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MIL-OSI Russia: IMF Releases the 2024 Financial Access Survey Results

Source: IMF – News in Russian

October 30, 2024

Washington, DC: The International Monetary Fund (IMF) released the results of the 2024 Financial Access Survey (FAS), marking the 15th anniversary of the FAS. The report “FAS: 2024 Highlights,” published along with the data release, summarizes the key trends on access to and usage of financial services over the past few years. Established in 2009, the FAS has played a crucial role in providing essential data to develop and evaluate financial inclusion policies, a topic of key relevance for the IMF, as it fosters broader economic participation, reduces inequalities, promotes inclusive growth, and aids in achieving the Sustainable Development Goals (SDGs). The FAS stands as the most comprehensive annual supply-side database on financial inclusion, boasting nearly complete global coverage. It covers 192 economies, featuring 121 series and 70 normalized indicators for global comparison. The FAS dataset spans from 2004 to 2023, and it continues to evolve in line with financial innovations such as the provision of digital financial services and the increasing demand for gender-disaggregated data.

Digital Financial Services Continue to Make Gains

There has been a substantial increase in the usage of non-traditional financial services, including mobile and internet banking, with mobile money being particularly important in Sub-Saharan Africa. Yet, usage of traditional financial services remains essential in many economies. For example, from 2013 to 2019, deposit accounts per 100 adults increased by over 40% in emerging and developing Europe and Sub-Saharan Africa. The growth of digital financial services has also led to an increase in non-traditional access points, such as retail and mobile money agents, while traditional access methods like ATMs and bank branches have seen a decline, especially since the COVID-19 pandemic (Figure).

Traditional and Non-traditional Access Points in Recent Years (2019 to 2023)

(Number of Access Points Per 100,000 Adults)

Source: Financial Access Survey and IMF staff calculations.

Notes: These charts show the weighted average by region for economies whose data are available for 2019–2023. Country coverage differs across indicators depending on data availability. While three economies from Latin America and the Caribbean (El Salvador, Colombia, and Haiti) report data on number of registered mobile money agents, none provide data for all five years covered in this chart and are therefore not included.

Microfinance Institutions Have Continued Supporting Economically Marginalized Groups

Financing by microfinance institutions has shown resilience amid recent economic shocks. In various economies, borrowing from microfinance institutions increased, as indicated by the growth in the number of accounts and outstanding loans. While commercial banks usually provide larger loan amounts, microfinance institutions serve a broader client base, as evidenced by the larger number of loan accounts compared to those at commercial banks.

Challenges in Narrowing Gender Gaps Remain

Despite the benefits of incorporating women into the financial system, substantial gender gaps in the usage of financial services persist. These gaps are particularly evident in the usage of deposit and loan accounts. Globally, women’s outstanding deposit amounts as percentage of men’s stand at 64 percent, while their outstanding loan balances account for only 46 percent of men’s. In terms of regional differences, advanced economies demonstrate a more gender-equal financial inclusion compared to emerging economies. Among the latter, emerging and developing Europe and Latin America and the Caribbean show relatively higher gender equality.

Lending to SMEs Declined

Data from FAS indicate a decrease in the outstanding amounts of SME loans from 2021 to 2023 in most economies that reported this information. Although several supportive policies were introduced during the COVID-19 Pandemic, subsequent developments, including tighter financial conditions and geopolitical tensions, may have contributed to the decline in SME loans.

Additional Enhancements to the FAS are Being Tested

To ensure the FAS data remain vital for informing financial inclusion policy, a pilot exercise is underway to assess the potential for enhancing the FAS. This includes incorporating additional gender disaggregation, information on new fintech services, and important factors such as loan pricing and risks, especially for underserved populations.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/10/30/pr-24400-imf-releases-the-2024-financial-access-survey-results

MIL OSI

MIL OSI Russia News –

January 25, 2025

MIL-OSI Australia: New funding to be delivered for remote airstrip upgrades

Source: Australian Ministers 1

Organisations and community groups who manage airports and airstrips across remote Australia will be able to apply for new funding to deliver critical upgrades from Monday, with $25 million available under a new round of funding.

The highly successful Remote Airstrip Upgrade (RAU) Program provides funding to improve the safety and accessibility of aerodromes in remote and very remote areas of Australia.

Remote airstrips provide critical access for Australians living in the far reaches of our country by connecting them with services in major regional centres, but they’re also vital to the delivery of urgent supplies and facilitation of life-saving emergency flights.

Upgrade works under the Program may include improving all-weather capabilities such as sealing or resealing runways to ensure air operators can land safely and without damaging their aircraft, or lighting to allow aircraft to land at night.

This latest grant funding will also encourage successful applicants to use the allocated funding to conduct safety training for key operational personnel.

The Albanese Government has committed $50 million in the 2024-25 Budget to deliver an additional two rounds of the RAU Program.

Applications for Round 11 are set to open from Monday, 4 November for grants of between $5,000 and $4 million covering 50 per cent of eligible costs, or up to 100 per cent for Indigenous-owned and/or operated aerodromes that meet certain requirements.

Following feedback from previous rounds of the RAU Program, Round 11 has been expanded to support improved access to air services for people with disability. This may include items such as ramps, signage or aircraft boarding facilities.

These works can be undertaken as a standalone project or in conjunction with other safety and access works at the airport.

More information on the RAU Program, including Round 11 Guidelines, will be available at business.gov.au from Monday 4 November.

Quotes attributable to Assistant Minister for Regional Development and Senator for Queensland, Anthony Chisholm:

“Safe and accessible airstrips are critical to safeguarding the quality of life in many remote and very remote communities across Australia, as they keep essential services running and allow businesses to grow and thrive.

“Improving the resilience of these aerodromes will also mean people who are based in remote areas can continue to live, do business and retire there, knowing they will have access to the emergency and other services needed in any stage of life.

“As remote communities across Northern Australia head into another wet season and bushfire warnings become more frequent across the country, I urge aerodrome owners and operators to take a look at the guidelines and consider applying to make their priority upgrades a reality.

“The Aviation White Paper backed this Program due to its support for some of our most vulnerable who reside in these remote communities, so I’m pleased to hear that measures allowing people with a disability to access air services have been prioritised under the RAU.”

MIL OSI News –

January 25, 2025
MIL-OSI Australia: Batchelor Search and Rescue Exercise Enhances NT Police Capabilities

Source: Northern Territory Police and Fire Services

The Northern Territory Police Search and Rescue Section (SRS) conducted an intensive search and rescue exercise (SAREX) in Batchelor last week, focusing on testing and refining the agency’s land search and rescue response capabilities. The exercise showcased the effectiveness of deploying K9 units and other specialist police assets in challenging field conditions, vital for enhancing operational readiness across the Territory.

The exercise revolved around a simulated missing person report, where the search began after an abandoned vehicle was discovered on a remote dirt road in Batchelor. The scenario required the missing person, who had wandered a considerable distance from the vehicle, to be located by the Northern Territory (NT) Search and Rescue K9 Unit, an external agency working in collaboration with our NT Police Dog Operations Unit. Various specialist sections of NT Police were deployed to establish a field search headquarters, coordinate search efforts, and safely recover the missing person according to the rescue plan.

As part of NT Police’s responsibility under the Intergovernmental Agreement, the SRS coordinates both marine and land search and rescue operations. This recent training exercise provided a critical opportunity to assess the deployability of police SAR assets to regional and remote areas, demonstrating the team’s ability to respond to emergencies across varied and demanding terrains.

Acting Sergeant Chris Grotherr explained, “The main purpose of this SAREX was to test our Land SAR response capabilities, particularly the deployment of K9 assets in the field, alongside other specialist resources, such as the Mounted Unit, motorcycles, ATVs, and drone capability. This allows us to identify gaps in our capabilities and find ways to bridge them, ensuring we are constantly improving our readiness for future operations.”

The exercise also offered vital training for SRS and other specialist police sections, helping them understand local conditions at this time of year and the specific challenges associated with the terrain in the Batchelor region.

In the 12 months ending June 2024, the SRS responded to over 80 search and rescue incidents across the NT, assisting 93 people and saving 10 lives. These successes highlight the importance of ongoing training and multi-agency collaboration. Regular exercises like the one in Batchelor help the team maintain proficiency in operating specialist equipment and assets, while identifying any maintenance or serviceability issues that need to be addressed.

“Operating specialist equipment in real-world conditions is key to maintaining our proficiency and ensuring all assets are mission-ready,” A/Sgt Grotherr added. “The insights gained from this exercise are invaluable in fine-tuning our response strategies moving forward.”

The NT Police are dedicated to maintaining a high standard of search and rescue readiness, working continuously to enhance their operations and ensure the safety of all Territorians, no matter the challenge or location.

Media Note: Imagery, including interview footage, overlays, and still shots, is available upon request.

MIL OSI News –

January 25, 2025
MIL-OSI Europe: Minister Calleary announces key milestone in the implementation of the EU regulation on AI
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

31st October 2024

Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, today published a list of nine national public authorities responsible for protecting fundamental rights under the EU Artificial Intelligence (AI) Act.

These authorities will get additional powers under the AI Act to facilitate them in carrying out their current responsibilities for protecting fundamental rights in circumstances where use of AI poses a high risk to those rights. For example, the authorities will have the power to access documentation that developers and deployers of AI systems are required to hold under the AI Act.

This action fulfils Ireland’s first obligation for the national implementation of the AI Act.

The list of authorities is as follows:
- An Coimisiún Toghcháin
- Coimisiún na Meán
- Data Protection Commission
- Environmental Protection Agency
- Financial Services & Pensions Ombudsman
- Irish Human Rights & Equality Commission
- Ombudsman
- Ombudsman for Children
- Ombudsman for the Defence Forces
Minister Calleary commented,

“AI can provide many benefits for our society and our economy. However, AI also comes with certain risks. The EU AI Act will have a critical role in addressing these risks and in promoting human-centric, trustworthy AI. It will establish a regulatory framework for the development and use of AI systems to provide a high level of protection to people’s health, safety, and fundamental rights.

“The government is committed to comprehensive and effective implementation of the AI Act and the publication of this list is an important first step in this regard. The additional powers these authorities will acquire under the AI Act will support them in protecting fundamental rights in circumstances where certain high-risk AI systems are used.”

This list will be notified to the European Commission. It will be kept under review by the Minister and can be updated at any time to reflect future changes in the national authorities.

Note to Editors

The pioneering EU Artificial Intelligence (AI) Act, which entered into force on 2nd August 2024, provides a harmonised regulatory framework for AI systems developed or deployed in the EU. It is the most comprehensive such framework in the world. It is designed to provide a high level of protection to people’s health, safety, and fundamental rights and to promote the adoption of human-centric, trustworthy AI. The Act adopts a risk-based approach to regulation and focuses on applications of AI systems to ensure that its regulatory provisions are targeted and proportionate. Its provisions will apply, in a phased manner, over the 36-month period from entry into force.

The AI Act is an EU Regulation and consequently has direct effect in all Member States, however, it places obligations on Member States to provide for implementation and enforcement at national level.

The first obligation on Member States under the Act is to identify national public authorities which supervise or enforce the respect of obligations under Union law protecting fundamental rights, including the right to non-discrimination, in relation to certain high-risk uses of AI systems, specified the Act. Under the Act, fundamental rights are those enshrined in the EU Charter of Fundamental Rights, including democracy, the rule of law and environmental protection. This list of authorities must be published, and notified to the European Commission, by 2 November 2024.

The identified authorities will not be competent authorities for the Act, nor will any obligations, responsibilities or tasks be assigned to them. Rather, identified authorities will get additional powers to facilitate them in carrying out their current mandates in circumstances involving the use of AI systems. These powers will apply from 2 August 2026.

ENDS

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MIL OSI Europe News –
January 25, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q3 2024 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended September 30, 2024, or $0.45 diluted earnings per share, as compared to net income of $795 thousand, or $0.31 diluted earnings per share, for the quarter ended June 30, 2024, and $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2023. The Company also announced today that its Board of Directors declared a cash dividend on common stock of $0.19 per share, payable on November 26, 2024 to stockholders of record as of the close of business on November 12, 2024.

Comments from the President and Chief Executive Officer

“For the first time in our history, loans surpassed $900 million, and we continued to grow deposits. These production improvements came as we held operating expenses steady, demonstrating our ability to grow the Bank efficiently,” remarked Laurie Stewart, President and Chief Executive Officer. “We also completed a major upgrade to our online banking services and have received positive feedback on this from our clients,” concluded Ms. Stewart.

“Net income increased 45% from the prior quarter primarily due to the improvement in our net interest margin, which was driven by the repricing and origination of new loans at higher market rates. At the same time, funding costs increased at a slower pace, as the majority of our deposits had already been repriced. We also made progress in transitioning time deposits to savings and money market accounts, which typically carry lower rates and provide more flexibility for future repricing,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “As always, we remain focused on maintaining strong asset quality. Non-performing loans decreased from the prior quarter-end and we are actively utilizing available remedies to address the remaining problem loans.”

Q3 2024 Financial Performance
Total assets increased $26.1 million or 2.4% to $1.10 billion at September 30, 2024, from $1.07 billion at June 30, 2024, and increased $70.8 million or 6.9% from $1.03 billion at September 30, 2023.				Net interest income increased $425 thousand or 5.7% to $7.9 million for the quarter ended September 30, 2024, from $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand or 3.6% from $8.2 million for the quarter ended September 30, 2023.

				Net interest margin (“NIM”), annualized, was 2.98% for the quarter ended September 30, 2024, compared to 2.92% for the quarter ended June 30, 2024 and 3.38% for the quarter ended September 30, 2023.
Loans held-for-portfolio increased $12.5 million or 1.4% to $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024, and increased $26.3 million or 3.0% from $875.4 million at September 30, 2023.
				An $8 thousand provision for credit losses was recorded for the quarter ended September 30, 2024, compared to a $109 thousand and a $75 thousand release of provision for credit losses for the quarters ended June 30, 2024 and September 30, 2023, respectively. At September 30, 2024, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.96% at both June 30, 2024 and September 30, 2023.
Total deposits increased $23.4 million or 2.6% to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024, and increased $69.3 million or 8.1% from $860.9 million at September 30, 2023. Noninterest-bearing deposits increased $4.8 million or 3.8% to $129.7 million at September 30, 2024 compared to $124.9 million at June 30, 2024, and decreased $24.2 million or 15.7% compared to $153.9 million at September 30, 2023.
				Total noninterest income increased $73 thousand or 6.3% to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand or 14.2% compared to the quarter ended September 30, 2023.
The loans-to-deposits ratio was 97% at September 30, 2024, compared to 98% at June 30, 2024 and 102% at September 30, 2023.
				Total noninterest expense decreased $58 thousand or 0.7% to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand or 0.4% from compared to the quarter ended September 30, 2023.
Total nonperforming loans decreased $420 thousand or 4.7% to $8.5 million at September 30, 2024, from $8.9 million at June 30, 2024, and increased $6.7 million or 381.8% from $1.8 million at September 30, 2023. Nonperforming loans to total loans was 0.94% and the allowance for credit losses on loans to total nonperforming loans was 101.13% at September 30, 2024.
				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at September 30, 2024.

Operating Results

Net interest income increased $425 thousand, or 5.7%, to $7.9 million for the quarter ended September 30, 2024, compared to $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand, or 3.6%, from $8.2 million for the quarter ended September 30, 2023.The increase from the prior quarter was primarily due to a higher average yield on interest-earning assets, particularly loans receivable, and an increase in the average balances of both loans receivable and interest-earning cash. This was partially offset by a more modest rise in the cost of funds, as higher cost earnings interest-bearing deposits decreased by the end of the third quarter of 2024, limiting the growth in funding costs compared to the prior quarter. The decrease in net interest income compared to the same quarter one year ago was primarily due to higher funding costs, specifically, increased rates on and balances of money market and certificate accounts, partially offset by an increase in the average yield earned on interest-earning assets.

Interest income increased $799 thousand, or 5.7%, to $14.8 million for the quarter ended September 30, 2024, compared to $14.0 million for the quarter ended June 30, 2024, and increased $2.2 million, or 17.0%, from $12.7 million for the quarter ended September 30, 2023. The increase from the prior quarter was primarily due to a higher average balance of loans and interest-bearing cash, along with a 14 basis point increase in the average loan yield, reflecting higher rates on newly originated loans and upward adjustments to rates on existing variable rate loans. The increase in interest income compared to the same quarter last year was due primarily to higher average balances of loans and interest-bearing cash, a 41 basis point increase in the average yield on loans, a 20 basis point increase in the average yield on interest-bearing cash, and a seven basis point increase in the average yield on investments, partially offset by a decline in the average balance of investments.

