For global mining companies, disclosure does not happen in a single market or a single time zone. It is continuous, time-sensitive, and often coordinated across continents. Adyton Resources is a TSX Venture-listed exploration company operating in Papua New Guinea, with its team based in Australia. In this environment, disclosure is not just about generating information. It is about executing it with precise timing and coordination across time zones. “The ability to file 24/7 with immediate support is helpful, as our staff are in Australia.” — Chirag Patel, CFO, Adyton Resources Corporation Global Disclosure from Australia Operating across jurisdictions introduces more than regulatory requirements. It introduces operational complexity. Adyton’s team operates primarily out of Australia while maintaining Canadian listing obligations and communicating with a global investor base. This creates a constant need to coordinate: time zones regulatory systems and disclosure timelines In this environment, delays are not just inconvenient. They can introduce risk. About Adyton Resources Adyton Resources is a Canadian public company focused on the development of gold and copper resources in Papua New Guinea. Its projects are located within the Pacific Rim of Fire, one of the world’s most resource-rich mineral belts. The company holds existing resources of over 2.1 million ounces of gold and operates in geological settings that are open, scalable, and prospective for further discovery. As a TSX Venture-listed issuer, Adyton manages ongoing disclosure obligations while engaging investors across multiple markets. The Challenge Before working with TMX Newsfile, cost and efficiency were key considerations in Adyton’s disclosure process. Traditional distribution services introduced: higher fees limited flexibility in pricing and execution As the company evaluated alternatives, the goal was to find a more efficient and cost-effective approach to distribution. The Solution: Coordinated Disclosure Execution TMX Newsfile provides a more direct and cost-effective way to manage press release distribution and regulatory filings. The focus is on simplifying how disclosure is executed. Submissions are easy to complete, and support is available when needed, regardless of time zone. TMX Newsfile also supports distribution beyond North America, including Australasia, helping extend Adyton’s investor reach. “Everyone I've worked with at Newsfile is knowledgeable, gets the job done for us, and is well-informed. Solutions are straightforward, and the onboarding itself was very easy.” — Chirag Patel, CFO, Adyton Resources Corporation Why It Works In cross-border environments, consistency and responsiveness matter more than process complexity. By simplifying how press release distribution and regulatory filings are managed, Adyton is able to execute disclosure more efficiently across time zones. This reduces delays and supports more consistent and reliable delivery of information to the market. The Result Today, disclosure is executed with greater consistency and confidence. Key outcomes include: Faster and more predictable disclosure timelines Reduced friction across distribution and filings Greater confidence in disclosure, supported by editorial feedback from the newsroom Improved coordination across time zones 24/7 support across time zones Distribution support extending into Australasia For a company operating across continents, these improvements make disclosure more reliable and easier to manage. A Practical Advantage in Mining Markets In mining, where announcements can materially impact valuation, timing and clarity are critical. Results are often interpreted immediately by the market and this makes coordination across disclosure channels essential. For Adyton Resources, simplifying press release distribution and regulatory filings improves the stability and reliability of its disclosure process. In global markets, effective disclosure is not just about meeting requirements. It is about executing with precision.

Disclosure Intelligence Series How disclosure works in modern capital markets Most companies treat a U.S. stock exchange listing as a structural milestone. In practice, it represents something more significant. Entering U.S. markets is not just a listing event. It is a fundamental shift in how a company’s information is communicated, interpreted, and acted on. As of March 2026, 187 TSX and TSX Venture issuers are interlisted on U.S. exchanges, within a broader group of 258 interlisted companies globally. This shift into U.S. market participation is not evenly distributed. It is concentrated among more senior issuers. 85% of TSX interlisted issuers maintain a U.S. listing, compared to just 29% of TSX Venture issuers. As companies scale into these markets, they are not just moving exchanges. They are entering a fundamentally different disclosure environment. This is where disclosure strategy needs to change. The Shift Most Companies Underestimate Cross-border listings are a cornerstone of the Canadian market, particularly among dual-listed companies operating in both Canada and the U.S. The density of these listings changes significantly as companies scale. U.S. listings are far more common among TSX issuers than among TSX Venture companies. The motivation is clear. Companies are seeking greater visibility, deeper liquidity, and access to a broader investor base. What is less often considered is how different the communication environment becomes. Canada has approximately 3,700 listed companies across the TSX and TSX Venture Exchange. Nasdaq alone hosts over 4,000 companies, including 4,075 listed on The Nasdaq Stock Market as of December 31, 2024. At the same time, exchanges such as the NYSE bring together hundreds of international issuers from dozens of countries, all competing for investor attention. With more issuers competing for the same investor attention in the U.S., the pace and expectations of communication shift. In this context, communication becomes more continuous, more competitive, and more dependent on visibility. As a result, disclosure becomes increasingly complex to manage. By the Numbers: Interlisted Activity in March 2026 The numbers show how U.S. listings are distributed across TSX and TSX Venture issuers. Note: TMX Group data as at March 2026. The concentration of U.S. listings increases as companies move up to the TSX. At the same time, entry into U.S. markets brings higher disclosure expectations and more intense competition for attention. Why Disclosure Strategy Needs to Adapt When Canadian companies enter U.S. markets, the underlying principles of disclosure do not fundamentally change, but the environment in which they operate does. Requirements around timely and broad disclosure of material information remain consistent across jurisdictions, supported by frameworks such as Regulation FD in the U.S. and National Policy 51-201 in Canada. In Canada, material changes must be disclosed through a news release, followed by a regulatory filing. In the U.S., companies must ensure broad public dissemination, but no single method is mandated. In practice, disclosure is achieved through a combination of filings, news releases, and other public channels. U.S. markets have a higher concentration of issuers and greater analyst coverage, resulting in a more continuous flow of information. In this environment, material information is expected to reach the market quickly, with greater emphasis on how effectively it is interpreted. In this environment, visibility does not naturally follow from a U.S. listing. It depends on how effectively material information competes for attention and reaches the market. These differences do not change what must be disclosed, but they require disclosure strategy to adapt. As a result, disclosure begins to function not just as a compliance requirement, but as part of a company’s communication infrastructure. "In today’s markets, disclosure is not just compliance. It is infrastructure." Visibility is No Longer Just About Reach It is easy to think of press release distribution in terms of reach, or how widely information is disseminated. But reach alone does not determine whether information is actually seen, understood, or acted on. Investor awareness now develops across multiple layers, including brokerage platforms, institutional workflows, financial data systems, and aggregation tools. Information does not move through a single channel. It moves through a network of systems that filter, surface, and prioritize what investors ultimately see. Even when widely distributed, disclosures can be overlooked. Visibility depends not just on reach, but on where information appears, when it reaches the market, and how consistently and clearly it is presented across the channels investors use. This makes the structure and timing of disclosure just as important as distribution itself. Disclosure Challenges for Dual-Listed Companies One of the most important, and least visible, challenges for dual-listed companies is coordination. In practice, disclosure is not a single action. It typically involves preparing a press release alongside regulatory filings, coordinating internal approvals, and aligning timing across multiple systems. In many organizations, these steps are handled across separate teams, tools, and vendors rather than through a single integrated workflow. This creates a timing gap. Between the moment a press release is issued and the corresponding filing is made, there is often a window where information is already being interpreted, shared, and acted on, sometimes before the full context is available. Figure 1: The 'Potential Timing Gap' created by fragmented workflows can lead to unnecessary market volatility during material news events. These gaps are rarely intentional. They are typically the result of siloed processes or technical bottlenecks, such as XBRL preparation requirements or payment-related delays, which can disrupt even well-planned disclosure timelines. Over time, this fragmentation introduces coordination challenges that often only become apparent when companies are operating under tight timelines. For dual-listed companies operating in sectors such as mining and life sciences, this risk can be more pronounced. In these industries, key announcements are often outcome-driven, where results can be interpreted quickly as either positive or negative. In modern markets, investors access information through a wide range of sources, including news feeds, brokerage platforms, exchange-integrated systems, and company disclosures. What This Means in Practice: Disclosure Intelligence In U.S. markets, these dynamics are not theoretical. They directly change how disclosure needs to be executed. Fragmented workflows create risks that can become more visible and more difficult to manage. Leading issuers are adopting a more structured approach to disclosure. This approach can be understood as Disclosure Intelligence. Companies can improve disclosure execution by adopting a more coordinated and structured approach, as reflected in the following principles: Integrated Align press releases and regulatory filings as closely as possible in both timing and content. In fast-moving markets, even small gaps can lead to incomplete information being interpreted and acted on before full context is available. Consistent Treat communication as continuous rather than event-driven. Instead of relying solely on major announcements, maintain a steady flow of clear, consistent updates to remain visible within the systems investors actually use. Structured Prepare information in a consistent and structured format. This improves clarity for investors and ensures disclosures can be reliably interpreted by the data systems, platforms, and AI models that increasingly shape how information is surfaced. Intentional Reassess distribution and workflow decisions following a market transition. Recognize that legacy approaches often reflect a different environment and may not align with how investors access and evaluate information in U.S. markets. Simplified Reduce fragmentation across teams, tools, and processes to improve both speed and clarity. In coordinated market environments, complexity becomes a liability. Together, these principles set the standard for how disclosure is executed in modern markets. A Broader Shift Expanding into U.S. markets is often framed in terms of scale. More investors, more visibility, more opportunity. But it also requires a different approach to communication. This approach reflects how information is distributed, consumed, and acted on in modern markets. Companies that recognize this early are better positioned to maintain clarity, consistency, and trust as they grow. Because in today’s markets, disclosure is not just compliance. It is infrastructure. The Disclosure Strategy Health Check Ask your team these three questions to determine if your current strategy has kept pace with your market transition: Is your news distribution reaching investors through the platforms they actively use to access and act on issuer information? Are your press releases and regulatory filings managed through a single, coordinated workflow? Has your communication strategy evolved since your last listing event, or are you still following a legacy “default”?

