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The Personal Consumption Expenditures price index, the inflation measure the Federal Reserve targets most closely, rose 3.7% year over year in July, up from 3.6% in June, the Commerce Department reported Wednesday, coming in a touch stronger than economists had expected. Core PCE, which strips out volatile food and energy prices and is viewed as the cleaner read on underlying inflation pressure, held at 3.3% year over year, showing no improvement from the prior month.



This is the exact data release we flagged as pivotal heading into Fed Chair Kevin Warsh's upcoming Jackson Hole speech, and it landed on the more hawkish side of the range economists had modeled. The result directly conflicts with earlier reports that had shown consumer price inflation cooling over the prior couple of months, reinforcing just how genuinely unresolved the inflation picture remains heading into the fall.



The Fed has held its policy rate steady in a range of 3.50% to 3.75% since December. Warsh has publicly committed to bringing inflation back to target, but has offered no clear signal on whether he believes that can happen without additional rate increases, and Wednesday's data does nothing to support the case that it will happen on its own. Heather Long, chief economist at Navy Federal Credit Union, put it bluntly, the United States still has an inflation problem, and argued the latest data buys Warsh some time to wait and assess, but that he will need to be considerably clearer about what specific conditions would actually prompt him to raise rates.



Markets moved quickly to reprice the odds. Fed funds futures now reflect roughly a 44% probability of a September rate hike, up from about 36% just before this report, and traders are now fully pricing in that the Fed will have raised its policy rate by year end.



For companies operating below the $2 billion market cap threshold, this shift in rate expectations carries direct and immediate consequences. Small and microcap businesses typically carry considerably more variable-rate debt than large cap companies, meaning every incremental increase in the probability of a Fed hike translates into a real, measurable increase in borrowing costs across this segment of the market. This report also sharpens the stakes for Warsh's Jackson Hole address, which now arrives with markets meaningfully more convinced a hike is coming than they were just days ago, making his tone and language around this data the most consequential signal small cap investors will get before the Fed's actual September decision.

The Personal Consumption Expenditures price index, the inflation measure the Federal Reserve targets most closely, rose 3.7% year over year in July, up from 3.6% in June, the Commerce Department reported Wednesday, coming in a touch stronger than economists had expected. Core PCE, which strips out volatile food and energy prices and is viewed as the cleaner read on underlying inflation pressure, held at 3.3% year over year, showing no improvement from the prior month.



This is the exact data release we flagged as pivotal heading into Fed Chair Kevin Warsh&#8217;s upcoming Jackson Hole speech, and it landed on the more hawkish side of the range economists had modeled. The result directly conflicts with earlier reports that had shown consumer price inflation cooling over the prior couple of months, reinforcing just how genuinely unresolved the inflation picture remains heading into the fall.



The Fed has held its policy rate steady in a range of 3.50% to 3.75% since December. Warsh has publicly committed to bringing inflation back to target, but has offered no clear signal on whether he believes that can happen without additional rate increases, and Wednesday&#8217;s data does nothing to support the case that it will happen on its own. Heather Long, chief economist at Navy Federal Credit Union, put it bluntly, the United States still has an inflation problem, and argued the latest data buys Warsh some time to wait and assess, but that he will need to be considerably clearer about what specific conditions would actually prompt him to raise rates.



Markets moved quickly to reprice the odds. Fed funds futures now reflect roughly a 44% probability of a September rate hike, up from about 36% just before this report, and traders are now fully pricing in that the Fed will have raised its policy rate by year end.



For companies operating below the $2 billion market cap threshold, this shift in rate expectations carries direct and immediate consequences. Small and microcap businesses typically carry considerably more variable-rate debt than large cap companies, meaning every incremental increase in the probability of a Fed hike translates into a real, measurable increase in borrowing costs across this segment of the market. This report also sharpens the stakes for Warsh&#8217;s Jackson Hole address, which now arrives with markets meaningfully more convinced a hike is coming than they were just days ago, making his tone and language around this data the most consequential signal small cap investors will get before the Fed&#8217;s actual September decision.

The PCE Data Just Came In. It Tilts Toward a September Rate Hike, Not Away From It

Economy

Fed Rates

Inflation

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Wednesday, August 26, 2026



Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.



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



Flat is advancing rapidly.&nbsp;Tectonic is executing a five-rig, 40,000-meter drilling program at its flagship Flat Gold Project, with the primary objective of supporting a maiden NI 43-101 mineral resource estimate at Chicken Mountain in early 2027. The program is also targeting higher-grade mineralization and testing additional district-scale targets. The Chicken Mountain–Alpha Bowl system has already been traced for approximately 3.3 kilometers.



Black Creek is emerging as a second gold center.&nbsp;Tectonic released assay results from three holes drilled at the Black Creek target, including two reverse circulation and one diamond drill hole.&nbsp;Hole CMR26-152 returned 5.09 g/t gold over 21.34 meters, including 17.34 g/t over 6.10 meters. Hole CMR26-153 intersected a broader interval of 1.89 g/t over 57.91 meters, including 2.75 g/t over 38.10 meters, with higher-grade intervals of 6.31 g/t over 7.62 meters and 3.89 g/t over 6.10 meters. Diamond hole CMD26-041 returned 3.26 g/t over 5.06 meters and a deeper interval grading 16.73 g/t over 2.22 meters, including 29.91 g/t over 1.22 meters. Importantly, both RC holes ended in mineralization, indicating that the system remains open thus providing clear targets for deeper follow-up drilling.



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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Wednesday, August 26, 2026



Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.



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



Flat is advancing rapidly.&nbsp;Tectonic is executing a five-rig, 40,000-meter drilling program at its flagship Flat Gold Project, with the primary objective of supporting a maiden NI 43-101 mineral resource estimate at Chicken Mountain in early 2027. The program is also targeting higher-grade mineralization and testing additional district-scale targets. The Chicken Mountain–Alpha Bowl system has already been traced for approximately 3.3 kilometers.



Black Creek is emerging as a second gold center.&nbsp;Tectonic released assay results from three holes drilled at the Black Creek target, including two reverse circulation and one diamond drill hole.&nbsp;Hole CMR26-152 returned 5.09 g/t gold over 21.34 meters, including 17.34 g/t over 6.10 meters. Hole CMR26-153 intersected a broader interval of 1.89 g/t over 57.91 meters, including 2.75 g/t over 38.10 meters, with higher-grade intervals of 6.31 g/t over 7.62 meters and 3.89 g/t over 6.10 meters. Diamond hole CMD26-041 returned 3.26 g/t over 5.06 meters and a deeper interval grading 16.73 g/t over 2.22 meters, including 29.91 g/t over 1.22 meters. Importantly, both RC holes ended in mineralization, indicating that the system remains open thus providing clear targets for deeper follow-up drilling.



