MIL-OSI: Rivalry Reports Q1 2025 Results Highlighting Strengthened Unit Economics, Operating Leverage, and Strategic Progress

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 14, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, today announced financial results for the three-month period ended March 31, 2025 (“Q1 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.

Q1 2025 was the first full quarter operating under Rivalry’s restructured model, following a company-wide transformation that began in Q4 2024. This included a strategic shift toward high-value users, deep cost rationalization, significant product upgrades, and tighter execution across every layer of the business. The result is a streamlined, modernized operating model with materially improved performance and long-term leverage.

“This quarter marks the full emergence of Rivalry 2.0 – leaner, sharper, and structurally stronger,” said Steven Salz, Co-Founder and CEO of Rivalry. “We’ve rebuilt the foundation of the business around high-efficiency acquisition, high-value users, and a proprietary product – and we’re already seeing the impact. Rivalry today is not just a leaner version of itself – it’s a fundamentally different company built for scalability.”

Key Highlights

Net revenue of $1.3 million, consistent with the preliminary results announced on April 16, 2025. While temporary sportsbook margin variance impacted topline outcomes, underlying KPIs continued to improve and validate the strength of Rivalry’s rebuilt model.

Operating expenses decreased 58% year-over-year to $4 million in Q1 2025, down from $9.6 million in Q1 2024.

Net loss reduced by 43% to $3.0 million in Q1 2025 from $5.2 million in the prior-year quarter.

A meaningful portion of Q1 expenses were non-recurring or non-operational in nature, including annual audit costs, regulatory fees, and legacy payables from prior periods. The Company’s adjusted marketing spend during the quarter was approximately $175,000, materially lower than the reported figure due to these factors.

Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention – all achieved under constrained spend conditions.

Q2 2025 set new all-time records across key user economics¹:
- Net revenue per player increased 49% versus Q1 2025, and was 210% higher than the historical average prior to the Q4 2024 transformation.
- Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
- Average monthly deposits per player in Q1 2025 were over 175% higher than the historical average. In Q2 2025, this increased a further 28%.
- Monthly deposit frequency per player in Q1 2025 was up 115% over the historical average, and rose another 22% in Q2 2025.

Ongoing improvements in VIP identification, segmentation, and servicing, driven by Rivalry’s proprietary Business Intelligence (“BI”) tools and Customer Relationship Management (“CRM”) infrastructure, further contributed to gains in deposit behavior and overall player value.

These improvements reflect the effectiveness of Rivalry’s strategic overhaul – including product modernization, in-house BI tooling, optimized segmentation, and CRM systems that support higher-value customer behavior and lifecycle retention.

Streamlined Operations

Rivalry’s breakeven net revenue is now approximately $600,000 USD per month, down from more than $2 million USD per month a year ago, based on current run rate operating expenses, with further cost optimizations planned in Q3 2025. The rebuilt business is operating on a structurally lower fixed-cost base with proven user economics and performance-ready infrastructure.

“We’ve created an operating model that is not only lean and disciplined, but also high-leverage,” Salz added. “This is a structurally better business than it was a year ago. The team is tighter, the product is stronger, and the KPIs are outperforming – all with limited capital deployment. The engine is rebuilt.”

Strategic Review & Outlook

Rivalry is actively exploring strategic alternatives aimed at maximizing shareholder value. As part of this ongoing process, the Company is also evaluating non-dilutive capital options as part of broader strategic initiatives to accelerate growth. These are intended to complement the broader review and enable Rivalry to fully capitalize on the performance capacity of its rebuilt model.

As the Company progresses into H2 2025, key initiatives include:

Deployment of a new promo engine, enabling more dynamic and cost-efficient bonus structures.

Casino-led engagement mechanics, including lootboxes, missions, and summer campaigns to drive offseason activation.

Geographic reactivations and enhanced CRM, focused on high-value player segmentation and deeper lifecycle engagement.

Further operating cost reductions in Q3 2025, aimed at lowering the breakeven point and increasing flexibility.

Rivalry’s transformation over the past three quarters has positioned the business with a distinct set of structural advantages: a deeply aligned and experienced team, proprietary technology and BI systems, strong regulatory licenses in Ontario and the Isle of Man, and a globally recognized brand with demonstrated reach. These strengths now form the basis of a highly scalable and differentiated operator in the global online gambling market.

“Rivalry today is a high-performance engine – structurally rebuilt, road-tested, and positioned to scale,” said Salz. “We’re focused on unlocking the next chapter of growth, and the strategic review process is designed to support that path.”

About Rivalry

Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Company Contact:
Steven Salz, Co-founder & CEO
ss@rivalry.com

Investor Contact:
investors@rivalry.com

Financial Outlook

This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for key user economics for the three month period ending June 30, 2025 and may not be appropriate for any other purpose. Preliminary and unaudited financial results are subject to customary financial statement procedures. Actual results could be affected by subsequent events or determinations. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Cautionary Note Regarding Forward- Looking Information and Statements”, it should not be relied on as necessarily indicative of future results.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, the impact of the Company’s strategic overhaul across its cost base, product, player strategy, and operational structure on its operating results, key user economics for the three months ending June 30, 2025 and the results of the Company’s ongoing strategic review.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations and the Company’s ability to operate as a going concern; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the 12 months ended December 31, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

_________________________
^¹ These preliminary user economics represent forward-looking information. See “Cautionary Note Regarding Forward-Looking Information and Statements” and “Financial Outlook”.

The MIL Network –

July 15, 2025

MIL-OSI: PrairieSky Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 14, 2025 (GLOBE NEWSWIRE) —

PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its second quarter operating and financial results for the period ended June 30, 2025.

Second Quarter Highlights:

Record oil royalty production of 14,376 barrels per day, an 8% increase over Q2 2024⁽¹⁾. Total royalty production averaged 26,457 BOE per day, a 4% increase over Q2 2024.
Revenues totaled $123.6 million for Q2 2025⁽¹⁾ comprised of royalty production revenue of $111.2 million and other revenue of $12.4 million, including bonus consideration of $8.5 million earned on entering into 47 new leasing arrangements primarily focused on the Duvernay light oil play.
Funds from operations totaled $96.7 million or $0.41 per share, a decrease of 9% from Q2 2024 as record oil royalty production volumes, narrowed heavy and light oil price differentials and a weaker Canadian dollar were offset by lower benchmark US$ WTI pricing.
Declared a second quarter dividend of $61.2 million ($0.26 per share), representing a payout ratio of 63%.
Purchased and cancelled 84,020 common shares under the Company’s normal course issuer bid (“NCIB”) for $2.0 million.
Completed acquisitions for $6.5 million, primarily of non-producing gross overriding royalty interests targeting Mannville oil.
Net debt totaled $242.0 million as at June 30, 2025, a decrease of $16.8 million from March 31, 2025.

