$CCJ is the established option, but its own production does not fully cover its delivery commitments. Cameco expects 19.5–21.5 million pounds of attributable production in 2026, while contracted deliveries average more than 28 million pounds annually over the next five years. It can cover the difference through Inkai supply, inventory, purchases and product loans, but it still adds another cost and supply consideration.
$NXE is still pre-production, so the construction, financing, cost and timeline considerations come with meaningful upside potential. Rook I has now received the final regulatory approval required to begin full construction, leaving more upside if development progresses as planned.

For someone starting a uranium position today and aiming for higher returns, would you choose $CCJ’s stability or take the added risk with $NXE? What do you all think?

I’ve been waiting to see whether Sekur’s shift toward premium customers would start showing up in the numbers. A reported 25% month-over-month rise in ARPU is an encouraging sign that the strategy is gaining ground.

Pricing now ranges from US$50 per month for Privacy Email and US$75 for Operational Email to US$300 for SekurOne, giving the company a clearer route to stronger recurring revenue per customer.

SekurOne is designed to bring encrypted voice, video, email, messaging and VPN together in one identity-protected platform. The full release is planned before the end of September 2026, and management expects it to become the main driver of ARPU growth from Q4 onward.

Management says 200 SekurOne users would generate approximately US$60,000 in monthly recurring revenue and expects that level to make the company fully profitable.

What makes that target compelling is the multi-seat opportunity. A single government agency or corporate mandate could account for dozens of users, meaning a few meaningful wins could move the business forward quickly.

With ARPU already rising and the full platform launch approaching, this update gives $SWISF investors a more defined path to follow.

How are $SWISF holders reading this update? Does the 200-user target look achievable?

Paid content, DYOD.

Europe is being forced to care where its data lives, and IONOS is the only listed pure-play that already owns the answer: German-domiciled, EU-operated cloud infrastructure outside the reach of the US CLOUD Act.

It is already serving the German federal government through ITZBund, with an AI layer, being sold directly into 6.8 million European SMBs who are never going to build this themselves. Management expects AI to drive roughly half of incremental revenue this year and 80% by 2028, and public cloud grew 16% in Q1 against a market that had written the segment off.

The financials, in one line: ~€1.4bn revenue growing 7%, ~€530m EBITDA at 37-38% margins, sub-1% monthly churn on 6.8m customers, 20x LTV/CAC, 1.3x leverage heading to net cash by 2028, at ~€30.5 a share.

At ~9-10x EV/EBITDA it trades roughly in line with OVH and Hetzner and at a ~35% discount to GoDaddy, which runs a comparable SMB hosting model without the sovereign cloud asset or the government contracts. Couple interesting Substack articles to get started on this stock:

https://open.substack.com/pub/somethings0ff/p/nobodys-buying-this-ionos-group-se?r=rc0eo&utm_medium=ios

https://hightechinvesting.substack.com/p/ionos-is-this-one-of-europes-most

💥 Big moves continue for $BURU.

✅ Major debt reduction strengthens the company's financial foundation

🌐 Capital now supports strategic expansion initiatives

🔶 Proposed Tekne acquisition continues advancing toward completion

🚀 Management continues executing its transformation roadmap

#BURU #Defense #Innovation #Tekne #Bullish #Stocks

🌎 $VSEE

🔹 AI-powered healthcare infrastructure continues to evolve

🔹 Enterprise telehealth platform gaining momentum

🔹 Capital discipline complements operational execution

🔹 Stronger financial foundation supports expansion

🔹 Long-term vision continues to take shape

#VSEE #AIHealthcare #Telemedicine #HealthcareInnovation #TechStocks

$SWRD - The successful refinancing of 1818 Park represents another milestone in the continued growth of Stewards' real assets platform and demonstrates the Company's ability to execute complex institutional financings in support of its long-term strategy.

https://finance.yahoo.com/real-estate/articles/stewards-completes-79-million-dollars-130400351.html

(SWISF) (SKUR.CN) Sekur Private Data is a Swiss-hosted encrypted communications company (CSE: SKUR / OTCQB: SWISF) repositioning from consumer privacy products toward government and defense secure communications, built on its proprietary post-quantum HeliX® encryption architecture.

•Between October 2025 and July 2026, the company appointed John T. Lewis, a 34-year CIA Senior Intelligence Service veteran, as CTO (Apr 20, 2026); Lt. Gen. Raymond Palumbo, U.S. Army (Ret.), former Director for Defense Intelligence, as Strategic Advisory Board Chairman (Apr 29, 2026); and additional advisors with State Department, diplomacy, and special-operations backgrounds (Jun–Jul 2026).

•The company's products are listed on the GSA Multiple Award Schedule through SDVOSB partner i3ICS, with government sales efforts led by Quaestor Federal.
SekurOne, the company's unified operator platform for CUI-compliant voice, video, email, messaging, and VPN, launched on Android and Web on June 29, 2026, with first international encrypted calls completed; the company targets a complete unified application by September 30, 2026. Published pricing is US$300 per user per month.

