Research Disclosures, Conflicts of Interest & Important Risk Information

AER research is intended to provide fundamental analysis, financial forecasts, valuation analysis, industry context, fair value estimates and other information that may assist investors in conducting their own independent investment analysis.

Our work may include:

• analysis of historical financial statements;
• financial models and forecasts;
• business and industry analysis;
• competitive-positioning analysis;
• valuation analysis;
• fair value estimates;
• commodity, market and industry data;
• capital-structure analysis;
• operating and strategic milestone analysis;
• financing and liquidity analysis;
• scenario and sensitivity analysis;
• assessment of material risks; and
• interpretation of publicly available corporate, regulatory and industry information.

AER research is general and impersonal. It is not prepared with regard to the investment objectives, financial circumstances, tax position, liquidity needs, investment horizon or risk tolerance of any particular recipient.

AER research should therefore be regarded as one input into an investor’s own analytical process and not as a substitute for independent investigation.

AER research is prepared primarily for institutional, professional and sophisticated investors.

Many companies and industries covered by AER involve specialized scientific, technical, regulatory, geological, engineering, financial or industry-specific concepts that may require substantial experience to evaluate appropriately.

Examples include:

• biotechnology and clinical-development programs;
• pharmaceutical pipelines;
• mining and resource-development projects;
• critical-mineral processing;
• early-stage technologies;
• highly specialized industrial businesses;
• complex capital structures;
• pre-revenue or early-commercial-stage companies;
• capital-intensive development projects; and
• event-driven or special situations.

These businesses may be particularly difficult for investors without relevant financial or industry expertise to evaluate.

Although AER research may be publicly available, retail investors should not rely on AER research, forecasts or fair value estimates as the sole basis for an investment decision.

Retail investors should conduct their own thorough research, review the underlying filings and disclosures of the company concerned, understand the risks involved and, where appropriate, seek advice from qualified professional advisers.

A core part of AER’s research strategy is identifying companies and industries where investor interest may exceed the depth or availability of traditional institutional research coverage.

These may include:

• small-capitalization companies;
• micro-capitalization companies;
• companies with limited analyst coverage;
• emerging businesses;
• newly listed companies;
• recently reorganized companies;
• companies operating in emerging industries;
• companies developing new products or technologies;
• pre-revenue or early-commercial-stage companies;
• biotechnology and healthcare companies;
• mining, exploration and resource-development companies;
• critical-minerals businesses;
• emerging-technology companies;
• special situations; and
• companies undergoing significant operational, strategic or financial change.

AER may also cover mid-capitalization and large-capitalization companies where an industry development, valuation question, strategic transition or other investment issue warrants detailed analysis.

Our coverage is therefore not restricted to a particular market-capitalization range or conventional sector classification.

A significant portion of AER’s coverage may involve securities with materially greater investment risk than securities of larger, mature and more established companies.

Smaller and emerging companies may have:

• limited operating histories;
• fewer products, customers or revenue sources;
• limited access to capital;
• recurring losses;
• negative free cash flow;
• significant future financing requirements;
• smaller management teams;
• less-developed internal systems;
• limited institutional ownership;
• limited analyst coverage;
• lower trading liquidity;
• wider bid-ask spreads;
• greater susceptibility to dilution; and
• materially greater share-price volatility.

Such companies may be particularly sensitive to company-specific developments, financing conditions, regulatory decisions, commodity prices, scientific outcomes, changes in investor sentiment and broader market conditions.

Their securities may move sharply in either direction, sometimes over a short period.

Liquidity may also deteriorate rapidly. Investors may be unable to sell the quantity of securities they wish to sell at the quoted market price or within their desired timeframe.

Some companies covered by AER may present asymmetric investment outcomes.

Successful execution, commercialization, project development, financing, regulatory approval or other positive developments may result in substantial increases in enterprise value.

The reverse is equally important.

Failure to achieve key milestones may result in severe and permanent impairment of value.

The presence of significant potential upside should therefore never be interpreted independently of the substantial risk required to pursue that upside.

Higher potential returns are often accompanied by greater uncertainty, volatility, financing risk and probability of permanent capital loss.

Investing in equities involves risk, and investments in many companies covered by AER may involve the possibility of losing all or substantially all invested capital.

This risk may be particularly significant for companies that are:

• early stage;
• development stage;
• pre-revenue;
• loss-making;
• highly leveraged;
• dependent on future financing;
• dependent on a small number of products or projects; or
• exposed to binary regulatory, technical or commercial outcomes.