President’s Message

Oil royalty production volumes reached a record 14,376 barrels per day in Q2 2025, an 8% increase over Q2 2024, bringing year-to-date oil royalty production to 13,941 barrels per day. We continue to see growth in our heavy oil portfolio with the Clearwater and Mannville Stack⁽²⁾ approaching 25% of oil royalty production as third-party operators continue to execute on their drilling programs in these plays. Multilateral horizontal drilling reached a record 52% of spuds (61 wells) in the quarter which included 47 wells in the Clearwater. Year-to-date activity has been particularly strong in the Duvernay with 30 wells spud compared to 33 spud in all of 2024. We expect to see initial royalty production from multiple Duvernay wells in the West Shale Basin⁽²⁾ in the third quarter and this level of third-party activity to continue to drive annual oil royalty production growth.

Funds from operations totaled $96.7 million ($0.41 per share) in the quarter driven by strong royalty production volumes of 26,457 BOE per day which generated royalty revenue of $111.2 million, 93% attributed to oil and NGL. Oil royalty production revenue totaled $95.7 million, a 14% decrease from Q2 2024, with lower US$ WTI benchmark pricing offsetting record oil royalty production volumes of 14,376 barrels per day, narrowed light and heavy oil differentials and a weaker Canadian dollar. Natural gas royalty production volumes averaged 58.4 MMcf per day in the quarter, earning $7.9 million in royalty revenue which represented an 80% increase over Q2 2024. The increase in natural gas royalty production revenue was primarily due to improved benchmark pricing with daily AECO index pricing averaging $1.69 per Mcf in the quarter, an increase of 43% over Q2 2024. NGL royalty production averaged 2,348 barrels per day, an increase of 2% from Q2 2024 and generated total NGL royalty production revenue of $7.6 million in the quarter. It was a strong quarter for other revenues which totaled $12.4 million, including bonus consideration of $8.5 million earned on entering into 47 new leases with 37 separate counterparties.

PrairieSky declared a dividend of $0.26 per share or $61.2 million in the quarter with a resulting payout ratio of 63%. Excess funds from operations after payment of the dividend were allocated to the acquisition of $6.5 million of incremental royalty interests focused on non-producing gross overriding royalty interests targeting Mannville heavy oil targets and share repurchases. The NCIB remains an important part of our long-term capital allocation strategy to create value for shareholders. During the quarter, 84,020 common shares were repurchased and cancelled with an incremental $11.0 million⁽³⁾ allocated to share repurchases to be settled subsequent to June 30, 2025. PrairieSky exited the quarter with net debt of $242.0 million at June 30, 2025. Subsequent to Q2 2025, PrairieSky exercised the accordion feature of its unsecured, covenant-based credit facility with the existing syndicate of Canadian banks, increasing the commitment of lenders by $250 million, bringing the aggregate credit limit available to PrairieSky to $600 million. There were no other amendments made to the credit facility. The expanded facility provides increased liquidity and financial flexibility moving forward.

Thank you to our staff for their hard work in the quarter and our shareholders for their continued support.

Andrew Phillips, President & CEO

ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

Third-party operators spud 117 wells on PrairieSky’s royalty acreage at an average royalty rate of 4.8%, as compared to the 115 wells spud in Q2 2024 at an average royalty rate of 6.6%. Drilling activity generally slows in the second quarter across the Western Canadian Sedimentary Basin as a result of spring break-up. Spuds were comprised of 74 wells on gross overriding royalty acreage, 33 wells on fee lands and 10 unit wells. There were a total of 113 oil wells (97% of wells) spud during the quarter which included 47 Clearwater wells, 17 Mannville light and heavy oil wells, 13 Duvernay wells, 11 Viking wells, 11 Mississippian wells and 14 additional oil wells across Alberta and Saskatchewan. There were 3 Mannville natural gas wells and 1 Duvernay natural gas well spud in Q2 2025.

NOTES AND REFERENCES

(1)	In this press release, the financial reporting periods are referred to as follows: “Q2 2025”, “the quarter” or the “the second quarter” refers to the three months ended June 30, 2025; “Q2 2024” refers to the three months ended June 30, 2024.
(2)	For further details on the “Mannville Stack” and “West Shale Basin”, we refer you to PrairieSky’s most recent Corporate Presentation contained on PrairieSky’s website at www.prairiesky.com.
(3)	Included in accounts payable and accrued liabilities at June 30, 2025 is $11.0 million related to common share repurchases of which $1.0 million related to common share repurchases that were pending settlement at June 30, 2025 and the remaining $10.0 million related to a provision for share repurchases under the Company’s automatic share purchase plan with an independent broker.

Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

FINANCIAL AND OPERATIONAL INFORMATION

The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes thereto for the fiscal period ended June 30, 2025 are available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

	Three months ended						Six months ended
	June 30		March 31		June 30		June 30		June 30
($ millions, except $ per share or as otherwise noted)	2025		2025		2024		2025		2024
FINANCIAL
Royalty production revenue	111.2		119.9		125.5		231.1		238.7
Other revenue	12.4		8.2		10.1		20.6		17.6
Revenues	123.6		128.1		135.6		251.7		256.3

Funds from operations	96.7		85.8		106.1		182.5		189.1
Per share – basic and diluted⁽¹⁾	0.41		0.36		0.44		0.77		0.79

Net earnings	56.3		58.4		60.3		114.7		107.8
Per share – basic and diluted⁽¹⁾	0.24		0.25		0.25		0.48		0.45

Dividends declared⁽²⁾	61.2		61.2		59.7		122.4		119.4
Per share	0.26		0.26		0.25		0.52		0.50

Dividend payout ratio⁽³⁾	63%		71%		56%		67%		63%

Acquisitions⁽⁴⁾	6.5		63.6		12.3		70.1		21.1
Net debt⁽⁵⁾	242.0		258.8		174.6		242.0		174.6
Common share repurchases, inclusive of all costs	2.0		91.8		–		93.8		–

Shares outstanding (millions)
Shares outstanding at period end	235.5		235.5		239.0		235.5		239.0
Weighted average – basic and diluted	235.5		238.3		239.0		236.9		239.0

OPERATIONAL
Royalty production volumes
Crude oil (bbls/d)	14,376		13,502		13,312		13,941		13,227
NGL (bbls/d)	2,348		2,520		2,308		2,433		2,421
Natural gas (MMcf/d)	58.4		55.9		58.2		57.1		60.1
Royalty Production (BOE/d)⁽⁶⁾	26,457		25,339		25,320		25,891		25,665

Realized pricing
Crude oil ($/bbl)	73.16		83.16		91.75		77.98		84.51
NGL ($/bbl)	35.47		44.51		47.20		40.13		45.62
Natural gas ($/Mcf)	1.50		1.73		0.84		1.61		1.38
Total ($/BOE)⁽⁶⁾	46.19		52.58		54.47		49.31		51.10

