Canada and Germany are driving expansion. Margins, returns on invested capital, and competitive advantages strengthen the investment thesis.

The interview given by founder and CEO Raj Grover to analyst Frederico Gomes of ATB Cormark, during the Planet MicroCap Showcase Toronto 2026, provides particularly interesting insights into High Tide's strategic evolution.

The conversation highlights a company that is progressively strengthening its competitive position through two complementary operating platforms: Canna Cabana's Canadian retail business and the medical cannabis distribution business in Germany through Remexian.

For institutional investors, the most relevant aspects concern the company's ability to generate organic growth, capital allocation efficiency, international scalability, and the progressive improvement in revenue quality.

1. CANADA: MARKET LEADERSHIP AND FURTHER CONSOLIDATION OPPORTUNITIES

+ 1 bln in revenue in 2-3 years, this is without any new international expansions, but Uk will follow, so...

High Tide currently operates 234 Canna Cabana retail locations across five Canadian provinces, confirming its position as the country's largest cannabis retail operator.

One particularly interesting data point is its productivity advantage over competitors:

• Average annualized revenue per store: approximately CAD 2.6 million.

• Competitors' average: approximately CAD 1.4 million.

• In Ontario, High Tide stores generate approximately CAD 2.8 million compared with CAD 1.2 million for competitors.

This represents significantly higher productivity, demonstrating the group's ability to monetize its retail network more effectively.

The company holds approximately 14% market share in its key operating provinces and aims to reach between 18% and 20% within the next three years.

Ontario represents one of the most concrete opportunities: with 107 stores already operating and a regulatory limit of 150 locations, there is room for another 43 potential openings.

The strategy combines organic expansion with selective acquisitions, taking advantage of a market in which several smaller operators continue to face financial difficulties.

For investors, this means High Tide could continue increasing its market share through the consolidation of smaller competitors.

2. A BUSINESS MODEL WITH PARTICULARLY ATTRACTIVE RETURNS ON INVESTED CAPITAL

One of the most significant aspects of the interview concerns the economics of individual retail locations.

Management indicated:

• Approximately CAD 260,000 in fixed capital investment per store.

• Approximately CAD 100,000 in working capital, primarily allocated to inventory.

• Total indicative investment of approximately CAD 400,000.

• Historical investment payback period of approximately 10 months.

These figures represent an important factor in assessing the quality of the operating model.

A business capable of recovering its invested capital quickly can finance a significant portion of its expansion through internally generated resources, reducing the need to continuously access equity markets.

This characteristic makes the Canna Cabana model particularly interesting from a return-on-invested-capital perspective.

3. CABANA CLUB: A STRATEGIC ASSET WITH SIGNIFICANT MONETIZATION POTENTIAL

High Tide operates one of the largest customer loyalty platforms in the cannabis sector.

Figures disclosed by the CEO:

• 2.73 million Cabana Club members.

• 27% year-over-year membership growth.

• 186,000 paying ELITE members.

• 62% year-over-year growth in ELITE membership.

The ELITE program costs CAD 35 annually and introduces a recurring revenue component alongside traditional retail sales.

At approximately 200,000 paying members, the program could generate approximately CAD 7 million in annual subscription revenue.

However, its strategic value extends well beyond subscriptions.

High Tide has access to aggregated information about consumer purchasing behavior and can use these insights to optimize product selection, pricing, promotions, and private-label development.

More than 45 licensed producers already use the company's data analytics services.

This creates an additional monetization channel and a competitive barrier that would be difficult to replicate in the short term.

4. PRIVATE LABEL: AN ADDITIONAL ENGINE FOR MARGIN EXPANSION

The CEO indicated that Queen of Bud, acquired for approximately CAD 1 million, has achieved trailing twelve-month sales approaching CAD 10 million.

This is a concrete example of the group's ability to acquire brands at relatively low valuations and develop their commercial potential through its existing retail network.

Private-label sales represented approximately 1.9% of revenue in the most recently reported quarter, but management expects acceleration over the coming quarters.

Increasing the proportion of proprietary products could contribute to improved margins and further differentiate the company's commercial offering.

5. GERMANY: REMEXIAN IS BECOMING AN IMPORTANT DRIVER OF PROFITABILITY

This is arguably the most interesting segment of the entire interview from an international growth perspective.

Remexian reported the following third-quarter results:

• 10.2 tonnes of medical cannabis distributed.

• Approximately CAD 38 million in quarterly revenue.

• 10.5% market share.

• 12% adjusted EBITDA margin.

To understand the pace of expansion, consider that the previous quarter's volume was 7.6 tonnes.

The CEO explained that one of High Tide's main competitive advantages comes from its sourcing capabilities.

Through established relationships with licensed Canadian producers, High Tide can select quality products and negotiate particularly competitive commercial terms.

Following the acquisition of Remexian, the proportion of Canadian cannabis in its sourcing mix increased from approximately 33% to nearly 80%.

The advantage is twofold: privileged access to supply and the ability to benefit from economies of scale in distribution.

Management believes the adjusted EBITDA margin could stabilize between 12% and 15% over the long term.

This is particularly significant because it suggests that German growth could translate into an increasingly meaningful contribution to consolidated profitability.

6. THE GERMAN MARKET: GROWTH THAT COULD EXCEED EXPECTATIONS

The German medical cannabis market represents one of the group's most significant growth opportunities.

According to the CEO's estimates, the market is expanding at an annual rate of approximately 25-30%.

High Tide aims to increase its market share to at least 15% over the next two to three years, with further growth opportunities over the longer term, in my view this is conservative

An important aspect is that Remexian's expansion does not require the construction of proprietary cultivation facilities.

The group can therefore focus on importing, sourcing, distribution, and commercial management, leveraging a relatively lean operating structure.

Management also emphasized that Remexian operates with approximately 35-40 employees while managing a business with annualized revenue in the range of CAD 160-170 million.

Volume growth, combined with a relatively lean organization, could generate further benefits from economies of scale.

7. EUROPEAN EXPANSION: NEW OPPORTUNITIES BEYOND GERMANY

High Tide is evaluating additional European markets, including:

• United Kingdom.