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Tectonic Metals Inc. (TETOF) - Black Creek Emerges as a Second Gold Center

Tectonic Metals

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Wednesday, August 26, 2026



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



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



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



Q4 profitability improves despite softer revenue.&nbsp;Fiscal fourth quarter revenue declined 7% to $321.7 million from $345.1 million in the prior-year period, while adj. EBITDA increased to $11.9 million from $2.7 million. Operating cash usage also improved sharply to $3.3 million from $37.5 million a year earlier, highlighting the company's improving cash conversion.&nbsp;



Healthcare Services emerges as a key earnings driver.&nbsp;Healthcare Services generated Q4 revenue of $193.5 million and adj. EBITDA of $12.1 million, with SelectRx membership of approximately 109,000. Importantly, prescription utilization continues to increase even as membership growth moderates, while the Olathe facility provides capacity for more than 200,000 members and meaningful opportunity for additional operating leverage.&nbsp;



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31457">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Wednesday, August 26, 2026



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



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



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



Q4 profitability improves despite softer revenue.&nbsp;Fiscal fourth quarter revenue declined 7% to $321.7 million from $345.1 million in the prior-year period, while adj. EBITDA increased to $11.9 million from $2.7 million. Operating cash usage also improved sharply to $3.3 million from $37.5 million a year earlier, highlighting the company&#8217;s improving cash conversion.&nbsp;



Healthcare Services emerges as a key earnings driver.&nbsp;Healthcare Services generated Q4 revenue of $193.5 million and adj. EBITDA of $12.1 million, with SelectRx membership of approximately 109,000. Importantly, prescription utilization continues to increase even as membership growth moderates, while the Olathe facility provides capacity for more than 200,000 members and meaningful opportunity for additional operating leverage.&nbsp;



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

SelectQuote (SLQT) - Cash Flow Inflection Takes Center Stage

Insurance Marketplace

SelectQuote

SLQT

<figure class="wp-block-image"><img src="https://www.noblelinx.com/images/channelchek/research-teaser-header.jpg" alt=""/></figure>



 Wednesday, August 26, 2026



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



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



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



Q2 Results.&nbsp;GDEV reported Q2 revenue of $93.6 million, down 22%, and adj. EBITDA of $20.1 million, only down 7% year over year. Notably, the year-over-year revenue decrease was primarily driven by a decline in bookings. As illustrated in Figure #1 Q2 Results, both revenue and adj. EBITDA missed our estimates of $115 million and $26 million, respectively, though adj. EBITDA proved far more resilient than revenue.



Marketing discipline held margins.&nbsp;That resilience was largely due to lower selling and marketing expenses, which fell 38% to $32.7 million from $52.5 million, lifting the adj. EBITDA margin to roughly 21% from 18% even as revenue declined. The reduction stems from the company's more disciplined strategy for user acquisition, which focuses on higher-value cohorts rather than volume.



<h2 class="wp-block-heading"> <a href="https://www.channelchek.com/research-reports/31456">Get the Full Report</a></h2>



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

Wednesday, August 26, 2026



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



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



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



Q2 Results.&nbsp;GDEV reported Q2 revenue of $93.6 million, down 22%, and adj. EBITDA of $20.1 million, only down 7% year over year. Notably, the year-over-year revenue decrease was primarily driven by a decline in bookings. As illustrated in Figure #1 Q2 Results, both revenue and adj. EBITDA missed our estimates of $115 million and $26 million, respectively, though adj. EBITDA proved far more resilient than revenue.



Marketing discipline held margins.&nbsp;That resilience was largely due to lower selling and marketing expenses, which fell 38% to $32.7 million from $52.5 million, lifting the adj. EBITDA margin to roughly 21% from 18% even as revenue declined. The reduction stems from the company&#8217;s more disciplined strategy for user acquisition, which focuses on higher-value cohorts rather than volume.



Get the Full Report



Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).



*Analyst certification and important disclosures included in the full report.&nbsp;NOTE: investment decisions should not be based upon the content of this research summary.&nbsp;Proper due diligence is required before making any investment decision.&nbsp;

GDEV (GDEV) - Profitability Outpaces Growth As Bookings Soften

GDEV

Noble Capital Markets Research Morning Call

Volato Group (NYSE American: SOAR), which built its business around AI-powered software for aviation and operates the Vaunt private aviation membership marketplace, has signed a definitive agreement to merge with Alignment Engine, an Ohio-based AI infrastructure company, in a transaction valuing Alignment Engine at approximately $500 million. Volato will remain the publicly traded parent company once the deal closes, but the combination represents a complete transformation of what the company actually does, pivoting from aviation technology toward data centers, high-performance computing, and AI infrastructure.



The centerpiece of the deal is Alignment Engine's powered industrial campus in Ohio, which currently has 154 megawatts of available power with total planned capacity of 480 megawatts. Volato intends to use that infrastructure to support high-performance GPU compute and networking for AI training and inference, along with other compute-intensive workloads, positioning the combined company to lease or operate data center capacity for AI customers rather than continuing to build aviation software.



This transaction did not appear out of nowhere. In June, Volato secured a $2.2 million strategic investment led by Catheter Precision specifically to strengthen its balance sheet while it evaluated acquisition and merger opportunities in AI infrastructure, data infrastructure, compute, and power generation. That investment came shortly after Volato terminated a previously announced transaction with a different party, and the company disclosed at the time it had already received two unsolicited, non-binding letters of intent related to AI data center and power generation opportunities. This merger with Alignment Engine appears to be the outcome of that broader strategic search.



Investors need to weigh this deal with real care. Volato is transforming from a small, aviation-focused company with no meaningful prior track record in data center development or operation into an AI infrastructure platform almost overnight. Alignment Engine's power capacity is genuine and substantial, but having available power is only one piece of what it actually takes to build, finance, and operate a functioning data center campus at scale, additional capital for construction, cooling infrastructure, customer contracts, and specialized operational expertise all still need to come together. The company's own recent history, including a terminated prior transaction and a small bridge investment just to fund due diligence on opportunities like this one, reflects a business still very much in transition rather than one with established execution in this space.



That said, the strategic logic behind the pivot is consistent with the broader data center construction boom we detailed in a recent cornerstone piece on this exact theme, where power availability has become one of the single largest bottlenecks constraining new AI infrastructure development nationally. A company with 154 megawatts already available, rather than merely planned, is positioning itself around a genuine scarcity in that buildout. Whether Volato can successfully execute on that opportunity, rather than simply owning the right raw materials, will be the real test in the months ahead.