Operating netback per BOE ($)⁽⁷⁾	43.04		42.85		51.39		42.95		45.43

Funds from operations per BOE ($)	40.16		37.62		46.05		38.94		40.48

Oil price benchmarks
West Texas Intermediate (WTI) (US$/bbl)	63.76		71.39		80.57		67.59		78.76
Edmonton light sweet ($/bbl)	84.24		95.20		105.16		89.78		98.66
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)	(10.27	)	(12.67	)	(13.60	)	(11.47	)	(16.47	)

Natural gas price benchmarks
AECO Monthly Index ($/Mcf)	2.07		2.02		1.44		2.05		1.74
AECO Daily Index ($/Mcf)	1.69		2.16		1.18		1.93		1.84

Foreign exchange rate (US$/CAD$)	0.7228		0.6976		0.7315		0.7096		0.7364

(1)	Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
(2)	A dividend of $0.26 per share was declared on June 3, 2025. The dividend will be paid on July 15, 2025 to shareholders of record as at June 30, 2025.
(3)	Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
(4)	Excluding right-of-use asset additions.
(5)	See Note 12 “Capital Management” in the interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 and Note 13 “Capital Management” in the interim condensed consolidated financial statements for the three months ended March 31, 2025 and 2024.
(6)	See “Conversions of Natural Gas to BOE”.
(7)	Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held for the investment community on Tuesday, July 15, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

Live call participant registration
URL: https://register-conf.media-server.com/register/BI4b3e791d098f4a4c844ea1427370d036

Live webcast participant registration (listen in only)
URL: https://edge.media-server.com/mmc/p/5a4q5q2j

FORWARD-LOOKING STATEMENTS

This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “likely”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the expectation of receiving royalty production from multiple royalty interest wells in the West Shale Basin in the third quarter; management’s expectation that the level of third-party activity on PrairieSky’s royalty lands will continue to drive annual royalty production growth; and PrairieSky’s expectations to execute on the NCIB as part of our long-term capital allocation strategy to create value for shareholders.

With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including but not limited to the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of or access to sufficient pipeline capacity, currency fluctuations, interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the risks and impacts of tariffs imposed between Canada and the United States (and other countries) or other restrictive trade measures, retaliatory or countermeasures implemented by such governments affecting trade between Canada and the United States (and other countries), including the potential introduction of regulatory barriers to trade and the effect on the demand and/or market price for commodities, inaccurate expectations for industry drilling levels on our royalty lands and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

CONVERSIONS OF NATURAL GAS TO BOE

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

NON-GAAP MEASURES AND RATIOS

Certain measures and ratios in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the three and six months ended June 30, 2025 and 2024 and PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

“Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table starting on page 6 of PrairieSky’s MD&A for the three and six months ended June 30, 2025 and 2024 and page 6 of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

	Three months ended						Six months ended
	June 30		March 31		June 30		June 30		June 30
($ millions)	2025		2025		2024		2025		2024
Cash from operating activities	90.3		90.7		99.3		181.0		179.0
Other revenue	(12.4	)	(8.2	)	(10.1	)	(20.6	)	(17.6	)
Amortization of debt issuance costs	(0.1	)	(0.1	)	(0.1	)	(0.2	)	(0.2	)
Finance expense	3.0		2.9		3.5		5.9		7.2
Current tax expense	16.5		17.3		19.0		33.8		33.7
Interest on lease obligation	(0.1	)	–		–		(0.1	)	–
Net change in non-cash working capital	6.4		(4.9	)	6.8		1.5		10.1
Operating netback	103.6		97.7		118.4		201.3		212.2

“Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

	Three months ended			Six months ended
	June 30	March 31	June 30	June 30	June 30
($ millions)	2025	2025	2024	2025	2024
Royalty production revenue	111.2	119.9	125.5	231.1	238.7
Operating netback	103.6	97.7	118.4	201.3	212.2
Operating margin	93%	81%	94%	87%	89%

“Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

	Three months ended			Six months ended
	June 30	March 31	June 30	June 30	June 30
($ millions, except otherwise noted)	2025	2025	2024	2025	2024
Funds from operations	96.7	85.8	106.1	182.5	189.1
Dividends declared	61.2	61.2	59.7	122.4	119.4
Dividend payout ratio	63%	71%	56%	67%	63%

ABOUT PRAIRIESKY ROYALTY LTD.

PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew M. Phillips
President & Chief Executive Officer
PrairieSky Royalty Ltd.
(587) 293-4005

Michael T. Murphy
Vice-President, Geosciences & Capital Markets
PrairieSky Royalty Ltd.
(587) 293-4056

Investor Relations
(587) 293-4000
www.prairiesky.com

Pamela P. Kazeil
Senior Vice-President, Finance & Chief Financial
Officer
PrairieSky Royalty Ltd.
(587) 293-4089

PDF available: http://ml.globenewswire.com/Resource/Download/36ee4b7d-4f4e-42d9-a2fb-c3c005d65436

The MIL Network –

July 15, 2025

MIL-OSI: PrairieSky Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 14, 2025 (GLOBE NEWSWIRE) —

PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its second quarter operating and financial results for the period ended June 30, 2025.

Second Quarter Highlights:

Record oil royalty production of 14,376 barrels per day, an 8% increase over Q2 2024⁽¹⁾. Total royalty production averaged 26,457 BOE per day, a 4% increase over Q2 2024.
Revenues totaled $123.6 million for Q2 2025⁽¹⁾ comprised of royalty production revenue of $111.2 million and other revenue of $12.4 million, including bonus consideration of $8.5 million earned on entering into 47 new leasing arrangements primarily focused on the Duvernay light oil play.
Funds from operations totaled $96.7 million or $0.41 per share, a decrease of 9% from Q2 2024 as record oil royalty production volumes, narrowed heavy and light oil price differentials and a weaker Canadian dollar were offset by lower benchmark US$ WTI pricing.
Declared a second quarter dividend of $61.2 million ($0.26 per share), representing a payout ratio of 63%.
Purchased and cancelled 84,020 common shares under the Company’s normal course issuer bid (“NCIB”) for $2.0 million.
Completed acquisitions for $6.5 million, primarily of non-producing gross overriding royalty interests targeting Mannville oil.
Net debt totaled $242.0 million as at June 30, 2025, a decrease of $16.8 million from March 31, 2025.

President’s Message

Oil royalty production volumes reached a record 14,376 barrels per day in Q2 2025, an 8% increase over Q2 2024, bringing year-to-date oil royalty production to 13,941 barrels per day. We continue to see growth in our heavy oil portfolio with the Clearwater and Mannville Stack⁽²⁾ approaching 25% of oil royalty production as third-party operators continue to execute on their drilling programs in these plays. Multilateral horizontal drilling reached a record 52% of spuds (61 wells) in the quarter which included 47 wells in the Clearwater. Year-to-date activity has been particularly strong in the Duvernay with 30 wells spud compared to 33 spud in all of 2024. We expect to see initial royalty production from multiple Duvernay wells in the West Shale Basin⁽²⁾ in the third quarter and this level of third-party activity to continue to drive annual oil royalty production growth.