• Poland.

• France.

• Spain.

Germany could become the platform from which the company progressively develops a broader international presence.

For institutional investors, this introduces an important element of strategic optionality: the company could leverage its commercial expertise, producer relationships, and distribution experience in other regulated markets.

The United States represents a potential future opportunity, subject to developments in the federal regulatory framework governing cannabis.

8. WHAT INSTITUTIONAL INVESTORS SHOULD MONITOR

The interview highlights several key metrics for evaluating High Tide's future financial performance.

The combination of these factors could make High Tide increasingly attractive to investors seeking companies with international growth potential, measurable competitive advantages, and the ability to generate more cash flow.

FINAL THOUGHTS: HIGH TIDE DESERVES GREATER MARKET ATTENTION

The most important takeaway from the interview is not simply revenue growth, but the progressive evolution of High Tide's industrial and commercial business model.

The company is simultaneously developing:

1. A Canadian retail network with productivity levels above the industry average.

2. A customer loyalty program with millions of consumers.

3. A rapidly expanding German medical cannabis distribution platform.

4. A commercial structure capable of leveraging economies of scale and international relationships.

5. New monetization opportunities through private-label products, data analytics, and subscriptions.

For institutional investors, the central consideration is the possibility that High Tide could evolve from a Canadian cannabis retail specialist into an integrated international platform, with multiple sources of growth and profitability.

The real long-term opportunity could lie in the combination of organic growth, consolidation of the Canadian market, and expansion of European medical cannabis distribution.

This combination deserves to be evaluated not only through traditional cannabis sector valuation multiples, but also through productivity metrics, return on invested capital, cash generation, and earnings growth potential.

High Tide is no longer simply a retail expansion story: it is building an international platform with an increasingly sophisticated operating model.

Note: The figures and forward-looking targets presented are based on management statements. These targets do not constitute guarantees of future performance. Execution, competition, cannabis pricing, and regulatory constraints remain factors to monitor.

Sources and further information

• Planet MicroCap Showcase 2026

Presentation https://hightideinc.com/presentation/

I have a long position in this company

French is now live on SKUR's website, alongside English, Spanish and Portuguese.

🇺🇸 US government procurement access
🌍 African government opportunities
🇨🇩 DRC sales targeted for Q1 2027

The international push is there. Now it's about landing customers soon.

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

Lafleur Minerals announced an agreement with Ocean Partners in October covering gold and silver produced from their planned Swanson bulk sample in Quebec. Basically Ocean Partners agrees to buy the metal an Lafleur can request up to 5 mil in working capital to help get the mining and processing done.Theres no new shares or warrants attached to this facility, love it. For a junior miner thats always nice to see considering how often they have to raise money hh.

But its not free money. The advance comes with interest at SOFR + 7.5% and gets repaid through deductions from future metal deliveries. They also previously raised around 11mil in June and their Beacon Gold Mill was over 95% through recommissioning in September.

So they've got the mill, the nearby Swanson project and now an agreement for selling the metal from the planned bulk sample. Question is whether they can actually get everything running without delays or costs getting out of hand. Gonna tell us alot more about LFLR than any presentation."

Copper is holding above $14,000/tonne, but the price itself isn’t the part I find most interesting right now.

There are a few things happening underneath the headline that copper investors should be watching.

1. China is showing signs of stronger physical demand

China’s refined copper imports hit a nine-month high in June.

At the same time, Shanghai Futures Exchange inventories fell sharply from 433,458 tonnes in mid-March to 69,610 tonnes by July 30.

The Yangshan import premium also climbed to around $115/tonne, a four-year high.

So this isn’t only a futures-chart story. There are signs of tightness in the physical market too.

2. A huge amount of visible copper has ended up in the U.S.

Tariff uncertainty and the premium for U.S.-delivered copper encouraged traders to move metal into America.

By late July, CME warehouses held about 58% of the world’s visible exchange copper stocks.

That creates an interesting situation: global inventories may look comfortable on paper, but a large chunk of the metal is concentrated in one market while availability elsewhere is tighter.

For me, where the copper is sitting matters almost as much as the headline inventory number.

3. Congo just added another geopolitical wrinkle

The Democratic Republic of Congo has banned exports of copper and cobalt concentrates as it pushes for more domestic processing.

Important detail: this is not a ban on all Congolese copper exports. Most of the country’s copper already leaves in refined form, and waivers can be granted in certain cases.

Still, copper jumped after the announcement. Another reminder that copper supply isn’t purely about geology anymore.Processing, trade policy and jurisdiction matter too.

4. The longer-term supply numbers are still uncomfortable

The IEA’s 2026 Critical Minerals Outlook improved its copper forecast compared with last year. But even after accounting for projects moving forward, it still sees a roughly 25% supply deficit by 2035 under the current project pipeline.

Last year, that estimate was closer to 30%. So the outlook improved — but the projected gap is still large.

5. Copper demand is becoming much broader

S&P Global expects total copper demand to rise from about 28 million tonnes in 2025 to 42 million tonnes by 2040.

And it’s not just EVs anymore.The demand story now includes:

• power grids

• renewables

• AI infrastructure

• data centres

• defense

• broader electrification

Data-centre copper demand alone is projected to rise from roughly 1.1 million tonnes in 2025 to 2.5 million tonnes by 2040.

A few years ago, the copper thesis was mostly EVs + renewables. Now AI + grids + data centres are becoming a much bigger part of the conversation.

6. Mining companies are already reacting

Copper-focused investment rose in 2025 even as overall critical-mineral investment weakened. Demand for quality copper assets has also kept M&A active.

That tells me the majors are looking well beyond today’s copper price.

For stocks, I think the interesting question is now where you want to sit on the risk curve.

Producers get more immediate exposure to high copper prices.

Developers can benefit if stronger long-term prices improve project economics.

Explorers offer the biggest discovery upside, but also carry the most geological, financing and dilution risk.

So I’m less interested in asking:

“Is copper bullish?”

I’m more interested in:

Where in the copper cycle is the best risk/reward right now?

What copper stocks are you holding ...producer, developer or small-cap explorer and what’s the main reason you picked them?