Volato Group (NYSE American: SOAR), which built its business around AI-powered software for aviation and operates the Vaunt private aviation membership marketplace, has signed a definitive agreement to merge with Alignment Engine, an Ohio-based AI infrastructure company, in a transaction valuing Alignment Engine at approximately $500 million. Volato will remain the publicly traded parent company once the deal closes, but the combination represents a complete transformation of what the company actually does, pivoting from aviation technology toward data centers, high-performance computing, and AI infrastructure.



The centerpiece of the deal is Alignment Engine&#8217;s powered industrial campus in Ohio, which currently has 154 megawatts of available power with total planned capacity of 480 megawatts. Volato intends to use that infrastructure to support high-performance GPU compute and networking for AI training and inference, along with other compute-intensive workloads, positioning the combined company to lease or operate data center capacity for AI customers rather than continuing to build aviation software.



This transaction did not appear out of nowhere. In June, Volato secured a $2.2 million strategic investment led by Catheter Precision specifically to strengthen its balance sheet while it evaluated acquisition and merger opportunities in AI infrastructure, data infrastructure, compute, and power generation. That investment came shortly after Volato terminated a previously announced transaction with a different party, and the company disclosed at the time it had already received two unsolicited, non-binding letters of intent related to AI data center and power generation opportunities. This merger with Alignment Engine appears to be the outcome of that broader strategic search.



Investors need to weigh this deal with real care. Volato is transforming from a small, aviation-focused company with no meaningful prior track record in data center development or operation into an AI infrastructure platform almost overnight. Alignment Engine&#8217;s power capacity is genuine and substantial, but having available power is only one piece of what it actually takes to build, finance, and operate a functioning data center campus at scale, additional capital for construction, cooling infrastructure, customer contracts, and specialized operational expertise all still need to come together. The company&#8217;s own recent history, including a terminated prior transaction and a small bridge investment just to fund due diligence on opportunities like this one, reflects a business still very much in transition rather than one with established execution in this space.



That said, the strategic logic behind the pivot is consistent with the broader data center construction boom we detailed in a recent cornerstone piece on this exact theme, where power availability has become one of the single largest bottlenecks constraining new AI infrastructure development nationally. A company with 154 megawatts already available, rather than merely planned, is positioning itself around a genuine scarcity in that buildout. Whether Volato can successfully execute on that opportunity, rather than simply owning the right raw materials, will be the real test in the months ahead.

A Private Aviation Company Just Signed a $500 Million Deal to Become an AI Data Center Operator

AI Infrastructure

Alignment Engine

Merger

Private Aviation

Trade talks between the United States and Canada collapsed over the weekend, prompting Washington to impose 50% tariffs on a wide range of Canadian goods, including furniture, dairy products, electrical equipment, and plywood. Canada's Finance Department responded Tuesday with its own retaliatory tariffs. Markets, notably, barely flinched. The Dow, S&amp;P 500, and Nasdaq all posted modest gains Tuesday, and the Russell 2000 advanced as well, suggesting investors are treating this escalation as manageable rather than systemically threatening, at least for now.



What makes this dispute genuinely interesting from a market perspective is not what got tariffed, it is what deliberately did not. Crude oil, one of the largest categories of trade flowing between the two countries, was left entirely out of the new 50% tariffs, and neither government appears eager to bring it into the fight.



Why Oil Is the One Line Neither Side Wants to Cross



The scale of that exemption is significant. The United States buys roughly 90% of all Canadian crude exports, worth approximately CA$126 billion of Canada's CA$140 billion total in 2025, while Canada supplies roughly 63% of all US crude imports. That dependence reflects decades of physical infrastructure investment rather than a relationship either country could quickly unwind. Alberta's oil sands produce heavy bitumen, and US refiners, particularly across the Midwest and Gulf Coast, spent billions of dollars building capacity specifically configured to process that heavier crude. Meanwhile, America's own shale boom has made it the world's largest oil producer, but that production is overwhelmingly light, sweet crude, creating a structural mismatch where the US exports large volumes of its own light oil while importing millions of barrels of heavier Canadian crude every single day.



Canada, for its part, has limited ability to simply redirect that oil elsewhere. The expanded Trans Mountain pipeline gives Alberta producers new access to Pacific coast export markets, but its roughly 890,000 barrel-per-day capacity is dwarfed by the nearly 3.9 million barrels shipped south to the US daily. President Trump acknowledged this interdependence directly in public comments this week, pointing to Canada's own reliance on US infrastructure to move electricity, oil, and gas between its own provinces, a reference to cross-border pipeline routes like Enbridge's Line 5, which carries Canadian oil through Wisconsin and Michigan before crossing back into Ontario. That mutual physical dependence is precisely why energy has remained exempt even as tariffs on nearly everything else have escalated sharply.



If oil were eventually pulled into this dispute, the consequences would ripple in multiple directions. US refiners, as the importers of record, would bear the tariff directly and would likely respond by demanding steeper discounts from Canadian producers, while also passing at least some of the higher input costs through to consumers at the pump, directly reversing the gas price relief seen earlier this summer. Canadian producers would face the opposite squeeze, a shrinking pool of buyers willing to pay full price for barrels with nowhere else to go at comparable volume.



For investors tracking the small and microcap space, this dispute carries two distinct layers of exposure. Companies with direct supply chain exposure to the newly tariffed categories, furniture, dairy, electrical components, and building materials like plywood, are facing real, immediate cost pressure right now. Energy-adjacent companies, meanwhile, are watching a very different, still-hypothetical risk: what happens if this trade fight eventually escalates into the one category both governments have so far treated as off-limits. Markets shrugging off Tuesday's escalation suggests investors currently believe that line will hold. Whether it actually does may prove to be the more consequential question heading into the fall, particularly with<a href="https://www.channelchek.com/news-channel/the-feds-september-decision-comes-down-to-one-number-nobody-has-seen-yet"> the Fed's Jackson Hole speech still ahead</a> and the <a href="https://www.channelchek.com/news-channel/30-year-treasury-yields-just-hit-their-highest-level-since-2007-four-forces-are-colliding-at-once">Treasury's bond market intervention already testing</a> how much stress the system can absorb at once.

Trade talks between the United States and Canada collapsed over the weekend, prompting Washington to impose 50% tariffs on a wide range of Canadian goods, including furniture, dairy products, electrical equipment, and plywood. Canada&#8217;s Finance Department responded Tuesday with its own retaliatory tariffs. Markets, notably, barely flinched. The Dow, S&amp;P 500, and Nasdaq all posted modest gains Tuesday, and the Russell 2000 advanced as well, suggesting investors are treating this escalation as manageable rather than systemically threatening, at least for now.



