Core Insights - TMX Group reported significant activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for December 2025, highlighting a notable increase in new issuers compared to previous months and years [2][4]. TSX Summary - TSX welcomed 84 new issuers in December 2025, a substantial increase from 15 in November 2025 and 7 in December 2024 [2]. - Total financings raised in December 2025 amounted to approximately $3.00 billion, a decrease of 29% from the previous month but an increase of 151% compared to December 2024 [2][6]. - The total number of financings in December 2025 was 37, down from 43 in November 2025 and up from 26 in December 2024 [2][6]. - Year-to-date statistics for 2025 show 375 new issuers listed, a 153.4% increase from 148 in 2024 [7]. - Total financings raised year-to-date in 2025 reached approximately $23.26 billion, a 44% increase from $16.15 billion in 2024 [7]. TSXV Summary - TSXV had 2 new issuers in December 2025, compared to 3 in November 2025 and 2 in December 2024 [4]. - Total financings raised in December 2025 were approximately $1.57 billion, a 14% decrease from the previous month but a 222% increase from December 2024 [4][8]. - The total number of financings in December 2025 was 123, down from 153 in November 2025 and up from 120 in December 2024 [4][8]. - Year-to-date statistics for 2025 indicate 38 new issuers listed, a decrease of 20.8% from 48 in 2024 [9]. - Total financings raised year-to-date in 2025 reached approximately $10.09 billion, a 114.7% increase from $4.70 billion in 2024 [9]. Market Capitalization - The market capitalization of listed issues on TSX reached approximately $6.28 trillion in December 2025, up from $4.90 trillion in December 2024, reflecting a 28.1% increase [6][7]. - TSXV's market capitalization was approximately $142.03 billion in December 2025, an increase of 59.9% from $88.81 billion in December 2024 [8][9].

Core Viewpoint - Mlinar, a Croatian baked goods producer, has secured up to €50 million ($58 million) in equity financing from the European Bank for Reconstruction and Development (EBRD) to support its expansion and modernization strategy in Croatia and the surrounding region [1][2]. Group 1: Investment Details - The EBRD's investment will fund both organic growth and mergers and acquisitions (M&A) for Mlinar [1]. - The financing will also enhance energy efficiency, increase production capacity, and promote inclusive workplace practices, particularly for female migrant workers [2][6]. Group 2: Company Operations and Market Presence - Mlinar supplies major retailers and the foodservice sector, exporting to over 20 markets and operating a bakery retail network in Croatia, Serbia, Slovenia, and Bosnia and Herzegovina [2]. - The company is positioned to accelerate growth under the strategic leadership of Bosqar Invest, which recently acquired a majority stake in Mlinar for approximately €100 million [3][4]. Group 3: Leadership and Strategic Vision - Mladen Veber, president of Mlinar, emphasized that the EBRD's investment validates the company's business model and long-term potential [3]. - Natalia Zhukova from the EBRD expressed confidence in Mlinar's growth strategy, which combines organic expansion with targeted acquisitions [5].

Core Viewpoint - PesoRama Inc. demonstrates resilience in its business model with significant growth in sales and customer engagement despite currency challenges, supported by a successful merchandising strategy and expansion efforts [2][11]. Financial Performance - Total sales increased by 15.9% in the nine months ended October 31, 2025, compared to the same period in 2024 [11]. - Average ticket size rose by 15.8%, and same-store sales grew by 5.9% during the same period [2][11]. - Gross profit for Q3 2026 was consistent at CAD 2,563,177, compared to CAD 2,272,159 in Q3 2025, driven by increased sales [12]. Product and Market Strategy - Product gross margins improved by 1.4% to 46.1% in the nine months ended October 31, 2025, compared to 2024, attributed to a decrease in per unit inventory costs [11]. - The company operates 30 stores, with plans to open a 31st store, focusing on high-density, high-traffic locations in Mexico [4][12]. Expansion and Financing - PesoRama completed a $6.8 million oversubscribed equity financing to support store expansion and subsequently secured an additional $5.0 million in equity financing [11][12]. - The company has opened multiple new stores throughout 2025, enhancing its market presence in Mexico City and surrounding areas [12].

Group 1 - Lightwave Logic, Inc. (LWLG) is heavily reliant on equity markets, which exposes it to both positive and negative reflexivity effects [2] - The Valkyrie Trading Society is a team of analysts focused on high conviction and obscure developed market ideas, aiming for downside-limited and non-correlated returns in the current economic environment [2] - The Value Lab offers a portfolio with real-time updates, 24/7 chat support, regular global market news reports, feedback on member stock ideas, new trades monthly, quarterly earnings write-ups, and daily macro opinions [2]

Core Viewpoint - The acquisition of the Pedra Branca Copper and Gold Royalty is expected to significantly enhance the company's revenue and is a strategic addition to its existing portfolio [3]. Group 1: Acquisition Details - The company acquired the royalty from BlackRock World Mining Trust plc for USD 70 million in cash [3]. - The royalty consists of a 25% gold net smelter return (NSR) and a 2% copper NSR on BHP's Pedra Branca mine, which has been operational since 2020 [3]. - This acquisition is projected to be approximately 10% accretive to the company's net asset value per share [4]. Group 2: Strategic Fit - The Pedra Branca acquisition complements the company's gold-focused portfolio while also enhancing its exposure to copper in low-risk jurisdictions [3].