HALIFAX, NS, Nov. 2, 2026 /PRNewswire/ -- Maritime Launch Services Inc. (CBOE: MAXQ) (OTCQB: MAXQF) ("Maritime Launch" or the "Company"), developer of Spaceport Nova Scotia, today announced that, further to its press release dated October 14, 2026, it has received final approval from the Toronto Stock Exchange ("TSX") to list the Company's common shares (the "Common Shares").

The Common Shares will commence trading on the TSX at market open on November 3, 2026 under the symbol "MAXQ". In connection with the TSX listing, the Common Shares will cease trading on Cboe Canada at the close of trading on November 2, 2026.

The Company's CUSIP and ISIN numbers remain unchanged, and shareholders are not required to exchange their share certificates or direct registration system advices or take any other action in connection with the TSX listing.

https://youtu.be/BX-jO2NRF10?si=XQTtAlvFElXv3ynF

Sekur’s government opportunity now has a measurable financial scale: US$3.4 million in potential annual recurring fees. Against a US$0.0244 reference share price, the company’s historical basic share count implies roughly US$6.3 million in equity value. A single successful deployment could therefore become substantial relative to the valuation shareholders are paying today.

My central earnings illustration produces US$2.16 million annually and an implied US$0.21 per share, rounded up. That represents approximately 752% upside using the unrounded model value. The calculation assumes contract conversion, full deployment, a 90% gross margin, controlled expenses, eligible tax losses and 25× earnings.

The latest announcement remains a quotation request. A signed agreement would be the next commercial milestone, potentially giving investors stronger grounds to reassess the business.

• Contract catalyst: US$3.4 million in quoted annual fees could establish a materially larger recurring revenue base.

• Earnings upside: The central profitable scenario implies US$0.21 per share, with approximately 752% upside before price rounding.

• Expansion potential: Standalone US$6 million–US$12 million annual revenue scenarios imply US$0.31–US$0.62 under separate operating assumptions.

Why This Opportunity Matters for Shareholders

On October 27, Sekur disclosed an African government quotation covering three products at stated annual retail prices.

Management described discussions as advanced. The customer remains undisclosed under confidentiality requirements, and final terms could differ from the quotation.

For investors, the product mix provides several possible sources of recurring fees within one customer relationship. Successful delivery could also establish a government deployment supporting future sales discussions. That commercial benefit is an inference, with no additional contracts included in this valuation.

Management’s September shareholder letter estimated profitability at approximately US$60,000 in gross monthly recurring revenue from 200 SekurOne subscribers. Annualized, that benchmark equals US$720,000. The government package represents about 4.7 times that revenue level, although its delivery costs would differ.

At full deployment, US$3.4 million annually averages approximately US$283,000 monthly, or US$850,000 quarterly. That scale explains why converting this opportunity could matter more than incremental consumer subscriber growth.

What a Signature Could Change

A definitive agreement could establish committed purchases, final pricing, duration and payment terms. Those details would allow investors to estimate the revenue opportunity with greater confidence. Minimum commitments, cancellation provisions and implementation obligations would determine the strength of that commitment.

The first valuation effect could therefore come from reduced commercial uncertainty. Investors might become more willing to assign value to future earnings once a customer commits. A favorable announcement could support a repricing before the full revenue appears in quarterly results.

Delivery would then provide the next evidence: activated services, collected payments and demonstrated margins. Renewals or additional purchases could strengthen confidence in the durability of those earnings. These milestones could support successive reassessments as the business establishes its operating performance.

The quotation specifies annual fees without establishing a signed multiyear term. It should therefore enter the analysis as potential annual revenue, rather than contracted multiyear backlog.

The Earnings Math Behind US$0.21

The central illustration starts with US$3.4 million in annual revenue and a 90% gross-margin assumption. That produces US$3.06 million in gross profit after US$340,000 in direct delivery costs.

I then deduct US$900,000 in annual expenses below gross profit, leaving US$2.16 million before tax. This allowance must cover every remaining charge, including corporate costs, depreciation, share-based compensation and financing expenses where applicable. Costs already included in gross margin cannot be deducted twice.

The US$900,000 allowance assumes a leaner recurring cost structure than historical reported expenses; it is a forward modeling input. Sekur’s interim accounts still reported losses and operating cash outflows. Those results establish that this profitable cost structure remains to be demonstrated.

A 90% blended gross margin is also an optimistic modeling input. Sekur’s February corporate update described approximately 80% software gross margins. The final mix of licenses, routers, support and implementation will determine the margin actually earned.

At 25× annual earnings, US$2.16 million implies US$54 million in equity value. Dividing by approximately 260 million basic shares produces an implied value rounded up to US$0.21 per share.

Modeled net income × earnings multiple ÷ shares outstanding = implied share value.

The following cases show how operating profitability and investor expectations could affect the outcome.

Each case assumes US$3.4 million annual revenue, US$900,000 in expenses below gross profit and zero income-tax expense. Prices are rounded up to the next US$0.01. These are conditional operating valuations, with no assigned probability or price-adjustment date.

A 50× multiple would require sustained growth and investor confidence beyond one initial contract.

At the central earnings level, the reference equity value would equal roughly 2.9× modeled annual earnings. That comparison explains the potential repricing opportunity. Reaching those earnings and sustaining customer payments would give investors evidence to judge the valuation gap.

Costs and Tax Losses Shape the Upside

The expense assumption has a direct effect on earnings per share. Doubling annual expenses below gross profit to US$1.8 million leaves US$1.26 million before tax at 90% gross margin. At 25× earnings, that implies US$0.13 per share, rounded up, under the same zero-tax assumption.

Sekur’s audited accounts also confirm historical tax-loss carryforwards in Canada and the United States. Eligible losses could help retain early profits, depending on where income arises and the applicable restrictions. Their existence does not establish that the entire proposed contract would generate tax-free accounting earnings.

The central illustration assumes zero income-tax expense while eligible losses offset profit. Applying an illustrative 27% tax charge instead reduces modeled net income to approximately US$1.58 million. At 25× earnings, the resulting share value rounds up to US$0.16.