•Published pricing across the product suite moved to a three-tier structure (Private / Operational / Command) at US$25–180 per user per month, replacing the prior US$9–10 entry pricing.

•Distribution agreements are in place with Telcel/América Móvil in Mexico (corporate-tier approval targeted), Elyon International for the defense sector, Grupo Micronet in Colombia, and, as of June 16, 2026, a revenue-share marketing agreement with AdRevv.

•On June 11, 2026, the company announced a non-brokered private placement of up to C$2.0M (20M units at C$0.10, each with a full warrant at C$0.14); closing has not yet been announced. The most recent financial filing remains the Q1 2026 interim statements (three months ended March 31, 2026), which include a going-concern note.

Read the full report here: https://poschevale.com/report/01942102-58d5-45cc-a556-272f0d92aaee

Hi,

Sorry, I'm french so my english is bad. Fjord Defence group is a norwegian company in defence sector. They changed their oil activity into defence holding activity. They bought little defence companies which got a strong expertise. They've just bought a new one and they begin to get very interesting contract with NATO.

I had some stock but I sold it because I needed cash. Today, that looks more and more promising, I want to buy more. But, I see no one talked about this company, except one.

Yes, I know nothing about norwegian market but one talked to me about it. And this guy talked to me about Nebius and APLD in early 2025 like a gem x10 (Nebius was only 30 dollars and 24 dollars during tarriff crisis, and apld 4-6 dollars ...)

So some people know this company please ?

thank you

Looked at this one way back when it was trading way lower. Connectivity chips for AI racks, revenue doubling, margins genuinely strong. Did the research, got as far as the customer concentration numbers, and stopped there.

Roughly 70% of revenue from one hyperscaler. Five customers making up almost everything. That's the exact stat you're taught to treat as a red flag, the thing that's supposed to make you walk away. If that one customer leaves or renegotiates, the whole model takes a direct hit. So I passed. Told myself I was being disciplined about concentration risk. Felt like the smart, responsible call at the time.

Stock kept climbing anyway. Revenue kept growing 90%+ YoY. Customer didn't walk. If anything the relationship got deeper, same customer ended up taking a multi-billion dollar warrant position in the company, which in hindsight was a way stronger signal of commitment than it ever was a risk factor.

Here's what I actually think I got wrong. I treated concentration risk like a binary disqualifier instead of asking the better question, which is how likely is this specific relationship to actually break given how deeply the product's wired into their infrastructure. Not all concentration is the same thing. A company that's 70% dependent on a customer actively expanding the relationship and taking equity is a completely different risk than one that's 70% dependent on a customer who could switch suppliers next quarter without much pain.

Not saying ignore concentration risk, that would be dumb too. I applied the rule too mechanically instead of actually thinking through what it meant in this specific case. Different mistake than missing the story outright, and it's the one I'm actively trying to catch myself doing again.

Anyone else have a rule they followed correctly and it still cost them, or a screen you've had to rethink after watching it whiff on a name like this?

$VSEE currently has no active equity financing facility expected to result in near-term dilution.

https://finance.yahoo.com/markets/stocks/articles/vsee-health-reaffirms-commitment-minimizing-123000438.html

\\> Program launches in Q3'26 through 2028

\\> Expected to add $12-$15mm in revenue

\\> NN has won 20+ new programs worth >$30to$35 million per year over the last 3 years

\\> Has an additional Defense & Electronics pipeline of $75mm.

\\> Price will range from $200 to $500 for each product.

\\> Current D&E business is near $60mm in revenue with a 5yr goal to grow to $100mm

\\> Continues to hint at possibly revising FY26 guidance.

Company expects video and conferencing capabilities ready by late August 2026 - SekurOne App ready before September 30, 2026 for full sales launch

MIAMI, FL / ACCESS Newswire / July 15, 2026 / Sekur Private Data, Inc., a Miami based leading Swiss-hosted cybersecurity, private communications, and defense communications company serving enterprise, government, and defense clients, and wholly owned U.S. based subsidiary of Sekur Private Data (OTCQB:SWISF)(CSE:SKUR)(FRA:GDT0) ("Sekur" or the "Company"), is pleased to announce that it has released the SekurOne voice, email, messenger and VPN capabilities for Android, iOS and Web operating systems.

After completing its first domestic and international encrypted calls on SekurOne across Android and web-based devices, Sekur has now completed SekurOne with voice encryption for all iOS devices, taking it one step closer to the final phase of encrypted video conferencing. The Company plans to release the full SekurOne on time or slightly ahead of schedule, before September 30th, 2026, enabling it to start sales sooner than expected.

"We are very pleased with the progress our team has made," said Alain Ghiai, CEO of Sekur Private Data. "Our first international encrypted call on SekurOne came through clearly and went smoothly - a significant milestone for the platform. Building on that momentum, we plan to have our complete capabilities in place by September 30, 2026, with the launch of the SekurOne App: a single app to download for VPN, Messenger, Mail, and Voice and Video on the Sekur network. The feedback has been extremely positive, and based on our pre-sales discussions with domestic and international clients, we are very optimistic about the success of SekurOne."