Core Viewpoint - FireFly Metals Ltd has announced a dual offering of ordinary shares, aiming to raise approximately C$30 million through a Canadian Offering and A$101.5 million through an Australian Offering, to fund various development initiatives [1][3]. Canadian Offering - The Canadian Offering involves the sale of 19,230,770 ordinary shares at a price of C$1.56 (A$1.70) per share, with gross proceeds expected to be C$30 million (approximately A$33 million) [1]. - BMO Nesbitt Burns Inc. will act on behalf of a syndicate of underwriters, and an option to purchase an additional 15% of the offering is available for over-allotments [1][2]. - The offering is expected to close around December 17, 2025, pending necessary regulatory approvals [2]. Australian Offering - Concurrently, FireFly has entered into an agreement with Canaccord Genuity to raise approximately A$101.5 million through the Australian Offering, which includes a charity flow-through placement of A$16.5 million and an institutional placement of A$85 million [3]. - A retail share purchase plan (SPP) will also be conducted, allowing eligible shareholders to subscribe for up to A$30,000 worth of shares, aiming to raise up to A$5 million [3]. Use of Proceeds - The net proceeds from both offerings and the SPP will primarily be allocated to fund development and early works, technical studies, underground drilling, regional exploration drilling, and general administrative expenses [7][4]. Company Overview - FireFly Metals Ltd is focused on advancing the Green Bay Copper-Gold Project in Newfoundland, Canada, which has a Mineral Resource of 50.4 million tonnes at 2.0% copper equivalent [6][25]. - The company also holds interests in the Pickle Crow Gold Project in Ontario and the Limestone Well Vanadium-Titanium Project in Western Australia [8].

Core Viewpoint - PesoRama Inc. has successfully closed a $5 million equity financing to support its expansion plans in Mexico, particularly under the JOI DOLLAR PLUS brand [1][2]. Financing Details - The equity offering raised gross proceeds of $5,000,000 by selling 20,000,000 units at a price of $0.25 per unit [1]. - The final closing included 6,000,000 units issued to accredited investors for gross proceeds of $1,500,000, while the first closing involved 14,000,000 units [3]. - The company will pay a cash commission of up to $105,000 and issue up to 420,000 finder warrants, each exercisable into one unit at a price of $0.25 [4]. Use of Proceeds - The net proceeds from the offering will be utilized for store expansion and working capital [4]. Company Overview - PesoRama operates dollar stores in Mexico, having launched in 2019, and currently has 29 stores offering a variety of merchandise including household goods, pet supplies, and health and beauty products [9].

Core Viewpoint - PesoRama Inc. has successfully completed the first closing of its equity financing, raising gross proceeds of $3,500,000, with plans for a second tranche to close soon [1][4]. Group 1: Equity Financing Details - The company sold 14,000,000 units at a price of $0.25 per unit, with the total equity financing targeted at $5,000,000 [1]. - Each unit consists of one common share and one warrant, allowing the holder to purchase an additional common share at $0.40 for 18 months from January 20, 2026 [2]. - A cash commission of $210,000 was paid, and 840,000 finder warrants were issued to finders, each exercisable into one unit at $0.25 until May 21, 2027 [3]. Group 2: Use of Proceeds and Company Background - The net proceeds from the offering will be utilized for store expansion and working capital [4]. - PesoRama operates dollar stores in Mexico under the JOI DOLLAR PLUS brand, having launched in 2019, and currently operates 29 stores offering a variety of merchandise [6].

Core Insights - Seabridge Gold Inc. maintains a strong financial position with cash and cash equivalents of $103.1 million as of 3Q25, bolstered by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025 [1][7] - The company is focused on advancing its flagship KSM project and exploration activities at Iskut, 3 Aces, and Snowstorm [1] - Seabridge has renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025 [1] Financial Position - Cash and cash equivalents stand at $103.1 million at the end of the quarter [7] - Secured note liabilities amount to $583.1 million, which supports ongoing programs [7] Project Developments - The KSM project is advancing towards partnership and feasibility, with Treaty Creek substation construction on schedule for 4Q26 and field programs progressing towards a bankable study [7] - Drilling at Iskut Snip North has confirmed a significant Cu Au porphyry, including 819.7 meters at 0.66 g/t Au and 0.14% Cu, with a maiden resource targeted for 1Q26 [7]

Core Insights - Ascot Resources Ltd. reported a net loss of $23,521 for Q3 2025, an increase from a net loss of $11,232 in Q3 2024, and a total net loss of $345,392 for the nine months ended September 30, 2025, compared to a net loss of $14,490 for the same period in 2024 [6][8] - The company is undergoing a restructuring process, which includes a non-brokered Rights Offering aimed at raising up to $14,871 and a 50:1 share consolidation, both subject to TSXV approval [4][14] - Ascot has entered into a bridge loan agreement with Nebari Group for up to US$18 million, with conditions for drawdowns and warrants tied to future equity financing [5] Financial Results - For the three months ended September 30, 2025, the company recorded a net loss of $23,521, attributed to care and maintenance expenses of $9,882 and an impairment charge of $324,404 for the nine-month period [6][8] - As of September 30, 2025, cash and cash equivalents were $5,386, down from $27,974 at the end of 2024, with a working capital deficiency of $294,178 [10] - The company has not made scheduled principal and interest payments under its credit facilities, resulting in defaults and indicating significant uncertainties regarding its ability to continue as a going concern [11][12] Restructuring and Financing - The restructuring plan includes a $14.9 million Rights Offering, a 50:1 share consolidation, and a $150 million equity offering, with assistance from Fiore Management and Advisory Corp. [14][15] - Ascot is negotiating with Nebari Group to restructure existing indebtedness and amend secured streams with Sprott Private Resource Streaming and Royalty Corp. [7] - The company has placed its Premier Gold Project on care and maintenance since June 2025, with no timeline for resuming development, pending future financing [9][13] Management Changes - Bill Bennett resigned as Interim Chair of the Board on October 6, 2025, and was replaced by Indi Gopinathan [7]