Hubert Marleau
Chairman & CEO

Ladies and gentlemen, I’m President declared of the assembly, and I will conduct this meeting in French and in English.

[Foreign Language] Ladies and gentlemen, good morning, and welcome to the — this Annual General and Special Meeting of the Shareholders of Nio Strategic Metals. My name is Hubert Marleau, and I have the pleasure of being the Chairman of the Board of Director and Chief Executive Officer of Nio Strategic Metals. I declare the assembly open.

I am accompanied by Jean-Sebastien Blanchette, our Chief Financial Officer; and Bruno Dumais, President and Chief Operating Officer, who will act as Secretary of this meeting; as well as the directors, Julie Lemieux, Christoph Ebeling, Hubert Vallee, Alexandre Triquet and Sylvain Menard.

[Foreign Language] For those of you who wish to address the assembly, we ask you to draw my attention by using the box provided for this purpose on the website. I would like to emphasize and remind you that only registered shareholders of the company as of May 13, 2026, or their proxy holders are entitled to ask question, propose and support resolution at this meeting. In order to follow a greater number of shareholders to participate in this meeting and to reduce the related costs, and we have decided to hold assembly by teleconference only. Shareholders were able to exercise their rights by filling out a proxy form in order to be used at the meeting, the proxy had to be received by the company’s transfer agent and registrar, Computershares Inc., on or before June 15, 2026. Please note that the voting will not be possible during this meeting.

Shares of uniQure N.V. skyrocketed more than 75 percent Wednesday, closing in on $47.49 after the gene therapy company announced a major regulatory advancement for its experimental treatment AMT-130 targeting Huntington’s disease. The surge reflects renewed investor optimism around the potential for the first disease-modifying therapy for the devastating neurological disorder.

uniQure stock opened sharply higher and maintained strong gains throughout the morning session on the Nasdaq. The move more than doubled the company’s market capitalization in a single trading day, erasing earlier setbacks and highlighting the high-stakes nature of biotech investments tied to clinical and regulatory milestones.

The catalyst was confirmation that the U.S. Food and Drug Administration has agreed uniQure can pursue a Biologics License Application using existing Phase I/II data from the AMT-130 program, supporting a path toward accelerated approval. This development reverses prior regulatory hurdles and accelerates timelines for potential market entry.

Regulatory Progress on AMT-130

AMT-130 is a one-time, AAV-based gene therapy designed to lower levels of the mutant huntingtin protein responsible for Huntington’s disease. The disorder affects an estimated 30,000 people in the United States with another 200,000 at risk, causing progressive motor dysfunction, cognitive decline and psychiatric symptoms with no approved disease-modifying treatments currently available.

Earlier Phase I/II data showed promising results, including a statistically significant 75 percent slowing of disease progression at 36 months in the high-dose cohort as measured by the composite Unified Huntington’s Disease Rating Scale compared to external controls. Additional functional improvements were noted across key endpoints.

The FDA’s updated position allows uniQure to submit a BLA potentially as early as the third quarter of 2026, pending final alignment. This follows patient advocacy efforts, including petitions with tens of thousands of signatures, and comes amid broader shifts in FDA leadership and priorities for rare disease therapies.

Company executives expressed confidence in the data package. The therapy uses a precision delivery approach directly into the brain, aiming to provide long-lasting benefits from a single administration.

Company Background and Pipeline

uniQure, headquartered in the Netherlands with significant U.S. operations, specializes in AAV gene therapies for rare and severe genetic diseases. Its platform has delivered approved therapies in hemophilia B and other areas, providing foundational experience for the Huntington’s program.

Beyond AMT-130, the company is advancing candidates in Fabry disease and other indications. Recent updates on AMT-191 for Fabry showed sustained enzyme activity improvements and patients discontinuing enzyme replacement therapy.

Financially, uniQure has faced typical biotech pressures with ongoing research and development costs. First-quarter 2026 results showed a net loss, but the regulatory clarity could open doors to partnerships, additional funding or commercialization revenue if approved.

