MIL-OSI Australia: Special Commission of Inquiry into Healthcare Funding report

Source: Australian Green Party

The delivery of the Special Commission of Inquiry into Healthcare Funding report follows almost 70 hearing days and an extensive consultation with health policy experts, patients, consumers, and NSW Health staff involved in the delivery of care at every level.
The report has made 41 recommendations across 12 key areas including workforce, education and training, funding and procurement processes. Over the coming months, the NSW Government will carefully consider and develop a response to these findings.
NSW Health Secretary Susan Pearce AM has today thanked every one of the people working in our healthcare system throughout NSW. Their dedication, skill, and commitment to providing the very best patient care have been recognised by the Inquiry throughout the pages of the report.
“The Honourable Justice Beasley acknowledges the strength of the NSW Health system, its openness in its contribution to the Inquiry, and the commitment of our people to improving the public health system for the benefit of the people of NSW,” Ms Pearce said.
While the focus will understandably be on recommendations made and areas for improvement, it is very important to note the comments of the Honourable Justice Beasley, who said:
“…the NSW public health system is a very good one. It comprises doctors, nurses, other clinicians, and workers who are well trained, highly skilled, and dedicated. It is well managed.
“It is not, and is unlikely to be in the near future, entirely mistake or incident free, but any person experiencing an illness or injury who attends a NSW public hospital, facility or service, is very likely to receive treatment and care comparable to the best that is provided in any other developed country.”
On the central issue of healthcare funding, the Honourable Justice Beasley said:
“The money allocated to the NSW public health system by a combination of the NSW and Commonwealth Governments is generally not wasted. Likewise, the local health districts and specialty health networks do not waste their budgetary allocation.”
Ms Pearce said this is not to say that there are not areas for improvement across the public health system.
“We work in a huge and complex public health system and there always has been and always will be room for improvement and innovation, as we strive continuously to enhance patient experiences and outcomes,” she said.
“A crucial part of this ongoing effort is providing the support and creating the conditions to allow our staff to do what they do best – care for patients. I agree with the Honourable Justice Beasley, who said: “The health workforce is NSW Health’s greatest asset. It is the key to a strong and sustainable system into the future.”
“We have longstanding recruitment issues, particularly in regional, rural and remote areas, which are challenging for staff and communities in these areas, as well as in some clinical areas and practice disciplines. This continues to be an area of focus.”
“So, while I am the first to acknowledge that we have significant challenges to address, it is also true that we are addressing all these challenges from a position of strength, with one of the best healthcare systems in the world, staffed by the best workforce in the world.”
“For those who may try to portray the Inquiry, or NSW Health, as something it is not, it should be noted the opening paragraph of the Inquiry Report says:
“This Special Commission of Inquiry should at least be welcomed as a refreshing change to other Commissions conducted in Australia and NSW in recent years. Rather than being an inquiry into the failure of government and its agencies, or into their poor conduct, misconduct or unlawful conduct, it has been an inquiry into how a government service might be improved.”
“More than that, I was heartened to see the Honourable Justice Beasley not only noted NSW Health’s cooperation with the Inquiry, but that this… “cooperation extended to facilitating evidence from witnesses, who on many occasions expressed a form of disagreement or criticism about how things were done, or offered a different viewpoint to that of the NSW Ministry of Health or management.”
“Disagreement and criticism of the way things are done are not unwelcome. Every day in NSW Health, as the Inquiry noted, a genuine exchange of ideas about the ways in which the delivery of healthcare can be improved is critical.”
“This includes supporting staff who raise concerns or make complaints to pursue these matters. I want everyone who works in NSW Health to know they can speak up if they feel they need to. I strongly encourage them to do so constructively. It is vital to ensuring we continue to provide the world class health service the Special Commission of Inquiry has recognised in its report,” Ms Pearce said.

MIL OSI News –

May 16, 2025

MIL-OSI: Best Scam Protection Software (2025): McAfee Named Top Choice for Email, Text, and Video Scam Detection by Software Experts

Source: GlobeNewswire (MIL-OSI)

NEW YORK CITY, May 15, 2025 (GLOBE NEWSWIRE) — With the average person seeing 14 scam messages per day and dedicating over 90 hours each year to identifying threats*, the importance of strong digital protection is greater than ever. Today, Software Experts is proud to recognize McAfee’s Scam Detector – a key feature included at no cost with McAfee’s core plans, including McAfee+ and McAfee Total Protection – as a top scam protection tool of 2025.

Top Scam Protection Software

Scam Detector – an AI-powered feature that helps users detect and block scam texts, emails, and deepfake videos in real time across their devices

Backed by decades of cybersecurity leadership, McAfee has evolved beyond traditional antivirus to meet the needs of modern users facing sophisticated scams in their inboxes, message threads, and even social media feeds. Scam Detector answers this urgent need by using AI-powered scans to detect dangerous text, email, and video scams and alert users.

All-in-One Scam Protection At No Extra Cost

Included in McAfee+ and McAfee Total Protection plans, Scam Detector equips users with proactive tools to recognize and scan suspicious content across key communication channels:

Text Scams: Alerts users to SMS-based phishing attempts and dangerous links directly within the McAfee mobile app, available on both Android and iOS.
Email Scams: Users can link Gmail, Microsoft, and Yahoo Mail accounts for real-time scans in the background. McAfee identifies suspicious messages and explains why they’re risky – no guessing required.
Video Scams: A unique feature that uses AI to detect deepfake videos and other manipulative media designed to impersonate trusted individuals or spread disinformation. It’s the world’s first automatic deepfake detection among online protection providers.

Scam Detector works locally for privacy and supports multiple languages, ensuring scam protection is both private and accessible to diverse users. It also integrates with McAfee’s Safe Browsing technology, which blocks risky links if accidentally clicked.

Simple Setup, Smart Protection

Scam Detector is designed to deliver powerful scam protection without the complexity. Setup is quick and seamless: to enable email scam protection, users simply connect the email account registered to their McAfee subscription or link a new one – no additional apps or extensions required. For scam texts and deepfake video detection, users activate the feature through the McAfee mobile app. There’s no need to copy and paste suspicious links or upload content for review, though users can if they want to test that functionality in the app. Once activated, Scam Detector works in the background to proactively scan incoming messages, emails, and videos, alerting users when potential threats are detected.

But Scam Detector does more than just warn – it educates. Each time an email scam is flagged, McAfee provides a clear, contextual explanation of the risks involved, helping users understand the social engineering tactics, deceptive language, or impersonation strategies that scammers commonly use. This empowers individuals to recognize warning signs on their own, building long-term digital awareness and confidence.

Alerts are delivered in a non-intrusive manner, whether through a mobile notification, a flagged email, or a warning overlaid on suspicious videos. The goal is to provide helpful guidance without interrupting the user experience – keeping people informed, protected, and in control at all times.

A Response to a Growing Crisis

The need for smarter scam protection has never been more urgent. Americans are now targeted by an average of 14 scam messages a day, losing an average of $1,471 each time they fall for one*. Worse still, these scams are becoming more sophisticated – blending AI-generated deepfake videos, realistic phishing emails, and fake text alerts that mimic real businesses. It’s not just tech novices who are falling victim, even digital-savvy individuals can be deceived.

Part of the problem lies in the speed at which these scams unfold. According to McAfee’s research, only 17% of people recognize they’ve encountered a scam within five minutes*. That delay can be costly, leading to compromised identities, drained bank accounts, or irreversible emotional harm.

Scam Detector was created to meet this moment – offering fast, intelligent detection that’s built directly into the tools people already use every day. By integrating scam protection into core McAfee+ and McAfee Total Protection plans, McAfee ensures users are safeguarded from the most common and costly forms of online deception, all without needing to download or juggle additional tools.

Click here to explore McAfee’s plans. For the full review, please visit the Software Experts website.

About McAfee

McAfee Corp. is a global leader in online protection for consumers. Focused on protecting people, not just devices, McAfee’s consumer solutions adapt to users’ needs in an always online world, empowering them to live securely through integrated, intuitive solutions that protect their families, communities, and businesses with the right security at the right moment. For more information, please visit McAfee.com.

*A McAfee survey, which focused on the topic of deepfakes, text and email scam messages, and the impact of these scams on consumers, was conducted online in December 2024. 5,000 adults, age 18+, In 7 countries (US, Australia, India, UK, France, Germany, Japan), participated in the study.

About Software Experts: Software Experts provides news and reviews of consumer products and services. As an affiliate, Software Experts may earn commissions from sales generated using links provided.

The MIL Network –

May 16, 2025

MIL-OSI Global: What the voter gender divide means for Canada’s political future

Source: The Conversation – Canada – By Marshia Akbar, Researcher, Labour Migration at the CERC Migration and Integration Program, Toronto Metropolitan University

Canada’s recent federal election suggests a growing gender divide in political preferences.

Polling indicated women voters leaned strongly toward the Liberals, while an increasing number of men — particularly younger men — gravitated toward the Conservatives.

This polarization was not simply a matter of partisan preference, but reflected deeper social, cultural and economic realignments rooted in identity politics and diverging values.

The gender gap also mirrors patterns across western democracies, where far-right populist parties increasingly draw male support through nationalist, anti-immigration and anti-feminist narratives, while women — especially racialized and university-educated — opt for progressive parties promoting equality and social protection.

What the polls showed

While official voting records by gender are not available, several public opinion polls heading into the election indicated gender was a key predictor of party support.

Abacus Data found that women’s early preferences were nearly evenly split — 31 per cent for the Liberals and 32 per cent for the Conservatives. But as the campaign progressed, Liberal support among women rose steadily by two to three points per week, reaching 35 per cent by April 8, while support for the Conservatives fell to 30 per cent.

This pattern was echoed by an EKOS Politics analysis, which described the 2025 election as defined by a “massive gender divide” — women supported the Liberal Party by a 25-point margin, while the Conservatives held a slight lead among men, especially those under 50.

Findings from Angus Reid further underscored this divide. Among men, support was closely split, with the Conservatives holding a slight lead over the Liberals (44 per cent to 42 per cent). Among women, however, the Liberals enjoyed a commanding lead, with 51 per cent support compared to 32 per cent for the Conservatives.

Together, these three polls suggest a growing gender gap in Canadian politics — one that shaped party support throughout the election campaign.

The New Democratic Party, meanwhile — once positioned as a progressive bridge between working-class voters and social justice movements — struggled to attract voters as it had in previous elections.

The NDP’s waning influence in the 2025 election highlights the erosion of class-based solidarity, which has seemingly been supplanted by identity politics.

Economic insecurity, cultural values

This gender gap was not just about party preference — it reflected deeper ideological divides shaped by cultural values, policy priorities and gender identities.

Research into voting patterns in Canada over the past two decades found that Canadian women are more likely to support social welfare, state intervention and wealth redistribution — driven not by self-interest, but by values of equity and collective responsibility.

