Snap Inc. Announces Second Quarter 2025 Financial Results

Second quarter revenue increased 9% year-over-year to $1,345 million

Monthly Active Users increased 7% year-over-year to 932 million

Daily Active Users increased 9% year-over-year to 469 million

Operating cash flow was $88 million and Free Cash Flow was $24 million

SNAP Inc. (NYSE: SNAP) today announced financial results for the quarter ended June 30, 2025.

"Our global community continued to grow in Q2, reaching 932 million Monthly Active Users as we continued to invest in AI and augmented reality," said Evan Spiegel, CEO. "With meaningful inventory and conversions growth this quarter, including the broader rollout of Sponsored Snaps, we're excited about the opportunity to translate improved advertiser performance into topline acceleration."

Q2 2025 Financial Summary

Revenue was $1,345 million, compared to $1,237 million in the prior year, an increase of 9% year-over-year.

Net loss was $263 million, compared to $249 million in the prior year.

Adjusted EBITDA was $41 million, compared to $55 million in the prior year.

Operating cash flow was $88 million, compared to $(21) million in the prior year.

Free Cash Flow was $24 million, compared to $(73) million in the prior year.

	Three Months Ended June 30,						Percent Change		Six Months Ended June 30,						Percent Change
		2025			2024		Percent Change			2025			2024		Percent Change

(Unaudited)	(dollars in thousands, except per share amounts)
Revenue	$	1,344,930		$	1,236,768		9	%	$	2,708,147		$	2,431,541		11	%
Operating loss	$	(259,676	)	$	(253,975	)	(2	)%	$	(453,522	)	$	(587,207	)	23	%
Net loss	$	(262,570	)	$	(248,620	)	(6	)%	$	(402,157	)	$	(553,710	)	27	%
Adjusted EBITDA ⁽¹⁾	$	41,270		$	54,977		(25	)%	$	149,695		$	100,636		49	%
Net cash provided by (used in) operating activities	$	88,494		$	(21,377	)	514	%	$	240,104		$	66,975		258	%
Free Cash Flow ⁽²⁾	$	23,793		$	(73,439	)	132	%	$	138,189		$	(35,535	)	489	%
Diluted net loss per share attributable to common stockholders	$	(0.16	)	$	(0.15	)	(7	)%	$	(0.24	)	$	(0.34	)	29	%

(1)	See page 10 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the three and six months ended June 30, 2024, and excluded from Adjusted EBITDA, were $1.9 million and $72.0 million, respectively. No restructuring charges were incurred during the three and six months ended June 30, 2025.
(2)	See page 10 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.

Q2 2025 Summary & Key Highlights

We deepened engagement with our community:

The Snapchat community continues to grow, reaching 932 million global monthly active users (MAU) in Q2, an increase of 64 million or 7% year-over-year.
Daily active users (DAU) were 469 million in Q2 2025, an increase of 37 million, or 9%, year-over-year.
Spotlight reached more than 550 million monthly active users on average in Q2.
Spotlight time spent grew 23% year-over-year, now contributes more than 40% of total content time spent.
We launched our new Snapchat app on Apple Watch, enabling Snapchatters to preview an incoming message and reply using the Keyboard, Scribble, Dictation, or an emoji.
Snap Map grew to more than 400 million MAU that utilize our service to find their friends, explore local hotspots, and stay informed about what's happening around them.
Our video chat feature continues to deepen connections, with Snapchatters spending 30% more time talking on Snapchat year-over-year.
We introduced a suite of new creator tools and features that makes it easier to create and share content, including the ability for creators to generate content from their saved Snapchat Memories using templates.
Creators can now view new insights from their Stories and Spotlight including returning viewers, top content, and total view time, which helps creators to optimize their content and monetize their engagement.
Over the past year, we onboarded thousands of creators to our Snap Star program, with the number of Spotlight posts by Snap Stars growing more than 145% year-over-year in North America in Q2.

We are focused on accelerating and diversifying our revenue growth:

Ad platform improvements and foundational AI advancements contributed to 7-0 Purchase volume increasing 39% year-over-year for commerce advertisers, and total purchase-related ad revenue growing more than 25% year-over-year in Q2.
Sponsored Snaps are proving highly effective in driving incremental conversions, delivering up to a 22% increase when included in an advertiser's broader Snap campaign mix.
Sponsored Snaps are now driving an 18% lift in unique converters across app installs and app purchases.
We introduced Sponsored Snaps from creators, enabling advertisers to send a Sponsored Snap directly from a creator's handle to Snapchatters in the chat feed.
We launched First Snap, which offers brand advertisers a single-day takeover that delivers the first Sponsored Snap in the chat feed.
To help Snapchat campaigns achieve better performance outcomes, we introduced Snapchat Smart Campaign Solutions, a new suite of offerings that deliver AI-powered performance and ease-of-use enhancements.
Other Revenue, the majority of which is Snapchat+ subscription revenue, increased 64% year-over-year in Q2.
We introduced Lens+, a new Snapchat+ subscription tier that offers access to exclusive new AI video Lenses, Bitmoji Game Lenses, and early access to new features.

We invested in our augmented reality platform:

Our community uses AR Lenses in our Snapchat camera 8 billion times per day, and over 400,000 developers have built more than 4 million Lenses with Snap's world-leading AR tools.
In Q2, more than 350 million Snapchatters engaged with AR every day on average.
Lens Games engagement has continued to grow, now reaching more than 175 million monthly active users, up over 40% year-over-year.
Our 90's School Photos AI Lens, Different Eras AI Lens, and Cartoon World AI Lens were collectively viewed over one billion times, highlighting strong engagement with our AR lenses powered by gen AI.
We introduced our new Lens Studio iOS app and web tool, empowering more people of all skill levels to quickly create fun AR Lenses using templates or AI-powered tools, even without prior coding experience.
In our latest Lens Studio release, we introduced new features that make it easier than ever for AR developers to build games, including the new Bitmoji Suite, which offers enhanced capabilities for personalizing and animating Bitmoji, and new games assets designed to simplify the creation of dynamic games for Snapchatters.

We are making computers more human with Specs:

We announced plans to launch our first consumer-ready Specs AR glasses in 2026, marking an important and exciting milestone for Snap and a critical step toward realizing our long-term vision for AR.
We announced Snap OS updates that enable developers to create and publish multimodal AI-powered Lenses, including location-based experiences, through new tools and AI-powered experiences with partners like OpenAI and Gemini on Google Cloud.
Our new Depth Module API translates 2D information from LLMs to anchor AR information accurately in three dimensions, unlocking a new paradigm for spatial intelligence.
Our Automated Speech Recognition API enables real-time transcription with support for over 40 languages, including non-native accents, with high accuracy.
Since our 5th generation of Spectacles released in 2024, developers have built compelling experiences to prepare for the consumer launch of Specs next year:
- Super Travel from Gowaaa helps global travelers translate signs, menus, and receipts and convert currencies.
- Drum Kit from Paradiddle teaches new drummers how to play by overlaying cues on a real drum set and listening to the notes.
- Pool Assist from Studio ANRK helps players make better shots playing pool.
- Cookmate from Headraft uses AI to recommend recipes based on available ingredients and provides step-by-step cooking guidance in the kitchen.
- ARcher Champ from Phil Walton and Hart Woolery brings competitors together for archery matches with friends through our Connected Lens technology.