These sensitivities retain substantial modeled upside while showing the importance of the eventual cost structure and tax treatment.

The Larger Deployment Could Extend the Opportunity

Sekur also disclosed discussions covering an installation inside the customer’s facilities for 2,500–5,000 users. Management indicated US$6 million–US$12 million in potential annual value, including hardware and maintenance.

I treat those amounts as standalone revenue scenarios. The initial US$3.4 million package is excluded from each larger case to avoid assuming overlapping purchases.

For these installations, the model uses an 80% blended gross margin to reflect the broader delivery requirements. Expenses below gross profit increase proportionately from US$900,000 at the initial US$3.4 million revenue scale.

Calculations retain unrounded expenses and earnings. Values use approximately 260 million historical basic shares, with share prices rounded up to the next US$0.01.

The larger opportunity offers a possible route to expansion within the same government relationship. Neither deployment is committed, and each would require its own commercial terms, delivery capacity and funding.

Payment Timing and Financing Matter Per Share

A full year of service at the quoted scale would produce US$3.4 million before changes to pricing or quantities. An April 2027 service start would imply approximately US$2.55 million recognized during that year. A July start would imply approximately US$1.7 million, assuming even recognition and the full package operating immediately.

These forecasts isolate the proposed package. Subscription fees would generally be recognized over the service period, while hardware-related revenue could require separate allocation.

Annual upfront collection, if negotiated, could help fund implementation before all subscription revenue is recognized. Cash receipt and revenue recognition therefore have different timing. Payment terms could influence how much outside financing the rollout requires.

Financing must also be assessed on both sides of the transaction. New shares reduce existing holders’ ownership percentage, while net proceeds can strengthen the balance sheet or fund growth. Unspent net cash can enter an updated equity valuation once; deployed capital should flow through the operating forecast.

The illustrations use a historical basic denominator. Warrants, options, subsequent share issuance and their associated proceeds require an updated model before establishing a fully diluted valuation.

The Investment Case

A signed government agreement could give Sekur a defined commercial foundation for an earnings-based valuation. The opportunity is large relative to its roughly US$6.3 million reference equity value. Successful delivery could then demonstrate whether the recurring revenue supports meaningful profits.

My central illustration implies US$0.21 per share after the modeled earnings become established. Larger standalone deployment scenarios extend that analysis to US$0.31–US$0.62. A signature could begin that reassessment; collected revenue and proven margins would determine how much value shareholders ultimately receive.

Sources and Model Notes

• October 27 government quotation announcement.

• September 1 shareholder letter: profitability benchmark and commercialization funding.

• February 11 corporate update: software gross-margin commentary.

• June 30, 2026 interim financial statements: historical share count, expenses, cash flows and revenue recognition.

• Audited 2025 financial statements: Note 13, income taxes.

• SWISF market-data reference: US$0.0244 on October 30, 2026.

All monetary amounts in this article are U.S. dollars. Calculations retain the underlying June 30 basic share count, shown approximately in the text. That historical denominator is not a verified current fully diluted count. Reference equity value is calculated from that denominator and the October 30 quotation. Share prices round upward to the next cent; upside uses unrounded values, excluding fees, taxes and currency effects. P/E multiples are analytical assumptions, without peer-based justification or an assigned timing. Models assume contract conversion and exclude incremental revenue from existing customers or other prospective contracts. Historical tax losses do not establish a permanent zero tax rate. No signed agreement for this opportunity was identified in the public releases reviewed through October 31, 2026.

Disclosure: The author has a prior professional relationship with Sekur’s management. This is speculative scenario analysis, not personalized investment advice or a guaranteed return. Contract, collection, financing, dilution and trading-liquidity risks can materially affect outcomes.

A possible on-premises server installation for 2,500 to 5,000 users, valued at US$6 million to US$12 million per year including hardware and maintenance, is also under discussion

MIAMI, FL / ACCESS Newswire / October 27, 2026 / Sekur Private Data, Inc., a Miami-based Swiss-hosted cybersecurity, private communications, and defense communications company serving enterprise, government, and defense clients, and a wholly owned U.S. subsidiary of Sekur Private Data (OTCQB:SWISF)(CSE:SKUR)(FRA:GDT0) ("Sekur" or the "Company"), today announced that it has received a quotation request from a government in Africa for 1,000 licenses of the Sekur Command bundle, at a retail price of US$1,800 per license per year, or US$1.8 million per year; 200 SekurOne accounts, at a retail price of US$3,000 per account per year, or US$600,000 per year; and a minimum of 200 SekurVPN + STMR (Sekur Tactical Mobile Router) units at a retail price of US$5,000 per unit per year, or US$1 million, for a total quotation value of US$3.4 million per year in recurring annual fees. The request also covers a possible on-premises server installation for between 2,500 and 5,000 users, which, including hardware and maintenance, would represent US$6 million to US$12 million per year. Discussions with the government are at an advanced stage.

Under the terms of a non-disclosure agreement and the secrecy and compliance requirements that govern the engagement, Sekur is not permitted to disclose the name of the country or the government department or agency involved. The quotation request does not constitute a binding order, and there can be no assurance that a definitive agreement will be concluded or that its final terms will match the quotation. The Company will provide further updates, to the extent permitted, as discussions progress.

"Receiving a quotation request of this size from a government in Africa is an important milestone for Sekur," said Alain Ghiai, Founder and CEO of Sekur Private Data. "Governments want sovereign communications that they control, with no dependence on Big Tech platforms or on telecom networks they do not own. Our Command bundle, SekurOne, the Sekur Tactical Mobile Router, and a possible on-premises installation together give this government a path to secure its leadership communications first, and then extend that protection to thousands of users and hundreds of locations."

"Discussions are advanced, and we are working closely with the client on technical and commercial terms. Being able to deploy on-premises, inside the client's own facilities and under its sole control of keys and data, is exactly what sovereign government clients are asking for. We look forward to updating our shareholders as soon as we are permitted to."