Interest income on loans increased $556 thousand, or 4.5%, to $12.9 million for the quarter ended September 30, 2024, compared to $12.3 million for the quarter ended June 30, 2024, and increased $1.4 million, or 11.9%, from $11.5 million for the quarter ended September 30, 2023. The average balance of total loans was $898.6 million for the quarter ended September 30, 2024, up from $891.9 million for the quarter ended June 30, 2024 and $862.4 million for the quarter ended September 30, 2023. The average yield on total loans was 5.70% for the quarter ended September 30, 2024, up from 5.56% for the quarter ended June 30, 2024 and 5.29% for the quarter ended September 30, 2023. The increase in the average loan yield during the current quarter, compared to both the prior quarter and the third quarter of 2023, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the third quarter of 2023. The increase in the average balance during the current quarter compared to the prior quarter was primarily due to growth in commercial and multifamily loans, manufactured housing loans and consumer loans, with the growth in consumer loans coming primarily from floating home loans. This was partially offset by a decline in construction and land loans. The average balances for commercial business loans and one-to-four family loans remained relatively flat from the second quarter of 2024. The increase in the average balance of loans during the current quarter compared to the third quarter of 2023 was primarily due to loan growth across all categories, except for one-to-four family loans, construction and land loans, and commercial business loans, with the largest decrease being in construction and land loans.

Interest income on investments was $132 thousand for the quarter ended September 30, 2024, compared to $133 thousand for the quarter ended June 30, 2024, and $139 thousand for the quarter ended September 30, 2023. Interest income on interest-bearing cash increased $244 thousand to $1.8 million for the quarter ended September 30, 2024, compared to $1.6 million for the quarter ended June 30, 2024, and increased $788 thousand from $1.0 million for the quarter ended September 30, 2023. These increases were due to higher average balances of interest-bearing cash, with the increase from the same quarter in the prior year also resulting from a higher average yield.

Interest expense increased $374 thousand, or 5.7%, to $7.0 million for the quarter ended September 30, 2024, from $6.6 million for the quarter ended June 30, 2024, and increased $2.4 million, or 54.2%, from $4.5 million for the quarter ended September 30, 2023. The increase in interest expense during the current quarter from the prior quarter was primarily the result of a $38.8 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on these accounts, partially offset by a $13.9 million decrease in the average balance of certificate accounts. The increase in interest expense during the current quarter from the comparable period a year ago was primarily the result of a $9.8 million increase in the average balance of certificate accounts and a $148.1 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on all interest-bearing deposits. This was partially offset by a $46.3 million decrease in the average balance of demand and NOW accounts and a $2.8 million decrease in the average balance of FHLB advances. The average cost of deposits was 2.74% for the quarter ended September 30, 2024, up from 2.67% for the quarter ended June 30, 2024 and 1.85% for the quarter ended September 30, 2023. The average cost of FHLB advances was 4.32% for both the quarters ended September 30, 2024 and June 30, 2024, and down from 4.38% for the quarter ended September 30, 2023.

NIM (annualized) was 2.98% for the quarter ended September 30, 2024, up from 2.92% for the quarter ended June 30, 2024 and down from 3.38% for the quarter ended September 30, 2023. The increase in NIM from the prior quarter was result of an increase in interest income on interest-earning assets, partially offset by an increase in the cost of funding. The decrease in NIM from the quarter one year ago was primarily due to the cost of funding increasing at a faster pace than the yield earned on interest-earning assets, driven by the higher average balance of higher costing money market and certificate accounts.

A provision for credit losses of $8 thousand was recorded for the quarter ended September 30, 2024, consisting of a provision for credit losses on loans of $106 thousand and a release of provision for credit losses on unfunded loan commitments of $98 thousand. This compared to a release of provision for credit losses of $109 thousand for the quarter ended June 30, 2024, consisting of a release of provision for credit losses on loans of $88 thousand and a release of provision for credit losses on unfunded loan commitments of $21 thousand, and a provision for credit losses of $75 thousand for the quarter ended September 30, 2023, consisting of a provision for credit losses on loans of $224 thousand and a release of the provision for credit losses on unfunded loan commitments of$149 thousand. The increase in the provision for credit losses for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 resulted primarily from growth in the loan portfolio and higher quantitative loss rates, which were influenced by a forecast of higher unemployment, and enhancements to the loss model, including an additional qualitative adjustment related to loan review. These adjustments were partially offset by decline in the balance of the construction loan portfolio, which typically has higher loss rates, and a decrease in the qualitative risk adjustment for construction loans as projects were completed and market conditions improved. Expected loss estimates consider various factors, such as market conditions, borrower -specific information, projected delinquencies, and the impact of economic conditions on borrowers’ ability to repay.

Noninterest income increased $73 thousand, or 6.3%, to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand, or 14.2%, compared to the quarter ended September 30, 2023. The increase from the prior quarter was primarily related to a $217 thousand upward adjustment in fair value of mortgage servicing rights and a $52 thousand increase in earnings from bank-owned life insurance (“BOLI”), both influenced by fluctuating market interest rates. These gains were partially offset by a $133 thousand decrease in service charges and fee income, which was elevated in the prior quarter due to the recovery of potential future lost fee income due to vendor error. Additionally, there was a $34 thousand decrease in net gain on sale of loans, due to lower sales volume, and a $30 thousand decrease in gain on disposal of assets due to insurance claims on the loss of fully depreciated assets in second quarter of 2024. The increase in noninterest income from the comparable period in 2023 was primarily due to an $98 thousand increase in earnings on BOLI due to market rate fluctuations, and an $179 thousand increase in the fair value adjustment on mortgage servicing rights due to changes in prepayment speeds, servicing costs, and discount rate. These increases were partially offset by a $72 thousand decrease in service charges and fee income primarily due to a volume incentive paid by Mastercard in 2023, a $36 thousand decrease in net gain on sale of loans for reason similar to those noted above, and a decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than we are replacing the loans. Additionally, mortgage servicing income decreased by $15 thousand compared to the third quarter of 2023. Loans sold during the quarter ended September 30, 2024, totaled $2.4 million, compared to $4.0 million and $4.4 million of loans sold during the quarters ended June 30, 2024 and September 30, 2023, respectively.

Noninterest expense decreased $58 thousand, or 0.7%, to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand, or 0.4%, from the quarter ended September 30, 2023. The decrease from the quarter ended June 30, 2024 was primarily a result of lower a $189 thousand decrease in salaries and benefits, primarily due to lower incentive compensation accruals. This was partially offset by an $157 thousand increase in data processing expenses, largely due to a vendor reimbursement received in the previous quarter for software implementation costs. Additionally, regulatory assessments declined $31 thousand due to a lower accrual for exam costs. Compared to same quarter in 2023, the decrease in noninterest expense was primarily due to lower operations, data processing, and occupancy expenses, which were partially offset by a $321 thousand increase in salaries and benefits. Operations expenses decreased due to reduction in loan originations costs, office expenses, marketing costs, legal fees, and charitable contributions, partially offset by an operational loss from a fraudulently obtained loan charged off in the third quarter of 2024. Data processing expenses decreased due to one-time costs related to new technology implemented in 2023, while occupancy expenses decreased primarily due fully amortized leasehold improvements. The increase in salaries and benefits compared to the third quarter of 2023 reflected higher incentive compensation, medical expenses, retirement plan costs, and directors’ fees (due to the addition of a new director), partially offset by lower salaries from a restructuring of positions at the end of 2023.

Balance Sheet Review, Capital Management and Credit Quality

Assets at September 30, 2024 totaled $1.10 billion, an increase from $1.07 billion at June 30, 2024 and $1.03 billion at September 30, 2023. The increase in total assets from June 30, 2024 and one year ago was primarily due to an increase in cash and cash equivalents and in loans held-for-portfolio.

Cash and cash equivalents increased $13.8 million, or 10.2%, to $148.9 million at September 30, 2024, compared to $135.1 million at June 30, 2024, and increased $47.0 million, or 46.2%, from $101.9 million at September 30, 2023. The increase from the prior quarter and from one year ago was primarily due to the increase in deposits exceeding the increase in loans held-for-portfolio.

Investment securities increased $28 thousand, or 0.3%, to $10.2 million at September 30, 2024, compared to $10.1 million at June 30, 2024, and increased $17 thousand, or 0.2%, from $10.2 million at September 30, 2023. Held-to-maturity securities totaled $2.1 million at both September 30, 2024 and June 30, 2024, and totaled $2.2 million at September 30, 2023. Available-for-sale securities totaled $8.0 million at September 30, 2024, June 30, 2024 and September 30, 2023.

Loans held-for-portfolio were $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024 and $875.4 million at September 30, 2023. The increase from to June 30, 2024, primarily resulted from growth in one-to-four family home loans, commercial and multifamily loans, as well as manufactured home and floating home loans, partially offset by decreases in construction and land loans and home equity loans. The increase in one-to-four family home loans was primarily due to new originations exceeding prepayments during the quarter, while the increase in commercial and multifamily loans primarily resulted from conversion of construction projects to permanent financing. The increase in manufactured home loans and floating home loans relates to continued strong demand for this type of financing in our market. The decrease in construction and land loans was primarily due to project completions and reduced demand caused by higher interest rates, which limited new financing opportunities. The decrease in home equity loans reflected normal payment fluctuations. Compared to September 30, 2024, the overall increase in loans held-for-portfolio was due to sustained strong loan demand and slower prepayment activity, with increases primarily related to commercial and multifamily loans, home equity loans, manufactured home loans and floating home loans.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, decreased $420 thousand, or 4.7%, to $8.6 million at September 30, 2024, from $9.0 million at June 30, 2024 and increased $6.3 million, or 268.2%, from $2.3 million at September 30, 2023. The decrease in NPAs from June 30, 2024 was primarily due to the payoff of three loans totaling $175 thousand and one loan totaling $421 thousand returning to accrual status, partially offset by the addition of eight loans totaling $260 thousand to nonaccrual. The increase in NPAs from one year ago was primarily due to the placement of an additional $7.7 million of loans on nonaccrual status, which included a $3.7 million matured commercial real estate loan where the borrower is in the process of securing financing from another lender, a $2.4 million floating home loan, and a $985 thousand commercial real estate loan, all of which are well secured, and one manufactured home loan of $115 thousand that was repossessed in the first quarter of 2024. These additions were partially offset by the payoff of seven loans totaling $877 thousand, and normal payment amortization.

NPAs to total assets were 0.78%, 0.84% and 0.23% at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at September 30, 2024, compared to 0.96% at both June 30, 2024 and September 30, 2023. Net loan charge-offs for the third quarter of 2024 totaled $14 thousand, compared to $17 thousand for the second quarter of 2023, and $3 thousand for the third quarter of 2023.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming Loans:
One-to-four family	$	745		$	822		$	835		$	1,108		$	1,137
Home equity loans		338			342			83			84			86
Commercial and multifamily		4,719			5,161			4,747			—			306
Construction and land		25			28			29			—			78
Manufactured homes		230			136			166			228			151
Floating homes		2,377			2,417			3,192			—			—
Commercial business		23			—			—			2,135			—
Other consumer		32			3			1			1			4
Total nonperforming loans		8,489			8,909			9,053			3,556			1,762
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			575			575			575
Manufactured homes		115			115			115			—			—
Total OREO and repossessed assets		115			115			690			575			575
Total NPAs	$	8,604		$	9,024		$	9,743		$	4,131		$	2,337

Percentage of Nonperforming Loans:
One-to-four family		8.7	%		9.1	%		8.5	%		26.9	%		48.7	%
Home equity loans		3.9			3.8			0.9			2.0			3.7
Commercial and multifamily		54.8			57.2			48.7			—			13.1
Construction and land		0.3			0.3			0.3			—			3.3
Manufactured homes		2.7			1.5			1.7			5.5			6.4
Floating homes		27.6			26.8			32.8			—			—
Commercial business		0.3			—			—			51.7			—
Other consumer		0.4			—			—			—			0.2
Total nonperforming loans		98.7			98.7			92.9			86.1			75.4
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			5.9			13.9			24.6
Manufactured homes		1.3			1.3			1.2			—			—
Total OREO and repossessed assets		1.3			1.3			7.1			13.9			24.6
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,493		$	8,598		$	8,760		$	8,438		$	8,217
(Release of) Provision for credit losses during the period		106			(88	)		(106	)		337			224
Net charge-offs during the period		(14	)		(17	)		(56	)		(15	)		(3	)
Balance at end of period	$	8,585		$	8,493		$	8,598		$	8,760		$	8,438
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	245		$	266		$	193		$	557		$	706
(Release of) Provision for credit		(98	)		(21	)		73			(364	)		(149	)
Balance at end of period		147			245			266			193			557
Allowance for Credit Losses	$	8,732		$	8,738		$	8,864		$	8,953		$	8,995
Allowance for credit losses on loans to total loans		0.95	%		0.96	%		0.96	%		0.98	%		0.96	%
Allowance for credit losses to total loans		0.97	%		0.98	%		0.99	%		1.00	%		1.03	%
Allowance for credit losses on loans to total nonperforming loans		101.13	%		95.33	%		94.97	%		246.34	%		478.89	%
Allowance for credit losses to total nonperforming loans		102.86	%		98.08	%		97.91	%		251.77	%		510.50	%

Deposits increased $23.4 million, or 2.6%, to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024 and increased $69.3 million, or 8.1%, from $860.9 million at September 30, 2023. The increase in deposits compared to the prior quarter-end was primarily a result of an increase of $17.0 million related to one new depositor relationship, as well as a $5.3 million increase in related party money market deposits. Compared to a year ago, the increase was primarily a result of an increase in certificate accounts and money market accounts, including $50.2 million of related party deposits, which helped fund organic loan growth. These increases were partially offset by decreases in noninterest-bearing and interest-bearing demand accounts and savings accounts, as interest rate sensitive clients shifted funds from lower-cost deposits, such as noninterest-bearing deposits, into higher rate money market and time deposits. Noninterest-bearing deposits increased $4.8 million, or 3.8%, to $129.7 million at September 30, 2024, compared to $124.9 million at June 30, 2024 and decreased $24.2 million, or 15.7%, from $153.9 million at September 30, 2023. Noninterest-bearing deposits represented 14.0%, 13.8% and 17.9% of total deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

FHLB advances totaled $40.0 million at each of September 30, 2024, June 30, 2024, and September 30, 2023. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at September 30, 2024 had maturities ranging from late 2024 through early 2028. Subordinated notes, net totaled $11.7 million at each of September 30, 2024, June 30, 2024 and September 30, 2023.

Stockholders’ equity totaled $102.2 million at September 30, 2024, an increase of $892 thousand, or 0.9%, from $101.3 million at June 30, 2024, and an increase of $2.0 million, or 2.0%, from $100.2 million at September 30, 2023. The increase in stockholders’ equity from June 30, 2024 was primarily the result of $1.2 million of net income earned during the current quarter and a $127 thousand decrease in accumulated other comprehensive loss, net of tax, partially offset by the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans; expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Interest income	$	14,838	$	14,039		$	13,760		$	13,337		$	12,686
Interest expense		6,965		6,591			6,300			5,770			4,518
Net interest income		7,873		7,448			7,460			7,567			8,168
Provision for (release of) credit losses		8		(109	)		(33	)		(27	)		75
Net interest income after provision for (release of) credit losses		7,865		7,557			7,493			7,594			8,093
Noninterest income:
Service charges and fee income		628		761			612			576			700
Earnings on bank-owned life insurance		186		134			177			222			88
Mortgage servicing income		280		279			282			288			295
Fair value adjustment on mortgage servicing rights		101		(116	)		(65	)		(96	)		(78	)
Net gain on sale of loans		40		74			90			76			76
Other income		—		30			—			—			—
Total noninterest income		1,235		1,162			1,096			1,066			1,081
Noninterest expense:
Salaries and benefits		4,469		4,658			4,543			3,802			4,148
Operations		1,540		1,569			1,457			1,537			1,625
Regulatory assessments		189		220			189			198			183
Occupancy		414		397			444			458			458
Data processing		1,067		910			1,017			1,311			1,296
Net (gain) loss on OREO and repossessed assets		—		(17	)		6			—			—
Total noninterest expense		7,679		7,737			7,656			7,306			7,710
Income before provision for income taxes		1,421		982			933			1,354			1,464
Provision for income taxes		267		187			163			143			295
Net income	$	1,154	$	795		$	770		$	1,211		$	1,169

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Nine Months Ended September 30
		2024			2023
Interest income	$	42,638		$	37,273
Interest expense		19,856			10,990
Net interest income		22,782			26,283
(Release of) provision for credit losses		(134	)		(246	)
Net interest income after (release of) provision for credit losses		22,916			26,529
Noninterest income:
Service charges and fee income		2,001			1,951
Earnings on bank-owned life insurance		498			957
Mortgage servicing income		841			891
Fair value adjustment on mortgage servicing rights		(81	)		(123	)
Net gain on sale of loans		205			264
Other income		30			—
Total noninterest income		3,494			3,940
Noninterest expense:
Salaries and benefits		13,670			13,333
Operations		4,566			4,557
Regulatory assessments		598			490
Occupancy		1,255			1,352
Data processing		2,995			3,077
Net (gain) loss on OREO and repossessed assets		(10	)		13
Total noninterest expense		23,074			22,822
Income before provision for income taxes		3,336			7,647
Provision for income taxes		617			1,419
Net income	$	2,719		$	6,228