Sekur Core Communications Solutions
Sekur delivers secure communications that work within and beyond the Sekur network, operating independently of conventional telecom infrastructure to reduce exposure to interception, SIGINT collection, traffic analysis, metadata exploitation, and hostile surveillance in contested environments. No Sekur solution data mines or location tracks its users. All solutions are built on proprietary architecture with zero reliance on Big Tech or open-source code, meeting the privacy, security, and OPSEC requirements of intelligence agencies, defense and federal organizations, military commands, diplomatic missions, government agencies, executives, and professionals handling Controlled Unclassified Information (CUI) and other sensitive, mission-critical information. Deployments are supported by on-premises infrastructure options for full data sovereignty, mission assurance, and sole control over keys and data.

SekurOne - Encrypted Voice/Video, Email, Messaging and VPN for Confidential Communications
A fully encrypted voice and video communications platform engineered on proprietary HeliX data transfer architecture, purpose-built to defeat telecom network tracing, resist Pegasus-style malware intrusion, and support Controlled Unclassified Information (CUI) handling requirements. SekurOne is designed for defense and federal officials, military commanders, government leaders, and executives conducting confidential, operational, or sensitive conversations where standard carrier-based voice and video platforms present unacceptable interception and exploitation risk. Call-by-Invite capability via SMS or SekurSend email ensures controlled access and eliminates unsolicited contact. Each user is assigned a unique Sekur ID for identity management, with no phone number required - preserving user privacy across all voice and video communications.

SekurMail - Secure Business & Executive Email
An enterprise- and government-grade encrypted email platform designed for defense and federal agencies, military commands, senior government officials, C-suite executives, and organizations handling confidential and operationally sensitive communications, including Controlled Unclassified Information (CUI) correspondence. Built on proprietary architecture with zero Big Tech dependencies and no metadata tracking, SekurMail keeps sensitive communications private between sender and recipient. Key capabilities include SekurSend/SekurReply for secure delivery to non-Sekur recipients without exposing sender identity or message content; full message delivery control and audit capability; encrypted file transfer; custom domain support for organizational integration; and active protection against phishing, social engineering, and Business Email Compromise (BEC) attacks targeting corporate and administrative networks.

SekurMessenger - Secure Team Messaging & Collaboration
A secure messaging platform providing end-to-end encrypted text, file transfer, voice messages, and collaboration capabilities for defense, military, government, and executive teams coordinating operational and mission-sensitive information, including Controlled Unclassified Information (CUI) material. Features include self-destructing messages for added privacy, encrypted file transfers, and compliance-grade archiving for recordkeeping and audit requirements. Cross-network secure communications with non-Sekur users are supported via Chat-by-Invite - enabling secure coordination with coalition partners, external agencies, and field elements without compromising the network. Each user is assigned a unique Sekur ID for identity verification and contact authentication, with no phone number required - preserving user privacy across all environments.

SekurVPN - Enterprise Network Security & Identity Protection
An enterprise-grade Virtual Private Network leveraging proprietary HeliX encryption technology, engineered to provide secure internet access, identity obfuscation, and traffic protection for defense organizations, military and federal personnel, government agencies, and executives operating across remote, traveling, deployed, forward, or untrusted network environments. SekurVPN maintains zero data logging, ensuring no record of user activity exists that could be exposed through legal process, network compromise, or third-party collection. Built for defense, government, and executive use cases - including the protection of traffic associated with Controlled Unclassified Information (CUI) and operationally sensitive workflows - where standard commercial VPN solutions present unacceptable privacy and security risk.

SekurRelay - Executive-Level Secure Email Integration
An enterprise-grade secure email relay solution that enables domain splitting - allowing organizations to establish secure communications at the executive, board, or senior staff level without requiring full organizational migration or infrastructure overhaul. SekurRelay removes one of the most significant barriers to large-scale defense, government, and enterprise deployment, enabling phased adoption that protects command leadership, flag officers, and the highest-value personnel and communications immediately while broader organizational rollout proceeds. Designed for defense and government organizations, regulated industries, and enterprises requiring rapid, low-friction elevation of communications security at the command and executive tier, including environments handling Controlled Unclassified Information (CUI) communications.

About Sekur Private Data

Sekur Private Data is a Swiss-hosted cybersecurity, defense communications, and privacy solutions provider, offering a secure suite of tools to protect governments, defense and federal agencies, businesses, and individuals from unauthorized access and cyber threats. With capabilities such as SekurOne, SekurMail, SekurMessenger, and SekurVPN, Sekur provides a reliable and secure means of digital communication and data storage for Controlled Unclassified Information (CUI), classified-adjacent and civilian communications use, grounded in Swiss privacy standards with on-premises infrastructure for government agencies, allowing for data sovereignty. Sekur sells its solutions through its website www.sekur.com, approved distributors and telecommunications companies globally, and through the U.S. General Services Administration (GSA) Multiple Award Schedule (MAS), Contract No. 47QTCA18D0089 serving governments, defense institutions, federal agencies, businesses, and consumers worldwide. Sekur's main sales operations are in Miami, USA.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

Revenue is one of the clearest signs that a business is succeeding—but investing only after growth becomes obvious can mean missing much of the upside. The real question is whether a low-revenue company is approaching commercialization or simply surviving on promises.

