tiprankstipranks
Trending News
More News >
Orion Minerals Limited (AU:ORN)
:ORN
Australian Market
Advertisement

Orion Minerals Limited (ORN) AI Stock Analysis

Compare
41 Followers

Top Page

AU:ORN

Orion Minerals Limited

(Sydney:ORN)

Select Model
Select Model
Select Model
Neutral 51 (OpenAI - 4o)
Rating:51Neutral
Price Target:
AU$0.00
â–¼(-100.00% Downside)
Orion Minerals Limited's stock score is primarily influenced by its strong revenue growth and positive technical indicators, which are offset by significant profitability and cash flow challenges. The negative P/E ratio and lack of dividend yield further impact the valuation negatively. The high RSI suggests caution due to potential overbought conditions.

Orion Minerals Limited (ORN) vs. iShares MSCI Australia ETF (EWA)

Orion Minerals Limited Business Overview & Revenue Model

Company DescriptionOrion Minerals Limited explores for, evaluates, and develops mineral properties in Australia and South Africa. The company primarily explores for gold, zinc, copper, nickel, silver, and cobalt, as well as platinum group metals elements. Its flagship project is the Prieska copper-zinc project located in the Northern Cape province of South Africa. The company also holds interest in the Okiep copper project located in the north of Cape Town. In addition, it holds interest in the Namaqua-Disawell project; the Masiqhame project; and the Marydale project located in the Northern Cape province of South Africa. Further, the company holds interest in the Fraser Range project located in Western Australia; and the Walhalla project in Victoria, Australia. The company was incorporated in 2001 and is headquartered in Melbourne, Australia.
How the Company Makes MoneyOrion Minerals generates revenue through the exploration, development, and eventual production of copper and zinc from its mining projects. The company's revenue model is primarily based on the extraction and sale of these minerals, which are in high demand due to their applications in various industries, including construction, electronics, and renewable energy. Key revenue streams include the sale of mined copper and zinc concentrates to various industrial customers and smelters. Additionally, Orion may benefit from strategic partnerships with other mining companies, joint ventures, and potential offtake agreements that secure buyers for its products in advance, thus providing financial stability and reducing market risk. The company also focuses on securing funding through equity raises and partnerships to support its development projects, which can further enhance its revenue-generating capabilities.

Orion Minerals Limited Financial Statement Overview

Summary
Orion Minerals Limited faces significant financial challenges, with consistent losses and negative cash flows. While revenue growth is a positive sign, overall profitability and cash flow sustainability remain significant concerns.
Income Statement
30
Negative
Orion Minerals Limited has seen some improvement in total revenue, but the company remains unprofitable with negative EBIT and EBITDA margins. The net profit margin is also negative, indicating ongoing losses. However, the revenue growth from the previous year is a positive sign, suggesting some potential for future recovery.
Balance Sheet
45
Neutral
The company has a reasonable debt-to-equity ratio, suggesting manageable leverage. The equity ratio is strong, indicating a solid equity base compared to total assets. However, the negative return on equity reflects ongoing losses and poor profitability, which is a concern for potential investors.
Cash Flow
35
Negative
Orion Minerals Limited's cash flow position is weak, with negative free cash flow and operating cash flow. The free cash flow growth rate is negative, and the ratios of operating and free cash flow to net income are unfavorable, highlighting challenges in cash generation and sustainability.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue385.00K385.00K381.00K75.00K58.00K46.00K
Gross Profit-66.00K385.00K381.00K-97.00K-87.00K-49.00K
EBITDA-12.38M-12.38M-4.98M-16.52M-15.09M-1.71M
Net Income-11.86M-11.86M-5.39M-15.33M-14.29M-1.76M
Balance Sheet
Total Assets143.22M143.22M136.60M92.36M89.64M97.96M
Cash, Cash Equivalents and Short-Term Investments208.00K208.00K8.27M7.56M4.29M20.55M
Total Debt38.27M38.27M25.86M3.50M4.08M3.99M
Total Liabilities56.72M56.72M43.66M7.74M8.74M6.96M
Stockholders Equity98.83M98.83M102.18M92.87M85.81M94.68M
Cash Flow
Free Cash Flow-23.91M-23.91M-28.96M-13.92M-17.61M-10.99M
Operating Cash Flow-7.88M-7.88M-12.07M-9.96M-12.93M-9.13M
Investing Cash Flow-16.00M-16.00M-18.25M-4.43M-5.04M-1.89M
Financing Cash Flow15.83M15.83M30.52M18.35M1.85M30.16M

Orion Minerals Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.02
Price Trends
50DMA
0.02
Positive
100DMA
0.01
Positive
200DMA
0.01
Positive
Market Momentum
MACD
<0.01
Positive
RSI
99.91
Negative
STOCH
125.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ORN, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and above the 200-day MA of 0.01, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 99.91 is Negative, neither overbought nor oversold. The STOCH value of 125.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ORN.