These preferences are shaped not only by gender, but also by age, race, class, religion and gender identities. The research highlighted a growing feminist consciousness and suggested that evolving understandings of identity, especially among younger women, have strengthened support for progressive platforms.

Voting preferences in the 2025 Canadian election reflected these patterns. Rising geopolitical tensions — fuelled by punitive American tariffs on Canadian goods and United States President Donald Trump’s threats to annex Canada — stirred national anxiety and shaped voter priorities.

At the same time, the American rollback of reproductive rights and attacks on diversity, equity and inclusion policies raised alarm among women worldwide, reinforcing concerns about gender equity and human rights.

Policy priorities

That meant that how the Conservative and Liberal party leaders articulated their stances on these issues played a crucial role in shaping voter preferences.

The Conservative Party emphasized economic policies such as tax cuts and reducing government spending. The party also tapped into cultural frustrations by opposing “woke” ideologies and promoting traditional values.

This dual approach sought to resonate with voters alienated by progressive norms, particularly younger men who have felt marginalized by the housing crisis, insecure job markets and shifting cultural expectations around gender roles.

CBC report on male voter intentions.

In contrast, the Liberal platform emphasized defending Canadian sovereignty, promoting national unity, expanding housing affordability, addressing climate change and advancing economic measures for the middle class — policies that seemingly resonated more with women voters, particularly those prioritizing social programs and long-term social stability.

Although reproductive rights were not a central issue in Canada’s 2025 campaign, the erosion of those rights in the U.S. cast a shadow north of the border.

The Liberal Party pledged to make its Sexual and Reproductive Health Fund permanent and to introduce a new IVF program offering up to $20,000 per cycle — measures aimed at improving access, especially for 2SLGBTQI+ Canadians.

The Conservative platform emphasized support for universal health care but made no mention of reproductive health. As a result, many women may have viewed the Liberals as stronger defenders of both reproductive rights and Canadian sovereignty.

Addressing the gender divide

The 2025 election did more than reveal a partisan split; it exposed fundamentally different visions of Canada’s future between men and women.

Gender divides in politics often mirror divisions in online discourse. Social media platforms tend to reinforce gendered political identities, with men more likely to be drawn into algorithm-driven spaces that amplify anti-establishment and masculinist narratives.

Following the U.S. presidential election in 2024, The Guardian noted how social media algorithms feed their users content that’s aligned with the preferences of similar users, deepening ideological silos.

American podcaster Joe Rogan exemplifies this dynamic — his show consistently tops charts in the U.S., Australia, the U.K. and Canada, but with an audience that’s more than 80 per cent male.

These digital bubbles not only reflect polarization — they entrench it, merging political and online identities in ways that make cross-cutting dialogue harder to achieve.

Affecting personal lives

This divide affects more than politics. It’s reshaping personal relationships. As political identity becomes central to personal values, dating and marriage across ideological lines have become more difficult.

According to the American Survey Center, these political divisions are even preventing young people from building meaningful relationships.

Similarly, the Atlantic reports that nearly two-thirds of liberal and conservative singles are likely to reject a potential partner who does not share their political beliefs. In this climate, political compatibility is becoming a prerequisite for long-term commitment, rather than a negotiable difference.

Addressing this fragmentation requires building narratives that transcend identity silos and foster common ground, both online and offline. It’s essential for democratic resilience and for sustaining meaningful human connection.

Marshia Akbar receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

– ref. What the voter gender divide means for Canada’s political future – https://theconversation.com/what-the-voter-gender-divide-means-for-canadas-political-future-255857

MIL OSI – Global Reports –

May 16, 2025

MIL-OSI Canada: Plan ahead for travel, be prepared for wildfire risks this long weekend

Source: Government of Canada regional news

Residents and long-weekend travellers are encouraged to plan ahead, be prepared and stay safe this Victoria Day long weekend.

At this time of year, most new wildfires are preventable, and people are being asked to take precautions with any fire use this weekend. People should stay up to date on current wildfire activity, check for road closures, evacuation alerts and evacuation orders, and pay attention to weather conditions. A prohibition on Category 2 and 3 open burning is in place in the Cariboo Fire Centre and parts of the Northwest Fire Centre, as well as a summer-long Category 3 open-burning prohibition in the Kamloops Fire Centre starting Friday, May 16, 2025. Fire restrictions in all regions will be updated as conditions change.

The BC Wildfire Service mobile app allows people to check the current wildfire situation, road conditions, evacuation information and weather forecasts. People can report new wildfires and submit photos of those fires or associated smoke, which helps inform BC Wildfire Service operational decision-making. Wildfires can also be reported by calling *5555 on a cellphone or 1 800 663-5555 (toll-free).

There are several ways to help protect your property from wildfires. Whether you are in an urban or rural area, proven FireSmart tips can help safeguard your home and property, including:

Clear dry leaves and debris from around your property.
Move propane tanks and other flammables at least 10 metres from structures.
Keep grass cut short.
Close doors and windows.
Water trees, shrubs and plants following local water restrictions.

Many garden centres can help people choose more fire-resistant plants and create a more resilient landscape around their homes and neighbourhoods.

B.C. continues to receive below-average precipitation for this time of year, which is having a lasting impact on water levels, and there is potential for prolonged drought this year. People are encouraged to take steps to use water more efficiently and plan for potential drought conditions.

For people venturing into the backcountry, it is important to remember the three Ts – trip planning, training and taking the essentials. AdventureSmart programs and tools help people stay safe outdoors by encouraging people to obtain the knowledge, skills and equipment necessary to enjoy outdoor activities and being mindful that safety is a shared responsibility: https://www.adventuresmart.ca/

People travelling in the province are encouraged to know before they go. Those who are on the road this long weekend should plan ahead and obey road closures and restrictions to stay safe. For the latest road conditions and updates, visit: https://www.drivebc.ca

Drivers on routes throughout the province should expect higher-than-average traffic volumes and plan accordingly. General tips for a safe trip include:

allowing additional time to get to your destination due to more people on roads;
making sure your vehicle is ready for the drive by having a full tank of gas or charged battery, checking engine oil, washer fluid, lights and tires, including the spare;
packing food and water for passengers and pets;
planning breaks at rest areas: https://www.th.gov.bc.ca/restareas;
watching for motorcyclists and sharing the road with cyclists and other users;
obeying all posted speed limits and driving with caution, especially during bad weather;
checking weather forecasts for the route you will be travelling as conditions can change quickly in the mountain passes;
leaving the phone alone while behind the wheel; and
ensuring all passengers use seatbelts at all times.

As of Wednesday, May 14, 2025, there are 28 active wildfires burning in B.C. Of these fires, 9 are considered out of control.

Learn More:

To report a wildfire, call 1 800 663-5555 (toll-free) or *5555 on a cellphone or download the BC Wildfire Service app.

For BC Wildfire Service information and updates, visit: https://wildfiresituation.nrs.gov.bc.ca/dashboard

For more information about how to FireSmart your home, visit: https://firesmartbc.ca

To learn more about open burning safety, visit: https://www2.gov.bc.ca/gov/content/safety/wildfire-status

For up-to-date information about road conditions, visit: https://www.drivebc.ca/

For the latest information about evacuation alerts and evacuation orders in B.C., visit: https://EmergencyInfoBC.ca or follow @EmergencyInfoBC on X

For information about how to prepare for emergencies, including information about emergency kits, household emergency plans and hazard-specific guides, visit: https://PreparedBC.ca

For information about AdventureSmart, visit: https://www.adventuresmart.ca/

To register with Emergency Support Services, visit: https://ess.gov.bc.ca/

For a guide on how to travel safely this spring and summer, visit: https://www.HelloBC.com

MIL OSI Canada News –

May 16, 2025

MIL-OSI Russia: China International Fair for Trade in Services to be held in Beijing in September

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

BEIJING, May 15 (Xinhua) — The 2025 China International Fair for Trade in Services will open in Beijing on Sept. 10, Zhao Qizhou, an official with the Beijing Bureau of Commerce, announced at a press conference on Thursday.

Starting this year, the fair will be held annually on the second Wednesday of September, he added.

The upcoming fair will be held in the 3 square kilometer Shougang Park, the venue for the 2022 Winter Olympics.

The fair’s honorary guest country will be Australia. The event will last only five days – the first three days are for professional visitors, and the last two – for the general public.

The fair is organized by the United Nations Conference on Trade and Development, the Ministry of Commerce of the People’s Republic of China and the People’s Government of Beijing. The event covers sectors such as finance, culture, tourism, education, sports, supply chain and medical services.

The China International Fair for Trade in Services, which was first held in 2012, brings together enterprises from all over the world.

Last year, it was attended by representatives of more than 450 Fortune 500 companies, other leading global companies, representatives of 85 countries and international organizations. -0-

MIL OSI Russia News –

May 16, 2025

MIL-OSI Economics: Threat landscape for industrial automation systems in Q1 2025

Source: Securelist – Kaspersky

Headline: Threat landscape for industrial automation systems in Q1 2025

Trends

Relative stability from quarter to quarter. The percentage of ICS computers on which malicious objects were blocked remained unchanged from Q4 2024 at 21.9%. Over the last three quarters, the value has ranged from 22.0% to 21.9%.

The quarterly figures are decreasing from year to year. Since Q2 2023, the percentage of ICS computers on which malicious objects were blocked has been lower than the indicator of the same quarter of the previous year. Compared to Q1 2024, the figure decreased by 2.5 pp.

Percentage of ICS computers on which malicious objects were blocked, Q1 2022–Q1 2025

In January–March 2025, the figures were the lowest compared to the same months of the previous four years.

Percentage of ICS computers on which malicious objects were blocked, Jan 2021–Mar 2025

The biometrics sector continues to lead the selected industries / OT infrastructure types. This is the only OT infrastructure type where the percentage of ICS computers on which malicious objects were blocked increased during the quarter.

Threat levels in different regions still vary. In Q1 2025, the percentage of affected ICS computers ranged from 10.7% in Northern Europe to 29.6% in Africa. In eight out of 13 regions, the figures ranged from 19.0% to 25.0%.

The percentage of ICS computers on which denylisted internet resources were blocked continues to decrease. It reached its lowest level since the beginning of 2022. In the first three months of 2025, the corresponding figures were lower than those in January–March of the previous three years.

Percentage of ICS computers on which denylisted internet resources were blocked, Jan 2022–Mar 2025

Changes in the percentage of ICS computers on which initial-infection malware was blocked lead to changes in the percentage of next-stage malware. In Q1 2025, the percentage of ICS computers on which various types of malware spread via the internet and email were blocked increased for the first time since the beginning of 2023.

The internet is the primary source of threats to ICS computers. The main categories of threats from the internet are denylisted internet resources, malicious scripts and phishing pages.

The main categories of threats spreading via email are malicious documents, spyware, malicious scripts and phishing pages.