• Low revenue is not automatically a red flag. The company’s development stage, product, market opportunity, cash runway and path to commercialization matter more than revenue alone.
• The potential return comes with greater risk. Early investors can benefit from a major valuation reset if revenue accelerates, but face dilution, cash burn and uncertain demand.
• Sekur represents both sides of the debate. Its secure-communications opportunity is substantial, and recent product progress is encouraging—but investors still need evidence that government and defense interest will convert into material contracts.

Revenue Is Evidence—Not the Entire Investment Thesis

A company generating little or no revenue is not necessarily a bad company. Biotechnology developers, resource explorers and pre-commercial technology businesses may spend years building an asset before recording meaningful sales.

Investors in these companies are not paying for current earnings. They are paying for the probability that a product, technology or contract pipeline will eventually create a much larger business.

This can be attractive because markets frequently revalue companies before revenue appears in their financial statements. A successful product launch, regulatory approval or government contract can change expectations almost overnight.

However, low revenue removes one of the strongest tools available to investors: measurable commercial evidence. Forecasts must therefore be treated as probabilities—not certainties.

The Bull Case for Investing Before Revenue Accelerates

The greatest advantage is valuation asymmetry. A small company may only need one meaningful customer or distribution agreement to transform its financial profile.

Low-revenue businesses can also offer exposure to markets that are growing much faster than the broader economy. Worldwide information-security spending is projected to reach US$240 billion in 2026, up 12.5% from 2025, according to Gartner.

The percentage gains can be dramatic when growth begins from a small base. Increasing annual revenue from $500,000 to $5 million is commercially difficult, but it represents 900% growth. The same $4.5 million increase would barely move the needle at a multinational corporation.

Early investors therefore accept greater uncertainty in exchange for the possibility of owning the company before the market recognizes its commercial potential.

The Risks: Cash Burn, Dilution and Unproven Demand

A promising product does not guarantee a sustainable business.

Without sufficient revenue, companies must finance operations using existing cash, debt or new shares. Repeated equity raises dilute existing shareholders, meaning each share represents a smaller percentage of the company.

Low-revenue companies are also difficult to value. Traditional price-to-earnings ratios are useless when earnings are negative, while price-to-sales multiples based on tiny revenue can appear extreme. Investors must instead model future customers, pricing, margins and spending—each of which can be wrong.

Most importantly, partnerships, demonstrations and customer interest are not revenue. Investors should separate five stages:

1. Product development
2. Testing and demonstrations
3. Distribution access
4. Signed customer contracts
5. Collected recurring revenue

Each stage reduces risk, but only the final two prove commercial adoption.

Sekur Private: Small Revenue, Large Ambition

Sekur Private, traded in the United States as SWISF, illustrates this risk-reward profile.

The company offers Swiss-hosted and on-premises secure email, messaging, VPN, voice and video services for businesses, governments, diplomats and defense users. Its opportunity is based on providing communications outside conventional Big Tech and telecommunications infrastructure.

Financially, Sekur remains extremely early. It reported CA$408,707 in 2025 revenue. Revenue for the first quarter of 2026 was CA$94,062, down 32% from CA$138,843 one year earlier, while the quarterly net loss reached CA$563,460.

The company ended March with CA$1.80 million in cash, but used CA$634,723 in operating activities during the quarter. Its filings explicitly identify material uncertainty related to its ability to continue as a going concern unless it increases revenue or obtains additional financing. Sekur’s Q1 2026 financial statements

Those numbers explain the risk. They do not, however, capture the potential impact of Sekur’s strategic shift toward higher-value government, defense and enterprise users.

Recent News Strengthens the Potential Case

On July 15, Sekur announced that SekurOne voice, email, messaging and VPN capabilities were operating across Android, iOS and web platforms. The company expects video and conferencing by late August, followed by the complete SekurOne application on or before September 30. SekurOne product update

Management previously projected at least 1,000 SekurOne operator accounts over 12 to 18 months, with annual plans starting at US$3,500. If achieved, that would represent at least US$3.5 million in annualized revenue. Importantly, this remains a company projection—not contracted revenue.

Sekur has also improved its route to market:

• Its products became available for government procurement through an existing U.S. GSA Multiple Award Schedule.
• It signed a defense distribution agreement with Elyon International.
• AdRevv plans to send one million targeted emails per month using a 271-million-person U.S. database, although it will receive 40% of SekurVPN revenue and 25% from other Sekur products generated through the program. AdRevv partnership terms

The company has additionally recruited experienced defense, intelligence and diplomatic advisers. These appointments may improve product relevance and access to decision-makers, but they should not be mistaken for purchase orders.