What makes this dispute genuinely interesting from a market perspective is not what got tariffed, it is what deliberately did not. Crude oil, one of the largest categories of trade flowing between the two countries, was left entirely out of the new 50% tariffs, and neither government appears eager to bring it into the fight.



Why Oil Is the One Line Neither Side Wants to Cross



The scale of that exemption is significant. The United States buys roughly 90% of all Canadian crude exports, worth approximately CA$126 billion of Canada&#8217;s CA$140 billion total in 2025, while Canada supplies roughly 63% of all US crude imports. That dependence reflects decades of physical infrastructure investment rather than a relationship either country could quickly unwind. Alberta&#8217;s oil sands produce heavy bitumen, and US refiners, particularly across the Midwest and Gulf Coast, spent billions of dollars building capacity specifically configured to process that heavier crude. Meanwhile, America&#8217;s own shale boom has made it the world&#8217;s largest oil producer, but that production is overwhelmingly light, sweet crude, creating a structural mismatch where the US exports large volumes of its own light oil while importing millions of barrels of heavier Canadian crude every single day.



Canada, for its part, has limited ability to simply redirect that oil elsewhere. The expanded Trans Mountain pipeline gives Alberta producers new access to Pacific coast export markets, but its roughly 890,000 barrel-per-day capacity is dwarfed by the nearly 3.9 million barrels shipped south to the US daily. President Trump acknowledged this interdependence directly in public comments this week, pointing to Canada&#8217;s own reliance on US infrastructure to move electricity, oil, and gas between its own provinces, a reference to cross-border pipeline routes like Enbridge&#8217;s Line 5, which carries Canadian oil through Wisconsin and Michigan before crossing back into Ontario. That mutual physical dependence is precisely why energy has remained exempt even as tariffs on nearly everything else have escalated sharply.



If oil were eventually pulled into this dispute, the consequences would ripple in multiple directions. US refiners, as the importers of record, would bear the tariff directly and would likely respond by demanding steeper discounts from Canadian producers, while also passing at least some of the higher input costs through to consumers at the pump, directly reversing the gas price relief seen earlier this summer. Canadian producers would face the opposite squeeze, a shrinking pool of buyers willing to pay full price for barrels with nowhere else to go at comparable volume.



For investors tracking the small and microcap space, this dispute carries two distinct layers of exposure. Companies with direct supply chain exposure to the newly tariffed categories, furniture, dairy, electrical components, and building materials like plywood, are facing real, immediate cost pressure right now. Energy-adjacent companies, meanwhile, are watching a very different, still-hypothetical risk: what happens if this trade fight eventually escalates into the one category both governments have so far treated as off-limits. Markets shrugging off Tuesday&#8217;s escalation suggests investors currently believe that line will hold. Whether it actually does may prove to be the more consequential question heading into the fall, particularly with the Fed&#8217;s Jackson Hole speech still ahead and the Treasury&#8217;s bond market intervention already testing how much stress the system can absorb at once.

The US and Canada Are in a Trade War. Here Is the One Product Both Sides Are Deliberately Leaving Alone

Crude Oil

Tariffs

Trade War

US-Canada

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<a href="https://www.channelchek.com/company/esea">Research News and Market Data on ESEA </a>



August 25, 2026 09:00 ET&nbsp;&nbsp;| Source:&nbsp;<a href="https://www.globenewswire.com/en/search/organization/Euroseas">Euroseas</a>



ATHENS, Greece, Aug. 25, 2026 (GLOBE NEWSWIRE) -- Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract extension for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $26,000. The new period will commence at the end of October 2026, following the completion of the vessel’s scheduled dry-dock, and will run in direct continuation of the current charter contract.



Aristides Pittas, Chairman and CEO of Euroseas, commented:&nbsp;“We are very pleased to announce the extension of the time charter contract for our feeder containership, M/V Jonathan P, in direct continuation of her present charter, for 24-26 months at a profitable rate of $26,000/day. Despite the typical summer slowdown and ongoing geopolitical uncertainty, the containership charter market has remained active with strong operator demand and limited vessel availability continuing to firm charter terms both in terms of rates and contract periods. The charter is expected to generate approximately $12.7 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 97%, 86% and 50%, respectively.”



Fleet Profile: The Euroseas Ltd. fleet profile is currently as follows:



<figure class="wp-block-image size-large"><img src="https://dashboard.channelchek.com/wp-content/uploads/2026/08/image-61-1024x498.png" alt="" class="wp-image-105250"/></figure>



<figure class="wp-block-image size-large"><img src="https://dashboard.channelchek.com/wp-content/uploads/2026/08/image-62-1024x298.png" alt="" class="wp-image-105251"/></figure>



 Notes: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+). (**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period. (***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.



About Euroseas Ltd.



Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.&nbsp; Euroseas operates in the container shipping market. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.&nbsp; The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 33 vessels with a total carrying capacity of 97,396 teu.



 Forward Looking Statement



This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.&nbsp;



Visit our website&nbsp;<a href="https://www.globenewswire.com/Tracker?data=WJtpocjXzUrom1H-mqAXcdtymVY0NSGpHK8BRxQVuWJQIQ45OFgRKRRRhr12iDcUoesaf7Y0WvyWmuHAmxXP2YKdvv7z5h9YEcfZdWvXgw4=" rel="noopener" target="_blank">www.euroseas.gr</a>



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Company Contact</td><td>Investor Relations / Financial Media</td></tr><tr><td>Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane, Watchung, NJ 07069 Tel. (908) 301-9091 E-mail:&nbsp;<a href="mailto:aha@euroseas.gr" rel="noopener" target="_blank">aha@euroseas.gr</a></td><td>Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661-7566 E-mail:&nbsp;<a href="mailto:euroseas@capitallink.com" rel="noopener" target="_blank">euroseas@capitallink.com</a></td></tr></tbody></table></figure>

Research News and Market Data on ESEA 



August 25, 2026 09:00 ET&nbsp;&nbsp;| Source:&nbsp;Euroseas



ATHENS, Greece, Aug. 25, 2026 (GLOBE NEWSWIRE) &#8212; Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today a time charter contract extension for its 2006-built 1,740 teu feeder containership, M/V Jonathan P, for a minimum period of 24 to a maximum period of 26 months, at the option of the charterer, at a gross daily rate of $26,000. The new period will commence at the end of October 2026, following the completion of the vessel’s scheduled dry-dock, and will run in direct continuation of the current charter contract.



Aristides Pittas, Chairman and CEO of Euroseas, commented:&nbsp;“We are very pleased to announce the extension of the time charter contract for our feeder containership, M/V Jonathan P, in direct continuation of her present charter, for 24-26 months at a profitable rate of $26,000/day. Despite the typical summer slowdown and ongoing geopolitical uncertainty, the containership charter market has remained active with strong operator demand and limited vessel availability continuing to firm charter terms both in terms of rates and contract periods. The charter is expected to generate approximately $12.7 million of EBITDA over the minimum contracted period and increases our charter coverage for 2026, 2027, and 2028 to about 97%, 86% and 50%, respectively.”