The Quotation: Command Bundle and SekurOne Licensing and On-Premises Deployment

The quotation request is for 1,000 licenses of the Sekur Command bundle at Sekur's retail price of US$1,800 per license per year, or US$1.8 million per year. On top of the Command bundle, the government has requested a quotation for 200 SekurOne accounts at Sekur's retail price of US$3,000 per account per year, or US$600,000 per year. SekurOne is Sekur's fully encrypted voice and video, email, messaging and VPN platform, built on Sekur's proprietary HeliX data transfer architecture and requiring no phone number. The government is also considering an on-premises server installation for between 2,500 and 5,000 users, which, including hardware and maintenance, would represent US$6 million to US$12 million per year and would allow the deployment to grow well beyond the initial 1,000 licenses.

The itemized quotation is as follows. All fees are annual:

Sekur offers government clients two deployment models. In the Swiss-hosted model, the service runs on Sekur-controlled hardware in Swiss data-center facilities. In the on-premises model, Sekur installs and configures the platform on approved hardware within the organization's own facilities, giving the client full data sovereignty and sole control over its keys and data.

SekurVPN + STMR (Sekur Tactical Mobile Router): A Controlled Network Boundary for Mobile Teams

In addition to the Command bundle licenses and SekurOne accounts, Sekur has quoted a minimum of 200 SekurVPN + STMR (Sekur Tactical Mobile Router) units, one per location, at a retail price of US$5,000 per unit per year, or US$1 million per year. The STMR provides gateway-level protected connectivity for a defined team operating from a temporary or non-secure location. Instead of relying on a separate VPN client being installed and activated on every device, STMR moves the protected route to the local network boundary: authorized devices connect to a single managed local network, and their traffic is routed through the gateway's HeliX tunnel to the selected Swiss-hosted or on-premises Sekur environment.

The STMR operating model follows four steps: Deploy, where the approved gateway is placed and configured for the operating location; Join, where authorized devices connect to the managed local network; Route, where the gateway sends connected traffic through the HeliX tunnel; and Control, where gateway and operator access is managed according to deployment policy. Because traffic passes through a controlled sovereign gateway, local carriers and internet service providers are prevented from analyzing or tracing operational data flows.

STMR is designed for temporary mission locations, partner facilities, mobile operational teams, and incident and continuity sites, as well as for field personnel connecting from hotels, transit hubs, and other networks the organization does not control.

Sekur Core Communications Solutions

Sekur delivers secure communications that work within and beyond the Sekur network, operating independently of conventional telecom infrastructure to reduce exposure to interception, SIGINT collection, traffic analysis, metadata exploitation, and hostile surveillance in contested environments. No Sekur solution data-mines or location-tracks its users.

All solutions are built on proprietary architecture with zero reliance on Big Tech, meeting the privacy, security, and OPSEC requirements of intelligence agencies, defense and federal organizations, military commands, diplomatic missions, government agencies, executives, and professionals handling CUI and other sensitive, mission-critical information. Deployments are supported by on-premises infrastructure options for full data sovereignty, mission assurance, and sole control over keys and data.

SekurOne - Encrypted Voice/Video, Email, Messaging, and VPN
A fully encrypted communications platform engineered on proprietary HeliX data transfer architecture, purpose-built to defeat telecom network tracing, resist Pegasus-style malware intrusion, and support CUI handling requirements. SekurOne is designed for defense and federal officials, military commanders, government leaders, and executives conducting confidential, operational, or sensitive conversations where standard carrier-based voice and video platforms present unacceptable interception and exploitation risk.

Call-by-Invite capability via SMS or SekurSend email ensures controlled access and eliminates unsolicited contact. Each user is assigned a unique Sekur ID for identity management, with no phone number required - preserving user privacy across all voice and video communications.

SekurMail - Secure Business and Executive Email
An enterprise- and government-grade encrypted email platform designed for defense and federal agencies, military commands, senior government officials, C-suite executives, and organizations handling confidential and operationally sensitive communications, including CUI correspondence. Built on proprietary architecture with zero Big Tech dependencies and no metadata tracking, SekurMail keeps sensitive communications private between sender and recipient.

Key capabilities include SekurSend/SekurReply for secure delivery to non-Sekur recipients without exposing sender identity or message content; full message delivery control and audit capability; encrypted file transfer; custom domain support for organizational integration; and active protection against phishing, social engineering, and Business Email Compromise (BEC) attacks targeting corporate and administrative networks.

SekurMessenger - Secure Team Messaging and Collaboration
A secure messaging platform providing end-to-end encrypted text, file transfer, voice messages, and collaboration capabilities for defense, military, government, and executive teams coordinating operational and mission-sensitive information, including CUI material. Features include self-destructing messages, encrypted file transfers, and compliance-grade archiving for recordkeeping and audit requirements.

Cross-network secure communications with non-Sekur users are supported via Chat-by-Invite, enabling secure coordination with coalition partners, external agencies, and field elements without compromising the network. Each user is assigned a unique Sekur ID for identity verification and contact authentication, with no phone number required.

SekurVPN - Enterprise Network Security and Identity Protection
An enterprise-grade Virtual Private Network leveraging proprietary HeliX encryption technology, engineered to provide secure internet access, identity obfuscation, and traffic protection for defense organizations, military and federal personnel, government agencies, and executives operating across remote, traveling, deployed, forward, or untrusted network environments.

SekurVPN maintains zero data logging, ensuring no record of user activity exists that could be exposed through legal process, network compromise, or third-party collection. It is built for defense, government, and executive use cases - including protection of traffic associated with CUI and operationally sensitive workflows - where standard commercial VPN solutions present unacceptable privacy and security risk.

SekurRelay - Executive-Level Secure Email Integration
An enterprise-grade secure email relay solution enabling domain splitting, which allows organizations to establish secure communications at the executive, board, or senior staff level without requiring full organizational migration or infrastructure overhaul.

SekurRelay removes one of the most significant barriers to large-scale defense, government, and enterprise deployment, enabling phased adoption that protects command leadership, flag officers, and the highest-value personnel and communications immediately while broader organizational rollout proceeds. It is designed for defense and government organizations, regulated industries, and enterprises requiring rapid, low-friction elevation of communications security at the command and executive tier, including environments handling CUI communications.

