Saturn Oil & Gas, a publicly traded Canadian energy producer, needed a faster and more efficient disclosure workflow to support their continuous news cycle. After encountering delays with a competing newswire, the company turned to TMX Newsfile for a solution that delivered speed, simplicity, and dependable, high-touch service. “TMX Newsfile makes our continuous disclosure process efficient, straightforward, and reliable.” — Cindy Gray, VP Investor Relations, Saturn Oil & Gas This case study is based on insights provided by Cindy Gray, Vice President of Investor Relations at Saturn Oil & Gas. About Saturn Oil & Gas Saturn Oil & Gas is a TSX-listed Canadian energy company committed to responsible development, operational transparency, and consistent communication with shareholders. As an active public issuer, Saturn manages a steady cadence of press releases, regulatory filings, and time-sensitive disclosures — all of which require a streamlined, dependable workflow. The Challenge Before partnering with TMX Newsfile, Saturn relied on a competing newswire platform. While functional, it created unnecessary friction: Loading and preparing a press release often took longer than it should. Approval timing was slowed by the system’s inefficiencies. The platform wasn’t built for fast-moving IR environments where minutes matter. As a TSX-listed issuer, Saturn relies on press release distribution for continuous disclosure to keep the market informed quickly and accurately. The Saturn IR team needed a disclosure partner that could match the pace and precision required for public-company communication. Why TMX Newsfile Was the Right Fit Saturn Oil & Gas selected TMX Newsfile because it delivered across the core areas that matter most to public issuers: speed, ease of use, strong service support, and a simplified partnership model. Service Excellence A defining part of Saturn’s experience has been the quality of support provided by the TMX Newsfile team. Cindy Gray highlighted the impact of this hands-on approach: “Everything is going very well and Newsfile delivers great service.” — Cindy Gray, VP Investor Relations, Saturn Oil & Gas Cindy’s experience reflects the broader service standard TMX Newsfile provides — fast responses, knowledgeable support, and service aligned with capital markets requirements. Speed & Efficiency One of Saturn’s biggest challenges was how long it took to load and prepare releases on their previous platform. With TMX Newsfile, the difference was immediate. Releases now load quickly, supporting tighter internal approval timelines and helping the IR team stay fully aligned with continuous disclosure obligations. Ease of Use The intuitive design of the Newsfile portal removed friction from the workflow. Saturn’s team found the platform simple, logical, and fast — making their entire release process more predictable and easier to manage. A Unified, Simplified Partnership Another major benefit for Saturn was the ability to consolidate all distribution and disclosure services under one clear, easy-to-understand contract. This clarity reduces administrative complexity and gives the IR team confidence in both budget planning and workflow consistency. Results Since adopting TMX Newsfile, Saturn Oil & Gas has experienced measurable improvements: Noticeably faster press release preparation A smoother, more reliable continuous disclosure workflow Dependable, high-touch service during time-sensitive announcements Simplified contracting and year-round support Stronger confidence in accuracy, timing, and compliance Saturn’s results reflect a consistent experience across the TMX Newsfile platform—faster workflows, high-touch support, and a more efficient continuous disclosure process. A Standout Success One of the most impactful outcomes was Newsfile’s ability to package all services into a single, streamlined contract. For a public issuer with recurring disclosure cycles, this predictability and clarity are invaluable. Final Perspective Cindy shared a guiding principle that mirrors the mindset behind TMX Newsfile’s service approach: “Never stop giving 110% in everything you do, and it's not the mistakes we make in life that people remember — it's how you deal with them.” — Cindy Gray, VP Investor Relations, Saturn Oil & Gas At TMX Newsfile, this commitment shows up in responsive, knowledgeable support and a platform built to help issuers communicate confidently with the market. One Word to Describe TMX Newsfile “Excellent.” A single word Cindy Gray uses to sum up the speed, reliability, and service quality Saturn depends on for timely, compliant disclosure. TMX Newsfile supports issuers with fast, compliant press release distribution and efficient SEDAR+ and EDGAR filings. If your team is exploring ways to streamline continuous disclosure, we’re here to help.