Funds from operations totaled $96.7 million ($0.41 per share) in the quarter driven by strong royalty production volumes of 26,457 BOE per day which generated royalty revenue of $111.2 million, 93% attributed to oil and NGL. Oil royalty production revenue totaled $95.7 million, a 14% decrease from Q2 2024, with lower US$ WTI benchmark pricing offsetting record oil royalty production volumes of 14,376 barrels per day, narrowed light and heavy oil differentials and a weaker Canadian dollar. Natural gas royalty production volumes averaged 58.4 MMcf per day in the quarter, earning $7.9 million in royalty revenue which represented an 80% increase over Q2 2024. The increase in natural gas royalty production revenue was primarily due to improved benchmark pricing with daily AECO index pricing averaging $1.69 per Mcf in the quarter, an increase of 43% over Q2 2024. NGL royalty production averaged 2,348 barrels per day, an increase of 2% from Q2 2024 and generated total NGL royalty production revenue of $7.6 million in the quarter. It was a strong quarter for other revenues which totaled $12.4 million, including bonus consideration of $8.5 million earned on entering into 47 new leases with 37 separate counterparties.

PrairieSky declared a dividend of $0.26 per share or $61.2 million in the quarter with a resulting payout ratio of 63%. Excess funds from operations after payment of the dividend were allocated to the acquisition of $6.5 million of incremental royalty interests focused on non-producing gross overriding royalty interests targeting Mannville heavy oil targets and share repurchases. The NCIB remains an important part of our long-term capital allocation strategy to create value for shareholders. During the quarter, 84,020 common shares were repurchased and cancelled with an incremental $11.0 million⁽³⁾ allocated to share repurchases to be settled subsequent to June 30, 2025. PrairieSky exited the quarter with net debt of $242.0 million at June 30, 2025. Subsequent to Q2 2025, PrairieSky exercised the accordion feature of its unsecured, covenant-based credit facility with the existing syndicate of Canadian banks, increasing the commitment of lenders by $250 million, bringing the aggregate credit limit available to PrairieSky to $600 million. There were no other amendments made to the credit facility. The expanded facility provides increased liquidity and financial flexibility moving forward.

Thank you to our staff for their hard work in the quarter and our shareholders for their continued support.

Andrew Phillips, President & CEO

ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

Third-party operators spud 117 wells on PrairieSky’s royalty acreage at an average royalty rate of 4.8%, as compared to the 115 wells spud in Q2 2024 at an average royalty rate of 6.6%. Drilling activity generally slows in the second quarter across the Western Canadian Sedimentary Basin as a result of spring break-up. Spuds were comprised of 74 wells on gross overriding royalty acreage, 33 wells on fee lands and 10 unit wells. There were a total of 113 oil wells (97% of wells) spud during the quarter which included 47 Clearwater wells, 17 Mannville light and heavy oil wells, 13 Duvernay wells, 11 Viking wells, 11 Mississippian wells and 14 additional oil wells across Alberta and Saskatchewan. There were 3 Mannville natural gas wells and 1 Duvernay natural gas well spud in Q2 2025.

NOTES AND REFERENCES

(1)	In this press release, the financial reporting periods are referred to as follows: “Q2 2025”, “the quarter” or the “the second quarter” refers to the three months ended June 30, 2025; “Q2 2024” refers to the three months ended June 30, 2024.
(2)	For further details on the “Mannville Stack” and “West Shale Basin”, we refer you to PrairieSky’s most recent Corporate Presentation contained on PrairieSky’s website at www.prairiesky.com.
(3)	Included in accounts payable and accrued liabilities at June 30, 2025 is $11.0 million related to common share repurchases of which $1.0 million related to common share repurchases that were pending settlement at June 30, 2025 and the remaining $10.0 million related to a provision for share repurchases under the Company’s automatic share purchase plan with an independent broker.

Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

FINANCIAL AND OPERATIONAL INFORMATION

The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes thereto for the fiscal period ended June 30, 2025 are available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

	Three months ended						Six months ended
	June 30		March 31		June 30		June 30		June 30
($ millions, except $ per share or as otherwise noted)	2025		2025		2024		2025		2024
FINANCIAL
Royalty production revenue	111.2		119.9		125.5		231.1		238.7
Other revenue	12.4		8.2		10.1		20.6		17.6
Revenues	123.6		128.1		135.6		251.7		256.3

Funds from operations	96.7		85.8		106.1		182.5		189.1
Per share – basic and diluted⁽¹⁾	0.41		0.36		0.44		0.77		0.79

Net earnings	56.3		58.4		60.3		114.7		107.8
Per share – basic and diluted⁽¹⁾	0.24		0.25		0.25		0.48		0.45

Dividends declared⁽²⁾	61.2		61.2		59.7		122.4		119.4
Per share	0.26		0.26		0.25		0.52		0.50

Dividend payout ratio⁽³⁾	63%		71%		56%		67%		63%

Acquisitions⁽⁴⁾	6.5		63.6		12.3		70.1		21.1
Net debt⁽⁵⁾	242.0		258.8		174.6		242.0		174.6
Common share repurchases, inclusive of all costs	2.0		91.8		–		93.8		–

Shares outstanding (millions)
Shares outstanding at period end	235.5		235.5		239.0		235.5		239.0
Weighted average – basic and diluted	235.5		238.3		239.0		236.9		239.0

OPERATIONAL
Royalty production volumes
Crude oil (bbls/d)	14,376		13,502		13,312		13,941		13,227
NGL (bbls/d)	2,348		2,520		2,308		2,433		2,421
Natural gas (MMcf/d)	58.4		55.9		58.2		57.1		60.1
Royalty Production (BOE/d)⁽⁶⁾	26,457		25,339		25,320		25,891		25,665

Realized pricing
Crude oil ($/bbl)	73.16		83.16		91.75		77.98		84.51
NGL ($/bbl)	35.47		44.51		47.20		40.13		45.62
Natural gas ($/Mcf)	1.50		1.73		0.84		1.61		1.38
Total ($/BOE)⁽⁶⁾	46.19		52.58		54.47		49.31		51.10

Operating netback per BOE ($)⁽⁷⁾	43.04		42.85		51.39		42.95		45.43

Funds from operations per BOE ($)	40.16		37.62		46.05		38.94		40.48

Oil price benchmarks
West Texas Intermediate (WTI) (US$/bbl)	63.76		71.39		80.57		67.59		78.76
Edmonton light sweet ($/bbl)	84.24		95.20		105.16		89.78		98.66
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)	(10.27	)	(12.67	)	(13.60	)	(11.47	)	(16.47	)