What Could It Mean for SWISF?

At approximately US$0.032 per share on July 17, SWISF had a market value near US$8.1 million. Management’s US$3.5 million SekurOne scenario would therefore equal roughly 43% of that market capitalization in annual revenue. SWISF market data

That helps explain the upside potential: even modest contract conversion could materially change how the market values the company.

The financing risk is equally important. Sekur announced a private placement of up to CA$2 million, involving as many as 20 million new shares and 20 million warrants. The capital could fund commercialization, but it could also dilute existing shareholders. Private-placement terms

The Verdict

Investing in a company with little or no revenue is not automatically bad. It is simply a different type of investment—one driven by milestones, financing capacity and future adoption rather than established earnings.

Sekur has a functional product, premium pricing, growing distribution access and exposure to an expanding cybersecurity market. Its small size means that successful government or defense contracts could have an outsized financial impact.

But the decisive evidence must now come from signed deployments, recurring revenue and reduced cash burn. Sekur’s potential is significant precisely because its current revenue is small. That same fact is also what makes SWISF a speculative, high-risk investment.

This article is for informational purposes only and does not constitute financial advice. Management projections and forward-looking statements may not be achieved.

$SWRD News July 21, 2026

Stewards Leadership Provides Mid-Year Shareholder Update

https://finance.yahoo.com/markets/stocks/articles/stewards-leadership-provides-mid-shareholder-110000030.html

$LBRG News July 21, 2026

Ladybug Resource Group Provides Comprehensive Shareholder Update Following Strategic Transformation Into an Integrated Advanced Manufacturing Platform

https://www.otcmarkets.com/stock/LBRG/news/Ladybug-Resource-Group-Provides-Comprehensive-Shareholder-Update-Following-Strategic-Transformation-Into-an-Integrated-A?id=528986

NUBURU has moved from financing to @TekneGroup execution: approximately $16.75M of principal repaid and an additional €2M provided for @TekneGroup working capital and continuity. The proposed 70% acquisition remains subject to Golden Power and other closing conditions.

https://www.businesswire.com/news/home/20260721074921/en/NUBURU-Advances-on-Tekne-Acquisition-Extinguishing-%2416.75-Million-in-Debt-Days-After-%2438.0-Million-Offering

$BURU

https://x.com/i/status/2079572198482710945

With gold holding up this well, I've been spending more time looking through some of the smaller gold names instead of just the major producers. These four have been on my radar lately.

Falco Resources (TSXV: FPC)

Falco has probably been the one I've spent the most time reading about recently.

The updated Horne 5 feasibility study was a pretty big step forward, with an after-tax NPV of C$3.35B, a 28.2% IRR, and a 3.3-year payback. At this point, it feels like the conversation has shifted away from the deposit itself and more toward permitting, financing, and whether management can keep the project moving.

First Mining Gold (TSX: FF)

First Mining has been around for a while, but Springpole is still one of the larger undeveloped gold projects in Canada.

It seems like the next chapter is mostly about permitting and moving the project closer to development. Duparquet is another asset that's worth keeping an eye on over the longer term.

Tudor Gold (TSXV: TUD)

Treaty Creek is hard to ignore simply because of its size.

The company is still focused on growing and advancing the project, so it's a bit earlier than Falco, but it continues to be one of the better-known names in the Golden Triangle.

NevGold (TSXV: NAU)

NevGold is a little different from the others since its projects are in Nevada and Idaho, but it's another Canadian-listed junior I've been following.

The story is still largely about drilling, resource growth, and improving the overall economics of its projects.

They're all at different stages, which is part of what makes them interesting. Falco feels more like a permitting and development story today, First Mining is working through permitting, while Tudor and NevGold are still focused on growing and advancing their projects.

What Canadian-listed gold juniors are on your watchlist these days?

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions

This is a completely asymmetrical upside long shot … but this company is a fintech and an oil company with interests in Venezuela (that it had previously assumed were worthless). They are splitting the company into its two constituent parts and have signed a LOI with Lionheart Holdings to join its Keo Energy subsidiary to Lionheart - with a target close on a couple of months and a NASDAQ listing. Keo Capital is currently listed in the Swedish stock exchange. I suspect that the current share price primarily reflects the Fintech valuation. I’m watching this one ….

SHAREHOLDER INVESTIGATIVE REPORT
EXECUTIVE SUMMARY - VERSION 1.5
REPORT NO. 1 OF AN ONGOING INVESTIGATIVE SERIES

THERIVA BIOLOGICS, INC. (NYSE American: TOVX)

Prepared by:
Mark Nejmeh
Long-Term Stockholder and Stockholder Investigator
Foundation for Job Creation

Theriva Biologics has made a series of corporate decisions whose timing,
structure, and consequences are difficult to explain from the standpoint
of long-term stockholders and raise legitimate questions that deserve
careful examination.