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
ASSETS
Cash and cash equivalents	$	148,930		$	135,111		$	137,977		$	49,690		$	101,890
Available-for-sale securities, at fair value		8,032			7,996			8,115			8,287			7,980
Held-to-maturity securities, at amortized cost		2,139			2,147			2,157			2,166			2,174
Loans held-for-sale		65			257			351			603			1,153
Loans held-for-portfolio		901,733			889,274			897,877			894,478			875,434
Allowance for credit losses – loans		(8,585	)		(8,493	)		(8,598	)		(8,760	)		(8,438	)
Total loans held-for-portfolio, net		893,148			880,781			889,279			885,718			866,996
Accrued interest receivable		3,705			3,413			3,617			3,452			3,415
Bank-owned life insurance, net		22,363			22,172			22,037			21,860			21,638
Other real estate owned (“OREO”) and other repossessed assets, net		115			115			690			575			575
Mortgage servicing rights, at fair value		4,665			4,540			4,612			4,632			4,681
Federal Home Loan Bank (“FHLB”) stock, at cost		2,405			2,406			2,406			2,396			2,783
Premises and equipment, net		4,807			4,906			6,685			5,240			5,204
Right-of-use assets		3,779			4,020			4,259			4,496			4,732
Other assets		6,777			6,995			4,500			6,106			6,955
TOTAL ASSETS	$	1,100,930		$	1,074,859		$	1,086,685		$	995,221		$	1,030,176
LIABILITIES
Interest-bearing deposits	$	800,480		$	781,854		$	788,217		$	699,813		$	706,954
Noninterest-bearing deposits		129,717			124,915			128,666			126,726			153,921
Total deposits		930,197			906,769			916,883			826,539			860,875
Borrowings		40,000			40,000			40,000			40,000			40,000
Accrued interest payable		908			760			719			817			588
Lease liabilities		4,079			4,328			4,576			4,821			5,065
Other liabilities		9,711			9,105			9,578			9,563			9,794
Advance payments from borrowers for taxes and insurance		2,047			812			2,209			1,110			1,909
Subordinated notes, net		11,749			11,738			11,728			11,717			11,707
TOTAL LIABILITIES		998,691			973,512			985,693			894,567			929,938
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,296			28,198			28,110			27,990			28,112
Retained earnings		74,840			74,173			73,907			73,627			73,438
Accumulated other comprehensive loss, net of tax		(922	)		(1,049	)		(1,050	)		(988	)		(1,337	)
TOTAL STOCKHOLDERS’ EQUITY		102,239			101,347			100,992			100,654			100,238
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,100,930		$	1,074,859		$	1,086,685		$	995,221		$	1,030,176

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Annualized return on average assets		0.42	%		0.30	%		0.29	%		0.46	%		0.46	%
Annualized return on average equity		4.50	%		3.17	%		3.06	%		4.78	%		4.60	%
Annualized net interest margin⁽¹⁾		2.98	%		2.92	%		2.95	%		3.04	%		3.38	%
Annualized efficiency ratio⁽²⁾		84.31	%		89.86	%		89.48	%		84.63	%		83.36	%
_{(1) Net interest income divided by average interest earning assets.}
_{(2) Noninterest expense divided by total revenue (net interest income and noninterest income).}

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Basic earnings per share	$	0.45	$	0.31	$	0.30	$	0.47	$	0.45
Diluted earnings per share	$	0.45	$	0.31	$	0.30	$	0.47	$	0.45
Weighted-average basic shares outstanding		2,544,233		2,540,538		2,539,213		2,542,175		2,553,773
Weighted-average diluted shares outstanding		2,569,368		2,559,015		2,556,958		2,560,656		2,571,808
Common shares outstanding at period-end		2,564,095		2,557,284		2,558,546		2,549,427		2,568,054
Book value per share	$	39.87	$	39.63	$	39.47	$	39.48	$	39.03

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following tables present, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	898,570		$	12,876	5.70	%	$	891,863		$	12,320	5.56	%	$	862,397		$	11,505	5.29	%
Interest-earning cash		138,240			1,830	5.27	%		120,804			1,586	5.28	%		81,616			1,042	5.07	%
Investments		13,806			132	3.80	%		13,935			133	3.84	%		14,793			139	3.73	%
Total interest-earning assets	$	1,050,616			14,838	5.62	%		1,026,602		$	14,039	5.50	%	$	958,806			12,686	5.25	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	340,281			2,688	3.14	%	$	301,454			2,115	2.82	%	$	192,214			720	1.49	%
Demand and NOW accounts		148,252			151	0.41	%		153,739			148	0.39	%		194,561			173	0.35	%
Certificate accounts		303,632			3,524	4.62	%		317,496			3,731	4.73	%		293,820			2,984	4.03	%
Subordinated notes		11,745			168	5.69	%		11,735			168	5.76	%		11,703			168	5.70	%
Borrowings		40,000			434	4.32	%		40,000			429	4.31	%		42,815			473	4.38	%
Total interest-bearing liabilities	$	843,910			6,965	3.28	%	$	824,424			6,591	3.22	%	$	735,113			4,518	2.44	%
Net interest income/spread				$	7,873	2.34	%				$	7,448	2.28	%				$	8,168	2.81	%
Net interest margin						2.98	%						2.92	%						3.38	%

Ratio of interest-earning assets to interest-bearing liabilities		124	%						125	%						130	%
Noninterest-bearing deposits	$	132,762						$	128,878						$	151,298
Total deposits		924,927		$	6,363	2.74	%		901,567		$	5,994	2.67	%		831,893		$	3,877	1.85	%
Total funding ⁽¹⁾		976,672			6,965	2.84	%		953,302			6,591	2.78	%		886,411			4,518	2.02	%
_{(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.}

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/ Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	895,300		$	37,429	5.58	%	$	865,357		$	34,437	5.32	%
Interest-earning cash		122,194			4,832	5.28	%		70,094			2,447	4.67	%
Investments		12,607			377	3.99	%		13,962			389	3.73	%
Total interest-earning assets	$	1,030,101			42,638	5.53	%	$	949,413			37,273	5.25	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	308,845			6,669	2.88	%	$	173,319			1,197	0.92	%
Demand and NOW accounts		153,897			440	0.38	%		216,753			587	0.36	%
Certificate accounts		312,176			10,950	4.69	%		273,564			7,182	3.51	%
Subordinated notes		11,735			504	5.74	%		11,693			504	5.76	%
Borrowings		40,000			1,293	4.32	%		45,280			1,520	4.49	%
Total interest-bearing liabilities	$	826,653			19,856	3.21	%	$	720,609			10,990	2.04	%
Net interest income/spread				$	22,782	2.32	%				$	26,283	3.21	%
Net interest margin						2.95	%						3.70	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						132	%
Noninterest-bearing deposits	$	131,365						$	161,051
Total deposits		906,283		$	18,059	2.66	%		824,687		$	8,966	1.45	%
Total funding ⁽¹⁾		958,018			19,856	2.77	%		881,660			10,990	1.67	%
_{(1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.}

LOANS
(Dollars in thousands, unaudited)

	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Real estate loans:
One-to-four family	$	271,702		$	268,488		$	279,213		$	279,448		$	280,556
Home equity		25,199			26,185			24,380			23,073			21,313
Commercial and multifamily		358,587			342,632			324,483			315,280			304,252
Construction and land		85,724			96,962			111,726			126,758			118,619
Total real estate loans		741,212			734,267			739,802			744,559			724,740
Consumer Loans:
Manufactured homes		40,371			38,953			37,583			36,193			34,652
Floating homes		86,155			81,622			84,237			75,108			73,716
Other consumer		18,266			18,422			18,847			19,612			18,710
Total consumer loans		144,792			138,997			140,667			130,913			127,078
Commercial business loans		17,481			17,860			19,075			20,688			25,033
Total loans		903,485			891,124			899,544			896,160			876,851
Less:
Premiums		736			754			808			829			850
Deferred fees, net		(2,488	)		(2,604	)		(2,475	)		(2,511	)		(2,267	)
Allowance for credit losses – loans		(8,585	)		(8,493	)		(8,598	)		(8,760	)		(8,438	)
Total loans held-for-portfolio, net	$	893,148		$	880,781		$	889,279		$	885,718		$	866,996

DEPOSITS
(Dollars in thousands, unaudited)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Noninterest-bearing demand	$	129,717	$	124,915	$	128,666	$	126,726	$	153,921
Interest-bearing demand		148,740		152,829		159,178		168,346		185,441
Savings		61,455		63,368		65,723		69,461		76,729
Money market⁽¹⁾		285,655		253,873		241,976		154,044		143,558
Certificates		304,630		311,784		321,340		307,962		301,226
Total deposits	$	930,197	$	906,769	$	916,883	$	826,539	$	860,875
_{(1) Includes $5.0 million of brokered deposits at December 31, 2023.}

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Total nonperforming loans	$	8,489		$	8,909		$	9,053		$	3,556		$	1,762
OREO and other repossessed assets		115			115			690			575			575
Total nonperforming assets	$	8,604		$	9,024		$	9,743		$	4,131		$	2,337
Net charge-offs during the quarter	$	(14	)	$	(17	)	$	(56	)	$	(15	)	$	(3	)
Provision for (release of) credit losses during the quarter		8			(109	)		(33	)		(27	)		75
Allowance for credit losses – loans		8,585			8,493			8,598			8,760			8,438
Allowance for credit losses – loans to total loans		0.95	%		0.96	%		0.96	%		0.98	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		101.13	%		95.33	%		94.97	%		246.34	%		478.89	%
Nonperforming loans to total loans		0.94	%		1.00	%		1.01	%		0.40	%		0.20	%
Nonperforming assets to total assets		0.78	%		0.84	%		0.90	%		0.42	%		0.23	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023

Total loans to total deposits		97.13	%		98.27	%		98.11	%		108.42	%		101.86	%
Noninterest-bearing deposits to total deposits		13.95	%		13.78	%		14.03	%		15.33	%		17.88	%

Average total assets for the quarter	$	1,095,404		$	1,070,579		$	1,062,036		$	1,033,985		$	1,005,223
Average total equity for the quarter	$	102,059		$	100,961		$	101,292		$	100,612		$	100,927

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

January 25, 2025

MIL-OSI: Enovix Announces Pricing of Public Offering of Common Stock

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (NASDAQ: ENVX), a global high-performance battery company, today announced the pricing of an underwritten public offering of 10,416,667 shares of its common stock for total gross proceeds of $100 million before deducting underwriting discounts and commissions and estimated offering expenses payable by Enovix. The offering is expected to close on November 1, 2024, subject to satisfaction of customary closing conditions. All of the shares of common stock in the offering will be sold by Enovix.

Enovix has granted the underwriter a 30-day option to purchase up to an additional 1,562,500 shares of its common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

Enovix intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and short-term investments, for general corporate purposes, and for working capital and capital expenses to achieve high-volume manufacturing at its high-volume production facility “Fab2” in Penang, Malaysia.

The securities described above are being offered by Enovix pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed on August 9, 2023 and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on August 18, 2023. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website located at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may also be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59^th Street, 6^th Floor, or by email at prospectus@cantor.com.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Enovix

Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Enovix’s anticipated public offering. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “achieve,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release, such as the intended offering terms, are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions, the completion of the public offering on the anticipated terms or at all and satisfaction of customary closing conditions related to the proposed offering. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Enovix’s Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. In addition, any forward-looking statements contained in this press release represent the Enovix’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Enovix explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

For investor and media inquiries, please contact:

Enovix Corporation
Robert Lahey
Email: ir@enovix.com

The MIL Network –

January 25, 2025

MIL-OSI Economics: IMF Releases the 2024 Financial Access Survey Results

Source: International Monetary Fund

October 30, 2024

Digital Financial Services Continue to Make Gains

Traditional and Non-traditional Access Points in Recent Years (2019 to 2023)

(Number of Access Points Per 100,000 Adults)

Source: Financial Access Survey and IMF staff calculations.

Microfinance Institutions Have Continued Supporting Economically Marginalized Groups

Challenges in Narrowing Gender Gaps Remain

Lending to SMEs Declined

Additional Enhancements to the FAS are Being Tested

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: Merkley, Wyden Announce $46 Million to Boost the Klamath Basin
US Senate News:
Source: United States Senator Ron Wyden (D-Ore)

October 30, 2024

Federal funding will help restore the Klamath River’s habitat following historic dam removal and further protect endangered C’waam, Koptu, and salmon

Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden today announced the U.S. Fish and Wildlife Service (USFWS) is investing a total of $46,191,133 in Bipartisan Infrastructure Law funding to boost ecosystem restoration and enhance water quality and reliability through 24 projects throughout the Klamath Basin—12 of which are taking place in Oregon.

This latest federal funding wave from the landmark law will largely fuel the Klamath River’s recovery and habitat restoration efforts following the removal of the four lower Klamath Dams in 2024—the largest dam removal effort in U.S. history.

“A key to restoring the Klamath Basin is major federal investments that will support collaborative ecosystem restoration and water improvement efforts. This funding will continue ongoing efforts I helped energize alongside the Klamath Tribes and other stakeholders to save the C’waam and Koptu, and restore the aquatic habitat and ecosystems of the Klamath River following the historic removal of the four lower Klamath Dams,” said Merkley, who visited Northern California earlier in October to tour a former dam site and celebrate removal alongside Tribes and other key partners. “Since the dams came out, we’ve seen the salmon returning home for the first time in generations. This federal investment champions projects that help ensure the C’waam, Koptu, and salmon all have an ecosystem to thrive in, while also prioritizing efforts that help this unique region’s water go farther for the Tribes, farmers, fish, and vital ecosystems that rely on it.”

“Restoration of the Klamath Basin requires significant resources just like these to catalyze the work that’s needed locally to build a stronger ecosystem and improve water quality,” Wyden said. “This fresh federal investment in the region and the big gains it will generate for jobs, recreation, and habitat will work to ensure the area’s farmers, Tribes and communities can grow and thrive for generations to come.”

As Chairman of the Senate Interior Appropriations Subcommittee, Merkley secured a historic $162 million over five years through the Bipartisan Infrastructure Law specifically dedicated to restoring ecosystems and enhancing drought resiliency work in the Klamath Basin. Today’s $46 million funding announcement from the U.S. Department of the Interior’s USFWS marks the third year of investments from this landmark law, as it follows $26 million provided in 2022 and $15 million in 2023. Merkley also convened the “Sucker Summit ” in 2018, which brought people from across the Basin together and helped lay the groundwork for these significant investments to protect the C’waam and the Koptu.

In February of this year, Merkley and Wyden announced $72 million in new federal funding for critical ecosystem restoration projects and agricultural infrastructure modernization in the Basin, as well as a historic agreement with the Klamath Tribes, Yurok Tribe, Karuk Tribe, and Klamath Water Users Association (KWUA). This Memorandum of Understanding (MOU) cemented their commitment to working together to drive long-term solutions to the Basin’s water challenges. That includes collective efforts to restore the region’s ecosystem and improve water supply and reliability for the Klamath Project.