The year-end sprint is on. For your Investor Relations team, the time between now and the end of Q1 2026 will be packed with financial reporting, proxy statements, and regulatory filings. But there’s also a shift happening . Alongside the usual deadlines, the SEC has launched a new Cyber and Emerging Technologies Unit , scheduled public discussions on AI-related disclosure impacts , and paused or revisited portions of its climate and ESG rulemaking . In Canada, the CSA has paused work on its proposed climate and diversity disclosure rules while reminding issuers that material climate risks must still be disclosed under existing securities law. Navigating this isn’t just about meeting deadlines. It’s about protecting your market credibility, clarity, and investor trust. We built this guide to be your single source of truth for the season. It’s not just a list of dates — it’s a strategic checklist designed to help your team stay aligned, informed, and ready for 2026. Short on time?    Download the complete 2-page PDF checklist   to print and share with your team. 1. Immediate Action Required: The Final EDGAR Next Cutoff (Dec 19) Before looking at 2026 dates, there is one immediate hurdle for U.S. Filers . The initial EDGAR Next deadline passed on September 15, 2025. If you have not yet enrolled, your ability to file is currently blocked . The Window:  You can still enroll via the dashboard until Friday, December 19, 2025 . The Risk:  If you miss this December 19 cutoff, you can no longer self-enroll. You will be forced to submit an Amended Form ID , which requires manual SEC review and additional documentation. Action Item:  Do not risk entering the 10-K season with a blocked account. If you are unsure of your status, contact the TMX Newsfile filing desk. 2. Your 2026 Key Filing Deadlines (U.S. & Canada) First, let's lock in the dates. Missing these is not an option. The following table assumes a December 31, 2025, fiscal year-end. U.S. SEC EDGAR Deadlines Filing Filer Status Deadline (Days after FYE) 2026 Due Date Form 10-K Large Accelerated Filer 60 days Monday, March 2, 2026 Form 10-K Accelerated Filer 75 days Monday, March 16, 2026 Form 10-K Non-Accelerated Filer 90 days Tuesday, March 31, 2026 Form 13F (Q4) Institutional Managers 45 days after quarter-end Tuesday, February 17, 2026 Proxy (DEF 14A) All Filers 120 days after FYE Thursday, April 30, 2026 Pro Tip:  Your Form 10-K and your Annual Report to Shareholders are separate. Ensure your TMX Newsfile distribution, your 10-K filing, and your website update are perfectly coordinated. Canadian CSA SEDAR+ Deadlines Filing Issuer Type Deadline (Days after FYE) 2026 Due Date Annual Fin. Statements TSX Issuers 90 days Tuesday, March 31, 2026 Annual Fin. Statements TSX Venture Issuers 120 days Thursday, April 30, 2026 AIF, MD&A All (non-Venture) 90 days Tuesday, March 31, 2026 AIF, MD&A TSX Venture Issuers 120 days Thursday, April 30, 2026 SEDAR+ Check-in:  The March 2025 updates to SEDAR+ refined prospectus filing and fee calculations. Ensure your profile's "Type of investment fund" and "Category of investment fund" are correct to avoid fee miscalculations. 3. Four Disclosure Hotspots to Review No w (U.S. & Canada) Deadlines are just one part of the challenge. The content  of your disclosures is under more scrutiny than ever. Here are the three topics that must be on your radar for your 2025 10-K and 2026 proxy. Cybersecurity: The 4-Day Rule is in Effect The SEC's new cybersecurity rules are no longer hypothetical. What's New:  You now have four business days  to disclose a "material" cybersecurity incident via Form 8-K. Your Year-End Action:  This isn't just an IR task; it's an enterprise-wide one. Your 10-K must now include a detailed description of your "processes for assessing, identifying, and managing material risks from cybersecurity threats." Key Question:  Does your IR team have a direct, 24/7 line to your CISO and legal counsel? You must be able to close the loop from detection  to determination of materiality  to filing  within that 4-day window. Artificial Intelligence: The Rise of "AI Washing" There is no "Form AI," but SEC scrutiny is extremely high. SEC Chair Gensler has been clear: if you are making claims about AI, they must be accurate. What's New:  Investors and regulators are actively hunting for "AI washing"—making misleading claims about your AI capabilities to boost your stock price. Your Year-End Action:  Review your 10-K Risk Factors and MD&A. Are you using AI?  Disclose how it impacts your business, financial performance, and potential risks (e.g., data privacy, "hallucinations," model integrity). Are you not  using AI?  You may need to disclose if not  adopting AI poses a material competitive risk. Key Question:  Are your marketing claims about AI supported by the same evidence as your financial statements? ESG & Climate: Prepare for Data-Driven Disclosures With the CSA pausing new climate-related rules, the core requirement remains the same: if climate risks are material, they must still be disclosed in your AIF, MD&A, 10-K, or proxy — just like any other business risk. What’s New: Canada now has voluntary CSDS 1 and CSDS 2 standards , aligned with ISSB S1 and S2. They aren’t mandatory, but they’re quickly becoming a go-to reference for credible climate and sustainability reporting, and the CSA has encouraged issuers to use them when preparing voluntary disclosures. Your Year-End Action: Treat climate and ESG as part of your financial risk narrative, not a separate sustainability story. Make sure any ESG or sustainability reporting aligns with what appears in your regulatory filings. Key Question: Can your team clearly show how climate-related risks or opportunities may affect performance or long-term strategy? Reviewing Your Risk Factors & Safe Harbor Language This is the perfect time to ensure your "Forward-Looking Statements" (Safe Harbor) language isn't on autopilot. Your boilerplate from last year may not adequately cover the new, less predictable risks you're facing. Your Year-End Action:  Review your risk factors and safe harbor disclaimer with legal counsel. Ask: Does our language specifically account for the uncertainties of new technologies like AI, the unpredictable nature of cybersecurity threats, or the evolving landscape of climate-related events? Updating this language is a critical, high-level exercise to protect your leadership. 