If PDAC 2026 demonstrated anything, it is that investor demand has clearly returned, but so has competition for attention. With more than 32,000 participants , the highest in the convention’s 94-year history , the Metro Toronto Convention Centre was filled with issuers, investors, and deal makers from around the world. As a media partner of PDAC 2026, TMX Newsfile was on the ground throughout the week, connecting with clients and prospects across the conference. Optimism was evident, with commodity prices rising, electrification accelerating demand, and capital re-entering the sector. In an environment of this scale, one reality became clear. Being present was not enough. Visibility was critical. A Market Reawakening With a New Investor Profile The resurgence in mining is not just about pricing cycles. It is about participation. Across the conference floor and surrounding events, our team observed A younger, more tech driven investor base Increased reliance on trading platforms and real time data More targeted, informed questions from investors As one of our team members noted, the shift was noticeable. The crowd is younger, decision making is faster, and interest is grounded in a clear understanding of long term demand drivers such as electrification. At the same time, the broader market reinforced the momentum Mining market capitalization on the TSX and TSXV surpassed $1 trillion New mining issuers were added to the S&P/TSX Composite Index during the week The takeaway is clear. Capital is returning to the mining sector, but it is more selective, informed, and fast moving. On the Ground Where Visibility Drove Engagement at PDAC 2026 With approximately 300 TSX and TSXV listed companies exhibiting , the challenge was not just attracting attention. It was standing out in a highly competitive environment. One of the most noticeable things on the floor was the custom LED issuer plaques distributed across the exhibit hall. These illuminated displays featured company names and ticker symbols on frosted glass stands, making TSX and TSXV listed issuers easy to spot in a crowded space. Investors could identify companies from a distance, which helped drive more consistent booth traffic and stronger first impressions. The response from issuers was overwhelmingly positive. The plaques created a clear focal point, making booths easier to find and conversations easier to start. In a crowded environment, that visibility translated directly into engagement. Beyond the Booth Where Real Conversations Happened From Sunday through Tuesday, activity continued across a range of industry events, including uranium focused gatherings hosted by companies such as AE Fuel and Sky Harbour, as well as larger networking events like Aquarium Night. Private receptions hosted by capital markets firms and industry leaders, along with the TSX and TSXV signature reception, created a continuous flow of interaction throughout the week. Across these settings, one pattern stood out. Investors were not just exploring. They were actively evaluating opportunities in real time. This aligns with broader industry dynamics. Electrification is increasing long term demand for key metals, geopolitical considerations are driving a stronger focus on secure supply chains, and expectations are building that demand may outpace supply. As a result, conversations were more focused, strategic, and forward looking than in previous years. From Attention to Action: The Role of Communication Events like PDAC create visibility, but what matters is what happens after. The companies that stand out are not just active during the event. They continue the conversation after. For issuers, this means Announcing developments at the right time Reinforcing credibility through consistent disclosure Ensuring news reaches investors who were not physically present For many companies, this includes using press releases and distribution strategies to extend visibility before, during, and after the event. In a market where investors are moving quickly and evaluating multiple opportunities at once, timely and well distributed information becomes a competitive advantage. The Takeaway Capital Is Back, but Attention Is Limited PDAC 2026 marked a clear turning point. Attendance was strong, investor energy has returned, and long term demand drivers are firmly in place. But it also highlighted a growing challenge. Standing out is becoming more difficult. The companies that gained the most traction were not simply present. They were visible, credible, and easy to understand. As the mining sector continues to evolve, success will depend not only on fundamentals, but on how effectively companies communicate those fundamentals to the market. PDAC continues to reinforce Canada’s role in global mining finance, but what stood out this year was how competitive the environment has become. There is no shortage of opportunity, but there is also no shortage of noise. The companies that made an impact were the ones that stayed visible and kept their story moving beyond the event. In a market like this, how you communicate matters just as much as what you have to say.

Eligible venture issuers in Canada can now move from quarterly to semi-annual reporting. As of March 19, 2026, the Canadian Securities Administrators (CSA) introduced the Semi-Annual Reporting (SAR) Pilot . Implemented through Coordinated Blanket Order 51-933, it allows certain issuers listed on the TSX Venture Exchange (TSXV) or the Canadian Securities Exchange (CSE) to optionally skip first and third quarter financial filings . This reduces overall reporting burdens and costs. It also creates longer gaps between financial reports that companies must manage through more deliberate communication with the market. What Changed and Why It Matters The new framework allows qualifying venture issuers with annual revenue of 10 million dollars or less to report twice a year instead of four times, subject to additional eligibility criteria. Issuers continue to file semi-annual and annual financial statements, but no longer need to file first and third quarter reports under National Instrument 51-102. This change is intended by the CSA to reduce the reporting burden on smaller public companies while maintaining investor protection. For many venture issuers, preparing quarterly financial reports requires significant time, cost, and internal resources that may outweigh the benefit to investors. As a result, fewer required financial filings ease these demands. However, issuers must still promptly disclose material information through news releases, making communication between reporting periods more important. The CSA has also indicated that it will use insights from this pilot to inform a broader rule-making initiative, meaning semi-annual reporting could be expanded to more issuers over time. Semi-Annual Reporting for Venture Issuers Changes How Disclosure Is Delivered At first glance, the new optional semi-annual reporting appears to be a simple reduction in reporting frequency. However, in practice, it changes how companies structure and deliver disclosure. Under quarterly reporting, communication is anchored to fixed filing cycles. With semi-annual reporting, those anchors are reduced, creating a longer period between formal financial updates. This effectively introduces a new disclosure strategy that is less tied to reporting deadlines and more dependent on how companies communicate with the market over time. Managing the Information Gap Between Reporting Periods The shift from quarterly to semi-annual reporting is best understood visually. The longer gap between financial reports can be understood as an information gap . Without consistent communication, longer gaps between reporting periods can increase uncertainty for investors. Strong issuers will manage this gap proactively rather than reactively. Press releases become central to this approach. Companies can use them to maintain visibility by sharing operational progress, key milestones, and updates that help investors understand how the business is evolving between reporting periods. This helps maintain continuity in disclosure between financial reports . They also remain essential for communicating material information . Timely disclosure obligations continue to apply, and press releases remain the primary tool for ensuring that material developments are broadly disseminated . Consistent communication also plays an important role in maintaining investor confidence . Extended periods without updates can create uncertainty, even when performance is stable. Regular, well-structured updates help reinforce credibility. Finally, press releases can support alignment with upcoming financial reporting . By setting expectations ahead of semi-annual filings, companies can provide clearer context and reduce the risk of unexpected results. Together, these practices form a more deliberate and structured communication approach. Why This Change Benefits Venture Issuers For many smaller public companies, this shift offers several practical advantages: Reduced time and cost associated with preparing financial statements and MD&A Increased focus on operations and long-term growth Less emphasis on short-term performance fluctuations Continued transparency through ongoing disclosure requirements These advantages allow companies to operate more efficiently while still meeting their disclosure obligations. Important Limitations to Consider Semi-annual reporting is not appropriate for every issuer. The exemption may not be available in certain financing situations, such as when an issuer is using a short form or shelf prospectus, in which more frequent financial disclosure may still be required. Issuers are also required to announce their adoption of semi-annual reporting through a news release that includes prescribed language. Because of these constraints, companies should consider their capital markets plans and investor expectations before making the transition. A Broader Shift Beyond Canada This change reflects a wider global trend. Markets such as the United Kingdom have long operated under semi-annual reporting frameworks. Quarterly reporting was introduced in 2007 and removed in 2014 , returning to a semi-annual model. In the United States, the U.S. Securities and Exchange Commission (SEC) has explored similar changes, including a 2018 request for comment on quarterly reporting following calls from Donald Trump to reduce reporting frequency. In 2025, Trump also expressed renewed interest in semi-annual reporting structures for public companies. No rule changes have been implemented to date. Overall, this points to a broader shift toward balancing regulatory efficiency with meaningful disclosure. Semi-annual reporting for venture issuers is not simply a reduction in filings. It introduces a new disclosure strategy. Fewer required reports place greater emphasis on how companies communicate between reporting periods. Success under this model depends on maintaining clear, consistent, and timely communication with the market. For issuers that adopt semi-annual reporting, disclosure becomes less about meeting fixed deadlines and more about delivering the right information at the right time. That is where a well-structured press release strategy becomes essential.