The 12 restoration projects in Oregon—some of which are being developed by Klamath MOU group partners, as well as other Tribes and other conservation partners—are as follows:
- $13,000,000 for the Wetland Restoration on Upper Klamath Basin National Wildlife Refuge Agency Lake Units project. This will complete restoration of the Agency-Barnes wetland units of Upper Klamath National Wildlife Refuge and provide fish habitat access in Fourmile and Sevenmile creeks. Covering 14,356 acres, the restored wetland will create vital habitat for waterfowl, federally endangered Lost River and shortnose suckers (C’waam and Koptu sucker fish), and other species, making it one of the largest wetland restoration initiatives in America. MOU group partners – Ducks Unlimited and Klamath Tribes
- $3,500,000 for the Upper Williamson River Restoration Phase 2 project. This will provide fish passage to over 26 miles of the upper Williamson River and reconnect several thousand acres of adjacent wetlands and riparian habitats within the Klamath Marsh National Wildlife Refuge project area. MOU group partners – Ducks Unlimited and Klamath Tribes
- $3,179,400 for the Climate Change Resiliency Stream Restoration and Post Bootleg Fire Stream Stabilization and Restoration project. This effort includes placing approximately 400 Beaver Dam Analog, Post Assisted Log Structures, and other types of instream structures to help restore several streams in the Sprague River and Williamson River watersheds. MOU partner – Klamath Tribes
- $3,000,000 for the Lake Ewauna Restoration for the Benefit of People, Fish and Wildlife project. This funding will be used to develop and restore wetlands and shoreline around Lake Ewauna in downtown Klamath Falls for the benefit of native fish and wildlife species and to tell the story of the local Tribes, farmers, and communities in the Klamath Basin. Restorative improvements to habitat in Link River and instream habitat improvements within Lake Ewauna will benefit C’waam and Koptu suckers, native trout, migratory waterfowl, and other species. With the recently removed Klamath dams, salmon and steelhead will also be migrating through Lake Ewauna for the first time in over a century. Partners – The Klamath Watershed Partnership, City of Klamath Falls, and Klamath County Economic Development Agency
- $2,540,000 million for the Tule Lake Flow Through Infrastructure Improvement project. This encompasses a suite of infrastructure improvements and operational changes to provide natural ecosystem services with respect to water quality in the Klamath Basin. Water used for farmland irrigation would then flow through wetlands before returning to the Klamath River. In addition to water quality benefits for the Klamath River, this project will provide habitat for threatened and endangered fish, support migratory wildlife, recharge groundwater, and provide other ecosystem benefits. MOU group partners – KWUA and Tulelake Irrigation District
- $2,027,799 for the SONAR and Radio Telemetry and Spawning Surveys for Klamath Salmon project. This will be used to obtain abundance estimates of salmon and steelhead entering the reach previously blocked by the four lower Klamath dams and track salmon migrations to their spawning grounds. These metrics will provide a foundation for assessment of stock status and trends while guiding future restoration efforts in the newly accessible habitats, developing a toolset to support prioritization of future restoration and monitoring in the Klamath River. It will also provide much needed capacity for three of the six tribes on the Klamath River, allowing them to track the return of these culturally significant species. MOU group partners – Karuk Tribe, California Trout, Klamath Tribes, Yurok Tribe, Cal Poly Humboldt, and the California Department of Fish and Wildlife
- $1,253,000 for the Klamath Basin Fisheries Collaborative: Passive Integrated Transponder (PIT) Tag Monitoring and Database project. This will be used to continue to build the infrastructure required to provide Klamath Basin fisheries managers with consistent and reliable data on movements of fish using PIT tags. Work funded by this proposal includes continuing to improve on existing fish monitoring efforts by coordinating activities and collaborating on tasks, as well as advancing data exchange by refining the user interface and providing technical support to data providers. Partner – Pacific States Marine Fisheries Commission
- $500,000 for the Implementation of Integrated Fisheries Restoration and Monitoring Plan (IFRMP) project. This will fund a USFWS initiative to support Klamath Basin stakeholders in tracking, coordinating, and integrating monitoring and data collection efforts across the Basin.
- $500,000 for the Klamath Basin Stakeholder Engagement and Facilitation project. This will fund a USFWS initiative to provide greater continuity and work toward local governance for the MOU parties, which are interested in utilizing a neutral facilitator to help identify additional ways to promote collaboration and reduce conflict over natural resources. This effort could include expanding the MOU group to include other interested parties and to develop proposals related to a governance structure for making important decisions on restoration and monitoring in the Klamath Basin. These funds would support the hiring of a facilitator selected by the parties and support up to three to five years of facilitation support.
- $300,000 for the Post Dam Removal Data Collection on Salmon Migration and Movement project. This funding will be used by project partners to use otolith microchemistry tools to 1) understand how Klamath Dam removal affects the early life history diversity of Chinook salmon, 2) determine the natal origin and migration histories of returning fish, pre- and post-dam removal, 3) determine which tributaries are and are not producing Chinook salmon, and 4) quantify how Chinook production varies between different tributaries before and after dam removal. The information is critical to adaptively managing the Klamath Basin, post dam removal, and has important implications for restoration of key tributaries. Partner – UC Davis
- $295,000 for the Surface Water Management and Efficiency Enhancement project. This encompasses necessary infrastructure improvements to allow safe, reliable, and integrated management of water within the Klamath Project. MOU group partners – KWUA, Klamath Irrigation District, and Klamath Drainage District
- $200,000 for the FWS Post Dam Removal Science Symposia project. This will fund an USFWS initiative to sponsor a Klamath science symposium in 2025. Planning for this symposium will start in November 2024. The goal is to bring together stakeholders/experts to discuss the state of the Basin post dam removal, progress on restoration and monitoring, and next-step strategies to continue the momentum on restoration progress in the years ahead.
For a complete list and full descriptions of all the 24 projects awarded funding in the Klamath Basin, click HERE.
MIL OSI USA News –
January 25, 2025
MIL-OSI USA: In Boulder City, Cortez Masto Celebrates New St. Jude’s Healing Center Grand Opening

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Boulder City, Nev. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) joined staff and survivors for the grand opening of the St. Jude’s Ranch for Children in Boulder City. The St. Jude’s Healing Center provides trauma-informed treatment to survivors of commercial child sex trafficking.

“Since my time as Nevada’s Attorney General, combating human trafficking and supporting survivors has been one of my top priorities,” said Senator Cortez Masto. “I was here for the groundbreaking of the St. Jude’s Healing Center two years ago, and I am grateful for the opportunity to come back for its grand opening. I’ll continue fighting to ensure essential organizations like the St. Jude’s have access to the resources they need to support survivors through the recovery process.”

Senator Cortez Masto is an outspoken advocate for the survivors of human trafficking and sexual assault. She recently called on Congress to provide more funding to support the Crime Victims fund, which provides services and resources for survivors of sexual assault. Her federal legislation to help train law enforcement to identify and prevent child trafficking and combat human trafficking activity on social media was signed into law. She co-sponsored bipartisan legislation that would prevent the trafficking of children by providing grants for the training of students, parents, and school personnel to respond to the signs of human trafficking.

MIL OSI USA News –

January 25, 2025
MIL-OSI United Kingdom: What the Great Gale of 1824 taught us about extreme weather
Source: United Kingdom – Government Statements

November is the 200th anniversary of the Great Gale of 1824. It killed nearly 100 people and destroyed villages along the south coast of England.
There is a free public exhibition about the impacts of the Great Gale on the Dorset coast.

The Environment Agency, Dorset Coast Forum and Bournemouth, Christchurch and Poole (BCP) Council are raising awareness of extreme weather and flooding as they mark the 200th anniversary of the 1824 Great Gale.

On the night of 22 November 1824, a devastating storm struck England’s south coast and raged for two days. Winds reached hurricane force, with gusts exceeding 100 mph, causing widespread damage. Houses were severely flooded, whole villages destroyed, ships lost at sea and nearly 100 people were tragically killed.

Trail of destruction

The Dorset coast was hardest hit, but the storm’s impact stretched from Land’s End to Dover. Inland communities did not escape devastation from wind damage and it took many years for affected communities to recover.

At Plymouth, the storm sunk 22 vessels and swept away over 200,000 tons of stone from the city’s new breakwater which was under construction. While, at Abbotsbury, seawater surged over Chesil Beach, reaching astonishing depths of up to 6.9 metres.

Watch our animation about the Great Gale’s trail of destruction Great Gale of 1824.

Rare combination created Dorset’s worst storm

The Great Gale, considered the most destructive storm ever to strike the Dorset coastline, was caused by a rare combination of factors. Hurricane force winds, spring high tides, extreme low pressure and towering waves created unprecedented conditions for the storm. Its severity was so extreme it is estimated to have a 1 in 10,000 chance of recurring each year.

Recent events like Storm Boris in Europe, Typhoon Yagi in Asia and Hurricanes Helene and Milton in North America highlight the ongoing threat of severe weather – and, as climate change increases the energy driving these storms, the importance of being prepared.

How to prepare for extreme weather

This post is nearly 7m high and shows the 1824 storm’s high water mark which reached 22ft 8in at the Swannery, Abbotsbury, Dorset.

Know the simple steps to take in advance to protect yourself from flooding.

Andrea Summers, Environment Agency flood and coastal risk manager for Wessex, said:

As we remember those who tragically lost their lives 200 years ago, this anniversary serves as a stark reminder of the destructive power of nature and the devastating impact flooding can have on communities.

Needless to say, we are much more resilient now than we were then, with major innovations in forecasting, warning and defence systems. But our climate is changing, sea levels are rising and extreme weather events are becoming more frequent.

While the events of November 1824 represent a worst-case scenario, they highlight the importance of being prepared. You should know your flood risk, sign up for flood warnings and make sure your homes and businesses are resilient to flooding.

What is being done to better protect people

The Environment Agency is investing to better protect people from flooding and extreme weather. The £200m Flood and Coastal Innovation Programmes is working in partnership with local authorities nationwide to develop, test and implement innovative ways of improving resilience and adapting to the impacts of flooding, coastal erosion and climate change.

Additionally, the new Floods Resilience Taskforce is driving government efforts to accelerate the development of flood defences and bolster the nation’s resilience to extreme weather events.

How to see The Great Gale of 1824 exhibition

As part of the bicentenary commemorations, the Environment Agency has worked with Dorset Coast Forum and BCP Council to bring together a free public exhibition to explore the impacts the Great Gale left on the Dorset Coast. For more information, including dates and venues, please visit the Dorset Coast Forum website.

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Government ends miners’ pension injustice
Source: United Kingdom – Government Statements

Historic injustice reversed as 112,000 former coalminers finally have £1.5 billion from their pension scheme transferred to them, boosting their pensions.
Historic injustice reversed as 112,000 former coalminers finally have £1.5 billion from their pension scheme transferred to them, boosting their pensions by 32%

Government delivers longstanding campaign ask from ex-pit workers, alongside new review to also ensure mineworkers receive a fair pension for years to come

Energy Secretary pays tribute to the “mineworkers who powered our country” and the campaigners who fought for justice over many years

Over 100,000 former mineworkers will receive £1.5 billion of money that was kept from their pensions, overturning an historic injustice and ensuring fair payouts for years to come.

Following the announcement in yesterday’s budget, Energy Secretary Ed Miliband confirmed that the move will mean a 32% boost to the annual pensions of 112,000 former mineworkers – an average increase of £29 per week for each member.

The investment reserve fund was set up using profits from the scheme in 1992, to provide a buffer in case the Mineworkers’ Pension Scheme went into deficit. This money was due to be returned to government in 2029.

Former mineworkers and their families have fought for justice for many years. In a landmark decision, the fund – now worth £1.5 billion – will be handed over to the pension scheme, ensuring former pit workers who powered the country for decades finally get the just rewards from their labour.

When British Coal was privatised in 1994, the government also agreed to take half of any profits generated by the pension scheme, in return for a guarantee that pensions would increase in line with inflation.

The scheme has continued to produce strong returns and the government has never paid any funds into it. Therefore, the government is also delivering on its commitment to review this agreement to ensure former miners and their families get a fairer deal in the years ahead, with next steps set out in the coming months.

Energy Secretary Ed Miliband said:

We owe the mining communities who powered this country a debt of gratitude.

For decades, it has been a scandal that the government has taken money that could have been passed to the miners and their families.

Today, that scandal ends, and the money is rightfully transferred to the miners. I pay tribute to the campaigners who have fought for justice- today is their victory.

Minister for Industry Sarah Jones said:

Miners powered our industries and our homes for decades. That’s why we have to right the wrong that has denied them the decent pension they deserved.

We are handing over the £1.5 billion that for years has sat in the reserve fund unused at times when people needed it most. This will end an historic injustice and will ensure members of the scheme see an average increase of £29 per week added to their pay – an increase of 32%.

Gary Saunders, Chair of the Trustees of the Mineworker’ Pension Scheme, said:

As a Trustee board we are delighted we will be able to put more money in our members’ pockets. We are also grateful to the many members and MPs who have shown support of the Scheme on this matter over the years.

Allen Young, Pensioner Representative Trustee for the North East of England and Overseas members, said:

The government’s decision to make good on this part of its manifesto commitment in respect of the Scheme is a very positive development for our members. The Trustees will use the Investment Reserve to increase our members’ pensions and we will be writing to all members with the good news very shortly.

The trustees are responsible for deciding how the £1.5 billion fund is distributed amongst their 112,000 members and are now working at speed to deliver the bonus into pension pay packets from November this year.

This announcement follows urgent action already taken toward the government’s clean energy superpower mission, helping to boost energy independence and create jobs. In just three months this includes lifting the ban on onshore wind, setting up Great British Energy and announcing a partnership with The Crown Estate to accelerate offshore wind projects, approving four major solar farms, launching the Clean Energy Mission Control centre led by Chris Stark, securing a record pipeline of renewable projects in the latest auction and launching the UK’s first carbon capture sites.

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Updates to this page

Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Australia: Further fire restrictions announced for parts of the northwest 
Source: Victoria Country Fire Authority

The Fire Danger Period will commence on November 11

The Fire Danger Period (FDP) will begin at 01.00am on Monday, November 11, for the following municipalities in CFA’s northwest Region: 
City of Greater Bendigo
Central Goldfields Shire Council
Mount Alexander Shire Council
Residents living in these districts are asked to take this opportunity ahead of the FDP to clean up their properties, while landowners are encouraged to conduct safe private burn-offs where possible. 

CFA District 2 Assistant Chief Fire Officer Archie Conroy said residents should take note of the conditions and prepare accordingly.

“Conditions across the northwest region are drier than usual, warranting the implementation of restrictions to protect our communities,” Archie said.

“Macedon Ranges Shire is currently the exception, and we’ll be assessing conditions there closely.

“As we head into the warmer months, small actions like reducing vegetation and securing your property can make a significant difference in protecting both homes and lives.

“We’re working hard to monitor conditions, and every precaution you take now helps build a stronger line of defence against fire.”

Those conducting burn-offs must notify authorities online at the Fire Permits Victoria website (www.firepermits.vic.gov.au), or by calling ESTA on 1800 668 511.  

By registering your burn-off online, you allow emergency call takers to allocate more of their time taking calls from people who need emergency assistance immediately. 

No burning off is permitted during the FDP without a Permit to Burn, which can be applied for through the Fire Permits Victoria website. 

There are very strict conditions attached to these permits and the liability sits with the permit holder to ensure they always act safely.   

Fire Danger Period information: 
A written permit is required to burn off grass, undergrowth, weeds or other vegetation during the FDP. You can apply for a permit at firepermits.vic.gov.au. It can also be issued by the Municipal Fire Prevention Officer or the CFA District Office.  
Lighting fires in the open without a permit can bring a penalty of more than $21,800 and/or 12 months imprisonment. For a full list of conditions, visit cfa.vic.gov.au/can. 
- To find out what you can and can’t do during FDP, visit  www.cfa.vic.gov.au/can or by calling VicEmergency Hotline on 1800 226 226. 
Submitted by CFA Media

MIL OSI News –
January 25, 2025
MIL-OSI USA: Sols 4348-4349: Smoke on the Water

Source: NASA

2 min read

Earth planning date: Monday, Oct. 28, 2024

Before the science team starts planning, we first look at the latest Navcam image downlinked from Curiosity to see where the rover is located. It can be all too easy to get lost in the scenery of the Navcam and find new places in the distance we want to drive towards, but there’s so much beauty in the smaller things. Today I’ve chosen to show a photo from Curiosity’s hand lens camera, MAHLI, that takes photos so close that we can see the individual grains of the rock.

The planning day usually starts by thinking about these smaller features: What rocks are the closest to the rover? What can we shoot with our laser? What instruments can we use to document these features? Today we planned two sols, and the focus of the close-up contact science became a coating of material that in some image stretches looks like a deep-purple color.

We planned lots of activities to characterize this coating including use of the dust removal tool (DRT) and the APXS instrument on a target called “Reds Meadow.” This target will also be photographed by the MAHLI instrument. The team planned a ChemCam LIBS target on “Midge Lake” as well as a passive ChemCam target on “Primrose Lake” to document this coating with a full suite of instruments. Mastcam will then document the ChemCam LIBS target Midge Lake, and take a mosaic of the vertical faces of a few rocks near to the rover called “Peep Sight Peak” to observe the sedimentary structures here. Mastcam will also take a mosaic of “Pinnacle Ridge,” an area seen previously by the rover, from a different angle. ChemCam is rounding off the first sol with two long-distance RMI mosaics to document the stratigraphy of two structures we are currently driving between: Texoli butte and the Gediz Vallis channel.

In the second sol of the plan, after driving about 20 meters (about 66 feet), Curiosity will be undertaking some environmental monitoring activities before an AEGIS activity that automatically selects a LIBS target in our new workspace prior to our planning on Wednesday morning.

Written by Emma Harris, Graduate Student at Natural History Museum, London

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: PCC short-line railroad receives $37.7 million federal grant to improve eastern Washington track

Source: Washington State News 2

OLYMPIA – A project to improve 34 miles of railroad track between Davenport and Wilbur recently received a $37.7 million grant from the Federal Railroad Administration.

The Washington State Department of Transportation will use the grant, from the Consolidated Rail Infrastructure and Safety Improvements program, to continue enhancements on the state-owned Palouse River and Coulee City (PCC) railway in eastern Washington. Another $20.3 million in state and private matching funds were contributed toward this project.

This grant is in addition to two previous federal grants received for upgrades to the PCC system – one in 2018 for $5.6 million and another in 2023 for $72.8 million. These grants were matched with a total of $45 million in state, local and private funds. Capital projects funded by these two grants benefit the PCC system in Grant, Lincoln, Spokane, Adams and Whitman counties.

The latest Phase III grant will replace 100-year-old worn rail with new heavy 115-pound rail, which can accommodate today’s modern 286,000-pound rail cars. Once the new rail is installed, track speeds will increase from 10 to 25 mph, enabling agricultural products to move more quickly to national and international markets.