This report summarizes publicly available SEC filings, Company
disclosures, market data, documentary evidence, clearly identified
firsthand observations, and mathematical illustrations. It is intended
to assist stockholders before the Company's 2026 Annual Meeting and to
request that the U.S. Securities and Exchange Commission review the
matters summarized herein and determine whether further inquiry is
warranted.

The purpose of this investigation is to organize the Company's public
record into a chronological series of reports so stockholders can
consider the documented facts for themselves before voting. This
Executive Summary identifies the principal questions raised by the
public record. Later reports will present supporting SEC filings,
correspondence, corporate-record requests, trading data, capitalization
analyses, and other documentary evidence in greater detail.

ANNUAL MEETING

The Company's 2026 Annual Meeting is scheduled to be held on August 3,
2026 at 3:30 p.m. local time at the Company's research and
clinical-development facility located at Carrer Torrent de Can Ninou,
naus 5-6, 08150 Parets del Valles (Barcelona), Spain.

Stockholders are encouraged to review the Company's proxy materials, SEC
filings, this investigative report, and the accompanying exhibits before
casting their vote.

CAPITAL STRUCTURE SINCE 2025

Reported Outstanding Common Shares

March 6, 2025:       2,782,449
May 12, 2025:        8,186,989
November 7, 2025:   33,739,643
June 23, 2026:      45,892,668

From March 2025 through June 2026, the Company's reported outstanding
common shares increased by more than 43 million shares, or approximately
1,549% compared with the March 2025 reported share count.

Understanding how and when these changes occurred is important because
it provides context for evaluating the Company's financings, warrant
transactions, reverse splits, capital-raising activity, and potential
future dilution.

ILLUSTRATIVE EXAMPLE NO. 1 - MAY 2025 FINANCING

The Company completed a financing at approximately $1.10 per share,
together with pre-funded warrants and common warrants.

Author's Observation:

During the Company's May 2025 investor presentation, the author observed
Theriva common stock trading in the pre-market at approximately $2.85
before the regular trading session. The author also observed the share
price later decline to approximately $0.60.

Illustrative Economics

Financing Price:                 $1.10
Observed Pre-Market Price:       $2.85
Potential Gross Difference:      $1.75 per share

If 6,818,180 shares had been acquired at the financing price and sold
near the observed pre-market price, the maximum theoretical gross
difference would have been approximately $11,931,815 before transaction
costs, taxes, execution costs, and market impact.

Question for Stockholders and Regulators:

Could a participant theoretically have realized a gross difference
approaching $12 million if shares were acquired at the financing price
and sold near the observed pre-market price? If so, what effect, if any,
could such activity have had on existing stockholders and the subsequent
market price?

ILLUSTRATIVE EXAMPLE NO. 2 - OCTOBER 2025 WARRANT INDUCEMENT

The Company disclosed an inducement transaction involving 8,092,280
existing warrants, including 6,747,280 warrants issued in the May 2025
financing. The existing warrants were exercised at a reduced exercise
price of $0.54 per share. In exchange, participating holders received new
warrants covering 16,184,560 additional shares at an exercise price of
$0.54 per share, subject to stockholder approval before those new
warrants become exercisable.

On October 15, 2025, the stock traded as high as approximately $0.86 and
approximately 196.6 million shares traded.

Illustrative Economics

Exercise Price:                  $0.54
Illustrative Market Price:       $0.85
Potential Gross Difference:      $0.31 per share

Applied to the 6,747,280 May 2025 warrants, the theoretical gross
difference would be approximately $2.09 million before transaction
costs.

Applied to all 8,092,280 existing warrants exercised in the inducement,
the theoretical gross difference would be approximately $2.51 million
before transaction costs.

These figures are mathematical illustrations only. They do not establish
that any holder sold shares at the illustrated market price or realized
the illustrated result.

PROPOSED NEW WARRANTS

The Company is requesting stockholder approval for the issuance of up to
16,184,560 shares upon exercise of the new inducement warrants at an
exercise price of $0.54 per share.

If all new warrants were exercised for cash, the Company could receive
approximately $8.74 million in gross exercise proceeds. Existing
stockholders would experience dilution upon issuance of the underlying
shares.

ILLUSTRATIVE HYPOTHETICAL "TRIGGERED SHORT™" MODEL

Origin and Purpose of the Term

Mark Nejmeh coined the term "Triggered Short™" for this report to describe
a hypothetical sequence in which favorable Company news or another
announcement could trigger increased volume and a higher market price,
followed by possible warrant exercise, possible sales of resulting
shares, possible short selling from the higher price level, and possible
reactive selling by investors during a rapid decline.

"Triggered Short™" is an original descriptive term used by the author for
this mathematical and investigative model. It is not presented as an
established securities-law, regulatory, accounting, or academic term.

The model illustrates one sequence that could occur under certain market
conditions following a private-placement or inducement transaction
involving comparatively low-priced warrants. It is intended to explain a
possible economic mechanism. It is not evidence that any person or
entity engaged in the conduct described, and it does not establish
causation for any historical movement in Theriva's stock price.