Q3 2025 Outlook

Snap Inc. will discuss its Q3 2025 outlook during its Q2 2025 Earnings Call (details below) and in its investor letter available at investor.snap.com.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see "Non-GAAP Financial Measures," "Reconciliation of GAAP to Non-GAAP Financial Measures," and "Supplemental Financial Information and Business Metrics."

About Snap Inc.

Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "going to," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in "Risk Factors" and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website at www.sec.gov . Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see "Reconciliation of GAAP to Non-GAAP Financial Measures."

Snap Inc., "Snapchat," and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Cash flows from operating activities
Net loss	$	(262,570	)	$	(248,620	)	$	(402,157	)	$	(553,710	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		40,023			37,930			77,738			79,643
Stock-based compensation		251,886			259,311			499,224			523,063
Amortization of debt issuance costs and debt discount (premium)		(550	)		2,208			7,092			3,950
Losses (gains) on debt and equity securities, net		(1,208	)		2,662			14,592			11,630
Gain on extinguishment of debt		—			15,522			(66,939	)		6,672
Other		12,362			(4,939	)		11,557			(12,701	)
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance		(3,088	)		(36,916	)		191,128			125,291
Prepaid expenses and other current assets		(7,058	)		(34,526	)		(29,886	)		(48,155	)
Operating lease right-of-use assets		13,797			14,929			27,920			28,504
Other assets		(2,117	)		(955	)		6,893			(6,097	)
Accounts payable		(94,203	)		(61,556	)		(59,943	)		(95,645	)
Accrued expenses and other current liabilities		147,695			45,821			(14,873	)		27,440
Operating lease liabilities		(8,492	)		(13,940	)		(25,485	)		(27,870	)
Other liabilities		2,017			1,692			3,243			4,960
Net cash provided by (used in) operating activities		88,494			(21,377	)		240,104			66,975
Cash flows from investing activities
Purchases of property and equipment		(64,701	)		(52,062	)		(101,915	)		(102,510	)
Purchases of strategic investments		(20,000	)		(2,000	)		(20,000	)		(2,000	)
Sales of strategic investments		—			1,006			—			1,015
Cash paid for acquisitions, net of cash acquired		(35,499	)		—			(35,499	)		—
Purchases of marketable securities		(390,866	)		(774,852	)		(626,665	)		(1,240,524	)
Sales of marketable securities		425,157			166,557			437,158			166,557
Maturities of marketable securities		301,348			447,153			565,114			832,081
Other		—			(100	)		—			(100	)
Net cash provided by (used in) investing activities		215,439			(214,298	)		218,193			(345,481	)
Cash flows from financing activities
Proceeds from issuance of notes, net of issuance costs		—			740,350			1,473,083			740,350
Purchase of capped calls		—			(68,850	)		—			(68,850	)
Proceeds from termination of capped calls		—			62,683			—			62,683
Proceeds from the exercise of stock options		—			2,425			—			2,494
Repurchases of Class A non-voting common stock		(243,473	)		(75,955	)		(500,573	)		(311,069	)
Deferred payments for acquisitions		(9,562	)		(3,695	)		(67,539	)		(3,695	)
Repurchases of convertible notes		—			(418,336	)		(1,444,626	)		(859,042	)
Repayment of convertible notes		(36,240	)		—			(36,240	)		—
Other		(1,800	)		(1,799	)		(3,699	)		(1,799	)
Net cash provided by (used in) financing activities		(291,075	)		236,823			(579,594	)		(438,928	)
Change in cash, cash equivalents, and restricted cash		12,858			1,148			(121,297	)		(717,434	)
Cash, cash equivalents, and restricted cash, beginning of period		916,079			1,063,880			1,050,234			1,782,462
Cash, cash equivalents, and restricted cash, end of period	$	928,937		$	1,065,028		$	928,937		$	1,065,028

SNAP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	1,344,930		$	1,236,768		$	2,708,147		$	2,431,541
Costs and expenses:
Cost of revenue		653,333			588,921			1,292,912			1,163,670
Research and development		443,325			406,196			867,490			855,955
Sales and marketing		257,853			266,320			515,810			542,354
General and administrative		250,095			229,306			485,457			456,769
Total costs and expenses		1,604,606			1,490,743			3,161,669			3,018,748
Operating loss		(259,676	)		(253,975	)		(453,522	)		(587,207	)
Interest income		33,199			36,462			70,217			76,360
Interest expense		(27,607	)		(5,113	)		(51,006	)		(9,856	)
Other income (expense), net		(823	)		(20,792	)		48,246			(20,873	)
Loss before income taxes		(254,907	)		(243,418	)		(386,065	)		(541,576	)
Income tax benefit (expense)		(7,663	)		(5,202	)		(16,092	)		(12,134	)
Net loss	$	(262,570	)	$	(248,620	)	$	(402,157	)	$	(553,710	)
Net loss per share attributable to Class A, Class B, and Class C common stockholders:
Basic	$	(0.16	)	$	(0.15	)	$	(0.24	)	$	(0.34	)
Diluted	$	(0.16	)	$	(0.15	)	$	(0.24	)	$	(0.34	)
Weighted average shares used in computation of net loss per share:
Basic		1,674,854			1,644,736			1,685,544			1,646,064
Diluted		1,674,854			1,644,736			1,685,544			1,646,064

SNAP INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value)

	June 30, 2025			December 31, 2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	925,973		$	1,046,534
Marketable securities		1,967,072			2,329,745
Accounts receivable, net of allowance		1,164,874			1,348,472
Prepaid expenses and other current assets		226,255			182,006
Total current assets		4,284,174			4,906,757
Property and equipment, net		544,226			489,088
Operating lease right-of-use assets		534,084			530,441
Intangible assets, net		88,791			86,363
Goodwill		1,720,831			1,689,785
Other assets		226,881			233,914
Total assets	$	7,398,987		$	7,936,348
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	116,854		$	173,197
Operating lease liabilities		32,156			24,885
Accrued expenses and other current liabilities		954,010			1,009,254
Short-term debt, net		—			36,212
Total current liabilities		1,103,020			1,243,548
Long-term debt, net		3,575,972			3,607,717
Operating lease liabilities, noncurrent		583,867			575,082
Other liabilities		66,771			59,240
Total liabilities		5,329,630			5,485,587
Commitments and contingencies
Stockholders' equity
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,473,777 shares issued, 1,428,200 shares outstanding at June 30, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at December 31, 2024.		14			14
Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at June 30, 2025 and December 31, 2024.		—			—
Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at June 30, 2025 and December 31, 2024.		2			2
Treasury stock, at cost. 45,577 and 47,222 shares of Class A non-voting common stock at June 30, 2025 and December 31, 2024, respectively.		(444,573	)		(460,620	)
Additional paid-in capital		16,127,309			15,644,132
Accumulated deficit		(13,638,191	)		(12,735,461	)
Accumulated other comprehensive income (loss)		24,796			2,694
Total stockholders' equity		2,069,357			2,450,761
Total liabilities and stockholders' equity	$	7,398,987		$	7,936,348

SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Free Cash Flow reconciliation:
Net cash provided by (used in) operating activities	$	88,494		$	(21,377	)	$	240,104		$	66,975
Less:
Purchases of property and equipment		(64,701	)		(52,062	)		(101,915	)		(102,510	)
Free Cash Flow	$	23,793		$	(73,439	)	$	138,189		$	(35,535	)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Adjusted EBITDA reconciliation:
Net loss	$	(262,570	)	$	(248,620	)	$	(402,157	)	$	(553,710	)
Add (deduct):
Interest income		(33,199	)		(36,462	)		(70,217	)		(76,360	)
Interest expense		27,607			5,113			51,006			9,856
Other (income) expense, net		823			20,792			(48,246	)		20,873
Income tax (benefit) expense		7,663			5,202			16,092			12,134
Depreciation and amortization		40,023			37,930			77,738			76,028
Stock-based compensation expense		251,886			258,946			499,224			513,661
Payroll and other tax expense related to stock-based compensation		9,037			10,133			26,255			26,103
Restructuring charges ⁽¹⁾		—			1,943			—			72,051
Adjusted EBITDA	$	41,270		$	54,977		$	149,695		$	100,636

(1)	Restructuring charges during 2024 primarily include $70.2 million of cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. These charges are not reflective of underlying trends in our business.