UPDATE:  On March 5, the SEC issued an Exemptive Order  (Release No. 34-104931) providing significant relief for FPIs in "qualifying jurisdictions," including Canada . Because the SEC now recognizes Canada’s reporting standards as "substantially similar," most Canadian directors and officers are exempt  from the Section 16(a) filings described below. However, this relief depends on the jurisdiction of incorporation; FPIs incorporated in "offshore" jurisdictions (e.g., Cayman Islands or BVI) may still face the March 18 deadline. We strongly advise IR teams to consult the final rule , review the latest SEC guidance, and coordinate with legal counsel  to verify how these changes impact your specific governance structure. The end of the Section 16 exemption for foreign issuer directors and officers marks a major shift in SEC insider reporting. It introduces faster disclosure timelines and new transparency risks for global IR teams. Beginning March 18, 2026 , directors and officers of Canadian and other foreign private issuers (FPIs) will be required to publicly report insider holdings and transactions under Section 16(a) of the U.S. Securities Exchange Act of 1934. This change, enacted under the Holding Foreign Insiders Accountable Act (HFIAA)  and signed into law by President Trump on December 18, 2025, eliminates a nearly five-decade exemption from SEC insider reporting. International leadership previously operated under more relaxed U.S. disclosure rules. But now they must meet the same two-business-day disclosure standards as U.S. domestic executives. For investor relations teams, this shift is not just regulatory. It is operational, reputational, and market facing. Why SEC Insider Reporting matters for investor relations teams Foreign issuer insider transactions are moving to the center of U.S. market attention. While many issuers already report insider activity in their home jurisdictions, they now face an additional SEC deadline that is significantly faster than most international standards: Canada:  Insiders report trades on SEDI within five days. UK and Europe:  Executives typically have three business days under the Market Abuse Regulation (MAR). United States:  Reports must now be filed on EDGAR within two business days . This creates a dual-reporting environment where U.S. filings carry immediate market impact. In the U.S. market, insider filings are monitored in real time by automated trading systems which can react within seconds of a filing becoming public. Because machines often react before investors or analysts have reviewed the full context, the time available to manage market interpretation is now measured in minutes rather than days. Managing the "smoke signals" In U.S. markets, a Form 4 filing is a headline event. A routine transaction, such as a CEO selling shares to cover tax obligations, can be misinterpreted as a loss of confidence if the context is not provided instantly. To manage this, IR teams must move from a reactive to a proactive strategy. You should anticipate insider transactions and have trade scripts or messaging aligned with your legal team and brokers before the trade even occurs. Under Section 16, reaction speed becomes a core part of your disclosure strategy. Reputational risk and proxy advisor scrutiny Late or missed Section 16 filings are publicly flagged on EDGAR. Proxy advisory firms such as ISS and Glass Lewis track late or missing filings and factor them into their governance assessments. A late filing is no longer viewed as a clerical oversight. Instead, it can be interpreted as a breakdown in internal controls. For IR teams, this creates a new category of reputational risk that extends well beyond simple compliance. The new standard: T+2 disclosure becomes mandatory Starting March 18, 2026, every reportable change in insider ownership, including grants, option exercises, vesting events, and open market trades, must be disclosed within two business days. This compressed timeline leaves little room for after the fact discovery or manual processes. IR teams must know about a transaction as it happens, not after it settles. Who is required to file: defining the insider Section 16 focuses on policy making influence rather than job titles alone. For foreign issuers, the insider group includes the following individuals. All directors Every member of the board, without exception. Section 16 officers This includes the President, Chief Financial Officer, and Principal Accounting Officer or Controller. It also extends to any vice president in charge of a principal business unit or any other individual who performs a significant policy making function. A practical rule of thumb If an individual is identified as an executive officer in your Form 20-F or for clawback policy purposes, they are almost certainly a Section 16 insider. What about 10% shareholders? Under the Holding Foreign Insiders Accountable Act, shareholders who own more than 10 percent of a company but are not directors or officers generally remain exempt from Section 16(a) reporting. Issuers should also watch for director by deputization. If a significant shareholder places a representative on the board, that shareholder entity may be viewed as a director for Section 16 reporting purposes and required to file insider reports. Section 16 reporting explained: the three forms From an investor relations perspective, success depends on ensuring these filings are accurate, timely, and anticipated. Form 3 (Initial snapshot) Discloses an insider’s total beneficial ownership upon becoming subject to Section 16. All directors and officers in place as of the effective date must file by March 18, 2026. Form 4 (Rapid response) Reports any change in beneficial ownership and must be filed by the end of the second business day following the transaction. No materiality threshold applies. Every reportable change must be disclosed. Form 5 (Annual cleanup) Filed within 45 days of fiscal year end for certain deferred or previously unreported transactions, such as gifts or inheritances. The global context: why home-country insider reporting is not enough A common assumption among Foreign Private Issuers (FPIs) is that home country insider reporting satisfies U.S. requirements. It does not. While the HFIAA allows the SEC to exempt foreign issuers with substantially similar home-country insider reporting rules, including those in Canada, the UK, and the EU, no such exemptions have been granted as of early 2026. Until the SEC grants an exemption, foreign issuer insiders must operate in a dual reporting environment. This means filings are required on both the home country system, like Canada's SEDI  or the UK's FCA  notifications, and the SEC’s EDGAR  system, often on conflicting timelines. Individual EDGAR Access Is Now Required for Foreign Issuer Directors and Officers To comply with these new reporting requirements, every director and officer of a foreign private issuer must have their own account on the SEC’s EDGAR system. If a reporting person does not already have an individual account, the SEC advises that the individual, or an authorized representative, should submit a Form ID  application for EDGAR access as soon as possible. The application process is meticulous and requires time to complete. Applicants must first obtain individual Login.gov  credentials to accurately complete the Form ID. A notarized signature and the upload of an authenticating document are also required. SEC staff manually review each Form ID and may request additional information during the process. Credentialing can take weeks rather than days. Therefore, issuers that do not complete this onboarding in advance risk being unable to submit their initial Form 3 filings by the March 18 deadline. This could create immediate compliance and governance exposure. Why is this happening? The level playing field rationale The Holding Foreign Insiders Accountable Act was driven by a policy objective to close what lawmakers viewed as a transparency gap. U.S. regulators argued that foreign insiders could trade on U.S. markets with less immediate disclosure than domestic executives, potentially disadvantaging U.S. investors. By removing the exemption, the SEC is standardizing expectations regardless of whether a company is headquartered in Toronto, London, or New York. Next steps: an IR readiness checklist To prepare for March 18, 2026, IR teams should begin now. Priority actions include auditing board and executive credentials to confirm that every director and covered officer has an individual CIK. Ensure every director and officer has a Login.gov  account Companies should also implement mandatory trade pre clearance. With a T+2 deadline, IR teams cannot afford to learn about trades after execution. Finally, establish real time data pipelines with executives’ personal brokers to ensure transaction data flows immediately to legal and filing teams. The expansion of Section 16 reporting marks a meaningful shift in how insider activity is disclosed, interpreted, and governed in U.S. markets. For global IR teams, readiness will be defined not just by compliance, but by anticipation, coordination, and speed. TMX Newsfile  supports issuers navigating EDGAR onboarding and the operational demands of high frequency insider reporting.