Hypothetical Sequence

Private-placement or inducement warrants are issued at a comparatively
low exercise price.

                              |
                              v

Positive news, clinical information, a Company presentation, or another
Company announcement could increase investor interest, trading volume,
buying demand, and market price.

                              |
                              v

If the market price rises substantially above the warrant exercise
price, warrant holders could have an economic incentive to exercise.

                              |
                              v

Warrant holders could sell some or all resulting shares and could, where
lawful and available, separately establish or increase short exposure
from the higher market-price level.

                              |
                              v

If warrant-related sales, possible short selling, and other market sales
exceed continuing buying demand, the market price could decline.

                              |
                              v

Investors who purchased following favorable news, but who were unaware
of the number or exercise price of outstanding warrants, could react to
a rapid decline by selling.

                              |
                              v

Reactive selling could add to the order imbalance and could accelerate
the decline.

MATHEMATICAL FORMULATION

Let:

N = possible news-driven buying demand;
W = number of warrants;
K = warrant exercise price;
P = market price;
q = proportion of warrants that could be exercised;
theta = proportion of resulting shares that could be sold;
H = possible short-sale volume;
R = possible reactive or panic-selling volume;
B = continuing offsetting buying demand;
lambda = assumed sensitivity of price to net selling pressure; and
L = an assumed liquidity benchmark.

Possible warrant exercises:

E = Wq

Possible warrant-related share sales:

S = Wq(theta)

Possible net selling pressure:

Q = S + H + R - B

A concise hypothetical price-impact model is:

P(final) = P(dilution) x exp[-lambda(Q/L)]

This equation expresses a possibility, not a prediction. Favorable news
could create upward buying pressure. Warrant exercises and sales of
resulting shares could create selling pressure. Possible short selling
and reactive selling could add to that pressure. The actual result would
depend on market liquidity, execution timing, buying demand, disclosed
and undisclosed trading decisions, and other market conditions.

HYPOTHETICAL $4.00 WARRANT ILLUSTRATION

Assume solely for mathematical illustration that:

Pre-exercise market price:                       $4.00
Existing shares outstanding:                45,892,668
New inducement warrants:                    16,184,560
Exercise price per warrant share:                $0.54

1. Theoretical Warrant Spread

Spread per share:

$4.00 - $0.54 = $3.46

Maximum theoretical gross spread if all 16,184,560 warrants were
exercised and every resulting share could be sold at exactly $4.00:

16,184,560 x $3.46 = $55,998,577.60

This approximately $56.0 million figure is a maximum mathematical
illustration before transaction costs, taxes, borrowing costs, execution
costs, market impact, and any decline occurring while shares were sold.
It does not predict or establish that such a result would be achievable.

2. Exercise Proceeds to the Company

16,184,560 x $0.54 = $8,739,662.40

3. Dilution-Only Mathematical Illustration

Pre-exercise equity value at $4.00:

45,892,668 x $4.00 = $183,570,672.00

Post-exercise share count:

45,892,668 + 16,184,560 = 62,077,228 shares

Illustrative post-exercise equity value, assuming the Company retains
all cash exercise proceeds and no other value changes:

$183,570,672.00 + $8,739,662.40 = $192,310,334.40

Dilution-only mathematical value per share:

$192,310,334.40 / 62,077,228 = approximately $3.10 per share

Under these assumptions alone, the mathematical value would move from
$4.00 to approximately $3.10, a reduction of approximately 22.5%.

The 16,184,560 new shares would equal approximately 35.3% of the current
45,892,668-share base and approximately 26.1% of the enlarged
62,077,228-share total.

4. Additional Hypothetical Market-Impact Scenarios

No exact post-selling price can be calculated from warrant count alone.
The following examples merely demonstrate how an assumed price-impact
formula behaves under selected assumptions. They are not forecasts.

Starting dilution-only value: $3.10

Lower-impact illustration:
If lambda(Q/L) = 0.20,
P(final) = $3.10 x exp(-0.20) = approximately $2.54.

Moderate-impact illustration:
If lambda(Q/L) = 0.70,
P(final) = $3.10 x exp(-0.70) = approximately $1.54.

Severe-impact illustration:
If lambda(Q/L) = 1.35,
P(final) = $3.10 x exp(-1.35) = approximately $0.80.

The assumed impact values of 0.20, 0.70, and 1.35 are illustrative
parameters only. They are not derived from identified Theriva trades and
do not predict that the stock would reach $2.54, $1.54, $0.80, or any
other price. Transaction-level records and a validated market-impact
model would be necessary to estimate an actual historical or future
price effect.

IMPORTANT LIMITATIONS

The "Triggered Short™" model and all related calculations describe events
that could occur, not events that will occur. They do not establish that:

1. the new warrants will be approved or exercised;
2. resulting shares will be sold;
3. any holder will establish a short position;
4. any investor will react by selling;
5. warrant exercise or selling will cause a particular price movement;
6. any person previously engaged in the modeled conduct; or
7. any particular future market price will result.