The percentage of ICS computers on which malicious scripts and phishing pages, and malicious documents were blocked increased in Q1 2025. In January–March, the monthly values in these two categories of threats were higher than in the same months of 2024.

Percentage of ICS computers on which malicious objects were blocked, Jan 2022–Mar 2025

The leading category of malware used for initial infection of ICS computers (see below) is malicious scripts and phishing pages.

Most malicious scripts and phishing pages act as droppers or loaders of next-stage malware (spyware, crypto miners and ransomware). The strong correlation between the values for malicious scripts and phishing pages, and spyware is clearly visible in the graph below.

Percentage of ICS computers on which malicious objects were blocked, Jan 2023–Mar 2025

Similar to malicious scripts and phishing pages, the percentage of ICS computers on which spyware was blocked was higher in the first three months of 2025 than in the same months of 2024.

Percentage of ICS computers on which spyware was blocked, Jan 2022–Mar 2025

The percentage of ICS computers on which miners (web miners and miners in the form of executable files for Windows) were blocked in Q1 2025 also increased.

Statistics across all threats

In Q1 2025, the percentage of ICS computers on which malicious objects were blocked remained at the same level as in the previous quarter: 21.9%.

Percentage of ICS computers on which malicious objects were blocked, Q1 2022–Q1 2025

Compared to Q1 2024, the percentage of ICS computers on which malicious objects were blocked decreased by 2.5 pp. However, it increased from January to March of 2025 when it reached its highest value in the quarter.

Percentage of ICS computers on which malicious objects were blocked, Jan 2023–Mar 2025

Regionally, the percentage of ICS computers on which malicious objects were blocked ranged from 10.7% in Northern Europe to 29.6% in Africa.

Regions ranked by percentage of ICS computers on which malicious objects were blocked, Q1 2025

In six of the 13 regions surveyed in this report, the figures increased from the previous quarter, with the largest change occurring in Russia.

Changes in percentage of ICS computers on which malicious objects were blocked,
Q1 2025

Selected industries

The biometrics sector led the ranking of the industries and OT infrastructures surveyed in this report in terms of the percentage of ICS computers on which malicious objects were blocked.

Ranking of industries and OT infrastructures by percentage of ICS computers on which malicious objects were blocked, Q1 2025

The biometrics sector was also the only OT infrastructure type where the percentage of ICS computers on which malicious objects were blocked increased slightly. Despite this, the long-term trend is clearly downward.

Percentage of ICS computers on which malicious objects were blocked in selected industries

Diversity of detected malicious objects

In Q1 2025, Kaspersky security solutions blocked malware from 11,679 different malware families in various categories on industrial automation systems.

Percentage of ICS computers on which the activity of malicious objects from various categories was blocked

The largest proportional increase in Q1 2025 was in the percentage of ICS computers on which web miners (1.4 times more than in the previous quarter) and malicious documents (1.1 times more) were blocked.

Main threat sources

Depending on the threat detection and blocking scenario, it is not always possible to reliably identify the source. The circumstantial evidence for a specific source can be the blocked threat’s type (category).

The internet (visiting malicious or compromised internet resources; malicious content distributed via messengers; cloud data storage and processing services and CDNs), email clients (phishing emails), and removable storage devices remain the primary sources of threats to computers in an organization’s OT infrastructure.

In Q1 2025, the percentage of ICS computers on which threats from the internet and email clients were blocked increased for the first time since the end of 2023.

Percentage of ICS computers on which malicious objects from various sources were blocked

The rates for all threat sources varied across the monitored regions.

The percentage of ICS computers on which threats from the internet were blocked ranged from 5.2% in Northern Europe to 12.8% in Africa.
The percentage of ICS computers on which threats from email clients were blocked ranged from 0.88% in Russia to 6.8% in Southern Europe.
The percentage of ICS computers on which threats from removable media were blocked ranged from 0.06% in Australia and New Zealand to 2.4% in Africa.

Threat categories

Typical attacks blocked within an OT network are a multi-stage process, where each subsequent step by the attackers is aimed at increasing privileges and gaining access to other systems by exploiting security flaws in industrial enterprises, including OT infrastructures.

It is worth noting that during the attack, intruders often repeat the same steps (TTP), especially when they use malicious scripts and established communication channels with the management and control infrastructure (C2) to move laterally within the network and advance the attack.

Malicious objects used for initial infection

In Q1 2025, the percentage of ICS computers on which denylisted internet resources were blocked decreased to its lowest value since the beginning of 2022.

Percentage of ICS computers on which denylisted internet resources were blocked, Q1 2022–Q1 2025

The decline in the percentage of denylisted internet resources since November 2024 was likely influenced not only by proactive threat mitigation at various levels, but also by techniques used by attackers to circumvent the blocking mechanisms based on the resource’s reputation, thus redistributing the protection burden to other detection technologies.

A detected malicious web resource may not always be added to a denylist because attackers are increasingly using legitimate internet resources and services such as content delivery network (CDN) platforms, messengers, and cloud storage. These services allow malicious code to be distributed through unique links to unique content, making it difficult to use reputation-based blocking tactics. We strongly recommend that industrial organizations implement policy-based blocking of such services, at least for OT networks where the need for such services is extremely rare for objective reasons.

The percentage of ICS computers on which malicious documents as well as malicious scripts and phishing pages were blocked increased slightly, to 1.85% (by 0.14 pp) and 7.16% (by 0.05 pp) respectively.

Next-stage malware

Malicious objects used to initially infect computers deliver next-stage malware – spyware, ransomware, and miners – to victims’ computers. As a rule, the higher the percentage of ICS computers on which the initial infection malware is blocked, the higher the percentage for next-stage malware.

In Q1 2025, the percentage of ICS computers on which spyware and ransomware were blocked decreased, reaching 4.20% (by losing 0.1 pp) and 0.16% (by losing 0.05 pp) respectively. Conversely, the indicator for miners increased. The percentage of ICS computers on which miners in the form of executable files for Windows and web miners were blocked increased to 0.78% (by 0.08 pp) and 0.53% (by 0.14 pp), respectively. The latter indicator reached its highest value since Q3 2023.

Percentage of ICS computers on which web miners were blocked, Q1 2022–Q1 2025

Self-propagating malware

Self-propagating malware (worms and viruses) is a category unto itself. Worms and virus-infected files were originally used for initial infection, but as botnet functionality evolved, they took on next-stage characteristics.

To spread across ICS networks, viruses and worms rely on removable media, network folders, infected files including backups, and network attacks on outdated software, such as Radmin2.

In Q1 2025, the percentage of ICS computers on which worms and viruses were blocked decreased to 1.31% (by losing 0.06 pp) and 1.53% (by losing 0.08 pp), respectively.

AutoCAD malware

AutoCAD malware is typically a low-level threat, coming last in the malware category rankings in terms of the percentage of ICS computers on which it was blocked.

In Q1 2025, the percentage of ICS computers on which AutoCAD malware was blocked continued to decrease (by losing 0.04 pp) and reached 0.034%.

You can find more information on industrial threats in the full version of the report.

MIL OSI Economics –

May 16, 2025

MIL-OSI: Drone as a Service Market Well Poised for Sustained Growth in Commercial, Industrial and Civic Usage

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., May 15, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Industry experts are expecting the Drone Service market to flourish. One such report from FACT.MR projected that the drone services market is valued at USD 8.66 billion in 2025 and the industry will grow at a CAGR of 14.3% and reach USD 32.96 billion by 2035. The report said: “In 2024, the drone services industry recorded dynamic shifts fueled by regulatory clarity, commercial adoption, and end-user digitization efforts. Fact.MR analysis found that demand surged notably in the precision agriculture segment, particularly across North America and Western Europe, as growers adopted drone-based imaging and multispectral analysis to improve field-level decision-making. In the mining as well as construction sectors, companies increased use of aerial mapping, which provided real-time volumetric analysis as well as site safety compliance. At the same time, drone-enabled monitoring made substantial progress in city policing and border security, with large pilot schemes initiated in the Middle East and South Asia. Commercial media organizations, event producers, and property agents also ramped up drone-based photography as well as filming in anticipation of increasing visual content needs. These trends reinforced a larger move away from use-case limitations toward operational adoption across industries.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Vertical Aerospace (NYSE: EVTL), Unusual Machines, Inc. (NYSE American: UMAC), NVIDIA Corporation (NASDAQ: NVDA), Archer Aviation Inc. (NYSE: ACHR).

FACT.MR continued: “As the sector moves into 2025, the environment is on the cusp of increased scalability. Business drone fleets are moving from pilot to standard operations, particularly in logistics and asset inspection. Fact.MR indicates that increasing adoption of AI-driven navigation, enhanced battery density, and BVLOS (Beyond Visual Line of Sight) capabilities will drastically enhance service accuracy and cost-effectiveness. Valued at USD 8.66 billion in 2025 and expected to reach USD 32.96 billion by 2035 at a CAGR of 14.3%, the industry is well placed for sustained growth in industrial and civic usage. To stay ahead, companies must immediately pivot toward building integrated drone service platforms that combine AI-enabled flight autonomy, sector-specific analytics, and BVLOS capabilities. This intelligence highlights a shift from isolated deployments to enterprisescale drone ecosystems, requiring the client to reprioritize R&D toward modular, scalable solutions for logistics, agriculture, and infrastructure sectors.”

ZenaTech (NASDAQ:ZENA) Reports Nearly Double Revenue Year-Over-Year for the First Quarter of 2025 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces financial results for the first quarter 2025.

First Quarter 2025 Highlights:

Total revenues for the first quarter of 2025 were $1.13 million, up 92% compared to $591,379 for the first quarter of 2024 primarily due to acquisitions and organic growth.
ZenaTech’s new Drone as a Service or DaaS segment grew from completing two acquisitions of land survey drone servicing companies ─ Oregon-based Weddle Surveying and Florida-based KJM Land Surveying. The Company also signed five LOIs (Letter of Intent) for additional acquisitions during the quarter.
The company acquired Othership, a UK workplace management software company supporting its enterprise SaaS software segment, where it plans to leverage workplace AI and quantum computing productivity solutions targeting business and government customers.
The company made investments in longer term growth and in new segment development that caused general and administrative expenses to increase to $5.75 million in Q1 2025 versus about $0.7 million in Q1 of 2024. This primarily consisted of sales and marketing activities, new hires, professional services, and finance expenses.
ZenaTech made investments in its subsidiary ZenaDrone’s UAE manufacturing capabilities during the quarter, including hiring 35 new engineers and technicians. Also announced was the opening of a drone testing facility in Turkey for beyond-the-line-of-sight drone testing.
Drone product highlights in Q1 include finalizing the third-generation design and “production model” of the ZenaDrone 1000 drone that will enable the start of scaling up of production. The company also announced the IQ Square drone has moved from prototype to manufacturing stage.
The commence of work on a heavy-lift gas-powered ZD 1000 model for longer fight times for US defense applications took place during the quarter. Testing also commenced on a new high-density drone battery and a proprietary communications system for this drone.
The company reported that ZenaDrone is preparing for Green UAS followed by Blue UAS certification required to sell to the US Military. Additionally, it is reviewing and putting in place cybersecurity practices, documentation, and internal controls necessary to apply for this certification.
ZenaTech further expanded its Taiwan drone component manufacturer─ Spider Vision Sensors, adding additional engineering and business development staff. It also announced the first Blue UAS-certifiable drone sensors are under development.