A company may fail because of factors including:

• inability to obtain financing;
• unsuccessful commercialization;
• clinical-trial failure;
• regulatory rejection or delay;
• loss of intellectual-property protection;
• adverse litigation;
• technological obsolescence;
• unsuccessful exploration or project development;
• commodity-price declines;
• construction delays or cost overruns;
• permitting issues;
• loss of important customers or suppliers;
• inability to achieve forecast financial performance;
• excessive shareholder dilution;
• debt default;
• macroeconomic deterioration;
• geopolitical disruption; or
• other company-specific or market-related developments.

Investors should be financially and psychologically capable of bearing substantial volatility and, where applicable, the complete loss of invested capital.

Certain companies covered by AER may depend heavily on one or a limited number of future events.

Examples include:

• clinical-trial results;
• regulatory approvals;
• mine development or commissioning;
• resource updates;
• project financing;
• customer contract awards;
• product launches;
• government permits;
• technical validation;
• commercialization milestones;
• strategic transactions; and
• other material corporate events.

Investment outcomes in these situations may be binary or highly discontinuous.

A favorable development may materially increase value, while an unfavorable development may materially impair the investment case.

AER’s financial forecasts and fair value estimates for such companies may therefore change materially when new information becomes available.

Many smaller and emerging companies require external financing to fund operations, research and development, construction, commercialization, acquisitions or working capital.

Future financing may involve:

• common equity;
• preferred equity;
• debt;
• convertible securities;
• warrants; or
• other forms of capital.

Such financing may:

• dilute existing shareholders;
• increase leverage;
• impose restrictive covenants;
• be completed below prevailing market prices;
• transfer economic value to new investors; or
• materially change the company’s capital structure.

AER financial models may incorporate assumptions regarding future financing where we consider capital requirements material.

Actual financing availability, timing, pricing and structure may differ materially from our assumptions.

AER covers companies across a broad range of industries, including sectors involving specialized or unusual risks.

Biotechnology and Healthcare

Risks may include:

• clinical failure;
• regulatory rejection or delay;
• scientific uncertainty;
• commercialization risk;
• intellectual-property challenges;
• reimbursement risk;
• manufacturing risk;
• competitive product development; and
• dependence on future financing.

Mining and Critical Minerals

Risks may include:

• geological uncertainty;
• resource-estimation risk;
• metallurgy;
• permitting;
• environmental obligations;
• commodity-price volatility;
• construction risk;
• infrastructure requirements;
• geopolitical risk;
• financing risk; and
• capital intensity.

Technology and Emerging Technologies

Risks may include:

• rapid technological change;
• competitive disruption;
• product adoption;
• intellectual-property risk;
• customer concentration;
• cybersecurity;
• scalability; and
• technological obsolescence.

Energy

Risks may include:

• commodity-price volatility;
• regulation;
• geopolitical developments;
• environmental liabilities;
• project economics;
• capital intensity; and
• financing conditions.

Industrials and Manufacturing

Risks may include:

• economic cyclicality;
• raw-material costs;
• supply-chain disruption;
• customer concentration;
• operating leverage;
• execution risk; and
• capital requirements.

Special Situations

Risks may include:

• restructuring;
• refinancing;
• litigation;
• transaction completion;
• regulatory approval;
• recapitalization;
• shareholder dilution; and
• other event-specific uncertainties.

This list is illustrative and not exhaustive.

Investors should review the risk factors contained in the relevant issuer’s public filings in addition to AER’s analysis.

Research identified as Independent Research has been initiated independently by Alliance Equity Research.

The company that is the subject of such research has not paid AER for the preparation or distribution of that specific research coverage.

Independent initiation does not mean that the research is free from analytical uncertainty, forecasting error, information limitations or other risks described on this page.

Research identified as Company Sponsored Research Coverage is produced pursuant to a commercial research engagement with the company that is the subject of the research.

The covered company pays Alliance Equity Research cash compensation for the production, distribution and ongoing maintenance of research coverage.

Producing institutional-quality research can involve substantial ongoing costs, including:

• detailed review of filings and public information;
• industry and competitive research;
• construction and maintenance of financial models;
• valuation analysis;
• analyst time;
• monitoring company developments;
• earnings and event updates;
• maintenance of historical assumptions and forecasts;
• source verification;
• editorial review; and
• distribution of research.