Natural gas price benchmarks
AECO Monthly Index ($/Mcf)	2.07		2.02		1.44		2.05		1.74
AECO Daily Index ($/Mcf)	1.69		2.16		1.18		1.93		1.84

Foreign exchange rate (US$/CAD$)	0.7228		0.6976		0.7315		0.7096		0.7364

(1)	Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
(2)	A dividend of $0.26 per share was declared on June 3, 2025. The dividend will be paid on July 15, 2025 to shareholders of record as at June 30, 2025.
(3)	Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
(4)	Excluding right-of-use asset additions.
(5)	See Note 12 “Capital Management” in the interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 and Note 13 “Capital Management” in the interim condensed consolidated financial statements for the three months ended March 31, 2025 and 2024.
(6)	See “Conversions of Natural Gas to BOE”.
(7)	Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held for the investment community on Tuesday, July 15, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

Live call participant registration
URL: https://register-conf.media-server.com/register/BI4b3e791d098f4a4c844ea1427370d036

Live webcast participant registration (listen in only)
URL: https://edge.media-server.com/mmc/p/5a4q5q2j

FORWARD-LOOKING STATEMENTS

This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “likely”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the expectation of receiving royalty production from multiple royalty interest wells in the West Shale Basin in the third quarter; management’s expectation that the level of third-party activity on PrairieSky’s royalty lands will continue to drive annual royalty production growth; and PrairieSky’s expectations to execute on the NCIB as part of our long-term capital allocation strategy to create value for shareholders.

With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including but not limited to the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of or access to sufficient pipeline capacity, currency fluctuations, interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the risks and impacts of tariffs imposed between Canada and the United States (and other countries) or other restrictive trade measures, retaliatory or countermeasures implemented by such governments affecting trade between Canada and the United States (and other countries), including the potential introduction of regulatory barriers to trade and the effect on the demand and/or market price for commodities, inaccurate expectations for industry drilling levels on our royalty lands and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

CONVERSIONS OF NATURAL GAS TO BOE

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

NON-GAAP MEASURES AND RATIOS

Certain measures and ratios in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the three and six months ended June 30, 2025 and 2024 and PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

“Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table starting on page 6 of PrairieSky’s MD&A for the three and six months ended June 30, 2025 and 2024 and page 6 of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

	Three months ended						Six months ended
	June 30		March 31		June 30		June 30		June 30
($ millions)	2025		2025		2024		2025		2024
Cash from operating activities	90.3		90.7		99.3		181.0		179.0
Other revenue	(12.4	)	(8.2	)	(10.1	)	(20.6	)	(17.6	)
Amortization of debt issuance costs	(0.1	)	(0.1	)	(0.1	)	(0.2	)	(0.2	)
Finance expense	3.0		2.9		3.5		5.9		7.2
Current tax expense	16.5		17.3		19.0		33.8		33.7
Interest on lease obligation	(0.1	)	–		–		(0.1	)	–
Net change in non-cash working capital	6.4		(4.9	)	6.8		1.5		10.1
Operating netback	103.6		97.7		118.4		201.3		212.2

“Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

	Three months ended			Six months ended
	June 30	March 31	June 30	June 30	June 30
($ millions)	2025	2025	2024	2025	2024
Royalty production revenue	111.2	119.9	125.5	231.1	238.7
Operating netback	103.6	97.7	118.4	201.3	212.2
Operating margin	93%	81%	94%	87%	89%

“Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

	Three months ended			Six months ended
	June 30	March 31	June 30	June 30	June 30
($ millions, except otherwise noted)	2025	2025	2024	2025	2024
Funds from operations	96.7	85.8	106.1	182.5	189.1
Dividends declared	61.2	61.2	59.7	122.4	119.4
Dividend payout ratio	63%	71%	56%	67%	63%

ABOUT PRAIRIESKY ROYALTY LTD.

PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew M. Phillips
President & Chief Executive Officer
PrairieSky Royalty Ltd.
(587) 293-4005

Michael T. Murphy
Vice-President, Geosciences & Capital Markets
PrairieSky Royalty Ltd.
(587) 293-4056

Investor Relations
(587) 293-4000
www.prairiesky.com

Pamela P. Kazeil
Senior Vice-President, Finance & Chief Financial
Officer
PrairieSky Royalty Ltd.
(587) 293-4089

PDF available: http://ml.globenewswire.com/Resource/Download/36ee4b7d-4f4e-42d9-a2fb-c3c005d65436

The MIL Network –

July 15, 2025

MIL-OSI: VisionWave Technologies Inc. and Bannix Acquisition Corp. Complete Business Combination

Source: GlobeNewswire (MIL-OSI)

VisionWave Holdings Inc. to Commence Trading on Nasdaq Under Ticker “VWAV”

VisionWave Technologies Inc. and Bannix Acquisition Corp. Have Closed the Business Combination on July 14, 2025

VisionWave Holdings Inc. Shares of Common Stock and Warrants Will Begin Trading on Nasdaq on July 15, 2025, Under Ticker Symbols “VWAV” and “VWAVW,” Respectively

WILMINGTON, Del., July 14, 2025 (GLOBE NEWSWIRE) — VisionWave Technologies Inc. (“VisionWave Technologies”), a defense development company focused on integrating advanced artificial intelligence and autonomous solutions across air, ground, and sea domains ranging from high-resolution radars and advanced vision systems to radio frequency sensing technologies seeking to redefine operational efficiency and precision for military and homeland security applications worldwide, today announced the successful completion of its business combination (the “Business Combination”) with Bannix Acquisition Corp. (Nasdaq: BNIX) (“BNIX”), a special purpose acquisition company, resulting in each of VisionWave Technologies and BNIX becoming a wholly-owned subsidiary of VisionWave Holdings Inc. (“VisionWave Holdings” or the “Combined Company”). On July 15, 2025, VisionWave Holdings shares of common stock will commence trading on the Nasdaq Global Market under the trading symbol “VWAV” and its warrants will trade on under the trading symbol “VWAVW.”

“Completing the Business Combination and having our shares listed on the Nasdaq Global Market is a significant achievement for the VisionWave team, and we are grateful to our employees and partners who have supported us on this journey as we begin our next chapter as we seek to develop new and cutting technologies in the defense sector,” said Douglas Davis, Executive Chairman of VisionWave Holdings. “We believe this milestone will provide us with the tools to develop our technology and implement our business plan. We are excited to continue to seek building value for all stakeholders.” “This is a defining moment for VisionWave,” said Noam Kenig, Chief Executive Officer of VisionWave Holdings. “As we enter the public markets, our focus is on accelerating innovation in defense-grade AI systems, pursuing strategic global partnerships, and delivering on contracts that will shape the next generation of military technologies. I’m honored to lead the company into this exciting new chapter.”