These improvements align with the 2015 PCC Rail System Strategic Plan (PDF 3MB), which serves as a blueprint for investments on the state’s longest short-line railroad. WSDOT oversees the facilities and regulatory portions of the system and contracts with private railroads to operate and maintain each of the three branches. The PCC Rail Authority — an intergovernmental entity formed by the counties — oversees the business and economic development portions of the operating leases.

MIL OSI USA News –

January 25, 2025
MIL-OSI Economics: Media Release: Australia wins bid to host 2026 global carbon capture conference – Australian Energy Producers

Source: Australian Petroleum Production & Exploration Association

Headline: Media Release: Australia wins bid to host 2026 global carbon capture conference – Australian Energy Producers

The Australian oil and gas sector’s leadership in carbon capture, utilisation and storage (CCUS) – a key emissions reductions technology – is set to be showcased on the world stage.

Australian Energy Producers is pleased to announce it will co-host the world’s leading CCUS conference in Perth in 2026, in partnership with the CSIRO, CO2CRC and the Department of Climate Change, Energy, the Environment and Water.

The Greenhouse Gas Control Technologies (GHGT) Conference, run by the IEA Greenhouse Gas R&D Programme, brings together over 1,000 CCUS researchers, industry leaders, government officials, and stakeholders from around the world to discuss and share the latest developments with the technology.

Australian Energy Producers Chief Executive Samantha McCulloch said Australia’s selection to host GHGT-18 reinforced its standing as a global leader in CCUS research, development and deployment.

“Australia has two of the largest carbon capture and storage (CCS) projects operating globally – Chevron’s Gorgon Project and the Santos and Beach Energy joint venture Moomba Project,” she said.

“These projects are today storing emissions equivalent to taking one million cars off the road each year.

“CCUS is a key technology in efforts to reach net zero in Australia and the region.

“The International Energy Agency, Intergovernmental Panel on Climate Change, and CSIRO have all found that there is no pathway to net zero without CCUS.”

The 2026 event will be the third time Australia has hosted the global conference, having hosted it in Cairns in 2000 and Melbourne in 2018.

The announcement last week in Canada during the closing session of GHGT-17 coincided with a major CCUS milestone for Australia, with the Moomba CCS Project achieving first injection and full ramp up.

“Australia has a comparative advantage in CCUS, with world class geology, industry experience, and strong links with regional trading partners looking to collaborate on CCUS,” Ms McCulloch said.

“Scaling up CCUS is an opportunity to not just reduce emissions but also create new jobs and attract new investment.”

Australia’s hosting of the conference is supported by Business Events Perth, reflecting the opportunity for GHGT-18 to amplify Western Australia’s global standing as a premier destination for impactful global events.

Contact: 0401 839 227

MIL OSI Economics –

January 25, 2025
MIL-Evening Report: Forum troika’s visit highlights value of regionalism for New Caledonia

ANALYSIS: By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

As a three-day fact-finding mission from a group of Pacific leaders drew to a close in New Caledonia, and with the outcomes report not expected before next year, the visit to the riot-hit French Pacific territory seems to have triggered a new sense of awareness locally about the values of Pacific regional mechanisms of “talanoa” embodied by the Pacific Islands Forum (PIF).

Local President Louis Mapou stressed on several occasions during the visit that New Caledonia’s situation was the “subject of much attention” in the Pacific region.

He suggested that one of the reasons for this could be because of a potential “spillover” effect that could “jeopardise cohesion in the Pacific”.

However, Mapou also stressed that he had received the message conveyed by the PIF “Troika-Plus” group that “they’re ready to take part in [New Caledonia’s] reconstruction”.

‘New Caledonia’s regional integration in its region’
Mapou said that one of the recurrent themes during the PIF visit was “New Caledonia’s regional integration in its region”.

“Whatever might be said, in many ways, New Caledonia does not know its [Pacific] region very well. Because it has this affiliation relationship to Europe and France that has prevailed over all these years,” he told local media.

“So, in a certain way, we’re just discovering our region. And in this process, the Pacific Islands Forum could bring a sort of leverage,” he said.

Kanaky New Caledonia, as well as French Polynesia — both French Pacific entities — became full members of the Pacific Islands Forum in 2016, after several years of “associate members” status.

Mapou said New Caledonia’s current status vis-à-vis France was mentioned during talks with the PIF mission.

“I spoke with them about obstacles that should be removed, that are directly related to our current status. This is part of topics on which we should be working in future,” he said.

“They’re very open-minded, they don’t have any preconceived ideas, they’re happy to talk equally about the concepts of independence, just as they are for keeping [New Caledonia] within the French Republic,” he revealed.

One of the unexpected outcomes, beyond the specific fact-finding mission that brought this PIF “Troika-Plus” leaders’ delegation to New Caledonia, seems to have underlined the values of regionalism, as well as New Caledonia’s long-awaited and genuine integration in its “regional environment”.

These values seem to have been recognised by all sides of New Caledonia’s political spectrum, as well as all walks of life within the civil, economic, educational and religious society.

PIF’s “Troika-Plus” leaders meet with Southern Province President Sonia Backès (third from left) at SPC headquarters last Monday. Image: PIF/RNZ Pacific

Pacific diversity in status
During the past few days, informal exchanges with the Pacific leaders have also allowed New Caledonia’s authorities to share and compare possible ways forward regarding the territory’s political status.

“They readily exchanged their own experiences with our government. The Cook Islands, which is a self-governing state in ‘free association’ with New Zealand; Tonga, which has never been colonised; and the Solomon Islands, who have also undergone inter-ethnic conflicts and where the young population was also involved. And Fiji, which obtained independence (in 1970), had decided to withdraw from the Commonwealth and is finally re-discussing its link with Great Britain,” Mapou briefed local media on Tuesday.

The leaders spent three days (October 27-29) in the French Pacific territory to gather information on the ground, after destructive riots broke out in May, resulting in 13 deaths and extensive economic damage estimated at €2.2 billion.

During the three days, the PIF leaders met a wide range of political, business, religious, and civil society leaders to get a first-hand account of the situation.

On Tuesday, the “plus” component of the troika, Fiji Prime Minister Sitiveni Rabuka, reiterated the mission’s assigned mantra in a manner of conclusion to their mission.

“We were here to understand and make recommendations. We have heard many extremely different attitudes. We hope it will be possible to find a solution for the people and the government,” Rabuka told religious leaders.

Bitterness from civil society
The long series of talks, within a particularly tight schedule, also allowed groups within New Caledonia’s civil society — including traditional chiefs, youth, human rights activists, educationists, mayors and women — to express their views directly during the Pacific leaders’ visit.

Some of these groups also took the opportunity to point out that they were not always listened to in other circumstances.

“Today, peace has just been through a rough episode. And we, women, are being asked to help. But when was the last time we were heard?

“We’ve already said women should be part of all levels of decision-making, including on matters of dealing with violence and access for women to economic empowerment.

“We were ignored. And then, when fire breaks out, we’re being asked for help because this is the foundation of Pacific values,” said Sonia Tonga, the president of the Oceania Union of Francophone Women, which groups women’s groups from New Caledonia, French Polynesia, Wallis-and-Futuna and Vanuatu.

Talking about the youth, she said there was an “ill-being”, “they don’t recognise themselves in this system, including for education. We’re trying to fit an Oceanian society into a framework that has not been designed for them.

“When will we be heard in our country?”.

As part of talks with church leaders, it was also pointed out that there were benefits from sharing experiences with Pacific leaders.

“I’ve been many times in Fiji, Tonga, the Solomon Islands, Vanuatu and other Pacific islands. They too have had their hard times.

“And they too are familiar with the experience of violence which is difficult to bring back to a path of dialogue,” said 80-year-old Nouméa Catholic Archbishop Michel-Marie Calvet, a respected figure.

In terms of earlier crises in the Pacific region, among PIF member island states, in the early 2000s, civil unrest occurred in both Fiji and the Solomon Islands, with shops being targeted and looted.

Under Pacific Islands Forum mechanisms, especially the declaration of Biketawa, this prompted in 2003 the setting up of “RAMSI” (Regional Assistance Mission to Solomon Islands), with mostly Australia and New Zealand military and police as its main contributors, with additional input from other Pacific island countries.

In Fiji, the mission to defuse the crisis, associated with an attempted coup and a MPs hostage situation within Parliament buildings in May 2000, was mainly achieved by the Republic of Fiji Military Forces (RFMF) through protracted negotiations and without violence.

Forum “Troika-Plus” leaders in New Caledonia conducting a fact-finding mission to assess the situation on ground. Image: X /@ForumSEC/RNZ Pacific

Supporting Pacific dialogue
In the political sphere, there was a recognition of the benefits of a Pacific perspective.

“There is a Pacific tradition of dialogue and talanoa. So, I think [the PIF leaders] can invite pro-independence parties to come to the [negotiating] table,” said New Caledonia’s Mayors’ Association president Pascal Vittori.

“We’re actually expecting PIF will back this notion of dialogue — that’s what’s important now,” he told local media.

Sonia Backès, one of the staunchest defenders of New Caledonia remaining part of France, told reporters on Monday: “We didn’t ask for this [mission]. Now we’re waiting for this (troika) report based on their observing mission.

“We all know that there are biased views on the part of some, one way or the other.

“So we hope the final report will be as fair and neutral as possible so as not to add fuel to the fire.”

Following their visit to New Caledonia and based on the information gathered, the Forum “Troika-Plus” leaders are expected to compile a “comprehensive report” to be submitted to the next annual Forum Leaders’ Summit in the Solomon Islands in 2025.

“The terms of reference of this mission were discussed beforehand between the government of New Caledonia, the Pacific Islands Forum and the (French) State. We all agreed that what was most important was to have an assessment of the situation.

“There is a need to provide information to the public so that it is an informed opinion leader. It’s important in those times of misinformation and manipulation from one side or the other,” French ambassador for the Pacific Véronique Roger-Lacan told public broadcaster NC la 1ère TV on Tuesday evening.

Rioting damage in Nouméa’s Ducos industrial zone. Image: LNC TV/RNZ Pacific

Business sector now needs Pacific market overtures
Even the business sector now seems to believe that, as a result of the widespread destruction caused by the riots, which has left more than 800 companies burnt down and looted, as well as thousands jobless, the wider Pacific region has now become a new potentially attractive market.

“Our local market has just shrunk considerably and so we will need to find new openings for our products. In that perspective, our cooperation with the Pacific is very, very strategic”, said business leaders association MEDEF-NC president Mimsy Daly.

She had once again presented a detailed view of the widespread devastation caused by the recent riots and those who took part.

“‘Were they aware of what they were doing?’ is one of the questions I was asked,” she wrote on social networks after her encounter with the “Troika-Plus”.

“A logical question when you know that what has been destroyed equals about 70 percent of the GDP of the Cook Islands, 100 percent of the GDP of the Solomon Islands and 40 percent of the GDP of Fiji.”

But she admitted the response to this complex question was “primordial” and “every light will have to be shed on the matter”.

In a wrap-up of the three days, President Mapou held a final meeting with the group on Tuesday.

Wide circle of ‘concertation’ needed
French High Commissioner Louis Le Franc, after a final meeting with the delegation, said: “They have come here to seek the profound causes of what happened on May 13. They have been listening very closely.

“I understand their view is that a wide circle of concertation [cooperation] will be required to reach an agreement,” he said.

He elaborated, saying that the Pacific Forum leaders seemed to place a lot of hope in the notions of “trust”, the “necessity of living together” and the PIF’s “will to help, while saying that, at the same time, the solution lies in the hands of New Caledonia”.

French President Macron (right) with New Caledonia’s President Louis Mapou (left) and former New Caledonia Congress President Roch Wamytan (centre) earlier this year. Image: RNZ Pacific

Next: another ‘concertation and dialogue’ mission
Following the PIF “Troika-Plus” mission, another visit is expected in New Caledonia in the next few days — this time coming from Paris.

This new high-level visit will be headed by the presidents of both houses of Parliament in France (Senate and National Assembly), respectively Gérard Larcher and Yaël Braun-Pivet, from November 9-14.

They will lead what is described as a “mission of concertation and dialogue”.

The dates come as a top-level meeting took place last week, presided by French Head of State Emmanuel Macron and attended by French minister for Overseas François-Noël Buffet (who had just returned from New Caledonia), French PM Barnier, Larcher and Braun-Pivet.

The objective, once again, was to reinforce the signal that the time had come to resume political dialogue.

Macron indicated earlier that he still intended to host a meeting in Paris sometime in November.

Buffet was also in New Caledonia earlier this month for four days to assess the situation and try to restore a path to dialogue between all political stakeholders, both pro-independence and pro-France.

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-Evening Report: Individual action on climate was tarred as greenwashing or virtue signalling. But it still has a place

Source: The Conversation (Au and NZ) – By Sukhbir Sandhu, Associate Professor in Sustainability, University of South Australia

j.chizhe/Shutterstock

Two decades ago, the fight against climate change was often framed as a personal choice. You might try to reduce your carbon footprint by avoiding flights or change your buying habits to avoid meat or reduce plastic.

But this approach lost popularity, as it shifted responsibility from producer to consumer. The carbon footprint, for instance, was famously popularised by oil company BP. In 2008, well-known American climate activist Bill McKibben pointed out the impotence of individual action without collective action.

Behavioural researchers also began finding a seeming paradox – many of us expressed strong interest in taking individual action on climate, but our actual behaviours barely changed.

Much focus shifted to top-down efforts such as government incentives for clean energy and commitments at a national level to cut emissions.

But there is still a role for individuals – especially around demonstrating what clean alternatives actually look like. For instance, the more solar panels are installed on rooftops in your neighbourhood, the more likely you are to consider it. This neighbourhood effect also affects uptake of electric vehicles and e-bikes. This is especially important if we are to see clean alternatives go mainstream rather than stop at a small fraction of the population.

Of course, individual actions can only go so far. As our research on sustainable consumption has shown, individual actions can be magnified with a backdrop of institutional support.

The neighbourhood effect has influence on solar and electric vehicle uptake.
zstock/Shutterstock

What we say and what we do

Humans are complicated. We often say we want to make greener choices – but in reality, we act differently.

Individual climate action sounds great in theory. If many of us chose electric vehicles or bikes, installed solar panels and built energy efficient houses, our actions in aggregate could contribute to wider emissions goals. Then there are choices such as reducing dairy and meat, installing LED lights and buying produce with less packaging.

Everyday actions can contribute too, such as washing clothes in cold water, avoiding putting aircon too low or heating too high, and wearing extra layers of clothes. Recycling, repairing and reusing offer us still more methods to extend the life of our products, reduce waste and save money.

Yet it turns out the reality of individual action on climate is much more complicated – because we are complicated.

When surveyed, a majority of us say we want green, sustainable products. But when we go to the shops, we often don’t actually buy them. My colleagues and I have dubbed this the “Janus faced” consumer phenomenon – we often say one thing but do another.

Why might that be? One reason is many consumers believe green products – whether electric cars or detergents – will perform worse. Green products are also perceived to be more expensive and inconvenient to use.

Then there’s the question of virtue signalling. This is a phenomenon where consumers purchase highly visible green products primarily to signal they’re a person who cares about the environment without necessarily doing so.

Some of these challenges are being overcome. It’s hard to write off modern electric cars as inferior when they can accelerate faster and run much cheaper than fossil fuel cars. While early adopters of solar might once have been seen as virtue-signallers, the main reason Australian households go solar is to save money on the power bill, according to a CSIRO survey.

Was buying a Toyota Prius about going green – or signalling your virtue?
Stephen Barnes/Shutterstock

One and the many

Individual action can only go so far. For individual action to create sustained impact, it needs supportive policies and institutional backing.

For instance, a 2023 report found many Australian clean energy organisations would like to re-use solar panels for community projects or as a low-cost option for households. This makes sense, given used solar panels are often 80% as good as new ones.

But for consumers to actually act on this, they need institutional scaffolding. If you’re going to buy used solar, you want to make sure they are in good condition. Without a certification process, their willingness will come to nothing.

While many of us say we would consider buying an electric vehicle, the uptake is constrained by things outside our control such as whether there are enough public chargers in cities and rural areas.

You can see the importance of institutional backing clearly in transport. The Melbourne-Sydney flight path is the fifth busiest in the world. That’s because there are no fast green alternatives. If there was high-speed rail as in China or Japan, many of us would choose to avoid the emissions caused by flying. But it doesn’t exist (yet), so our individual choices are curtailed.

Which way forward?

As climate change intensifies, more and more of us say we are willing to act on our beliefs and concerns on an individual level. Even better, more of us are actually doing what we say we will.

Not everywhere, of course. For many Australians, switching from petrol to electric might be easier than giving up meat or a flight to Japan. But some progress is better than none.

This groundswell is encouraging. But our individual efforts can only go so far. To make the most of it, we need institutional scaffolding. Australia has world-beating rooftop solar uptake because state and federal governments used subsidies and incentives to make the emerging technology cheaper. With incentives on offer, millions of us made individual choices to take it up.

We are more than consumers, of course. Our power as individuals isn’t limited to choosing specific products. As citizens, we can push for our governments to provide the essential scaffolding we need to make greener choices.