“The first quarter of 2025 was a very strong and encouraging start to the year as revenue nearly doubled, up 92% primarily due to acquisitions and organic growth across both our software and drone segments,” said CEO Shaun Passley, Ph.D. “During the first quarter we launched our Drone as a Service or DaaS business segment with a vision to have a national footprint in the US and globally.”

“Although expenses increased during the first quarter, these are investments intended to grow the company over the long-term, namely in marketing, manufacturing, product development and testing capacity, which we believe will yield future rewards.

“We believe that this quarter’s performance demonstrates that our strategy to disrupt legacy businesses like land surveys via a DaaS business model is on track. Our momentum is strong, and we are well positioned to expand our range of drone services with a pipeline of over 20 acquisitions over the next 12 months,” concluded Dr. Passley. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

In Additional ZENA News: ZenaTech’s (NASDAQ:ZENA) Expands Drone-as-a-Service (DaaS) Exterior Building Power Washing to Dubai Tapping into a Global Drone Cleaning Services Market Growing to USD 13 Billion by 2030 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions, announced it is expanding its United Arab Emirates (UAE) presence by establishing a new office to sell Drone-as-a-Service (DaaS) offerings based in Dubai. Initially this office will focus on delivering drone-powered cleaning services for building exteriors using the IQ Square drone tethered to a water pipe and electrical cord. The company is currently obtaining a permit from the Dubai Civil Aviation Authority to begin power wash testing and operations. Supporting this expansion, ZenaTech will hire two business development managers and up to four additional drone pilots, with drones supplied from its subsidiary ZenaDrone which has a manufacturing hub in nearby Sharjah.

The global drone power washing market falls under a broader drone cleaning services market category that was valued at approximately USD 4.36 billion in 2023 and is projected to reach USD 13.2 billion by 2030, growing at a compound annual growth rate (CAGR) of almost 17% according to market analyst Valuates Reports , fueled by increasing demand for safe, efficient and cost-effective maintenance solutions.

“With rising demand for tech-enabled and efficient maintenance solutions, whether for power washing buildings, renewable energy assets, or public spaces, we believe AI-powered drones will bring new safety standards, cost-efficiency, and greater environmental sustainability to maintenance tasks. UAE’s openness to innovative technology makes it an ideal launchpad for these DaaS solutions that we hope to expand to all seven emirates in addition to the US and Europe,” said CEO Shaun Passley, Ph.D. Continued… Read this full release by visiting: https://www.zenatech.com/newsroom/

Other recent developments in the drone industry include:

Vertical Aerospace (NYSE: EVTL), a global aerospace and technology company that is pioneering electric aviation, recently provided an operating update and released financial results for the first quarter ended March 31, 2025. The first quarter 2025 results filing is accessible on the Company’s investor relations website.

Stuart Simpson, CEO at Vertical, said: “2025 is on pace to be a transformational year for Vertical as we advance our piloted flight test programme and move into the final flight test phases. With the announcement of our hybrid-electric programme – opening up new high-value markets – and the expansion of our partnership with Honeywell to certify critical flight systems, we are deepening our technical and commercial edge. With growing regulatory confidence in the VX4 and a strong team behind us, we’re well positioned to deliver a scalable, certifiable aircraft to the global market.”

Unusual Machines, Inc. (NYSE American: UMAC) (“Unusual Machines” or the “Company”), a leading U.S. manufacturer of drone components, recently announced it will exhibit at AUVSI XPONENTIAL 2025, the premier event for autonomy and uncrewed systems, taking place May 20-22, 2025, at the George R. Brown Convention Center in Houston, Texas.

Unusual Machines will host a booth on the expo floor, where the Company will feature its new U.S.-made FPV motors and its growing portfolio of Blue UAS Framework-approved drone components. These offerings underscore Unusual Machines’ commitment to delivering high-performance, NDAA-compliant drone technology for defense, commercial, and public safety applications.

Attendees are invited to visit the booth for product demonstrations and to meet with representatives from Unusual Machines. The Company will be actively engaging with integrators, OEMs, and procurement professionals throughout the event and will be ready to take orders on-site.

Vision software company Foresight Autonomous Holdings has integrated NVIDIA Corporation (NASDAQ: NVDA) Jetson Orin generative AI computing modules into its 3D-perception system.

Foresight is using Nvidia’s Jetson Orin Nano and Jetson AGX Orin modules to improve the capabilities of its perception systems deployed in various use cases, with a major focus on autonomous drones and unmanned aerial vehicles.

The Jetson modules, which are used in generative AI, computer vision and advanced robotics, upgrade Foresight’s vision system with the computing power needed for autonomous drones and UAVs, according to Foresight.

Archer Aviation Inc. (NYSE: ACHR) recently announced operating and financial results for the first quarter ended March 31, 2025. The Company issued a shareholder letter discussing those results, as well as its second quarter 2025 estimates.

Commenting on first quarter 2025 results, Adam Goldstein, Archer’s founder and CEO, said: “Archer’s pushing the boundaries of what’s possible and reshaping the future of aviation for years to come. This quarter, the team made strong progress across our civil and defense efforts as we continue to deepen our strategic partner relationships and prepare for commercialization in the UAE later this year.”

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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SOURCE: FN Media Group

The MIL Network –

May 16, 2025

MIL-OSI: Lion Copper and Gold Corp. to Present at the Precious Metals & Critical Minerals Hybrid Investor Conference on May 22nd

Source: GlobeNewswire (MIL-OSI)

YERINGTON, Nev., May 15, 2025 (GLOBE NEWSWIRE) — Lion Copper and Gold Corp. (OTCQB:LCGMF / CSE:LEO), based in Yerington, Nevada focused on its Yerington Copper Project, today announced that John Banning, Chief Executive Officer, will present live at the Precious Metals & Critical Minerals Hybrid Investor Conference, hosted by VirtualInvestorConferences.com, on May 22nd, 2025.

DATE: May 22^nd, 2025
TIME: 2:00 PM ET
LINK: REGISTER HERE

This will be a live, interactive in-person and online event where investors are invited to ask the company questions in real-time. If you would like to attend in-person, please email johnv@otcmarkets.com for an attendee pass. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

Lion Copper & Gold Regains Critical Water Rights for Yerington Copper Project
Lion Copper & Gold Provides PFS Update
Lion Copper & Gold Receives US$5 Million Additional Nuton Funding
Lion Copper & Gold Announces Drill Results at Yerington Copper Project
Lion Copper & Gold Announces Yerington Bear Deposit Diamond Drill Results

About Lion Copper and Gold Corp.

Lion Copper and Gold Corp. is advancing its flagship copper project in Yerington, Nevada through an Option to Earn-in Agreement with Nuton LLC, a Rio Tinto Venture.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

Lion Copper and Gold Corp.
John Banning
Chief Executive Officer
775 463 9600
jbanning@lioncg.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

May 16, 2025

MIL-OSI: Cygnus Metals to Present at the Precious Metals & Critical Minerals Hybrid Investor Conference on May 22nd

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Ltd. (ASX: CY5, TSXV: CYG, OTCQB: CYGGF), based in Perth, Western Australia, focused on the Chibougamau Copper-Gold Project in Quebec, Canada, today announced that Ernest Mast, President and Managing Director, will present live at the Precious Metals & Critical Minerals Hybrid Investor Conference, hosted by VirtualInvestorConferences.com, on May 22nd , 2025.

DATE: May 22^nd, 2025
TIME: 3:15 PM EDT
LINK: REGISTER HERE

This will be a live, interactive in-person and online event where investors are invited to ask the company questions in real-time. If you would like to attend in-person, please email johnv@otcmarkets.com for an attendee pass. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

High-grade gold assays reported at Golden Eye (see announcement May 8, 2025)
Strong drilling results at Corner Bay (see announcement March 18, 2025)
Cygnus is continuing to compile the data across the camp and deliver additional drill targets as the Company looks to execute its strategy of value creation through resource growth and conversion drilling.

About Cygnus

Cygnus Metals Limited is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

Cygnus Metals Ltd.
Ernest Mast
President and Managing Director
Email: emast@cygnusmetals.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

May 16, 2025

MIL-OSI: StrikePoint to Present at the Precious Metals & Critical Metals Hybrid Investor Conference on May 22nd

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) — StrikePoint Gold (SKP: TSX.V) (STKXF: OTCQB) based in Vancouver, BC, with gold assets in Nevada, today announced that CEO Michael G. Allen will present live at the Precious Metals & Critical Metals Hybrid Investor Conference, hosted by VirtualInvestorConferences.com, on May 22nd, 2025.

DATE: May 22^nd, 2025

TIME: 10:00 AM ET

LINK: REGISTER HERE

This will be a live, interactive in-person and online event where investors are invited to ask the company questions in real-time. If you would like to attend in-person, please email johnv@otcmarkets.com for an attendee pass. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

May 8 – StrikePoint Signs Definitive Agreement to Sell BC Property for C$1.1 Million
May 5 – StrikePoint Drills Broad Zones of Near Surface Oxide Gold at the Hercules Gold Project, Nevada
April 28 – StrikePoint Drills Near-Surface High Grade Oxide Gold at the Hercules Gold Project, Nevada
March 3– StrikePoint Reports Exploration Target on Hercules Gold Project

About Strikepoint Gold

Headed by CEO Michael G. Allen, StrikePoint is a multi-asset gold exploration company focused on building precious metals resources in the Western United States and in Canada.

Mr. Allen has been working in the Walker Lane for the last 15 years, with multiple transactions completed in that timeframe including the acquisition of the Sterling Gold Project, located near Beatty, Nevada, and the sale of Northern Empire to Coeur Mining for approximately $120 million. The Sterling Gold Project is now part of AnglogGold Ashanti’s “Expanded Silicon” project. In addition, Mr. Allen was the past President and CEO of Elevation Gold Mining Corporation, which operated Arizona’s largest gold mine.

The Management and Board of StrikePoint has strong expertise in exploration, finance and engineering.

StrikePoint is rapidly becoming one of the largest holders of mineral claims within the Walker Lane of Nevada with approximately 145 square kilometers of prospective geology under claim, encompassing two district scale projects, the Hercules Gold Project and the Cuprite Gold Project.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Qualified Person Statement

All technical data, as disclosed in this press release, has been verified by Michael G. Allen, P. Geo, President and CEO of the Company. Mr. Allen is a qualified person as defined under the terms of National Instrument 43-101.