Total depreciation and amortization expense by function:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Depreciation and amortization expense ⁽¹⁾ :
Cost of revenue	$	1,505	$	1,872	$	2,925	$	4,022
Research and development		24,849		22,909		47,836		50,507
Sales and marketing		5,108		5,084		9,931		9,661
General and administrative		8,561		8,065		17,046		15,453
Total	$	40,023	$	37,930	$	77,738	$	79,643

(1)	Depreciation and amortization expense for the six months ended June 30, 2024 includes restructuring charges.

Total stock-based compensation expense by function:

SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in thousands, except per share amounts, unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Stock-based compensation expense ⁽¹⁾ :
Cost of revenue	$	1,656	$	1,260	$	3,090	$	3,075
Research and development		166,809		171,465		323,497		345,984
Sales and marketing		48,710		52,208		103,150		106,864
General and administrative		34,711		34,378		69,487		67,140
Total	$	251,886	$	259,311	$	499,224	$	523,063

(1)	Stock-based compensation expense for the three and six months ended June 30, 2024 includes restructuring charges.

SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (dollars and shares in thousands, except per user amounts, unaudited)

	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025

	(NM = Not Meaningful)
Cash Flows and Shares
Net cash provided by (used in) operating activities	$	88,352		$	(21,377	)	$	115,872		$	230,633		$	151,610		$	88,494
Net cash provided by (used in) operating activities - YoY (year-over-year)		(42	)%		74	%		NM			40	%		72	%		514	%
Net cash provided by (used in) operating activities - TTM (trailing twelve months)	$	183,771		$	244,330		$	347,421		$	413,480		$	476,738		$	586,609
Purchases of property and equipment	$	(50,448	)	$	(52,062	)	$	(44,041	)	$	(48,275	)	$	(37,214	)	$	(64,701	)
Purchases of property and equipment - YoY		6	%		41	%		(40	)%		(10	)%		(26	)%		24	%
Purchases of property and equipment - TTM	$	(214,545	)	$	(229,664	)	$	(200,270	)	$	(194,826	)	$	(181,592	)	$	(194,231	)
Free Cash Flow	$	37,904		$	(73,439	)	$	71,831		$	182,358		$	114,396		$	23,793
Free Cash Flow - YoY		(63	)%		38	%		218	%		65	%		202	%		132	%
Free Cash Flow - TTM	$	(30,774	)	$	14,666		$	147,151		$	218,654		$	295,146		$	392,378
Common shares outstanding		1,643,120			1,653,820			1,672,212			1,690,645			1,686,678			1,682,350
Common shares outstanding - YoY		3	%		2	%		2	%		3	%		3	%		2	%
Shares underlying stock-based awards		146,240			144,315			132,783			135,036			136,044			144,011
Shares underlying stock-based awards - YoY		14	%		(3	)%		(14	)%		(15	)%		(7	)%		—	%
Total common shares outstanding plus shares underlying stock-based awards		1,789,360			1,798,135			1,804,995			1,825,681			1,822,722			1,826,361
Total common shares outstanding plus shares underlying stock-based awards - YoY		4	%		2	%		1	%		1	%		2	%		2	%

Results of Operations
Revenue	$	1,194,773		$	1,236,768		$	1,372,574		$	1,557,283		$	1,363,217		$	1,344,930
Revenue - YoY		21	%		16	%		15	%		14	%		14	%		9	%
Revenue - TTM	$	4,812,280		$	4,981,379		$	5,165,402		$	5,361,398		$	5,529,842		$	5,638,004
Revenue by region ⁽¹⁾
North America	$	743,131		$	767,560		$	857,621		$	968,943		$	831,691		$	820,600
North America - YoY		16	%		12	%		9	%		8	%		12	%		7	%
North America - TTM	$	3,115,656		$	3,196,387		$	3,267,854		$	3,337,255		$	3,425,815		$	3,478,855
Europe	$	195,844		$	229,835		$	248,902		$	287,031		$	224,015		$	265,343
Europe - YoY		24	%		26	%		24	%		20	%		14	%		15	%
Europe - TTM	$	816,478		$	864,204		$	912,834		$	961,612		$	989,783		$	1,025,291
Rest of World	$	255,798		$	239,373		$	266,051		$	301,309		$	307,511		$	258,987
Rest of World - YoY		34	%		20	%		32	%		35	%		20	%		8	%
Rest of World - TTM	$	880,146		$	920,788		$	984,714		$	1,062,531		$	1,114,244		$	1,133,858
Operating loss	$	(333,232	)	$	(253,975	)	$	(173,210	)	$	(26,877	)	$	(193,846	)	$	(259,676	)
Operating loss - YoY		9	%		37	%		54	%		89	%		42	%		(2	)%
Operating loss - Margin		(28	)%		(21	)%		(13	)%		(2	)%		(14	)%		(19	)%
Operating loss - TTM	$	(1,366,347	)	$	(1,215,983	)	$	(1,009,130	)	$	(787,294	)	$	(647,908	)	$	(653,609	)
Net income (loss)	$	(305,090	)	$	(248,620	)	$	(153,247	)	$	9,101		$	(139,587	)	$	(262,570	)
Net income (loss) - YoY		7	%		34	%		58	%		104	%		54	%		(6	)%
Net income (loss) - Margin		(26	)%		(20	)%		(11	)%		1	%		(10	)%		(20	)%
Net income (loss) - TTM	$	(1,298,901	)	$	(1,170,213	)	$	(955,204	)	$	(697,856	)	$	(532,353	)	$	(546,303	)
Adjusted EBITDA	$	45,659		$	54,977		$	131,962		$	276,007		$	108,425		$	41,270
Adjusted EBITDA - YoY		NM			243	%		229	%		73	%		137	%		(25	)%
Adjusted EBITDA - Margin ⁽²⁾		4	%		4	%		10	%		18	%		8	%		3	%
Adjusted EBITDA - TTM	$	206,423		$	299,879		$	391,747		$	508,605		$	571,371		$	557,664

(1)	Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.
(2)	We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.

SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued) (dollars and shares in thousands, except per user amounts, unaudited)

	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025
Other
DAU (in millions) ⁽¹⁾		422			432			443			453			460			469
DAU - YoY ⁽²⁾		10	%		9	%		9	%		9	%		9	%		9	%
DAU by region (in millions)
North America		100			100			100			100			99			98
North America - YoY		(1	)%		—	%		—	%		(1	)%		(1	)%		(2	)%
Europe		96			97			99			99			99			100
Europe - YoY		4	%		3	%		4	%		4	%		3	%		3	%
Rest of World		226			235			244			254			262			271
Rest of World - YoY		19	%		16	%		16	%		17	%		16	%		15	%
MAU (in millions)		853			868			883			895			913			932
MAU - YoY ⁽²⁾		8	%		7	%		7	%		7	%		7	%		7	%
ARPU	$	2.83		$	2.86		$	3.10		$	3.44		$	2.96		$	2.87
ARPU - YoY		10	%		6	%		6	%		5	%		5	%		—	%
ARPU by region
North America	$	7.44		$	7.67		$	8.54		$	9.73		$	8.41		$	8.33
North America - YoY		17	%		12	%		9	%		9	%		13	%		9	%
Europe	$	2.04		$	2.36		$	2.52		$	2.89		$	2.26		$	2.65
Europe - YoY		20	%		22	%		19	%		16	%		11	%		13	%
Rest of World	$	1.13		$	1.02		$	1.09		$	1.19		$	1.17		$	0.96
Rest of World - YoY		13	%		4	%		14	%		16	%		4	%		(6	)%
Employees (full-time; excludes part-time, contractors, and temporary personnel)		4,835			4,719			4,800			4,911			5,061			5,206
Employees - YoY		(7	)%		(11	)%		(11	)%		(7	)%		5	%		10	%

Depreciation and amortization expense
Cost of revenue	$	2,150		$	1,872		$	965		$	1,123		$	1,420		$	1,505
Research and development		27,598			22,909			24,798			24,351			22,987			24,849
Sales and marketing		4,577			5,084			4,953			5,333			4,823			5,108
General and administrative		7,388			8,065			8,134			8,774			8,485			8,561
Total	$	41,713		$	37,930		$	38,850		$	39,581		$	37,715		$	40,023
Depreciation and amortization expense - YoY		18	%		(4	)%		(6	)%		(24	)%		(10	)%		6	%

Stock-based compensation expense
Cost of revenue	$	1,815		$	1,260		$	1,333		$	1,626		$	1,434		$	1,656
Research and development		174,519			171,465			172,516			165,330			156,688			166,809
Sales and marketing		54,656			52,208			53,345			56,463			54,440			48,710
General and administrative		32,762			34,378			33,035			34,312			34,776			34,711
Total	$	263,752		$	259,311		$	260,229		$	257,731		$	247,338		$	251,886
Stock-based compensation expense - YoY		(16	)%		(18	)%		(27	)%		(23	)%		(6	)%		(3	)%

(1)

Numbers may not foot due to rounding.

(2)

In the first quarter of 2025, we refined our processes and controls to allow us to more accurately record user activity that would not otherwise be recorded during such period due to delays in receiving user metric information resulting from carrier or other user connectivity issues during the measurement period. For additional information concerning these refinements, see the "Note Regarding User Metrics and Other Data" in our Quarterly Report filed on Form 10-Q for the first quarter of 2025. As a result of such refinements, our DAUs and MAUs may not be directly comparable to those in prior periods.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250805426633/en/

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Radisson Files Technical Report for O'Brien Gold Project Preliminary Economic Assessment

Radisson Mining Resources Inc. (TSXV: RDS,OTC:RMRDF) (OTCQB: RMRDF) ("Radisson" or the "Company") is pleased to announce that it has filed a technical report prepared in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects for the O'Brien Gold Project ("O'Brien" or the "Project") located in the Abitibi region of Québec. The report is titled "O'Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada." A copy of the technical report is available under the Company's profile on SEDAR+.

The O'Brien Preliminary Economic Assessment ("PEA") describes a high value project based on the use of neighbouring milling facilities for the processing of mined material, reducing capital costs, development risk, and project footprint (see Radisson news release dated July 9, 2025). It represents a "snap-shot" study for the Project, utilizing the existing Mineral Resource Estimate ("MRE"), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade. An ongoing 50-60,000 metre drill program at the Project is currently delineating new gold mineralization outside the scope of the MRE and the initial mine design, including below the historic O'Brien mine workings.

Highlights of the PEA include:

After-tax Net Present Value at a 5% discount rate ("NPV_5%") of $532 million, Internal Rate of Return of 48%, and payback of 2.0 years at US$2,550/oz gold ("Au").
Initial Capital Cost of $175 million and Life-of-Mine Sustaining Capital of $173 million.
Cash Cost¹ of US$861/oz and All-In Sustaining Cost¹ of US$1,059/oz including conceptual 30% toll milling margin on processing and G&A costs.
Extremely capital efficient with after-tax NPV_5% to Initial Capital Cost ratio of 3.0 at US$2,550/oz Au.
11-Year Mine Life with 740 koz mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet.
70 koz/annum average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow¹ of $97 million.

The PEA was completed by Ausenco Engineering Canada ULC as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.) completed the mine design and mine scheduling, BBA Inc. were responsible for water management, surface facilities, and a review of the Project's environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. were responsible for the MRE.

Qualified Persons

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O'Brien Gold Project.

The PEA is authored by Renée Barrette of Ausenco Engineering Canada ULC, the Qualified Person responsible for the preparation of the sections in the PEA on the Project's milling assessment, metallurgy, and the financial model which is based on capital costs, operating costs, and the mining cost provided by other parties; Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., the Qualified Person responsible for the preparation of the MRE at O'Brien; Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo Inc., the Qualified Person responsible for the sections in the PEA on the mine design and mine scheduling, and; Mr. Hugo Latulippe of BBA Inc., the Qualified Person responsible for the sections on permitting, environmental, social, water management and closure cost estimate in the PEA. Each of Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA in their area of expertise and are considered to be "independent" of Radisson and the O'Brien Gold Project for purposes of NI 43-101.

Non-IFRS Financial Measures

The Company has included various references in this document that constitute "specified financial measures" within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards ("IFRS") and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Cost and Total Cash Cost per Ounce

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

All-in Sustaining Cost (AISC) and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

Free Cash Flow (FCF)

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

About Ausenco

Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).

About Radisson Mining

Radisson is a gold exploration company focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 "O'Brien Gold Project Technical Report and Preliminary Economic Assessment, Québec, Canada" dated August 20, 2025, and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O'Brien Gold Project.

For more information on Radisson, visit our website at www.radissonmining.com or contact:

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company's plans relating to the O'Brien Gold Project as set out in the PEA; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the O'Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O'Brien Gold Project profitable; the Company's ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company's ability to grow the O'Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O'Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O'Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the "Risks and Uncertainties Related to Exploration" and the "Risks Related to Financing and Development" sections of the Company's Management's Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company's Management's Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Radisson Announces Positive Preliminary Economic Assessment for O'Brien Gold Project

C$532M After-Tax NPV5%, C$175M Initial Capital, Adjacent to Multiple Mills, Still Growing

Radisson Mining Resources Inc. (TSXV: RDS,RMRDF) (OTCQB: RMRDF) ("Radisson" or the "Company") is pleased to announce a positive Preliminary Economic Assessment (the "PEA") for the O'Brien Gold Project ("O'Brien" or the "Project") located in the Abitibi region of Québec. Highlights are as follows (all figures are in Canadian dollars and troy ounces unless noted):

Basis of Study:

Assumes off-site toll milling based on the results of a recent milling assessment and metallurgical study that demonstrated the potential compatibility of the nearby Doyon gold mill, part of IAMGOLD Corporation's ("IAMGOLD") Westwood Mine Complex¹. Off-site milling reduces capital costs, development risk, and project footprint.
Utilizes existing Mineral Resource Estimate ("MRE"), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade.
Presents a base case "snap-shot" study that excludes recent drilling successes outside the existing MRE and below historic mine workings, with a 50-60,000 metre (m) fully funded drill program ongoing.