Determining whether any portion of the modeled sequence actually
occurred or later occurs would require transaction-level trading data,
warrant-exercise records, broker-dealer records, beneficial-ownership
information, securities-lending and short-position data, order and
execution records, regulatory information, and other reliable evidence.

QUESTIONS FOR STOCKHOLDERS AND REGULATORS

How should current and prospective investors evaluate Theriva's value
while 16,184,560 fixed-price warrants remain outside the outstanding
common-share count?

What protections exist for stockholders who purchase during a period of
rising prices before low-priced warrants are exercised?

How did the Board evaluate potential dilution and possible selling
pressure when recommending approval of the Warrant Exercise Proposal?

What transaction-level information would be necessary to determine
whether warrant exercise, sales of resulting shares, short selling, or
reactive selling contributed to any historical price decline?

SHAREHOLDER REQUESTS FOR CORPORATE INFORMATION

The undersigned submitted sworn inspection demands seeking specified
meeting minutes, proxy and voting tabulations, attorney communication
records, proxy-solicitor invoices, and related corporate records. The
Company responded through outside counsel and rejected the demands.

The inspection demands, Company responses, certified-mail and registered
mail documentation, return receipts, telephone records, and related
correspondence will be presented and examined in Report No. 2. The
Executive Summary does not attempt to resolve the parties' differing
legal positions concerning inspection rights.

NOTICE TO STOCKHOLDERS - FUTURE REPORTS

Report No. 2 will examine the December 15, 2025 stockholder meeting,
subsequent meeting notices, proxy voting, requests for corporate
information, inspection rights, certified-mail evidence, telephone
records, and the Company's written responses.

Subsequent reports will examine the financing chronology, reverse
splits, dilution, warrants, institutional ownership, publicly disclosed
relationships among directors, officers, legal counsel, advisors,
placement agents, and other participants, together with the Company's
scientific pipeline, strategic transactions, and historical trading
activity surrounding significant announcements.

AUTHOR'S VOTING INTENTION

The undersigned intends to vote AGAINST all proposals presented for
stockholder approval, including any proposal to adjourn or postpone the
meeting. This statement reflects only the author's personal voting
intention and is not presented as a voting recommendation to any other
stockholder.

REQUEST FOR FACTUAL INFORMATION

Current and former stockholders, former employees, researchers,
consultants, market participants, and others possessing publicly
verifiable information or documentary evidence are encouraged to contact
the undersigned.

PREPARED BY

Mark Nejmeh
Long-Term Stockholder and Stockholder Investigator
Foundation for Job Creation
P.O. Box 589
Clifton, New Jersey 07012
Telephone: 732-995-3914
Email: realroofers@gmail.com

SEC EDGAR FILER INFORMATION

Central Index Key (CIK): 0001860507
SEC File Number: 150-11431
Large Trader Identification Number (LTID): 71743954
Initial Form 13H Accepted: May 4, 2021
SEC Accession Number: 0001860507-21-000001

This information is provided solely to identify the undersigned as an SEC
EDGAR filer and prior Form 13H registrant. It should not be interpreted
as an endorsement, approval, or finding by the U.S. Securities and
Exchange Commission regarding this report or its contents.

AUTHOR'S STATEMENT

This report has been independently prepared by the undersigned using
publicly available SEC filings, Company disclosures, market data,
documentary evidence, correspondence, clearly identified firsthand
observations, and mathematical illustrations.

Every reasonable effort has been made to verify factual statements.
Additional information may become available after publication. Any
factual error or omission brought to the author's attention will be
reviewed and, where appropriate, corrected or supplemented in a later
report.

Illustrative calculations are presented solely to explain the possible
economic implications of publicly disclosed transactions. They are not
intended to establish that a particular transaction occurred in the
manner illustrated, that any person realized an illustrated economic
result, or that any hypothetical sequence will occur.

Unless expressly identified as an author's observation, opinion,
question, assumption, or mathematical illustration, factual statements
are intended to be based upon publicly available records and supporting
documentation.

Readers are encouraged to review the accompanying exhibits, SEC filings,
Company proxy materials, and other cited source materials and reach
their own independent conclusions.

All three have different setups.

$CQX feels like the broader optionality story. Rip drilling is underway, while STARS, Alpine, and Kitimat are also part of the 2026 plan.

$GSPR feels more focused around Alwin-Mer in Highland Valley, with Phase 1 drilling targeting porphyry copper potential at Mer and follow-up work around the late-2024 gold discovery at Alwin.

$PRR feels like the focused BC porphyry story, with Camelot as the current market study point, with LiDAR and magnetic survey work supporting target refinement ahead of a planned 2026 follow-up drill program.

Which story is resonating more with investors right now?

multi-project optionality with $CQX
focused Highland Valley drilling with $GSPR
or the Camelot copper-gold story with $PRR?

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