Orion Minerals Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
―$10.43B7.12-0.05%2.87%2.86%-36.73%
―AU$132.84M12.2922.56%―64.66%―
―AU$59.88M―-13.23%――-20.00%
―AU$129.14M―-11.80%――-88.89%
―AU$162.36M―-24.97%――15.91%
―$94.98M―-8.61%――41.67%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:ORN
Orion Minerals Limited
0.02
0.00
0.00%
AU:AVL
Australian Vanadium
0.01
>-0.01
-31.25%
AU:ETM
Greenland Minerals Limited
0.08
0.06
256.52%
AU:IMA
Image Resources NL
0.06
-0.03
-32.61%
AU:AQD
AusQuest Limited
0.04
0.03
300.00%
AU:QPM
QPM Energy
0.04
0.00
0.00%

Orion Minerals Limited Corporate Events

Orion Minerals Announces 2025 Annual General Meeting Details
Oct 24, 2025

Orion Minerals Limited has announced the distribution of documents related to its upcoming Annual General Meeting scheduled for November 27, 2025. Shareholders are provided with a shareholder letter, notice of the meeting, proxy form, and the 2025 annual report, which are accessible on the company’s website. The meeting will be held in person in Perth, Western Australia, with an option for shareholders to join via an online platform, although real-time voting is not available online. This announcement facilitates shareholder engagement and ensures transparency in the company’s governance processes.

Orion Minerals Ltd Reports Quarterly Cash Flow with Positive Financing Influx
Oct 23, 2025

Orion Minerals Ltd reported its quarterly cash flow, highlighting a net cash outflow from operating activities amounting to $3.088 million, primarily due to exploration, evaluation, and administrative costs. However, the company saw a positive cash flow from financing activities, raising $4.736 million, which contributed to an overall increase in cash and cash equivalents for the period.

Orion Minerals Secures Financing and Advances Project Development
Oct 23, 2025

Orion Minerals Limited announced significant progress in its Prieska Copper Zinc Mine (PCZM) project, including a non-binding term sheet with Glencore for a financing package of up to US$250 million and concentrate offtake. The company also appointed Johan van Dyk as Project Director to lead the development team. Orion is focused on operational readiness and value engineering, with plans to finalize project financing and commence production soon. The company also raised A$8.6 million through a share placement, reflecting increased market confidence.

Orion Minerals Completes First Stage of Share Placement, Raising A$4.35 Million
Oct 16, 2025

Orion Minerals Limited has successfully raised A$4.35 million through the issuance of 290,239,214 new shares at 1.5 cents each, as part of a larger placement plan to issue 574 million shares. This capital raise is aimed at sophisticated and professional investors, with a subsequent stage pending shareholder approval. The move is within the company’s 15% capacity for equity issuance without shareholder approval, aligning with ASX regulations, and is expected to bolster Orion’s financial position, potentially enhancing its operational capabilities and market standing.

Orion Minerals Secures A$1.26 Million in New Share Placement
Oct 10, 2025

Orion Minerals Limited has announced the issuance of 83,733,331 new shares at 1.5 cents each, raising A$1.26 million as part of a larger placement to sophisticated and professional investors. The company has secured commitments for the remaining A$4.4 million of the placement, which will be issued shortly, enhancing its financial capacity without requiring shareholder approval under ASX rules.

Orion Minerals to Quote 83.7 Million New Securities on ASX
Oct 9, 2025

Orion Minerals Limited has announced the application for quotation of 83,733,331 fully paid ordinary securities on the Australian Securities Exchange (ASX). This move is part of previously announced transactions and reflects the company’s ongoing efforts to enhance its market presence and liquidity. The issuance of these securities is expected to have implications for the company’s operations and stakeholder interests by potentially increasing its capital base and market visibility.

Orion Minerals Strengthens Financial Position Through Share Issuance
Oct 7, 2025

Orion Minerals Limited has issued a cleansing notice regarding the issuance of fully paid ordinary shares as part of a placement to sophisticated and professional investors. The company has raised funds through the issuance of shares at different prices to convert outstanding loans and compensate service providers. This strategic move is expected to strengthen Orion’s financial position and support its ongoing projects, potentially enhancing its market presence and operational capabilities.