Sukhbir Sandhu has received research grants from Australian Research Council (Discovery), Green Industries SA, and the European Union.

– ref. Individual action on climate was tarred as greenwashing or virtue signalling. But it still has a place – https://theconversation.com/individual-action-on-climate-was-tarred-as-greenwashing-or-virtue-signalling-but-it-still-has-a-place-239196

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-Evening Report: Moderators protect us from the worst of the internet. That comes at huge personal cost

Source: The Conversation (Au and NZ) – By Alexandra Wake, Associate Professor, Journalism, RMIT University

Shutterstock

Unless you’re a moderator for a local community group discussing garbage collections or dog park etiquette, you are unlikely to fully understand the sheer volume and scale of abuse directed at people online.

But when social media moderation and community management is part and parcel of your daily work, the toll on people and their loved ones can be enormous. Journalists, often early in their careers, can be on the receiving end of torrents of abuse.

If they come from culturally or linguistically diverse backgrounds, that reluctance to report can be even higher than other colleagues.

There’s growing employer concern about how moderating confronting content can affect people’s wellbeing. Employers also have a duty to keep their staff safe at work, including online.

The ABC wanted to understand what this looked like in practice. Its internal survey data shows just how bad the problem has become for moderators who are employed to keep audience members safe when contributing to online discussions.

What did the ABC find?

In 2022, the ABC asked 111 staff who were engaged in online moderation as part of their jobs to self-report the frequency of exposure to potentially harmful experiences.

First it was important to understand just how long people were spending online moderating content. For those who had to moderate content every day, 63% they did it for less than an hour and a half, and 88% moderated for less than three hours.

The majority of staff surveyed saw potentially harmful content every week.

71% of moderators reported seeing denigration of their work weekly, with 25% seeing this daily.

Read more:
Can human moderators ever really rein in harmful online content? New research says yes

Half reported seeing misogynistic content weekly, while more than half said they saw racist content weekly.

Around a third reported seeing homophobic content every week.

In the case of abusive language, 20% said they encountered it weekly.

It’s a confronting picture on its own, but many see more than one type of this content at a time. This compounds the situation.

It is important to note the survey did not define specifically what was meant by racist, homophobic or misogynistic content, so that was open to interpretation from the moderators.

A global issue

We’ve known for a few years about the mental health problems faced by moderators in other countries.

Some people employed by Facebook to filter out the most toxic material and have gone on to take the company to court.

In one case in the United States, Facebook reached a settlement with more than 10,000 content moderators that included U$52 million (A$77.8 million) for mental health treatment.

In Kenya, 184 moderators contracted by Facebook are suing the company for poor working conditions, including a lack of mental health support. They’re seeking U$1.6 billion (A$2.3 billion) in compensation.

The case is ongoing and so too are other separate cases against Meta in Kenya.

In Australia, moderators during the height of the COVID pandemic reported how confronting it could be to deal with social media users’ misinformation and threats.

A 2023 report by Australian Community Managers, the peak body for online moderators, found 50% of people surveyed said a key challenge of their job was maintaining good mental health.

What’s being done?

Although it is not without its own issues, the ABC is leading the way in protecting its moderators from harm.

It has long worked to protect its staff from trauma exposure with a variety of programs, including a peer support program for journalists. The program was supported by the Dart Centre for Journalism and Trauma Asia Pacific.

But as the level of abuse directed at staff increased in tone and intensity, the national broadcaster appointed a full-time Social Media Wellbeing Advisor. Nicolle White manages the workplace health and safety risk generated by social media. She’s believed to be the first in the world in such a role.

As part of the survey, the ABC’s moderators were asked about ways they could be better supported.

Turning off comments was unsurprisingly rated as the most helpful technique to promote wellbeing, followed by support from management, peer support, and preparing responses to anticipated audience reactions.

Turning off the comments, however, often leads to complaints from at least some people that their views are being censored. This is despite the fact media publishers are legally liable for comments on their content, following a 2021 High Court decision.

Educating staff about why people comment on news content has been an important part of harm reduction.

Some of the other changes implemented after the survey included encouraging staff not to moderate comments when it related to their own lived experience or identity, unless they feel empowered in doing so.

The peer support program also links staff others with moderation experience.

Managers were urged to ensure that self-care plans were completed by staff to prepare for high-risk moderation days (such as the Voice referendum). These includes documenting positive coping mechanisms, how to implement boundaries at the end of a news shift, debriefing and asking staff to reflect on the value in their work.

Research shows one of the most protective factors for journalists is being reminded that the work is important.

But overwhelmingly, the single most significant piece of advice for all working on moderation is to ensure they have clear guidance on what to do if their wellbeing is affected, and that seeking support is normalised in the workplace.

Lessons for others

While these data are specific to the public broadcaster, it’s certain the experiences of the ABC are reflected across the news industry and other forums where people are responsible for moderating communities.

It’s not just paid employees. Volunteer moderators at youth radio stations or Facebook group admins are among the many people who face online hostility.

What’s clear is that any business or volunteer organisation building a social media audience need to consider the health and safety ramifications for those tasked with maintaining those platforms, and ensure they build in support strategies.

Australia’s eSafety commissioner has developed a range of publicly available resources to help.

The author would like to acknowledge the work of Nicolle White in writing this article and the research it reports.

Alexandra Wake is a member of Dart Asia Pacific, having previously served as a director of its Board. She is currently a joint recipient of an Australian Research Council Discovery Grant, Australian Journalism, Trauma and Community.

– ref. Moderators protect us from the worst of the internet. That comes at huge personal cost – https://theconversation.com/moderators-protect-us-from-the-worst-of-the-internet-that-comes-at-huge-personal-cost-241775

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI NGOs: Pakistan: Flood survivors in Sindh province suffer disease and food insecurity amid government inaction – new testimony
Source: Amnesty International –
- Thousands lacking support after severe flooding
- Older people and children at increased risk of death and disease
Severe flooding in Pakistan’s Sindh province has left thousands of people suffering from disease and food insecurity amid government inaction, Amnesty International said.

Following major flooding in August 2024, more than 140,000 people were displaced with many now living in tents. Months later, affected communities are still struggling with health risks and lost livelihoods compounded by little international or government support. With disease rampant due to stagnant floodwaters, older people, children and pregnant women are at increased risk of illness and death.

By failing to guarantee access to adequate healthcare, food and housing in the wake of the floods, the government of Sindh has failed to fulfil economic, social and cultural rights set out in key human rights instruments ratified by Pakistan. The biggest emitters of greenhouse gases, who bear most responsibility for climate change-related disasters, must also minimize the harmful effects of climate change on human rights by phasing out fossil fuels as quickly as possible.

“Tens of thousands of people have been abandoned by the Sindh government and the international community after being devastated again by major floods,” said Scott Edwards, Amnesty International’s Crisis Response Programme Director.

“Many impacted communities were harmed by record-breaking floods in 2022, and have struggled to rebuild their lives. Inaction in the face of repeated disasters is evidence of waning resiliency and global lethargy.

“Climate change is not a tentative threat; lives are being lost today to global inaction and inadequate humanitarian response. The international community and Pakistani authorities must act urgently before more people suffer unnecessarily.”

In late September 2024, Amnesty International visited eight flood-affected villages in Badin and Dadu districts in Sindh province and interviewed 36 people, including older people, people with disabilities, children, pregnant women, and one doctor.

[embedded content]
MIL OSI NGO –
January 25, 2025
MIL-OSI Australia: A strong Australian labour market

Source: Australia Jobs and Skills

A strong Australian labour market
Linda
Thu, 2024-10-31 10:46

News and updates

October 31, 2024

Australian Labour Market for Migrants report is out. Hot Topic: English proficiency and labour market outcomes for skilled migrants.

MIL OSI News –

January 25, 2025
MIL-OSI Australia: Recycling truck fire in Colac prompts warning

Source: Victoria Country Fire Authority

Photos by ACFO Craig Brittain

CFA firefighters battled a recycling truck fire this morning at Colac which prompted a warning to the community to stay indoors.

CFA was called to the truck fire on the corner of Calvert Street and Queen Street at 7.14am today.

Firefighters found the rubbish in the recycling truck on fire and heavy haulage machinery was called to the scene to help lift the truck to empty its contents onto the ground.

CFA District 6 Assistant Chief Fire Officer Craig Brittain said the volunteer firefighters who responded to this incident have done an amazing job.

“On inspection there was quite a number of items such as aerosol cans that shouldn’t be in a recycling bin that have possibly caused the fire so we will investigate that further,” Craig said.

“Community members need to please be careful what they put into rubbish bins.”

An excavator was also called in to pull apart the rubbish to assist firefighting with extinguishing the fire.

A Watch and Act message was issued asking people in the area to stay indoors due to the dangerous smoke from the burning plastic and other materials in the truck. That warning has since been downgraded to an Advice message.

The incident was brought under control at 8.48am and declared safe at 9.05am.

CFA has four trucks on scene from Colac, Cororooke and Larpent.

Victoria Police and VICSES are also on scene.

Submitted by CFA Media

MIL OSI News –

January 25, 2025
MIL-OSI USA: FEMA Senior Leaders Continue to Survey Impacted Areas and Meet with Local Officials as Helene, Milton Recovery Progresses

Source: US Federal Emergency Management Agency

Headline: FEMA Senior Leaders Continue to Survey Impacted Areas and Meet with Local Officials as Helene, Milton Recovery Progresses

FEMA Senior Leaders Continue to Survey Impacted Areas and Meet with Local Officials as Helene, Milton Recovery Progresses

WASHINGTON – More than a month after Helene made landfall, FEMA officials remain on the ground coordinating with local officials in affected states to help guide their recovery. Visits included Victoria Salinas, Senior Official Performing the Duties of Deputy Administrator, meeting with officials over several days in North Carolina and Florida. Salinas and other FEMA officials discussed how the communities were progressing in their recovery and surveyed the effectiveness of modern building codes in minimizing storm-related damage.FEMA has approved more than $1.3 billion in direct assistance to Hurricanes Helene and Milton survivors. These funds help survivors with housing repairs, personal property replacement and other essential recovery efforts. Additionally, over $1.1 billion has been approved for debris removal and emergency protective measures, which are necessary to save lives, protect public health and prevent further damage to public and private property. More than 1,400 FEMA Disaster Survivor Assistance team members are in affected neighborhoods across affected states helping survivors apply for assistance and connecting them with additional state, local, federal and voluntary agency resources. Also,FEMA now has 76 Disaster Recovery Centers open throughout the hurricane affected communities. Center locations can be found at FEMA.gov/DRC. Centers can provide survivors in-person help with their applications and answer questions they have about available resources to help with their recovery.The U.S. Army Corps of Engineers announced Operation Blue Roof which is a free service to homeowners for 25 counties in Florida impacted by Hurricane Milton. Residents can sign-up at www.blueroof.gov or by calling 888-ROOF-BLU (888-766-3258). The sign-up period deadline is Nov. 5.FEMA encourages Helene and Milton survivors to apply for disaster assistance online as this remains the quickest way to start your recovery. Individuals can apply for federal assistance by: Applying online at disasterassistance.govUsing the FEMA AppCalling 800-621-3362, Staffed daily from 7 a.m.-10 p.m. local timeVisiting a Disaster Recovery Center to talk with FEMA and state agency officials and apply for assistancePresident Joseph R. Biden has approved major disaster declarations in six states–Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia–affected by Helene. He has also approved a major disaster declaration for Florida following Hurricane Milton.These photos highlight response and recovery efforts across states affected by hurricanes Helene and Milton.

SWANNANOA, North Carolina – FEMA sets up a mobile Disaster Recovery Center in an affected North Carolina community. Helene survivors in Swannanoa and nearby areas can visit this center to apply for federal disaster assistance and ask questions about available state and federal resources for their recovery. (Photo Credit: FEMA)

SAVANNAH, Georgia – FEMA staff and FEMA Corps members help survivors of Hurricane Helene at the Disaster Recovery Center in Savannah. (Photo Credit: FEMA)

CORTEZ, Florida – Victoria Salinas, FEMA Senior Official Performing the Duties of Deputy Administrator, and other FEMA personnel join Manatee County officials in the Hunters Point Neighborhood in Cortez. There they spoke with an owner of a property development to talk about how building codes helped the community following the recent hurricanes. (Photo Credit: FEMA)

COLLETSVILLE, North Carolina – Victoria Salinas, FEMA Senior Official Performing the Duties of Deputy Administrator, surveys the flood damage from Wilson Creek along Brown Mountain Road with members of the Collettsville Fire Department. Salinas also talked with the owners of the Brown Mountain Resort as they shared their story of surviving the flood from Hurricane Helene. (Photo Credit: FEMA)

FEMA’s Disaster Recovery Toolkit provides graphics, social media copy and sample text in multiple languages. In addition, FEMA has set up a rumor response web page to reduce confusion about its role in the Helene and Milton response and recovery.
annie.bond
Wed, 10/30/2024 – 17:58

MIL OSI USA News –

January 25, 2025

Submitted by	CFA Media

Submitted by	CFA Media

MIL-OSI: Athabasca Oil Announces 2024 Third Quarter Results Highlighted by Strong Free Cash Flow and Continued Execution on Share Buybacks

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its third quarter results highlighting strong free cash flow underpinned by operational momentum at all assets and continued execution on its return of capital commitment through share buybacks.

Corporate Consolidated Third Quarter Highlights

Production: Average production of 38,909 boe/d (98% Liquids), representing 8% growth year over year (16% on a per share basis). Annual production remains on track with previously increased 2024 guidance of 36,000 – 37,000 boe/d.
Cash Flow Growth: Adjusted Funds Flow of $164 million (cash flow from operating activities of $187 million) or $0.30 per share, representing 25% growth on a per share basis year over year. In 2024, the Company forecasts Adjusted Funds Flow of ~$555 million¹, supported by increased operating scale and constructive Canadian heavy oil pricing. Athabasca forecasts ~100% growth in 2024 forecasted funds flow per share relative to 2022 when growth to 28,000 bbl/d at Leismer was sanctioned.
Differentiated Balance Sheet: Proactively refinanced the Company’s senior secured second lien Notes with $200 million of senior unsecured notes at a 6.75% coupon with a 2029 maturity. Consolidated Net Cash position of $135 million with Liquidity of $456 million, including $335 million in cash.
Resilient Producer: Competitively positioned with Thermal Oil sustaining capital to hold production flat funded within cash flow at ~US$50/bbl WTI¹ and growth initiatives fully funded within cash flow at ~US$60/bbl WTI¹.
Robust Free Cash Flow: Capital flexibility and balance sheet strength supports durable asset growth and return of capital initiatives for shareholders, resulting in continued top tier cash flow per share growth into the future. Athabasca expects to generate in excess of $1 billion of Free Cash Flow at US$70/bbl WTI¹ after fully funding its growth program during the timeframe of 2024-27. The Company intends to release its 2025 capital budget in December.

Return of Capital

Cumulative Return of Capital of ~$800 million. Commencing in the Fall of 2021 a deliberate strategy prioritized $385 million of debt reduction. Share buybacks commenced in 2023 and have totaled $415 million to date.
2024 Return of Capital Commitment: Athabasca (Thermal Oil) is allocating 100% of Free Cash Flow to share buybacks in 2024. Year to date the Company has completed $257 million in share buybacks and forecasts 2024 Free Cash Flow of ~$315 million¹.
Focus on Per Share Metrics: A steadfast commitment to return of capital has driven an ~104 million share reduction (~16%) in the Company’s fully diluted share count since March 31, 2023.

Athabasca (Thermal Oil) Third Quarter Highlights

Production: ~34,900 bbl/d supported by growth at Leismer (record quarter at ~27,500 bbl/d) and stability at Hangingstone (~7,400 bbl/d).
Cash Flow: Adjusted Funds Flow of $150 million with an Operating Netback of $49.68/bbl.
Capital Program: $44 million of capital focused on sustaining operations at Leismer and Hangingstone. 2024 capital program forecast of ~$195 million including the commencement of progressive growth to 40,000 bbl/d at Leismer. The Company is currently drilling four new well pairs and six redrill opportunities at Leismer with production expected in early 2025. Two new well pairs at Hangingstone (1,400 meter laterals) will begin steaming in late November with production expected in early 2025.
Free Cash Flow: $106 million of Free Cash Flow supporting return of capital commitments.

Duvernay Energy Corporation (“DEC”) Third Quarter Highlights

Production: ~4,100 boe/d (77% Liquids) supported by production from two new pads placed on production in the spring. Results continue to support management’s type curve expectations with restricted IP180s/well averaging ~840 boe/d (82% Liquids) on the 2-well 100% working interest (“WI”) pad and IP120s/well averaging ~835 boe/d (85% Liquids) on the 3-well 30% WI pad.
Cash Flow: Adjusted Funds Flow of $14 million with an Operating Netback of $44.20/boe.
Capital Program: $6 million focused on commencing a 3-well 100% WI pad at 04-18-64-16W5 which spud in early September. The first two wells have been cased with lateral lengths averaging ~4,000 meters per well. The pad is expected to be completed in 2025. The 2024 capital program forecast is ~$75 million, fully funded within cash flow and cash on hand in DEC.