Fleet Profile:The Euroseas Ltd. fleet profile is currently as follows:











Notes:(*) TC denotes time charter. Charter duration indicates the earliest redelivery date; all dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).(**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period.(***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.



About Euroseas Ltd.



Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.&nbsp;Euroseas operates in the container shipping market. Euroseas&#8217; operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.&nbsp;The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships with a cargo capacity of 61,144 teu. After the delivery of four intermediate and eight feeder containership newbuildings between 2027 and 2029, Euroseas’ fleet will consist of 33 vessels with a total carrying capacity of 97,396 teu.



Forward Looking Statement



This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company&#8217;s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;hopes,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company&#8217;s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company&#8217;s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.&nbsp;



Visit our website&nbsp;www.euroseas.gr



Company ContactInvestor Relations / Financial MediaTasos AslidisChief Financial OfficerEuroseas Ltd.11 Canterbury Lane,Watchung, NJ 07069Tel. (908) 301-9091E-mail:&nbsp;aha@euroseas.grNicolas BornozisMarkella KaraCapital Link, Inc.230 Park Avenue, Suite 1540New York, NY 10169Tel. (212) 661-7566E-mail:&nbsp;euroseas@capitallink.com

Release - Euroseas Ltd. Announces 2-Year Charter Contract Extension for its Feeder Containership, M/V Jonathan P

ESEA

Euroseas

<figure class="wp-block-image aligncenter is-resized"><img src="https://geovax.com/wp-content/uploads/2026/08/GeoVax_logo.jpg" alt="GeoVax, Inc." style="aspect-ratio:3.787878787878788;width:156px;height:auto"/></figure>



<a href="https://www.channelchek.com/company/govx">Research News and Market Data on GOVX</a>



Selections of CRO and European Clinical Sites Represent Significant Milestones Toward Initiation of the GEO-MVA Immunobridging Study



ATLANTA, GA – August 25, 2026 –&nbsp;GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and solid tumor cancers, today announced that it has selected the contract research organization (CRO) and European clinical trial sites planned to support the critical immunobridging portion of GEO-MVA-301, the Company’s pivotal Phase 3 clinical program evaluating GEO-MVA as a vaccine against mpox and smallpox.



The selections represent another important operational readiness milestone as GeoVax advances preparations for the European immunobridging study. The randomized, double-blind study is designed to compare the immunogenicity and safety of GEO-MVA with the licensed MVA vaccine in healthy adults.



The selected European clinical sites have extensive experience conducting late-stage vaccine studies and were evaluated for their ability to support timely recruitment across the study’s required adult age groups, intensive immunogenicity sampling, participant retention and high-quality clinical execution. GeoVax has also established contingency site capacity intended to provide additional recruitment flexibility if required.&nbsp; The immunobridging study is designed to be completed within 8-12 weeks, initiated in Q4 2026, with results announced by mid-2027.



“Selection of our CRO and European clinical sites moves GEO-MVA another important step from development planning toward clinical execution,” said David Dodd, Chairman and Chief Executive Officer of GeoVax. “We now have critical components of the pivotal study infrastructure identified and aligned, and the program is increasingly taking shape as an execution-ready clinical program.”



Dodd continued, “These milestones are particularly important because they reflect progress across multiple workstreams – not simply clinical-site selection. Manufacturing readiness, regulatory planning, clinical operations, comparator strategy and site preparation are being brought together around a defined pivotal development pathway. We believe these activities position us to move efficiently toward study initiation as the remaining requirements are completed.”



<h2 class="wp-block-heading">A Focused Pivotal Development Strategy</h2>



The immunobridging study is planned to enroll 500 healthy adult participants at European clinical sites and evaluate whether immune responses generated by GEO-MVA are non-inferior to those generated by the licensed MVA comparator vaccine.&nbsp; GeoVax expects meeting the non-inferiority criteria will form the basis for approval by the European Medicines Agency (EMA), providing eligibility for GEO-MVA procurement.



The study will evaluate neutralizing antibody responses and seroconversion against vaccinia and mpox viruses, together with additional immunogenicity and safety measures. Enrollment is planned across multiple adult age groups to support a representative clinical dataset.



The study design incorporates an initial safety lead-in cohort, followed by enrollment of the remaining immunobridging study participants. The CRO and site-selection process emphasized capabilities considered important for efficient execution of the pivotal program, including:



<ul class="wp-block-list">
<li>Experience conducting Phase 2 and Phase 3 vaccine trials;</li>



<li>Demonstrated ability to timely recruit healthy adult volunteers; Experience managing registration-enabling clinical programs;</li>



<li>Established clinical and regulatory infrastructure in Europe;</li>



<li>Ability to support intensive immunogenicity sampling and rigorous safety oversight; and</li>



<li>Recruitment capacity and contingency planning designed to protect program timelines.</li>
</ul>



“Our objective has been to systematically remove the operational dependencies between GEO-MVA and initiation of the pivotal study,” Dodd said. “With each readiness milestone, the program becomes more tangible: the clinical pathway is defined, the vaccine has been manufactured, and we are now putting the clinical execution infrastructure in place. There is still work ahead, including regulatory and financing requirements, but the pieces necessary to execute the program are increasingly coming together.”



<h2 class="wp-block-heading">About GEO-MVA</h2>



GEO-MVA is GeoVax’s MVA-based vaccine candidate being developed for prevention of mpox and smallpox. GEO-MVA is a highly attenuated, replication-deficient poxvirus vaccine derived from the same original MVA lineage as currently licensed MVA vaccines. The planned GEO-MVA-301 pivotal program is designed to evaluate the immunogenicity and safety of GEO-MVA relative to an approved MVA comparator vaccine and, if successful, support regulatory submissions seeking marketing authorization.



<h2 class="wp-block-heading">About GeoVax</h2>



GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit&nbsp;<a href="http://www.geovax.com/">www.geovax.com</a>.



Forward-Looking Statements



This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.



Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.



Company Contact: <a href="mailto:info@geovax.com">info@geovax.com</a> 678-384-7220



Media Contact: Jessica Starman <a href="mailto:media@geovax.com">media@geovax.com</a>

Research News and Market Data on GOVX



Selections of CRO and European Clinical Sites Represent Significant Milestones Toward Initiation of the GEO-MVA Immunobridging Study



ATLANTA, GA – August 25, 2026 –&nbsp;GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and solid tumor cancers, today announced that it has selected the contract research organization (CRO) and European clinical trial sites planned to support the critical immunobridging portion of GEO-MVA-301, the Company’s pivotal Phase 3 clinical program evaluating GEO-MVA as a vaccine against mpox and smallpox.