An advisor enters a ticker into a brokerage dashboard. A retail investor searches a fund on Yahoo Finance. An institutional analyst checks a terminal feed before a client meeting. In that moment, they are not simply looking for a price quote. They are looking for context. And increasingly, what they see is silence. The global ETF market now exceeds $20 trillion  in assets under management. At the end of November 2025, the industry included more than   15,600 products and over 30,000 exchange listings worldwide, including   4,806 U.S.-listed funds alone. Yet despite this scale, many ETFs still display an empty news feed at the exact moment of investor research. On brokerage platforms and financial portals, the message is often the same: no recent news. In a market that moves in milliseconds, silence creates uncertainty. This is the ETF Communication Gap. It is the gap between a fund’s real progress and what investors actually see when they look it up. Understanding this gap requires looking at how ETF visibility actually works inside modern research systems. Where ETF Discovery Actually Happens ETF distribution has evolved beyond traditional advisor networks and sales desks. Digital platforms are reshaping how funds are surfaced, screened, and selected. The PwC Global ETF Survey identifies robo-advisors, digital platforms, and apps as the channels expected to have the most significant impact on ETF distribution in the coming years. This confirms that visibility now depends on digital access points. Investor behavior reflects this shift. According to the CETFA / Sago Study, 48% of Canadians aged 18–34 report purchasing ETFs through discount brokerage platforms rather than through advisors. Platform functionality also influences selection decisions. Ease of buying ETFs through an investment platform was cited as a key consideration by 34% of Canadians aged 18–34 and 35% of those aged 35–54. This transformation is not just limited to retail channels. At the advisor level, technology adoption is no longer optional. Cerulli Associates reports that 90% or more  of advisors say their technology is effective in achieving key business objectives, and practices now use up to 18 different systems  to deliver investment, planning, and compliance functions. ETF research occurs within brokerage trading platforms, custodial portals, financial terminals, data aggregators, portfolio platforms, AI gateways and algorithmically populated news feeds embedded across advisor and retail platforms. When a fund consistently surfaces with updated disclosures, commentary, and performance context, it stays in front of investors. When it does not, it risks becoming digitally invisible, regardless of internal progress or performance. The ETF Market Has Changed ETFs began as passive index trackers. Today they include active strategies, thematic funds, sustainable mandates, and options-based structures. Active launches have accelerated sharply. In 2025,   more than 80% of new ETF launches were active. As the market becomes more complex and crowded, how a fund is discovered matters more than ever. Why Visibility Has Become a Competitive Layer In today’s ETF market, there are three core forces shaping fund growth: Product intelligence Market access Investor discovery Most issuers focus heavily on the first two. It is investor discovery where visibility becomes competitive. ETF issuers invest in analytics, index design, portfolio construction, and transparent reporting. They also secure exchange listings, coordinate with market makers, and build distribution relationships. But discovery does not happen on issuer websites alone. It happens inside brokerage dashboards, advisor research portals, algorithm-driven news feeds, and financial data platforms. When these systems show little or no fund-specific news, the absence does not necessarily signal weakness. But it does create uncertainty. And in competitive markets, uncertainty shifts capital elsewhere. Visibility in these systems depends on structured disclosures distributed through recognized news and press release networks that feed into brokerage and research platforms. Without that layer, even strong products with proper exchange access may go unnoticed. The Three Layers of ETF Visibility To understand this more clearly, ETF presence in the market can be viewed through three interconnected layers. Layer 1: Intelligence This is the data layer. It includes NAV reporting, AUM tracking, index methodology, factor exposures, and the analytics that define what the fund actually delivers. Firms such as TMX VettaFi operate powerfully in this space, providing data and insights that drive advisor decision-making. Layer 2: Access This is the market access layer. It encompasses exchange listings, regulatory frameworks, market maker coordination, and the overall structural that enables liquidity in the secondary market. Exchanges and capital formation teams operate here. Layer 3: Visibility This is the layer that keeps an ETF fund visible across research platforms. It ensures fund updates appear where investors actually look. This includes: • New ETF launch announcements • Quarterly performance and manager updates • Distribution declarations • Significant asset growth milestones • Portfolio or methodology changes • Fee or structural updates These updates are not just marketing announcements. They signal that a fund is active, transparent, and professionally managed. Without this layer, the product exists and it trades, but it remains invisible at the point of research. How the "No News” Problem Happens Brokerage dashboards, custodian portals, and financial aggregators pull fund-specific news from recognized distribution channels. If a fund posts an important update only on its own website, that information often does not appear in the news feed tied to its ticker on major research platforms. The result is a screen that looks inactive. The fund may have grown its AUM, adjusted its yield, or rebalanced with market shifts. But at the moment of trade, none of that activity is visible. In a crowded category, silence does not remove a fund from consideration. But it gives investors fewer reasons to choose it. Advisors look for signs that a fund is active and well managed. Retail investors look for evidence that something is happening behind the ticker. Digital research tools also tend to surface funds that publish regular updates. What shows up on screen shapes how a fund is perceived. Consistent Updates Build Credibility Press releases are often treated as marketing. But in the ETF market, consistent updates serve a different purpose. Publishing regular, structured news announcements creates a visible track record. Over time, that track record shows: • That the fund is operating consistently • That distributions are reliable • That the strategy is transparent • That management is engaged It does not guarantee inflows or replace performance. But it reduces uncertainty, and reduced uncertainty builds credibility. Why ETF Visibility Matters More in 2026 Retail participation is continuing to grow and advisors are leaning more heavily on digital screening tools. At the same time, AI-driven research platforms are scanning and summarizing disclosures at scale. As competition increases in the ETF field, differentiation is becoming more important. Fees may tighten, strategies may start to look alike, and new ETF themes are entering the market at a rapid pace. Visibility does not replace strong fundamentals. It ensures they are recognized. The Industry is Moving Toward Higher Standards ETF communication practices are still uneven. Public companies follow clear and established disclosure standards. ETF issuers do not operate under the same level of expectation. Some maintain consistent, widely distributed updates. Others rely mainly on website postings or occasional announcements. As the ETF market continues to mature, this difference will become more visible. Funds that treat intelligence, access, and visibility as connected parts of the same system will appear more established and more credible to advisors and investors. In a fast, competitive market, clarity itself becomes an advantage.

Here’s what we’ve learned from over 200,000 regulatory filings—and how you can apply it: For the 200+ Canadian companies also listed in the United States, the stakes for regulatory compliance have never been higher. A single filing error can trigger significant stock price volatility and lead to major financial and reputational damage. SEDAR+ and EDGAR process thousands of filings every day. In just its first three months, SEDAR+ handled over 30,000 disclosures. EDGAR, meanwhile, processes nearly 3,500 submissions daily—totalling more than a million annually. In this high-volume environment, how can you ensure your filing isn't just another number, but is prepared and submitted flawlessly? After managing over 200,000 filings since 1997, we’ve seen it all, from seamless submissions to last-minute scrambles. Here are the three hard-won lessons we’ve learned from decades in the filing trenches. The Trusted Compliance Formula Lesson 1: Adopt Specialized Technology for Regulatory Filings Our decades of experience have taught us a clear lesson: the foundation of any flawless filing is technology that is built specifically for the complexities of regulatory compliance. The Insight:   The data-centric nature of Canada's SEDAR+ system, combined with the unique security protocols of EDGAR Next in the U.S., demands a platform built with a deep understanding of the entire filing process. This experience led to a foundational conclusion for our team: to truly guarantee flawless compliance, we had to build our own proprietary EDGAR platform from the ground up. It was designed from a filing agent's perspective, solving the real-world challenges our experts face every day. The result is an enterprise-grade system trusted to handle disclosures for some of the largest public companies in North America. Lesson 2: Unify Your Cross-Border Expertise A company can have the best EDGAR expert in the U.S. and a different, top-tier expert for SEDAR+ in Canada and still face significant compliance risk. Why? Because critical and costly errors often occur in the communication gaps between  separate teams. The Insight:   Our work with dual-listed issuers has proven one principle above all else: true expertise must be comprehensive and cross-border . In Canada, our experience as a leading, high-volume SEDAR+ filer includes mastery of the full spectrum of documents, from prospectuses to continuous disclosure filings like financial statements, MD&A, and material change reports. This is complemented by over two decades of dedicated EDGAR experience in the U.S., encompassing more than 80,000 U.S. filings since 1999. Our proficiency covers an equally wide array of reports crucial for cross-border issuers, including Forms 10-Q, 10-K, 20-F, and 40-F. This proven, dual mastery is what has shown us that unified expertise is essential. A truly effective partner must have a single team of specialists who are deeply fluent in both ecosystems, ensuring your filing strategy is holistic, consistent, and accounts for the intricate ways the two systems interact. Lesson 3: Integrate the Entire Disclosure Workflow Even with specialized technology and a unified team, a fragmented process creates friction and increases risk. That’s why the final principle focuses on fully integrating your disclosure workflow, from the first draft to the final submission. The Insight:   Integration means treating disclosure as one continuous process instead of separate tasks. It ensures your public news distribution and regulatory filings through SEDAR+ and EDGAR are aligned and managed from one point of control. This approach eliminates risky manual handoffs, creates a clear audit trail, and guarantees that the message shared with investors matches what regulators receive. Coordinating filings across both the SEDAR+ and EDGAR systems demands seamless timing and integrated workflows. Putting These Principles Into Practice These lessons aren't theoretical. They are the foundation of our entire approach, forged over a history of more than 200,000 successful regulatory filings. This legacy of market leadership, now backed by the trust and stability of TMX Group , is why we built our proprietary technology and trained our unified, 24/7 team of cross-border specialists. We didn’t just learn the principles; we built our business on them. Flawless compliance in today's environment requires this exact combination: specialized technology, unified expertise, and an integrated workflow. These are the proven essentials for navigating the complexities of SEDAR+ and EDGAR Next with confidence. And they’re exactly what our team delivers every day. Contact TMX Newsfile   to learn how our proven approach can be applied to your disclosure workflow.