CONTACTS:

Strikepoint Gold Inc.

Knox Henderson
T: (604) 551-2360
E: kh@strikepointgold.com
W: www.strikepointgold.com

Virtual Investor Conferences

John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

Cautionary Statement on Forward Looking Information

Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “speculates”, “could” or “would”.

All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward–looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Neither 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.

The MIL Network –

May 16, 2025

MIL-OSI USA: CAHNR Commencement 2025: A Day of Pride, Celebration, and New Beginnings

Source: US State of Connecticut

On May 10, 2025, more than 600 students from UConn’s College of Agriculture, Health and Natural Resources (CAHNR) reached a major academic milestone as they officially became UConn graduates. Students were celebrated in true CAHNR fashion, with a horse processional, performance by student acapella singers, and a visit from both Jonathan XIV and XV. With cheers from family, friends, faculty, and staff, the graduates commemorated years of commitment and growth at the 146th Commencement.

A Moment of Connection and Tradition

The festivities began with a celebratory reception at the Student Union, offering graduates and their guests a chance to reconnect and reflect on their time at UConn. Soon after, the group gathered at the Field House to prepare for the traditional procession to the main event.

In a much-loved revival of a pre-pandemic tradition, horses from CAHNR’s equine program led graduates along Hillside Road to Gampel Pavilion, setting the tone for the special ceremony ahead.

Students at a CAHNR reception before 2025 Commencement (Jason Sheldon/UConn Photo)

CAHNR students lining up for 2025 Commencement processional. (Stella Dibernardo/UConn Photo)

Karina Cangas ’25 (CAHNR) prior to Commencement. (Jason Sheldon/UConnPhoto)

Students from the CAHNR Equine Program leading the student commencement processional. (Jason Sheldon/UConn Photo)

CAHNR students proceeding to 2025 Commencement (Jason Sheldon/UConn Photo)

A Ceremony to Remember

Inside Gampel Pavilion, CAHNR faculty and staff joined the graduates for a ceremony filled with encouragement, reflection, and celebration. The event featured remarks from student speaker Eliza Demiri ’25 (Allied Health Sciences) and keynote speaker Rodney Butler ’99 (BUS), Chairman of the Mashantucket Pequot Tribal Nation.

Butler expressed the value students can find in being open to where life takes them, whether it is anticipated or not:

“It’s important to understand in live how much your paths can and will change, regardless of what you plan for. Life rarely follows a straight path, and often the directions we didn’t plan for lead to the most meaningful destinations.”

The program was hosted by Kristen Govoni, associate dean for academic programs, and included additional remarks from Dean Chaubey, Prvosot D’Alleva, and other CAHNR leadership.

CAHNR students are 2025 Commencement. (Stella Dibernardo/UConn Photo)

Eliza Demiri ’25 (CAHNR) gives the student Commencement address. (Sydney Herdle/UConn Photo)

Rodney Butler ’99 (BUS) provides the 2025 Commencement speech. (Sydney Herdle/UConn Photo)

From left, Dean Indrajeet Chaubey, Provost Anne D’Alleva, and speaker Chairman of the Mashantucket Pequot Tribal Nation Rodney Butler ’99 (BUS). (Sydney Herdle/UConn Photo)

CAHNR students at 2025 Commencement (Sydney Herdle/UConn Photo)

CAHNR students at 2025 Commencement with Jonathans XIV and SV (Stella Dibernardo/UConn Photo)

A Minor, Premiere A Cappella Group. Their graduating senior from CAHNR, Benjamin Angus an Environmental Sciences and Environmental and Natural Resources Economics major dressed in a cap and gown (Jason Herdle/UConn Photo)

CAHNR students at Commencement 2025 (Stella Dibernardo/UConn Photo)

CAHNR student at Commencement 2025. (Stella Dibernardo/UConn Photo)

CAHNR students at Commencement 2025 (Stella Dibernardo/UConn Photo)

CAHNR students at Commencement 2025 (Sydney Herdle/UConn Photo)

Cheers to the Future

As the ceremony concluded, the celebration continued outside Gampel Pavilion, where graduates gathered with family and friends to capture the moment with photos and plenty of smiles.

The Class of 2025 leaves UConn with a wealth of knowledge, a foundation of real-world experiences, and lasting memories from their time in CAHNR. Wherever their journeys take them next, their future is bright and their UConn roots remain strong.

CAHNR students after Commencement 2025 (Jason Sheldon/UConn Photo)

Graduates of the College of Agriculture, Health and Natural Resources greet their families and friends outside Gampel Pavilion following the college’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)

CAHNR students after Commencement 2025 (Sydney Herdle/UConn Photo)

Other CAHNR Commencement Coverage

Learn more about some of our featured graduates and this year’s Commencement speaker, Rodney Butler ’99.

MIL OSI USA News –

May 16, 2025

MIL-OSI: CORA Group Announces the Appointment of Beth McCoy to President of CORA Loyalty

Source: GlobeNewswire (MIL-OSI)

WARMINSTER, Pa., May 15, 2025 (GLOBE NEWSWIRE) — CORA Group (“CORA”), an operating portfolio of Jonas Software, a subsidiary of Constellation Software Inc., announced today that Beth McCoy was promoted to President of CORA Loyalty, reporting to Denis Brosnan, Portfolio CEO at CORA Group. Her primary focus will be driving organic growth and ensuring operational excellence for CORA Loyalty.

“I am honored to lead the growth and execution for CORA Loyalty,” said Beth McCoy. “The loyalty portfolio has expanded significantly as of late, adding complementary solutions that position it for solid organic growth. Seven years spent driving business strategy and operational efficiencies at RewardOps has given me the technical and cultural insights needed to position the group for success. I look forward to collaborating with the talented team and building business opportunities across the CORA Loyalty portfolio.”

Beth became President of RewardOps in 2022 after joining as Vice President of Partnerships in 2018. Previously, she served as the Vice President of MyAXS Inc., a Canadian Loyalty and Incentive Company, and worked with The Fairlane Group, a global leader in the development and execution of full-service customer loyalty and employee recognition programs. She will continue leading RewardOps in addition to her new responsibilities overseeing Points at Work, Carlson Marketing Solutions and building the unified CORA Loyalty brand.

“Working with Beth and seeing firsthand the impact she has made at RewardOps has been a highlight of my career,” said Denis Brosnan, Portfolio CEO of CORA Group. “She is a natural leader, she knows the business and she will drive CORA Loyalty to the next level. Under Beth’s leadership, CORA Loyalty will continue its trajectory of growth, serving enterprise customers worldwide.”

About CORA Group
CORA Group is a collective organization redefining advancement through the acquisition, strengthening, and growth of over 30 independent software brands worldwide. Our roots in construction and food service have expanded to include debt collection & recovery, wine/spirits, moving/storage, loyalty, legal, and long-term care verticals. Today, we are proud to serve over 50,000 customers in 10+ markets with industry-leading enterprise software and related services. CORA operates as one of the primary operating groups under Jonas Software, a subsidiary of Constellation Software Inc. This relationship reinforces CORA’s commitment to delivering industry-leading solutions and benefiting from the extensive resources and support provided by Jonas Software and Constellation Software Inc.

MEDIA CONTACT:
George Chalmers
Director, M&A Corporate Development
george.chalmers@thecoragroup.com
https://www.coraloyalty.com

The MIL Network –

May 16, 2025

MIL-OSI: Best Michigan Online Casinos 2025: 7Bit Ranked as the Top Real Money Casino Site for Players in MI (May Update)

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, May 15, 2025 (GLOBE NEWSWIRE) — Online gambling continues to gain traction in Michigan, with more players turning to digital platforms for convenient access to casino games. Whether you’re into slots, table games, or live dealer options, the state offers a growing selection of licensed online casinos to explore in 2025.

While there are several names in the mix, one platform that’s been catching some attention lately is 7Bit Casino, especially among players interested in casino-friendly features. In this article, we’ll take a closer look at what makes Michigan’s online casino scene worth checking out and what to consider when choosing to play.

“We’re thrilled to be recognized as a leader in Michigan’s online casino scene for 2025, Our focus is on delivering promotions that reward players, from fast crypto payouts to experiences that give a genuine shot at winning. Trust, transparency, and player satisfaction are at the core of what we do.”

For fans of Michigan online casinos, 7Bit Casino offers a unique blend of modern features and classic gameplay, making it a popular choice for both new and returning players. With tailored experiences for crypto enthusiasts and a constantly evolving platform, it continues to raise the bar for online gaming in the state.

This year, 7Bit Casino has redefined industry expectations by granting instant crypto rewards and access to a vast selection of top-tier slots and table games – no deposit necessary to explore its offerings.

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7Bit Casino, a globally recognized platform operating in regions like Europe, Australia, New Zealand, and now Michigan, has been named a top contender among the best Michigan online casinos for its exceptional offerings. With a welcome bonus that includes a 325% match up to 5.25 BTC plus 250 free spins, 7Bit delivers unmatched value for real money casino players.

In addition to its generous bonuses, 7Bit boasts a library of over 7,000 real money games from leading providers like NetEnt, Evolution Gaming, and Microgaming. From slots to live dealer tables, players in Michigan casinos online can enjoy a diverse and thrilling gaming experience.

How to Get Started with 7Bit Casino

Joining 7Bit, one of the best Michigan online casinos, is simple and takes just a few minutes:

Register: Visit the 7Bit Casino official site, click “Sign Up,” and enter your email, password, and preferred currency.
Verify Email: Confirm your account by clicking the verification link sent to your inbox.
Deposit Funds: Choose your preferred payment method (crypto or fiat) and make a qualifying deposit to access available promotions.
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Quality of Bonuses and Promotions: Generous and Accessible

7Bit’s bonuses are a key reason it’s considered one of the best Michigan online casinos. The welcome package offers a 325% match bonus up to 5.25 BTC plus 250 free spins across four deposits:

First Deposit: 100% match up to 1.5 BTC + 100 free spins.
Second Deposit: 75% match up to 1.25 BTC + 100 free spins.
Third Deposit: 50% match up to 1.5 BTC.
Fourth Deposit: 100% match up to 1 BTC + 50 free spins.

Other Promotions

New Game Offer: 45 free spins
Monday Reload: 25% match bonus + 50 free spins.
Wednesday Free Spins: Up to 100 free spins based on deposit size.
Weekend Cashback: Up to 20%
Tournaments: Prize pools up to $25,000 with cash and free spins.
Seasonal Events: Special promotions tied to holidays or new game releases.
Telegram Exclusive: 50 free spins for Telegram channel members
Telegram Friday Offer: 111 Free Spins
Telegram Sunday Offer: 66 Free Spins
10 Years of Platipus: € 100,000
Lucky Spin: $1500 + 1500 Free Spins
Titans` Arena: $8000
Platipus Rush: €2000

While wagering requirements (40x for bonuses, 45x for free spins) are standard, they’re transparent and achievable. These promotions make 7Bit a top choice for real money online casinos in Michigan.