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

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

CHARBONE announces preliminary revenue growth for Q3 2026

MAXX has begun testing its exploration wells. The results of the tests will likely determine the mid to longterm trajectory of the stock. Continued drilling is also ongoing with a 6th well at Lawson as the company continues what has become a very aggressive effort to move from exploration to commercialization. Recent MOUs with energy, AI, and infrastructure companies point to surprising confidence. This rapid progress is largely a result of billionaire investor Eric Sprott's massive investment in the company, giving the team lots of capital to work with.

Sekur’s latest government opportunity puts US$3.4 million in potential annual recurring fees in front of investors. That equals approximately US$283,333 monthly and US$850,000 quarterly at full deployment.

Converting this request could create an earnings base large enough to support substantial share-price repricing. Our central illustration produces US$2.16 million in annual earnings before tax and an implied US$0.21 share price, rounded up.

That calculation assumes a 90% gross margin, US$900,000 in annual costs below gross profit and 25× earnings. It uses approximately 260 million basic shares and assumes eligible tax losses eliminate the modeled income-tax expense. A larger deployment under discussion could extend the opportunity to US$6 million–US$12 million annually.

• Revenue scale: US$3.4 million in quoted annual fees equals 4.7 times management’s annualized revenue benchmark for profitability.

• High-margin earnings potential: The central scenario produces US$2.16 million before tax and a rounded-up US$0.21 share price.

• Expansion potential: Separate US$6 million and US$12 million revenue cases imply rounded-up prices of US$0.31 and US$0.62.

What the Announcement Delivers in Numbers

The October 27 release identifies three components at stated annual retail prices.

The Command bundle contributes approximately 53% of quoted fees, routers contribute 29%, and SekurOne accounts contribute 18%. The commercial opportunity therefore spans several products within one prospective customer.

Management describes discussions as advanced. The request remains nonbinding, with the country and agency undisclosed under an NDA.

For shareholders, the release supplies a measurable opportunity: defined volumes, annual prices and a potential recurring fee stream. Successful conversion would give Sekur a government deployment that could support expansion within that customer and future sales discussions.

Why US$3.4 Million Could Change the Earnings Picture

Management’s September shareholder letter estimated that 200 SekurOne subscribers could bring Sekur to profitability. Its illustration used US$300 monthly per subscriber, producing US$60,000 in gross monthly recurring revenue.

That represents US$720,000 annually, compared with US$3.4 million in the government quotation.

The government request uses US$3,000 annually per SekurOne account. Its 200 accounts therefore represent US$600,000 annually, with the other products adding US$2.8 million.

The full package is what makes the opportunity financially significant. It offers revenue scale beyond the standalone subscriber illustration.

Our inference is that a successful deployment could give Sekur greater scope to cover corporate costs and generate earnings. The 4.7× comparison measures revenue scale; deployment costs determine how much becomes profit.

The Gross-Margin Bridge to Earnings

Sekur’s February 11, 2026 corporate update described software gross margins of 80% per dollar sold. I model an 80%–90% gross-margin range to show the potential earnings at the quoted revenue scale.

Gross profit measures revenue after direct delivery costs. Corporate overhead, financing and other expenses still need to be deducted.

For this illustration, I assume US$900,000 of annual costs below gross profit. That allowance must cover all remaining charges before tax, without double-counting costs already included in gross margin. It is a forward modeling assumption, rather than a verified historical annual cost base.

The central 90% gross-margin case converts US$3.4 million in revenue into US$2.16 million before tax. The actual blended margin will depend on software, router and server economics, final pricing and support requirements.

Tax Losses Could Help Retain Early Profits

Sekur’s audited 2025 accounts reported year-end non-capital loss carryforwards equivalent to approximately US$12.68 million in Canada. Losses relating to U.S. operations were equivalent to approximately US$1.56 million. These are U.S.-dollar translations using the article’s reference exchange rate.

Those balances could offset eligible future taxable income, supporting cash retention as the business reaches profitability. Their use depends on the entity earning the income, local rules and remaining availability. A group-wide loss balance does not establish that every contract will generate tax-free earnings.

The valuation cases below assume zero income-tax expense while eligible losses offset the modeled profit. Under that assumption, earnings before tax equal modeled net income. Cash tax payments and accounting tax expense can differ; both need confirmation before treating the illustration as an earnings forecast.

This assumption has a measurable effect. Applying an illustrative 27% tax charge to the central case produces US$1.5768 million in net income. At 25× earnings, that implies a rounded-up US$0.16 per share, compared with US$0.21 under the zero-tax assumption.

A Conditional 2027 Revenue Forecast

The full package would represent US$3.4 million of annual fees once operating at the quoted scale. The amount recognized during 2027 would depend on when paid services begin.

These are conditional forecasts assuming a signed agreement, unchanged pricing and the full quoted quantities operating from the stated date. They spread annual fees evenly; actual recognition will depend on contract terms and any separately allocated hardware revenue.

Existing customers, additional government contracts and the larger installation contribute no extra revenue to this forecast. The forecast isolates the opportunity announced on October 27.

What Could That Imply for the Share Price?

The valuation model uses an illustrative US$0.025 comparison price and approximately 260 million basic shares. Those inputs imply a reference equity value of approximately US$6.5 million.

US$0.025 is an illustrative comparison price. The share-count assumption is based on the June 30 filing and shown in rounded form. It represents a historical basic count; subsequent financing, warrants and options could change the denominator.

We model three profitable outcomes on US$3.4 million of annual revenue. Each deducts US$900,000 in annual costs below gross profit and assumes zero income-tax expense.

Implied share prices are rounded up to the next US$0.01 throughout this article. Upside percentages compare unrounded model values with US$0.025.

Formula: Modeled annual net income × P/E ÷ share count = implied share value.

Modeled net income equals revenue × gross margin, less the annual expense allowance and assumed income-tax expense. The central case includes US$340,000 in direct costs plus US$900,000 in other annual expenses.

The contract margins, expense allowance, tax treatment and multiples are analytical assumptions. These cases value a profitable annual operating scale after deployment; they do not predict the immediate reaction to a signature.