If your company files on SEDAR+, it’s time to prepare for the SEDAR+ fee increase 2025, a significant adjustment approved by the Canadian Securities Administrators (CSA). The five-year plan will raise SEDAR+ system fees, with the first and largest jump taking effect on November 28, 2025 . "System fees are set to rise by about 60% this November. This is the largest single-year jump since SEDAR+ launched." Fees for filings such as annual financial statements, annual information forms (AIFs), and prospectuses  will rise by approximately 60% , followed by annual increases of 3–4%  through 2029. The increase is intended to help the CSA keep up with rising costs for technology, IT staff, and cybersecurity. For your company, this change goes beyond a simple administrative update. It will affect how you budget for filings, plan compliance activities, and manage year-end reporting. Below, we outline what’s changing, why it’s happening, and the steps your team should take to prepare. Breaking Down the 2025 SEDAR+ Fee Increase A significant cost increase is coming for SEDAR+ filers. Starting November 28, 2025 , system fees will rise by approximately 60% . This is the first and largest jump under the CSA’s new five-year fee plan. Key Changes at a Glance The increases apply to all filing types that include a system fee, such as annual financial statements, AIFs, and prospectuses. Smaller annual increases of 3–4%  will follow through 2029. Initial 60% Fee Jump:  The largest increase takes effect in November 2025. Annual Fee Escalations:  Smaller annual increases of roughly 3–4% will apply each year through 2029. No New Fee Types:  The increases apply only to existing fees. The flat, per-filing model remains in place. WKSI Integration:  Fees related to the new Well-Known Seasoned Issuer (WKSI)  shelf prospectus regime will be added to the schedule at the same time. These changes stem from amendments to Multilateral Instrument 13-102 – System Fees, which the Canadian Securities Administrators (CSA) finalized on July 10, 2025. The increase is intended to help the CSA keep up with rising costs for technology, IT staff, and cybersecurity. A Look at the New Numbers Here is a sample of what filers can expect to pay for system fees on or after November 28, 2025: Annual Financial Statements  (company): $1,224 Annual Information Form (short-form eligible): $4,048 Annual Information Form (non short-form): $688 Long-Form Prospectus  (preliminary submission): $1,520 These figures illustrate the tangible impact of the 60% hike across common filing categories. "According to the CSA, 95% of filers will see an increase of less than $2,500 in 2025, while 85% will see less than $1,000." — Canadian Securities Administrators (CSA) To see a full list of the updated SEDAR+ system fees, please click here . Behind the Hike: The CSA's Rationale The CSA says the fee increase is needed because the cost of running and maintaining Canada’s national filing systems has outpaced current revenues. When the simplified flat-fee model launched with SEDAR+ in 2023, revenue dropped by about 18% compared with the previous structure. From 2021 to 2024, IT labour costs also climbed 35–45%, adding pressure to operating budgets. In addition, maintaining and improving cybersecurity across both SEDAR+ and the National Registration Database (NRD) continues to drive up costs. The Real-World Impact and What Filers Are Saying The CSA describes this increase as a necessary cost-recovery step, but there are a few important points for filers to keep in mind. Separate from Regulatory Fees:  These system fees are in addition to  any provincial or territorial regulatory fees your company already pays, meaning your overall filing costs will rise. System Performance Concerns:  Several commenters questioned the timing of the increase, noting that SEDAR+ still has performance issues such as slow searches and usability challenges that have not been fully resolved. Limited Revisions:  The CSA received feedback from four commenters but made no major changes to the proposal, showing that it intends to move forward largely as planned. Your Action Plan: What to Do Before November 28 With the deadline approaching, it’s important to plan ahead and take a few key steps. This change marks more than a fee adjustment. It's a sign of where Canada’s capital markets infrastructure is heading. For smaller issuers, even modest increases may have an impact, while larger filers will need to plan for rising ongoing costs. Over time, these regular adjustments will become part of the new normal for using SEDAR+. The best approach is to plan early, stay informed, and keep your teams aligned. With preparation, your company can manage the transition smoothly and continue to navigate Canada’s regulatory landscape with confidence. Source:   Canadian Securities Administrators – Notice of Amendments to Multilateral Instrument 13-102 (July 10, 2025

Part of TMX Newsfile’s ongoing look at how AI is reshaping corporate disclosure and communication. According to TMX Newsfile data, OpenAI and Microsoft now account for more than 50% of all AI activity detected reading TMX Newsfile press releases, showing how deeply these systems engage with corporate news. Each time a company issues a press release, it now reaches more than journalists and investors. It is also being read and analyzed by AI models such as ChatGPT , Copilot , and Grok , which use corporate disclosures to train their systems and generate accurate, real-time answers for users. This shift is redefining corporate communication. Your AI press releases no longer just inform people. They teach machines and this shapes how AI represents your company in future answers and summaries. In this article: Meet Your New Top Readers of AI Press Releases Two Ways AI Reads Press Releases From Crawling to Context: How AI Reading Habits Have Evolved Inside ByteDance’s Doubao: The Model Behind the Numbers AI Press Releases by the Numbers: 2022 to 2025 Why AI Press Releases Matter for Communicators Meet Your New Top Readers of AI Press Releases Our analysis of AI-driven activity across the TMX Newsfile network shows that in 2025, OpenAI (ChatGPT)  and Microsoft (Copilot)  are the top readers of corporate press releases, together representing over half of all AI activity . OpenAI (ChatGPT)  -  Represents about 30%  of all AI-driven press release impressions. OpenAI uses press releases both for training  (model learning) and grounding  (real-time factual reference), giving it a strong footprint across both types of AI activity. Microsoft (Copilot) - Accounts for roughly 25% , driven by grounding activity  across Bing and Microsoft 365, where Copilot retrieves and summarizes live factual content from sources like press releases to support user queries. ByteDance (Doubao) , X (Grok) , and Amazon (Titan/Alexa)  - Together represent about 35% , with activity primarily linked to training  their respective large language models. Together, these interactions come from a small group of powerful AI systems. Here’s a quick look at which companies operate each model. This data confirms that your company’s news is being read and processed by the most influential AI systems shaping how information is created, summarized, and shared. Two Ways AI Reads Your News: The Student and The Fact Checker AI systems read press releases in two distinct ways, and understanding both explains why your company’s content continues to matter long after publication. The Student (Training) Models such as Doubao, Claude, LLaMA , and Titan/Alexa  read archived releases to learn how businesses communicate. They study how earnings are written, how CEOs announce change, and how information is structured. Every clear, factual release helps teach AI what credible corporate communication looks like and becomes part of its long-term memory. The Fact Checker (Grounding) Systems such as ChatGPT, Copilot, Gemini , and Perplexity  use press releases in real time to verify information and answer questions. When someone asks about your company’s latest results, these AIs pull directly from your releases to provide accurate, up-to-date responses. Together, these two modes—learning and referencing—show why strong, factual press releases now shape both how AI learns and how it reasons. As AI systems continue to read and respond to company news, the next step is making sure your releases are written to be understood by them. This is where Answer Engine Optimization (AEO)  comes in. From Crawling to Context: How AI Reading Habits Have Evolved When we looked back at AI-driven activity from 2022 through 2025, one company initially stood far ahead: ByteDance (Doubao) . During this early period, Doubao led all AI systems and accounted for roughly 30 percent of all AI-driven press release interactions across our network. This dominance reflected the first phase of AI development, which focused heavily on large-scale training . Doubao’s crawlers scanned billions of words, including press releases, to teach its models how businesses communicate, report financials, and launch products. In 2025, the picture looks very different. The landscape has shifted toward a more balanced model where both training and grounding play vital roles. OpenAI (ChatGPT) has grown significantly in training-based activity , while Microsoft (Copilot) continues to lead in grounding . Together, they now account for just over 50% of all AI-driven interactions. Training remains a powerful force, but grounding is rapidly becoming an equally important layer . This evolution shows that AI reading behavior is no longer one-dimensional. Press releases are being used both to train tomorrow’s models and to inform today’s real-time answers . In doing so, they have become one of the most valuable content sources for both learning and grounding. Inside ByteDance’s Doubao: The Model Behind the Numbers One AI model in particular helps illustrate how training activity works. ByteDance’s Doubao has been one of the most active crawlers on the TMX Newsfile network, using press releases as structured, factual material to teach its language models how businesses communicate and announce new developments. Doubao’s training activity demonstrates why press releases are such valuable content for large language models. Their consistent format, credible information, and timely updates make them ideal material for AI systems that are learning how to write, summarize, and interpret corporate news. AI Press Releases by the Numbers: 2022 to 2025 The data below shows how AI readership of TMX Newsfile press releases has shifted from the “training boom” years to today’s stage. Comparing long-term trends to 2025 YTD reveals which AI models are still in heavy training cycles and which have slowed. There has been a clear shift in leadership from ByteDance to OpenAI. Overall, ByteDance’s intensive data collection has eased, while OpenAI is now driving the next major training wave. Training remains the dominant behavior, and the platforms leading it are the ones shaping how AI learns from real-world corporate news. But, real-time grounding is also at the forefront and is expected to increase over the coming years. Why AI Press Releases Matter for Communicators AI is no longer a passive technology. It’s an active consumer of your news. Every press release now speaks to two audiences: Humans  — investors, journalists, and stakeholders. Machines  — AI models that learn from, ground in, and quote your words. The takeaway: AI press releases are your brand’s data handshake with the future. The clearer, more structured, and more factual your communication, the more accurately AI systems will represent your company, in answers, summaries, and search results. This blog revealed which AI platforms are most actively reading TMX Newsfile press releases — with OpenAI and Microsoft now leading by a wide margin. We also saw how AI systems use press releases in two ways: to train their models and to ground real-time answers. Together, these insights show that press releases now play a critical role in teaching AI how to understand and communicate corporate information. Press releases have always shaped market perception. Now they shape machine perception, too. The way you write your press releases today will determine how AI describes your company tomorrow. Next, we’ll explore how fast this AI audience is growing — and how it compares to traditional human readership. The results might surprise you.