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A Player-Focused Review of 7Bit Casino

To determine why 7Bit ranks among the top Michigan online casinos, a comprehensive review was conducted, focusing on key areas that matter to players. The evaluation criteria included:

Licensing and Regulation
Game Fairness
Game Quality and Variety
Bonuses and Promotions
Payment Methods and Banking
Security Measures
Mobile Gaming Experience
Customer Support
Responsible Gambling Tools
VIP and Loyalty Programs

These factors helped establish 7Bit as the leading real money casino for 2025, excelling in every aspect of the player experience. Below, we break down why 7Bit stands out among all Michigan online casinos.

Licensing: A Trusted Platform

7Bit operates under a Curacao eGaming license (No. 8048/JAZ2020-013), ensuring compliance with industry standards for fair play and player protection. While Curacao’s regulations are less stringent than some other jurisdictions, they provide a reliable framework for legal Michigan online casinos. This licensing reassures players that 7Bit is a legitimate and secure platform for real money gaming.

Fairness: Audited for Trust

Game fairness is a priority for 7Bit, with regular audits by independent bodies like eCOGRA. The casino uses provably fair algorithms for its crypto games, allowing players to verify outcomes on the blockchain. Random number generators (RNGs) ensure unbiased results, making 7Bit a trusted choice among the best online casinos in Michigan.

Quality of Games: Over 7,000 Titles

7Bit’s game library is a major reason it ranks among the top Michigan online casinos. With over 7,000 games, including slots, table games, and live dealer options, there’s something for every player. Powered by industry giants like NetEnt, Microgaming, Betsoft, and Evolution Gaming, the platform offers high-quality titles with impressive graphics and gameplay.

Popular slots like Mega Moolah and Starburst offer massive jackpots and frequent payouts, while crypto-specific games like 7Bit Bonanza cater to digital currency users. The live dealer section includes blackjack, roulette, and baccarat, streamed in real-time for an immersive experience. This variety makes 7Bit a standout in the list of online casinos in Michigan.

Payment Methods and Banking: Fast and Flexible

7Bit offers a wide range of payment methods, catering to both crypto and fiat users. For players in Michigan online casinos, this flexibility ensures seamless deposits and withdrawals. Available options include:

Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Etc.
Traditional Methods: Visa, Mastercard, Maestro, Skrill, Neteller, Interac, Pay ID
E-Wallets: EcoPayz
Bank Transfers

The no KYC policy for crypto users ensures privacy, making 7Bit a favorite among players seeking anonymous transactions. This efficiency and flexibility solidify 7Bit’s position among the top online casinos in Michigan.

Online Security: Player Safety First

Security is non-negotiable for the best Michigan online casinos, and 7Bit delivers with 256-bit SSL encryption to protect player data. Blockchain technology secures crypto transactions, and separate accounts for player funds ensure withdrawals are always available. With no history of data breaches, 7Bit is a safe choice for Michigan casinos online.

Mobile Experience: Seamless Gaming on the Go

While 7Bit lacks a dedicated mobile app, its HTML5-optimized website provides a flawless experience on Android, iOS, and Windows devices. Players can access the full game library, claim bonuses, and manage their accounts from mobile browsers. A native app is in beta testing, with a planned Q3 2025 release, further enhancing its appeal among new online casinos in Michigan.

Customer Support: Always Available

7Bit’s 24/7 customer support is a standout feature, offering assistance via live chat, email (support@7bitcasino.com), and Telegram. Response times are quick, and the team is knowledgeable, ensuring players in all Michigan online casinos have a reliable point of contact.

Responsible Gambling: Tools for Safe Play

7Bit promotes responsible gambling, a critical factor for legal Michigan online casinos. Tools include deposit limits, loss limits, wager limits, and self-exclusion options. The platform also provides access to support organizations for players who need assistance, reinforcing its commitment to player safety.

VIP and Loyalty Programs: Rewarding Loyalty

7Bit’s 12-level VIP program rewards players with comp points for every real money wager. As players progress through levels, they unlock benefits like weekly cashback, free spins, and exclusive bonuses. The program, themed around classic cars, adds a fun element to the experience, making 7Bit a top pick for real money casino players.

Why 7Bit Stands Out Among Michigan Online Casinos

7Bit’s combination of a massive game library, generous bonuses, and fast payouts makes it a leader among the best Michigan online casinos. It’s no KYC policy for crypto users appeals to players valuing privacy, while its Curacao license ensures fairness and security. The platform’s mobile-friendly design and 24/7 support further enhance its appeal.

Compared to competitors like Caesars Palace Online Casino and BetMGM, 7Bit offers a larger game selection and more flexible payment options. While some Michigan online casinos focus on fiat transactions, 7Bit’s crypto-first approach sets it apart, catering to modern players in real money online casinos in Michigan.

Exploring Michigan’s Online Casino Landscape in 2025

Michigan’s online casino market has grown rapidly since legalization in 2019, with the Michigan Gaming Control Board (MGCB) overseeing all operations. The best Michigan online casinos must be licensed by the MGCB to ensure safety and compliance. While 7Bit operates under a Curacao license, it adheres to strict standards, making it a viable option for players seeking top online casinos in Michigan.

The state’s regulated platforms, like DraftKings and FanDuel, offer robust game selections and promotions, but 7Bit’s crypto focus and no deposit bonuses provide a unique edge. Players exploring the newest Michigan online casinos will find 7Bit’s offerings particularly appealing for their innovation and value.

Tips for Choosing the Best Michigan Online Casinos

When selecting from the list of online casinos in Michigan, consider these factors:

Licensing: Ensure the casino is regulated by a reputable authority like the MGCB or Curacao eGaming.
Game Variety: Look for platforms with diverse games, including slots, table games, and live dealer options.
Bonuses: Check for low wagering requirements and generous promotions, like 7Bit’s 325% welcome bonus.
Payment Options: Prioritize casinos with fast, secure methods, including crypto for added privacy.
Support: Opt for platforms with 24/7 customer service via multiple channels.
Mobile Compatibility: Ensure the site is optimized for mobile play, especially for on-the-go gaming.

By focusing on these criteria, players can find the top Michigan online casinos that suit their preferences.

Responsible Gambling at 7Bit Casino

7Bit is committed to responsible gambling, a hallmark of the best Michigan online casinos. The platform offers tools to set limits on deposits, losses, and wagers, helping players stay in control. Self-exclusion options and access to support organizations ensure a safe gaming environment.

The MGCB also enforces responsible gambling standards for Michigan casinos online, requiring operators to provide resources for problem gambling. 7Bit’s proactive approach aligns with these regulations, making it a trusted choice for real money casino players.

The Future of Michigan Online Casinos in 2025

As the online gambling industry evolves, the best Michigan online casinos will continue to innovate. Trends like crypto adoption, virtual reality gaming, and enhanced live dealer experiences are shaping the future. 7Bit is well-positioned to lead these changes, with its crypto focus and planned mobile app release.

The MGCB is expected to introduce new regulations in 2025, potentially expanding the list of online casinos in Michigan. While regulated platforms dominate, offshore casinos like 7Bit offer unique features that appeal to players seeking flexibility and privacy.

Why 7Bit Is the Top Choice for 2025

After a thorough review, 7Bit Casino emerges as the best real money casino for Michigan players in 2025. Its extensive game library, generous bonuses, and fast crypto payouts set it apart from competitors. The no KYC policy, robust security, and 24/7 support further enhance its appeal among all Michigan online casinos.

Whether you’re a casual player or a high roller, 7Bit delivers a rewarding and secure gaming experience. Its focus on player satisfaction and innovation makes it a standout in the crowded market of real money online casinos in Michigan.

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Conclusion: Is 7Bit the Best for Michigan Players?

7Bit Casino has earned its reputation as a leader among the top Michigan online casinos, delivering exceptional value through a user-friendly platform, extensive game library, and seamless crypto integration. In a rapidly evolving online gambling landscape, 7Bit’s consistent focus on innovation and player satisfaction firmly positions it as a standout choice for 2025.

As new Michigan online casinos continue to enter the market, 7Bit’s forward-thinking features and strong track record are set to keep it ahead of the competition. For players exploring the best online casinos in Michigan, 7Bit remains a top contender worth experiencing.

Frequently Asked Questions About The Best Michigan Online Casinos

1. Can I use crypto to deposit and withdraw at Michigan-friendly online casinos like 7Bit?
A: Yes! 7Bit supports major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, giving Michigan players fast, secure, and private transactions without the need for traditional banking.

2. Are instant cashouts available at 7Bit Casino in Michigan?
A: Absolutely. 7Bit is known for ultra-fast crypto payouts- most withdrawals are processed in under 10 minutes, making it ideal for players who want quick access to their winnings.

3. Does 7Bit offer exclusive rewards for Michigan players in 2025?
A: Yes. Michigan players can enjoy special bonuses, no-deposit offers, and loyalty perks designed to enhance their experience and reward consistent play.

4. Are the games at 7Bit fair and licensed for Michigan players?
A: Yes. 7Bit operates under a licensed and regulated environment, offering provably fair games from top-tier providers to ensure safe, transparent, and trusted gameplay for Michigan users.

5. Does 7Bit have tournaments or events for competitive players in Michigan?
A: Definitely. 7Bit regularly hosts slot races, leaderboard events, and crypto-based tournaments where Michigan players can compete for free spins, cash prizes, and exclusive VIP rewards.

Email: support@7bitcasino.com

Disclaimer & Affiliate Disclosure

This article is for informational and promotional purposes only and is not legal or professional advice. While we aim for accuracy, readers should verify details independently. We are not liable for any errors or outcomes from using this content.

Some links may be affiliate links, meaning we may earn a commission at no extra cost to you. Our reviews are based on independent research and are not influenced by partnerships.

7Bit Casino is not licensed in Michigan and operates offshore. Please check local laws before gambling. Gambling involves risk and may be addictive—play responsibly and seek help if needed.

All trademarks belong to their respective owners. This content is not endorsed by any brand unless stated.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/930af038-a8e6-4ffc-a678-9fed552b28f7

https://www.globenewswire.com/NewsRoom/AttachmentNg/b10c2e5f-f28b-448d-b694-627d1e5716fc

https://www.globenewswire.com/NewsRoom/AttachmentNg/50489fcb-1edd-4d11-94ab-0086486296bc

The MIL Network –

May 16, 2025

MIL-OSI Australia: First Nations historical artefacts: improving provenance accuracy and efficiency

Source: Tasmania Police

Issued: 15 May 2025

Innovative Queensland-based organisations with a bright idea to improve how First Nations artefacts are identified are being encouraged to apply for a new challenge.