Value:

After-tax Net Present Value at a 5% discount rate ("NPV_5%") of $532 million ("M"), Internal Rate of Return ("IRR") of 48%, and payback of 2.0 years at US$2,550/oz gold ("Au").
After-tax NPV_5% of $871M, IRR of 74%, and payback of 1.1 years at US$3,300/oz Au.

Cost:

Initial Capital Cost ("Capex") of $175M and Life-of-Mine Sustaining Capital of $173M
Cash Cost² of US$861/oz and All-In Sustaining Cost¹ ("AISC") of US$1,059/oz including conceptual 30% toll milling margin on processing and G&A costs.
Extremely capital efficient with after-tax NPV_5% to Initial Capital Cost ratio of 3.0 at US$2,550/oz Au and 5.0 at a spot gold price of US$3,300/oz Au.

Production Profile:

11-Year Mine Life with 740 koz mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet.
70 koz/annum average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow ("FCF") of $97M.
Underground mining with long-hole stoping and minimal surface facilities.

Radisson will host a technical webinar on the O'Brien PEA on Wednesday July 9, 2025 at 11am ET (8am PT). Participants may register here. A recording will be available following the webinar.

Matt Manson, President & CEO, commented: "We are pleased to be reporting today the first modern mining study for the O'Brien Gold Project. This PEA builds upon the milling assessment completed earlier this year that demonstrated the potential viability of processing O'Brien mined material at a neighbouring mill. The result is a low cost and high value project should a beneficial milling arrangement be secured. By taking advantage of existing infrastructure in the region, the study surfaces considerable value for O'Brien while minimizing its environmental impact. The extremely high NPV_5% to cost ratio demonstrates the efficient allocation of capital that this approach offers.

"Rather than high-grading the deposit, as was the case with the historic O'Brien Mine, the PEA is developed from the existing MRE with a lower cut-off, yielding more ounces, more tonnes and better mining continuity at lower average grades. From that starting point, we are presenting a fully underground mine plan, right sized at 1,200 tonnes per day ("tpd") and optimized at a cautious US$2,000/oz gold price assumption, delivering 740,000 ounces of gold to the mill at high margins over an 11-year life. The O'Brien Gold Project's legacy of high grades and visible gold continues to be an attribute of the current mine design and the ongoing exploration."

Pierre Beaudoin, Chairman of the Board of Directors, commented: "The PEA announced today is a significant step forward for Radisson. The study outlines a credible mine plan and development strategy for O'Brien, offering shareholders significant value even on the existing mineral resources. This is also just a snap-shot of a project that is continuing to grow. The ongoing drill program is demonstrating impressive new gold mineralization outside the scope of this initial mine design. On the basis upon which the PEA is developed, we believe a significantly larger mineral inventory exists to our exploration horizon of 2,000 m depth. Recent drill results are supporting this thesis."

Matt Manson continued: "We see in O'Brien a broad system of mineralization with significant scale potential. Our current focus at Radisson is to maximize this potential through the recently expanded drill program and our strong treasury. Today's PEA, however, establishes a project development path that is practical and highly rewarding. We intend to further pursue this path with environmental baseline studies, additional engineering and mine plan optimization, community consultation, and dialog with potential processing partners."

VIDEO: President & CEO Matt Manson comments on today's news

O'Brien Gold Project Preliminary Economic Assessment

The PEA was completed by Ausenco Engineering Canada ULC ("Ausenco") as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.; "Norda Stelo") completed the mine design and mine scheduling, BBA Inc. were responsible for water management, surface facilities, and a review of the Project's environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. ("SLR") were responsible for the MRE.

The PEA is a companion study to a recently completed milling assessment for the Project in which a metallurgical program was conducted with representative samples of mineralized core from O'Brien. The samples were tested based on a series of flow sheet options which would conceptually be compatible with the nearby Doyon gold mill, part of IAMGOLD's Westwood Mine Complex, with minimal adjustment to the existing Doyon mill configuration. The milling assessment was conducted under a Memorandum of Understanding ("MOU") with IAMGOLD (Radisson news release dated September 9, 2024). The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the parties. The PEA has been completed independently by Radisson and establishes criteria for the development of O'Brien based on processing and tailings management at an existing off-site facility under a toll milling arrangement.

Cautionary statement: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Table 1: Summary of Key Results and Assumptions in the PEA

Production Data^{note 1}		Values	Units
	Life-of-Mine	11	Years
	Total Resource Mined	4,575	kt
	Total Waste Mined	3,314	kt
	Average Head Grade	5.0	g/t Au
	Contained Gold	740	koz
	Recovered Gold	647	koz
	Average Gold Recovery	87%
Years 2-8: Steady State Run-Rate^note2	Average Production Mining Rate	1,160	tpd
	Average Annual Gold Production	70	koz
	Average Head Grade	4.9	g/t Au
	Annual Average After-Tax Free Cash Flow	$97	C$M
Capital Costs^{note 1}		Values	Units
	Initial Capital	$175	C$M
	Sustaining Capital (Excluding Closure)	$173	C$M
	Capital Intensity (Initial Capital/oz milled)	$172	US$/oz
Life-of-Mine Operating Costs^{notes 1,3}		Values	Units
	Mining^{note 3}	$76	C$/t milled
	Processing	$38	C$/t milled
	G&A	$31	C$/t milled
	30% Processing Toll^{note 4}	$19	C$/t milled
	Total Operating Cost	$163	C$/t milled
	Refining & Transport	$6	US$/oz
	Royalties	$10	C$M
	Total Cash Cost	$861	US$/oz
	All-In Sustaining Cost^{note 5}	$1,059	US$/oz
Financial Analysis^{note 1}		Values	Units
	Gold Price for Financial Analysis	$2,550	US$/oz
	US$:C$ Exchange	$0.73
	Pre-Tax NPV_5%	$782	C$M
	Pre-Tax IRR	65%
	Pre-Tax Payback	1.4	years
	After-Tax NPV_5%	$532	C$M
	After-Tax IRR	48%
	After-Tax Payback	2.0	years
	Mine Revenue	$2,258	C$M
	EBITDA	$1,496	C$M
	EBITDA Margin	66%
	Pre-Tax Unlevered Free Cash Flow	$1,146	C$M
	After-Tax Unlevered Free Cash Flow	$803	C$M

Notes:

Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
Represents full calendar years
LOM operating costs includes cash operating costs during the initial capital period. Mining operating costs exclude waste development costs and mobile equipment costs which are captured as sustaining capital items
Processing toll milling charges are conceptual and have been estimated by Ausenco based on recent industry precedent
AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs. Excludes corporate G&A.