Company-sponsored compensation helps cover these costs and enables AER to initiate and maintain detailed research coverage, including on smaller and undercovered companies where traditional research coverage may otherwise be limited.

Commercial terms may vary by engagement.

AER does not accept payment for research coverage in the form of:

• common shares;
• preferred shares;
• options;
• warrants;
• convertible securities;
• tokens;
• securities-linked instruments; or
• other consideration whose value depends directly on the market performance of the covered company’s securities.

The existence of a sponsored research engagement nevertheless represents a potential conflict of interest. Readers should consider this relationship when evaluating sponsored research.

AER seeks to manage this potential conflict through the editorial, analyst-compensation and personal-investment policies described below.

Payment for Company Sponsored Research Coverage does not give the sponsoring company control over AER’s analysis.

Alliance Equity Research retains sole responsibility for:

• financial forecasts;
• financial models;
• material operating assumptions;
• valuation methodologies;
• valuation assumptions;
• fair value estimates;
• assessment of risks;
• analytical conclusions; and
• final published content.

A sponsoring company cannot require AER to publish a favorable conclusion.

AER may publish analysis that is unfavorable to a sponsoring company when our analysis supports such a conclusion.

AER may:

• reduce financial forecasts;
• revise operating assumptions;
• lower a fair value estimate;
• identify deterioration in the investment case;
• highlight additional risks; or
• publish other conclusions with which the sponsoring company may disagree.

Compensation is not contingent upon AER reaching a particular conclusion, fair value estimate or other analytical outcome.

AER may provide all or portions of research to a covered company before publication.

Any such review is limited to:

• identifying factual inaccuracies;
• identifying information that may inadvertently be confidential or non-public; and
• checking factual information against publicly available sources.

The issuer does not have approval rights over:

• financial forecasts;
• financial models;
• valuation methodology;
• valuation assumptions;
• fair value estimates;
• risk assessment;
• analytical conclusions; or
• AER’s editorial judgment.

AER determines whether any requested amendment is appropriate.

Neither AER nor its analysts receive research compensation that depends on:

• publication of a favorable conclusion;
• achievement of a particular fair value estimate;
• appreciation in the issuer’s security price;
• trading activity resulting from the research;
• investor response to the research;
• completion of a financing;
• completion of a merger or acquisition; or
• another transaction outcome.

AER does not currently provide capital-raising, securities-placement or transaction-success services as part of its research engagements.

AER maintains a strict personal-investment policy intended to reduce conflicts between research activity and personal financial interests.

AER analysts, employees and contractors with involvement in, or advance access to, AER research, together with members of their immediate households, are prohibited from holding direct or indirect beneficial long or short positions in securities or securities-linked instruments of companies covered by AER.

Covered instruments may include:

• common shares;
• preferred shares;
• options;
• warrants;
• convertible securities;
• contracts for difference;
• derivatives; and
• other instruments materially linked to the securities of a covered company.

Individuals with a potential conflict must disclose it internally and may be excluded from research activity concerning the relevant company.

Persons with access to unpublished AER research are prohibited from trading based on that information.

This includes unpublished changes to:

• financial forecasts;
• financial models;
• operating assumptions;
• valuation assumptions;
• fair value estimates;
• research conclusions;
• planned research publications; and
• other potentially market-relevant AER analysis.

AER maintains these restrictions to reduce the possibility that research personnel may personally benefit from information prior to public dissemination.

AER analyst compensation is not determined by:

• whether an analyst reaches a favorable or unfavorable conclusion;
• the level of a fair value estimate;
• appreciation or depreciation in a covered security;
• trading activity generated by research;
• the success of a financing;
• retention of a particular view or conclusion; or
• completion of a corporate transaction.

Commercial relationships do not override analyst responsibility for independent analytical judgment.

AER analysts may communicate with management teams of companies they cover.

Such interaction may assist AER in understanding:

• publicly disclosed financial information;
• business operations;
• industry conditions;
• corporate strategy;
• technical matters; and
• other publicly available information.

AER's published research is based on publicly available information and information appropriate for public dissemination.

AER does not seek material non-public information and does not knowingly incorporate material non-public information into published research.

If AER becomes aware that information received may constitute material non-public information, AER will not knowingly use or publish that information while it remains non-public.