Advisors

Fleming PLLC served as legal counsel to BNIX.

Law Office of Robert M. Yaspan served as legal counsel to VisionWave Technologies.

RBSM LLP served as the Auditor to VisionWave Holdings.

Donohoe Advisory Associate, LLC served as Listing Advisor to VisionWave Holdings.

Marula Capital Group a registered FINRA advisor provided the Fairness Opinion to the Business Combination.

I-Bankers Securities, Inc., the underwriter in the original IPO.

About VisionWave Holdings Inc.

VisionWave Holdings Inc. is at the forefront of revolutionizing defense capabilities by integrating advanced artificial intelligence (AI) and autonomous solutions across air, ground, and sea domains. Its state-of-the-art innovations— ranging from high-resolution radars and advanced vision systems to radio frequency (RF) sensing technologies are seeking to redefine operational efficiency and precision for military and homeland security applications worldwide. From tactical ground vehicles to precision weapon control systems, VisionWave leads the development of reliable, high-performance technologies that transform defense strategies and deliver superior results, even in the most challenging environments. With headquarters in the U.S. and strategic partnerships in Canada and the United Arab Emigrants, VisionWave is uniquely positioned to serve global markets, offering cutting-edge defense solutions that address the evolving needs of security forces across the world.

For more corporate and product information, please visit our website https://www.visionwave.tech.

About Bannix Acquisition Corp.

Bannix Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated implied enterprise value of the Combined Company, VisionWave Holdings’ ability to scale and grow its business, the advantages and expected growth of the Combined Company, the Combined Company’s ability to source and retain talent, and the cash position of the Combined Company following closing of the Business Combination, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BNIX’s and VisionWave Technologies’ management and are not predictions of actual performance.

These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of BNIX, VisionWave Technologies and VisionWave Holdings believes that it has a reasonable basis for each forward-looking statement contained in this press release, each of BNIX, VisionWave Technologies and VisionWave Holdings cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the definitive proxy statement/prospectus mailed to BNIX stockholders, and filed by the Combined Company with the SEC and other documents filed by the Combined Company or BNIX from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. BNIX, VisionWave Technologies and VisionWave Holdings cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to recognize the anticipated benefits of the Business Combination, costs related to the Business Combination, the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties, including those to be included under the heading “Risk Factors” in the definitive proxy statement/prospectus mailed to BNIX stockholders, and those included under the heading “Risk Factors” in the annual report on Form 10-K for the fiscal year ended December 31, 2024, of BNIX and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC. There may be additional risks that BNIX, VisionWave Technologies and VisionWave Holdings presently do not know or that the parties currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of BNIX, VisionWave Technologies and VisionWave Holdings as of the date of this press release. Subsequent events and developments may cause those views to change. However, while BNIX, VisionWave Technologies and VisionWave Holdings may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of BNIX, VisionWave Technologies and VisionWave Holdings as of any date subsequent to the date of this press release. Except as may be required by law, BNIX, VisionWave Technologies and VisionWave Holdings do not undertake any duty to update these forward-looking statements.

VisionWave Holdings Investor Relations:

Douglas Davis, Executive Chairman of the Board
(302) 305-4790
doug.davis@bannixacquisition.com

The MIL Network –

July 15, 2025

MIL-OSI: PennantPark Investment Corporation Announces Monthly Distributions of $0.08 per Share

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 14, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (the “Company”) (NYSE: PNNT) declares its monthly distribution for August 2025 of $0.08 per share, payable on September 2, 2025 to stockholders of record as of August 15, 2025 and declares its monthly distribution for September 2025 of $0.08 per share, payable on September 30, 2025 to stockholders of record as of September 15, 2025. The distributions are expected to be paid from taxable net investment income. The final specific tax characteristics of the distributions will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the Securities and Exchange Commission.

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, Amsterdam and Zurich.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Investment Corporation
(212) 905-1000
www.pennantpark.com

The MIL Network –

July 15, 2025

MIL-OSI: EverQuote to Announce Second Quarter 2025 Financial Results on August 4, 2025

Source: GlobeNewswire (MIL-OSI)

CAMBRIDGE, Mass., July 14, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced that it will report second quarter financial results after the market close on Monday, August 4, 2025. Management will host a conference call and webcast to discuss the Company’s financial results, recent developments, and business outlook at 4:30 p.m. ET.

What:		EverQuote Second Quarter 2025 Financial Results Conference Call

When:		Monday, August 4, 2025

Time:		4:30 p.m. ET

Live Call:		US Toll Free: (800) 715-9871 All Other: +1 (646) 307-1963 Conference ID: 8699350

Live Webcast and Replay: http://investors.everquote.com/

About EverQuote

EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

For more information, visit https://investors.everquote.com and follow on LinkedIn.

Investor Relations Contact:

Brinlea Johnson
The Blueshirt Group
415-489-2193
brinlea@blueshirtgroup.com

The MIL Network –

July 15, 2025

MIL-OSI: Kaltura to Announce Financial Results for Second Quarter 2025 on Thursday, August 7, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the AI Video Cloud, today announced it will release its second quarter financial results for the period ended June 30, 2025, before market open on Thursday, August 7, 2025.

Management will host a conference call to review the Company’s second quarter 2025 financial results and discuss the financial outlook.

Date:	Thursday, August 7, 2025
Time:	8:00 a.m. ET
United States/Canada Toll Free:	1-877-300-8521
International Toll:	+1-412-317-6026

A live and archived webcast will be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events.

About Kaltura
Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment and monetization. For more information, visit www.corp.kaltura.com.

Investor Contacts:
Kaltura, Inc.
John Doherty
Chief Financial Officer
IR@Kaltura.com

Sapphire Investor Relations, LLC
Erica Mannion and Michael Funari
IR@Kaltura.com
+1-617-542-6180

Media Contacts:
Kaltura, Inc.
Nohar Zmora
pr.team@kaltura.com

Headline Media
Raanan Loew
raanan@headline.media
+1-347-897-9276

The MIL Network –

July 15, 2025

MIL-OSI: HCI Group Sets Second Quarter 2025 Earnings Call for Thursday, August 7, 2025, at 4:45 p.m. ET

Source: GlobeNewswire (MIL-OSI)

TAMPA, Fla., July 14, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI) will hold a conference call on Thursday, August 7, 2025, at 4:45 p.m. Eastern Time to discuss results for the second quarter ended June 30, 2025. Financial results will be issued in a press release the same day after the close of the market.

HCI management will host the presentation, followed by a question-and-answer period.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company’s website at www.hcigroup.com.

Date: Thursday, August 7, 2025
Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 521671
Webcast

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

A replay of the call will be available after 8:00 p.m. Eastern Time on the same day as the call, as well as via the Investor Information section of the HCI Group website at www.hcigroup.com.

Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 52723

About HCI Group, Inc.
HCI Group is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.

The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@exzeo.com

Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gateway-grp.com

The MIL Network –

July 15, 2025

MIL-OSI: dLocal to Report Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

MONTEVIDEO, Uruguay, July 14, 2025 (GLOBE NEWSWIRE) — DLocal Limited (NASDAQ: DLO, “dLocal” or the “Company”), a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets, intends to release financial results for its second fiscal quarter ended June 30, 2025 on August 13, 2025 after market close.

The Company will host a conference call and video webcast on August 13, 2025 at 5:00 p.m. Eastern Time.

Please click here to pre-register for the conference call and obtain your dial in number and passcode. The live conference call can be also accessed via audio webcast at the investor relations section of the Company’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for one year following the conclusion of the conference call.

About dLocal

dLocal powers local payments in emerging markets connecting global enterprise merchants with billions of emerging market consumers across APAC, the Middle East, Latin America, and Africa. Through the “One dLocal” concept (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

Forward Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events. Forward-looking statements regarding dLocal involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” and “Cautionary Note Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.

Investor Relations Contact:

investor@dlocal.com

Media Contact:

media@dlocal.com

The MIL Network –

July 15, 2025

MIL-OSI Africa: Sudan: Life-saving aid must reach the people caught between the rains and conflict

Source: APO

Following the start of the rainy season in Sudan’s North Darfur region, Amnesty International’s Director for East and Southern Africa, Tigere Chagutah said:

“The rainy season is a terrifying prospect for many Sudanese who have fled fighting in North Darfur between armed groups. Internally displaced persons and refugees have told Amnesty International that they fear the coming rains will heighten the risk of diseases and make already dire conditions in their areas even worse. They are desperate for food, including seeds to plant ahead of the rains, water and medical services. Adequate shelter also remains a major concern. One 90-year-old woman told us that she didn’t have any proper shelter and was living under the trees. Others are in similar situations.

“Sudan is the world’s largest displacement and humanitarian crisis, yet the humanitarian response for 2025 is grossly underfunded. This will go down in history as an abject failure unless Sudan’s international partners rise to the occasion and increase emergency funding for the humanitarian response in Sudan, as well as for Sudanese refugees.

“To stop this humanitarian emergency from spiraling further, parties to the armed conflict must facilitate rapid, unconditional and safe access to humanitarian aid, and end all attacks on humanitarian objects and personnel.

“Sudan is the world’s largest displacement and humanitarian crisis, yet the humanitarian response for 2025 is grossly underfunded. This will go down in history as an abject failure unless Sudan’s international partners rise to the occasion and increase emergency funding for the humanitarian response in Sudan, as well as for Sudanese refugees. More must be done to save lives. The international community cannot afford to look away.”

Background

Since the latest armed conflict broke out in Sudan in April 2023, over 11 million people have fled their homes. Displaced persons live in dire conditions in Sudan, including in Darfur, one of the regions most severely affected by fighting, as well as other countries. Cases of cholera outbreak are already being reported in North Darfur.

Parties to the conflict continue to impede humanitarian access and attack humanitarian objects and personnel.Diplomatic efforts have so far failed to ensure sufficient humanitarian aid to a suffering population.

The rainy season in Darfur typically lasts from June to September. In April, MSF already warned that the rainy season threatened to worsen the ongoing malnutrition crisis. In August 2024, the UN confirmed famine conditions in Zamzam camp and identified 13 other areas at risk of famine.

Distributed by APO Group on behalf of Amnesty International.

Media files

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MIL OSI Africa –

July 15, 2025

MIL-OSI Africa: Tunisia: United Nations (UN) experts alarmed by deteriorating human rights situation of lawyers

Source: APO

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UN experts* today expressed alarm at the situation of lawyers in Tunisia, noting a serious deterioration in the last year.

“Targeting legal professionals solely for performing their role in the justice system or exercising their freedom of expression poses a direct threat to the integrity and fairness of legal proceedings in Tunisia and could jeopardise the right to a fair trial,” the experts said.

The experts noted that lawyer Ahmed Souab was arrested on 21 April 2025, following critical comments made publicly about the recent trial of several opposition figures. Souab was defending some of the clients who were sentenced to lengthy prison terms for charges characterised as “conspiracy against State security”. Lawyer Sonia Dahmani was reportedly violently detained at the premises of the Tunisian Bar Association by masked men in May 2024 and is facing five criminal cases all initiated under Decree-Law 2022-54 on “cybercrime” before the Tunis First Instance Court solely for stating her opinion publicly. Dahmani was sentenced in January 2025 to 18 months in prison for her comments in a TV show, and this June, she received an additional two-year prison sentence.

The experts also deplored other reported cases of legal professionals in the country who have been criminally accused, and even sentenced to long prison terms, solely for defending their clients and for expressing their opinion publicly such as Dalila Msaddak, Islem Hamza, Ayachi Hamami, Ghazi Chaouachi, Mehdi Zagrouba, and Lazhar Akremi.

“The measures taken directly interfere with the independence of the legal profession, undermining the ability of lawyers to represent their clients,” the experts said. “They appear designed to ensure critics of the Executive are silenced.”

The experts stressed that free exercise of the legal profession contributes to ensuring access to justice, oversight of State power, protection of due process and fair trial rights.

“We call on Tunisia to comply with international standards providing that lawyers should be able to carry out all their professional duties without intimidation, hindrance, harassment or improper interference. They should not face prosecution or administrative, economic or other sanctions for any action taken in accordance with recognised professional duties, standards and ethics,” they said. “Like all human beings, lawyers are entitled to freedom of expression and opinion.”

The experts have been in contact with the Government of Tunisia regarding their concerns.

*The experts: Margaret Satterthwaite, Special Rapporteur on the independence of judges and lawyers; Irene Khan, Special Rapporteur on the right to freedom of expression and opinion.

The Experts are part of what is known as the Special Procedures of the Human Rights Council. Special Procedures, the largest body of independent experts in the UN Human Rights system, is the general name of the Council’s independent fact-finding and monitoring mechanisms that address either specific country situations or thematic issues in all parts of the world. Special Procedures experts work on a voluntary basis; they are not UN staff and do not receive a salary for their work. They are independent of any government or organisation and serve in their individual capacity.

Distributed by APO Group on behalf of United Nations: Office of the High Commissioner for Human Rights (OHCHR).

MIL OSI Africa –

July 15, 2025

MIL-OSI Africa: Morocco: His Majesty the King Extends Condolences to Nigerian President Over Passing of Former president Muhammadu Buhari

Source: APO

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His Majesty King Mohammed VI has sent a message of condolence and sympathy to the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, following the passing of former president Muhammadu Buhari.

In this message, HM the King expresses His deep sorrow upon learning of the passing of former president Muhammadu Buhari, may he rest in peace.