Orion Minerals Announces Quotation of New Securities on ASX
Oct 5, 2025

Orion Minerals Limited has announced the application for quotation of 133,333,333 ordinary fully paid securities on the Australian Securities Exchange, effective from October 7, 2025. This move is part of a previously announced transaction, indicating the company’s ongoing efforts to expand its financial base and potentially enhance its market positioning.

Orion Minerals to Quote New Securities on ASX
Oct 5, 2025

Orion Minerals Limited has announced a new application for the quotation of securities on the Australian Securities Exchange (ASX). The company will be quoting 44,230,769 ordinary fully paid securities, with the issue date set for October 7, 2025. This move is part of previously announced transactions and is expected to enhance the company’s financial position and market presence.

Orion Minerals Issues Shares for Service Payment
Oct 5, 2025

Orion Minerals Limited has announced the issuance of 454,547 ordinary fully paid shares at a deemed price of $0.011 per share. These shares are being issued in lieu of cash payment for services related to a placement announced earlier in July 2025, reflecting the company’s strategic financial management and operational decisions.

Orion Minerals to Quote New Securities on ASX
Oct 5, 2025

Orion Minerals Limited has announced the application for the quotation of 3,272,726 ordinary fully paid securities on the Australian Securities Exchange (ASX), with the issue date set for October 7, 2025. This move is part of previously announced transactions, potentially impacting the company’s market presence and offering stakeholders an opportunity to engage with the company’s growth strategy.

Orion Minerals Secures Additional Investor Commitments, Boosting Capital Raise
Oct 3, 2025

Orion Minerals Limited announced an update to its previous securities issue, revealing that it has secured additional firm commitments from investors. This development has resulted in an increased amount of capital raised and a higher number of shares to be issued at a price of 1.5 cents per share. This move is expected to enhance the company’s financial position and support its ongoing projects, potentially strengthening its market presence.

Orion Minerals Boosts Capital Raising to $8.6 Million
Oct 3, 2025

Orion Minerals Limited has successfully increased its capital raising to A$8.6 million following additional support from sophisticated and professional investors. This capital injection, achieved through the placement of fully paid ordinary shares, is expected to bolster the company’s financial position and support its ongoing mineral exploration and development activities.

Orion Minerals Ltd Reinstated to ASX Quotation
Oct 2, 2025

Orion Minerals Ltd has announced that the suspension of its securities trading will be lifted following the release of its annual report for the year ended 30 June 2025 and a capital raising announcement. This reinstatement to quotation on the ASX is expected to positively impact the company’s operations by restoring investor confidence and potentially enhancing its market positioning.

Orion Minerals Announces Proposed Securities Issue to Boost Capital
Oct 2, 2025

Orion Minerals Ltd has announced a proposed issue of 181,815,683 ordinary fully paid securities, scheduled for issuance on October 14, 2025. This move is part of the company’s strategy to raise capital, potentially impacting its financial position and offering new opportunities for stakeholders by increasing liquidity and funding for future projects.

Orion Minerals Boosts Capital Raising to $7.7 Million
Oct 2, 2025

Orion Minerals Limited has successfully increased its capital raising efforts to A$7.7 million, following additional commitments from sophisticated and professional investors. This increase in capital is expected to strengthen the company’s financial position, potentially enhancing its operational capabilities and market presence.

Orion Minerals Pursues Capital Raising to Strengthen Financial Position
Oct 1, 2025

Orion Minerals Limited is currently engaged in a capital raising initiative to secure A$5 million through a placement to sophisticated and professional investors, including its Chairman, Denis Waddell. The outcome of this capital raising effort is anticipated to be announced soon, with trading in Orion shares expected to resume shortly thereafter, potentially impacting the company’s financial positioning and investor relations.

Orion Minerals Releases 2025 Corporate Governance Statement
Sep 30, 2025

Orion Minerals Limited has released its 2025 Appendix 4G and Corporate Governance Statement, in compliance with ASX listing rules. This announcement provides transparency regarding the company’s adherence to corporate governance principles, which is crucial for maintaining investor confidence and regulatory compliance.

Orion Minerals Advances Copper Projects in 2025
Sep 30, 2025

Orion Minerals Limited’s 2025 Annual Report highlights its progress towards production, with key achievements in its South African projects, including the Prieska Copper Zinc Mine Development and the Okiep Copper Project. The report underscores Orion’s strategic positioning in the mining industry as it aims to support global decarbonization efforts by providing a stable supply of copper, which is crucial for sustainable technologies.