4. Your Downloadable PDF: The Ultimate Checklist This is a lot to manage. To help you and your team stay aligned, we've distilled all these deadlines, new rules, and best practices into a single, two-page PDF. Use this checklist to: Align  your IR, Legal, Finance, and IT teams. Verify  every step in your filing process. Ensure  no new disclosure requirement is missed. CLICK HERE TO DOWNLOAD YOUR FREE 2025 YEAR-END COMPLIANCE CHECKLIST PDF 5. Beyond the Filing: How TMX Newsfile Is Your Partner A flawless year-end is about more than just hitting "submit" on EDGAR and SEDAR+. It's about ensuring your message reaches the market with confidence and clarity. This is where we help. 24/7/365 Expert Support:  Our filing desk has successfully managed over 200,000 regulatory filings. When you're working late on a Friday before a deadline, so are we. We are your fail-safe. Seamless SEDAR+ & EDGAR Integration:  We are not just experts in one system. We are a single, seamless partner for all your North American regulatory and distribution needs. Amplify Your Message:  Don't just file  your 10-K. Use TMX Newsfile's unparalleled global distribution to amplify  your year-end narrative, ensuring your story reaches key analysts, investors, and financial media at the exact moment it becomes public. The 2026 reporting season will be the most complex yet. But with the right plan and the right partner, you can navigate it with confidence. Ready for a smoother filing season?   Talk to a TMX Newsfile expert today and see how we can streamline your year-end process.

In 2025, more than 39,000 press releases distributed through Newsfile offer a clear lens into how public companies are communicating with the market. At this scale, individual announcements fade into the background, and what emerges instead are patterns . The language companies choose reveals how industries are evolving, where credibility is being built, and what investors are being asked to trust. Last year, this analysis focused on identifying the most common keywords by industry. This year, the data points to something deeper. An analysis of keyword frequency across more than 39,000 press releases reveals not only what companies are saying, but how they communicate growth, risk, and value in a changing market. This is the story that language tells about 2025. What Changed in 2025 An Executive Snapshot The shift from 2024 to 2025 was unmistakable. Across sectors, companies moved away from speculative language and toward communication focused on what is already built, operating, and producing results. In Energy and Resources, exploration remained important, but drilling activity and results rose sharply, signaling a stronger emphasis on proving value. In Technology, the language shifted away from innovation led narratives and toward platforms, systems, and security. In Consumer Goods and Retail, brands increasingly spoke like technology businesses, emphasizing services, platforms, and digital reach rather than traditional retail language. In Healthcare and Pharmaceuticals, disclosures centered on clinical activity, patient related outcomes, and measured development milestones, reflecting an emphasis on progress that can be tracked and verified. For issuers and investor relations teams, these shifts matter. The language used in press releases increasingly influences how prepared a company appears and how much confidence investors place in its ability to deliver. Energy and Resources A Shift Toward Execution Disclosure shifted from potential to proof, with results and drilling activity taking center stage. The Energy and Resources sector remained the largest contributor to press release volume in 2025, but the tone of disclosure shifted meaningfully. Evidence Over Potential Gold dominated Energy and Resources disclosures, appearing more than 25,000 times and far exceeding any other keyword in the dataset. Projects were next at the forefront with more than 18,000 mentions. Exploration continued to appear frequently with more than 14,000 mentions, followed closely by drilling at over 11,000 mentions. Results appeared at a comparable scale. Execution now matters as much as discovery. This shift aligns with investor emphasis on tangible progress and verifiable outcomes. Land positions alone are no longer sufficient. Markets are rewarding evidence. Capital activity alongside operations Capital formation language such as offering, placement, proceeds, and financing appeared frequently in Energy and Resources disclosures throughout 2025. When viewed alongside the prevalence of drilling, results, and completed work programs, issuers are increasingly communicating capital activity in parallel with operational progress rather than in isolation. Technology and Innovation A Shift in Disclosure Focus Technology companies are communicating value through what is already built, deployed, and operating. Technology disclosures in 2025 reflected a clear change in emphasis, with language increasingly centered on how technology is deployed, secured, and integrated rather than on future promise alone. The most frequently cited terms were technology , solutions , and platform , all of which significantly outpaced more abstract language such as innovation. Operational Language Takes Priority Words associated with delivery and reliability featured prominently throughout the dataset. Security , services , systems , and infrastructure  ranked among the most common terms, demonstrating a focus on stability, trust, and operational performance. Artificial intelligence did not emerge as a dominant standalone keyword. Instead, it appeared implicitly within broader discussions of platforms, data, security, and system architecture. This suggests that AI is increasingly treated as an embedded capability rather than a headline feature. Value