Mineral Resources

The MRE for the Project was originally disclosed in March 2023 (Radisson news release dated March 2, 2023) based on 325,509 m of drilling completed to the end of 2022 and authored by SLR. Indicated Mineral Resources were estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au) with additional Inferred Mineral Resources of 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). The 2023 study utilized a 4.5 g/t Au cut-off at US$1,600/oz Au with certain assumptions for minimum mining width, mining costs, C$:US$ exchange and metallurgical recovery. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

For the purposes of the PEA, the 2023 block model was re-blocked by SLR in the Z-direction to 5 m to allow for more flexible underground mine design, and an updated cut-off and set of economic criteria were applied consistent with Deswick Stope Optimizer ("DSO") parameters used for the optimization of the underground mine schedule and the Project's recent milling assessment. The MRE now utilizes a cut-off of 2.2 g/t Au at US$2,000/oz Au. No other changes were made. This has the effect of increasing tonnage and ounces and decreasing average grade compared to the previous estimate (Table 2).

Table 2: Mineral Resource Estimate Using a 2.2 g/t Au Cut-Off and US$2,000/oz Gold Price
(Numbers in Italics Represent Changes from the MRE based on a 4.5 g/t Au Cut-Off and US$1,600/oz Gold Price.)

Category	Tonnes (kt)		Grade (g/t Au)		Oz (koz Au)
Indicated	2,204	+45%	8.2	-20%	582	+16%
Inferred	6,671	+317%	4.4	-50%	932	+109%

Notes:

Prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014) and Best Practice Guidelines of Mineral Resources and Reserves (2019).
Mineral Resources are reported above a cut-off grade of 2.2 g/t Au based on a C$172.5/t operating cost.
Mineral Resources are estimated using a long-term gold price of US$2,000/oz Au, a US$:C$ exchange rate of 1:1.33, and a metallurgical recovery of 90%.
Wireframes were modelled at a minimum width of 1.2 m.
Bulk density varies by deposit and lithology and ranges from 2.00 t/m³ to 2.82 t/m³.
Full length composites were capped 40 g/t Au.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Numbers may not add due to rounding.

Between the end of 2022 and the present, Radisson completed approximately 50,000 m of additional drilling at the Project. Drilling that was completed within the volume of the MRE is assessed to have no material impact on the overall contained mineral resource, such that the MRE is appropriate in SLR's opinion for mine planning. Drilling that was completed outside the volume of the MRE, including below the level of the historic mine workings at O'Brien, has indicated the presence of significant additional gold mineralization that is not incorporated in the current conceptual mine plan. Radisson expects to complete a further 50,000-60,000 m of drilling in 2025 and 2026, at which time the Company expects to complete an updated MRE.

Mining

The PEA describes an 11-year mine life based on the mining of 4.57 Mt of mineralized material and 3.31 Mt of waste rock (Table 3). Mining will be fully underground with long-hole stoping and a cemented rock backfill. Stope design is benefitted by good spatial continuity of reported resource blocks at the lower cut-off grade. Minimum and average stope widths are 2.2 m and 2.7 m respectively, including 0.7 m of planned dilution. The mine will be accessed by way of twin 4.5 m by 4.5 m ramps from surface to a depth of 950 m with 86 kilometres (km) of development. Mining equipment includes 20 tonne trucks with rock haulage assisted by vertical conveyors delivering mined material from the 300 m level to a surface run-of-mine pad. The underground mine design does not incorporate any infrastructure from the historic O'Brien Mine. A shaft at the historic Kewagama Mine site east of O'Brien will be reused for ventilation. Mined material will be trucked by road for processing.

Table 3: Mined Material

Material	Tonnes (kt)	Oz (koz Au)	Head Grade (g/t Au)
Production Stopes	3,146	588	5.8
Marginal Stopes	169	16	2.9
Development	469	91	6.0
Low-Grade Development	790	45	1.8
Total Mineralized Mined Material	4,575	740	5.0
Waste	3,314	n/a	n/a

Figure 1: Annual Average Production Schedule

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The underground mine was designed and production scheduled on the basis of a DSO optimization at US$2,000 Au and production cut-off grades of 3.05 g/t Au and 3.11 g/t Au depending on the royalty to be considered. "Mined Material" is categorized as Production Stope Material, Marginal Stope Material, Development Material, Low-Grade Development Material and Waste. In Years 2-8 during which the Project maintains steady-state operation, production from stopes averages 1,160 tpd. However, the PEA contemplates up to 2,000 tpd of mill capacity. Consequently, all mineralized mined material is scheduled for processing (Figure 1), resulting in an average head grade of 5.0 g/t Au, delivering an average of 1,410 tonnes of mined material daily to the mill, and eliminating the requirement for a low-grade stockpile.

Mineral Resources not included in the mine plan are those considered too isolated or too marginal at a US$2,000/oz DSO optimization. The mine design also excludes Mineral Resources located in the former Thompson Cadillac mine area or in areas considered too close to the historic workings. The quantity of mineralized mined material in the mine design is highly sensitive to the gold price assumption, with the DSO optimization delivering significantly more mined material in both existing production stopes and development areas, as well new stopes and development areas, at higher gold prices.

Infrastructure and Site Facilities

The Project is located adjacent to the Trans-Canada Highway 117 and has existing road access to the historic O'Brien mine site. The PEA contemplates twin underground mine portals located 2 km to the east of the historic site, with new haul roads, a waste rock pad, a run-of-mine pad, laydown areas, the surface installation of a vertical conveyor, trenches and sumps for water management, and a waste-water treatment plant. The PEA does not contemplate a mill, tailings deposition, accommodation camp, or major maintenance facilities. Small vehicle maintenance and site offices/mine dry will be provided from existing facilities or temporary modules. A new substation will derive power from the adjacent 112 kV high voltage transmission line operated by Hydro-Québec.

Processing^{(See footnote 1)}

The PEA contemplates processing and tailings deposition at an off-site facility. To assess the viability of this scenario, Radisson conducted a metallurgical study and milling assessment under the auspices of an MOU with IAMGOLD to assess the design criteria for processing O'Brien mined material at the nearby Doyon gold mill, the processing facility for IAMGOLD's Westwood Mine Complex. The Doyon mill is located 21 km west of O'Brien and directly accessible along Trans-Canada Highway 117.

The metallurgical results of this milling assessment were previously reported (see Radisson news release dated February 3, 2025) and are incorporated into the PEA. Gold recoveries of between 86% and 96% were obtained based on a series of flow sheet options, all of which are compatible with the Doyon mill with minimal or modest additional capital. The metallurgical program was undertaken at the Lakefield, Ontario facilities of SGS Canada Inc. under the supervision of Ausenco.

The Doyon mill currently operates at approximately 3,000 tpd with a conventional cyanidation process. Mined material is processed with a primary crusher and a two-stage semi-autogenous SAG mill/Ball mill grinding at 75 µm (P80). Leaching is by way of two stage Carbon-in-Leach and Carbon-in-Pulp circuits. The PEA contemplates a Gravity-Flotation-Regrind-Leach flow sheet and assumes Radisson deploying $21M of capital to upgrade the gravity and flotation circuits at Doyon that have been used previously but are currently inactive.

The Doyon mill currently processes approximately 1,000 tpd from the underground Westwood mine and approximately 2,000 tpd from the nearby Grand Duc open pit. Processing of Grand Duc material is estimated to be completed in early 2027, as outlined in the Westwood Mine Complex technical report dated September 30, 2024. Hence, the PEA envisions up to 2,000 tpd of mill capacity available for O'Brien at Doyon, allowing for the direct shipment of both production material and lower grade development material at an average of 1,400 tpd. The PEA does not anticipate the stockpiling of low-grade mined material at the O'Brien site, resulting in a significant cost saving.