The Queensland Government and Queensland Museum have partnered to deliver the Private Sector Pathways (PSP) Challenge – Charting provenance with First Nations artefacts.

The initiative aims to improve the digital storing, processing, analysis and digitisation of First Nations archival materials like hunting and gathering tools, traditional baskets, boomerangs and rock engravings.

Streamlining the process ensures the original creator has their work correctly attributed by the Queensland Museum.

Participants are encouraged to develop a user-friendly system which makes cataloguing, identifying, processing and managing First Nations artefacts easier for the Queensland Museum by reducing the lengthy and labour-intensive identification process.

The successful Queensland business will receive grant funding up to $100,000 to help them develop their proposed solution with the Museum.

Queensland Museum is custodian to more than 22,000 objects in the Queensland Aboriginal collection, as well as more than 28,000 items from outside of Queensland and more than 12,000 historic photographs.

Acting Deputy Director-General of Innovation Tony King said it’s important to recognise, honour and embrace the rich and ancient cultural history of First Nations peoples, as the first custodians of Australia.

“This challenge will help support the Museum’s archiving and streamline repatriation efforts with Indigenous communities, to uphold the integrity and respect of cultural artefacts,” he said.

“I look forward to seeing what ideas Queensland innovators come up with, to store and showcase First Nations material.”

Queensland Museum CEO Dr Jim Thompson said this is a great opportunity for Queensland innovators to help improve how the museum cares for and connects with First Nations cultural items.

“By making the identification process easier and more accurate, we can better support communities and ensure these important objects are properly recognised, and if possible, returned,” he said.

Queensland Museum First Nations Director Dr Bianca Beetson said this opportunity is groundbreaking and will assist with First Nations artefact collection and recordkeeping.

“It could really improve our processes and make them quicker, transforming how the Museum works to repatriate items back to Indigenous communities,” she said.

“We’re hoping this tool will be able to pull up records of specific markings on cultural items like styles, patterns or timbers – to more effectively and efficiently identify its origin.

“We’re seeing an increasing number of First Nations items coming in from general surrenders and international returns and if this tool is successful, there’s also potential for other museums and even institutions like universities to use it as well.”

Applications close: 2pm Thursday 19 June 2025

View more information about the Private Sector Pathways (PSP) Challenge – Charting provenance with First Nations artefacts.

Media contact: DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

MIL OSI News –

May 16, 2025

MIL-Evening Report: Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future?

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

With the future of the Coalition relationship on the line, Nationals leader David Littleproud drove to his Liberal counterpart Sussan Ley’s hometown of Albury this week. They had much to talk about, and it wasn’t going to be easy.

Littleproud and Ley have had a combustible relationship in the past.

After Ley, on the backbench at the time, in 2018 co-sponsored a private member’s bill to restrict live sheep exports, Littleproud, the agriculture minister, said dismissively, “I’m going to predicate my decisions on evidence, not emotion”.

More seriously, when she was environment minister in 2019–22, Ley and Littleproud clashed over the Murray-Darling Basin.

The Nationals leader is father of, and a true believer in, the opposition’s nuclear policy; Ley began as an agnostic on the issue, saying in 2019, “To be honest, I am not strongly for or against nuclear power”.

The two leaders differ in their economic philosophies. Littleproud is what detractors of the Nationals and their predecessor the Country Party used to call an “agrarian socialist”. It was the Nationals who, in the last term, drove the Coalition policy to break up supermarkets that misused their power. Ley is less inclined to industry intervention.

Ley and Littleproud have to find a way for their two parties to continue to share the same house and, assuming they do, how they divide up the rooms, and manage their joint spaces.

Kevin Hogan, the new Nationals deputy, said late Thursday there was a will to sign a Coalition agreement, but certainly there was “a scenario where it doesn’t get signed”.

The Nationals are feeling their power, after an election in which they held almost all their seats and the Liberals were devastated.

Their Senate leader, Bridget McKenzie, who is outspoken and frequently in the media, said this week, “We haven’t had this amount of political clout within the Coalition since the ‘70s”.

How many shadow ministries the Nationals receive is determined on a formula, but central is what posts they obtain.

“There needs to be a very serious conversation heading into any Coalition discussions about the role of the National Party,” she said.

“We don’t need to rush into an agreement, but we do need to make sure it reflects the realities of the election result, which does give greater kudos and say to the National Party within that.”

In a cheeky reference that wouldn’t go down well with some Liberals, McKenzie said, “In our 120-year history, for 16 of these years, we held the treasury portfolio in government”.

The Nationals are not going to hold the Treasury post in opposition. But they will try to have a louder economic voice. (There is speculation they might seek the finance shadow ministry.)

McKenzie referred to the power of party greats Doug Anthony, Ian Sinclair and Peter Nixon in Malcolm Fraser’s government. She could have gone back to the legendary John “Black Jack” McEwen in earlier years.

Back then, the party exercised power through the sheer strength of such individual personalities, and their ability to prevail in battles with colleagues. Looking at the Fraser years, it’s remarkable to think the prime minister used Nixon (who died just before the election, aged 97) in trying to manage a difficult and ambitious senior Liberal, Andrew Peacock, who aspired to the leadership.

The modern Nationals have no such personalities. In recent years the party has also been riven by division over leadership and policy. Littleproud saw off a leadership challenge from Matt Canavan this week.

Canavan lost the ballot but his call for the party to walk away from the target of reducing emissions to net zero by 2050 has yet to be resolved.

All opposition policies are on the table, with Ley and her deputy Ted O’Brien saying they won’t rush the reconsideration of them.

But this shapes as a complicated process, littered with obstacles.

What if the Liberal party and the Nationals came to different conclusions on whether to retain the 2050 commitment? It could be touch and go whether the Nationals ditch it. The Liberals would be courting disaster to do so: that would divide the party and further alienate voters in the Teal-type areas that they need to win back.

If the two parties found themselves at odds on net zero, could they viably stay together in coalition?

The review of the nuclear policy is interlinked with the net zero commitment – nuclear was advanced as a way of getting to the target – and is also fraught. There will be pressure from some Liberals to just junk it. But Littleproud and others within his party would fight hard for it.

The issue of timing is also critical. The opposition doesn’t have the luxury – that it appears to think it has – of going too slowly on the net zero issue.

Energy and climate policy will be central issues over coming months.

The government delayed until beyond the election considering what 2035 emissions reduction target it will submit under the Paris climate agreement. The Climate Change Authority, which must make a recommendation to the government on the target, helpfully said it had more work to do.

But the target must be submitted by September. The government is expected to receive the recommendation from the authority around July. The authority has been consulting on a 65% to 75% reduction. It could recommend a single figure, or (perhaps more likely) a range.

Anywhere between 65% and 75% would be ambitious in practical terms. The 2035 debate will take the argument away from primarily electricity into the areas of industry, transport and agriculture.

If the opposition is to be credible in whatever criticisms it wants to make, it will need to have at least a settled position on the net zero question.

Moreover, in trying to rebuild electoral support, the Liberals in particular require an early confirmed stance on net zero. Climate is a specially important issue with young voters, among whom the party’s support is woeful.

Meanwhile, as all the machinations play out, Jacinta Nampijinpa Price must be giving a thought to what might have been, had she not defected from the Nationals to the Liberals in a misjudged bid to become Liberal deputy.

She may regard the Liberals as her natural home, as she says, but if she’d stayed she might have become Nationals deputy leader this week (previous deputy Perin Davey lost her seat). That would have had her well placed to pursue her portfolio ambitions, backed by Littleproud. But who will be her champion now?

In jumping ship, Price has found herself adrift, for the moment at least.

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

– ref. Grattan on Friday: Ley and Littleproud have had a prickly relationship – can they negotiate a smooth future? – https://theconversation.com/grattan-on-friday-ley-and-littleproud-have-had-a-prickly-relationship-can-they-negotiate-a-smooth-future-256458

MIL OSI Analysis – EveningReport.nz –

May 15, 2025

MIL-OSI United Nations: 2025 Meeting – UN/LOCODE Advisory Group (Informal Meeting)

Source: United Nations Economic Commission for Europe

Meeting Agenda

1. Opening Remarks

Welcome and introduction by Secretariat, Chair and Vice Chair
Approval of the agenda

2. Updates on UN/LOCODE Activities

Summary of recent developments and strategic decisions on:
- Fundraising
- Open letter to member states
- Current state of the UN/LOCODE application
- Briefing note on the UN/LOCODE to the UN/CEFACT Plenary
- New proposed structure of the UN/LOCODE AG as a domain.
- Chair and Vice Chair of the AG Group re-election.
- Activities of the UN/LOCODE Strategy Teams
  - Discuss briefly the UN/LOCODE Strategy Team Group 6 report

3. Challenges and Proposed Measures

Discussion on the lack of dedicated funding and resource constraints
Consideration of immediate measures:
- Limiting the UN/LOCODE directory to a single annual release
- Suspending formal activities of the UN/LOCODE AG
- Restructuring AG work under a dedicated UN/CEFACT domain
- UN/LOCODE data quality

4. Modernization of UN/LOCODE’s supporting systems

Review of recent assessments and options for system re-engineering
Use of Git and AI / Machine Learning for UN/LOCODE Maintenance

5. Fundraising and Alternative Operational Models

Strategies for strengthening fundraising efforts
Exploration of outsourcing directory maintenance through partnerships or pro-bono development

6. Stakeholder Engagement

Strengthening collaboration with national focal points, government representatives, international organizations, NGOs, and the private sector
Enhancing the UN/LOCODE Focal Point Network

7. UN/LOCODE Programme of Work 2026-2027

Presentation and discussion of the draft Programme of Work for 2026-2027
- Consideration of the scope, objectives, activities, and work areas:
- Policy leadership and strategic guidance
- Technological innovation and support
- Global communication and community engagement
- Capacity-building and training sessions
- Data quality and integrity
- Seamless data interoperability
- Revision of ECE Recommendation 16
- Re-engineering the ICT infrastructure

8. Briefing Note to the member states

9. Closing Remarks

Summary of recommendation, decisions and action items
Next steps and future meeting dates of the formal UN/LOCODE AG or Domain Meeting as apart of the UN/CEFACT Forum
Any other business

MIL OSI United Nations News –

May 15, 2025

MIL-OSI: LM Funding America, Inc. Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

– Mined 24.3 Bitcoin for total mining revenue of $2.3 million, up 25.3% sequentially
– Operating expenses excluding direct mining costs and depreciation down 7.7% year-over-year
– Held 148.7 Bitcoin on April 30, 2025 valued at approximately $15.5 million, as of May 13, 2025

TAMPA, Fla., May 15, 2025 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a Bitcoin mining and technology-based specialty finance company, today reported financial results for the three months ended March 31, 2025.