What makes a press release rise above the rest? We analyzed the most successful press releases of 2025 to see what caught attention and why. This year’s review looks at total views from human readers and AI systems across the top five hundred public company press releases distributed through TMX Newsfile in 2025. These views come from all of Newsfile’s general distribution channels, such as Yahoo and Apple. They reflect how audiences discovered and engaged with each announcement. Key Insights from the Most Successful Press Releases of 2025 What the Data Shows The data revealed several clear patterns in how both AI systems and human readers discovered and engaged with corporate news in 2025. AI driven visibility played a stronger role this year. Announcements involving technology, cryptocurrency, artificial intelligence, or major funding consistently received higher levels of AI views. Some releases were discovered primarily by AI systems. A small group of announcements across the whole network received more than 75%  of their visibility from AI activity. These were typically highly technical or capital-focused updates. Some top releases were driven almost entirely by human readers. Several top performing releases, including the Medicus Pharma announcement, received almost all of their visibility from human readers. This shows that biotech updates, operational progress, and major corporate decisions continue to draw strong direct attention from investors. Strong performers stood out across several categories. A handful of announcements rose to the top of the rankings. These releases attracted noticeably more visibility than the rest of the dataset and did so because they presented clear financial results, meaningful operational progress, or structured and well defined updates. Human readers were drawn to updates that felt concrete and credible. Releases with clear financials, real progress, or specific milestones earned the strongest human readership. Biotech, mining, energy, and clean technology continued to attract strong human readership. International and multilingual announcements also performed better than expected. Why this matters Press releases are being discovered in more ways than before. Some are surfaced quickly by AI systems, while others draw strong direct readership from investors looking for clear updates. Human readership played a major role in the strongest performing releases, especially in categories related to clinical development, mining updates, and financial results. Some of these releases ranked highly even though they had almost no AI activity. Understanding both patterns helps show what actually captures attention today. How AI Changed Press Release Visibility in 2025 AI activity emerged as a meaningful second audience in 2025. Large language models and news discovery tools surfaced releases that had clear structure, specific numbers, and topical relevance. Announcements involving AI, digital assets, clinical milestones, or major financing often saw elevated AI views. Releases with especially high AI activity A small number of announcements stood out for unusually strong AI discovery, including releases where more than 75% of total visibility came from AI systems. These were typically highly technical or capital-focused updates with clear metrics and strong topical signals. These releases shared common traits. They included well-structured information, specific outcomes, and explicit actions. In other words, details that AI systems can quickly scan, understand, and elevate in search results. At the same time, several of the highest ranking releases had less than 1% AI views, which demonstrates that human engagement continues to drive visibility for areas such as biotech, mining, and financial disclosure. What Made Press Releases Successful in 2025 AI systems amplified stories tied to technology and capital. Announcements involving artificial intelligence, blockchain, crypto treasury strategies, or significant funding attracted unusually strong AI views. These topics contain structured information that AI systems tend to surface quickly and distribute widely. Human readers continue to value clarity, credibility, and measurable outcomes Earnings updates, dividends, drilling results, acquisition news, and clinical milestones consistently earned the highest direct readership. Investors gravitated toward releases that delivered specific results rather than broad strategic commentary. Mining and energy remained reliable audience drivers Mining updates in particular drew steady attention throughout the year. Clear metrics, transparent reporting, and the material nature of these announcements made them strong performers among human readers. Biotech releases captured highly engaged audiences Clinical trial progress, research milestones, and new partnerships saw sustained human readership. These updates tend to attract technically informed readers who follow developments closely. International releases performed better than expected Multilingual announcements, including several German-language releases from Metavista3D, saw strong readership from highly specialized technical communities. Crypto treasury news surged in visibility Announcements involving bitcoin acquisitions and digital asset strategies drew attention across both AI and human audiences. These updates were among the most widely shared inside financial AI ecosystems. The Top 10 Most Successful Press Releases of 2025 The following releases ranked highest based on total views and the combined effect of human and AI engagement. This is a selection from the broader dataset. 1. DiagnaMed Announces CFO Transition Leadership changes remained one of the most trusted categories in corporate disclosure. Nearly all of the activity for this announcement came from human readers, reinforcing how valuable clarity and transparency are in senior management updates. Click to view press release Takeaway: Clean and direct leadership announcements continue to perform extremely well. 2. Worksport Reports Q2 Revenue Growth and Profitability Momentum Investors responded strongly to Worksport’s clear explanation of revenue growth and margin expansion. Financial updates that show specific progress continue to earn high levels of human readership. Click to view press release Takeaway: When a company has measurable progress to report, it should lead with those specific numbers. 3. Apollo Biowellness Provides 2025 Outlook Forward-looking guidance was a major trust signal again this year. Investors want to understand both near-term operations and long-term expectations, and Apollo’s clear framing of future plans drew strong readership. Click to view press release Takeaway: Guidance and outlook updates help frame expectations and build credibility. 4. Silver Dollar Resources Sells Ranger Page Project The release stands out because it clearly outlines the project update and terms of the sale. Mining audiences value direct, easy-to-follow information, and this announcement delivered exactly that. Click to view press release Takeaway: Clear and specific mining transactions consistently earn strong engagement. 5. Equinox Gold and Calibre Mining Combine to Create a Major Americas Producer Scale, consolidation, and strategic rationale made this announcement one of the strongest human-performing releases of the year. Large mining combinations consistently attract attention when the strategy is clear. Click to view press release Takeaway: Significant transactions always draw interest when the strategic value is well explained. 6. Phio Pharmaceuticals Announces U.S. Manufacturing Agreement Operational updates in biotech tend to attract highly engaged readers. This agreement signaled maturity in Phio’s development pipeline, which helped drive strong human readership. Click to view press release Takeaway:  Biotech audiences reward clarity around manufacturing readiness and clinical preparation. 7. Metavista3D Unveils Digital 3D Microscope in German Language Release This announcement stood out because a highly specialized technical audience interacted with it at meaningful levels. The international format did not limit engagement and may have supported discoverability among targeted engineering communities. Click to view press release Takeaway:  Well focused international releases can outperform expectations. 8. PlasCred Receives 5 Million Dollar Sustainability Grant A meaningful capital grant combined with a clean-energy initiative created strong investor interest. ESG-linked funding remained a reliable driver of visibility in 2025. Click to view press release Takeaway: ESG funding announcements continue to attract broad investor attention. 9. Metavista3D Presents at Society for Information Display Conference in Detroit Technical presentations often draw niche but highly engaged readers, and this update was no exception. Engineering and research-focused audiences responded strongly to the announcement. Click to view press release Takeaway: I ndustry conferences can be excellent visibility drivers for specialized companies. 10. Medicus Pharma Completes Acquisition of Antev Limited Medicus Pharma’s update attracted strong attention by combining a major acquisition with clear clinical milestones. The release outlined significant market opportunities and detailed Phase 2 study designs, which helped drive elevated biotech readership. Although less than 1% of its views came from AI systems, it still ranked among the top performers. This shows how strongly biotech readers respond to specific clinical milestones and major corporate updates. Click to view press release Takeaway: Biotech releases that combine major transactions with clear clinical milestones and defined market opportunities reliably generate strong visibility. What 2025 Taught Us About Successful Press Releases Several themes appeared consistently across the highest performing releases: Numbers carried more weight than adjectives. Structured writing increased AI visibility. Clear milestones helped build human trust. Human driven visibility remained dominant in biotech updates, mining news, and major corporate announcements. Human interest was consistently strong in sectors where updates contained measurable scientific or operational results. Clarification updates and operational progress outperformed expectations. International releases received more attention than usual. Across all categories, the strongest releases managed to resonate with both human readers and AI systems. How Issuers Can Optimize Their Press Releases for 2026 For human readers Lead with the most material fact. Use clear numbers and short paragraphs. Highlight outcomes and strategic progress. For AI systems Use consistent terminology. Be explicit when describing actions and results. Include specific metrics when possible. Avoid vague or overly promotional language. For investor relations outcomes Connect each announcement to long-term strategy. Maintain consistent messaging from quarter to quarter. Ensure news flow reinforces credibility and trust. 2025 Introduced a New Visibility Landscape The year made one thing clear. Press releases are no longer interpreted only by human investors. AI systems play a measurable role in how information is ranked, summarized, and shared across the digital ecosystem. Companies that understand this shift will be better positioned to communicate effectively in 2026 and beyond. TMX Newsfile is committed to measuring both human and AI readership. This provides issuers with a new level of clarity about how their disclosure actually performs. Need Help Crafting a Successful Press Release TMX Newsfile helps companies communicate material information clearly and effectively for both human audiences and AI systems. Our editorial team works with issuers to ensure that each announcement is structured for maximum visibility and engagement.