Communicated Through Current Capabilities Overall, the disclosure language reflects a sector focused on technology that is already deployed, integrated, and operating in market. Technology companies are communicating value through execution, system integration, and performance, with less emphasis on long term vision and more attention on what is currently in use. This signals a maturing technology landscape in which credibility is built through demonstrated utility rather than aspirational messaging. Consumer Goods and Retail How Consumer Brands are Communicating Business Models Consumer brands are framing themselves as integrated digital businesses, not just product sellers. One of the most revealing shifts in the 2025 data emerged from the Consumer Goods and Retail sector. The most frequently used terms were not product focused. Instead, language centered on business , support , and activity occurring across  platforms, channels, and markets. This was reinforced by the prominence of services, solutions, digital, platform, data, and users, all of which ranked ahead of traditional retail terminology. Notably absent from the top tier were words tied to physical retail or product attributes. From Products to Integrated Businesses Taken together, the data suggests that consumer companies are increasingly communicating as integrated business operators rather than standalone product manufacturers. Press releases emphasize how offerings function within broader ecosystems, how customers are supported over time, and how value is delivered across digital and physical touchpoints. In practice, many consumer brands now operate as integrated businesses where technology and service delivery play a central role alongside physical products. Their disclosure language reflects that shift. Healthcare and Pharmaceuticals Clinical Progress as the Core Narrative Healthcare disclosures emphasized measurable clinical progress over broad ambition. Healthcare and Pharmaceuticals disclosures in 2025 focused on concrete clinical milestones and patient related outcomes, with companies communicating progress through trial activity, study updates, and regulatory steps. Terms such as clinical , patients , trial , and results  appeared consistently throughout the dataset, highlighting an emphasis on measurable progress in drug and therapy development. Data Driven Updates Over Broad Claims References to clinical results , studies , research , and development  featured prominently, reflecting a sector that communicates advancement through data and defined milestones rather than broad ambition. Rather than relying on promotional language, issuers framed updates around trial phases, regulatory processes, and observable outcomes, reinforcing the importance of transparency and validation. Capital Supporting Clinical Advancement Alongside scientific and patient focused language, capital related terms also appeared frequently. References to funding amounts, including disclosures expressed in millions , were common throughout Healthcare and Pharmaceuticals press releases. This reflects the capital intensive nature of the sector, where financing activity is closely tied to advancing trials, supporting research programs, and moving therapies through regulatory pathways. A Sector Defined by Measurable Progress Overall, Healthcare and Pharmaceuticals disclosures in 2025 reflect an industry focused on advancing therapies through defined clinical pathways, supported by the capital required to sustain development. Communication centered on patient outcomes, clinical validation, and transparent funding needs, reinforcing the importance of measurable progress in building investor confidence and long term credibility. Sector Snapshots Niche but Telling Signals Smaller sectors reveal how disclosure language shifts once industries mature or globalize. Arts, Media, and Entertainment Words like global and digital appear frequently in this category, pointing to an industry that is no longer thinking in regional terms. Many media companies are now launching with international audiences in mind from the start, using digital platforms to reach viewers and users well beyond their home markets. Travel and Transportation Operational language is still a core part of travel and transportation disclosures, but it is no longer the whole story. Press releases increasingly highlight service quality and customer experience alongside logistics, suggesting that companies are competing not just on where they can take customers, but on how the journey feels along the way. Industrial, Manufacturing, and Agriculture In 2025, press releases from the Industrial, Manufacturing, and Agriculture sector took a measured, no-nonsense tone. Language around statements, securities, and forward-looking information appeared often, reflecting careful attention to compliance, while references to equipment, production, systems, and products pointed to companies focused on what is already operating or being delivered rather than long-range projections. How Companies Are Communicating in 2025 Across industries, credibility is increasingly signaled through execution, governance discipline, and operational clarity. Press releases in 2025 show a clear move toward practical, evidence-driven communication. Mining companies are emphasizing results and operational progress. Technology firms are focusing on systems, platforms, and tools already in use. Consumer brands are increasingly framing their stories around digital platforms and connected services. Across sectors, companies gaining attention are not leaning on bold claims or sweeping narratives . Instead, they are using disclosure language to demonstrate execution, governance discipline, and how their businesses are actually operating today. For issuers and investor relations teams, these patterns matter . The words used in disclosure increasingly shape how credibility is judged and how execution risk is understood . As a distribution partner, Newsfile works closely with issuers to help ensure their disclosures are clear, compliant, and reach the audiences that need to see them.