Life-of-mine average gold recovery with the Gravity-Flotation-Regrind-Leach flowsheet is estimated at 87%. This is based on 90% recovery for the O'Brien metallurgical sample at an average grade of 6.3 g/t Au and the application of a grade-recovery model to the average head-grade expected in the PEA of 5.0 g/t Au after the processing of low-grade development materials.

O'Brien gold mineralization is associated with pyrite and arsenopyrite. The metallurgical program determined average arsenic values of 0.4% to 0.5% in whole rock, relevant if material is being sent to tailings deposition on-site, and 4.6% in flotation concentrate, relevant if a concentrate is being sold to an off-take agent. These values are consistent with precedent projects in Québec's Abitibi and offtake threshold limits for concentrates of high-grade gold projects. The PEA contemplates tailings deposition after leach without a segregated tailings impoundment. If one is required, additional capital expenses would be incurred.

The PEA contains estimates of operating and capital costs for trucking, processing, tailings management and G&A developed by Ausenco from first principles based on the metallurgical results and precedent projects. These costs correspond well to recently reported operating results from the Doyon facility. The PEA's financial results reflect an additional 30% charge on processing and G&A costs, corresponding to approximately $19/t, to reflect the impact of a potential toll milling charge. The MOU between Radisson and IAMGOLD contains no specific terms around potential commercial arrangements between the Parties, including the use of the Doyon mill or the terms of potential toll-milling. There is no certainty that any arrangement between the Parties will result from their dealings pursuant to the MOU, which is non-binding and non-exclusive.

Capital and Operating Costs^{(See footnote 1)}

Initial Capital costs (Table 4) are estimated at $175M and reflect costs incurred during a 21-month period of early works, mill modification and principal mine construction to the end of the first quarter of Year 2 and the attainment of commercial production. The Initial Capital cost estimate excludes both pre-production mine operating costs and revenue, which are reflected in the Life-of-mine operating cost and revenue estimates, and excludes development costs incurred prior to the commencement of early works. Contingencies on individual capital line items in the underground mine design are at 15%, developed within the material, productivity and cost estimates. Contingencies on non-underground mine items, and on mill modifications and surface facilities, are at 25%.

Life-of-mine Sustaining Capital costs are estimated at $173M and reflect capital costs incurred after the first quarter of Year 2, including underground mine development costs in waste rock and underground mine infrastructure, but excluding mine closure and salvage. Mobile mining equipment is scheduled to be purchased in installments, and is represented as Initial Capital, to the extent that a payment or deposit occurs within the project construction period, and as Sustaining Capital to the extent it occurs during the operating phase.

Table 4: LOM Capital Costs

Item^{note 1,2}	Cost (C$M)
Mining Capex	$93
Mobile Equipment	$25.7
Mine Development	$47.4
Buildings	$0.4
Mine Services	$19.7
Process Plant	$21
Flotation	$4.5
Regrind	$14.1
Reagents	$2.0
Onsite Infrastructure	$16
Offsite Infrastructure	$8
Indirects	$14
Owners Costs	$4
Cash Contingency	$20
Total Initial Capital	$175

Sustaining Capital	$173
Closure	$5
Salvage	$(3)
Total	$ 350

Notes:

Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
Columns may not sum exactly due to rounding.

Mining, haulage and water management operating costs (Table 5) are estimated at $75.66/t milled (LOM). These are developed by Norda Stelo from first principles based on recent precedent projects with similar mining methodologies and location. Total life-of-mine mining costs, including mining related Initial Capital, Sustaining Capital and Operating costs are $581M, or $127/t milled. Processing and G&A cost estimates are developed by Ausenco from first principles based on the results of the milling assessment conducted at the Doyon mill and based on recent precedent projects. Toll Milling Charges are conceptual and have been estimated by Ausenco based on recent industry precedent.

Total Cash Costs are US$861/oz with AISC of US$1,059/oz (LOM). AISC³ during the steady-state operations of Years 2-8 is estimated at US$1,106/oz.

Table 5: Life-of-Mine Operating Costs and AISC

Item^note1,2	Value	Units
Mining, Haulage and Water Management	$346	C$M
Mining, Haulage and Water Management	$75.66	C$/t milled

Processing & Tailings Treatment	$173	C$M
	$37.71	C$/t milled
Process Toll^note3	$87	C$M
	$18.94	C$/t milled
G&A	$142	C$M
	$31.06	C$/t milled

Total	$747	C$M
	$163.38	C$/t milled
Off-Site Costs, Refining and Transport	$6	C$M
Royalties	$10	C$M
Total Cash Costs	$861	US$/oz Au
Sustaining, Closure, Salvage Capital	$197	US$/oz Au
Total AISC^note4	$1,059	US$/oz Au

Notes:

Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
Columns may not sum exactly due to rounding.
Conceptual and estimated based on recent industry precedent.
AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs and corporate G&A.

Financial Analysis

At a long-term consensus gold price of US$2,550 and an exchange rate of 0.73 (US$/C$) the Project generates an after-tax NPV_5% of $532M and IRR of 48% (unlevered; Table 6). Payback on initial capital is 2.0 years. The Project's valuation is discounted to Year -0.5 when early works would be scheduled to commence.

Table 6: Valuation Sensitivities to the Gold Price (after-tax, unlevered)

Gold Price (US$/oz) Price Case		$1,800 Downside	$2,200	$2,550 Base Case	$3,000 Upside	$3,300 Spot	$4,000
After Tax NPV (C$M)	0%	$340	$587	$803	$1,081	$1,266	$1,698
	3%	$244	$448	$626	$856	$1,009	$1,366
	5%	$193	$374	$532	$736	$871	$1,188
	8%	$134	$286	$419	$591	$705	$971
	10%	$102	$239	$358	$512	$614	$853

IRR		21%	35%	48%	64%	74%	100%

NPV_5%/Capex		1.1	2.1	3.0	4.2	5.0	6.8

Payback^{note 2}	Years	4.3	2.7	2.0	1.4	1.1	0.7

Total After Tax FCF^{note1, 3}	C$M	$340	$587	$803	$1,081	$1,266	$1,698

Average Annual FCF^{note1, 4}	C$M	$48	$74	$97	$127	$147	$194

Notes:

Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining.
Calculated LOM, unlevered.
Calculated for Years 2-8 of steady state production, unlevered.

LOM EBITDA is estimated at $1.5 billion ("B"), with an effective EBITDA margin of 66%. LOM after-tax FCF is estimated at $0.8B on an unlevered basis. Annual average after-tax FCF during the steady-state operations of Years 2-8 is estimated at $97M. The Project is forecast to generate federal and provincial income taxes and mining duties of $343M.

At spot gold of US$3,300/oz gold, the Project generates an after-tax NPV_5% of $871M, IRR of 74%, and payback on initial capital of 1.1 years. The Project is cash positive after-tax at gold prices above US$1,260/oz.

The Project is most sensitive to revenue attributes such as gold price, head grade and exchange rate, followed by operating cost and capital cost (unlevered; Table 7). Valuation sensitivities on conceptual toll-milling charges expressed as margins on processing and G&A costs of between 0% and 60%. At 0% toll, the Project has an after-tax NPV_5% of $578M and IRR of 52% (unlevered; Table 8).