Corporate Consolidated Strategy

Value Creation: The Company’s Thermal Oil division provides a differentiated liquids weighted growth platform supported by financial resiliency to execute on return of capital initiatives. Athabasca’s subsidiary company, Duvernay Energy Corporation, is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and Duvernay Energy have independent strategies and capital allocation frameworks.
Consolidated Free Cash Flow Growth: Athabasca’s capital allocation framework is designed to unlock shareholder value by prioritizing multi‐year cash flow per share growth. In 2024, Athabasca forecasts Corporate Consolidated Adjusted Funds Flow of ~$555 million or ~$1 per share, representing ~100% per share growth over 2022 when the Company sanctioned growth to 28,000 bbl/d at Leismer. The Company’s outlook targets ~20% net Adjusted Funds Flow per share compound annual growth rate during the three-year time to 2027².

Athabasca (Thermal Oil) Strategy

Large Resource Base: Athabasca’s top-tier assets underpin a strong Free Cash Flow outlook with low sustaining capital requirements. The long life, low decline asset base includes ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion barrels of Contingent Resource.
Strong Financial Position: Prudent balance sheet management is a core tenet of Athabasca’s strategy. During the quarter, Athabasca issued $200 million 6.75% senior unsecured notes due in 2029 and redeemed US$157 million 9.75% senior secured second lien notes due in 2026. The Company proactively refinanced its debt on attractive terms and maintains strategic flexibility with a Net Cash position.
Capital Efficient Leismer Expansions: As previously announced, the Company has sanctioned expansion plans at Leismer for growth to 40,000 bbl/d. This will be completed utilizing a progressive build strategy that adds incremental production in the coming years with the full capacity to be achieved in 2028. The capital for this project is estimated at $300 million for a capital efficiency of ~$25,000/bbl/d. The Company can maintain 40,000 bbl/d for approximately fifty years (Proved plus Probable Reserves).
Sustaining Hangingstone: Steaming on two new sustaining well pairs will occur later this year with first production expected in early 2025. These wells will support base production with the objective of ensuring Hangingstone continues to deliver meaningful cash flow contributions to the Company and maintaining competitive netbacks ($48.39/bbl Q3 2024 Operating Netback).
Corner – Future Optionality: The Company’s Corner asset is a large de-risked oil sands asset adjacent to Leismer with 351 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage, with reservoir qualities similar or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company has updated its development plans and is finalizing facility cost estimates. Athabasca intends to explore external funding options and does not plan to fund an expansion utilizing existing cash flow or balance sheet resources.
Exposure to Improving Heavy Oil Pricing: With the start-up of the Trans Mountain pipeline expansion (590,000 bbl/d) in early May, spare pipeline capacity is driving tighter and less volatile WCS heavy differentials. Regional liquids pricing benchmarks have also been supported by a depreciating Canadian currency relative to the United States. Every US$5/bbl WCS change impacts Athabasca (Thermal Oil) Adjusted Funds Flow by ~$85 million annually.
Significant Multi-Year Free Cash Flow: Inclusive of the progressive growth at Leismer, Athabasca (Thermal Oil) expects to generate in excess of $1 billion of Free Cash Flow at US$70 WTI¹ during the timeframe of 2024-27. Free Cash Flow will continue to support the Company’s return of capital initiatives.
Thermal Oil Royalty Advantage: Athabasca has significant unrecovered capital balances on its Thermal Oil Assets that ensure a low Crown royalty framework (~6%¹). Leismer is forecasted to remain pre-payout until late 2027¹ and Hangingstone is forecasted to remain pre-payout beyond 2030¹.
Tax Free Horizon Advantage: Athabasca (Thermal Oil) has $2.4 billion of valuable tax pools and does not forecast paying cash taxes this decade.

Duvernay Energy Strategy

Accelerating Value: DEC is an operated, private subsidiary of Athabasca (owned 70% by Athabasca and 30% by Cenovus Energy). DEC accelerates value realization for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth without compromising Athabasca’s capacity to fund its Thermal Oil assets or its return of capital strategy.
Kaybob Duvernay Focused: Exposure to ~200,000 gross acres in the liquids rich and oil windows with ~500 gross future well locations, including ~46,000 gross acres with 100% working interest.
Self-Funded Growth: Current activity is being funded within cash flow and cash on hand. The 2024 program includes drilling and completions of a two-well 100% WI pad and a three-well 30% WI pad along with the spudding an additional multi-well pad in September 2024. The Company has self-funded growth potential to in excess of ~20,000 boe/d (75% Liquids) by the late 2020s¹.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash, Liquidity) and production disclosure.

¹Pricing Assumptions: realized prices January – October and flat pricing of US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.73 C$/US$ FX for the balance of 2024. 2025-27 US$70 WTI, US$12.50 WCS heavy differential, C$3.00 AECO, and 0.75 C$/US$ FX.
²The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x EV/Debt Adjusted Cash flow in 2025 and beyond.

Financial and Operational Highlights

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
CORPORATE CONSOLIDATED⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		38,909			36,176			36,675			34,950
Petroleum, natural gas and midstream sales	$	376,781		$	379,241		$	1,089,635		$	952,596
Operating Income⁽²⁾	$	180,184		$	168,410		$	465,070		$	320,063
Operating Income Net of Realized Hedging⁽²⁾⁽³⁾	$	175,755		$	164,643		$	460,511		$	289,645
Operating Netback ($/boe)⁽²⁾	$	49.12		$	50.84		$	46.36		$	33.27
Operating Netback Net of Realized Hedging ($/boe)⁽²⁾⁽³⁾	$	47.91		$	49.70		$	45.91		$	30.11
Capital expenditures	$	50,634		$	33,286		$	175,098		$	101,080
Cash flow from operating activities	$	187,143		$	134,879		$	398,864		$	202,330
per share – basic	$	0.35		$	0.23		$	0.72		$	0.34
Adjusted Funds Flow⁽²⁾	$	163,680		$	141,138		$	417,198		$	213,406
per share – basic	$	0.30		$	0.24		$	0.75		$	0.36
ATHABASCA (THERMAL OIL)
Bitumen production (bbl/d)⁽²⁾		34,853			31,691			33,390			29,972
Petroleum, natural gas and midstream sales	$	372,634		$	360,761		$	1,072,954		$	895,167
Operating Income⁽²⁾	$	163,694		$	155,415		$	425,837		$	278,533
Operating Netback ($/bbl)⁽²⁾	$	49.68		$	53.59		$	46.64		$	33.72
Capital expenditures	$	44,431		$	34,439		$	120,634		$	89,604
Adjusted Funds Flow⁽²⁾	$	150,088					$	383,214
Free Cash Flow⁽²⁾	$	105,657					$	262,580
DUVERNAY ENERGY⁽¹⁾
Petroleum and natural gas production (boe/d)⁽²⁾		4,056			4,485			3,285			4,978
Percentage Liquids (%)⁽²⁾	77		%	55		%	77		%	56		%
Petroleum, natural gas and midstream sales	$	24,728		$	24,508		$	63,015		$	78,403
Operating Income⁽²⁾	$	16,490		$	12,995		$	39,233		$	41,530
Operating Netback ($/boe)⁽²⁾	$	44.20		$	31.50		$	43.59		$	30.56
Capital expenditures	$	6,203		$	(1,153	)	$	54,464		$	11,476
Adjusted Funds Flow⁽²⁾	$	13,592					$	33,984
Free Cash Flow⁽²⁾	$	7,389					$	(20,480	)
NET INCOME AND COMPREHENSIVE INCOME
Net income and comprehensive income⁽⁴⁾	$	68,722		$	(79,212	)	$	203,407		$	(78,726	)
per share – basic⁽⁴⁾	$	0.13		$	(0.14	)	$	0.37		$	(0.13	)
per share – diluted⁽⁴⁾	$	0.12		$	(0.14	)	$	0.36		$	(0.13	)
COMMON SHARES OUTSTANDING
Weighted average shares outstanding – basic		540,884,257			581,917,255			555,035,218			586,906,810
Weighted average shares outstanding – diluted		550,712,443			581,917,255			559,203,568			586,906,810

	September 30		December 31
As at ($ Thousands)	2024		2023
LIQUIDITY AND BALANCE SHEET
Cash and cash equivalents	$	334,851	$	343,309
Available credit facilities⁽⁵⁾	$	121,316	$	85,488
Face value of term debt⁽⁶⁾	$	200,000	$	207,648

(1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
(2) Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
(3) Includes realized commodity risk management loss of $4.4 million and $4.6 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – loss of $3.8 million and $30.4 million).
(4) Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive income (loss) attributable to shareholders of the Parent Company. In the calculation of diluted net income (loss) per share for the three months ended September 30, 2024 net income (loss) was reduced by $2.6 million to account for the impact to net income (loss) had the outstanding warrants been converted to equity.
(5) Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.
(6) The face value of the term debt at December 31, 2023 was US$157.0 million translated into Canadian dollars at the December 31, 2023 exchange rate of US$1.00 = C$1.3226.

Operations Update

Athabasca (Thermal Oil)

Production for the third quarter of 2024 averaged 34,853 bbl/d. The Thermal Oil division generated Operating Income of $164 million (Operating Netbacks – $50.05/bbl at the Leismer and $48.39/bbl at Hangingstone) during the period with capital expenditures of $44 million, primarily related to drilling and completions, and progressing future growth initiatives at Leismer.

Leismer

Leismer produced a record 27,485 bbl/d during the quarter following the completion of the facility expansion. The Company is continuing with progressive growth to increase Leismer production to 40,000 bbl/d (regulatory approved capacity) over the next three years. These capital projects are flexible and highly economic (~$25,000/bbl/d capital efficiency) and will maximize value creation when executed alongside the Company’s return of capital initiatives. Activity over the next three years will include drilling ~20 well pairs (sustaining and growth wells), expanding steam capacity to ~130,000 bbl/d and adding oil processing capacity at the central processing facility. The project will benefit from installing opportunistically pre-purchased steam generators which reduce the timelines and costs for the project.

Activity in H2 2024 includes drilling four sustaining well pairs at Pad L10 and six extended redrills on Pad L1, with production expected in early 2025.

Hangingstone

Production during the quarter averaged 7,368 bbl/d. Non-condensable gas co-injection continues to assist in pressure support, reduced energy usage and an improved SOR averaging ~3.4x year to date. During the quarter the Company rig released two ~1,400 meter well pairs with first steam planned for later this year and production in early 2025. Well design with extended reach laterals is expected to drive project capital efficiencies of ~$15,000/bbl/d and will leverage off available plant and infrastructure capacity. These sustaining well pairs will support base production with the objective of ensuring Hangingstone continues to deliver meaningful cash flow contributions to the Company and maintaining competitive netbacks.

Duvernay Energy

Production for the third quarter of 2024 averaged 4,056 boe/d (77% Liquids). Duvernay Energy generated Operating Income of $16 million (Operating Netback – $44.20/boe) during the period.

Duvernay Energy brought its two-well 100% working interest pad at 03-18-64-17W5 on production in late April. The pad generated an average restricted 180-day rate of ~840 boe/d per well (82% liquids). A three well pad (30% working interest) at 02-03-65-20W5 was brought on production in late May, with an approximate 120-day rate of ~835 boe/d per well (85% liquids). Both pads are performing in-line with management’s expectations and are exhibiting strong extended results with high liquids content. The Company spud a three-well 100% working interest pad at 4-18-64-16W5 in September. Two wells have been cased on this pad with average laterals of ~4,000 meters per well. The operated pad of wells is expected to be completed in 2025.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; expected operating results at Hangingstone; Adjusted Funds Flow and Free Cash Flow in 2024 and 2025 to 2027; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of the Trans Mountain pipeline expansion and heavy oil pricing; and other matters.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2023 (which is respectively referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated February 29, 2024 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Also included in this News Release are estimates of Athabasca’s 2024 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Initial Production Rates

Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2023. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2023 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2024.

The 500 gross Duvernay drilling locations referenced include: 37 proved undeveloped locations and 76 probable undeveloped locations for a total of 113 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2023 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

Non-GAAP and Other Financial Measures, and Production Disclosure

The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Sustaining Capital, Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

	Three months ended September 30, 2024									Three months ended September 30, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾			Corporate Consolidated⁽¹⁾			Corporate Consolidated
Cash flow from operating activities	$	169,950		$	17,193		$	187,143		$	134,879
Changes in non-cash working capital		(20,201	)		(3,401	)		(23,602	)		5,898
Settlement of provisions		339			(200	)		139			361
ADJUSTED FUNDS FLOW		150,088			13,592			163,680			141,138
Capital expenditures		(44,431	)		(6,203	)		(50,634	)		(33,286	)
FREE CASH FLOW	$	105,657		$	7,389		$	113,046		$	107,852

(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

	Nine months ended September 30, 2024									Nine months ended September 30, 2023
($ Thousands)	Athabasca (Thermal Oil)			Duvernay Energy⁽¹⁾			Corporate Consolidated⁽¹⁾			Corporate Consolidated
Cash flow from operating activities	$	367,018		$	31,846		$	398,864		$	202,330
Changes in non-cash working capital		14,560			2,134			16,694			22,498
Settlement of provisions		1,636			4			1,640			1,155
Long-term deposit		—			—			—			(12,577	)
ADJUSTED FUNDS FLOW		383,214			33,984			417,198			213,406
Capital expenditures		(120,634	)		(54,464	)		(175,098	)		(101,080	)
FREE CASH FLOW	$	262,580		$	(20,480	)	$	242,100		$	112,326

(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

Duvernay Energy Operating Income and Operating Netback

The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

	Three months ended September 30,						Nine months ended September 30,
($ Thousands, unless otherwise noted)	2024			2023			2024			2023
Petroleum and natural gas sales	$	24,728		$	24,508		$	63,015		$	78,403
Royalties		(2,470	)		(3,510	)		(8,282	)		(10,403	)
Operating expenses		(4,684	)		(5,964	)		(12,387	)		(19,988	)
Transportation and marketing		(1,084	)		(2,039	)		(3,113	)		(6,482	)
DUVERNAY ENERGY OPERATING INCOME	$	16,490		$	12,995		$	39,233		$	41,530

Athabasca (Thermal Oil) Operating Income and Operating Netback

The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

	Three months ended September 30,						Nine months ended September 30,
($ Thousands)	2024			2023			2024			2023
Heavy oil (blended bitumen) and midstream sales	$	372,634		$	360,761		$	1,072,954		$	895,167
Cost of diluent		(129,965	)		(117,418	)		(411,991	)		(380,781	)
Total bitumen and midstream sales		242,669			243,343			660,963			514,386
Royalties		(22,291	)		(27,613	)		(62,651	)		(45,170	)
Operating expenses – non-energy		(24,903	)		(19,521	)		(72,445	)		(63,349	)
Operating expenses – energy		(9,994	)		(20,572	)		(38,187	)		(64,118	)
Transportation and marketing⁽¹⁾		(21,787	)		(20,222	)		(61,843	)		(63,216	)
ATHABASCA (THERMAL OIL) OPERATING INCOME	$	163,694		$	155,415		$	425,837		$	278,533

(1) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – $0.6 million and $1.7 million).

Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

	Three months ended September 30,						Nine months ended September 30,
($ Thousands)	2024			2023			2024			2023
Petroleum, natural gas and midstream sales⁽¹⁾	$	397,362		$	385,269		$	1,135,969		$	973,570
Royalties		(24,761	)		(31,123	)		(70,933	)		(55,573	)
Cost of diluent⁽¹⁾		(129,965	)		(117,418	)		(411,991	)		(380,781	)
Operating expenses		(39,581	)		(46,057	)		(123,019	)		(147,455	)
Transportation and marketing⁽²⁾		(22,871	)		(22,261	)		(64,956	)		(69,698	)
Operating Income		180,184			168,410			465,070			320,063
Realized loss on commodity risk mgmt. contracts		(4,429	)		(3,767	)		(4,559	)		(30,418	)
OPERATING INCOME NET OF REALIZED HEDGING	$	175,755		$	164,643		$	460,511		$	289,645

(1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
(2) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – $0.6 million and $1.7 million).

Cash Transportation and Marketing Expense

The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

Sustaining Capital

Sustaining Capital is managements’ assumption of the required capital to maintain the Company’s production base.

Net Cash

Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

Liquidity

Liquidity is defined as cash and cash equivalents plus available credit capacity.

Production volumes details

	Three months ended September 30,				Nine months ended September 30,
Production	2024		2023		2024		2023
Duvernay Energy:
Oil⁽¹⁾	bbl/d	2,688		1,398		2,235		1,461
Condensate NGLs	bbl/d	—		581		—		705
Oil and condensate NGLs	bbl/d	2,688		1,979		2,235		2,166
Other NGLs	bbl/d	447		528		298		615
Natural gas⁽²⁾	mcf/d	5,526		11,869		4,511		13,181
Total Duvernay Energy	boe/d	4,056		4,485		3,285		4,978
Total Thermal Oil bitumen	bbl/d	34,853		31,691		33,390		29,972
Total Company production	boe/d	38,909		36,176		36,675		34,950

(1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.

This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,000 – 34,000 bbl/d for 2024. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~3,000 boe/d for 2024 is expected to be comprised of approximately 67% tight oil, 23% shale gas and 10% NGLs.

Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash, Liquidity) and production disclosure.

¹ Pricing Assumptions: realized prices January – October and flat pricing of US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.73 C$/US$ FX for the balance of 2024. 2025-27 US$70 WTI, US$12.50 WCS heavy differential, C$3.00 AECO, and 0.75 C$/US$ FX.
² The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x EV/Debt Adjusted Cash flow in 2025 and beyond.

The MIL Network –

January 25, 2025

MIL-OSI: Resource Capital Fund VI L.P. Ceases to be an Insider of Talon Metals Corp.

Source: GlobeNewswire (MIL-OSI)

DENVER, Oct. 30, 2024 (GLOBE NEWSWIRE) — Resource Capital Fund VI L.P. (“RCF”) reports that it has filed an early warning report under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection to its shareholdings in Talon Metals Corp. (TSX: TLO) (“Talon”).

On October 30, 2024, RCF sold 114,588,550 common shares of Talon (“Common Shares”) pursuant to a block trade through the facilities of the Toronto Stock Exchange (the “Block Sale”). The aggregate consideration received by RCF with respect to the Block Sale was C$9,167,084, or C$0.08 per Common Share.

Immediately prior to the Block Sale, RCF owned and controlled a total of 114,588,550 Common Shares, representing approximately 12.26% of the issued and outstanding Common Shares of Talon. As a result of and immediately following the Block Sale, RCF held zero Common Shares of Talon.

Immediately following the Block Sale, RCF no longer holds any Common Shares of Talon, and as such, is no longer subject to ongoing early warning or insider reporting requirements in respect of Talon.

The sale of Common Shares was undertaken in the ordinary course of business for investment purposes, in accordance with RCF’s routine investment strategy to generate proceeds from its investment in Talon.

Talon’s registered office is located at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands VG1110.

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Talon’s profile on the SEDAR+ website at www.sedarplus.ca.

About Resource Capital Fund VI L.P.

RCF is a Cayman Islands exempt limited partnership and a private investment fund. RCF is ultimately controlled by RCF Management L.L.C. For further information and to obtain a copy of the early warning report, please contact:

Resource Capital Fund VI L.P.
1400 Wewatta Street, Suite 850
Denver, Colorado, 80202
Telephone: (720) 946-1444
Attn: Mason Hills

The MIL Network –

January 25, 2025
MIL-OSI Economics: Multidonor Fund for the Chocó Biogeographic Region: An International Commitment to Biodiversity and Environmental Justice

Source: CAF Development Bank of Latin America

Last night’s gathering featured Costa Rica’s Foreign Minister, Arnoldo Andrés Tinoco; CAF – Development Bank of Latin America and the Caribbean – President, Sergio Díaz Granados; and Panama’s Special Representative for Climate Change, Juan Carlos Montero.

Colombian Foreign Minister Luis Gilberto Murillo emphasized the strong link between cultural and biological diversity, noting that the Chocó Biogeographic region is one of the most biodiverse places on Earth per square meter, protected by its people. He urged the world to recognize this, stating that “this visibility is essential to support the people who live there. Conservation here is a cultural reality, a service to humanity that has gone unrecognized and uncompensated. This COP belongs to the people and must be about implementation.”

Minister Murillo added, “This is why we insist on amplifying voices, resources, and environmental justice” and highlighted the establishment of the Multidonor Fund as “a significant step forward.”

He explained that Colombia, Costa Rica, Ecuador, and Panama share ecosystems, making “this initiative of utmost importance,” and pointed out that “for many years, the Chocó Biogeographic region has been championed by naturalists, scientists, activists, social leaders, and the region’s ethnic communities.”

Vice President and Equality Minister Francia Márquez emphasized that the fund is a step toward “ethnic justice” and proposed community participation in its governance: “Governance cannot be limited to the states; it must include community representation” to ensure transformative projects that contribute to conservation goals and local well-being.

Costa Rica’s Foreign Minister praised the opportunity to join the launch of the Multidonor Fund for the Conservation and Restoration of the Chocó Biogeographic Region and other areas, stressing that “our collective efforts are far more effective when we work together towards ecosystem conservation and sustainable development.” He affirmed Costa Rica’s commitment to conservation.

About the Multidonor Fund

The Multidonor Fund will support conservation and restoration efforts, biodiversity and ecosystem preservation, climate change mitigation and adaptation, and sustainable development within the Chocó Biogeographic region and other interconnected ecoregions.

The Chocó Biogeographic region is an expansive zone stretching from the Pacific coasts of Ecuador, Colombia, and Panama, extending into the Caribbean, hills, and mountain ranges that converge with Costa Rica’s neotropical forests. This ecological connectivity forms a bridge for biodiversity distribution and is renowned worldwide for its lush natural wealth and extraordinary diversity.

However, the region faces significant threats: deforestation, illegal mining, wildlife trafficking, and social conflicts endanger the ecosystems and communities reliant on them. These challenges demand urgent, united action to protect this invaluable cultural and natural heritage, crucial for local populations and global ecological balance.

Organized communities, including Afro-descendant and Indigenous peoples and local communities, are essential to the Chocó Biogeographic region’s cultural diversity. Their legacy of resilience and adaptation, along with their deep environmental knowledge, make them vital contributors to biodiversity conservation and sustainable development.

To advance fund formulation, structuring, and implementation, the parties agree to invite CAF – Development Bank of Latin America and the Caribbean – to support these efforts.

The Governments of Colombia, Costa Rica, Ecuador, and Panama call for collaboration, inviting international organizations, the private sector, specialized funds, philanthropic organizations, and other potential donors to join civil society in safeguarding the Chocó Biogeographic region as a stronghold of biodiversity and resilience against global environmental challenges. Let us form new alliances for biodiversity protection, climate justice, and sustainable development to ensure a prosperous and sustainable future together.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: The Americas Flyways Initiative to begin implementation in January 2025
Source: CAF Development Bank of Latin America

After two years of rigorous science-based design, the Americas Flyways Initiative (AFI) is moving into its implementation phase in 2025, aimed at protecting and restoring critical ecosystems through Nature-Based Solutions (NbS) and bird-friendly infrastructure that also benefits people.

Inspired by the wonderful world of birds and their epic migratory journeys across the hemisphere, which connect landscapes, cultures, and people, the AFI science team has identified a portfolio of crucial sites to ensure the connectivity and conservation of at least 10% of prioritized populations of migratory shorebirds and landbirds in the Americas.

Birds serve as vital bioindicators of the health of nature. They not only signal the problems we face but also point to solutions: where and how we need to act. Protecting birds means protecting life. For example, 85% of the important bird conservation sites in Colombia coincide with key areas for water regulation and climate change mitigation.

Currently, AFI has five initial projects, also known as “nest projects,” named for their connection to shelter, development, and well-being:
1. Improving coastal climate resilience in the Rocuant Andalién Wetland in Chile;
2. Restoring montane forest landscapes and aquatic ecosystems in the northwestern Andes of Ecuador;
3. Integrating bird-friendly practices in transmission and distribution power lines reaching the coast of Guayas, Ecuador;
4. Incorporating bird-friendly architecture and design at the CAF headquarters in Panama City;
5. Knowledge exchange on best practices at the Iona Wastewater Treatment Plant on Iona Island, British Columbia.
To guide project developers in designing and implementing proposals that combine conservation and sustainable development, AFI has also released four practical and strategic guides:
- Guide 1: High biodiversity and carbon-dense ecosystems.
- Guide 2: Water security: drinking water, sanitation, and access to irrigation.
- Guide 3: Coastal management.
- Guide 4: Infrastructure.
The relevance of AFI is grounded in the premise that conservation without funding is merely conversation. Without agile and sustainable financial resources, effective conservation, protection, and restoration of nature cannot be achieved. Currently, there is a financial gap of between $598 billion and $824 billion annually needed to implement actions addressing the climate crisis and biodiversity loss.

One of the primary objectives of the sixteenth Conference of the Parties (COP 16) to the Convention on Biological Diversity (CBD), taking place in Cali, is to advance the details and mechanisms for meeting Target 19 of the Global Biodiversity Framework: achieving the annual mobilization of at least $200 billion by 2030. Of this amount, it is expected that at least $30 billion will be directed toward developing countries, which are often more severely affected by climate change impacts and wildlife decline.

As of the date of this statement, eight governments have pledged $163 million to enable the Global Biodiversity Fund (GBFF) to implement the Kunming-Montreal Biodiversity Framework. While this is a step forward, it remains insufficient given the scale of what is required and the context we face.

The protection and sustainable use of the services and resources we receive from nature are not solely the responsibility of the naturalist or scientific community. More than half of the world’s economy depends on the benefits provided by nature: clean water and air, fertile soils, food, medicine, raw materials, among others. More than half of the global GDP is moderately or highly dependent on nature and its services. Consequently, this figure is linked to the risks and impacts associated with the destruction of nature.

Therefore, actions aimed at the conservation, restoration, and sustainable management of ecosystems and their biodiversity are an obligation and responsibility for all sectors, as they form the fundamental basis for our societies to continue existing and thriving. Fortunately, much of the answer to the challenge of channeling financing for biodiversity lies within nature itself.

“Nature-Based Solutions (NbS) are actions to protect, sustainably manage, and restore natural and modified ecosystems that effectively and adaptively address societal challenges while simultaneously benefiting people and nature” (IUCN, 2016).

In this context, at COP15 in Montreal, the National Audubon Society, BirdLife International, and the Development Bank of Latin America and the Caribbean (CAF) forged a commitment and the foundations of a strategic, transformative, and visionary alliance that will mobilize investment for nature and the communities that depend on it through a comprehensive financial mechanism.

AFI is a symbiosis for prosperity that combines cutting-edge applied science and agile financial mechanisms to sustainably manage over 30 marine and terrestrial landscapes by 2050, mobilizing between $3 trillion and $5 trillion.

Elizabeth Gray, CEO of Audubon, highlighted the importance of the initiative: “We are working together to protect 30 terrestrial and marine landscapes across this vast region. This is essential for promoting nature-based solutions and sustainable development. The Americas is one of the most biodiverse regions in the world, and we have much to do to address both the biodiversity and climate crises.”

Martin Harper, CEO of BirdLife International, expressed gratitude and recognition to the teams from the three organizations for their hard work in reaching this point: “We are building something very special, something that will unite conservation efforts across the Americas. This initiative is already inspiring similar projects in other major migratory routes worldwide.”

Sergio Díaz Granados, Executive President of CAF, reminded attendees of the bank’s efforts to become the green bank of the region, including increasing its capital to address the climate emergency: “The loss of biodiversity is one of our most urgent problems. Mitigating it and adapting is not a choice; it is a responsibility we must fulfill. We have been collaborating with institutions like Audubon and BirdLife to bridge conservation gaps in Latin America and the Caribbean.”
MIL OSI Economics –
January 25, 2025
MIL-OSI China: Cai Xuzhe, returning to space 22 months after his first spaceflight

Source: China State Council Information Office 2

Cai Xuzhe has started his new space journey just 22 months after his first Shenzhou mission, breaking the record for the shortest interval between two spaceflights for a Chinese astronaut.
Cai is the commander of the Shenzhou-19 mission, which was launched at 4:27 a.m. Wednesday from the Jiuquan Satellite Launch Center in northwest China.
The crew members, also including first-timers Song Lingdong and Wang Haoze, will face new tasks and challenges during the mission, Cai told a press meeting on Tuesday ahead of the launch.
He said they had collaborated with sci-tech workers to update training concepts and improve training methods and efficiency in order to meet the requirements of the new mission.
Focusing particularly on the goal of achieving “zero error,” the trio will improve operation quality and enhance in-orbit emergency response capabilities, Cai noted.
“We have been training as a team for more than a year, maintaining the best condition and the highest standards,” Cai said, adding that they are fully prepared and have the confidence, determination and ability to successfully complete this mission.
Born in 1976 in the countryside of Shenzhou City, north China’s Hebei Province, Cai was fascinated with airplanes as a child. Every time he heard a plane flying past, he would rush outside and stare up at the sky as it flew away and disappeared.
During his time in middle school, he idolized an air force commander and subscribed to the magazine China Air Force. Through its pages, he gained valuable knowledge about aviation and developed a keen appreciation for the art of piloting.
Cai was admitted to an air force flight college in his final year at school.
Upon graduation from college, he volunteered to work at an airport short of pilots. Despite the harsh conditions there, he dedicated himself to studying and training to sharpen his flying skills.
In 2003, China’s first manned spaceflight, the Shenzhou-5 mission, was a resounding success. Sitting in front of the television, Cai was deeply attracted by the career of astronaut.
As soon as he learned that the country was selecting the second batch of astronauts, Cai submitted application and was successfully recruited in May 2010.
After arduous training and preparation for more than a decade, Cai had his moments. From June to December, 2022, he participated in the Shenzhou-14 space mission with colleagues Chen Dong and Liu Yang.
During the extravehicular activities that lasted about five-and-half hours in November, 2022, they installed an out-of-cabin “bridge” that links the core module of the Tiangong space station with the Wentian and Mengtian labs. Cai completed the first cross-module spacewalk through the bridge.
In his spare time in space, Cai was fond of overlooking at Earth through the porthole, especially when the space station flew over his hometown.
In March 2023, the trio were awarded medals for their service to China’s space endeavors. Cai received a third-class medal and the honorary title of “Heroic Astronaut.”
Back to Earth, the busy and fulfilling scenes of work and life in space were vivid in Cai’s memory, and he had been craving another journey to space.
“I treat every spaceflight as my first one,” he said.

MIL OSI China News –

January 25, 2025
MIL-OSI China: Mainland urges Taiwan to return to 1992 Consensus

Source: China State Council Information Office 2

A mainland spokesperson on Wednesday urged authorities in Taiwan to return to the 1992 Consensus, describing this agreement reached by the two sides 32 years ago as the “anchor for peace and stability” in the region.
Zhu Fenglian, a spokesperson for the State Council Taiwan Affairs Office, made the statement in response to recent remarks from officials of Taiwan’s mainland affairs council and the Straits Exchange Foundation denying the 1992 Consensus.
She recounted how the mainland’s Association for Relations Across the Taiwan Straits and the Straits Exchange Foundation from Taiwan in 1992 reached the consensus, which was expressed orally but backed by written records, articulating the shared commitment to the one-China principle across the Strait.
The 1992 Consensus clearly defines the nature of cross-Strait relations, which acknowledges that both the mainland and Taiwan belong to one China, and this relationship is neither state-to-state relations nor “one China, one Taiwan,” Zhu said.
This has laid the political foundation for the development of cross-Strait relations, Zhu said, adding that it has enabled cross-Strait consultations and negotiations, facilitated exchanges between the political parties of the two sides, and institutionalized consultations and communication across the Strait.
Any intentional misinterpretation of history, denial of the 1992 Consensus’ significance, or claims that portray it as outdated are unhelpful to improving cross-Strait relations, Zhu added.

MIL OSI China News –

January 25, 2025
MIL-OSI China: China to build a big-data center system for new materials

Source: China State Council Information Office 2

China released a plan on Wednesday for the establishment of a big-data center system for new materials, with a projected date of 2035 for completion and steady operation.
The country aims to build a system consisting of one major platform and multiple data-resource nodes by 2027, according to the plan jointly released by three government authorities including the Ministry of Industry and Information Technology.
The new-material big-data center is a new type of research and development infrastructure to promote the innovation and development of the new-materials industry.
The plan details tasks for constructing the center, which include establishing the data circulation application system and optimizing the application ecology of new-material big-data technology.

MIL OSI China News –

January 25, 2025
MIL-OSI China: China activates emergency response as typhoon nears

Source: China State Council Information Office 2

China’s State Flood Control and Drought Relief Headquarters launched a Level-IV emergency response on Wednesday to flooding and typhoons in the coastal province of Zhejiang as Super Typhoon Kong-rey approaches.
Kong-rey is forecast to bring torrential rain to parts of Fujian Province, Zhejiang Province, Shanghai and Jiangsu Province from Wednesday to Friday, with Zhejiang to be hit hard.
The headquarters also maintained a Level-IV emergency response to flooding and typhoons in Hainan Province and Fujian Province.
The Ministry of Emergency Management has deployed more than 4,100 rescuers. It also urged local authorities to take solid steps to brace for the super typhoon.

MIL OSI China News –

January 25, 2025

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The Fire Danger Period (FDP) will begin at 01.00am on Monday, November 11, for the following municipalities in CFA’s northwest Region:

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CFA firefighters battled a recycling truck fire this morning at Colac which prompted a warning to the community to stay indoors.

The Fire Danger Period (FDP) will begin at 01.00am on Monday, November 11, for the following municipalities in CFA’s northwest Region: 