For European investor relations firms, global reach is no longer a nice to have. It is an expectation. For Interaction Partners, a Swiss based provider of investor relations software and financial communications services, the challenge was not capability. It was geography. By partnering with TMX Newsfile, they found a way to bridge the gap between European markets and North American press release distribution through a shared approach to execution. “Switzerland and Canada really do seem to share a mindset. Calm, pragmatic, and quietly getting things done while others are still giving keynote speeches about it.” - Kilian Mayer, Managing Director, Interaction Partners North American IR Distribution From Switzerland Expanding investor reach across borders requires both infrastructure and alignment. About Interaction Partners Interaction Partners is a Swiss provider of investor relations and financial communications software and services. The company supports issuers and IR teams through tools that streamline investor engagement, disclosure workflows, and communication with the market. As demand for cross border visibility increased, their clients began asking for reliable North American news distribution that could integrate directly into existing IR workflows. The Challenge Before working with TMX Newsfile, Interaction Partners could not offer North American distribution as part of their platform. That limitation created friction. Clients had to manage additional vendors, manual steps, or external processes to reach investors in Canada and the United States. To remain competitive and scalable, the team needed a solution that was: Integrated into their existing platform Highly automated Reliable for capital markets disclosure Easy for clients to use without additional effort The Solution: Automating North American Press Release Distribution TMX Newsfile enabled Interaction Partners to embed North American news distribution directly into their workflow. The result is simple by design. “We now can offer a North American distribution to our clients, and the only thing they have to do for that is to tick one more box. They love it.” - Kilian Mayer, Managing Director, Interaction Partners No new systems. No manual filings. No operational burden added to the Swiss based team. Why TMX Newsfile What stands out is not just the technology, but the way the partnership is approached. From the initial discovery phase through implementation, the focus remains on building a practical bridge between European workflows and North American distribution. TMX Newsfile does not simply provide a service. The team works closely with Interaction Partners to design an integration that fits their existing platform and business model. “The team’s solution oriented approach stood out immediately. Every contact I had at TMX Newsfile was driven by a focus on finding a solution that works for both parties.” - Kilian Mayer, Managing Director, Interaction Partners This approach eliminates much of the friction typically associated with international service agreements. By aligning with a partner that shares a similar professional philosophy, Interaction Partners is able to embed North American distribution as a core part of its own platform. The result is a fully automated workflow that requires minimal ongoing effort. It also creates a new revenue stream that runs almost entirely in the background, while strengthening Interaction Partners’ market acceptance across Switzerland and Europe. The Result Today, Interaction Partners offers North American distribution as an integrated part of its service offering. Key outcomes include: Clients benefit from one click access to global news distribution. The firm benefits from expanded capability and recurring revenue. Operations remain lean, predictable, and scalable . For Swiss issuers, this also simplifies the complexity of North American disclosure and enables compliant distribution without introducing additional systems or manual processes. It is a practical solution built for firms that value execution over excess. In an industry often driven by noise, tools, and promises, the success of this partnership comes down to shared values. Calm. Pragmatic. Focused on getting the job done. By aligning with a partner that mirrors its own approach, Interaction Partners is turning a geographic limitation into a competitive advantage.

To understand where public relations and investor communications are headed, we analyzed over 39,000 press releases distributed in 2025. The data is clear: success now depends on a careful balance between AI-readability and human trust. More than 50% of news activity on the TMX Newsfile network is now driven by AI bots from OpenAI and Microsoft. Yet these systems rely on human-verified facts to ground their answers. We have entered a “ zero-click ” reality, where Generative AI systems deliver responses directly on the search page, making it more critical than ever to be the trusted, cited source at the center of the conversation. This blog unpacks the seven PR trends shaping 2026 and what they mean in practice. These insights will help you navigate a landscape that is increasingly automated, yet more dependent on authentic human judgment than ever before. 1. PR Trends 2026: AI Changes How People Find Information, Not Just Search It Search still matters in 2026, but it is no longer limited to clicking through search results. Instead of solely browsing links, users input their search terms and then increasingly encounter AI-generated summaries before reaching an original source. What’s Changing in 2026? The "Zero-Click" Reality:  Discovery is happening before  the click. Pew Research Center data shows that Google users are 46% less likely  to click a traditional search result when an AI summary is present. While standard search pages see a 15% click rate , that number falls to just 8%  when a summary appears, as the answer often satisfies the user's intent directly on the page. The Readiness Gap:  Consumers are flocking to AI search faster than brands can adapt. A major McKinsey study found that 50%  of consumers  now intentionally seek out AI-powered search engines to guide their buying decisions and evaluate brands. The Infrastructure of Discovery:  The shift is already widespread; 58% of U.S. adults  report encountering at least one Google search with an AI summary. Furthermore, for nearly 60% of searches  starting with "who," "what," "when," or "why," an AI summary is now the default response. The Evolution of Online Discovery: Traditional Search vs. AI-Driven Results The 2026 Search Landscape by the Numbers 50% AI Search Exposure:  Half of all Google searches now feature AI-generated summaries, fundamentally changing how users find and consume information instantly. 20% to 50% Visibility Gap:  Traditional search dominance no longer guarantees you’ll be seen. Unprepared brands risk losing up to half of their web traffic as AI summaries answer users' questions directly, bypassing the need to click on a website link. 76% Professional Adoption:  The vast majority of PR professionals have moved beyond the "hype" phase, now prioritizing formal AI governance and professional standards. 50%+ Platform Dominance:  Over half of all AI crawling activity on the TMX Newsfile network is powered exclusively by OpenAI and Microsoft. These bots are now the primary engines scanning and ingesting corporate news releases. "Traditional brand strength is no indicator a brand is ready to compete in the new world of AI-powered search. Visibility is not guaranteed. McKinsey & Company, 2025 Strategic Priorities for 2026 2. Press Releases Become Even More Trusted, Verifiable Information Sources In 2026, generative AI systems do not generate answers from memory alone. They check live information first to verify data and avoid making things up. This process is called grounding . Think of it as AI fact-checking itself before it responds. AI models use a combination of training from Large Language Models (LLMs) and grounding of real-time data from new press releases to provide verified corporate facts. How AI Uses Press Releases for Grounding and Accuracy Grounding is powered by Retrieval-Augmented Generation (RAG) , a technology that acts as a digital " fact-checker. " Instead of guessing from memory, RAG allows the AI to " look up " and retrieve your live press releases to provide fresh, factual context for its answers. This table illustrates how AI systems use press releases for real-time grounding and fact verification. Archived releases also play a separate role in long-term AI training. The Core Audience Shift: Machines as Top Readers TMX Newsfile data confirms that your news is being consumed by the world’s most influential AI systems. In 2025, OpenAI (ChatGPT) and Microsoft (Copilot)  emerged as the top readers, together representing over 50% of all AI-driven activity  on the network. Writing for the "Dual Audience" To succeed in 2026, issuers are adopting Answer Engine Optimization (AEO) —the process of making content easy for AI systems to find, extract, and cite. This requires a shift from promotional "hype" to factual density . What This Means for Your 2026 Strategy Lead with Evidence:  Analysis of over 39,000 releases shows that markets and AI algorithms are rewarding real data over abstract ideas . In Energy and Tech sectors, specific results and "drilling activity" mentions sharply outperformed abstract "innovation" claims. Structure for Extraction:  AI models look for predictable patterns. Moving from a dense narrative to an AI-friendly format  with bulleted highlights can significantly improve how accurately an AI represents your company. 