A 2% Net Smelter Royalty ("NSR") is applied on gold production on certain claims on the easternmost portion of the property in the favour of Globex Mining Enterprises Inc., covering approximately 22% of the scheduled gold production.

Table 7: Valuation Sensitivities to Certain Operating Parameters (after-tax, unlevered)

Factor		-20%	-10%	0%	10%	20%
Operating Cost	IRR	55%	51%	48%	44%	40%
Operating Cost	NPV_5%	$611	$572	$532	$493	$454
Initial Capital Cost	IRR	57%	52%	48%	44%	41%
Initial Capital Cost	NPV_5%	$557	$545	$532	$520	$508
		0.65	0.70	0.73	0.80	0.85
$C:$US F/X	IRR	59%	52%	48%	40%	35%
$C:$US F/X	NPV_5%	$674	$582	$532	$432	$370

Table 8: Project Sensitivity to Potential Toll-Milling Charges (after-tax, unlevered)

Toll Margin	0%	30%	60%
IRR	52%	48%	44%
NPV_5%	$578M	$532M	$487M

Cautionary statement: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Permitting and Environmental Assessment

The Project is located within the Abitibi-Témiscamingue region of Québec in the township of Cadillac, part of the municipality of Rouyn-Noranda. First Nations ("FN") within the Project's expected area of expected economic and social influence are the Pikogan FN (Abitibiwinni) and Long Point FN (Anishinabeg). BBA Inc. were retained to provide a roadmap for social and environmental assessment and mine permitting based on the project scope presented in the PEA. A 3.5-year process of environmental assessment, technical studies, community consultation and permitting is anticipated prior to the commencement of mine construction. The Project is subject to the Québec Environmental Quality Act ("EQA") and, following changes to the EQA proposed in the November 2024 Act to Amend the Mining Act and Other Provisions, is expected to be subject to a Québec Environmental Impact Assessment and Review. The Project is not expected to be subject to a Federal Impact Assessment procedure but will be subject to the Metal and Diamond Mining Effluent Regulations (Fisheries Act).

NI 43-101 Technical Report

Radisson will file a Technical Report prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for the O'Brien Gold Project Preliminary Economic Assessment on SEDAR+ on or before August 21, 2025.

Qualified Persons

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O'Brien Gold Project.

Renée Barrette of Ausenco Engineering Canada ULC, is the Qualified Person responsible for the preparation of the Project's milling assessment, PEA metallurgy, and for PEA financial model which is based on capital costs, operating costs, and the mining cost provided by other parties.

Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O'Brien.

Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo, is the Qualified Person responsible for the mine design and mine scheduling.

Mr. Hugo Latulippe of BBA is the Qualified Person responsible for the permitting, environmental, social, water management and closure cost estimate.

Each of Mr. Nieminen, Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA and in this press release in their area of expertise and are considered to be "independent" of Radisson and the O'Brien Gold Project for purposes of NI 43-101.

Non-IFRS Financial Measures

The Company has included various references in this document that constitute "specified financial measures" within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards ("IFRS") and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Cost and Total Cash Cost per Ounce

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

All-in Sustaining Cost (AISC) and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

Free Cash Flow (FCF)

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

About Radisson Mining

Radisson is a gold exploration company focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 "Technical Report on the O'Brien Project, Northwestern Québec, Canada" effective March 2, 2023 and other filings made with Canadian securities regulatory authorities available at www.sedarplus.ca for further details and assumptions relating to the O'Brien Gold Project.

For more information on Radisson, visit our website at www.radissonmining.com or contact:

Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com

Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company's plans relating to the O'Brien Gold Project as set out in the PEA; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the O'Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O'Brien Gold Project profitable; the Company's ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company's ability to grow the O'Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O'Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O'Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the "Risks and Uncertainties Related to Exploration" and the "Risks Related to Financing and Development" sections of the Company's Management's Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company's Management's Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at www.sedarplus.ca. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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WESTERN COPPER AND GOLD STRENGTHENS MANAGEMENT TEAM

western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) is pleased to announce additions to the Company's senior management team.

In early August, Michael Psihogios will be taking over the role of Chief Financial Officer from Varun Prasad , and Jeff Eng will be assuming the role of Vice President Projects.

Sandeep Singh , CEO of Western, stated: "We are extremely pleased to be adding two high quality professionals to the Western team. Both Michael and Jeff bring highly relevant experience and an operational mindset to their positions. Coupled with our strong Yukon based team, they will be integral to advancing the Casino project through the assessment and permitting phase.

I would like to thank Varun Prasad for his 13 years of dedicated service to the Company. Over a short period of overlap, Varun has proven to be a great partner and we wish him the best as he focuses more time on his young family and future endeavours. He will continue in his role for the next two months to assist with the CFO transition."

Mr. Psihogios is an experienced financial executive working with public, private and investment companies in the natural resource industry over the past 20 years. Mr. Psihogios is currently the CFO of Atlas Salt Inc. and will transition roles over the coming months. Previously, he was the CFO of DUMAS Mining, an underground mine builder from 2016 to 2021, where he established the systems and controls for a successful business turnaround and profitable growth strategy. Prior to DUMAS Mining, Michael worked with an international natural resource private equity fund on numerous senior executive, financial and corporate development secondment roles within portfolio companies.

Mr. Eng brings experience across a number of disciplines leading to successful project studies and the development of mining projects. Most recently he was a Project Director for Teck Resources working on the mine life extension for the Red Dog mine, among other projects. Prior, he was Director of Engineering and Interim VP Project Development for Sabina Gold and Silver during the permitting and early execution phases of the Back River project. Mr. Eng spent 13 years with AMEC in several different, and increasingly senior, roles including Site Engineering Manager for the construction of the Mount Milligan mine in BC and lead roles in numerous studies and execution projects ranging from the Jansen potash project in Saskatchewan to Snap Lake Diamond Mine in Northwest Territories .

ABOUT western copper and gold corporation

western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com .

On behalf of the board,

"Sandeep Singh"

Sandeep Singh
Chief Executive Officer
western copper and gold corporation

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding: strengthening the Company's management capabilities to better unlock the value potential of the Casino project, the remaining upside from additional resources or optimizations to the project and the expected closing of the Placement; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and as more specifically disclosed throughout this document, and in the AIF and Form 40-F.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

SOURCE western copper and gold corporation

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Homerun Resources Inc. Announces Approval by ANM of Final Exploration Report for Mineral Rights Leased from CBPM in the Santa Maria Eterna High Purity Silica District

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) ("Homerun" or the "Company") is pleased to announce that Brazil's National Mining Agency (ANM) has formally approved the Final Exploration Report for the concession area under the Company's lease agreement with Companhia Bahiana de Pesquisa Mineral (CBPM) in the Santa Maria Eterna District, Municipality of Belmonte, Bahia, Brazil.

The Final Exploration Report includes the NI 43-101 compliant Mineral Resource Estimate (MRE) for Homerun's high-purity silica sand in the Santa Maria Eterna District. The MRE confirms a preliminary resource of 25.56 million tonnes (Mt) Measured and 38.35Mt Inferred of high-purity silica sand (>99.6% SiO₂). For further detail, please refer to the NI 43-101 Technical Report available here: https://homerunresources.com/ni-43-101-belmonte/.

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