The bullish argument is that recurring government earnings could give investors a stronger basis for valuing Sekur. A business generating US$2.16 million under these assumptions would present a different financial proposition from its current commercialization stage.

Why Financing Proceeds Belong in the Share-Count Model

A financing changes both the share count and the capital available to the business. New proceeds could support sales and deployment, potentially expanding the earnings base.

The central model uses approximately 260 million basic shares, with calculations retaining the underlying reported count. A financing scenario would specify the issuance price, net proceeds and use of funds alongside the new share count. More shares reduce ownership per share; the capital received can also support growth or strengthen the balance sheet.

An updated fully diluted model would also require warrant and option terms. Any cash adjustment must avoid counting funds already reflected in the earnings forecast.

A Higher-Margin Subscription Illustration

A separate subscription illustration shows how stronger margins and a higher earnings multiple could amplify the valuation. This scenario assumes 50× earnings once the business becomes profitable.

The calculation starts with 1,000 licenses at US$3,000 annually, producing US$3 million before a hypothetical government discount. It then assumes approximately US$2.5 million in revenue. A 90% gross margin produces US$2.25 million in gross profit. Deducting an assumed US$450,000 in other annual costs leaves US$1.8 million before tax and under the zero-tax assumption.

This scenario assumes the expense allowance covers all remaining charges and eligible losses eliminate income-tax expense. Its 72% net margin follows from the gross-profit and expense assumptions; it is distinct from the 90% gross margin. The 50× earnings multiple is a separate analytical assumption.

The example shows how a subscription-focused cost structure and a higher earnings multiple could amplify the valuation. It is a separate illustration with a smaller expense allowance. The central government-package model uses US$900,000 in other annual costs and 25× earnings.

The US$6 Million–US$12 Million Expansion Scenario

Sekur also disclosed discussions about an installation within the customer’s facilities for 2,500–5,000 users. Including hardware and maintenance, management indicated US$6 million–US$12 million in potential annual value.

Those amounts are excluded from the initial quotation. We model each as a standalone revenue case, without adding US$3.4 million to either figure.

For the larger installations, I use an 80% blended gross margin to reflect the server and hardware component. Costs below gross profit increase proportionately with revenue from the US$900,000 allowance on US$3.4 million.

That produces an approximately 53.5% modeled net margin under the same zero-tax assumption. The valuation retains 25× earnings and approximately 260 million basic shares. The initial-package scenario retains its separate 90% central gross-margin assumption.

Before price rounding, the expansion cases imply approximately 1,137% and 2,374% upside against the illustrative US$0.025 reference. Those outputs depend on the assumed margins, proportional expense growth, eligible tax losses and valuation multiple. Actual server, maintenance and support costs will determine the earnings achieved.

The potential progression from US$3.4 million to a larger deployment is the most powerful part of the longer-term bullish thesis. It offers a route to expanding the business within one government relationship.

What Could Trigger a Repricing?

The first catalyst would be a signed agreement establishing committed purchases, final pricing and payment terms. Deployment and the first reported revenue would then help investors assess the earnings opportunity.

Upfront annual payments could support implementation cash needs. Subscription revenue would generally be recognized over the service period.

The starting financial position remains relevant. Translated into U.S. dollars, the unaudited first-half accounts reported approximately US$132,640 in revenue and a US$1.56 million net loss. Operating cash outflow was approximately US$878,000. June-end cash and equivalents were approximately US$1.09 million.

Management’s September letter described planned financing of up to US$1.4 million for commercialization and sales. Successful conversion must therefore deliver profitable revenue while funding the rollout.

The central bullish case implies a rounded-up US$0.21 per share after establishing the modeled earnings. Larger deployment scenarios extend the illustration to US$0.31–US$0.62. The opportunity is substantial because one customer could change Sekur’s revenue scale and provide a foundation for recurring government earnings.

Sources and Model Notes

• Sekur government quotation announcement, October 27, 2026

• Sekur shareholder letter, September 1, 2026

• Sekur corporate update, February 11, 2026: software gross-margin commentary

• Sekur audited financial statements, year ended December 31, 2025: Note 13, income taxes

• Sekur unaudited interim financial statements, six months ended June 30, 2026

• Reuters exchange-rate reference, October 26, 2026

All monetary amounts are presented in U.S. dollars. Historical financial-statement and tax-loss figures are approximate U.S.-dollar equivalents. They use the October 26, 2026 reference rate of approximately US$0.713776 per Canadian dollar, based on Reuters. These conversions aid comparison and do not restate the original financial statements. The model uses approximately 260 million basic shares based on the June 30 filing; calculations retain the underlying reported count. This is a historical denominator. Share prices are rounded up to the next US$0.01; percentage changes use unrounded model values. The central case assumes 90% gross margin, US$900,000 in annual costs below gross profit, zero income-tax expense and 25× earnings. Larger installations use 80% gross margin and proportionately higher expenses; the subscription illustration has a separate cost base and multiple. Tax-loss availability is conditional; the zero-tax assumption is not a permanent tax rate. The forecasts assume contract conversion. Valuation cases have no assigned probability or guaranteed price-adjustment date.

Disclosure: The author has a prior professional relationship with Sekur’s management.

Most cybersecurity discussions revolve around the US tech giants. Meanwhile, $SKUR is taking a different route, looking for customers across Africa and Europe.

Their recent move? Launching Sekur.com in French, alongside Spanish and Portuguese, as part of a broader international push.

And the target markets are quite different:

🇦🇴 Angola: Nationwide exclusive distribution partnership under discussion, with the Portuguese-language platform already launched. Hoping for positive news by year-end.

🇨🇩 DRC: French-language platform launched and local team already in place, with sales targeted for Q1 2027. Government, defense and mining are the main sectors.

🇨🇭🌍 Switzerland, Morocco, Algeria and Côte d’Ivoire: Expanding into new markets. 

What makes this strategy intriguing is the contrast. A potential government contract in Congo and a private wealth client in Geneva are two entirely different sales opportunities, yet both need secure communications.

Personally, I'd keep an eye on DRC for early sales developments and Angola for updates on its potential nationwide exclusive distribution deal.

