it a competitive edge in navigating these challenges and capturing share in one of the fastest-growing segments of the digital economy.

Poised for What’s Next

With its acquisition strategy accelerating, core financials improving, and investor support growing, ONAR is positioning itself as a force in the modern marketing ecosystem. The company’s leadership is building toward a future where data, technology, and storytelling converge to transform how brands engage customers.

For investors seeking exposure to the digital marketing space, particularly those targeting middle-market growth, ONAR offers a compelling value proposition at the intersection of martech innovation and acquisition-driven scalability.

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

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