Market Reaction and Analyst Views

The dramatic share price increase reflects the binary nature of biotech catalysts. Prior to Wednesday’s news, the stock had traded in a range influenced by earlier regulatory uncertainty and broader sector volatility. Analyst price targets vary widely, with some forecasting substantial upside if AMT-130 reaches the market.

Wall Street has generally maintained a positive stance on uniQure’s potential, citing the unmet need in Huntington’s and the strength of the clinical data. However, risks remain, including manufacturing scale-up, long-term safety monitoring and competition from other approaches in the gene therapy space.

Trading volume spiked significantly as retail and institutional investors reacted. The stock’s movement also lifted related names in the gene therapy and neurological disease sectors.

Broader Implications for Gene Therapy Field

Wednesday’s announcement underscores evolving FDA flexibility for serious rare diseases with strong surrogate or early clinical signals. Huntington’s represents a particularly challenging area due to its genetic basis and progressive nature, making any meaningful slowing of decline highly impactful.

Patient advocacy groups welcomed the news. Organizations like Help4HD have long pushed for accelerated pathways, viewing AMT-130 as a potential game-changer for families affected by the hereditary condition.

The development arrives as the gene therapy sector matures, with more products gaining approvals and real-world evidence accumulating. Challenges around cost, access and delivery methods persist, but successes like uniQure’s could encourage further investment.

Risks and Considerations

Despite the enthusiasm, hurdles remain before any potential approval. Full data review, manufacturing inspections and possibly additional confirmatory studies could influence timelines. Pricing and reimbursement discussions for one-time therapies often prove complex given the high upfront costs.

uniQure will need to demonstrate consistent safety and efficacy at commercial scale. Long-term follow-up data will be critical, as gene therapies can produce effects that evolve over years.

For investors, the volatility inherent in clinical-stage biotech remains pronounced. While today’s surge rewards risk-takers, future developments around clinical holds, competitive data or macroeconomic factors could drive sharp reversals.

Looking Ahead

uniQure plans further engagement with regulators and expects to provide additional updates on the BLA process in coming months. Positive momentum could also support partnership discussions or capital raises to fund commercialization preparations.

The Huntington’s community awaits more details, with hope that AMT-130 could transform care for a disease that has long lacked meaningful interventions. As the company advances toward potential approval, attention will turn to execution and the therapy’s real-world impact.

Wednesday’s trading action caps a period of anticipation for uniQure and highlights the sector’s capacity for rapid value shifts on regulatory news. As the gene therapy landscape evolves, uniQure’s progress with AMT-130 positions it as a key player in addressing one of medicine’s most challenging genetic disorders.

Retailer continues its store investment plans

Retail giant Matalan has seen its losses narrow as its CEO says it has “substantial” growth opportunities thanks to its loyal customer base.

The Merseyside-based group reported revenues of £987m for the 53 weeks to February 28, up slightly on the £985m seen last year, with online sales in particular rising 10%. But improved margins meant losses narrowed from £67m last year to £55m in 2026.

The group’s preferred EBITDA profitability measure rose 24% year-on-year to £69m, which the group credited to “higher sales volumes and improved margin rates” in a tough and competitive UK retail market.

The company also invested in its ongoing store upgrade programme and in technology and supply chain upgrades, with capital expenditure rising from £17m to £46m.

That momentum continued into the current financial year, with Matalan reporting Q1 revenue growth of 2% year on year, with adjusted EBITDA rising 45% to £14.9m.

Henrik Nordvall, CEO at Matalan, said: “My first few months as CEO have reinforced exactly why I chose to join Matalan. This is a business with a much-loved brand, loyal customers and significant potential, and I have been encouraged by the progress already underway. I have also been struck by the passion our colleagues have for the Matalan brand and the belief they have in its future.

“We delivered strong EBITDA growth and improved gross margin in the period, despite a challenging and highly competitive retail environment, all while continuing to invest in the areas that are driving growth. A major driver of that progress has been our continued focus on delivering everyday style, quality and value for customers, and it is encouraging to see the positive response to improvements in our product offer, the strong performance of our refreshed stores and continued momentum online.