Orion Minerals Appoints New Project Director to Boost Operational Readiness
Sep 29, 2025

Orion Minerals Limited has appointed Johan van Dyk as the new Project Director to enhance operational readiness. Johan brings over 40 years of experience in the mining sector, having held significant roles at companies like Palabora Mining Company and Rio Tinto. This strategic appointment, alongside a recent non-binding term sheet with Glencore, is expected to bolster Orion’s project execution capabilities, particularly in achieving first concentrate production at the Prieska project by Christmas 2026.

Orion Minerals Secures Major Financing and Offtake Agreement with Glencore
Sep 16, 2025

Orion Minerals Limited has announced a non-binding term sheet with Glencore for financing between US$200 million to US$250 million and an offtake agreement for its Prieska project. This agreement is a pivotal step for Orion, enabling the transition to production and ensuring smooth operations from the Uppers to the Deeps at Prieska. The involvement of Glencore, a major player in the natural resources sector, underscores the project’s potential and is expected to facilitate job creation and socio-economic development in the Northern Cape region.

Orion Minerals Accelerates Production Efforts at Africa Down Under Conference
Sep 2, 2025

Orion Minerals Limited is accelerating its production efforts as highlighted in a recent presentation at the Africa Down Under Conference. The company is committed to maintaining transparency with stakeholders by confirming that all material assumptions and technical parameters underpinning its production targets and financial forecasts remain unchanged. This strategic move is expected to enhance Orion’s operational capabilities and solidify its position in the mining industry.

Orion Minerals Announces Director’s Interest Change
Sep 1, 2025

Orion Minerals Limited announced a change in the director’s interest, specifically involving Denis Waddell, who holds indirect interests through entities such as Tarney Holdings Pty Ltd, Louden Super Fund, and DP Waddell Superannuation Fund. The change involved the acquisition of 46,205,802 fully paid ordinary shares by Tarney Holdings Pty Ltd, valued at $508,264, as part of the settlement of a loan facility. This transaction was approved by shareholders at a recent General Meeting, and it reflects a significant adjustment in the director’s holdings, potentially impacting the company’s governance and financial strategies.

Orion Minerals Strengthens Financial Position with New Share Issuance
Sep 1, 2025

Orion Minerals Limited has announced the issuance of new fully paid ordinary shares to repay outstanding loans and cover director fees. This move, approved by shareholders, includes the conversion of loans from Ratel Growth and Tarney Holdings into equity, and the issuance of shares to directors in lieu of cash payments. The total aggregate value of the shares issued is approximately A$5.8 million. This strategic financial restructuring aims to strengthen Orion’s capital structure and enhance its financial flexibility.

Orion Minerals Ltd Issues 60 Million Unquoted Equity Securities
Aug 29, 2025

Orion Minerals Ltd announced the issuance of 60 million unquoted equity securities in the form of options, each with different exercise prices, set to expire on March 31, 2030. This strategic move could potentially enhance the company’s capital structure and provide flexibility for future financial planning, impacting stakeholders by potentially increasing shareholder value.

Orion Minerals to Quote 46 Million New Securities on ASX
Aug 29, 2025

Orion Minerals Limited has announced the application for the quotation of 46,205,802 ordinary fully paid securities on the Australian Securities Exchange (ASX), set to be issued on September 1, 2025. This move is part of previously announced transactions and is expected to enhance the company’s capital structure, potentially impacting its market positioning and providing stakeholders with increased investment opportunities.

Orion Minerals Announces Quotation of New Securities on ASX
Aug 29, 2025

Orion Minerals Limited has announced the application for quotation of 3,863,635 ordinary fully paid securities on the Australian Securities Exchange (ASX), with an issue date set for September 1, 2025. This move is part of previously announced transactions and is expected to bolster the company’s financial standing and market presence, potentially impacting its stakeholders positively.

Orion Minerals Secures Shareholder Approval for Strategic Resolutions
Aug 28, 2025

Orion Minerals Limited held a General Meeting where all resolutions presented to shareholders were successfully passed. This outcome reflects strong shareholder support for the company’s strategic initiatives, which include ratifications of prior share issues and approvals for new share issuances, potentially enhancing Orion’s financial flexibility and operational capacity.

Orion Minerals Director Increases Shareholding
Aug 19, 2025

Orion Minerals Ltd announced a change in the director’s interest, specifically for Patience Mpofu, who acquired additional fully paid ordinary shares. The acquisition was made through the company’s Share Purchase Plan, which was announced in July 2025 and closed in August 2025. This move increases Mpofu’s direct holding in the company, potentially signaling confidence in the company’s future prospects.

Orion Minerals Ltd Announces New Securities Issuance
Aug 18, 2025

Orion Minerals Ltd has announced a new issuance of 170,696,342 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) under the code ORN. This move is part of a previously announced transaction, indicating a strategic step to enhance the company’s capital structure and potentially improve its market positioning.