On this sad occasion, the Sovereign conveys His heartfelt condolences and deepest sympathy to the Nigerian president, the grieving family as well as the people of the sister nation upon the loss of an illustrious son, who worked untringinly to serve his country’s best interests and lead his people towards further progress and prosperity. “Our thoughts and prayers are with you and the bereaved.”

“I share your grief and want you to know how much I appreciated the working sessions I had with the deceased. They culminated in the launch of promising development projects that have ushered a new era grounded in friendship and close cooperation between our two sister nations,” HM the King concludes.

Distributed by APO Group on behalf of Kingdom of Morocco – Ministry of Foreign Affairs, African Cooperation and Moroccan Expatriates.

MIL OSI Africa –

July 15, 2025

MIL-OSI Africa: South Africa: Human Settlements Committee Receives Update on Petitions With Varying Degrees of Satisfaction

Source: APO

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The Portfolio Committee on Human Settlements has received updates from the Department of Human Settlements, the Gauteng Department of Human Settlements, and the City of Johannesburg, City of Tshwane and City of Cape Town on various petitions the committee is considering and has highlighted mixed reactions to the reports. The committee remains of the view that all stakeholders must not rest on their laurels in bringing finality to the petitions.

SLOVO PARK INFORMAL SETTLEMENTS UPGRADING

The committee welcomed the progress made by both the Gauteng Department of Human Settlements and the City of Johannesburg, including the completion of the electrification of households. Also, the committee welcomed the appointment of Joburg Water for the installation of water and sewage infrastructure. The committee has highlighted that in the context of the history of the promises made to the residents of Slovo Park, the movement is welcomed, albeit long overdue.

The committee also welcomed the collaboration between the City of Johannesburg and the provincial department to achieve the medium and long-term interventions planned for the area. The committee has also urged all stakeholders to expedite procurement and other related processes to ensure the achievement of targets.

Also, the committee welcomed the assurance that community engagements and sharing of information with residents have been enhanced to ensure a free flow of information between the government and the people. “The issue of stakeholder engagement is critical to allay fears and eliminate any flare-up of protests. It is critical that as new developments arise and some impediments delay projects, people are informed,” said Mr Nocks Seabi, the Chairperson of the committee.

MAWIGA PETITION

Members of the committee were disappointed with the slow response to finding solutions to the petitioners’ challenges. While the committee acknowledged that there is progress with sites identified and agreed to by two petitioners, the fact that the building of top structures will only commence next year is concerning. Despite this, the committee called for clear monitoring of the progress to ensure that timelines are adhered to, especially in the context of the length of time it has taken to get to this point.

The MAWIGA (Mabopane, Winterveld and Ga-Rankuwa petitioners) submitted a petition alleging maladministration against the City of Tshwane and North West Housing Corporation officials for illegally selling and transferring their properties without their consent.

The committee has called on the City of Tshwane and the Gauteng Provincial Government to expedite the processes to obtain the clearance certificate on the identified land for Mr Mere. The committee has mandated the city to provide regular progress reports on processes to obtain the clearance certificate.

With regards to the North West Provincial Government, the committee is concerned that the Rustenburg Municipality does not have the appetite to approve a house on the military veteran’s quantum on the site identified because the site is on prime land. The committee has called on the department to heighten engagement to ensure that an alternative site is found and that Mr Kgasoe is engaged to ascertain that he agrees with the site.

Despite these challenges, the committee noted that commendable work has been done to resolve the petitions.

New Mandela Square (Western Cape)

The committee has welcomed commendable progress in achieving the project milestones promised to the committee. Despite this, the committee has called for mechanisms to ensure that the implementation of the projects is not hampered by inter-departmental dependencies, such as the procurement of private land and installation of bulk services.

The committee is cognisant that in most cases, projects are affected by delays from varying spheres of government and has called for proactive measures to ensure that this does not hamper progress.

The committee remains committed to receiving regular reports to ensure the resolution of the various petitions being considered by the committee.

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

MIL OSI Africa –

July 15, 2025

MIL-OSI Economics: Bill Pickering’s Story

Source: International Association of Drilling Contractors – IADC

Headline: Bill Pickering’s Story

The following is part of IADC’s 85th anniversary campaign, “Many Stories, One Voice,” which aims to showcase the real human stories behind the drilling industry.

Bill Pickering – IADC Young Professionals Committee Co-Chair; Manager at Precision Drilling

Bill standing in front of a Precision Drilling rig around 2018

My career in drilling started in May 2012; my story, however, started in 1991. My story is my dad’s story, and our story is the same story as many in this industry: Men and women making a sacrifice, putting in long hours and giving their family something more.

Ask Ross Pickering today, and he’ll gladly show you the scar on his right hand from 1991. His satellite phone rang with the news his wife was in labor, and he was a 10-hour drive away in Beaverlodge, Alberta. That drive, a set of missing keys, a smashed window, and a hot-wired truck were the only things between Dad and his laboring wife. Of course, we are no strangers to rapidly changing environments or tall orders in short time frames – Dad made it to the hospital with a few hours to spare.

When I tell you that rigs were always a part of my life, I mean it. Our living room hosted fewer Easters, Christmases and birthdays than the couch of my Dad’s shack on site. My mom is always fond of the time Dad had to tell a bed truck to unhook from his shack so his son could finish hunting for Easter Eggs.

Any young boy who gets to work with his dad, running drilling rigs and farm equipment, is a pretty happy kid. So, you’ll understand why I thought my dad had the most important and most cool job in the world. You’ll also understand that, although I considered a number of careers, drilling rigs were always the goal.

Bill as a child riding his first motorbike in the rig yard with his father, Ross, next to him

In 2012, I got my first opportunity to join the oilfield, building rigs in Calgary. I elected to return to college and complete my undergraduate degree, only to be rewarded with a list of salary offers that, modestly, were half of what I could earn roughnecking. Simple math made an easy decision easier, and I was back with Precision Drilling to finish building the rig we would soon take to the field.

Years later, I elected to pursue a graduate degree in the US, with the goal of rejoining the industry. Five years later, I’m thrilled to have a rewarding 10 years of experience under my belt. What I’ve seen in these 10 years is an industry that champions and rewards hard work and merit over pedigree – something less and less common. Why I love this industry is because every single day somebody like my dad proves that a strong back and a sharp mind can take a person to the top. Why I’ll stay in this industry is the passion and pride we foster, and if you don’t believe me, you need to get out of the office and go talk to a rig hand.

My story isn’t unique, because it’s all of our story. It’s passion, it’s legacy, it’s purpose. We’re the modern miracle that enables our lifestyle. We lift people out of poverty. We innovate at breakneck speed, and we dislike when we get looked down upon, but like good roughnecks, we understand the job will always need to get done. So we do it, we do it well and we do it with passion and pride.

MIL OSI Economics –