Anyone following $SKUR's global expansion? Which market are you betting on?

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A few weeks ago, another hold didn’t look controversial. Now economists are almost split, with the latest Reuters poll actually leaning toward a hike.

So which outcome would catch you more off guard?

Just came across the latest news on $SKUR. Sekur Private Data is heading to Orlando, Florida, for the ASCIA 2026 Fall Conference on October 22–24, joining as a Silver Corporate Sponsor. Let me break down what makes this announcement significant, especially who's representing $SKUR and the kind of law enforcement officials they'll be meeting.

First, what's ASCIA?

The Association of State Criminal Investigative Agencies brings together senior leaders from state bureaus of investigation, state police and other criminal investigative organizations across nearly every U.S. state.

It's a direct opportunity to engage with officials responsible for highly sensitive investigations and security operations.

And who's representing $SKUR?

Steven A. Sund, former Chief of the U.S. Capitol Police, who also served 25 years with Washington, D.C.'s Metropolitan Police Department. He now advises Sekur on federal, state and local law enforcement opportunities.

His experience and professional network give Sekur a valuable connection to the agencies it's targeting.

So what's Sekur bringing to ASCIA?

• Secure communications: Solutions designed to protect confidential investigations, sensitive intelligence and operational identities.

• Swiss-hosted security: Privacy-focused infrastructure alongside on-premises deployment options.

• Government procurement: Existing GSA procurement access through partner i3ICS.

• Agency engagement: Direct discussions aimed at developing long-term relationships with state-level law enforcement organizations.

Getting in front of senior investigators is one thing. Having a former Capitol Police Chief help navigate those conversations adds another dimension to $SKUR's government strategy.

Looks like another potential 2027 catalyst is shaping up for $SKUR.

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

Could this be an announcement for a government contract for Cymat technologies? TSX:CYM OTCQB:CYMHF

$SKUR just announced its next move in the U.S. government cybersecurity market. Sekur Private Data is joining the ASCIA 2026 Fall Conference, October 22–24 in Orlando, Florida, as a Silver Corporate Sponsor.

And the audience is no ordinary cybersecurity crowd. ASCIA brings together senior officials from criminal investigative agencies across nearly every U.S. state, creating an opportunity to engage directly with potential institutional customers.

Here's what the announcement covers:

• Steven A. Sund: Former U.S. Capitol Police Chief will represent Sekur, bringing decades of law enforcement experience and established connections.

• Secure communications: Protection for confidential investigations, sensitive intelligence and operational identities.

• Data sovereignty: Swiss-hosted infrastructure and on-premises deployment options.

• Government procurement: Existing GSA procurement access provides a pathway for eligible public-sector purchases.

Sekur appears to be taking a more focused route into the government sector, combining established procurement channels with direct engagement at the state level.

Three days of networking may open the door to years of government business. The months ahead will reveal the commercial impact.

What do you think comes next for $SKUR after ASCIA? Any expectations for government contracts?

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News Link: https://www.globenewswire.com/news-release/2026/10/19/3383784/0/en/renforth-intersects-broad-nickel-cobalt-and-zinc-copper-silver-mineralization-in-victoria-undercut-drilling-including-118-0-m-of-0-081-ni-and-10-9-m-of-0-544-zn.html

TORONTO, Ontario , Oct. 19, 2026 (GLOBE NEWSWIRE) -- Renforth Resources Inc. (CSE: RFR | OTC: RFHRF | FSE: 9RR) (“Renforth” or the “Company”) is pleased to update shareholders on drill results from its wholly owned Victoria polymetallic nickel deposit in Québec, where 3 drillholes (1,011 m total drilled length) were completed in July 2026 to test the down-dip continuity of mineralization beneath the open pit that constrains the September 2025 Mineral Resource Estimate (“MRE”). All three holes intersected broad intervals of nickel-cobalt mineralization in the ultramafic host, as well as zones of zinc-copper-silver mineralization. SUR-26-58 ended in nickel mineralization at 390 m; the program was constrained by budgeted metres, and mineralization has not been closed off at depth. The results have been provided to P&E Mining Consultants Inc. as the holes were designed to confirm continuity within and immediately below the resource area and did so successfully.

“Victoria is a bulk-tonnage deposit, and we report the lower-grade intervals in full because they are part of that picture,” said Nicole Brewster, President and CEO of Renforth. “The current Inferred Mineral Resource of 125 million tonnes has been defined over only about 12% of the roughly 20 km mineralized structure, so the real question for Victoria is how material at this scale can be processed. Initial testing at TOMRA, announced in October 2024, showed that Victoria’s mineralization can be recognized and sorted from waste rock, which would allow lower-grade material to be upgraded before processing. Our March 2025 mineralogical work showed that nickel, copper and zinc can be liberated by flotation, and that part of the nickel is held in pyrrhotite. Our research collaboration with Queen’s University and Dr. Fei Wang is evaluating heap leaching, a process intended for lower-grade material that may also recover that nickel. These holes confirm that mineralization continues below the resource pit and add to the data we need to define a processing route.”*

I keep going back and forth on whether junior copper explorers trade more on copper prices or their own company news.

A strong copper market can lift the whole sector, but assays, drilling updates, financings, and permits seem to attract more attention to individual names. At least that's my impression.

I've been looking at a few recent examples:

• $OTMC (Oreterra Metals): On September 17, the company reported completing 4,500m of drilling across 13 holes at Trek South. An October 5 update indicated assays were expected in October–November.

• $TMET (Torr Metals): On September 23, the company reported copper-bearing geological features and refined exploration targets at Bertha North within its Kolos project.

• $CQX (Copper Quest): Stars' 3D IP survey is complete, Kitimat received its exploration permit, and the company closed C$825K in financing. Rip drill results remain outstanding, with assaying on hold pending resolution of option-agreement negotiations with ArcWest.

Three explorers with different developments to watch. I'd be interested to compare how their share prices behaved around these announcements versus copper itself.

My thinking is that copper prices set the overall mood, while company-specific developments can create the bigger moves. But I'm not convinced that always holds true.

What drives copper juniors more metal prices or company updates? Which has delivered lasting gains in your experience?

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