AER may obtain information from sources including:

• regulatory filings;
• audited and unaudited financial statements;
• earnings releases;
• company announcements;
• investor presentations;
• company websites;
• management discussions;
• regulatory authorities;
• government agencies;
• stock exchanges;
• industry organizations;
• scientific publications;
• commodity and market-data providers;
• financial databases;
• conference presentations; and
• other third-party sources.

AER seeks to use sources it considers reliable, but cannot independently verify every item of information obtained from third parties.

Information may be inaccurate, incomplete, delayed or subsequently revised.

Readers should independently verify information they consider material to an investment decision.

AER research may contain:

• historical facts;
• estimates;
• assumptions;
• forecasts;
• interpretations;
• scenarios;
• sensitivity analyses; and
• analytical opinions.

Forecasts and fair value estimates depend on assumptions about future events and should not be interpreted as statements of fact.

Where reasonably practicable, AER seeks to distinguish factual information from assumptions and analytical judgment.

AER financial models represent our analytical interpretation of publicly available information and our assumptions regarding future operating and financial performance.

Model outputs may change materially if assumptions concerning:

• revenue;
• pricing;
• margins;
• market share;
• capital expenditure;
• operating expenses;
• financing;
• dilution;
• commodity prices;
• clinical outcomes;
• regulatory outcomes; or
• other variables

change materially.

Small differences in assumptions can sometimes produce substantial differences in valuation.

Actual results will frequently differ from forecasts.

The existence of a detailed financial model should not be interpreted as increasing the certainty of future outcomes.

AER may publish fair value estimates for covered companies.

A fair value estimate represents an analytical estimate based on the information, assumptions and valuation methodologies used by AER at the relevant time.

A fair value estimate is not a guarantee, promise or prediction of future market price.

It does not mean that:

• the security will trade at that value;
• the security will reach that value within a particular period;
• downside is limited to the difference between the prevailing market price and AER's estimate;
• the market will agree with AER's analysis; or
• the assumptions underlying the estimate will prove correct.

Market prices may remain materially above or below AER's assessment of fair value for extended periods.

Fair value estimates may change materially as facts, assumptions or market conditions change.

Depending on the company and industry, AER may use methodologies including:

• discounted cash flow analysis;
• comparable-company analysis;
• precedent transactions;
• risk-adjusted net present value;
• net asset value;
• sum-of-the-parts analysis;
• resource or project valuation;
• earnings multiples;
• revenue multiples; and
• other methodologies considered appropriate.

Different methodologies may produce materially different results.

All valuation techniques involve assumptions and professional judgment.

No valuation methodology can eliminate uncertainty.

AER does not guarantee investment performance.

A security that appears materially undervalued according to AER's analysis may:

• decline further;
• remain undervalued for an extended period;
• fail to achieve forecast operating performance;
• require additional financing;
• suffer dilution;
• experience adverse company-specific developments; or
• become worthless.

A company may also materially outperform AER's assumptions.

Past performance and historical accuracy of forecasts or valuation methodologies do not guarantee future results.

AER may use artificial-intelligence systems and other technology to assist with:

• research retrieval;
• document review;
• transcription;
• organization of information;
• drafting assistance;
• editing;
• formatting; and
• other supporting research tasks.

AI systems may produce inaccurate, incomplete or misleading output.

AI-assisted material is therefore subject to human review.

AER's:

• financial models;
• material financial forecasts;
• valuation methodologies;
• material valuation assumptions;
• fair value estimates; and
• final analytical judgments

remain subject to analyst review and control.

AER does not delegate final analytical responsibility to an automated system.

AER research may contain forecasts, projections, expectations, estimates and other forward-looking information.

Forward-looking information is inherently uncertain.

Actual outcomes may differ materially because of factors including:

• company execution;
• competition;
• economic conditions;
• interest rates;
• financing conditions;
• regulation;
• commodity prices;
• currencies;
• technological change;
• litigation;
• geopolitical events;
• market sentiment; and
• risks that may not be known at the time research is published.

Readers should not place undue reliance on forward-looking estimates.

Research reflects information and analytical judgment as of the publication date indicated in the relevant publication.

Market prices, commodity prices, exchange rates and other point-in-time information should be interpreted as of the applicable date or time specified.

Subsequent events may cause previously published research to become inaccurate, incomplete or obsolete.

AER is under no general obligation to continuously update every publication.

AER may publish:

• initiation reports;
• research updates;
• earnings updates;
• event-driven updates;
• flash notes;
• thematic research;
• industry research; and
• other analytical publications.