Orion Minerals Raises A$1.93M Through Share Purchase Plan
Aug 18, 2025

Orion Minerals Limited successfully closed its Share Purchase Plan, raising A$1.93 million, with significant support from South African shareholders. This follows a recent capital raising through a placement and loan conversion, totaling A$5.8 million, as the company accelerates towards production and securing necessary financing.

Orion Minerals Limited: Steady Progress Towards Production
Aug 15, 2025

Orion Minerals Limited has released a presentation outlining its current activities and future plans as of July 31, 2025. The company emphasizes its commitment to accelerating towards production, with a focus on maintaining transparency and providing updates on its exploration results and mineral resources. The release highlights that there have been no material changes to the assumptions underpinning their production targets and financial forecasts, ensuring stakeholders of the company’s stable operational outlook.

Orion Minerals Limited: Advancing Towards Production Stability
Aug 5, 2025

Orion Minerals Limited has released a presentation outlining its current status and future prospects as of July 31, 2025. The company emphasizes its commitment to advancing towards production, with a focus on maintaining the accuracy and reliability of its disclosed information. Orion highlights that all material assumptions and technical parameters underpinning its mineral resource estimates and production targets remain unchanged, ensuring stakeholders of the stability and continuity of its operations.

Orion Minerals Extends Share Purchase Plan Deadline
Aug 1, 2025

Orion Minerals Limited has announced an extension of its Share Purchase Plan (SPP) closing date to 12 August 2025, providing eligible shareholders additional time to participate. This extension follows the company’s recent successful placement of 289 million shares to sophisticated investors and a loan conversion agreement, raising a total of approximately A$5.8 million. The SPP aims to raise up to A$4 million, allowing shareholders to purchase shares at the same price as the recent placement, potentially enhancing shareholder value and supporting the company’s growth strategy.

Orion Minerals Reports Quarterly Cash Flow with Strategic Financing
Jul 30, 2025

Orion Minerals Ltd reported its quarterly cash flow, highlighting a net cash outflow from operating activities amounting to $2.475 million for the current quarter. The company also experienced a net cash outflow from investing activities of $1.189 million, while financing activities provided a net cash inflow of $2.4 million, indicating a strategic focus on securing project financing to support its exploration and development efforts.

Orion Minerals Advances Project Execution and Funding for Key Developments
Jul 30, 2025

In the June 2025 quarter, Orion Minerals Ltd concentrated on project execution and securing funding for its Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP). The company aims to start production at PCZM’s Uppers by Christmas 2026, with a phased approach to development. Efforts are underway to optimize the Flat Mines Project and engage with potential offtake partners for financing. A capital raising initiative was also announced to support these developments. The company is working towards transitioning into a producing mining company, with an emphasis on operational readiness and value engineering.

Orion Minerals to Host Shareholder & Investor Webinar on Project Developments
Jul 29, 2025

Orion Minerals Limited announced a live Shareholder & Investor Webinar scheduled for August 1, 2025, to discuss project development and exploration activities at its flagship Prieska Copper Zinc Mine and the Okiep Copper Project. The webinar, led by Chairman Denis Waddell and Managing Director Tony Lennox, aims to provide updates on corporate activities and allow stakeholders to engage with the management team. This initiative highlights Orion’s commitment to transparency and stakeholder engagement, potentially strengthening its industry positioning and investor relations.

Orion Minerals Announces Proposed Securities Issue to Strengthen Capital
Jul 28, 2025

Orion Minerals Limited has announced a proposed issue of 13,723,776 ordinary fully paid securities, with the expected issue date set for September 1, 2025. This strategic move is aimed at enhancing the company’s capital structure, potentially bolstering its market position and providing additional resources for its ongoing projects and operations.

Orion Minerals Announces Proposed Securities Issue
Jul 28, 2025

Orion Minerals Ltd has announced a proposed issue of 3,863,635 ordinary fully paid securities, with a planned issue date of September 1, 2025. This move is part of a placement or other type of issue, potentially impacting the company’s capital structure and market presence, as it seeks to enhance its financial resources and operational capabilities.

Orion Minerals Announces General Meeting for August 2025
Jul 28, 2025

Orion Minerals Limited has announced a General Meeting scheduled for August 28, 2025, to discuss various resolutions and voting matters with its shareholders. The meeting will be held in person in Perth, Western Australia, with an option for shareholders to attend online, although online attendees will not have real-time voting rights. This meeting is significant for stakeholders as it provides an opportunity to engage with the company’s strategic decisions and governance.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 26, 2025