The selections represent another important operational readiness milestone as GeoVax advances preparations for the European immunobridging study. The randomized, double-blind study is designed to compare the immunogenicity and safety of GEO-MVA with the licensed MVA vaccine in healthy adults.



The selected European clinical sites have extensive experience conducting late-stage vaccine studies and were evaluated for their ability to support timely recruitment across the study’s required adult age groups, intensive immunogenicity sampling, participant retention and high-quality clinical execution. GeoVax has also established contingency site capacity intended to provide additional recruitment flexibility if required.&nbsp; The immunobridging study is designed to be completed within 8-12 weeks, initiated in Q4 2026, with results announced by mid-2027.



“Selection of our CRO and European clinical sites moves GEO-MVA another important step from development planning toward clinical execution,” said David Dodd, Chairman and Chief Executive Officer of GeoVax. “We now have critical components of the pivotal study infrastructure identified and aligned, and the program is increasingly taking shape as an execution-ready clinical program.”



Dodd continued, “These milestones are particularly important because they reflect progress across multiple workstreams – not simply clinical-site selection. Manufacturing readiness, regulatory planning, clinical operations, comparator strategy and site preparation are being brought together around a defined pivotal development pathway. We believe these activities position us to move efficiently toward study initiation as the remaining requirements are completed.”



A Focused Pivotal Development Strategy



The immunobridging study is planned to enroll 500 healthy adult participants at European clinical sites and evaluate whether immune responses generated by GEO-MVA are non-inferior to those generated by the licensed MVA comparator vaccine.&nbsp; GeoVax expects meeting the non-inferiority criteria will form the basis for approval by the European Medicines Agency (EMA), providing eligibility for GEO-MVA procurement.



The study will evaluate neutralizing antibody responses and seroconversion against vaccinia and mpox viruses, together with additional immunogenicity and safety measures. Enrollment is planned across multiple adult age groups to support a representative clinical dataset.



The study design incorporates an initial safety lead-in cohort, followed by enrollment of the remaining immunobridging study participants. The CRO and site-selection process emphasized capabilities considered important for efficient execution of the pivotal program, including:




Experience conducting Phase 2 and Phase 3 vaccine trials;



Demonstrated ability to timely recruit healthy adult volunteers; Experience managing registration-enabling clinical programs;



Established clinical and regulatory infrastructure in Europe;



Ability to support intensive immunogenicity sampling and rigorous safety oversight; and



Recruitment capacity and contingency planning designed to protect program timelines.




“Our objective has been to systematically remove the operational dependencies between GEO-MVA and initiation of the pivotal study,” Dodd said. “With each readiness milestone, the program becomes more tangible: the clinical pathway is defined, the vaccine has been manufactured, and we are now putting the clinical execution infrastructure in place. There is still work ahead, including regulatory and financing requirements, but the pieces necessary to execute the program are increasingly coming together.”



About GEO-MVA



GEO-MVA is GeoVax’s MVA-based vaccine candidate being developed for prevention of mpox and smallpox. GEO-MVA is a highly attenuated, replication-deficient poxvirus vaccine derived from the same original MVA lineage as currently licensed MVA vaccines. The planned GEO-MVA-301 pivotal program is designed to evaluate the immunogenicity and safety of GEO-MVA relative to an approved MVA comparator vaccine and, if successful, support regulatory submissions seeking marketing authorization.



About GeoVax



GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit&nbsp;www.geovax.com.



Forward-Looking Statements



This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.



Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.



Company Contact:info@geovax.com678-384-7220



Media Contact:Jessica Starmanmedia@geovax.com

Release - GeoVax Advances GEO-MVA Toward Pivotal Phase 3 Study Implementation

GeoVax Labs

GOVX

Research News and Market Data on TETOF



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Multiple High-Grade Drill Intercepts, Broad Intervals and Holes Ending in Mineralization Signal a Growing Gold System; Six Additional Drill Holes Pending



VANCOUVER, B.C., August 25, 2026 – Tectonic Metals Inc.&nbsp;(“Tectonic” or the “Company”)&nbsp;(TSX-V: TECT; OTCQX: TETOF)&nbsp;today reported new drill assay results from Black Creek, one of six intrusion-related district targets located within the Company’s flagship 99,840-acre Flat Gold Project (“Flat”) in southwest Alaska, U.S. The results confirm a second consecutive season of high-grade gold mineralization at Black Creek and strengthen the Company’s view that the target has the potential to emerge as a second gold intrusive centre at Flat, approximately six kilometres (“km”) northeast of the main bulk-tonnage, heap leach Chicken Mountain target.



2026 Black Creek Drill Assay Highlights




CMR26-152: 5.09 grams per tonne gold (“g/t Au”) over 21.34 metres (“m”) including 17.34 g/t Au over 6.10 m;



CMR26-153: 1.89 g/t Au over 57.91.c m, including 2.75 g/t Au over 38.10 m with 6.31 g/t Au over 7.62 m and 3.89 g/t Au over 6.10 m; and,



CMD26-041: 3.26 g/t Au over 5.06m and 16.73 g/t Au over 2.20 m, including 29.91 g/t Au over 1.22 m.



Importantly, both reverse-circulation (“RC”) holes CMR26-152 and CMR26-153 ended in mineralization, providing clear opportunities to expand the system further at depth and along strike.




Multimedia




Black Creek Drill Plan Maps and Images



Black Creek Drill Plan Video




Assays are also pending from six additional Black Creek drill holes, including holes that intersected prospective hornfels and mafic dykes, features typically associated with higher-grade mineralization at Black Creek and other Reduced Intrusion Related Gold Systems (RIRGS).



The latest results build on Black Creek’s initial 2025 drilling, reported by the Company on&nbsp;January&nbsp;29, 20261, which returned&nbsp;4.50 g/t Au over 48.77 m,&nbsp;including&nbsp;7.79 g/t Au over 24.38 m&nbsp;and&nbsp;15.19&nbsp;g/t Au over 6.10 m. Together, the recurring high-grade results, broad mineralized intervals, large exploration footprint and improving geological model strengthen Tectonic’s view that Black Creek has the potential to emerge as a second gold intrusive centre at Flat.



Tony Reda, Co-Founder, President &amp; CEO of Tectonic Metals, commented:



“Our 2025 drilling established Black Creek as a compelling high-grade discovery. These 2026 results take it further, delivering multiple high-grade intercepts over meaningful widths with the system remaining open in all directions. Importantly, high-grade gold is now recurring across multiple holes and successive drill programs within the same prospective hornfelsed intrusion-margin setting. Together, these results are defining a coherent geological pattern and providing growing evidence of a potentially significant gold system.



“I have always believed that big gold systems leave big footprints. At Black Creek, drilling lies within a much larger, kilometre-scale convergence of gold-in-soil anomalies, geophysics, favourable geology and significant historical placer and lode gold production. We have tested only a small portion of that footprint, yet we are already seeing important indicators of grade and scale. Our next step is to further understand the geological controls, establish continuity and systematically test the scale of the system.



“Located six kilometres from Chicken Mountain, Black Creek is emerging as a potential second significant gold centre within Flat’s more than 20-kilometre-long volcano-plutonic complex. Its high-grade mineralization occurs in a different host rock than the monzonite-dominant mineralization at Chicken Mountain, demonstrating that gold at Flat is not confined to a single intrusion or geological setting. Black Creek is one of six kilometre-scale intrusion-related targets identified to date, collectively highlighting an opportunity that extends well beyond one potential deposit, one intrusion and one host rock.”



Figure 1: Simplified regional geology map of the Flat Gold Project,&nbsp;highlighting the Black Creek drilling area.







Black Creek: Building Evidence of a Second Gold Centre



Tectonic prioritized Black Creek for follow-up drilling in 2026 after its first-ever program at the target returned near-surface high-grade gold in hornfelsed sedimentary rock:&nbsp;4.50 g/t Au over 48.77 m&nbsp;in hole CMR25-059, including&nbsp;7.79 g/t Au over 24.38 m&nbsp;and&nbsp;15.19 g/t Au over 6.10 m. The 2026 program was designed to test whether the 2025 drill discovery was part of a broader mineralized system.



The new drilling was successful in expanding the Black Creek system. High-grade gold has now been intersected in multiple holes and successive drill campaigns, with broad mineralized envelopes surrounding higher-grade internal intervals. Both 2026 RC holes ended in mineralization, and the deepest high-grade interval in diamond hole CMD26-041 occurs at approximately 202 m downhole, demonstrating gold mineralization through a substantial vertical range.



Broader mineralization of 0.39 g/t Au over 29.50 m, 0.66 g/t Au over 16.68 m and 0.41 g/t Au over 27.25 m was hosted in heavily fractured oxidized and non-oxidized hornfels and altered mafic dyke units with centimetre- to millimetre-scale quartz-to-quartz carbonate veining. Higher grade intervals, represented by 16.73 g/t Au over 2.22 m. were hosted within quartz-carbonate-stibnite veining. This newly intersected mineralization in the diamond drilling suggests that mineralization continues at depth from near-surface high-grade mineralization and remains open in all directions.



The Black Creek intrusion lies approximately six km northeast of Chicken Mountain within the more than 20-kilometre-long Flat volcano-plutonic complex. The target is supported by a 2.3 km by 1.5&nbsp;km resistive electromagnetic anomaly and an approximately 1,500 m by 700 m gold-in-soil anomaly, providing a large exploration framework relative to the area tested by drilling to date.



The broader target area also has a substantial historical gold endowment and a long history of placer gold production, totalling approximately&nbsp;450,000 ounces from Black Creek and upper Otter Creek. The historical hard rock mine at Black Creek reportedly produced approximately&nbsp;2,707 ounces of gold at an average grade of 12.00 g/t Au between 1925 and 1938.2,



The convergence of historical gold production, kilometre-scale soil and electromagnetic anomalies, and repeat high-grade bedrock intercepts signals a compelling, multi-dataset exploration vector. Drilling has tested only a small portion of that broader footprint.



Figure 2: Black Creek regional geology, drilling area, and soil contour map,&nbsp;highlighting the mineralized corridors and the gold-in-soil anomaly







Drilling Refines the Geological Model at Black Creek and Other Regional Targets, Providing Clearer Vectors to Higher-Grade Gold



The 2026 program is materially improving Tectonic’s understanding of the lithological and structural controls on gold at Black Creek and providing a vectoring framework that may be applicable elsewhere across the Flat district.



Gold is hosted principally in altered and hornfelsed Kuskokwim Group clastic sedimentary rocks and is associated with quartz to quartz-carbonate-stibnite veining, oxidation, fracturing and mafic dykes. Higher-grade intervals occur within this broader mineralized hornfels package, locally near mapped or modelled mafic dykes.



This host setting is geologically important because hornfelsed sedimentary rocks occur along intrusion margins elsewhere at Flat, including Chicken Mountain, Golden Apex, Horseshoe, Jam and Caribou. As a result, Black Creek establishes a district-relevant exploration model in a host rock that significantly expands the prospective search space beyond intrusion-hosted mineralization alone.



Updated geologic modelling is integrating lithology, hornfels intensity, mafic dykes, intrusion contacts, veining and assay data. The emerging model will be used to test whether higher-grade shoots are controlled by intrusive contacts, dyke margins, structural permeability, or the intersection of these features. Oriented follow-up drilling is required to resolve geometry and true widths.



Figure 3: Updated geological model of the Black Creek Target Area,&nbsp;notably updated hornfels and mafic dyke units that have been observed and characterized to host higher-grade gold mineralization.







Maggie Layman, Vice President Exploration, commented:



“The 2026 drilling is providing an important step forward in our understanding of Black Creek. The association of mineralization with hornfels, mafic dykes and intrusion contacts is helping us refine our geological model and identify priority targets for follow-up drilling.



“With mineralization remaining open in multiple directions and additional assays pending, we see a strong opportunity to continue expanding and defining not only the Black Creek system but also to apply these geological insights to other priority targets across the Flat district.”



Multiple Catalysts Ahead



Tectonic is advancing Black Creek alongside Chicken Mountain and a portfolio of kilometre-scale intrusion-related targets as part of a systematic strategy to test the full district-scale potential of Flat. Near-term catalysts and exploration activities include:




Assays pending from six additional Black Creek drill holes, several of which intersected prospective hornfels and mafic dykes;



Follow-up drilling below CMR26-152 and CMR26-153 and along strike to test continuity, orientation and true width;



Integration of assay, structural, lithological and geophysical data into the three-dimensional geological model; and



Application of the emerging Black Creek targeting model to other intrusion-margin targets across the Flat district.



Additional assay results from Chicken Mountain are also expected as Tectonic continues expansion and resource-definition drilling toward a maiden mineral resource estimate targeted for early 2027.




Figure 4: Cross section L1-L1’ showing updated Mafic Dyke units and Hornfels,&nbsp;highlighting the higher-grade mineralization across the drilled section







Figure 5: Cross section L2-L2’ showing updated geological model,&nbsp;highlighting the latest high-grade drill composites and holes with assays pending.







A summary of the assay results is presented in Table 1.



Table&nbsp;1 – 2026 Black Creek&nbsp;Drill Assay Results











Note: All reported intercepts are&nbsp;downhole lengths,&nbsp;as insufficient data exist to&nbsp;determine&nbsp;true widths. Select composites&nbsp;utilize&nbsp;0.10, 0.30 or 0.50 g/t Au cut-offs, with&nbsp;a maximum continuous interval of 3.20 m (two sample) below the applicable&nbsp;cut-off inclusion.



Table&nbsp;2. Drill Hole Details at Black Creek







Qualified Person&nbsp;&nbsp;&nbsp;



Tectonic Metals’ disclosure of technical or scientific information in this press release has been reviewed,&nbsp;verified&nbsp;and approved by Peter Kleespies, M.Sc.,&nbsp;P.Geo., Chief Geological Officer, who is a Qualified Person&nbsp;in accordance with&nbsp;Canadian regulatory requirements set out in National Instrument 43-101.&nbsp;&nbsp;



Analytical work for the 2026 Flat project drilling program was performed by ALS Global (“ALS”), an internationally recognized and accredited laboratory independent of Tectonic. On-site, core and reverse circulation samples were sealed in security-tagged bags and shipped under strict chain-of-custody protocols to the Lynden Transport logistics operator in Anchorage, Alaska, for delivery to ALS facilities in Vancouver, British Columbia.



Upon arrival at the laboratory, samples were dried, crushed to 2 mm and riffle split into nominal 500-gram subsample aliquots (prep codes CRU-31, SPL-32a). One portion was analyzed for gold using PhotonAssay™ (ALS code Au-PA01). PhotonAssay™ uses high-energy X-rays to determine gold content from a large sample aliquot, typically 500 g of crushed material. The method is non-destructive and is particularly suited to gold systems where larger sample aliquots may improve representativity. If additional nominal 500-gram PhotonAssayTM&nbsp;analysis splits are conducted for a given sample, results from all splits are combined on a weight average basis. A second portion was pulverized such that 85% of the sample passed 75 µm, (PUL-31) and was analyzed by four-acid digestion with ICP-MS finish for 48 elements (ME-MS61), along with aqua regia digestion with ICP-MS finish for trace levels of mercury (Hg-MS42).



Quality assurance and quality control (QA/QC) protocols included the insertion of certified reference material every 20 samples, blank samples at rate of approximately every 25 samples and field duplicate samples (split from the original approximately 1.5 m for RC or 1.5 m for core intervals) every 25 samples. All QA/QC results returned values within acceptable limits.



About Tectonic Metals Inc.



Tectonic Metals Inc. is a mineral exploration company led by an experienced and well-respected technical and financial team with a track record of wealth creation for shareholders. The Company is focused on exploring and developing its flagship Flat Gold Project in southwestern Alaska, covering 99,840 acres of predominantly Native-owned land belonging to Doyon, Ltd., a leading Alaska Native Regional Corporation and one of Tectonic’s largest shareholders. The current focus is on advancing the Chicken Mountain target, one of six multi-kilometre-scale intrusion zones at the Flat Gold Project, where drilling has achieved a 100% success rate across 191 holes to date.



Founded by key members of the Kaminak Gold team behind the discovery and advancement of the Coffee Gold Project, which was acquired by Goldcorp for $520 million in 2016, Tectonic brings a proven track record in exploration, project advancement, capital markets and value creation. Collectively, the team has helped identify more than 30 million ounces of gold, advanced 18&nbsp;projects through to feasibility, permitted 20 projects, completed over $3 billion in mergers and acquisitions and raised more than $2 billion in capital.



Tectonic ’s mission is to be a shift in the game: working for our shareholders and the communities where we operate, putting people first, playing big and staying true to our word every step of the way.



On behalf of Tectonic Metals Inc.,&nbsp;



Tony RedaPresident and Chief Executive Officer&nbsp;&nbsp;



For further information about Tectonic Metals Inc. or this news release, please visit our website at&nbsp;www.tectonicmetals.com&nbsp;or contact:



Keren YunVice President, Investor RelationsToll-free: 1.888.685.8558Email:&nbsp;investorrelations@tectonicmetals.com



Cautionary Note Regarding Forward-Looking Statements, Historical Information and Visual Observations



This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by words such as “may,” “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “potential,” “target,” or similar terminology, or that events or conditions “may” or “will” occur.



Forward-looking statements in this release include, but are not limited to, statements regarding: the potential for mineralization at Tectonic’s projects; the nature, scope, and timing of future exploration activities; the interpretation of geological observations; the possible size or scale of mineralized systems; the receipt of regulatory approvals, and the anticipated benefits of current and future exploration programs.



This release also refers to historical information, including results from past exploration activities and placer production figures. Such historical information has not been independently verified by Tectonic, may not be reliable, and should not be relied upon as current, NI 43-101 compliant data.



In addition, this release contains, detailed geological notes, and descriptive observations such as alteration styles, mineralogy and visible gold. These observations are preliminary in nature, may not be representative of the entire interval or system, and should not be relied upon as a guarantee of mineralized assay results or as the basis for any investment decision. Investors and readers are cautioned that visual estimates, core photographs, and geological descriptions are not substitutes for laboratory assay results and do not demonstrate the economic viability of any mineral deposit.



Forward-looking statements are not guarantees of future performance. They are based on a number of assumptions made as of the date such statements are provided, including, among others: assumptions regarding future gold and other metal prices; currency exchange and interest rates; favourable operating and political conditions; timely receipt of permits and regulatory approvals; availability of labour, equipment, and services; stability of financial and capital markets; availability of financing on acceptable terms; accuracy of exploration data and geological models; and the ability to successfully advance planned exploration programs. Many of these assumptions are beyond the control of Tectonic and may prove to be incorrect.



Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, without limitation: risks inherent to mineral exploration and development; volatility of commodity prices; changes in laws, regulations, and policies; delays or inability to obtain required approvals and permits; availability of financing; general economic, political, and market conditions; labour disputes and shortages; equipment and supply risks; environmental and social risks; competition; inaccuracies in exploration results or geological interpretations; and other risks detailed from time to time in the Company’s continuous disclosure filings.



Although management believes the expectations expressed in such forward-looking statements are reasonable as of the date made, there can be no assurance they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, historical information, or preliminary visual geological observations. Actual results and future events may differ materially from those anticipated. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Tectonic disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Release - Tectonic Metals Drills 5.09 g/t Au Over 21.34 Metres at Black Creek – Second Gold Centre Emerging at Flat Gold Project, Alaska

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