The frequency of updates may vary by company and circumstance.

AER may begin, suspend, resume or discontinue coverage at its discretion.

The absence of an immediate update following a corporate development should not be interpreted as confirmation that previous forecasts, assumptions or fair value estimates remain unchanged.

Readers should always consider the publication date and determine whether more recent information is available.

AER research does not take into account the individual circumstances of any recipient.

AER does not determine whether a security is suitable for a particular investor.

An investment suitable for a professional or institutional investor capable of accepting substantial volatility and permanent capital loss may be wholly inappropriate for another investor.

Each investor is responsible for assessing:

• financial circumstances;
• risk tolerance;
• investment horizon;
• liquidity requirements;
• portfolio concentration;
• tax considerations; and
• other personal circumstances.

Where appropriate, investors should seek advice from qualified professionals.

AER research may be publicly available even though its primary intended audience is institutional, professional and sophisticated investors.

Retail investors should exercise particular caution when considering companies covered by AER that are smaller, early stage, undercovered, loss-making, illiquid, highly specialized or dependent on future financing or major development milestones.

Retail investors should not make an investment decision solely because:

• AER identifies significant potential upside;
• AER's fair value estimate exceeds the prevailing share price;
• a financial model indicates substantial future revenue or earnings;
• a company operates in a rapidly growing industry; or
• a potential catalyst appears significant.

Investors should independently understand both the assumptions supporting the potential upside and the circumstances under which the investment case could fail.

For some companies covered by AER, failure of the underlying thesis could result in a complete loss of invested capital.

AER research does not constitute an offer to sell securities or a solicitation of an offer to purchase securities.

AER does not execute securities transactions through its research publications.

References to securities, valuations, fair value estimates or potential outcomes should not be interpreted as an invitation to participate in any securities offering or transaction.

AER covers publicly listed companies across major international markets, including:

• the United States;
• Canada;
• the United Kingdom;
• Europe; and
• Australia.

Research may be distributed globally through the AER website and through third-party research platforms, financial databases, aggregators and other distribution channels.

Different jurisdictions may impose different legal, regulatory or investor-eligibility requirements.

The availability of AER research in a particular jurisdiction does not mean that a security discussed is suitable or legally available for investment by every person in that jurisdiction.

Recipients are responsible for understanding and complying with restrictions applicable to them.

AER research may be distributed through third-party research platforms, financial databases, aggregators, information services and other distribution partners.

Distribution by a third party does not mean that the third party:

• endorses AER's conclusions;
• endorses AER's fair value estimates;
• independently verifies AER's analysis; or
• accepts responsibility for the research.

Unless expressly stated otherwise, AER remains responsible for research published under the Alliance Equity Research name.

AER may have other commercial relationships with companies or market participants.

Where AER determines that a commercial relationship creates a material conflict relevant to a research publication, AER intends to disclose that relationship as appropriate.

AER does not currently provide capital-raising, securities-placement or transaction-success services as part of its research engagements.

Despite AER's research and review processes, publications may contain errors.

If AER identifies a material factual or analytical error, it may correct, replace or update the relevant publication.

The publication of a correction does not imply that AER guarantees the absence of other errors.

Readers who identify a potential material error may contact AER using the information below.

Every investor remains responsible for his or her own investment decisions.

Readers should independently review relevant information including:

• regulatory filings;
• financial statements;
• risk factors;
• capital structure;
• financing arrangements;
• management disclosures;
• regulatory developments;
• industry conditions; and
• current market conditions.

AER research should be considered together with these sources and not in isolation.

This is particularly important for smaller, undercovered and emerging companies where the available information may be more limited and investment outcomes may be unusually uncertain.

A significant portion of AER's research focuses on undercovered companies, smaller-capitalization companies, emerging businesses and specialized industries.

These situations may offer substantial potential economic upside when a company successfully executes its operating, financial or strategic objectives.

They may also involve exceptionally high levels of uncertainty, volatility, liquidity risk, financing risk, dilution risk, execution risk and permanent capital-loss risk.

In some circumstances, investors may lose all of the capital invested.

Potential upside and investment risk should always be evaluated together.

A large difference between the current market price and an AER fair value estimate does not mean that realization of that value is probable or assured.

AER's fair value estimates represent analytical conclusions based on assumptions. They are not promises, guarantees or assurances of future investment performance.

Questions concerning AER research, methodology, potential conflicts of interest, corrections or disclosures may be directed to: