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Category: Americas

  • MIL-OSI Canada: Prime Minister announces Dennis King as Canada’s next Ambassador to Ireland

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today announced that Dennis King has been appointed as Canada’s next Ambassador to Ireland.

    Mr. King is a proud Islander with a proven track record of public service. As Premier of Prince Edward Island, he helped drive progress on key priorities such as health care, education, economic development, and job creation. He also navigated the province through significant challenges, including natural disasters and the COVID‑19 pandemic.

    Canada and Ireland are close friends and partners. As Ambassador, Mr. King will advance our shared priorities, including strengthening transatlantic security, growing our economies, reducing emissions, expanding trade and investment, and building a better future for people on both sides of the Atlantic.

    Quote

    “I congratulate Dennis King on his appointment as Canada’s Ambassador to Ireland. With his years of experience in public service, including as the Premier of Prince Edward Island, I am confident that he will serve Canada well and make the strong partnership between our two countries even stronger.”

    Quick Facts

    • Canada is represented in Ireland by an embassy in Dublin. In Canada, Ireland is represented by an embassy in Ottawa and consulates in Vancouver and Toronto.
    • Over 4.4 million Canadians, or 12 per cent of the population, claim at least partial Irish ancestry, making Irish the third-largest ethnic group in Canada.

    Biographical Note

    Associated Link

    MIL OSI Canada News –

  • MIL-OSI USA: Omalizumab treats multi-food allergy better than oral immunotherapy

    Source: US Department of Health and Human Services – 2

    News Release
    Monday, March 3, 2025

    High rate of oral immunotherapy side effects in NIH trial explains superiority of omalizumab.

    A clinical trial has found that the medication omalizumab, marketed as Xolair, treated multi-food allergy more effectively than oral immunotherapy (OIT) in people with allergic reactions to very small amounts of common food allergens. OIT, the most common approach to treating food allergy in the United States, involves eating gradually increasing doses of a food allergen to reduce the allergic response to it. Thirty-six percent of study participants who received an extended course of omalizumab could tolerate 2 grams or more of peanut protein, or about eight peanuts, and two other food allergens by the end of the treatment period, but only 19% of participants who received multi-food OIT could do so. Researchers attributed this difference primarily to the high rate of allergic reactions and other intolerable side effects among the participants who received OIT, leading a quarter of them to discontinue treatment. When the participants who discontinued therapy were excluded from the analysis, however, the same proportion of each group could tolerate at least 2 grams of all three food allergens.
    The findings were published in an online supplement to The Journal of Allergy and Clinical Immunology and presented at the 2025 American Academy of Allergy, Asthma & Immunology/World Allergy Organization Joint Congress in San Diego on Sunday, March 2, 2025.
    “People with highly sensitive multi-food allergy previously had only one treatment option—oral immunotherapy—for reducing their allergic response to moderate amounts of those foods,” said Jeanne Marrazzo, M.D., M.P.H., director of NIH’s National Institute of Allergy and Infectious Diseases (NIAID), the study’s funder and regulatory sponsor. “This study shows that omalizumab is a good alternative because most people tolerate it very well. Oral immunotherapy remains an effective option if treatment-related adverse effects are not an issue.”
    Omalizumab works by binding to the allergy-causing antibody called immunoglobulin E in the blood and preventing it from arming key immune cells responsible for allergic reactions. This renders these cells much less sensitive to stimulation by any allergen.
    The current study is the second stage of a landmark clinical trial that found a 16-week course of omalizumab increased the amount of peanut, tree nuts, egg, milk and wheat that multi-food allergic children as young as 1 year could consume without an allergic reaction. This next stage of the trial was designed to directly compare omalizumab with OIT for the first time.
    At 10 locations across the United States, the study team enrolled 177 children and adolescents ages 1 to 17 years and three adults ages 18 to 55 years, all with confirmed allergy to less than half a peanut and similarly small amounts of at least two other common foods among milk, egg, cashew, wheat, hazelnut or walnut. After completing the first stage of the trial, 117 individuals entered the second stage of the trial.
    Upon beginning Stage 2, all participants received injections of omalizumab for eight weeks. Then the participants were randomly divided in half and placed into one of two groups. Group A received omalizumab injections and multi-allergen OIT for eight weeks, while group B received omalizumab injections and placebo OIT for eight weeks. Subsequently, group A received placebo injections and multi-allergen OIT for 44 weeks, while group B continued to receive omalizumab injections and placebo OIT for 44 weeks. Neither the participants nor the investigators knew who was in which treatment group.
    Group A received omalizumab before and during their early months of OIT because data from prior studies suggested that pretreatment with the medication would significantly augment the safety of OIT, and continuing omalizumab during the early months of OIT would provide additional benefit.
    During the study treatment period, 29 of 59 participants in group A discontinued therapy: 15 due to allergic reactions—some severe—or other intolerable symptoms of OIT, and 14 for other reasons, including aversion to the study foods or the burden of participating in the trial. No participants in group B had allergic reactions or other side effects from omalizumab that led them to discontinue therapy, but seven participants in group B left the study mainly due to the burden of participating in it. In all, 30 of the original 59 members of group A (51%) and 51 of the original 58 members of group B (88%) completed treatment.
    After the study treatment period, the clinical trial team tested whether the participants who completed therapy could eat at least 2 grams of peanut protein and their two other study foods without an allergic reaction. Twenty-one of the original 58 participants in group B, or 36%, could tolerate at least 2 grams of all three foods, while only 11 of the original 59 participants in group A (the OIT-treated group), or 19%, could do so. When evaluating only the participants who completed therapy, however, the same proportion of each group could tolerate at least 2 grams of all three foods.
    These results showed that omalizumab was more effective than OIT at treating multi-food allergy in people who originally had a very low tolerance to common food allergens. Investigators attributed this outcome mainly to the high rate of allergic reactions and other side effects leading to treatment discontinuation among the OIT-treated participants, despite receiving omalizumab before and during the early months of therapy.   
    The trial is called Omalizumab as Monotherapy and as Adjunct Therapy to Multi-Allergen OIT in Food Allergic Children and Adults, or OUtMATCH. The NIAID-funded Consortium for Food Allergy Research (CoFAR) is conducting the trial under the leadership of Robert Wood, M.D., and R. Sharon Chinthrajah, M.D. Dr. Wood is the Julie and Neil Reinhard Professor of Pediatric Allergy and Immunology and director of the Pediatric Clinical Research Unit at the Johns Hopkins University School of Medicine, Baltimore. Dr. Chinthrajah is an associate professor of medicine and of pediatric allergy and clinical immunology and the co-director of the Sean N. Parker Center for Allergy and Asthma Research at Stanford University School of Medicine, Stanford, California.
    NIAID funds the ongoing trial with additional financial support from and collaboration with Genentech, a member of the Roche Group, and Novartis Pharmaceuticals Corporation. The two companies collaborate to develop and promote omalizumab and are supplying it for the trial.
    Further information about the OUtMATCH trial is available at ClinicalTrials.gov under study identifier NCT03881696. 
    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.
    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
    NIH…Turning Discovery Into Health®

    Reference
    RA Wood et al. Treatment of multi-food allergy with omalizumab compared to omalizumab-facilitated multi-allergen OIT. Journal of Allergy and Clinical Immunology DOI: 10.1016/j.jaci.2024.12.1022 (2025).

    ###

    MIL OSI USA News –

  • MIL-OSI: The BANK of Greenland’s Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Lending growth and fine results
    The BANK of Greenland achieved a profit before tax of DKK 245.7 million in 2024, compared with DKK 244.6 million in 2023. The result is at the level of the revised guidance from October 2024 of a profit at the level of DKK 225-250 million but exceeds the expectations at the start of the year of a profit of DKK 180-230 million.

    Return on opening equity before tax and dividend was 17.5 % compared to 18.9 % in 2023.

    The Bank recommends to the Annual General Meeting that the dividend payment is DKK 100 per share.

    Profit before value adjustments and write-downs amounts to DKK 236 million compared to DKK 218.7 million in 2023.

    Net interest and fee income increased by DKK 35.3 million compared to 2023, amounting to DKK 470.3 million.

    For the overall year, value adjustment of securities and currencies resulted in a gain of DKK 28.6 million compared to a gain of DKK 40.1 million in 2023.

    In 2024, impairment of loans etc. amounted to DKK 18.9 million, which is DKK 4.7 million higher than in 2023.

    Lending increased by DKK 218 million to DKK 5,031 million at the close of 2024, which is the highest level in the Bank’s history. At the same time, the guarantee volume declined in 2024 to DKK 1,423 million, compared with DKK 1,774 million in 2023. The decrease is primarily due to a change in the guarantee scheme with DLR Kredit in 2024.

    The BANK of Greenland’s capital ratio amounted to 26.9 at end of 2024, and the Bank has calculated the individual solvency requirement at 11.1%.

    Outlook for 2025
    Short-term yields are expected to fall in 2025 as inflation comes under control in Europe. It is expected that this in turn will reduce costs and increase the Bank’s customers’ investment appetite. The lower interest rates will have a significant negative effect on core earnings, however. 

    Uncertainty in the capital markets will affect the Bank’s value adjustments. We nonetheless expect losses and write-downs to remain at a low level, and derived risks related to inflation and cyclical uncertainty in 2025 are assessed to be addressed by the current level of impairment write-downs.

    In both the short and longer term, the considerable focus on Greenland, which escalated at the beginning of 2025, can affect the economic development and the framework conditions in Greenland. However, the BANK of Greenland has no basis to assess that this will be of any material significance in the short term in 2025, so that it is the circumstances described in this report – the macroeconomic and local conditions – that are generally expected to influence the Bank’s operations.

    The Bank expects a profit before tax of DKK 150-185 million for 2025. There is thus no change in the expected profit for the year, which is in line with the notification in the stock exchange announcement of 11 December 2024.

    Attachments

    The MIL Network –

  • MIL-OSI Security: Defense News: Undersea Warriors: NATO Demonstrates Deep Collaboration in Anti-Submarine Warfare During Exercise Dynamic Manta 25

    Source: United States Navy

    Dynamic Manta builds on the success of previous iterations, incorporating new tactics, technologies and operational insights, ensuring NATO’s forces remain at the forefront of undersea warfare. The exercise prepares NATO submarine crews to respond and adapt to any type of threat below the surface.

    Hosted by Italy, the exercise was planned by NATO Allied Maritime Command (MARCOM) based in Northwood, UK. Commander Submarines NATO, US Navy Rear Admiral Bret Grabbe, said this is the largest and most complex submarine exercise to take place in the Mediterranean Sea.

    “Exercises like Dynamic Manta help NATO maintain the edge when it comes to anti-submarine warfare,” he said. “By practising coordinated operations against both conventional and advanced undersea threats, NATO continues to demonstrate its commitment to safeguarding the strategic waterways that connect member states.”

    For only the third time since the exercise began in 2013, submarine assets will also work with Allied maritime Special Operations Forces (SOF), consolidating interoperability with this critical asset. The capability of Allied SOF teams to cooperate with Allied submarines from different nations represents a force multiplier for NATO. For this iteration of the exercise, a Greek SOF team will make a landing from an Italian submarine to conduct its mission.

    The aim of Dynamic Manta is to provide all participants with complex and challenging warfare training to enhance interoperability and proficiency in anti-submarine and anti-surface warfare skills. Each participating unit will have the opportunity to conduct a variety of submarine warfare operations. The submarines will take turns hunting and being hunted, closely coordinating their efforts with the air and surface participants.

    The exercise plan to involve units, sailors and airmen from nine NATO nations.

    The submarines belong to the navies of France, Greece, Italy, Türkiye and the United States, with NATO Submarine Command (COMSUBNATO) exercising operational control on several, as required by the exercise scenario.

    Maritime Patrol Aircraft (MPA) from Canada, Germany, Greece, Portugal, Türkiye, the United Kingdom and the United States are also planning to take part, alongside Maritime Patrol Helicopters (MPH) from France, Italy and the US, supported by surface ships from Greece, Italy, Spain, Türkiye and the US.

    Standing NATO Maritime Group 2 (SNMG2) is taking part, commanded by Turkish Navy Rear Admiral H. Ilker Avci.

    As the host nation, Italy is providing support in Catania and Augusta Harbors, the naval helicopter base in Catania, Naval Air Station Sigonella, as well as support from Augusta Naval Base.

    Representing Italy during the exercise as the host nation guest is Rear Adm. Alberto Tarabotto, Commanding Officer, 4th Naval Division.

    There are two sister ASW training events as part of NATO’s continuous submarine warfare training and cooperation.  Exercise Dynamic Mongoose which takes place in the cold waters of the North Atlantic, and Playbook Merlin which takes place in the shallow waters of the Baltic Sea.

    Dynamic Manta is one of nearly a dozen MARCOM-led maritime exercises held each year in addition to numerous national exercises, which increase readiness in defense of the Alliance.

    MIL Security OSI –

  • MIL-OSI: ServiceTrade Sponsors the Heavy Metal Summer Experience Program in Support of its Mission to Inspire Students to Pursue Rewarding Trade Careers

    Source: GlobeNewswire (MIL-OSI)

    DURHAM, N.C. and AUSTIN, Texas, March 03, 2025 (GLOBE NEWSWIRE) — MCAA—ServiceTrade, an innovative software platform designed to optimize commercial service business operations for growth and profit, announced its silver-level sponsorship of the career workshop series called The Heavy Metal Summer Experience. The program is supported by a dedicated group of trade industry associations, vendors, educators, and individuals. In its fifth year, the non-profit program aims to introduce students across the U.S. and Canada to mechanical, electrical, and plumbing careers.   

    “The growth of the mechanical construction and service industry relies on the next generation of workers,” said Angie Simon, president and co-founder of The Heavy Metal Summer Experience. “In 2024, the program held camps at 36 locations across the United States and Canada, a 71% increase in participation over previous years, with approximately 500 students enrolled. The 2025 program will hold sessions in 54 camp locations and reach almost 900 students in the season.”

    The Heavy Metal Summer Experience attracts students from all backgrounds and ethnicities, including 18.7% female students. It introduces students to all aspects of working in the trades, including hands-on learning and working with industrial materials. Students are provided with information on apprenticeship programs, trade specialties, local opportunities for further education, and information about careers in the industrial trades. 

    Careers in the trades are gaining popularity among young people. According to the Associated General Contractors of America, enrollment in focused commercial manufacturing and repair trade programs grew by 11% between 2021 and 2023. Undergraduate college enrollment dropped by 8% in the same period, according to the National Center for Education Statistics. Trade school programs are also faster and less expensive than alternatives, with students finishing programs within two years and quickly finding employment after graduation. 

    “A career in the trades is a terrific path to high job satisfaction, rapid career advancement, and great pay,” said Billy Marshall, Founder and Special Advisor at ServiceTrade.  “The demand for these young skilled workers is extraordinarily high with an estimated current labor shortfall of 14 – 20% in the commercial fire and mechanical service markets.  The Heavy Metal Summer Experience is the right solution at the right time, and we look forward to working alongside its founders to ensure its success.”

    To learn more about ServiceTrade and The Heavy Metal Summer Experience:

    About ServiceTrade  

    ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

    Media contact:

    Media@KTCMarketingandPR.com

    The MIL Network –

  • MIL-OSI: Alliance Memory to Feature Latest Innovations at Embedded World 2025

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., March 03, 2025 (GLOBE NEWSWIRE) — Alliance Memory will display its expanded product portfolio at Embedded World 2025, taking place March 11-13 at the Nuremberg Exhibition Centre in Nuremberg, Germany. In Stand 3A-215, the company will introduce its new 32Mb fast SRAM, DDR4 and LPDDR4X SDRAMs, and high-density Serial NOR Flash devices, all of which enhance device performance with higher density, low power consumption, and rapid data transfer rates to meet the needs of modern applications.

    “Our latest offerings underscore our commitment to meeting the evolving needs of the market with memory solutions that boost efficiency and reliability,” said David Bagby, president and CEO of Alliance Memory. “The new 32Mb fast SRAM, advanced DDR4 and LPDDR4X SDRAMs, and our high-capacity Serial NOR Flash devices are designed to provide our customers with the performance they require for today’s competitive technology landscape.”

    FEATURED PRODUCTS

    32Mb Fast SRAM: Alliance Memory’s newly introduced 32Mb fast SRAM in a 48-ball FBGA package provides a wide power supply range and fast access times, making it ideal for a variety of high-speed applications.

    DDR4 SDRAMs: The company has expanded its CMOS DDR4 SDRAM offerings with 8Gb, 16Gb, and 32Gb devices that combine fast clock speeds up to 1600MHz and transfer rates up to 3200MT/s. The DDR4 SDRAM are available in 78-ball and 96-ball FBGA packages.

    LPDDR4X SDRAM: For mobile and high-performance applications, the new 16Gb LPDDR4X device features increased clock speeds and higher data rates in a 200-ball FBGA package.

    High-Density Serial NOR Flash Devices: New additions to the Serial NOR Flash family include 128Mb, 256Mb, and 512Mb densities, offering flexible, high-performance memory solutions for a broad range of applications, from mobile PCs to connectivity modules.

    To schedule an appointment with Alliance Memory at Embedded World 2025 or for more information about the company’s new products, please contact Bob Decker at bob.decker@redpinesgroup.com.

    About Alliance Memory
    Alliance Memory is a worldwide provider of critical and hard-to-find memory ICs for the communications, computing, consumer electronics, medical, automotive, and industrial markets. The company’s product range includes flash, DRAM, and SRAM memory ICs with commercial, industrial, and automotive operating temperature ranges and densities from 64Kb to 128GB. Privately held, Alliance Memory maintains headquarters in Kirkland, Washington, and regional offices in Europe, Asia, Canada, and South America. More information about Alliance Memory is available online at www.alliancememory.com.

    Agency Contact:
    Bob Decker
    Redpines
    +1 415 409 0233
    bob.decker@redpinesgroup.com

    The MIL Network –

  • MIL-OSI: Central 1 and Intellect Design Arena Ltd. Conclude Operating Partnership Transaction Digital banking operations transferred as of March 3, 2025

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia and TORONTO, March 03, 2025 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the completion of all necessary closing activities for the operating partnership agreement in which Intellect will assume responsibility for Central 1’s digital banking operations.

    Effective March 3, 2025, operation of Central 1’s Forge, MemberDirect, public website and mobile applications and products, will be transferred to Intellect. Team members from Central 1’s digital banking engineering and service teams will also join the Intellect team to operate Central 1’s digital banking software and support clients as they transition to new digital banking platforms.

    Central 1 will continue to provide the technology infrastructure and related services.

    “The Intellect team, along with those joining from Central 1, bring a strong commitment to seamless service and collaboration. We are confident that this approach provides the most stable path forward for clients and for Central 1 as transitions to new digital banking platforms take place over the next few years,” said Sheila Vokey, CEO of Central 1.

    “We are pleased to welcome the Central 1 team members joining Intellect and reaffirm our deep commitment to credit unions and banks in Canada. As trusted financial partners to millions, credit unions are pivotal in fostering economic resilience and community-driven banking. Their ability to stay ahead in a rapidly evolving landscape depends on a strong digital foundation that balances innovation with stability,” said Rajesh Saxena, CEO of Intellect Global Consumer Banking.

    About Central 1: Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable the credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit central1.com. 

    About Intellect Design: Intellect is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect’s revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect Design offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit intellectdesign.com

    Caution Regarding Forward Looking Statements 
    This press release and announcement contains historical, forward-looking statements as well as statements about the timing and completion of closing activities and the nature and quality of the services, collaboration and timing of transitions to new digital banking platforms. All statements and other information about anticipated future events may constitute “forward-looking information” under Canadian securities laws. These include, without limitation, statements relating to Central 1’s intention to wind down its digital banking business, and the timeline and processes relating to the same, Central 1’s plans to transition its clients to alternative digital banking providers, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions. 

    Forward-looking information are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial, condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. 

    Contacts

    The MIL Network –

  • MIL-OSI: Westhaven Announces Updated Preliminary Economic Assessment for the Shovelnose Gold Project, British Columbia

    Source: GlobeNewswire (MIL-OSI)

    After-Tax NPV Doubled to $454 Million

    After-Tax IRR of 43.2%

    Payback of Initial Capital Costs of 2.1 Years

    All amounts are in Canadian Dollars unless otherwise noted

    VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) is pleased to report the completion of an Updated Preliminary Economic Assessment (“PEA”) at its 100% owned 41,634-hectare Shovelnose Gold Property (the “Property”) located within the prospective Spences Bridge Gold Belt (“SBGB”), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia. The PEA outlines a robust, low-cost, rapid pay-back, high margin, 11.1 year underground gold mining opportunity and is based on updated mineral resources that include contributions from the South, Franz and FMN zones.

    At a gold price of US$2,400/oz and an exchange rate of C$1.00 to US$0.72, the Shovelnose base case estimate (the “Base Case”) generates an after-tax net present value (NPV) at a 6% discount rate of $454 million and an internal rate of return (IRR) of 43.2%. The proposed mine will operate over an initial 11.1 year mine-life with average annual life-of-mine gold production of 56,000 ounces. Initial capital expenditure to fund construction and commissioning is estimated at $184 million, with a life-of-mine capital cost of $379 million and a payback period of 2.1 years. The all-in sustaining costs (as defined per World Gold Council guidelines, less corporate G&A) are estimated to be US$836 per ounce of gold produced.

    Summary Table – Economic Sensitivity to Long Term Gold Price

    Long Term Metal Price Variability Corresponding Gold Price After Tax NPV (at 6%) After Tax IRR
    (percentage change) US$/ounce CDN $ millions (%)
    – 20% 1,920 284.3 30.4
    – 10% 2,160 369.1 36.9
    base case 2,400 453.7 43.2
    + 10% 2,640 538.3 49.5
    + 20% 2,880 622.8 55.7

    Gareth Thomas, President & CEO, comments: “Westhaven’s flagship Shovelnose Gold Property is ideally situated, in close proximity to roads, power and infrastructure in a tier 1 mining jurisdiction. Production contribution from both Franz and FMN provide valuable ounces that bring gold production forward in the schedule resulting in payback of initial capital costs in just 2.1 years. Our intention is to continue to advance this cornerstone project in parallel with our ongoing exploration efforts to further expand the gold-silver mineral inventory on this highly prospective land package. The next steps towards rapidly advancing development include further de-risking initiatives such as continued environmental baseline studies, permitting requirements, along with other cost and technical requirements.”

    The Company cautions that the results of the PEA are preliminary in nature and include Inferred Mineral Resources that are considered too speculative geologically to have economic consideration applied to them to be classified as Mineral Reserves. There is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

    Preliminary Economic Assessment Highlights:

    *Base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN$/US$ exchange rate of $0.72.
    *All costs are in Canadian dollars unless otherwise specified.

    • Robust financial metrics.
      • Pre-tax Internal Rate of Return (“IRR”) of 56.3%; After-tax IRR of 43.2%.
      • Low All-In Sustaining Cost (“AISC”) of $1,161/ounce (“oz”) (US$836/oz) gold equivalent (“AuEq”).
      • Low Cash Cost of $872 oz/AuEq (US$ 628/oz AuEq).
      • Pre-tax Net Present Value (“NPV”6%) of $730 million (M) and After-tax NPV of $454M.
      • Payback period from start of production year at 1.7 years pre-tax and 2.1 years after-tax.
      • After-tax (NPV 6%) increases to $634M and After-tax IRR increases to 56.6% using spot prices of US$2,900 gold and US$30 silver.
    • Low capital-intensive development and operating costs.
      • Total Preproduction Capital of $184M.
      • Total Life of Mine (“LOM”) Capital Costs of $379M.
      • Average operating cost of $142/ tonne processed.
      • 92% of total stope mining is cost effective longitudinal and traverse longhole stoping, with only 8% of total mining requiring cut and fill stoping.
    • 11.1-year mine life and ability to expand processing to accommodate satellite discoveries.
      • 718,600 total Indicated ounces gold equivalent (“AuEq”) underground Mineral Resource Estimate.

           292,000 total Inferred ounces AuEq underground Mineral Resource Estimate.

    • Production rate of 1,000 tonnes per day (“tpd”).
    • Total payable metals of 637,000 oz gold (“Au”) and 3,562,000 oz silver (“Ag”).
    • Average annual production of 56,000 oz Au peaking in year 7 at 68,000 oz Au.

                            Total mineralized rock production of 4,159,000 tonnes at 5.26 g/t Au and 32 g/t Ag.

    • Metallurgical recoveries of 91.5% Au and 92.9% Ag.
    • Community/stakeholder benefits.
      • Total projected income taxes paid of $284M.
      • Total projected British Columbia mineral taxes paid of $163M.
      • More than 130 well-paying local full time jobs created during life of mine.
      • Additional employment during construction phase.
      • Indirect spin-off benefits during both construction and mine operations.

    Mineral Resources, Updated PEA Preparation and Results

    The previous public Mineral Resource Estimate (“MRE”) for the South Zone was carried out by P&E Mining Consultants Inc. (“P&E”) with an effective date July 18, 2023. The current underground MRE is reported herein. All drilling and assay data were provided by Westhaven, in the form of Excel data files. The GEOVIA GEMS™ V6.8.4 database compiled by P&E for the February 28, 2025 MRE consisted of 355 surface drill holes, totalling 121,971 metres. A total of 145 drill holes (50,714 metres) were intersected by the Mineral Resource wireframes used in this PEA.

    P&E validated the Mineral Resource database in GEMS™ by checking for inconsistencies in analytical units, duplicate entries, interval, length or distance values less than or equal to zero, blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than the reported drill hole length, inappropriate collar locations, survey and missing interval and coordinate fields. Some minor errors were identified and corrected in the database. The QPs are of the opinion that the supplied database is suitable for Mineral Resource estimation.

    Block models were constructed using GEOVIA GEMS™ V6.8.4 modelling software and consist of separate model attributes for estimated Au, Ag and AuEq grade, rock type (mineralization domains), volume percent, bulk density, and classification. The Mineral Resource was classified as Indicated and Inferred based on the geological interpretation, variogram performance and drill hole spacing. The QPs also consider mineralization at the South, Franz and FMN Zones to be potentially amenable to underground mining methods. The revised MRE used for this Updated PEA is reported with an effective date of February 28, 2025 and is tabulated in Table 1.

    Table 1
    Shovelnose Underground Mineral Resource Estimate @ 1.3 g/t AuEq Cut-off (1-7)
    Classification Zone  Tonnes
    (k)    		 Au
    (g/t)    		 Contained Au
    (k oz)    		 Ag
    (g/t)    		 Contained Ag
    (k oz)    		 AuEq
    (g/t)    		 Contained AuEq
    (k oz)
    Indicated South 3,107 6.18 616.8 33.1 3,302.8 6.56 655.2
    Franz 89 7.44 21.2 30.9 88.0 7.80 22.2
    FMN 241 5.07 39.2 22.5 173.7 5.33 41.2
    Total 3,437 6.13 677.2 32.3 3,564.5 6.50 718.6
    Inferred South 1,386 3.79 168.6 16.5 736.8 3.98 177.2
    Franz 63 3.48 7.1 51.9 105.4 4.09 8.3
    FMN 843 3.49 94.6 37.5 1,017.3 3.93 106.5
    Total 2,292 3.67 270.3 25.2 1,859.5 3.96 292.0
    1.   Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
    2.   The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
    3.   The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
    4.   The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
    5.   PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized.
    6.   The AuEq cut-off of 1.3 g/t was derived from costs of C$82/t mining, C$42/t processing and $18/t G&A. A USD:CDN exchange rate of 0.72 along with US$2,400/oz Au and US$28/oz Ag with respective process recoveries of 91.5% and 92.9%.
    7.   The Au/Ag ratio used was 86:1.
         

    A financial model was developed to estimate the Life of Mine (“LOM”) plan and considered only underground mining of Mineral Resources at the South, Franz and FMN Zones. Other known gold-silver mineralization at the Shovelnose Gold Property, currently being evaluated by Westhaven, are not included.

    The LOM plan covers a 13.1-year period (2 years pre-production and 11.1 years of production). Currency is in Q1 2025 Canadian dollars unless otherwise stated. Inflation has not been considered in the financial analysis.

    The Updated PEA outlines a production mine life of 11.1 years with average annual production of 56,000 ounces gold and 312,000 ounces silver at average respective cash costs and all-in sustaining costs (“AISC”) per ounce gold equivalent of $1,161(US$836). The PEA considers the payable recovery of 637,000 oz gold and 3,562,000 oz silver from an underground operation, at average respective mine production grades of 5.26 g/t and 32 g/t.

    Revenue

    The commercially saleable product generated by the Project is a gold/silver doré. Westhaven would be paid once the doré has been delivered to a smelter and refinery, off-site.

    The NSR payables were based on the following parameters:
    Dore Payable (Includes refining and smelting)
    Au 99%
    Ag 90%

    The CDN$/US$ exchange rate used in the PEA is 0.72.

    Subtotal Revenue        
    Au (US$) $1,529M
    Ag (US$) $100M
    Net revenue                
    CDN$ $2,201M

    The revenue generation by the Shovelnose Project, on a yearly basis, is presented in Table 2.

    Table 2
    Summary of Base Case Total Revenue Generation
    Item / Year Yr -1 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Total
    Tonnes (k) 133.7 330.4 367.5 365.3 365.3 365.3 365.3 365.3 365.3 365.3 365.3 365.3 40.0 4,158.8
    Grade (g/t) – Au 3.98 5.43 4.94 5.52 5.16 5.55 5.59 6.35 5.24 5.05 5.42 4.26 3.93 5.26
    – Ag 27 26 73 32 25 29 36 32 23 25 29 23 25 32
    Au koz  Payable 15.5 52.2 52.8 58.7 54.8 59.0 59.4 67.6 55.8 53.8 57.6 45.3 4.6 637.2
    Ag koz Payable 98.1 232.9 722.4 310.0 242.0 282.3 352.4 316.4 222.8 244.8 287.4 223.6 26.6 3,561.8
    Subtotal Rev.-Au (US$)M 37.2 125.4 126.8 140.8 131.6 141.7 142.6 162.2 133.9 129.0 138.3 108.8 11.0 1,529.3
    -Ag (US$)M 2.7 6.5 20.2 8.7 6.8 7.9 9.9 8.9 6.2 6.9 8.0 6.3 0.7 99.7
    Subtotal Rev. (Cdn$) M 55.4 183.2 204.3 207.6 192.2 207.8 211.8 237.6 194.6 188.8 203.2 159.8 16.3 2,262.5
    Net Royalty (Cdn$) M 5.9 4.6 5.1 5.2 4.8 5.2 5.3 5.9 4.9 4.7 5.1 4.0 0.4 61.1
    Net Revenue (Cdn$) M 49.5 178.6 199.1 202.4 187.4 202.6 206.5 231.7 189.7 184.0 198.2 155.8 15.9 2,201.4


    Note Yr = Year

    The QPs have estimated the net revenues assuming Westhaven has taken advantage of available royalty buy-outs. There is a 2% Net Smelter Return (“NSR”) royalty on the Shovelnose Gold Property held by Franco-Nevada Corp. which Westhaven has the option to buy down to a 1.5% NSR for US$3M. There is a 2% NSR held by Osisko Gold Royalties Ltd. which Westhaven has the option to buy down to a 1% NSR for $500,000.

    Costs

    Operating costs:    
    Total average cost   $142/t processed
    Cash Cost / AuEq oz (Cdn$/oz AuEq)   $872/oz AuEq (US$628/oz)
    All-in sustaining cost (“AISC”)(Cdn$/oz AuEq)   $1,161/oz AuEq (US$836/oz)
         
    Capital costs:    
    LOM   $379M
    Sustaining CAPEX   $195M
         

    LOM capital costs include the cost of all mine development; process plant, mine equipment; surface infrastructure; underground infrastructure; a closure cost; a salvage credit; and a 20% contingency.

    Stoping methods utilized are transverse longhole, longitudinal longhole and cut & fill. The average vein widths to be mined are 16.2m, 6.6m and 3.0m respectively.

    Mining unit costs by method are $143.81/t for transverse, $144.94 for longitudinal long hole, and $142.82/t for cut & fill stoping.

    The proportion of mining method during the life of mine is 65% longitudinal longhole, 27% for transverse longhole mining and 8% cut and fill.

    Table 3
    Base Case Cash Flow Summary
    ITEM DESCRIPTION / YEAR UNITS YR
    – 2    		 YR
    – 1    		 YR
    1    		 YR
    2    		 YR
    3    		 YR
    4    		 YR
    5    		 YR
    6    		 YR
    7    		 YR
    8    		 YR
    9    		 YR
    10    		 YR
    11    		 YR
    12    		 TTL
    Production kt   134 330 368 365 365 365 365 365 365 365 365 365 40 4,159
    Au (g/t)   3.9 5.4 4.9 5.5 5.2 5.6 5.6 6.4 5.2 5.1 5.4 4.3 3.9 5.3
    Ag (g/t)   27 26 73 32 25 29 36 32 23 25 29 23 25 32
     
    Revenue M$   50 179 199 202 187 203 206 232 190 184 198 156 16 2,201
     
    Opex Expensed Stope Development (Contractor) M$   11 6 11 13 9 2 6 2 9 3 9 5 1 88
    Longitudinal LH Stoping M$   1 3 3 2 3 3 2 2 2 3 3 4 0.4 30
    Transverse LH Stoping M$       1 2 1 1 2 2 2 1       12
    Cut and Fill Stoping M$   1 2 0.2 1 0.1 1     1   1 1 0.1 7
    Mine G&A M$   3 5 5 5 5 5 5 5 5 5 5 5 1 62
    Paste Backfill M$   1 1 2 3 3 3 3 3 3 3 3 3 1 34
    Process Plant M$   6 14 15 15 15 15 15 15 15 15 15 15 2 173
    Transport and Place Tailings M$   1 12 2 1 1 1 1 1 1 1 1 1 0.1 12
    U/G Ore Haulage M$   1 4 6 8 8 8 8 9 8 7 8 8 1 84
    Surface Ore Haulage M$   1 1 1                     3
    Backhaul Paste Backfilll to FMN M$   0.1 0.4 0.2                     1
    Stopckpile Rehandling M$   1 1 1 1 1 1 1 1 1 1 1 1 0.1 14
    G&A M$     6 6 6 6 6 6 6 6 6 6 6 1 71
    Total Opex with Contingency M$   25 45 55 58 53 47 50 47 4 47 53 50 6 589
     
    Capex Mine Development (Contractor) Waste M$   19 21 38 16 9   6 1 6 1 8 3   126
    Process Plant M$ 50 25   4   4   4   4   3     94
    Owner’s Cost M$ 3 5                         8
    Mining Equipment M$   11 7 7   2 2 12 1 5 2 3 4   54
    U/G Infrastructure M$   1 2 1 1   1 1 1 1 1 1 1   13
    Surface Infrastructure M$   48 5 2     2 5   2   5 2   72
    EPCM M$ 9 10                         19
    Closure & Salvage M$   5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 -16 -6
    Total Capex with Contingency M$ 62 122 35 52 18 15 4 28 4 18 4 21 10 -16 379
     
    Taxes Income Tax M$     11 25 24 23 30 31 38 27 28 30 21 -4 284
    Mineral Tax M$   0 3 3 12 16 20 17 24 16 18 17 13 3 163
    Total Taxes M$   0 14 28 37 39 50 48 62 43 46 47 34 0 447
     
    After-Tax Cash Flow M$ -62 -97 85 63 90 80 102 80 118 75 87 77 62 26 785
    After-Tax Cumulative Cash Flow M$ -62 -160 -75 -11 78 158 260 340 458 533 620 697 759 785  
     
    After-tax IRR %   43.2
    After-tax NPV @ 6% M$   454


    Cash Flow Sensitivity Analysis

    The following after-tax cash flow analysis was completed:

    Net Present Value (“NPV”) (at 5%, 6%, 7%, 8%, 9% and 10% discount rates).
    Internal Rate of Return (“IRR”).
    Payback period.

    The summary of the results of the cash flow sensitivity analysis is presented in Table 4

    Table 4
    Base Case Cash Flow Sensitivity Analysis
    Description Discount Rate Units Value
    Undiscounted After-Tax CF 0% (M$) 785
    Internal Rate of Return % 43.2
    After-Tax NPV at 5% (M$) 496
    Base Case 6% (M$) 454
    7% (M$) 415
    8% (M$) 380
    9% (M$) 348
    10% (M$) 319
    After-Tax Total Project Payback (including pre-production) Years 4.1

    The Project was evaluated on an after-tax cash flow basis which generates a net undiscounted cash flow estimated at $785M. This results in an after-tax IRR of 43.2% and an after-tax NPV of $454 M when using a 6% discount rate. In the base case scenario, the Project has a payback period of 4.1 years from the start of the Project. The average life-of-mine cash cost is $872/oz AuEq (US$628/oz AuEq), at an average operating cost of $142/t processed. The average life-of-mine all-in sustaining cost (“AISC”) is estimated at $1,161/oz AuEq (US$836/oz AuEq).

    Sensitivity Analysis

    Project risks can be identified in both economic and non-economic terms. Key economic risks were examined by running cash flow sensitivities to: gold metal price; silver metal price; gold process plant head grade; gold metallurgical recovery; operating costs; and capital costs.

    Each of the sensitivity items were varied up and down by 10% and 20% to assess the effect they would have on the NPV at a 6% discount rate. The value of each parameter, at 80%, 90%, 100% base case, 110% and 120%, is presented in Table 5.

    Table 5
    NPV Sensitivity Parameter Values
    Parameter 80% 90% 100% 110% 120%
    Au Metal Price US$/oz 1,920 2,160 2,400 2,640 2,880
    Ag Metal Price US$/oz 22.40 25.20 28.00 30.80 33.60
    Au Head Grade g/t 4.21 4.73 5.26 5.79 6.31
    Au Met Recovery % N/A 82.4% 91.5% N/A N/A
    Capex $M 304 342 379 417 455
    Opex $M 471 530 589 648 707

    The resultant after-tax NPV @ 6% values of each of the sensitivity parameters at 80% to 120% are presented in Table 6.

    Table 6
    After-Tax NPV Sensitivity to Base Case at 6% Discount Rate (M$)
    Parameter 80% 90% 100% 110% 120%
    Au Metal Price 284 369 454 538 623
    Ag Metal Price 442 448 454 459 465
    Au Head Grade 284 369 454 538 623
    Au Met Recovery N/A 369 454 N/A N/A
    Capex 515 484 454 423 392
    Opex 502 478 454 429 405


    Cautionary Statement

    The Updated PEA is considered by P&E Mining Consultants Inc. (“P&E”) to meet the requirements as defined in Canadian National Instrument (“NI”) 43-101 Standards of Disclosure for Mineral Projects. This PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no guarantee that Westhaven Gold Corp. will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the Project to be placed into production. The PEA was prepared in accordance with the requirements of NI 43-101 and has an effective date of February 28, 2025. A technical report relating to the PEA, prepared in accordance with NI 43-101, will be filed on SEDAR and posted on the company’s website within 45 days of this news release.

    On behalf of the Board of Directors
    WESTHAVEN GOLD CORP.

    “Gareth Thomas”

    Gareth Thomas, President, CEO & Director

    Qualified Person Statement

    The Preliminary Economic Assessment for the Shovelnose Gold Property – South Zone was prepared by James L. Pearson, P.Eng., D. Grant Feasby, P.Eng., Yungang Wu, P.Geo., Antoine Yassa, P.Geo., Brian Ray, P.Geo. and Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., Brampton, Ontario, all Independent Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The PEA results are based on important assumptions made by the Qualified Persons who prepared the PEA. These assumptions, and the justifications for them, will be described in the PEA Technical Report that the Company will file on SEDAR and post on the Company’s website within 45 days of this news release. Mr. Puritch has reviewed and approved the technical contents of this news release.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    About Westhaven Gold Corp.

    Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com

    Forward-Looking Statements

    The TSX Venture Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. 

    Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the results of the Preliminary Economic Assessment, the Mineral Resource Estimate future planned activities, future mineral production and future growth potential for the Company and its projects.  Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur.  Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms. Although management of Westhaven Gold Corp. have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.  Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information. Such factors include, without limitation: the Company’s dependence on one group of mineral projects; precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified under the caption “Risk Factors” in the Company’s management discussion and analysis. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.  The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

    Westhaven’s Properties across the Spences Bridge Gold Belt

    2025 PEA Proposed Development Zones

    Shovelnose Proposed Mine Site Development & Infrastructure Layout

    Maps accompanying this announcement are available at: 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ed38b683-123a-44cf-86f5-1c63049a9351

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b5ea66ea-6e4d-49c3-b1ae-78624a357568

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2652ea09-9d55-45a5-b6e2-346b3e1ddea5

    The MIL Network –

  • MIL-OSI Global: GOP lawmakers commit to big spending cuts, putting Medicaid under a spotlight – but trimming the low-income health insurance program would be hard

    Source: The Conversation – USA – By Paul Shafer, Assistant Professor of Health Law, Policy and Management, Boston University

    Speaker of the House Mike Johnson addresses the media on Feb. 25, 2025, after the House narrowly passed his budget resolution calling for big spending cuts.
     Kayla Bartkowski/Getty Images

    Efforts by Republicans in Congress to make steep spending cuts have stirred widespread concerns that the federal government may trim expenditures on Medicaid even though President Donald Trump has previously indicated that he’s unwilling to do that. This public health insurance program covers around 72 million people – about 1 in 5 Americans.

    The Conversation U.S. asked Paul Shafer and Nicole Huberfeld, Boston University health policy and law professors, to explain why cutting Medicaid spending would be difficult and what the consequences might be.

    What is Medicaid’s role in the health care system?

    Created in 1965 along with Medicare, the public health insurance program for older Americans, Medicaid pays for the health care needs of low-income adults and children, including more than 1 in 3 people with disabilities. It also covers more than 12 million who qualify for both Medicare and Medicaid because they are both poor and over 65.

    In addition, this safety net program pays the health care costs of more than 2 in 5 U.S. births. Medicaid is a joint federal/state program, driven by federal funding and rules, with the states administering it.

    The Affordable Care Act was supposed to make nearly all U.S. adults under age 65 without children who earn up to 138% of the federal poverty level eligible for Medicaid. Prior to the 2010 landmark health care reform law, adults without children in most states could not get Medicaid coverage. The Supreme Court, however, made this change optional for states.

    So far, 40 states – as well as Washington, D.C. – have participated in Medicaid expansion. The program’s growth has reduced the number of Americans without health insurance and narrowed coverage gaps for people of color and those with low-wage jobs who typically do not get employer-sponsored coverage.

    Hundreds of studies have found that Medicaid expansion has improved access to care and the health of the people who gained coverage, while reducing mortality and bolstering state economies, among other positive outcomes.

    Ten states haven’t expanded Medicaid yet. Two of them, Georgia and Mississippi, have seriously considered doing so.

    Bishop Ronnie Crudup Sr., center, seen in May 2024, has called for the Mississippi Legislature to expand Medicaid in the state.
    AP Photo/Rogelio V. Solis

    Why are you concerned about Medicaid’s funding?

    A memo circulated among House Republicans in January 2025 included a menu of up to US$2.3 trillion in Medicaid cuts over 10 years. A House budget blueprint, approved in a 217-215 vote on Feb. 25, which fell largely along party lines, indicated that the Republican majority was instead aiming to reduce Medicaid spending by $880 billion over a decade.

    To be clear, GOP lawmakers didn’t say they planned to do that.

    Instead, they told the committee that oversees Medicaid and Medicare to identify cuts of that magnitude. Experts agree that slashing Medicare spending would be harder to pull off because Trump has made it clear he considers it off-limits, but at times he has suggested he might be open to trimming Medicaid. Trump says he supports the budget plan the House approved.

    In an interesting coincidence, Medicaid itself costs around $880 billion a year between federal and state government spending. That suggests Republicans are aiming for an approximately 10% cut.

    How does the program work?

    If you’re eligible for Medicaid, by law you can enroll in the program at any time and get health insurance coverage.

    If you require treatment for a condition Medicaid covers, whether it’s breast cancer or the flu, that happens with no – or low – out-of-pocket costs. Being enrolled in Medicaid means your medical treatment is covered and cannot be denied for budgetary reasons. The federal government contributes a share of what states pay for the health care of residents who enroll, but it can’t decide how much to spend on Medicaid – states do.

    The federal match rate is linked to the per capita income of each state. That means a state with lower per capita income gets a higher federal match, with all states getting at least 50%. For states that participate in the Medicaid expansion, the federal match is 90% across the board for that population.

    A dozen states have so-called trigger laws on their books that could automatically revoke Medicaid expansion if this enhanced match rate is lowered.

    How can the federal government reduce its Medicaid spending?

    The federal government could simply adjust the match rate, shifting more of the cost of Medicaid to states. But prior proposals have suggested a larger change, either through per capita caps or block grants.

    Per capita caps would place a per-person cap on federal funding, while block grants would place a total limit on how much the federal government would contribute to a state’s costs for Medicaid each year. In turn, the states would likely cover fewer people, reduce their benefits, pay less for care, or some combination of such cost-cutting measures.

    Either per capita caps or block grants would require a massive transformation in how Medicaid operates.

    The program has always provided open-ended funding to states, and both states and beneficiaries rely on the stability of federal funds to make the program work. Imposing caps or block grants would force states to contribute significantly more money to the program or cut enrollment drastically. Assuming a substantial cut in federal funding for Medicaid, millions could lose health insurance coverage they cannot afford to get elsewhere.

    Speaker Mike Johnson said that per capita caps and changing the federal match rates are not on the table, but they were included in the earlier House Republican memo detailing potential cuts.

    House Minority Leader Hakeem Jeffries, a New York Democrat, flanked by his fellow House Democrats, criticizes the House Republicans’ budget bill at the U.S. Capitol on Feb. 25, 2025.
    Saul Loeb/AFP via Getty Images

    What else could happen?

    Another idea many Republicans say they support is to add what are known as “work requirements.” The first Trump administration approved state proposals for Medicaid beneficiaries to complete a minimum number of hours of “community engagement” in activities like work, job training, education or community service to enroll and maintain Medicaid eligibility. This is despite the fact that the majority of Medicaid enrollees already work, are disabled, are caregivers for a loved one, or are in school.

    Some politicians argue that making people work to receive Medicaid benefits would help them transition to employer-based coverage, so adding that restriction may sound like common sense. However, the paperwork this requires can lead to lots of working people getting kicked out of the program and is very costly to implement. Also, job training programs, volunteering and education, unless in a degree program, generally don’t come with health insurance coverage, making this reasoning faulty.

    When Arkansas implemented Medicaid work requirements in 2018, despite the majority of enrollees already working, about 18,000 people lost coverage. The policy was poorly understood, and enrollees had trouble reporting their work activity. What’s more, the employment of low-income adults didn’t grow.

    Is Medicaid vulnerable to waste or fraud?

    Medicaid already spends less than Medicare or private health insurance per beneficiary. That includes spending on doctors, hospitals, medications and tests.

    The Government Accountability Office – an independent, nonpartisan government agency – has estimated that preventing payments which shouldn’t be made, or overpayments, could lead to $50 billion in federal savings per year. The GAO cautions that “not all improper payments are the result of fraud.” This significant sum is still nowhere near the scale of the cuts Republicans apparently want to make.

    Would Medicaid spending cuts be popular?

    That’s very unlikely.

    Polling and focus groups show that Medicaid is quite popular.

    More than half of Americans say that the government spends too little on Medicaid, and only 15% say spending is too high.

    We believe if Medicaid cuts were to be openly debated that members of Congress would be inundated with calls from constituents urging their lawmakers to oppose them. That is what happened in 2017, when the first Trump administration tried and failed to repeal the Affordable Care Act.

    Should Medicaid be cut by anything close to $880 billion over the next decade, we’d expect to see millions of America’s poorest and most vulnerable people kicked out of the program and wind up uninsured. But that would only be the beginning of their problems. Uninsured people are more likely to wait too long before seeing a doctor when they get sick or injured, leading to worse health outcomes and widening the gaps in health between haves and have-nots.

    Paul Shafer receives research funding from the National Institutes of Health, Agency for Healthcare Research and Quality, and Department of Veterans Affairs. The views expressed in this article are those of the authors and do not necessarily reflect the position or policy of these agencies or the United States government.

    Nicole Huberfeld does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. GOP lawmakers commit to big spending cuts, putting Medicaid under a spotlight – but trimming the low-income health insurance program would be hard – https://theconversation.com/gop-lawmakers-commit-to-big-spending-cuts-putting-medicaid-under-a-spotlight-but-trimming-the-low-income-health-insurance-program-would-be-hard-250998

    MIL OSI – Global Reports –

  • MIL-OSI USA: ICE partnership program aids in apprehension of criminal aliens following high-speed chase in Frederick County

    Source: US Immigration and Customs Enforcement

    FREDERICK, MD – A successful collaboration between U.S. Immigration and Customs Enforcement and the Frederick County Sheriff’s Office through the 287(g) Program ensured that two criminal aliens were properly identified and detained following a high-speed pursuit and drug seizure.

    “This case is a clear example of how collaboration with local jurisdictions enhances public safety by ensuring that dangerous individuals are properly identified and not released back into our communities,” said ICE Baltimore acting Field Office Director Matthew Elliston. “Our partnership with the Frederick County Sheriff’s Office is critical in prioritizing the removal of the most egregious offenders. Sheriff Chuck Jenkins has been involved in with the 287(g) Program since its inception, demonstrating exemplary law enforcement leadership through his partnership and commitment to community safety. Without these partnerships, criminal aliens could easily disappear before facing justice, putting the public at further risk. ICE remains committed to working with our law enforcement partners to uphold the rule of law and protect our communities from those who engage in criminal activity.”

    At approximately 9:20 PM, Feb. 20, Deputy First Class Roush of the Frederick County Sheriff’s Office was on patrol near Route 85 and Grove Road when he observed a white Nissan van behaving suspiciously. The van attempted to evade police by turning onto a gravel path behind an area shopping center. Upon running the vehicle’s tags, DFC Roush received a stolen vehicle alert and initiated a pursuit with assistance from other responding deputies.

    After refusing to stop, the suspect accelerated onto I-270 northbound at speeds reaching 100 mph. The pursuit continued through Frederick and Montgomery counties. During the pursuit, Maryland State Police Aviation was requested to assist. As the suspects continued toward Shady Grove Road and Briardale Road, the driver intentionally rammed a vehicle at a red light before continuing to flee. At this point, FCSO ended the pursuit while Maryland State Police Trooper 3 maintained aerial surveillance. With the assistance from Montgomery County Police Department, officers apprehended four suspects at a Sheetz located at 751 Progress Way.

    FCSO Deputies responded to the scene and conducted a search of the suspect’s vehicle. Deputies recovered crack cocaine, fentanyl, and drug paraphernalia inside the van. The driver of the vehicle was also found by MCPD officers inside the Sheetz attempting to dispose of narcotics in a restroom.

    The stolen van, found with significant front-end damage, had rammed a vehicle with three occupants inside. Two of the victims were transported to an area hospital for treatment.

    All four suspects were arrested and transported to the Frederick County Adult Detention Center central booking.

    “Two of the four suspects taken into custody were found to be in the United States illegally through our 287(g) Program during the central booking process. Those same two suspects were released on personal recognizance on initial appearance before a District Court Commissioner. These two individuals are being held as removable criminal aliens only because ICE detainers were placed on them by 287(g)-trained correctional officers. Without those detainers, they would have been released immediately, potentially returning to criminal activity or disappearing before trial,” said Sheriff Jenkins, “This is yet another example of the importance of the 287(g) Program to local public safety in protecting our community. I can’t emphasize strongly enough; just how effective and valuable the 287(g) Program is now and has been over the sixteen-year partnership. I really hope the public thinks about this example involving these criminal acts and realizes the importance of the program.”

    U.S. Immigration and Customs Enforcement recognizes the importance of its relationships with state and local law enforcement partners. ICE will continue to share information and coordinate operations with those partners in a way that best serves local needs and fulfills ICE’s important national security and public safety mission. In recent years, state and local law enforcement cooperation with ICE has decreased with some jurisdictions electing to minimally cooperate while some jurisdictions ceased to cooperate altogether.

    As a result, the 287(g) Program – through the delegation of some immigration officer duties – allows ICE to cooperate with its state and local law enforcement partners to protect the homeland through the arrest and removal of aliens who undermine the safety of U.S. communities and the integrity of U.S. immigration laws. While the 287(g) Program has yielded successes, ICE recognizes the program is not universally regarded as the most effective or appropriate model in every jurisdiction. Accordingly, ICE maintains its authority to utilize 287(g) agreements and exercise strict oversight. ICE continually evaluates the overall effectiveness of the program.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our Baltimore communities on X at @EROBaltimore.

    MIL OSI USA News –

  • MIL-OSI: LIS Technologies Inc. (“LIST”) Awarded AFWERX SBIR Phase I

    Source: GlobeNewswire (MIL-OSI)

    LIST wins contract to conduct feasibility study on enriching uranium to empower Department of the Air Force’s global operations 

    Oak Ridge, Tennessee, March 03, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST”) announces it has been selected by AFWERX for a SBIR Phase I contract focused on enhancing our Chemical Reaction by Isotope Selective Laser Activation (C.R.I.S.L.A) technology to address the most pressing challenges in the Department of the Air Force (DAF). The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded and now as of January 15th, 2025, LIST will start its journey to create and provide innovative capabilities that will strengthen the national defense of the United States of America.

    Quote From Company Leadership

    “LIS Technologies is proud to support the Air Force with transformative solutions that enhance Uranium supply chain resilience and maintain America’s technological and strategic superiority.” – Chairman, Jay Yu.

    “This AFWERX Phase I award validates LIS Technologies’ CRISLA innovation as a critical tool for strengthening the U.S. industrial base and advancing national security through cutting-edge isotope separation technology to secure America’s Uranium supply chain.” -C.E.O., Christo Liebenberg.

    “The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.”

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    In 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.

    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    About AFRL

    The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.

    About AFWERX

    As the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,200 new contracts worth more than $4.7 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit afwerx.com.

    Company Press Contact:
    For more information please visit: LaserIsTech.com
    For further information, please contact:
    Email: info@laseristech.com
    Telephone: 800-388-5492
    Follow us on X Platform
    Follow us on LinkedIn

    The MIL Network –

  • MIL-OSI: Nvni Group Engages MZ Group to Lead Investor Relations and Shareholder Communications Program

    Source: GlobeNewswire (MIL-OSI)

    Identifies Current and Future Shareholder Resources

    Encourages Investors to Sign up for Email Alerts to Stay up to Date on Company

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Nvni Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), a leading acquirer of private SaaS B2B companies in Latin America, today announced the engagement of international investor relations specialists MZ Group (MZ) to develop its investor relations and financial communications program across all key markets.

    MZ Group will work closely with Nuvini management to increase the Company’s visibility throughout the retail and institutional investment community. The initiative is focused on educating the investment community on the fundamentals of Nuvini’s uniquely defined acquisition strategy driven by management’s direct access network supplying a pipeline in the highly fragmented SaaS B2B markets Brazil and Latin America. Nuvini’s current portfolio of seven (7) multi-vertical SaaS solutions underwent thorough due diligence to verify suitability with the Company’s core investment criteria including positive cash generation and high growth potential. Importantly, the Company operates with a focus on generating and delivering value to all stakeholders. This includes providing a foundation for its portfolio of entrepreneurial management teams to execute operations while remaining diligent capital allocators to provide attractive long-term shareholder returns.

    To track Nuvini’s operational progress and remain updated on investor materials, please visit the Company’s Investor Relations website at https://ir.nuvini.co/.

    • Press Release alerts are the most effective way to stay up to date on the latest Company announcements and milestones. Investors and analysts interested in staying up to date can sign up for email alerts here.
    • If you have questions, please visit our FAQ page here, or email NVNI@mzgroup.us.
    • To schedule a conference call with management, please email your request to NVNI@mzgroup.us.

    About MZ Group

    MZ North America is the US division of MZ Group, a global leader in investor relations with over 250 employees, 800 clients across 12 different exchanges. For over 25 years, MZ has implemented award winning programs and developed a reputation for delivering tangible results for public and private companies via strategic communications, industry-leading investor outreach, public relations, a market intelligence desk, and a suite of technology solutions, spanning websites, conference call/webcasting, video production and XBRL/Edgar filing services. MZ maintains a global footprint with professionals located throughout every time zone in North America, as well as Taipei and São Paulo. For more information, please visit www.mzgroup.us.

    About Nuvini

    Headquartered in São Paulo, Brazil, Nuvini is the leading private serial software business acquirer in Latin America. The Nuvini Group acquires software companies within SaaS markets in Latin America. It focuses on acquiring profitable “business-to-business” SaaS companies with a consolidated business model, recurring revenue, positive cash generation and relevant growth potential. The Nuvini Group enables its acquired companies to provide mission-critical solutions to customers within its industry or sector. Its business philosophy is to invest in established companies and foster an entrepreneurial environment that would enable companies to become leaders in their respective industries. The Nuvini Group’s goal is to buy, retain and create value through long-term partnerships with the existing management of its acquired companies.

    Forward-Looking Statements

    Some of the statements contained in this press release include or may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies regarding the future. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Nuvini. There can be no assurance that future developments affecting Nuvini will be those that we have anticipated. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan,” “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this press release include, but are not limited to, statements about the ability of Nuvini to: realize the benefits expected from this strategic partnership; achieve projections and anticipate uncertainties relating to the business, operations and financial performance of Nuvini, including (i) expectations with respect to financial and business performance, including financial projections and business metrics and any underlying assumptions, (ii) expectations regarding market size, future acquisitions, partnerships or other relationships with third parties, (iii) expectations on Nuvini’s proprietary technology and related intellectual property rights, and (iv) future capital requirements and sources and uses of cash, including the ability to obtain additional capital in the future; enhance future operating and financial results; comply with applicable laws and regulations; stay abreast of modified or new laws and regulations applying to its business, including privacy regulation; anticipate rapid technological changes; and effectively respond to general economic and business conditions.

    While forward-looking statements reflect Nuvini’s good faith beliefs, they are not guarantees of future performance. Nuvini disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could cause Nuvini’s future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section “Risk Factors” of the Registration Statement in Form F-4 filed by Nuvini with the U.S. Securities and Exchange Commission on September 6, 2023 under number 333-272688. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Nuvini.

    Investor Relations Contact:

    Sofia Toledo
    ir@nuvini.co

    The MIL Network –

  • MIL-OSI Global: How are clouds’ shapes made? A scientist explains the different cloud types and how they help forecast weather

    Source: The Conversation – USA – By Ross Lazear, Instructor in Atmospheric and Environmental Sciences, University at Albany, State University of New York

    Lenticular clouds, like this one over a mountain in Chile, can look like flying saucers. Bilderbuch/Design Pics Editorial/Universal Images Group via Getty Images

    Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.

    “How are clouds’ shapes made?” – Amanda, age 5, Chile

    I’m a meteorologist, and I’ve been fascinated by weather since I was 8 years old. I grew up in Minnesota, where the weather changes from wind-whipping blizzards in winter to severe thunderstorms – sometimes with tornadoes – in the summer. So, it’s not all that surprising that I’ve spent most of my life looking at clouds.

    All clouds form as a result of saturation – that’s when the air contains so much water vapor that it begins producing liquid or ice.

    Once you understand how certain clouds develop their shapes, you can learn to forecast the weather.

    Cloud types show their general heights.
    Australian Bureau of Meteorology

    Cotton ball cumulus clouds

    Clouds that look like cartoon cotton balls or cauliflower are made up of tiny liquid water droplets and are called cumulus clouds.

    Often, these are fair-weather clouds that form when the Sun warms the ground and the warm air rises. You’ll often see them on humid summer days.

    Cumulus clouds over Lander, Wyo.
    Ross Lazear, CC BY-ND

    However, if the air is particularly warm and humid, and the atmosphere above is much colder, cumulus clouds can rapidly grow vertically into cumulonimbus. When the edges of these clouds look especially crisp, it’s a sign that heavy rain or snow may be imminent.

    Wispy cirrus are ice clouds

    When cumulonimbus clouds grow high enough into the atmosphere, the temperature becomes cold enough for ice clouds, or cirrus, to form.

    Clouds made up entirely of ice are usually more transparent. In some cases, you can see the Sun or Moon through them.

    Cirrus clouds over the roof of Bard College in Annandale-on-Hudson, N.Y.
    Ross Lazear, CC BY-ND

    Cirrus clouds that forms atop a thunderstorm spread outward and can form anvil clouds. These clouds flatten on top as they reach the stratosphere, where the atmosphere begins to warm with height.

    However, most cirrus clouds aren’t associated with storms at all. There are many ice clouds associated with tranquil weather that are simply regions of the atmosphere with more moisture but not precipitation.

    Fog and stratus clouds

    Clouds are a result of saturation, but saturated air can also exist at ground level. When this occurs, we call it fog.

    In temperatures below freezing, fog can actually deposit ice onto objects at or near the ground, called rime ice.

    Reading clouds, with the National Oceanic and Atmospheric Administration.

    When clouds form thick layers, we add the word “stratus,” or “layer,” to the name. Stratus can occur just above the ground, or a bit higher up – we call it altostratus then. It can occur even higher and become cirrostratus, or a layer or ice clouds.

    If there’s enough moisture and lift, stratus clouds can create rain or snow. These are nimbostratus.

    How mountains can create their own clouds

    There are a number of other unique and beautiful cloud types that can form as air rises over mountain slopes and other topography.

    Lenticular clouds, for example, can look like flying saucers hovering just above, or near, mountaintops. Lenticular clouds can actually form far from mountains, as wind over a mountain range creates an effect like ripples in a pond.

    A banner cloud appears to stream out from the Matterhorn, in the Alps on the border between Italy and Switzerland.
    Zacharie Grossen via Wikimedia, CC BY

    Rarer are banner clouds, which form from horizontally spinning air on one side of a mountain.

    Wind plays a big role

    You might have looked up at the sky and noticed one layer of clouds moving in a different direction from another. Clouds move along with the wind, so what you’re seeing is the wind changing direction with height.

    Cirrus clouds at the level of the jet stream – often about 6 miles (10 kilometers), above the ground – can sometimes move at over 200 miles per hour (320 kilometers per hour). But because they are so high up, it’s often hard to tell how fast they are moving.

    Ross Lazear does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How are clouds’ shapes made? A scientist explains the different cloud types and how they help forecast weather – https://theconversation.com/how-are-clouds-shapes-made-a-scientist-explains-the-different-cloud-types-and-how-they-help-forecast-weather-247682

    MIL OSI – Global Reports –

  • MIL-OSI Global: America’s designs on annexing Canada have a long history − and record of political failures

    Source: The Conversation – USA – By G. Patrick O’Brien, Assistant Teaching Professor of History, University of Tampa

    Donald Trump has repeatedly raised the specter of annexing Canada since his inauguration to a second term as president.

    The president’s rhetoric about making Canada “the 51st state” may seem to project confidence, a 21st-century vision of manifest destiny, a belief in the United States’ right and obligation to expand.

    Trump is not the first American leader to dream of northern expansion. To me, a historian of early U.S.-Canadian relations, these designs suggest not power, but weakness and simmering divisions inside the United States.

    Early Americans’ lust for Canada

    Even before independence, social conflict helped turn American eyes northward. Throughout the 18th century, England’s Colonial population in North America doubled every 25 years. Successive generations of Colonists along the Eastern Seaboard had to compete with each other, and with Indigenous people, for resources, arable land and trade.

    These unhappy, land-hungry Colonists clamored for expansion, instigating a series of wars against both the French and Spanish empires for control of the northeastern half of the continent, culminating in the French and Indian War, from 1754 to 1763.

    While these Colonists were animated by their thirst for expansion, they had little else unifying them. Many Americans today are familiar with the “Join, or Die” cartoon Ben Franklin printed, featuring a segmented snake with each section representing one of the Colonies. However, few realize that it was not crafted during the Revolution to unite Colonists against Britain, but in 1754, to rally divided British Colonists in their war against France.

    This famous image urging the American Colonies to unite was in support of a war against France, not Britain.
    Benjamin Franklin via Wikimedia Commons

    Britain finished conquering Canada in 1763, but the empire never fully supported Colonial expansion northward. In the 1750s and 1760s, British troops forcibly removed French colonists from Acadia in Nova Scotia and recruited thousands of Colonists from neighboring New England to move north. These settlers had long imagined the region rich in fishing and timber to be a land of opportunity. But disillusioned by the financial cost of sustaining their settlements, many of these Colonists returned to New England by the early 1770s.

    Attempts to settle other lands ceded by France were no more successful. Fearful that Colonists might provoke a costly war with Indigenous people, Parliament issued the Proclamation of 1763, which attempted to protect native land by discouraging Colonial expansion westward. Many Colonists turned against Britain in response, especially those like George Washington, who had speculated in the land west of the Appalachian Mountains.

    The failed invasion of Canada

    In the earliest months of the Revolution, the Continental Congress authorized an American invasion of British-occupied Quebec. In a letter addressed to “Friends and Brethren” of Canada, Washington himself implored Canadians to join invading troops. “The Cause of America, and of Liberty, is the Cause of every virtuous American Citizen,” he wrote. “Come then, ye generous Citizens, range yourselves under the Standard of general Liberty.”

    But at home, Colonists were far from united in their rebellion. Historians estimate that around 20% of the white Colonial population, more than 500,000 people, remained loyal to Britain, and an even larger number hoped to remain neutral.

    The difficult realities of conquest also turned many soldiers against the invasion of Canada. In late October 1775, nearly a quarter of the underfed and overworked troops under the command of soon-to-be turncoat Benedict Arnold abandoned their arduous journey through interior Maine toward Canada. The soldiers who carried on prayed these deserters “might die by the way, or meet with some disaster, Equal to the Cowardly dastardly and unfriendly Spirit they discover’d in returning Back without orders.”

    The more resilient troops who reached Quebec were emphatically defeated by British forces in December, making Washington skeptical of any future efforts to attack Canada.

    American troops clash with British soldiers and the French defenders of Quebec in December 1775.
    Charles William Jefferys, cover art for ‘The Father of British Canada: A Chronicle of Carleton,’ Volume 12 by William Wood, 1916

    19th-century divisions

    Following American independence, tens of thousands of loyal Colonists sailed north to Canada, determined to build British colonies that would become what one of these refugees called “the envy of the American States.” Their presence on the contested northern border was an unsettling reminder to the new American nation about the power Britain still exerted on the continent.

    Conflict with Britain over land and trade in the early 1800s reopened old divisions among Americans. Virginia Congressman John Randolph expressed his frustrations with renewed calls for a northern invasion. “We have but one word, like the whip-poor-will, but one eternal monstrous tone,” an exasperated Randolph noted, “Canada! Canada! Canada!”

    The debate over Canada was one of many issues dividing the nation, and as President James Madison would later explain, he hoped that war would help unify a polarized nation. His gamble paid off, but only after opponents from New England flirted with the idea of secession to negotiate their own end to conflict.

    When the popular editor and columnist John O’Sullivan called for the annexation of Texas and war with Mexico in 1845, he also suggested the annexation of Canada would naturally follow. The anti-expansionist response united pacifists, abolitionists and a variety of religious and literary figures, helping deepen the divides that would lead to the Civil War.

    Annexation talk in the 20th century

    Trump’s posturing has served to unite Canadians and revive Canadian nationalism. In the U.S., most people seem to understand the practical hurdles of adding a new state or dismiss the idea altogether.

    A Canadian demonstrates in Washington, D.C., against President Donald Trump’s policies on Feb. 17, 2025.
    Dominic Gwinn/Middle East Images/AFP via Getty Images

    One example of annexation talk from the 20th century, however, might serve as a warning to Trump, showing how aggressive rhetoric toward Canada has led to political defeat. In 1911, a bill creating free trade with Canada passed Congress with the support of President William Taft, despite objections from protectionists in both parties.

    In an attempt to have the agreement defeated in the Canadian Parliament, U.S. opponents from both sides of the aisle attempted to stir popular sentiment against the U.S. in Canada. Champ Clark, the Democratic speaker of the House and a front-runner for the presidential nomination in 1912, seized on the moment.

    “I hope to see the day when the American flag will float over every square foot of the British North American possessions, clear to the North Pole,” Champ proclaimed on the House floor. William Stiles Bennet, a Republican, proposed a resolution that would authorize the president to begin negotiations for annexation.

    Their approach to defeating the trade agreement worked, at least in Canada. In the general election of September 1911, worried Canadian voters ousted the Liberal Party, which had supported free trade, and the new Conservative majority rejected the agreement.

    Back home, however, the plan backfired. Woodrow Wilson, not Clark, secured the Democratic nomination in 1912 and would go on to defeat both the incumbent Taft and former President Theodore Roosevelt. The bluster led not to success and victory, but loss and defeat.

    G. Patrick O’Brien does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. America’s designs on annexing Canada have a long history − and record of political failures – https://theconversation.com/americas-designs-on-annexing-canada-have-a-long-history-and-record-of-political-failures-250229

    MIL OSI – Global Reports –

  • MIL-OSI Global: What is Tren de Aragua? How the Venezuelan gang started − and why US policies may only make it stronger

    Source: The Conversation – USA – By Verónica Zubillaga, Mellon Visiting Professor, University of Illinois Chicago

    A viral surveillance video allegedly shows armed members of the Tren de Aragua gang at an apartment building in Aurora, Colo. RJ Sangosti/MediaNews Group/The Denver Post via Getty Images

    When the U.S. government deported 177 Venezuelans on Feb. 20, 2025, the Department of Homeland Security alleged that 80 of the deportees were members of the Venezuelan gang Tren de Aragua.

    U.S. news outlets report that members have set up shop in at least 16 states and are “wreaking havoc on communities across the nation.”

    According to Fox News, in February 2025 there was an “infestation” of Tren de Aragua members in an apartment building in Aurora, Colorado.

    Suspected Tren de Aragua members have been arrested in Florida, Pennsylvania, New York, California, Texas and other states.

    The U.S. State Department went so far as to designate Tren de Aragua a foreign terrorist organization in an effort to stop “the campaigns of violence and terror committed by international cartels and transnational organizations.”

    There is little reliable information about Tren de Aragua – but no shortage of sensationalist news reports and Immigration and Customs Enforcement raids claiming to target them.

    We are sociologists who have spent a combined 37 years researching gangs, crime and policing in Venezuela. Our research in Venezuela, and our colleagues’ research in other countries, suggests that incarceration and mass deportations of Venezuelans living in the U.S., whether they have ties to the group or not, will likely strengthen Tren de Aragua rather than cripple it.

    Indeed, we have already seen how these strategies contributed to the expansion of street gangs in El Salvador and Honduras by creating new opportunities for members to network and become more organized.

    What is Tren de Aragua?

    According to investigative journalists and a handful of academic studies, Tren de Aragua was initially founded by Hector “El Niño” Guerrero and two other men in 2014. The three men were imprisoned in Tocorón prison in the state of Aragua.

    By 2017, Tren de Aragua began to be known as a “megabanda,” a category the local press in Venezuela use to refer to large organized criminal groups. The term arose to highlight the size of some street gangs, which at the time was unprecedented in Venezuela.

    Since its beginning, the gang has depended heavily on extortion. It also sells street drugs, but that has been a much less important source of revenue for it.

    Tren de Aragua’s growth surged as a result of mass incarceration policies that began under Venezuela’s former President Hugo Chávez and expanded under current President Nicolás Maduro. Incarceration rates began to increase in 2009 and were exacerbated by police raids deployed in 2010 in marginalized neighborhoods across the country. Venezuela’s prisons became filled with young, poor men.

    Crowded together in inhumane conditions, the men began to organize into prison gangs with clear hierarchies. They accumulated vast profits by charging prisoners fees for food, use of space and protection from inmate violence. They also opened and ran businesses, including a club, inside Tocorón prison.

    Members of different gangs in and outside the prison also began to communicate and share information about criminal activities such as kidnapping and extortion. This strengthened social networks and expanded their illegal enterprises.

    Tren de Aragua eventually took control of Tocorón prison as the government became unable to manage daily life inside its walls. It had become one of the largest and best organized gangs in Venezuela.

    A view inside the notoriously dangerous and violent Tocorón prison in 2011.
    Franklin Suarez via Getty Images

    Criminal enterprise grows

    Since 2014, an economic and humanitarian crisis has devastated Venezuela, causing many Venezuelans to migrate.

    Venezuela had one of the highest displacement rates in the world between 2014 and 2018, when at least 3 million people left the country.

    Tren de Aragua, still based in the Tocorón prison at that time, took advantage of this mass migration. It expanded the group’s business portfolio to include human trafficking and sexual exploitation of Venezuelan female migrants in Chile, Colombia and Peru.

    It’s unclear how far beyond Venezuela Tren de Aragua has spread. While the group has certainly expanded operations into the Latin American countries mentioned above, research shows common criminals have posed as Tren de Aragua members in both Colombia and Chile.

    Moreover, the arrest of alleged Tren de Aragua members for committing crimes in the U.S. and other countries does not mean that the gang has set up shop in those places. Gang members, same as non-gang members, migrate during crises. They may continue to commit crimes in new places after they arrive. However, it’s important to note that immigration in the U.S. is consistently linked with decreases – not increases – in both violent crime and property crime.

    Even some local police departments have questioned the gang’s expansion into the U.S.

    In Aurora, police refuted both the mayor’s and President Donald Trump’s claims about the apartment complex being taken over by the gang. And the New York Police Department recently reported that suspected Tren de Aragua members there are largely focused on snatching mobile phones and robbing department stores – hardly the crimes of a transnational criminal empire or terrorist organization.

    Venezuelan security forces wrested control of Tocorón prison from the Tren de Aragua gang in 2023.
    Yuri Cortez/AFP via Getty Images

    Making matters worse

    Deportations do not address the urgent situation faced by many migrants who leave their homelands in search of a better, safer future.

    When governments prioritize the spectacle of deportations to deal with migration, they contribute to the expansion of even more resilient networks of criminal enterprises.

    Recent history bears this out.

    In El Salvador in the 1990s and early 2000s, incarceration, deportations and repressive policing policies contributed to the evolution of youth street gangs such as the Mara Salvatrucha, or MS-13, into transnational extortion rackets that spread across Central America.

    These same policies could also contribute to the growth of Tren de Aragua within Latin America.

    Prison isolates large groups of excluded and marginalized people and constrains them to brutal conditions. This enables and encourages the social networks that fuel illegal markets and criminal activity beyond the walls of prisons.

    Rising xenophobia

    Another harmful outcome of the policies we have discussed here is that they may fuel xenophobia toward and criminalization of Venezuelan immigrants living in the U.S.

    This closes off opportunities and harms people already devastated by economic, political and humanitarian crises in their home country.

    Venezuelans have responded with their characteristically incisive and biting humor.

    Many have used social media to parody news outlets and political speeches, and Venezuelans regularly post memes and videos that mock the automatic association made between them and Tren de Aragua.

    The satiric news site El Chigüire Bipolar posted stories titled “The United States confirms that Venezuelans are Tren de Aragua members from birth” and “ICE agents detain newborn that might be Tren de Aragua leader in the future.”

    Meanwhile, recent cuts in U.S. foreign aid to countries with large Venezuelan populations, such as Colombia and Peru, will likely exacerbate the migration crisis by constraining opportunities for Venezuelans.

    Future waves of migrants will be easy prey for criminal organizations like Tren de Aragua, which has turned human trafficking into a lucrative business. And with current policies of cutbacks, incarceration and repression, Tren de Aragua will likely continue to grow and fill its coffers.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. What is Tren de Aragua? How the Venezuelan gang started − and why US policies may only make it stronger – https://theconversation.com/what-is-tren-de-aragua-how-the-venezuelan-gang-started-and-why-us-policies-may-only-make-it-stronger-250007

    MIL OSI – Global Reports –

  • MIL-OSI Global: From opposing robber barons to the New Deal to desegregation to DOGE, state attorneys general have long taken on Washington

    Source: The Conversation – USA – By Austin Sarat, William Nelson Cromwell Professor of Jurisprudence and Political Science, Amherst College

    State attorneys general are teaming up to check Trump’s executive power. erhui1979/DigitalVision Vectors via Getty Images

    The start of President Donald Trump’s second term has been a bonanza for the attorneys general of blue states. As the president has released his blizzard of executive orders and axed federal funding and programs on which states rely, these attorneys general have filed suits designed to put the brakes on what Trump is trying to accomplish.

    As the Washington Post reported on Feb. 22, 2025, “In the past month alone, multistate coalitions have sued the Trump administration seven times.”

    Here’s one example: In late January, 22 states and the District of Columbia asked a federal district court in Rhode Island for a temporary restraining order to stop the Office of Management and Budget from halting federal grants and financial assistance that would go to residents, organizations or governmental entities in their jurisdictions.

    In early February, the attorneys general of Minnesota, Oregon and Washington sought and were granted an order to stop the Trump administration from implementing an executive order that, according to Lambda Legal, an LGBTQ+ rights advocacy group, “targets transgender and gender-diverse youth.”

    Almost a week later, 14 attorneys general went to court to prevent Elon Musk “from issuing orders to any person in the Executive Branch outside of DOGE and otherwise engaging in the actions of an officer of the United States.”

    New York Attorney General Letitia James and Connecticut Attorney General William Tong both sued to stop DOGE from obtaining Americans’ personal data.
    Michael M. Santiago/Getty Images

    As a student of law and politics, I see the attorneys general actions against the Trump administration as the latest chapter of an ongoing story dating to the 19th century in which state officials push back against the national government, breathing life into this country’s federal system. That system, designed by the framers to protect liberty and as a guard against tyranny, gave powers to both federal and state governments.

    Hybrid role of state attorneys general

    The work of attorneys general in the various states involves a mix of law and politics. As the National Association of Attorneys General describes their role, attorneys general are “chief legal officers” and serve “as counselor to state government agencies and legislatures, and as a representative of the public interest.”

    Attorneys general use the law to advance their political goals. Though their precise duties vary from state to state, state attorneys general do not completely eschew politics.

    In 43 states, they are elected officials who run for office as partisans. These candidates offer programs and promise to take actions that are typically in line with the platforms of the parties that nominate them. As attorney Marissa Smith wrote in the Cornell Law Review, “The position of State AG has long been said to stand for ‘Aspiring Governor’ rather than Attorney General.”

    Smith argues that state attorneys general “have leaned into our nation’s divisive partisanship – often as an integral part of a quest for higher office – and used their traditional roles and powers to grandstand and showcase their party loyalty on a national stage.”

    When, as in the recent spate of suits, state attorneys general pursue the federal government or another target on the national stage, there’s really no way for them to lose, politically speaking. As journalist Alan Greenblatt writes, “It’s all upside. If a lawsuit succeeds, you achieve a policy goal. If it fails, you’ve still made a name for yourself and often delayed a policy for months and even years,” especially when that policy is unpopular.

    Suing the federal government

    There is nothing new about what state attorneys general are now doing. At one time or another, lawsuits against the federal government have come from both Democratic and Republican attorneys general.

    For example, during the so-called Gilded Age at the end of the 19th century, because of their “unique institutional position,” progressive state attorneys general “were able to serve as opportunity points for the expression of the ‘public interest’ in the absence of administrative mechanisms or actions by other political institutions,” political scientist Paul Nolette writes.

    These attorneys general sued railroad companies and other big businesses, seeking to get state courts to rein in the growing power of what were called at the time “robber barons.”

    As the New Deal unfolded in the 1930s, some Republican state attorneys general tried to resist what they saw as federal government encroachment on state power, though the primary opposition to the New Deal came from other political actors.

    After the Supreme Court’s 1954 Brown v. Board of Education decision ordered the desegregation of schools, a few Southern Democratic state attorneys general were involved in organizing “massive resistance” in the region, by offering legal advice to state officials opposed to the Brown decision and defending segregation in court.

    In the 1980s, state attorneys general banded together to sue federal agencies for failing to enforce the law or to implement acts of Congress, including those concerning the deregulation of industry. A decade later, they launched a concerted campaign of lawsuits against major tobacco companies because the federal government was not, they alleged, adequately regulating the tobacco industry.

    And when Barack Obama entered the White House, state attorneys general enthusiastically embraced the role of watchdog and nemesis. Republican state attorneys general led the resistance with lawsuits over health policy, immigration and environmental regulations, using their powers much like their Democratic counterparts are doing today.

    Texas Attorney General Ken Paxton claims to have sued the Obama administration 100 times.
    Justin Lane-Pool/Getty Images

    Former West Virginia Solicitor General Elbert Lin, who served as the chief litigator in his state’s attorney general’s office, tells the story this way: “During the eight years of the Obama Administration, states led mostly by Republican attorneys general made it a priority, early and often, to challenge President Obama’s initiatives.”

    One of them, Texas’ Greg Abbott, sued the Obama administration 31 times, at one point describing his job this way: “I go into the office, I sue the federal government, and I go home.”

    During the first Trump administration, Democratic attorneys general continued what had happened under Obama. They filed 138 multistate lawsuits, up from the 78 times Republicans sued the Obama administration.

    And at the end of President Joe Biden’s term, Ken Paxton, Texas’ Republican attorney general, issued a press release saying that over the previous four years, he had sued the administration 100 times, calling it “an historic milestone.”

    ‘Expect to be sued’

    Supreme Court Justice Louis Brandeis once called states “laboratories of democracy.” More recently, Jeffrey Rosen of the National Constitution Center praised federalism for continuing “to promote ideological diversity” in an increasingly polarized nation.

    That diversity has long been on display in what state attorneys general have done on the national stage.

    Today, when some worry that the U.S. constitutional system is breaking down, state attorneys general are trying to realize the founders’ vision of limited government. They are mobilizing legal tools to vindicate legal claims while also using the courts for political purposes.

    All presidents should expect to be sued early and often by state attorneys general of the opposite party. But as attorney Jeffrey Toobin writes in The New York Times, “political victories matter more, and last longer, than court cases” in the United States.

    In recent years, suits brought by state attorneys general have protected the rights of immigrants, defended reproductive rights and asserted state prerogatives in many areas. But while these lawsuits have an important role to play in America’s constitutional system, what citizens do is more important.

    Even successful litigation by state attorneys general typically brings only a one-time victory, but political action is needed to sustain what they achieve in court. And their work cannot be done without the support of the citizens they serve and who, by and large, elect them.

    Austin Sarat does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. From opposing robber barons to the New Deal to desegregation to DOGE, state attorneys general have long taken on Washington – https://theconversation.com/from-opposing-robber-barons-to-the-new-deal-to-desegregation-to-doge-state-attorneys-general-have-long-taken-on-washington-250758

    MIL OSI – Global Reports –

  • MIL-OSI Global: What is isolationism? The history and politics of an often-maligned foreign policy concept

    Source: The Conversation – USA – By Andrew Latham, Professor of Political Science, Macalester College

    Isolationism has deep roots in American foreign policy stretching back to George Washington. FotografiaBasica/Getty Images

    Few terms in American foreign policy discourse are as misunderstood or politically charged as “isolationism.”

    Often used as a political weapon, the term conjures images of a retreating America, indifferent to global challenges.

    However, the reality is more complex. For example, some commentators argue that President Donald Trump’s return to the White House signals a new era of isolationism. But others contend his foreign policy is more akin to “sovereigntism,” which prioritizes national autonomy and decision-making free from external constraints, and advocates for international engagement only when it directly serves a nation’s interests.

    Understanding isolationism’s role in U.S. policy requires a closer look at its historical roots and political usage.

    ‘Entangling alliances’

    The idea of avoiding foreign entanglements has been a part of American strategic thinking since the country’s founding. President George Washington’s famous warning against “entangling alliances” reflected a desire to insulate the young republic from European conflicts.

    Throughout the 19th century, this sentiment shaped U.S. policy, though not exclusively. The country expanded its influence in the Western Hemisphere, maintained strong economic ties abroad and occasionally intervened in regional affairs.

    This cautious approach allowed the U.S. to develop its economy and military strength without becoming deeply embroiled in European rivalries.

    After World War I, isolationism became more pronounced. The staggering human and financial costs of the war led many Americans to question deep international involvement. Skepticism toward President Woodrow Wilson’s League of Nations reinforced this sentiment, and in the 1930s, the U.S. passed Neutrality Acts designed to keep the country out of foreign wars. However, this approach proved unsustainable.

    Though getting increasingly involved in the European conflict in the years before the attack on Pearl Harbor on Dec. 7, 1941, that day officially led the U.S. into World War II, marking the definitive end of traditional isolationism. With the war’s conclusion, American strategic thinking shifted, recognizing that even partial disengagement was no longer an option in a globalized world.

    Isolationism as a slur

    In the postwar era, isolationism devolved from a coherent strategic perspective into a term of political derision. During the Cold War, those who opposed military alliances like NATO or U.S. interventions in Korea and Vietnam were often dismissed as isolationists, regardless of their actual policy preferences.

    This framing marginalized critics of U.S. global engagement, even when their concerns were grounded in strategic prudence rather than a reflexive desire to withdraw from the world.

    The same pattern persisted going into the 21st century. In debates over U.S. involvement in Iraq, Afghanistan and Ukraine, critics of expansive military commitments were frequently labeled isolationists, despite advocating for a recalibration of foreign policy rather than outright disengagement.

    Many of those calling for an end to America’s “forever wars” did not argue for global retreat but for a prioritization of national interests over the broad defense of the so-called rules-based international order.

    A persistent myth is that isolationism represents a total disengagement from the world. Historically, even during its peak, isolationism in the U.S. was never absolute. Trade, diplomacy and cultural exchanges continued even in periods marked by reluctance to intervene militarily. What critics of interventionism have historically sought is prudence in foreign affairs – avoiding unnecessary wars while ensuring the protection of core national interests.

    Moving beyond isolationism

    In recent years, “restraint” has gained traction as a more precise and useful framework for U.S. foreign policy. Unlike isolationism, restraint does not imply withdrawal from global affairs but rather advocates a more selective and strategic approach.

    Proponents argue that the U.S. should avoid unnecessary wars, focus on core national interests and work with its allies to maintain stability rather than relying on unilateral military action. This perspective acknowledges the limits of American power and the risks of overextension while still recognizing the necessity of international engagement. Advocates of restraint suggest that recalibrating U.S. foreign policy would allow the country to address pressing domestic concerns while maintaining a strong international presence where it matters most.

    As the U.S. reassesses decades of intervention, restraint offers a middle path between disengagement and unrestrained global activism. It encourages a more thoughtful and sustainable approach to foreign policy that prioritizes long-term stability and national interests over automatic involvement in conflicts.

    Moving beyond the outdated and politically charged debate over isolationism would, I believe, allow for a more productive conversation about how the U.S. can engage globally in a way that is both effective and aligned with its strategic interests.

    Andrew Latham does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. What is isolationism? The history and politics of an often-maligned foreign policy concept – https://theconversation.com/what-is-isolationism-the-history-and-politics-of-an-often-maligned-foreign-policy-concept-245201

    MIL OSI – Global Reports –

  • MIL-OSI USA: Refinery closures and rising consumption will reduce U.S. petroleum inventories in 2026

    Source: US Energy Information Administration

    In-brief analysis

    March 3, 2025

    In 2026, we forecast that inventories of the three largest transportation fuels in the United States—motor gasoline, distillate fuel oil, and jet fuel—will fall to their lowest levels since 2000 in our February Short-Term Energy Outlook.

    Two pending refinery closures will reduce U.S. production of refined petroleum products. When combined with our forecast of growing consumption, we expect inventories for the three fuels to decline through 2026. We forecast inventories for these fuels will end next year at 375 million barrels, the lowest since 2000 when they ended the year at 358 million barrels.

    Inventory withdrawals tend to increase wholesale and retail fuel prices because market participants must meet demand by competing for a smaller pool of refinery production. As a result, we also forecast wholesale refinery margins for the three fuels will increase. In our forecast, however, these wider margins are partially offset by falling crude oil prices, leading to relatively smaller increases in retail fuel prices or even a decline in retail gasoline prices.

    Less motor gasoline refinery production and smaller inventories correspond with falling gasoline consumption in the United States. Because of both increased automobile efficiency and less employment growth, we forecast U.S. motor gasoline consumption will decline about 1% in 2026, following no year-over-year change in 2025.

    Dividing inventory levels by the three-year average previous rate of consumption provides an indicator called days of supply. Based on this indicator, we expect the days of supply of motor gasoline will remain near historical averages.

    For distillate, increased biofuel substitution is a new factor affecting balances and prices. We forecast that biodiesel and renewable diesel, both consumed individually and blended into petroleum distillate, will comprise about 9% of U.S. distillate fuel oil consumption next year, up from 5% in 2021. Accounting for these fuels’ stocks means that the United States will have around 10% more days of supply of distillate fuel than if we considered availability by only looking at petroleum distillate inventories. Even accounting for biofuels, inventories and days of supply will remain relatively low compared with historical averages, however.

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2025
    Note: Days of supply calculated as ending inventories divided by three-year average consumption.

    We believe jet fuel will face tight supply and demand conditions. U.S. consumption of jet fuel will rise to an all-time high next year, while reduced refinery production will decrease jet fuel inventories to low levels. When adjusted on a days of supply basis, we forecast U.S. jet fuel will decline to about 21 days of supply—the lowest since 1963.

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2025
    Note: Days of supply calculated as ending inventories divided by three-year average consumption.

    Principal contributor: Jeff Barron

    MIL OSI USA News –

  • MIL-OSI USA: Super Invaders

    Source: US State of Connecticut

    Invasive plants introduced by humans to new environments can outcompete native species and disrupt entire ecosystems, and some introduced invasive species called “super invaders” have qualities that allow them to grow more rapidly than native species.

    UConn Department of Geography, Sustainability, Community, and Urban Studies researcher Julissa Rojas-Sandoval is studying the impact of super invaders across the Americas as part of an international collaboration, leading experiments in Connecticut, Puerto Rico, and Costa Rica. This project seeks to understand why super invaders appear to “play by different rules” than natives in the same environment.

    UConn Greenhouses and the UConn Forest serve as living laboratories, where students Charlotte Melnitsky ’25 (CLAS) and Morgan Reynolds ’25 (CLAS) are helping to determine what gives super invaders the competitive advantage and experiment with different methods to measure resource capture and defense trade-offs. This information can help with the development of effective management strategies to preserve crucial forest ecosystems.

    This research is in collaboration with Jason Fridley (Clemson University), Michele Dechoum (Federal University of Santa Catarina, Brazil), Patrick Martin (University of Denver), Guadalupe Williams (Institute of Ecology, Mexico), Eduardo Chacon (University of Costa Rica) and Alana Freytes and José Fumero (University of Puerto Rico). The project is funded by the National Science Foundation (NSF) and is made possible with the crucial support of the Institute of the Environment, UConn Forest staff members, Robert Fahey and Thomas Worthley (UConn-NRE), and UConn Floriculture Greenhouse staff members Frederick Pettit and Shelley Durocher.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Applications Reach New Heights as More than 62,000 Seek First-Year Admission

    Source: US State of Connecticut

    More than 62,000 aspiring Huskies from throughout Connecticut and the nation have so far applied for spots in the Class of 2029, propelling UConn to another record and underscoring its reputation for quality and value.

    Admissions offers started going out in recent days for those who met the application deadline for the Storrs campus, while applications continue to roll in for spots at the regional campuses in Avery Point, Hartford, Stamford, and Waterbury.

    So far, more than 62,000 people have applied for acceptance in this fall’s entering class, easily surpassing last year’s approximately 58,000 applicants.

    In fact, as of mid-February, first-year student applications to Storrs had already increased approximately 27% in just the past two years, and 70% over the same time to the campuses in Avery Point, Hartford, Stamford, and Waterbury.

    “The surging interest in UConn demonstrates that its reputation for high academic quality, strong value, and a positive student experience is well known both throughout Connecticut and nationally,” says Nathan Fuerst, UConn’s vice president for student life and enrollment.

    The dramatic increase in applications to UConn’s regional campuses is driven largely by Connecticut residents, Fuerst says, adding that the numbers are up at every location.

    Applicants are increasingly drawn to the unique offerings at those campuses, each of which are building on their strengths to become destination campuses as envisioned under UConn’s Strategic Plan.

    “These trends are exciting not only for the University, but also for the campus communities and the students who are about to embark on their academic careers at these unique and vibrant locations,” says Anne D’Alleva, UConn’s provost and executive vice president for academic affairs.

    Around 4,500 people are expected to enroll as first-year students at Storrs, along with almost 2,000 at the regional campuses.

    UConn also anticipates enrolling about 950 students transferring from other institutions, including significant numbers from Connecticut’s community colleges.

    UConn successfully launched an early-decision process this year, receiving about 1,500 applications and offering admission to about 60% of them, with most already having committed to join the incoming class.

    “The early-decision process provided the chance for students with a strong interest in UConn to start their planning early in their senior year,” says Vern Granger, UConn’s director of undergraduate admissions. “It also helps UConn by providing us with a partial picture of the next incoming class, including their preferred majors and whether particular campuses are drawing strong interest.”

    “Those who committed to UConn during that process, and those who accept the offers they are receiving now, will comprise a talented incoming class and a great addition to the UConn community,” he adds.

    All told, UConn is on track to have about 26,200 undergraduates across all of its campuses this fall, including about 21,075 at Storrs.

    The continually strong application trends at UConn defy state and national demographic trends, in which the number of school-aged teens has been decreasing and many institutions have struggled with declines in applications.

    And as in recent years, the highly diverse pool of applicants includes students from a wide range of locations and backgrounds, including many who would be the first generation in their families to attend college.

    Admissions offers started going out to Storrs campus applicants last Friday and over the weekend, and will continue in the days and weeks after that for late applicants.

    The admissions offers also include financial aid packages for those who qualify, part of UConn’s commitment to helping ensure access for students at all income levels.

    Of the new first-year students expected to enroll at Storrs for the Class of 2029, there will be notable areas of growth in nursing, fine arts, and several other disciplines along with the traditionally high numbers in business, engineering, and liberal arts fields.

    MIL OSI USA News –

  • MIL-OSI: New Stratus Energy Announces Award of a Transformative Production Sharing Contract for a Significant Oil Field in Ecuador, Funding and Offtake Agreement, and Concurrent Offerings

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    CALGARY, Alberta, March 03, 2025 (GLOBE NEWSWIRE) — New Stratus Energy Inc. (TSX.V – NSE) (“New Stratus”, “NSE” or the “Corporation”) is pleased to announce that a consortium formed by subsidiaries of Sinopec International Petroleum E&P Corporation (60%) (“Sinopec”) and New Stratus (40%) (the “Consortium”) has reached an agreement for an award by the Ministry of Energy and Mines of Ecuador (“MEM”) of a 20-year (renewable) production sharing contract (the “PSC”) for crude oil production and additional exploration relating to Block 60 in Ecuador, also known as the “Sacha Block”, for an upfront cash entry bonus of US$1.5 billion (US$600 million payable by NSE). Formal execution of the PSC (“PSC Execution”) by the Consortium and MEM is expected to occur in March 2025 and upon which the Corporation will acquire a 40% interest (the “Acquired Interest”) in the Sacha Block.

    Highlights:

    • Average production in 2024 for the Sacha Block was approximately 77,191 barrels per day (bbl/d) of medium oil (25 degrees API gravity). Average gross production(1) in 2024 attributable to the Acquired Interest was approximately 30,876 bbl/d, implying US$19,433 per flowing barrel.
    • The average prices for WTI and Oriente Blend in December 2024 were US$70.12 and US$64.11, respectively. Currently, production from the Sacha Block receives a positive quality adjustment over Oriente Blend pricing of approximately US$2.50. Accordingly, using average production for December 2024 of 73,711 bbl/d, gross revenue(2) for the month of December 2024 attributable to the Acquired Interest was approximately US$60.9 million (approximately C$87.7 million).
    • As at December 31, 2024, proved developed producing (“PDP”) gross reserves(3) for the Acquired Interest are estimated at 67.8 million barrels, implying US$8.85 per barrel.
    • As at December 31, 2024, before-tax PDP reserve net present value of future net revenue(4) at a 10% discount rate (“PDP NPV 10”) for the Acquired Interest is estimated at US$2.4 billion (approximately C$3.5 billion), implying 0.25x before-tax PDP reserve net present value. The before-tax PDP NPV10 for the Acquired Interest is described in more detail in the chart below and implies a 1.13x before-tax PDP NPV10 for 2025.
      Period Ending
    December 31,    		     PDP NPV10(4) for
    Acquired Interest    		  
      2025     US$ 530.8 million  
      2026     US$ 413.1 million  
      2027     US$ 317.7 million  
      2028-2044     US$ 1,148.4 million  
      Total    

    US$ 2,410.1million(5)

    		  
               

    PSC Award and Terms

    On February 28, 2025, the official Committee for Hydrocarbons Tenders formed by the MEM, the Ministry of Finance and a representative of the President of Ecuador, approved the PSC and recommended to the MEM to grant the PSC to the Consortium. The PSC Execution by the Consortium and MEM is expected to occur in March 2025 and upon the Consortium paying an upfront cash entry bonus (“Entry Bonus”) to the Republic of Ecuador in the amount of US$1.5 billion (approximately C$2.2 billion), or US$600 million (approximately C$864 million) payable by NSE in accordance with its Acquired Interest.

    The PSC will be awarded for an initial 20-year term (the “Initial Term”) and pursuant to which the Consortium shall receive a share of production (known as the “X Factor”) calculated on a sliding scale basis depending on the prevailing Oriente Blend price (which is correlated to the price of WTI). At a WTI price of US$65 per barrel, the government production share is anticipated to be 18%, resulting in a Consortium production share, or X Factor, of 82%.

    In addition to the Entry Bonus, the Consortium has agreed to invest (the “Capital Investment”) amounts in excess of US$1.7 billion (approximately C$2.4 billion) during the Initial Term to finance a development plan approved by MEM (the “Approved Development Plan”). The Corporation’s share of the Capital Investment is approximately US$680 million (approximately C$979 million), of which approximately US$64 million (approximately C$92 million) and US$159 million (approximately C$229 million) are expected to be invested in 2025 and 2026, respectively. NSE expects to fund its share of the Capital Investment primarily through cash flow from operations, as well as from additional debt financing. The objectives of the Approved Development Plan are, among other things: (i) to replace and upgrade current facilities; (ii) for the expansion and construction of new facilities; (iii) for drilling new wells, workovers, recompletions, and water injection wells; (iv) for the drilling of two exploration wells; (v) for projects to eliminate gas flaring; and (vi) for secondary recovery which is intended to take the current oil recovery rate from 23% to 30%.

    No other royalties, or other similar production share arrangements, are payable and all operating expenses, capital expenses and taxes are on the account of the Consortium.

    The PSC Execution is subject to customary approval by the TSX Venture Exchange (“TSXV”). No finder’s fee is payable in connection with the PSC. The PSC, and the transactions contemplated thereby, are arm’s length.

    Ecuadorian Regulatory Framework

    The Ecuadorian government recently implemented policies to optimize the production from its oil and gas assets and aimed at attracting private investment, including reinstating production sharing contracts pursuant to the country’s Hydrocarbons Law and the 2018 executive decree no. 449. In accordance with the reinstated production sharing contracts, the Ecuadorian government may enter into production sharing contracts whereby the investing entity receives a share of the oil produced. The term for a production sharing contract is generally four years for exploration (extendable for two additional years) and 20 years for production, subject to an extension if reserves have been added and new investments are committed. The PSC includes the continuation and increase of production by the Consortium, as well as additional exploration in the Sacha Block.

    Sacha Block

    With an approximate area of 355 km2 and located in Central Ecuador, the Sacha Block has been operated by EP Petroecuador since 1990. The Sacha Block main reservoir is the Lower Cretaceous Hollin sandstone, with secondary reservoirs in the Upper Cretaceous Napo ‘T’ and ‘U’ sands.

    Pursuant to the PSC, the Consortium has committed to increase production for the Sacha Block to over 105,000 bbl/d by the end of 2029 (the “Production Increase”) and intends to achieve the Production Increase by providing the Capital Investment and completing the Approved Development Plan.

    Acquired Interest Funding

    NSE’s portion of the Entry Bonus will be satisfied through a combination of the following funding sources: (i) a funding and off-take agreement with a leading global off-taker (the “Off-Taker”) in the amount of US$480 million (approximately C$691 million); (ii) the Subscription Receipt Offering (as defined below) for aggregate gross proceeds of approximately US$70 million (C$100 million); (iii) the Common Share Offering (as defined below) for aggregate gross proceeds of approximately US$10 million (C$14 million); and (iv) additional amounts through a combination of debt, convertible debt or other equity financing sources (collectively, the “Additional Financing”).

    Off-take Mandate and Senior Secured Prepayment Facility

    NSE has appointed the Off-Taker as exclusive mandated lead arranger of an up to US$480 million (approximately C$691 million) senior secured prepayment facility (the “Facility”) and exclusive off-taker. The Facility has a cost of SOFR + 9.5%, a five-year final maturity date, and a minimum amortization equal to 1/16th of the original principal amount per quarter after a one-year grace period. As exclusive off-taker, the Off-Taker will have the right to purchase NSE’s share of the production from the Sacha Block for five years.

    Concurrent Offerings

    NSE intends to complete brokered private placements of (i) subscription receipts of the Corporation (“Subscription Receipts”) for gross proceeds of up to approximately US$70 million (C$100 million) (the “Subscription Receipt Offering”); and (ii) common shares of the Corporation (“Common Shares”) for gross proceeds of up to approximately US$10 million (C$14 million) (the “Common Share Offering” and together with the Subscription Receipt Offering, the “Concurrent Offerings”). The number of Subscription Receipts and Common Shares to be sold, the offering price (the “Offering Price”) of the Subscription Receipts and Common Shares, and the terms of the Concurrent Offerings will be determined in the context of the market. NSE expects to issue a subsequent news release containing the final terms of the Concurrent Offerings following the time of pricing.

    New Stratus has received lead indications of interest: (i) for the Common Share Offering from a U.S.-based energy specialist institutional investor; and (ii) for the Subscription Receipt Offering from a group of global energy specialist institutional investors, all based on an expected Offering Price reflecting the customary discount to the trading price for financings of this nature.

    The Concurrent Offerings are being co-led by Ventum Financial Corp. (“Ventum”) and Cormark Securities Inc. (“Cormark” and together with Ventum, the “Lead Agents”) on their own behalf, and in respect of the Subscription Receipt Offering, on behalf of a syndicate of agents (the “Agents”). Each Subscription Receipt will entitle the holder thereof to automatically receive, without payment of any additional consideration or further action on the part of the holder, one Common Share upon completion of certain escrow release conditions in accordance with the terms of a subscription receipt agreement to be entered into between the Corporation, the Lead Agents and Odyssey Trust Company, as subscription receipt agent (the “Subscription Receipt Agent”), including, among other things, the completion of all conditions precedent to the PSC Execution other than payment of the Entry Bonus.

    In addition, NSE will grant the Agents an option (the “Agents’ Option”) to increase the size of the Subscription Receipt Offering by up to 15% by giving written notice of the exercise of the Agents’ Option, or a part thereof, to NSE at any time up to 48 hours prior to closing of the Subscription Receipt Offering.

    In consideration for their services, the Agents will receive a commission equal to 6.0% of the gross proceeds (the “Subscription Receipt Commission”) of the Subscription Receipt Offering and the Lead Agents will receive a commission equal to 6.0% of the gross proceeds of the Common Share Offering.

    The proceeds from the sale of the Subscription Receipts less 50% of the Subscription Receipt Commission and the Agents’ expenses incurred in connection with the Subscription Receipt Offering (the “Escrowed Proceeds”) will be held by the Subscription Receipt Agent. If (i) an escrow release notice and direction is not delivered to the Subscription Receipt Agent prior to by 5:00 p.m. (Calgary time) on May 15, 2025; (ii) the Corporation gives notice to the Agents that it does not intend to proceed with the PSC Execution; or (iii) the Corporation announces to the public that it does not intend to proceed with the PSC Execution (each, a “Termination Event” and the time of the earliest of such Termination Event to occur, the “Termination Time” and the date on which such Termination Time occurs, the “Termination Date”), the Subscription Receipt Agent will pay to each holder of Subscription Receipts, no earlier than the third business day following the Termination Date, an amount per Subscription Receipt equal to the issue price in respect of such Subscription Receipt, plus such holder’s proportionate share of any interest and other income received or credited on the investment of the Escrowed Proceeds between the closing date and the Termination Date.

    The securities to be issued under the Concurrent Offerings will be offered by way of private placement in (i) all of the provinces of Canada, (ii) the United States and (iii) such other jurisdictions as may be determined by the Corporation, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The Concurrent Offerings are expected to close on or about March 25,
    2025, subject to TSXV approval and other customary closing conditions.

    The securities issued pursuant to the Concurrent Offerings, and any securities issued on exchange or conversion thereof, are subject to a statutory four-month hold period from the date(s) of closing of the Concurrent Offerings and applicable U.S. resale restrictions.

    Additional Financing

    The Corporation expects to issue a subsequent news release containing the details of the Additional Financing once an agreement has been reached in respect of same, which will include the material terms of such transaction.

    Disposition of Interest in Venezuela

    NSE also announces that it has entered into a termination agreement pursuant to which it has formally dissolved its joint venture for the development of four oil fields located in eastern Venezuela. This joint venture was structured through an indirect 40% equity participation in Vencupet SA, facilitated via Gold Pillar International SPC Ltd. (“GP”), a British Virgin Islands-based fund that holds 40% of Vencupet.

    The Vencupet oil fields development project included a financing arrangement under which GP would provide funding for the rehabilitation of these oil wells. In return, PDVSA was to repay the financing and to compensate GP with oil produced through the assignment of crude oil shipments.

    Following the termination of its joint venture, NSE has relinquished its entire equity stake in DOOG at no cost. Additionally, all shareholder loans extended by NSE to DOOG in the amount of approximately US$4.1 million have been forgiven, and all counterparty agreements and consideration arrangements have been terminated, without any further obligation or liability to NSE, except for specific compensation to GP’s principal shareholder, in the event that certain anticipated project costs cannot be recovered from PDVSA within fourteen months of the termination date.

    For two years from the termination, NSE will be allowed to negotiate the terms to reacquire its shareholding in DOOG and in the Vencupet project, in terms to be agreed between the Parties.

    Financial Advisors

    Ventum, Cormark and Horizon Partners are acting as financial advisors to the Corporation with respect to the transaction. ECM Capital Advisors Inc. is acting as strategic advisor to the Corporation with respect to the transaction.

    Contact Information:

    Jose Francisco Arata
    Chairman & Chief Executive Officer
    jfarata@newstratus.energy

    Wade Felesky
    President & Director
    wfelesky@newstratus.energy

    Mario Miranda
    Chief Financial Officer
    mmiranda@newstratus.energy – (647) 498-9109

    Notes:

    (1) Average gross production attributable to the Acquired Interest is presented before any deductions relating to the government share, because the government share was not payable as at December 31, 2024. Applying an example government share of 18%, net production attributable to the Acquired Interest would have been 25,319 bbl/d.
    (2) Gross revenue for December 2024 attributable to the Acquired Interest is calculated using December 2024 average production and December 2024 average pricing (being Oriente Blend pricing plus the positive quality adjustment), and is presented before any deductions relating to the government share, because the government share was not payable as at December 31, 2024. Applying an example government share of 18%, net revenue for the month of December 2024 attributable to the Acquired Interest would have been approximately US$49.9 million (approximately C$71.9 million).
    (3) As at December 31, 2024, Netherland, Sewell & Associates, Inc. (“NSAI”) estimates the gross PDP reserves for the Sacha Block (100% working interest) to be 169.5 million barrels. Gross reserves attributable to the Acquired Interest are based on a 40% working interest and are presented before any deductions relating to the government share.
    (4) As at December 31, 2024, NSAI estimates the net present value of future net revenue before income taxes discounted at 10 percent for the PDP reserves for the Sacha Block (100% working interest) to be US$6.0 billion. Net present value of future net revenue attributable to the Acquired Interest is based on a 40% working interest and is presented before any deductions relating to the government share, because the government share was not payable as at December 31, 2024. Following the acquisition of the Acquired Interest, NSE will be required to pay the government share, which is estimated to be 18% at a WTI price of US$65 per barrel.
    (5) Total value may not add due to rounding.

    Note on Currency and Exchange Rates

    In this news release, references to “C$” or “$” are to Canadian dollars and references to “US$” are to United States dollars. In this news release, the Corporation has used a currency exchange rate of US$1.00 = C$1.44.

    Forward-Looking Information

    Certain information set forth in this news release constitutes “forward-looking statements”, and “forward-looking information” under applicable securities legislation (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as “will”, “expects”, “intends”, “may”, “should”, “estimates”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions, including variations thereof and negative forms. Forward-looking statements in this news release include, among others, timing of the PSC Execution; satisfaction or waiver of the conditions precedent to the PSC Execution, including the funding and payment of the Entry Bonus; receipt of required legal and regulatory approvals for the PSC Execution (including approval of the TSXV); expected production and revenue related to the Sacha Block; the anticipated dates of the PSC Execution; the terms (including the Offering Price), timing and completion of the Concurrent Offerings; the indications of interest and the lead orders for the Concurrent Offerings; the timing and completion of the Additional Financing and the terms thereof; the closing of the Facility and the terms thereof; the use of proceeds from the Concurrent Offerings, the Additional Financing and the Facility; the amount, terms and timing of the Capital Investment, and the resulting effect thereof on production levels, including the Production Increase; the terms and timing of the Approved Development Plan, and the resulting effect thereof on production levels, including the Production Increase; and the Consortium’s ability to replicate past performance in the Sacha Block. Forward-looking statements are based on the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.

    In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain key expectations and assumptions made by management, including expectations and assumptions concerning the receipt of all approvals and satisfaction of all conditions to the completion of the PSC Execution, the Concurrent Offerings, and the Facility, the operational and financial performance of the Sacha Block, the geological characteristics of the Sacha Block, the availability of debt and equity financing on terms acceptable to the Corporation, the cooperation of the Consortium, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices and exchange rates.

    Although NSE believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because NSE can give no assurance that they will prove to be correct. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; the impact of general economic conditions in Canada and Ecuador; prolonged volatility in commodity prices; the risk that the new U.S. administration imposes tariffs affecting the oil and gas industry in Ecuador or globally, and that such tariffs (and/or retaliatory tariffs in response thereto) adversely affect the demand for the Corporation’s production, or otherwise adversely affects the Corporation’s business or operations; the risk that Oriente Blend oil prices are lower than anticipated; determinations by OPEC and other countries as to production levels; the risk of changes in government policy on resource development; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; the timing for conducting planned operations and the results of such operations, including flow rates and resulting production; the availability of the requisite personnel and equipment to conduct operations; the ability to successfully integrate operations and realize the anticipated benefits of acquisitions; the ability to increase production, and the anticipated cost associated therewith; failure of counterparties to perform under contracts; changes in currency exchange rates; interest rate fluctuations; the ability to secure adequate equity and debt financing; and management’s ability to anticipate and manage the foregoing factors and risks.

    There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. Actual results, performance or achievement could differ materially from those   expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

    Oil & Gas Matters Advisory

    The reserves information included in this news release attributable to the Acquired Interest has been derived from a report prepared by Netherland, Sewall & Associates, Inc. (“NSAI”) effective as of December 31, 2024 (the “NSAI Report”). The reserves information was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

    Statements relating to reserves are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated.

    It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future net revenues attributed to such reserves.

    References in this news release to historical production rates are not indicative of long term performance or of ultimate recovery. Readers are cautioned not to place reliance on such rates in assessing the future production rates for the Corporation.

    “Proved Developed Producing Reserves” are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

    Medium crude oil is crude oil with a relative density greater than 22.3 degrees API gravity and less than or equal to 31.1 degrees API gravity.

    General Advisory

    This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and the rules and regulations thereunder. The securities referred to herein have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the securities may not be offered or sold within the United States except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Australian Oilseeds Announces Appointment of Amarjeet Singh as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, March 03, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT), today announced the appointment of Amarjeet Singh as Chief Financial Officer (“CFO”) effective February 28, 2025. Singh brings more than 20 years of finance and accounting experience and held leadership roles at major companies in the global agricultural sector and will replace Bob Wu who is leaving his position to explore new opportunities outside of the Company.

    “We are excited to welcome Amarjeet as the Company’s new Chief Financial Officer,” said Gary Seaton, Chief Executive Officer. “His deep expertise in finance and accounting coupled with a strong background in the global agricultural sector make him the ideal candidate to lead our finance organization at this pivotal time. Amarjeet is a strategic leader with a proven track record of driving growth and productivity along with improving profitability. On behalf of everyone at the Company, I would like to thank Bob for his significant contributions and wish him success in his future endeavors. I am particularly grateful for his leadership and support over the last four years that we have worked together. He has been a critical player to drive our strategic agenda, leading key initiatives, which will benefit us for many years to come”

    Mr. Singh commented, “It’s an exciting time to join Australian Oilseeds as the Company continues to focus on expanding and scaling its business globally. I look forward to working with this talented team to strengthen our foundation and ensure we are well positioned to deliver significant long-term sustainable growth and shareholder value.”

    Mr. Singh is an experienced financial controller with a demonstrated history of working in the Agri-commodities and manufacturing listed companies, with experience in financial reporting, consolidation, budgeting, accounting, treasury management, and management information systems (MIS) including leadership roles at major companies in the global agricultural sector. Before joining Australian Oilseeds, from 2018 to 2025, he served as Head of Finance at MOI International Pty Ltd, a subsidiary of Mewah International, a large agricultural company listed in Singapore. From 2011 to 2017, Mr. Singh was Manager, Accounts and Treasury, at Mewah Oils & Fats, another subsidiary of Mewah International. Prior to Mewah, Mr. Singh held finance and accounting roles of progressive responsibility at divisions of large, NYSE-listed multi-national companies including General Electric and Snap-On Tools from 2008 to 2011 and served as an Audit Senior for BDO Lodha & Co. from 2004 to 2007. Mr. Singh is a graduate of the Institute of Chartered Accountants of India as a chartered accountant, specializing in Finance & Accountancy in 2007.

    About Australian Oilseeds Investments Pty Ltd.: Australian Oilseeds Investments Pty Ltd. is an Australian proprietary company that, directly and indirectly through its subsidiaries, is focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, global economic conditions could in the future reduce demand for our products; we could in the future experience cybersecurity incidents; we may be unable to manage or sustain the level of growth that our business has experienced in prior periods; our financial resources may not be sufficient to maintain or improve our competitive position; we may be unable to attract new customers, or retain or sell additional products to existing customers; we may experience challenges successfully expanding our marketing and sales capabilities, including further specializing our sales force; customer growth could decelerate in the future; we may not achieve expected synergies and efficiencies of operations from recent acquisitions or business combinations, and we may not be able to pay off our convertible notes when due. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Gary Seaton, CEO
    Email: gary@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

    The MIL Network –

  • MIL-OSI: First Busey Corporation Completes Acquisition of CrossFirst Bankshares, Inc. and CrossFirst Bank

    Source: GlobeNewswire (MIL-OSI)

    CHAMPAIGN, Il. and LEAWOOD, Kan., March 03, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, announced today the completion of its acquisition by merger of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, effective March 1, 2025. The transaction was previously jointly announced on August 27, 2024.

    Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in June 2025. At the time of the bank merger, CrossFirst Bank’s banking centers will become branches of Busey Bank and operate under the Busey brand, creating a premier full-service commercial bank serving clients from 77 locations across 10 states with combined total assets of approximately $20 billion, $17 billion in total deposits, $15 billion in total loans and $14 billion in wealth assets under care. The holding company will be headquartered in Leawood, Kansas in the Kansas City metro area, which is central to the combined footprint. Busey Bank’s headquarters will remain in Champaign, Illinois.

    The combination extends Busey’s regional operating model into high-growth metro markets—bolstering its commercial banking relationships and offering additional opportunities to grow its wealth management business and payment technology solutions subsidiary, FirsTech, Inc.

    “This is a transformational partnership that advances our organization and will ultimately benefit each of our Pillars—associates, customers, communities and shareholders,” said Van Dukeman, Chairman and CEO of Busey and Chairman of Busey Bank. “Over the past few years, we have been keenly focused on maintaining Busey’s fortress balance sheet—featuring exceptional credit quality, strong liquidity, excess capital and diversified revenue streams buttressed by our wealth management and payments processing businesses—to be well positioned to capitalize on a financially and strategically compelling opportunity of size and scale. This is that opportunity and we look forward to fully integrating our banks while leveraging the talent, expertise, increased scale and market presence to benefit our Pillars.”

    “Taking our organization to new heights, this partnership combines our growing commercial bank with the power of Busey’s core deposit franchise, exceptional wealth management platform and the impressive payment tech solutions at FirsTech, Inc.,” said Mike Maddox, former CrossFirst CEO, President and Director who now serves as Vice Chairman and President of Busey and President and CEO of Busey Bank. “We firmly believe our strong metro market footprint, commercial focus and growth potential will help elevate the combined company to be a leading regional banking institution throughout the Midwest and Southwestern regions of the U.S. We look forward to building upon the strong legacy of outstanding service and community engagement that both organizations have developed to create even more opportunities for our teams and clients.”

    Board of Directors
    Effective immediately, Busey and Busey Bank will be governed by a Board of Directors comprised of 13 directors, eight from Busey or Busey Bank and five from CrossFirst:

    • Van Dukeman, Chairman and CEO
    • Mike Maddox, Vice Chairman and President
    • Rod Brenneman, Lead Independent Director
    • Stan Bradshaw
    • Steve Caple
    • Michael Cassens
    • Jennifer Grigsby
    • Karen Jensen
    • Fred Kenney
    • Steve King
    • Kevin Rauckman
    • Scott Wehrli
    • Tiffany White

    Transaction Details
    Under the terms of the merger agreement, at the effective time of the merger on March 1, 2025, each share of CrossFirst’s common stock was converted into the right to receive 0.6675 of a share of Busey common stock, with CrossFirst shareholders receiving cash in lieu of fractional shares. Former CrossFirst common shareholders are eligible to receive Busey’s ongoing dividends as declared. With the transaction now complete, former CrossFirst shareholders own approximately 36.5% of the combined company, on a fully-diluted basis.

    Shares of CrossFirst common stock ceased trading after the closing of the NASDAQ stock market on February 28, 2025. The combined company’s common shares will continue trading on the NASDAQ under the “BUSE” ticker symbol.

    About First Busey Corporation
    As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was a $12.05 billion financial holding company headquartered in Champaign, Illinois.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com. CrossFirst Bank—also a wholly-owned bank subsidiary of First Busey Corporation as of March 1, 2025—had total assets of $7.7 billion as of December 31, 2024, and is a full-service financial institution with locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado and New Mexico.

    Through its Wealth Management division, Busey Bank provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey Bank’s Wealth Management services can be found at busey.com/wealthmanagement.

    Busey Bank’s wholly-owned subsidiary, FirsTech, Inc., specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the first time, Busey Bank was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey Bank was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey Bank is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    For more information about us, visit busey.com.

    First Busey Corporation Contacts
    For Financials:                         
    Scott Phillips, Interim CFO                    
    First Busey Corporation            
    (239) 689-7167                        
    scott.phillips@busey.com              		 For Media:
    Amy L. Randolph, EVP & COO
    First Busey Corporation
    (217) 365-4049
    amy.randolph@busey.com

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain assumptions and estimates and describe Busey’s future plans, strategies, and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim” and similar expressions. These forward-looking statements include statements relating to Busey’s projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, business and growth strategies, and any other statements that are not historical facts.

    These forward-looking statements are subject to significant risks, assumptions, and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on Busey’s financial condition, results of operations, and future prospects can be found under the “Special Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” sections of Busey’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports Busey files with the U.S. Securities and Exchange Commission (the “SEC”).

    Because of those risks and other uncertainties, Busey’s actual future results, performance, achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Busey’s past results of operations are not necessarily indicative of its future results.

    You should not place undue reliance on any forward-looking statements, which speak only as of the dates on which they were made. Busey does not undertake an obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. Busey qualifies all of its forward-looking statements by these cautionary statements.

    The MIL Network –

  • MIL-OSI: North American Construction Group Ltd. Reschedules Fourth Quarter Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, March 03, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it has rescheduled the release of its financial results and conference call for the fourth quarter ended December 31, 2024, which had previously been scheduled on Wednesday, March 5, 2025 and Thursday March 6, 2025, respectively. The Company will release its financial results for the fourth quarter ended December 31, 2024 on Wednesday, March 12, 2025 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, March 13, 2025, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

    The Company is rescheduling the release of its financial results and related conference call to allow it more time to complete the year-end reporting processes within its Heavy Equipment – Australia segment. The additional time is necessary due to first-year SOX reporting requirements, high activity levels at year-end and its implementation of a new ERP system, all within the segment which was previously a privately held entity.

    The call can be accessed by dialing:
    Toll free: 1-800-717-1738
    Conference ID: 71653

    A replay will be available through April 13, 2025, by dialing:
    Toll Free: 1-888-660-6264
    Conference ID: 71653
    Playback Passcode: 71653

    A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Registration

    A replay will be available until April 13, 2025, using the link provided.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information, please contact:        

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    Phone: (780) 960-7171
    Email: ir@nacg.ca 

    The MIL Network –

  • MIL-OSI Global: Who’s who at the Vatican?

    Source: The Conversation – USA – By Daniel Speed Thompson, Associate Professor of Religious Studies, University of Dayton

    Deacons take part in a mass in St. Peter’s Basilica that was supposed to be presided over by Pope Francis. AP Photo/Alessandra Tarantino

    For more than two weeks, eyes have been on the Vatican, awaiting news about Pope Francis’ health. The pope has been at Rome’s Gemelli Hospital since Feb. 14, 2025, being treated for double pneumonia and other complications.

    When a pope is ill, resigns or passes away, who steps in? And who else helps lead the Holy See? The Conversation U.S. asked Daniel Speed Thompson, a theologian at the University of Dayton, for some insight into Vatican City.

    Who are the most powerful people at the Vatican, besides the pope?

    The Vatican houses the central government of the Catholic Church and is also an independent city-state. The pope is both the head of the Catholic Church and head of state.

    In order to govern both, he has the Roman Curia, meaning “court.” In modern terms, the Curia is the papal bureaucracy. It is an extension of the pope’s authority.

    In Catholic doctrine, the pope has the highest authority in the church. He can exercise it alone or with the College of Bishops, made up of all the bishops in the world. Bishops named by the pope to the office of “cardinal” can, if under 80 years old, vote to elect a new pope. Some cardinals, but by no means all, serve in the papal Curia in Rome.

    Besides the pope, curial officials who oversee important aspects of the church’s political and religious life are often powerful figures. For example, the secretariat of state, headed by Cardinal Pietro Parolin, oversees relations with other countries and international organizations. It also oversees the Vatican’s diplomatic corps.

    Pope Francis smiles as he walks alongside Vatican Secretary of State Pietro Parolin, left, and Cardinal Giuseppe Versaldi at the Vatican in 2014.
    AP Photo/Gregorio Borgia

    The Dicastery – “department” – for the Doctrine of the Faith, led by Cardinal Víctor Manuel Fernández, addresses questions about correct Catholic teaching on faith and morals. The Dicastery of Bishops, headed by Cardinal Robert Prevost, coordinates the nominations of new bishops around the world.

    All these officials work under the authority of the pope, advocating for and implementing his agenda. For example, Prevost has suggested that all Catholics should be involved in the selection of bishops. This idea is linked with Francis’ call for a more “synodal” church: one that is less hierarchical and shaped by lay Catholics’ concerns and challenges.

    If a pope can’t fulfill his duties, who steps in?

    When a pope dies – or resigns, like Benedict XVI did in 2013 – the governance of the Catholic Church formally falls to the College of Cardinals. However, the authority of the college is very limited. On their own, cardinals cannot make any significant decisions concerning faith, morals and worship. Nor can they undo previous papal decisions or change church laws about electing a new pope.

    All the heads of the dicasteries lose their office upon the death or resignation of a pope. The College of Cardinals serves as a caretaker government whose primary purpose is to prepare for the election of the new pope and oversee day-to-day workings of the Vatican.

    One cardinal, known as the “camerlengo,” is responsible for confirming the pope’s death or resignation. He then assumes control over the pope’s residence and coordinates the funeral, if needed. The camerlengo also takes custody of the Vatican’s property in Rome and supervises details for the upcoming conclave.

    Cardinal Camerlengo Kevin Farrell talks with The Associated Press in his office in Rome in 2018.
    AP Photo/Paolo Santalucia

    The day-to-day business of the Catholic Church continues, but no big decisions can be made in the absence of a pope. The church cannot appoint new bishops, and the Vatican cannot start new diplomatic efforts.

    Are officials at the Vatican often nominated to be pope?

    Sometimes. Francis was a cardinal from Argentina before his election as pope and had not served in the Roman Curia. However, Benedict XVI, Francis’ predecessor, did serve as the prefect of the Congregation – now called Dicastery – for the Doctrine of the Faith. Some recent popes served in the Curia earlier in their career but not immediately before their election.

    What do you wish more people understood about the Vatican?

    Three things. First, the Vatican is unlike any organization in the world. Its religious mission and political status rest on nearly 2,000 years of history. This complicated story provides a unique tradition that anchors the institution of the Catholic Church, but can also block the church from critical self-examination and renewal.

    Second, the Vatican is like every organization in the world. Vatican officials can be faithful to the highest standards of their religion, truly wishing to serve the church and the common good of humanity. But they can also be flagrantly immoral, even criminals, and careerist seekers of status or luxury. Francis has consistently called out priests and bishops who see themselves as somehow superior by virtue of their office or their ordination.

    Finally, compared with the massive bureaucracies of modern governments and corporations, the Vatican is relatively small and not as wealthy as it is often portrayed.

    Although the Curia manages a vast international organization, its resources are far closer to my own midsize Catholic university than to the U.S. government or Apple. Vatican City and the Holy See employ about 2,000 people, with an operating budget of about US$835 million.

    Yes, the Catholic Church has wealth – and the ongoing problem of deficits and financial corruption. But the Vatican’s resources pale in comparison with what a modern state or large company can muster.

    Daniel Speed Thompson does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Who’s who at the Vatican? – https://theconversation.com/whos-who-at-the-vatican-250874

    MIL OSI – Global Reports –

  • MIL-OSI Video: You gotta be CRAZY to do THAT! | U.S. Army

    Source: US Army (video statements)

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Shorts

    https://www.youtube.com/watch?v=ki7PxbTNKHQ

    MIL OSI Video –

  • MIL-OSI: Monroe Capital Corporation BDC Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Monroe Capital Corporation (NASDAQ: MRCC) today announced its financial results for the fourth quarter and full year ended December 31, 2024. The Board of Directors of Monroe also declared its first quarter distribution of $0.25 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025.

    Except where the context suggests otherwise, the terms “Company,” “we,” “us,” and “our” refer to Monroe Capital Corporation (together with its subsidiaries).

    Fourth Quarter 2024 Financial Highlights

    • Net Investment Income (“NII”) of $6.0 million, or $0.28 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $6.2 million, or $0.29 per share
    • Net increase (decrease) in net assets resulting from operations of $(1.7) million, or $(0.08) per share
    • Net Asset Value (“NAV”) of $191.8 million, or $8.85 per share
    • Paid quarterly dividend of $0.25 per share on December 30, 2024
    • Current annual cash dividend yield to stockholders of approximately 11.4%(1)

    Full Year 2024 Financial Highlights

    • NII of $24.5 million, or $1.13 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $25.0 million, or $1.15 per share
    • Net increase in net assets resulting from operations of $9.7 million, or $0.45 per share

    Chief Executive Officer Theodore L. Koenig commented, “We are pleased to announce that we paid a $0.25 per share dividend during the fourth quarter. Our predominantly first lien portfolio continued to generate attractive risk-adjusted returns during the fourth quarter, with Adjusted Net Investment Income supporting a compelling 11.4% annualized dividend yield. We remain committed to prudent portfolio management, with a focus on maintaining the portfolio’s asset quality across varying economic environments.”

    Monroe Capital Corporation is a business development company affiliate of the award-winning private credit investment firm and lender, Monroe Capital LLC.
    _______________________
    (1) Based on an annualized dividend and closing share price as of February 28, 2025.

    Management Commentary

    Adjusted Net Investment Income totaled $6.2 million, or $0.29 per share for the quarter ended December 31, 2024, a decrease from $6.6 million, or $0.31 per share for the quarter ended September 30, 2024. NAV decreased by $0.33 per share, or 3.6%, to $191.8 million or $8.85 per share as of December 31, 2024, compared to $198.9 million or $9.18 per share as of September 30, 2024. The decrease in NAV this quarter was primarily the result of net unrealized losses associated with a certain portfolio company, partially offset by NII in excess of the dividend paid during the quarter.

    At quarter end, the Company’s debt-to-equity leverage increased from 1.50 times debt-to-equity at September 30, 2024 to 1.53 times debt-to-equity at December 31, 2024 as a result of the timing of certain portfolio company paydowns. These proceeds were used to pay down the revolving credit facility subsequent to year-end. We continue to focus on managing our investment portfolio and selectively redeploying capital resulting from future repayments.

    Selected Financial Highlights
    (in thousands, except per share data)

      December 31, 2024   September 30, 2024
    Consolidated Statements of Assets and Liabilities data: (audited)   (unaudited)
    Investments, at fair value $ 457,048     $ 474,259  
    Total assets $ 490,671     $ 501,862  
    Net assets $ 191,762     $ 198,893  
    Net asset value per share $ 8.85     $ 9.18  
                   
      For the Quarters Ended
      December 31, 2024   September 30, 2024
    Consolidated Statements of Operations data: (unaudited)
    Net investment income $ 6,022     $ 6,481  
    Adjusted net investment income(2) $ 6,185     $ 6,617  
    Net gain (loss) $ (7,737 )   $ (1,515 )
    Net increase (decrease) in net assets resulting from operations $ (1,715 )   $ 4,966  
           
    Per share data:      
    Net investment income $ 0.28     $ 0.30  
    Adjusted net investment income(2) $ 0.29     $ 0.31  
    Net gain (loss) $ (0.36 )   $ (0.07 )
    Net increase (decrease) in net assets resulting from operations $ (0.08 )   $ 0.23  
                   

    _______________________
    (2) See Non-GAAP Financial Measure – Adjusted Net Investment Income below for a detailed description of this non-GAAP measure and a reconciliation from NII to Adjusted Net Investment Income. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.

    Portfolio Summary

      December 31, 2024   September 30, 2024
      (unaudited)
    Investments, at fair value $ 457,048     $ 474,259  
    Number of portfolio company investments   91       94  
    Percentage portfolio company investments on non-accrual(3)   3.4 %     3.1 %
    Weighted average contractual yield(4)   10.2 %     11.0 %
    Weighted average effective yield(4)   10.2 %     11.0 %
           
    Asset class percentage at fair value:      
    First lien loans   79.1 %     80.0 %
    Junior secured loans   6.5 %     6.4 %
    Equity securities   14.4 %     13.6 %
                   

    _______________________
    (3) Represents portfolio loans or preferred equity investments on non-accrual status as a percentage of total investments at fair value.
    (4) Portfolio yield is calculated only on the portion of the portfolio that has a contractual coupon and therefore does not account for dividends on equity investments (other than preferred equity investments).

    Financial Review

    Results of Operations: Fourth Quarter 2024

    NII for the quarter ended December 31, 2024 totaled $6.0 million, or $0.28 per share, compared to $6.5 million, or $0.30 per share, for the quarter ended September 30, 2024. Adjusted Net Investment Income was $6.2 million, or $0.29 per share, for the quarter ended December 31, 2024, compared to $6.6 million, or $0.31 per share, for the quarter ended September 30, 2024. Excluding the impact of the incentive fee limitations of $(1.2) million and $(0.7) million for the quarters ended December 31, 2024 and September 30, 2024, respectively, Adjusted Net Investment Income totaled $5.0 million, or $0.23 per share for the quarter ended December 31, 2024, a decrease from $5.9 million, or $0.27 per share for the quarter ended September 30, 2024. Please refer to the Company’s Form 10-K for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the quarter ended December 31, 2024 totaled $14.0 million, compared to $15.7 million for the quarter ended September 30, 2024. Total investment income decreased by $1.7 million primarily due to the declining interest rate environment. The decrease in average invested assets and lower other income also contributed to the decrease in total investment income.

    Total expenses for the quarter ended December 31, 2024 were $8.0 million, compared to $9.2 million for the quarter ended September 30, 2024. Excluding the impact of the incentive fee limitations, total expenses decreased by $0.7 million primarily due to lower interest and other debt financing expenses associated with the lower interest rate environment and a decrease in average debt outstanding during the quarter.

    Net gain (loss) was $(7.7) million for the quarter ended December 31, 2024, compared to $(1.5) million for the quarter ended September 30, 2024. Unrealized losses associated with the change in fair value for a certain portfolio company was the primary driver of the net loss on investments during the quarter ended December 31, 2024.

    The Company’s average portfolio mark decreased by 1.7%, from 93.9% of amortized cost as of September 30, 2024 to 92.2% of amortized cost as of December 31, 2024.

    Net increase (decrease) in net assets resulting from operations was $(1.7) million, or $(0.08) per share, for the quarter ended December 31, 2024, compared to $5.0 million, or $0.23 per share, for the quarter ended September 30, 2024.

    Results of Operations: Full Year 2024

    NII for the year ended December 31, 2024 totaled $24.5 million, or $1.13 per share, compared to $23.2 million, or $1.07 per share, for the year ended December 31, 2023. Adjusted Net Investment Income was $25.0 million, or $1.15 per share, for the year ended December 31, 2024, compared to $24.1 million, or $1.11 per share, for the year ended December 31, 2023. Excluding the impact of the incentive fee limitations of $2.9 million for the year ended December 31, 2024 (no incentive fee limitations for the year ended December 31, 2023), Adjusted Net Investment Income totaled $22.1 million, or $1.01 per share, for the year ended December 31, 2024, a decrease from $24.1 million, or $1.11 per share, for the year ended December 31, 2023. Please refer to the Company’s Form 10-K for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the year ended December 31, 2024 totaled $60.5 million, compared to $64.3 million for the year ended December 31, 2023. The decrease in investment income of $3.8 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to lower interest income and payment-in-kind (“PIK”) interest income. The reduction in interest income and PIK interest income was primarily driven by a decrease in average invested assets and the placement of additional portfolio companies on non-accrual status. Lower effective rates on the portfolio resulting from the declining interest rate environment during the second half of the year ended December 31, 2024 also contributed to the decrease in both interest income and PIK interest income. The decrease in interest income and PIK interest income was partially offset by an increase in other income, primarily driven by the reversal of $1.6 million in previously accrued fees related to the former loan investment in IT Global Holding LLC, which was recognized during the year ended December 31, 2023.

    Total expenses for the year ended December 31, 2024 were $36.0 million, compared to $41.0 million for the year ended December 31, 2023. Excluding the impact of the incentive fee limitations, total expenses decreased by $2.1 million primarily due to lower interest and other debt financing expenses associated with a decrease in average debt outstanding during the quarter. Lower base management fees associated with the decline in invested assets during the year also contributed to the decrease in total expenses.

    Net gain (loss) was $(14.8) million for the year ended December 31, 2024, compared to $(22.9) million for the year ended December 31, 2023. This net loss for the year ended December 31, 2024 was primarily due to mark-to-market losses from certain portfolio companies that were still held as of December 31, 2024. These unrealized losses were partially offset by mark-to-market gains in the rest of the portfolio, driven by spread tightening in the direct lending markets during the year.

    The Company’s average portfolio mark decreased by 3.4%, from 95.6% of amortized cost as of December 31, 2023 to 92.2% of amortized cost as of December 31, 2024.

    Net increase (decrease) in net assets resulting from operations was $9.7 million, or $0.45 per share, for the year ended December 31, 2024, compared to $0.4 million, or $0.02 per share, for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company had $9.0 million in cash and cash equivalents, $163.9 million of debt outstanding on its revolving credit facility and $130.0 million of debt outstanding on its 2026 Notes. As of December 31, 2024, the Company had approximately $91.1 million available for additional borrowings on its revolving credit facility, subject to borrowing base availability.

    MRCC Senior Loan Fund

    MRCC Senior Loan Fund I, LLC (“SLF”) is a joint venture with Life Insurance Company of the Southwest (“LSW”), an affiliate of National Life Insurance Company. SLF invests primarily in senior secured loans to middle market companies in the United States. The Company and LSW have each committed $50.0 million of capital to the joint venture. As of December 31, 2024, the Company had made net capital contributions of $42.7 million in SLF with a fair value of $32.7 million, as compared to net capital contributions of $42.7 million in SLF with a fair value of $32.9 million as of September 30, 2024. During the quarter ended December 31, 2024, the Company received dividend income from SLF of $0.9 million, consistent with the $0.9 million received during the quarter ended September 30, 2024. SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio which is focused on lower middle-market companies. SLF’s average mark on the underlying investment portfolio decreased slightly during the quarter, from 87.0% of amortized cost as of September 30, 2024, to 86.8% of amortized cost as of December 31, 2024.

    As of December 31, 2024, SLF had total assets of $104.2 million (including investments at fair value of $98.0 million), total liabilities of $38.7 million (including borrowings under the $110.0 million secured revolving credit facility with Capital One, N.A. (the “SLF Credit Facility”) of $38.2 million) and total members’ capital of $65.5 million. As of September 30, 2024, SLF had total assets of $107.8 million (including investments at fair value of $98.7 million), total liabilities of $42.0 million (including borrowings under the SLF Credit Facility of $41.5 million) and total members’ capital of $65.8 million.

    Non-GAAP Financial Measure – Adjusted Net Investment Income

    On a supplemental basis, the Company discloses Adjusted Net Investment Income (including on a per share basis) which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“non-GAAP”). Adjusted Net Investment Income represents NII, excluding the net capital gains incentive fee and income taxes. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as NII does not include gains associated with the capital gains incentive fee.

    The following tables provide a reconciliation from NII (the most comparable GAAP measure) to Adjusted Net Investment Income for the periods presented (in thousands, except per share data):

       
      For the Quarters Ended
      December 31, 2024   September 30, 2024
      Amount   Per Share
    Amount    		   Amount   Per Share
    Amount
      (unaudited)
    Net investment income $ 6,022     $ 0.28     $ 6,481     $ 0.30  
    Net capital gains incentive fee   —       —       —       —  
    Income taxes, including excise taxes   163       0.01       136       0.01  
    Adjusted Net Investment Income $ 6,185     $ 0.29     $ 6,617     $ 0.31  
                                   
      For the Years Ended
      December 31, 2024   December 31, 2023
      Amount   Per Share
    Amount    		   Amount   Per Share
    Amount
      (unaudited)
    Net investment income $ 24,532     $ 1.13     $ 23,249     $ 1.07  
    Net capital gains incentive fee   —       —       —       —  
    Income taxes, including excise taxes   452       0.02       806       0.04  
    Adjusted Net Investment Income $ 24,984     $ 1.15     $ 24,055     $ 1.11  
                                   

    Adjusted Net Investment Income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.

    Fourth Quarter 2024 Financial Results Conference Call

    The Company will host a webcast and conference call to discuss these operating and financial results on Monday, March 3, 2025 at 12:00 p.m. Eastern Time. The webcast will be hosted on a webcast link located in the Investor Relations section of the Company’s website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (800) 715-9871 approximately 10 minutes prior to the call. Please reference conference ID # 7817000.

    For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.

    For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company’s Form 10-K for the year ended December 31, 2024, which was filed with the SEC (www.sec.gov) on Friday, February 28, 2025.

    First Quarter 2025 Distribution

    The Board of Directors of the Company declared its first quarter distribution of $0.25 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025. In October 2012, the Company adopted a dividend reinvestment plan that provides for reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. When the Company declares a cash distribution, stockholders who have not opted out of the dividend reinvestment plan prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s capital stock. The specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the SEC.

               
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
      (audited)   (unaudited)   (audited)
    Assets          
    Investments, at fair value:          
    Non-controlled/non-affiliate company investments $ 343,835     $ 355,273     $ 371,723  
    Non-controlled affiliate company investments   80,483       86,089       83,541  
    Controlled affiliate company investments   32,730       32,897       33,122  
    Total investments, at fair value (amortized cost of: $495,797, $505,008 and $510,876 respectively)   457,048       474,259       488,386  
    Cash and cash equivalents   9,044       4,070       4,958  
    Interest and dividend receivable   23,511       22,910       19,349  
    Other assets   1,068       623       493  
    Total assets $ 490,671     $ 501,862     $ 513,186  
    Liabilities          
    Debt $ 293,900     $ 299,000     $ 304,100  
    Less: Unamortized debt issuance costs   (1,925 )     (2,254 )     (3,235 )
    Total debt, less unamortized debt issuance costs   291,975       296,746       300,865  
    Interest payable   2,903       1,351       3,078  
    Base management fees payable   1,965       2,006       2,100  
    Incentive fees payable   —       730       1,319  
    Accounts payable and accrued expenses   2,066       2,090       2,100  
    Directors’ fees payable   —       46       —  
    Total liabilities   298,909       302,969       309,462  
    Net Assets          
    Common stock, $0.001 par value, 100,000 shares authorized, 21,666, 21,666 and 21,666 shares issued and outstanding, respectively $ 22     $ 22     $ 22  
    Capital in excess of par value   297,712       298,127       298,127  
    Accumulated undistributed (overdistributed) earnings   (105,972 )     (99,256 )     (94,425 )
    Total net assets $ 191,762     $ 198,893     $ 203,724  
    Total liabilities and total net assets $ 490,671     $ 501,862     $ 513,186  
    Net asset value per share $ 8.85     $ 9.18     $ 9.40  
                           
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
     
      For the Quarters Ended   For the Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2023
      (unaudited)   (audited)
    Investment income:              
    Non-controlled/non-affiliate company investments:              
    Interest income $ 8,576     $ 10,408     $ 40,787     $ 46,241  
    Payment-in-kind interest income   1,379       919       3,877       3,070  
    Dividend income   237       114       472       305  
    Other income   310       694       1,306       (679 )
    Total investment income from non-controlled/non-affiliate company investments   10,502       12,135       46,442       48,937  
    Non-controlled affiliate company investments:              
    Interest income   1,300       1,202       4,963       5,140  
    Payment-in-kind interest income   1,247       1,402       5,284       6,337  
    Dividend income   56       56       220       283  
    Other income   18       —       18       —  
    Total investment income from non-controlled affiliate company investments   2,621       2,660       10,485       11,760  
    Controlled affiliate company investments:              
    Dividend income   900       900       3,600       3,600  
    Total investment income from controlled affiliate company investments   900       900       3,600       3,600  
    Total investment income   14,023       15,695       60,527       64,297  
    Operating expenses:              
    Interest and other debt financing expenses   5,113       5,517       21,917       22,847  
    Base management fees   1,965       2,006       8,056       8,603  
    Incentive fees   —       730       2,449       5,812  
    Professional fees   196       239       902       719  
    Administrative service fees   282       270       1,011       940  
    General and administrative expenses   233       270       964       1,174  
    Directors’ fees   49       46       244       147  
    Total operating expenses   7,838       9,078       35,543       40,242  
    Net investment income before income taxes   6,185       6,617       24,984       24,055  
    Income taxes, including excise taxes   163       136       452       806  
    Net investment income   6,022       6,481       24,532       23,249  
    Net gain (loss):              
    Net realized gain (loss):              
    Non-controlled/non-affiliate company investments   283       638       1,431       (38,769 )
    Foreign currency forward contracts   —       —       —       1,756  
    Foreign currency and other transactions   —       —       —       (135 )
    Net realized gain (loss)   283       638       1,431       (37,148 )
    Net change in unrealized gain (loss):              
    Non-controlled/non-affiliate company investments   (1,139 )     (2,743 )     (8,211 )     22,154  
    Non-controlled affiliate company investments   (6,694 )     771       (7,656 )     (3,990 )
    Controlled affiliate company investments   (167 )     (201 )     (392 )     (2,387 )
    Foreign currency forward contracts   —       —       —       (1,507 )
    Foreign currency and other transactions   (20 )     20       —       —  
    Net change in unrealized gain (loss)   (8,020 )     (2,153 )     (16,259 )     14,270  
    Net gain (loss)   (7,737 )     (1,515 )     (14,828 )     (22,878 )
    Net increase (decrease) in net assets resulting from operations $ (1,715 )   $ 4,966     $ 9,704     $ 371  
    Per common share data:              
    Net investment income per share – basic and diluted $ 0.28     $ 0.30     $ 1.13     $ 1.07  
    Net increase (decrease) in net assets resulting from operations per share – basic and diluted $ (0.08 )   $ 0.23     $ 0.45     $ 0.02  
    Weighted average common shares outstanding – basic and diluted   21,666       21,666       21,666       21,666  
                                   

    Additional Supplemental Information:

    The composition of the Company’s investment income was as follows (in thousands):

      For the Quarters Ended
    		   For the Years Ended
      December 31,
    2024    		   September 30,
    2024
    		   December 31,
    2024    		   December 31,
    2023
      (unaudited)   (audited)
    Interest income $ 9,468     $ 11,303     $ 44,283     $ 49,779  
    Payment-in-kind interest income   2,626       2,321       9,161       9,407  
    Dividend income   1,193       1,070       4,292       4,188  
    Other income   328       694       1,324       (679 )
    Prepayment gain (loss)   173       109       532       553  
    Accretion of discounts and amortization of premiums   235       198       935       1,049  
    Total investment income $ 14,023     $ 15,695     $ 60,527     $ 64,297  
                                   

    The composition of the Company’s interest expense and other debt financing expenses was as follows (in thousands):

      For the Quarters Ended   For the Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2023
      (unaudited)   (audited)
    Interest expense – revolving credit facility $ 3,227     $ 3,630     $ 14,380     $ 15,319  
    Interest expense – 2026 Notes   1,555       1,555       6,220       6,220  
    Amortization of debt issuance costs   331       332       1,317       1,308  
    Total interest and other debt financing expenses $ 5,113     $ 5,517     $ 21,917     $ 22,847  
                                   

    About Monroe Capital Corporation

    Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroebdc.com.

    About Monroe Capital LLC

    Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States, Asia and Australia.

    Monroe has been recognized by both its peers and investors with various awards including Inc’s 2024 Founder-Friendly Investors List; Private Debt Investor as the 2023 Lower Mid-Market Lender of the Decade, 2023 Lower Mid-Market Lender of the Year, 2023 CLO Manager of the Year, Americas; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

    SOURCE: Monroe Capital Corporation

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Reports Fourth Quarter 2024 Results and Declares First Quarter 2025 Dividends

    Source: GlobeNewswire (MIL-OSI)

    – GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(1.80) –
    – DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.03) –
    – DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.23 –
    – DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY BEFORE REALIZED LOSSES OF 7.1%    –
    – DECLARED A QUARTERLY CASH DIVIDEND OF $0.125 PER SHARE OF COMMON STOCK AND OPERATING PARTNERSHIP UNIT FOR THE QUARTER ENDING MARCH 31, 2025 –

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2024 and declared dividends for the quarter ending March 31, 2025.

    “The fourth quarter closes out a year of mixed results. On one hand, our Small Business Lending segment performed well, with significant origination growth reflecting the benefits of past investments. Meanwhile, our multi-family lending focused business faced challenges from higher rates, inflationary pressures, and lower rent growth,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Entering 2025, we have taken decisive actions to stabilize and better position our balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio. While this reduces our book value per share in the short term, we believe it provides a path to recovery in our net interest margin through the accelerated resolution of our non-performing loans to generate liquidity for reinvestment in higher-yielding new originations. Additionally, we have adjusted our dividend to $0.125 per share to align with anticipated cash earnings to preserve capital for reinvestment and share repurchases with potential upward bias co-incident with the recovery in earnings. We believe these actions will enable the Company to resume growth in both book value per share and the dividend as we move forward.”

    Fourth Quarter Highlights

    • LMM commercial real estate originations of $436 million
    • Small Business Lending (“SBL”) loan originations of $348 million, including $315 million of Small Business Administration 7(a) loans
    • Book value of $10.61 per share of common stock as of December 31, 2024
    • Entered into a definitive merger agreement to acquire United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
    • Acquired approximately 5.8 million shares of the Company’s common stock at an average price of $7.35 per share as part of stock repurchase program
    • Issued $130 million in aggregate principal amount of 9.00% Senior Unsecured Notes due 2029

    Full Year Highlights

    • GAAP Loss per common share from continuing operations of $(2.52)
    • Distributable earnings per common share before realized losses of $0.97
    • Distributable return on average stockholders’ equity before realized losses of 7.5%
    • Total LMM and SBL originations of $2.4 billion, including $1.1 billion of Small Business Administration 7(a) loans
    • Sold $7.6 billion in mortgage servicing rights in connection with the disposition of its residential mortgage banking segment
    • Completed the acquisitions of Madison One, a leading originator and servicer of USDA and SBA guaranteed loan product, and Funding Circle USA, Inc., an online lending platform that originates and services small business loans
    • Acquired approximately 10.3 million shares of the Company’s common stock at an average price of $7.95 per share as part of stock repurchase program

    Subsequent Events

    • On January 16, 2025, the Board approved a new stock repurchase program authorizing the repurchase of up to $150 million of the Company’s common stock
    • On February 21, 2025, ReadyCap Holdings, LLC, a taxable REIT subsidiary of the Company, closed a private placement of $220 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes

    Dividends

    • The Company announced that its Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending March 31, 2025. The dividend is payable on April 30, 2025, to shareholders of record as of the close of business on March 31, 2025
    • Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the “Series C Preferred Stock”), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”)
    • The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on April 15, 2025, to Series C Preferred stockholders of record as of the close of business on March 31, 2025
    • The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on April 30, 2025, to Series E Preferred stockholders of record as of the close of business on March 31, 2025

    Use of Non-GAAP Financial Information

    In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

    The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company’s financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company’s net income computed in accordance with U.S. GAAP as a measure of the Company’s financial performance. In addition, because not all companies use identical calculations, the Company’s presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

    In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

    In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

    To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

    The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

    (in thousands) Three Months Ended
    December 31, 2024    		 Year Ended
    December 31, 2024
    Net Loss $ (314,751 ) $ (430,398 )
    Reconciling items:    
    Unrealized loss on MSR – discontinued operations   33,175     40,394  
    Unrealized gain on joint ventures   (5,015 )   (3,503 )
    Increase in CECL reserve   277,277     272,964  
    Increase (decrease) in valuation allowance   (31,229 )   124,878  
    Non-recurring REO impairment   31,175     55,686  
    Non-cash compensation   2,826     8,510  
    Unrealized loss on preferred equity, at fair value   15,613     15,613  
    Merger transaction costs and other non-recurring expenses   6,579     17,432  
    Bargain purchase gain   —     (13,859 )
    Realized losses on sale of investments   51,688     183,718  
    Total reconciling items $ 382,089   $ 701,833  
    Income tax adjustments   (22,825 )   (89,504 )
    Distributable earnings before realized losses $ 44,513   $ 181,931  
    Realized losses on sale of investments, net of tax   (44,246 )   (153,571 )
    Distributable earnings $ 267   $ 28,360  
    Less: Distributable earnings attributable to non-controlling interests   3,113     8,167  
    Less: Income attributable to participating shares   2,248     9,125  
    Distributable earnings attributable to common stockholders $ (5,094 ) $ 11,068  
    Distributable earnings before realized losses on investments, net of tax per common share – basic and diluted $ 0.23   $ 0.97  
    Distributable earnings per common share – basic and diluted $ (0.03 ) $ 0.07  

    U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items Din the distributable earnings reconciliation above.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call on Monday, March 3, 2025 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2024. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To Participate in the Telephone Conference Call:

    Dial in at least five minutes prior to start time.

    Domestic: 1-877-407-0792
    International: 1-201-689-8263

    Conference Call Playback:

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Replay Pin #: 13750356

    The playback can be accessed through March 17, 2025.

    Safe Harbor Statement

    This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    Additional information can be found on the Company’s website at www.readycapital.com.

    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (in thousands) December 31, 2024   December 31, 2023
    Assets      
    Cash and cash equivalents $ 143,803     $ 138,532  
    Restricted cash   30,560       30,063  
    Loans, net (including $3,533 and $9,348 held at fair value)   3,378,149       4,020,160  
    Loans, held for sale (including $128,531 and $81,599 held at fair value and net of valuation allowance of $97,620 and $0)   241,626       81,599  
    Mortgage-backed securities   31,006       27,436  
    Investment in unconsolidated joint ventures (including $6,577 and $7,360 held at fair value)   161,561       133,321  
    Derivative instruments   7,963       2,404  
    Servicing rights   128,440       102,837  
    Real estate owned, held for sale   193,437       252,949  
    Other assets   362,486       300,175  
    Assets of consolidated VIEs   5,175,295       6,897,145  
    Assets held for sale   287,595       454,596  
    Total Assets $ 10,141,921     $ 12,441,217  
    Liabilities      
    Secured borrowings   2,035,176       2,102,075  
    Securitized debt obligations of consolidated VIEs, net   3,580,513       5,068,453  
    Senior secured notes, net   437,847       345,127  
    Corporate debt, net   895,265       764,908  
    Guaranteed loan financing   691,118       844,540  
    Contingent consideration   573       7,628  
    Derivative instruments   352       212  
    Dividends payable   43,168       54,289  
    Loan participations sold   95,578       62,944  
    Due to third parties   1,442       3,641  
    Accounts payable and other accrued liabilities   188,051       207,481  
    Liabilities held for sale   228,735       333,157  
    Total Liabilities $ 8,197,818     $ 9,794,455  
    Preferred stock Series C, liquidation preference $25.00 per share   8,361       8,361  
           
    Commitments & contingencies      
           
    Stockholders’ Equity      
    Preferred stock Series E, liquidation preference $25.00 per share   111,378       111,378  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 162,792,372 and 172,276,105 shares issued and outstanding, respectively   17       17  
    Additional paid-in capital   2,250,291       2,321,989  
    Retained earnings (deficit)   (505,089 )     124,413  
    Accumulated other comprehensive loss   (18,552 )     (17,860 )
    Total Ready Capital Corporation equity   1,838,045       2,539,937  
    Non-controlling interests   97,697       98,464  
    Total Stockholders’ Equity $ 1,935,742     $ 2,638,401  
    Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity $ 10,141,921     $ 12,441,217  
    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share data) Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
    Interest income $ 203,965     $ 896,975  
    Interest expense   (153,911 )     (696,455 )
    Net interest income before provision for loan losses $ 50,054     $ 200,520  
    Provision for loan losses   (285,008 )     (292,759 )
    Net interest income after provision for loan losses $ (234,954 )   $ (92,239 )
    Non-interest income      
    Net realized gain (loss) on financial instruments and real estate owned   (10,934 )     (54,000 )
    Net unrealized gain (loss) on financial instruments   (17,025 )     (14,991 )
    Valuation allowance, loans held for sale   31,229       (124,878 )
    Servicing income, net of amortization and impairment of $7,756 and $21,972   4,112       16,556  
    Gain on bargain purchase   —       13,859  
    Income on unconsolidated joint ventures   6,065       10,886  
    Other income   13,557       50,803  
    Total non-interest income (expense) $ 27,004     $ (101,765 )
    Non-interest expense      
    Employee compensation and benefits   (23,320 )     (82,522 )
    Allocated employee compensation and benefits from related party   (3,350 )     (11,387 )
    Professional fees   (7,557 )     (26,887 )
    Management fees – related party   (5,518 )     (24,862 )
    Loan servicing expense   (12,749 )     (46,656 )
    Transaction related expenses   (4,878 )     (10,118 )
    Impairment on real estate   (29,876 )     (56,503 )
    Other operating expenses   (19,637 )     (63,572 )
    Total non-interest expense $ (106,885 )   $ (322,507 )
    Loss from continuing operations before benefit for income taxes   (314,835 )     (516,511 )
    Income tax benefit   17,318       104,512  
    Net loss from continuing operations $ (297,517 )   $ (411,999 )
    Discontinued operations      
    Loss from discontinued operations before benefit for income taxes   (22,978 )     (24,532 )
    Income tax benefit   5,744       6,133  
    Net loss from discontinued operations $ (17,234 )   $ (18,399 )
    Net loss $ (314,751 )   $ (430,398 )
    Less: Dividends on preferred stock   1,999       7,996  
    Less: Net income attributable to non-controlling interest   1,389       5,357  
    Net loss attributable to Ready Capital Corporation $ (318,139 )   $ (443,751 )
           
    Earnings per common share from continuing operations – basic $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – basic $ (0.10 )   $ (0.11 )
    Total earnings per common share – basic $ (1.90 )   $ (2.63 )
           
    Earnings per common share from continuing operations – diluted $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – diluted $ (0.10 )   $ (0.11 )
    Total earnings per common share – diluted $ (1.90 )   $ (2.63 )
           
    Weighted-average shares outstanding      
    Basic   167,434,683       169,107,477  
    Diluted   168,845,426       170,472,273  
           
    Dividends declared per share of common stock $ 0.25     $ 1.10  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Three Months Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 170,292     $ 33,673     $ —     $ 203,965  
    Interest expense   (131,128 )     (22,783 )     —       (153,911 )
    Net interest income before provision for loan losses $ 39,164     $ 10,890     $ —     $ 50,054  
    Provision for loan losses   (279,483 )     (5,525 )     —       (285,008 )
    Net interest income after provision for loan losses $ (240,319 )   $ 5,365     $ —     $ (234,954 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (33,206 )     22,272       —       (10,934 )
    Net unrealized gain (loss) on financial instruments   (19,629 )     2,604       —       (17,025 )
    Valuation allowance, loans held for sale   31,229       —       —       31,229  
    Servicing income, net   1,761       2,351       —       4,112  
    Income on unconsolidated joint ventures   6,065       —       —       6,065  
    Other income   2,279       9,155       2,123       13,557  
    Total non-interest income (loss) $ (11,501 )   $ 36,382     $ 2,123     $ 27,004  
    Non-interest expense              
    Employee compensation and benefits   (4,741 )     (14,564 )     (4,015 )     (23,320 )
    Allocated employee compensation and benefits from related party   (335 )     —       (3,015 )     (3,350 )
    Professional fees   (1,639 )     (3,210 )     (2,708 )     (7,557 )
    Management fees – related party   —       —       (5,518 )     (5,518 )
    Loan servicing expense   (11,592 )     (1,157 )     —       (12,749 )
    Transaction related expenses   —       —       (4,878 )     (4,878 )
    Impairment on real estate   (29,876 )     —       —       (29,876 )
    Other operating expenses   (4,257 )     (12,215 )     (3,165 )     (19,637 )
    Total non-interest expense $ (52,440 )   $ (31,146 )   $ (23,299 )   $ (106,885 )
    Income (loss) before provision for income taxes $ (304,260 )   $ 10,601     $ (21,176 )   $ (314,835 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Year Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 766,354     $ 130,621     $ —     $ 896,975  
    Interest expense   (598,846 )     (97,609 )     —       (696,455 )
    Net interest income before provision for loan losses $ 167,508     $ 33,012     $ —     $ 200,520  
    Provision for loan losses   (283,800 )     (8,959 )     —       (292,759 )
    Net interest income after provision for loan losses $ (116,292 )   $ 24,053     $ —     $ (92,239 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (132,746 )     78,746       —       (54,000 )
    Net unrealized gain (loss) on financial instruments   (20,588 )     5,597       —       (14,991 )
    Valuation allowance, loans held for sale   (124,878 )     —       —       (124,878 )
    Servicing income, net   5,759       10,797       —       16,556  
    Gain on bargain purchase   —       —       13,859       13,859  
    Income on unconsolidated joint ventures   10,876       10       —       10,886  
    Other income   22,605       23,424       4,774       50,803  
    Total non-interest income (loss) $ (238,972 )   $ 118,574     $ 18,633     $ (101,765 )
    Non-interest expense              
    Employee compensation and benefits   (25,821 )     (46,036 )     (10,665 )     (82,522 )
    Allocated employee compensation and benefits from related party   (1,139 )     —       (10,248 )     (11,387 )
    Professional fees   (4,963 )     (12,681 )     (9,243 )     (26,887 )
    Management fees – related party   —       —       (24,862 )     (24,862 )
    Loan servicing expense   (44,667 )     (1,989 )     —       (46,656 )
    Transaction related expenses   —       —       (10,118 )     (10,118 )
    Impairment on real estate   (56,428 )     (75 )     —       (56,503 )
    Other operating expenses   (15,212 )     (36,108 )     (12,252 )     (63,572 )
    Total non-interest expense $ (148,230 )   $ (96,889 )   $ (77,388 )   $ (322,507 )
    Income (loss) before provision for income taxes $ (503,494 )   $ 45,738     $ (58,755 )   $ (516,511 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  

    The MIL Network –

  • MIL-OSI: Volatus Aerospace and Draganfly Expand Collaboration to Service High-Value Geospatial Power Utility Customers

    Source: GlobeNewswire (MIL-OSI)

    Toronto, ON and Saskatoon, SK, March 03, 2025 (GLOBE NEWSWIRE) — Volatus Aerospace Inc. (TSXV: FLT) (OTCQX:TAKOF) (Frankfurt: ABB) (“Volatus”) and Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”) announced today a strategic collaboration to address rapidly growing global demand for the automation and digitization of geospatial data collection and analysis solutions for Utility Infrastructure. This teaming agreement builds on the previously announced collaboration agreement, harnessing Volatus’ operational and regulatory capabilities, advanced sensor technology and Draganfly’s advanced product, engineering, and integration capabilities.

    This expanded collaboration will engage high-profile global power and infrastructure providers to enhance efficiency and safety in power utility solutions. By combining Volatus’ extensive experience in power utility inspections and right of way management with Draganfly’s product and engineering capabilities, the partnership is positioned to offer a strong competitive advantage to support large Enterprise clients looking for an advanced end to end solution.

    “As the demand for drone-based solutions continues to increase in multiple sectors, strategic collaborations are a key enabler to meet the diverse needs of clients without introducing unnecessary commercial risk,” Glen Lynch, CEO of Volatus Aerospace, stated. “Industries need more than products, they need solutions. By combining Draganfly’s advanced product platform with Volatus’ deep domain expertise and operational and regulatory capabilities, we can provide clients with a complete solution to their challenges.”

    “Partnering with Volatus Aerospace allows us to incorporate our advanced product platform of multiple interoperable drones into a complete solution for power utilities,” Cameron Chell, CEO of Draganfly, commented. “The power utility industry is increasingly seeking advanced, safe, and efficient data acquisition methods, something we have designed from the ground up. This collaboration reinforces our commitment to providing cutting-edge solutions that meet the complex demands of today’s power utilities while enhancing our market reach.”

    In a recent report, MarketsandMarkets estimates that the global market for utility asset management, which includes inspection services among other components, is projected to grow to USD 4.09 billion by 2026. This growth is driven by the increasing investments in grid modernization activities, the need for efficient and reliable power supply, and the integration of renewable energy sources into the grid.

    The collaboration is expected to deliver enhanced value to an identified client(s) that will ultimately contribute to the modernization of infrastructure management.

    About Volatus Aerospace Inc.

    Volatus Aerospace is a leader in innovative global aerial solutions for intelligence and cargo. With a strong foundation of over 100 years of combined institutional knowledge in aviation, Volatus provides comprehensive solutions using both piloted and remotely piloted aircraft systems (RPAS). We serve industries such as oil and gas, utilities, healthcare, and public safety. Our mission is to enhance operational efficiency, safety, and sustainability through cutting-edge, real-world solutions.

    About Draganfly Inc.

    Draganfly Inc. is a pioneer in drone technology and systems, providing quality, cutting-edge UAV solutions, software, and AI systems to revolutionize operations across public safety, agriculture, industrial inspections, defense, and surveying. With over 24 years of innovation, Draganfly is recognized for its commitment to ingenuity, first-class service, and the ability to save time, money, and lives.

    For more information on Draganfly, please visit www.Draganfly.com

    Forward-Looking Statements

    This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the collaboration agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the agreement to Draganfly; meeting the continued listing requirements of the TSXV and Draganfly meeting the continued listing requirements of the Canadian Securities Exchange and the Nasdaq; and including, but not limited to, those factors set forth in the Company’s Annual Information Form under the section “Risk Factors” and Draganfly’s most recent filings in accordance with securities regulations in Canada on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    None of the Canadian Securities Exchange, TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) or the Nasdaq accepts responsibility for the adequacy or accuracy of this news release.

    TSXV: FLT

    Media Contacts

    Danielle Gagne
    Head of Marketing and Communications, Volatus Aerospace
    +1 833-865-2887
    Danielle.gagne@volatusaerospace.comErika Racicot
    Public Relations, Draganfly
    media@draganfly.com
    Company Contact Email: info@draganfly.com

    The MIL Network –

  • MIL-OSI Europe: AMERICA/ARGENTINA – Popular religiosity: distinctive feature of the City of All Saints of Nueva Rioja

    Source: Agenzia Fides – MIL OSI

    Monday, 3 March 2025

    Diocesis de La Rioja

    La Rioja (Agenzia Fides) – La Rioja is known for its rich popular religiosity, which reflects a combination of indigenous beliefs, colonial traditions and Christian elements. In other words, religious celebrations are not only influenced by Catholicism, but also reflect the cultural legacy of the native peoples, who have kept many of their traditions and rites alive over the centuries. “Often, these celebrations represent the link between indigenous spirituality and Christian beliefs,” explains to Fides Sister Silvia Somaré, missionary of the Sisters Slaves of the Heart of Jesus (ECJ) in La Rioja, and member of the Communications Office of the diocese. “Popular religiosity – she continues – is a distinctive feature of our land and of the identity of La Rioja.”This religiosity is manifested mainly through various celebrations that connect the community with its faith, its history and its culture. Pope Benedict XVI himself, at the Shrine of Aparecida on May 13, 2007, stressed that popular religiosity is the diamond of Latin America. The feasts of La Rioja represent a space where the sacred and the everyday intertwine, creating a unique cultural identity. Respect for tradition, strong community participation and attention to customs are some of its distinctive features. These festivities are deeply rooted in the social life of the communities, centered on devotion to the patron saints, the Virgin Mary and the celebration of events that mark both the rural and urban calendar. “Hence,” explains Sister Silvia, “the syncretism, the fusion of indigenous beliefs with Catholicism. This mixture is reflected in the rituals, dances and traditions that symbolize the inhabitants’ connection with their ancestral past and their current faith, as is observed mainly in Tinkunaco” (see Fides, 13/2/2025).Numerous feasts are celebrated throughout the country, the core of which is the simple faith of the people, who live the celebrations of their saints and the Virgin in a festive way. It is no coincidence that La Rioja was founded in 1591 as the City of All Saints of Nueva Rioja.Some especially celebrated anniversaries are those of Saint Nicholas of Bari, every December 6. The Saint known for his generosity, represents a symbol of hope and charity. As well as the festival of the Virgin of the Rosary of Tama, which takes place on the first weekend of October. On this occasion, the inhabitants of the town and its surroundings gather in an emotional procession to the church, where the Virgin of the Rosary is honored, who is considered the protector of the community.During the feast, masses, cultural activities, dances and typical foods are celebrated, creating an atmosphere of joy and unity. The devotion to the Virgin of the Rosary is also manifested in the creation of altars and offerings that the faithful place along the way, an emblematic element of popular religiosity in the region.Another very popular religious feast is that of Saint Rita de Chilecito celebrated on May 22, in honor of “the advocate of impossible cases.” The celebration begins with a novena, where the community gathers to pray and ask for the intercession of the saint. The faithful participate in an emotional procession that culminates with a mass, where testimonies of miracles attributed to Saint Rita are highlighted.At Christmas, in the foothills of the Andes, in the area of Jagüe, the Virgin of Andacollo is celebrated where the miners venerate her and pay homage. And the same devotion is experienced in the area of Sanagasta for the Virgin of India. During Holy Week, a tradition of faith and art is celebrated in Famatina, where everything is deeply rooted in local faith and tradition. What distinguishes it from other commemorations is the presence of an articulated wooden Christ, a unique religious image that is central to processions and liturgical acts. (AP) (Agenzia Fides, 3/3/2025)
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