3. Proof and Execution Matter More Than Big Promises In 2026, the market has little patience for vague aspirational claims. Instead, both human investors and AI algorithms now prioritize execution language or verifiable evidence of what has been built and delivered. This shift is visible in how companies across sectors describe progress. An analysis of 39,000 press releases distributed through Newsfile shows a clear move toward execution-focused language. This data shows how execution-focused language is reshaping disclosure across sectors: Evidence Over Potential In Energy and Resources, credibility now comes from active projects and exploration, with terms like gold , projects , and exploration  carrying more weight than speculative positioning. Sector-Specific Execution   Technology disclosures emphasize deployed platforms and solutions, while healthcare centers on measurable clinical milestones and patient outcomes. The End of "Hype" Cycles AI systems increasingly down-rank promotional language and reward specific results. Across 39,000 releases, execution consistently outperforms aspiration, reinforcing a broader shift toward proof-based communication. In 2026, credibility comes from execution, not ambition. Investors and AI systems increasingly reward technical rigor , clear disclosure , and verifiable results , signaling a maturing market where governance and operational clarity define trust. 4. PR Performance is Measured by Impact, Not Just Reach In 2026, public relations teams still measure vanity metrics like impressions. But, this is no longer enough to prove the value or ROI of public relations to leadership. As budgets tighten, leadership teams are increasingly looking for ' value ' and the most successful PR teams in 2026 will be those that connect their work directly to revenue and business growth. From Visibility to Value According to Onclusive’s PR Trends 2026  report, proving ROI is now the industry’s defining priority. Data shows that 52%  of agencies  and 51%  of in-house teams  identify linking PR to revenue and growth as their top challenge.  Measurement has shifted from volume to a "value journey." In addition to solely counting impressions, leading teams now track Outcomes  (shifts in stakeholder behavior) and Impact  (effects on lead quality and sales velocity). This reframes PR as a strategic growth engine rather than a cost center. Measuring Visibility in the Age of AI A major 2026 trend is "Zero-Click PR,"  where success is measured by your brand’s presence and accuracy within AI-generated answers. Research from Meltwater  highlights that as 90%  of PR teams integrate AI, specific "Machine-Readability" KPIs are measured by brands: Brand Visibility Score:  How often your brand appears in relevant AI responses. Citation Authority:  The prominence of your earned media being cited by AI as a trusted source. AI Summary Accuracy:  Tracking if the AI describes your company correctly or if it is "hallucinating" outdated facts. Win Rate in AI Answers:  How often a model selects your brand as the "recommended" option for a user’s query. “In 2026, brand reputation will be increasingly shaped not by what people search for, but by what AI answers.” — Melanie Klausner, EVP, Havas Red, 2025 Connecting PR to Growth In 2026, leading PR teams connect PR activity directly to sales and revenue data to show how communications supports real business outcomes. Teams can try to identify how PR assists in the sales funnel by looking at the following: Deal Progression:  Understanding how trusted media coverage helps convince potential customers to move closer to a buying decision. Sales Velocity:  Measuring how presence in "grounded" AI answers and trusted publications reduces the time it takes to close a deal. Pipeline Efficiency:  When communications can demonstrate a direct link to a lower Customer Acquisition Cost (CAC) , By integrating PR insights with CRM platforms, organizations can see where PR directly adds revenue to help drive the business forward. 5. Clear, Human Communication Builds More Trust Than Polished Messaging In 2026, trust is built through clarity and authenticity, not perfectly polished corporate language. As AI-generated content becomes widespread, audiences are becoming more selective about what they believe and who they listen to. The Edelman Trust Barometer (2025/2026)  shows that “ trust is local ,”  with credibility shifting toward leaders, experts, and “people like me,” rather than institutions alone. This explains why messages tied to real individuals consistently outperform anonymous brand statements. At the same time, overly refined messaging is starting to work against brands. AI is able to generate flawless text at scale. But, audiences are increasingly associating this heavy polish with automation. In fact, sometimes the overuse of dashes can be a giveaway. According to Hootsuite , brands are intentionally moving away from over-edited content . Instead, natural tones and conversational language are signaling human authenticity. HubSpot’s 2026 State of Marketing  report found that 62.7% of respondents believe brands need more unique, human-centered content to compete with AI-generated material . In a crowded information environment, human insight has become a differentiator. What This Means for PR in 2026 Lead with named voices: Replace anonymous corporate language with perspectives from leaders and subject-matter experts. Prioritize clarity over polish: Simple, direct language builds more trust than elaborate phrasing. Share insight, not hype: Thought leadership and real-world experiences will cut through AI messaging more effectively. 6. AI-Powered Crisis Planning Replaces Reactive Crisis Response In 2026, crisis communications is shifting from reaction to preparation. Organizations are no longer waiting for issues to erupt before responding. Instead, they are using AI to anticipate risks , test different messaging , and prepare their responses in advance . Research from Deloitte  shows that AI is now a vital tool across every stage of a crisis. It helps teams spot "early warning signals" in massive amounts of data before a small problem turns into a major headline. In a fast-moving digital world, being truly prepared is now more important than just being fast. “AI may be used to highlight single-points of failure for critical services and monitor indicators of disruption before it occurs.” — Deloitte, 2025 This shift allows teams to evaluate how a decision might land with the public or regulators before they ever release a statement. If a crisis does break, AI helps by quickly gathering the facts and tracking public sentiment in real-time. In turn, this gives PR professionals the clarity they need to lead the conversation. What This Means for PR in 2026 Plan Ahead, Don’t Just React:  Use AI to monitor for risks and test your response plans before you actually need them. Stick to the Facts:  Use verified, real-time data to stop rumors early and protect your brand's trust. Keep Humans in Charge:  Let AI handle the data and the first drafts, but always rely on human judgment for the final, high-stakes decisions. 7. Expert Voices and Niche Communities Drive Influence In 2026, influence is no longer driven by celebrity reach or mass followings. It is driven by credible expertise and trusted communities. Proximity Over Scale Research from Onclusive’s Marketing Trends 2026  report shows that nearly three-quarters of agencies believe micro-influencers outperform celebrities. These creators participate in ongoing, real conversations where credibility is built through repeated interaction and not just one-off endorsements. The Rise of Independent Voices Recent research from the Pew Research Center  shows that audiences are increasingly turning to independent creators for information. About one in five U.S. adults now regularly get news from social media “news influencers,”  a figure that rises to nearly four in ten among adults under 30 . Most of these influencers operate outside traditional news organizations. This reinforces how influence is shifting toward independent voices woven into niche and professional communities. The Power of Reddit in AI Search:   This shift is further validated by Pew Research showing that Reddit is now among the most frequently cited sources in Google AI summaries . As a platform built on niche expert communities, Reddit demonstrates that machine-readability in 2026 depends heavily on having your brand vetted and discussed within these specialized human circles. These shifts show why influence is moving away from scale and toward proximity. In 2026, influence belongs to those closest to the conversation, not those with the biggest platform. In other words, as reach narrows, trust and conversion increase. The PR landscape in 2026 is shaped by trust , not volume. AI now plays a central role in how information is discovered and summarized, but it still relies on accurate, human verified facts to work properly. That makes clear, structured, and credible disclosure more important than ever. The strongest PR teams are moving away from hype and last minute reaction. They are focusing on execution , measurable impact , proactive planning , and real human expertise . In a zero click world, visibility is earned by being the most reliable source , not the loudest one. The organizations that recognize this shift will define what effective PR looks like in 2026 and beyond.