“While we remain mindful of the wider environment, we have started FY27 strongly, with positive sales growth and continued market share gains – particularly in womenswear. What gives us confidence is the scale of opportunity still ahead of us. With a large and loyal customer base, significant untapped omnichannel opportunity and clear evidence that our strategy is working, we believe the long-term growth opportunity for Matalan remains substantial.”

Millennials planning for retirement may need to prepare for a vastly different real estate landscape.

According to new projections from National Association of Realtors (NAR) chief economist Lawrence Yun, the national median home price is on track to hit $1 million by 2050 — just as millennials reach the traditional retirement age.

“Essentially, in about 25 years the national median home price will be a million dollars,” Yun said at a conference in Washington, D.C., on Tuesday. “It may be hard to envision that, but back in 1990, the national median price was $90,000.”

MORTGAGE RATES TICK HIGHER, BUT BUYERS SHOW SIGNS OF CONFIDENCE

To illustrate the trajectory, Yun also noted that even historically expensive markets like San Francisco had a median home price of just $250,000 in 1990. The long-term forecast highlights a growing disparity between Americans who build home equity and those who remain in the rental market.

A “For Sale” sign sits outside a home in Rancho Cucamonga, California, on Saturday, May 9, 2026. (Getty Images)

“Homeowners will continue to build wealth, while renters are simply spinning their wheels,” Yun said.

America’s median sales price for existing homes was nearly $430,000 in May, according to Realtor.com data, up more than 2% from the previous month. Meanwhile, Zillow lists the average U.S. rent across all bedrooms and property types at $2,006 per month, up $6 from the prior month.

Yun also commented on the state of the economy, explicitly stating that he does not forecast an economic recession for the U.S. in 2026. He predicted mortgage rates would remain relatively flat, averaging 6.5% throughout 2026. Existing-home sales are projected to grow 4% this year, rebounding slightly from a 30-year low in 2025, when elevated rates slowed market activity.

Additionally, he expects stable economic footing, projecting nationwide job gains to hit 400,000 for the year.

Also on the panel was NAR deputy chief economist and Vice President of Research Jessica Lautz, who described a “wonky market” where inventory performance varies widely — even between neighboring properties.

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“You’ll list a home on the market, and sometimes it’ll sit for months. And sometimes it’s going to have multiple offers, and they can be next door to each other,” she said during Tuesday’s panel.

Despite overall housing affordability challenges, Lautz pointed out three specific buyer segments that remain highly active: baby boomers selling homes for the first time, young COVID-era buyers and lifestyle renters seeking larger backyards or additional living space.

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NEW YORK — GameStop Corp. shares traded modestly higher at $21.58, up 0.56 percent or 12 cents, in mid-morning trading Wednesday as the video game retailer continued to draw attention following its strong first-quarter results and ongoing strategic initiatives under Chairman and CEO Ryan Cohen.

The modest gain comes amid broader market fluctuations and reflects sustained investor interest in the meme stock favorite, which has seen significant volatility in 2026 tied to earnings beats, share repurchase plans and ambitious acquisition pursuits. GameStop’s market capitalization hovers around $9.6 billion, with the company leveraging a substantial cash position to explore growth opportunities beyond traditional retail.

GameStop reported record quarterly net income of $389.6 million for the period ended May 2, 2026, compared to $44.8 million in the prior year. Operating income reached $143.3 million, the highest first-quarter figure in company history. Net sales grew 14 percent year-over-year to $835.3 million, driven largely by strength in collectibles, which accounted for over 41 percent of revenue.

The board approved a new $2 billion discretionary share repurchase program, signaling confidence in undervaluation and providing a potential support mechanism for the stock price. This authorization replaced an earlier plan and underscores Cohen’s focus on capital allocation.

Strategic Shifts and eBay Pursuit

Cohen has aggressively pushed for transformation, including an unsolicited proposal to acquire eBay in a deal valued at approximately $56 billion. The bid, combining cash and stock, was rejected by eBay’s board, but Cohen has indicated continued interest in exploring combinations that leverage GameStop’s physical footprint and eBay’s e-commerce strengths.

The company is pivoting toward higher-margin segments like collectibles while optimizing its store network. Recent store closures reflect efforts to streamline operations amid industry shifts toward digital gaming and collectibles-driven traffic. Cohen’s vision emphasizes using GameStop’s balance sheet — bolstered by nearly $9.7 billion in cash, securities and related assets — for accretive moves.

A major long-term performance award for Cohen, potentially worth up to $35 billion if aggressive targets are met, has drawn scrutiny. The stock-option grant vests based on achieving significant market capitalization and EBITDA milestones, with no base salary or traditional compensation for the executive. A shareholder lawsuit seeks to block the package, alleging governance concerns, though supporters view it as fully aligned with shareholder value creation.

Q1 Performance Details

Adjusted operating income for the quarter stood at $140.5 million, excluding certain items. The company highlighted reduced selling, general and administrative expenses, contributing to margin expansion. Collectibles sales provided a bright spot as the company capitalizes on trading cards, memorabilia and other enthusiast-driven categories.

Cash flow remains robust, positioning GameStop advantageously compared to many traditional retailers facing digital disruption. The company continues to manage inventory and supply chain dynamics in a competitive gaming landscape dominated by console cycles and digital downloads.

Market Sentiment and Volatility

GameStop retains its status as a meme stock with a dedicated retail investor base. Options activity and social media buzz often amplify price movements, though recent trading has been relatively contained compared to earlier surges. Analysts note mixed sentiment, with some highlighting valuation appeal while others caution on long-term retail headwinds.

The stock has traded in a range throughout 2026, reacting to earnings, strategic announcements and broader market trends. Wednesday’s slight uptick follows post-earnings momentum from early June, when shares responded positively to the profit beat and buyback news before some consolidation.

Short interest remains a factor, though reduced from peak levels during earlier volatility episodes. The company’s substantial cash reserves provide a buffer against downturns while enabling offensive moves like the eBay proposal.

Challenges in Retail Landscape

Traditional video game retail faces ongoing pressure from digital distribution, subscription services and shifting consumer habits. GameStop has responded by diversifying revenue streams and optimizing its brick-and-mortar presence. Store closures in early 2026 reflect this adaptation, aiming for greater efficiency.

Competition from online giants and specialized collectibles platforms adds complexity. Cohen’s leadership, credited with turning around operations since 2021, focuses on operational discipline and opportunistic growth. The company reduced legacy debt and built liquidity, providing flexibility uncommon among peers.

Outlook and Analyst Perspectives

Wall Street views vary, with some seeing potential in collectibles expansion and capital returns while others question sustainable revenue growth. Consensus highlights the importance of execution on strategic initiatives. Upcoming quarters will test progress in margin improvement and new revenue channels.

Investor attention remains high due to the company’s cultural significance and activist-driven narrative. Ryan Cohen’s stake and influence continue to shape expectations, with supporters betting on transformative moves and skeptics pointing to retail sector challenges.

Broader market context, including consumer spending trends and gaming industry cycles, will influence performance. GameStop’s ability to navigate these dynamics while pursuing larger opportunities like eBay will be closely watched.

As of mid-morning trading, volume was in line with recent sessions. The stock’s resilience around current levels suggests some stabilization following Q1 volatility, though meme-stock characteristics mean rapid shifts remain possible on news flow.

GameStop’s evolution from pure-play retailer to a more agile entity with significant cash resources positions it uniquely. Whether through organic growth, acquisitions or shareholder returns, the coming months could clarify its strategic direction amid a dynamic industry landscape.

In a press statement, Sebi reiterated that these digital platforms are neither recognized nor authorized by the regulator. It firmly stated that only recognized stock exchanges are permitted to provide infrastructure for fundraising and securities trading.

The regulator also strongly advised the public against sharing sensitive personal details on these websites.

No Regulatory Safety Net

Sebi cautioned investors that because these platforms operate outside its regulatory purview, any disputes arising from transactions on them will leave investors completely stranded. The regulator explicitly noted that users of these platforms will not have access to investor protection benefits and grievance redressal mechanisms.

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This is not the first time the market watchdog has cracked down on gray-market digital ecosystems. Sebi noted that it has previously issued warning notices most recently in 2024.
The regulator has also previously red-flagged unauthorized virtual trading platforms offering fantasy games or paper trading, alongside unregistered online portals pushing unlisted debt securities.