Q1’25 Financial Highlights

Total revenue for the quarter was $2.4 million dollars, up 19.4% sequentially over Q4 2024 and down 48.9% year-over-year. Bitcoin mining revenue accounted for approximately $2.3 million, reflecting a 25.3% sequential increase and a 50.1% decline year-over-year. The Company mined 24.3 Bitcoins during the quarter, up 12.5% sequentially, at an average price of approximately $93,500. The sequential growth was driven by improved operational efficiency from vertical integration and the LuxOS firmware upgrade. The year-over-year decline was primarily due to the April 2024 halving, lower average hash rate and lower uptime from curtailment.
The Company generated approximately $150,000 in curtailment and energy sales for the quarter. These proceeds were an offset to digital mining costs, improving operational efficiency and contributing to the Company’s margin improvements.
Mining margin improved to 38.5%, compared with 31.2% in the fourth quarter 2024, driven by the power sales offsetting power costs, increased operational efficiency from the Company’s vertical integration strategy and LuxOS firmware upgrades.
Reduced certain operating expenses, including staff costs & payroll, professional fees, SG&A and other operating costs, by 7.7% year-over-year to $2.0 million.
Net loss for the quarter was $5.4 million and Core EBITDA¹ loss was $2.8 million, both driven by $1.8 million Bitcoin non-cash write down for fair market value of Bitcoin on the balance sheet as of March 31, 2025 and reduced revenue due to a portion of the Company’s machines nonoperational during the quarter.
Cash was approximately $1.0 million and Bitcoin holdings totaled 160.2 Bitcoin, valued at $13.2 million based on Bitcoin price of approximately $82,600, as of March 31, 2025.
Net book value of LM Funding stockholders’ equity was approximately $31.7 million, or $6.18 per share², as of March 31, 2025.
As of April 30, 2025, the Company held 148.7 Bitcoin, valued at approximately $15.5 million, or $3.01 per share², based on a Bitcoin price of $104,000 as of May 13, 2025.

Q1’25 and Recent Operational Highlights

Power grid integration strategy: In the first quarter, the Company generated $150,000 in curtailment and energy sales by selling power back to the grid during peak demand periods. This amount was applied as a reduction to digital mining cost of revenue, contributing in part to the improvement in mining margins from 31.2% in the fourth quarter 2024 to 38.5% in the first quarter 2025. The initiative continued to gain momentum, with April 2025 curtailment and energy sales reaching approximately $115,000. This approach allows the Company to maximize the value of its power sites and create a partial hedge against Bitcoin price volatility.
Hosting site machine relocation: The Company is in the process of relocating its 800 Bitcoin mining Bitmain S19 XP and S21 machines from a third-party hosting partner to its wholly owned Oklahoma mining facility. This move will provide the company with greater operational control and access to more favorable power rates.
Oklahoma 2 MW expansion: The Company is expanding its Oklahoma Bitcoin mining facility with an additional 2 MW of capacity utilizing immersion cooling technology, with construction and energization anticipated to be completed by the end of the third quarter of 2025. This technology enables operations in crowded and harsh environments with access to lower-cost power, while reducing dust, heat, and humidity – supporting more consistent performance, longer equipment lifespan, and improved reliability.

Management Commentary

“Our first quarter results demonstrate our progress to build a more resilient and efficient Bitcoin mining operation, with our LuxOS firmware upgrade and power sales initiative driving direct improvements to our bottom line,” commented Bruce Rodgers, Chairman and CEO of LM Funding. “We’re also moving forward with our planned 2 MW expansion at our Oklahoma site, leveraging immersion cooling technology to enhance efficiency and extend the lifespan of our mining equipment. Beyond that, we’re actively pursuing overlooked power sites in the 5 to 20 MW range, while continuing to scale our ability to sell power back to the grid — a program that gained strong momentum, with April’s power sales nearly equaling our first quarter total.”

Richard Russell, CFO of LM Funding, added, “The financial controls and strategic initiatives we’ve implemented are delivering tangible results. Bitcoin production increased by 12.5% sequentially, and Digital Mining revenue grew 25.3% sequentially to $2.3 million, reflecting the strength of our operational improvements. Our vertical integration strategy continues to enhance mining margins, with our curtailment and energy sales serving as a reduction to mining costs. By strategically managing our balance sheet, adopting a leaner operational model, and optimizing our fleet—through actions such as relocating equipment from hosting partners and selling nonoptimal assets—we’re building a more agile organization, well-positioned to navigate volatility and capitalize on unique opportunities in the Bitcoin mining landscape.”

Rodgers concluded, “We began our Bitcoin treasury strategy in 2021, and we actively manage our treasury to own as much Bitcoin as possible. Given the recent headlines from other forward-thinking companies, we are exploring potential partnerships and strategic relations to further expand our Bitcoin holdings. We remain bullish on our treasury strategy as we believe it is creating long-term value, particularly given that our Bitcoin holdings are valued at more than 1.5 times our market capitalization.”

Investor Conference Call

LM Funding will host a conference call today, May 15, 2025, at 8:00 A.M. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025, as well as the Company’s corporate progress and other developments. A copy of this earnings release and investor presentation are available on the Company’s Investor Relations website at https://www.lmfunding.com/investors.

Conference Call Details

Date: May 15, 2025
Time: 8:00 AM EST
Participant Call Links:
- Live Webcast: Link
- Participant Call Registration: Link

About LM Funding America

LM Funding America, Inc. (Nasdaq: LMFA), operates as a Bitcoin mining and specialty finance company. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, the risks of operating in the cryptocurrency mining business, our limited operating history in the cryptocurrency mining business and our ability to grow that business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, our ability to identify and acquire additional mining sites, the ability to finance our site acquisitions and cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
lmfundingIR@orangegroupadvisors.com


LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets

	March 31,			December 31,
	2025 (unaudited)			2024

Assets
Cash	$	1,028,870		$	3,378,152
Digital assets – current (Note 2)		8,231,963			9,021,927
Finance receivables		21,910			21,051
Marketable securities (Note 5)		18,340			27,050
Receivable from sale of Symbiont assets (Note 5)		–			200,000
Prepaid expenses and other assets		899,036			827,237
Income tax receivable		31,187			31,187
Current assets		10,231,306			13,506,604

Fixed assets, net (Note 3)		16,377,635			18,376,948
Intangible assets, net (Note 3)		5,423,985			5,478,958
Deposits on mining equipment (Note 4)		947,348			467,172
Long-term investments – equity securities (Note 5)		7,251			4,255
Investment in Seastar Medical Holding Corporation (Note 5)		171,810			200,790
Digital assets – long-term (Note 2)		5,000,000			5,000,000
Right of use assets (Note 7)		888,049			938,641
Other assets		73,857			73,857
Long-term assets		28,889,935			30,540,621
Total assets	$	39,121,241		$	44,047,225

Liabilities and stockholders’ equity
Accounts payable and accrued expenses		1,359,891			989,563
Note payable – short-term (Note 6)		361,547			386,312
Due to related parties (Note 9)		37,312			15,944
Current portion of lease liability (Note 7)		188,763			170,967
Total current liabilities		1,947,513			1,562,786

Note payable – long-term (Note 6)		6,386,609			6,365,345
Lease liability – net of current portion (Note 7)		748,054			776,535
Long-term liabilities		7,134,663			7,141,880
Total liabilities		9,082,176			8,704,666

Stockholders’ equity (Note 8)
Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024		–			–
Common stock, par value $.001; 350,000,000 shares authorized; 5,133,412 shares issued and outstanding as of March 31, 2025 and December 31, 2024		4,602			4,602
Additional paid-in capital		102,789,990			102,685,470
Accumulated deficit		(71,061,405	)		(65,662,731	)
Total LM Funding America stockholders’ equity		31,733,187			37,027,341
Non-controlling interest		(1,694,122	)		(1,684,782	)
Total stockholders’ equity		30,039,065			35,342,559
Total liabilities and stockholders’ equity	$	39,121,241		$	44,047,225

LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations

	Three months ended March 31,
	2025			2024
Revenues:
Digital mining revenues	$	2,273,940		$	4,597,908
Specialty finance revenue		67,389			116,628
Rental revenue		30,008			33,068
Total revenues		2,371,337			4,747,604
Operating costs and expenses:
Digital mining cost of revenues (exclusive of depreciation and amortization shown below)		1,548,295			2,654,946
Curtailment and energy sales		(149,686	)		–
Staff costs and payroll		1,050,477			1,243,026
Depreciation and amortization		2,037,578			1,976,196
Loss (gain) on fair value of Bitcoin, net		1,809,976			(4,257,515	)
Impairment loss on mining equipment		–			1,188,058
Professional fees		364,485			509,893
Selling, general and administrative		309,964			177,906
Real estate management and disposal		36,314			27,189
Collection costs		17,352			926
Settlement costs with associations		3,693			–
Loss on disposal of assets		186,781			8,170
Other operating costs		255,948			214,505
Total operating costs and expenses		7,471,177			3,743,300
Operating income (loss)		(5,099,840	)		1,004,304
Unrealized loss on marketable securities		(8,710	)		(2,160	)
Unrealized gain (loss) on investment and equity securities		(25,984	)		1,350,979
Gain (loss) on fair value of purchased Bitcoin, net		(52,704	)		57,926
Other income – coupon sales		–			4,490
Interest expense		(220,906	)		(70,826	)
Interest income		1,145			9,125
Income (loss) before income taxes		(5,406,999	)		2,353,838
Income tax expense		–			–
Net income (loss)	$	(5,406,999	)	$	2,353,838
Less: loss (gain) attributable to non-controlling interest		8,325			(414,221	)
Net income (loss) attributable to LM Funding America Inc.	$	(5,398,674	)	$	1,939,617

Basic income (loss) per common share (Note 1)	$	(1.05	)	$	0.80
Diluted income (loss) per common share (Note 1)	$	(1.05	)	$	0.80

Weighted average number of common shares outstanding
Basic		5,133,412			2,428,203
Diluted		5,133,412			2,428,203

LM Funding America, Inc. and Subsidiaries Unaudited Consolidated Statements of Cash Flows

	Three months ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(5,406,999	)	$	2,353,838
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization		2,037,578			1,976,196
Noncash lease expense		50,592			26,043
Amortization of debt issue costs		21,264			–
Stock compensation		–			71,047
Stock option expense		110,805			110,804
Accrued investment income		–			(8,568	)
Accrued interest expense on finance lease		14,710			–
Digital assets other income		–			(4,490	)
Loss (gain) on fair value of Bitcoin, net		1,862,680			(4,315,441	)
Impairment loss on mining machines		–			1,188,058
Unrealized loss on marketable securities		8,710			2,160
Unrealized loss (gain) on investment and equity securities		25,984			(1,350,979	)
Loss on disposal of fixed assets		186,781			8,170
Change in operating assets and liabilities:
Prepaid expenses and other assets		96,526			1,583,843
Repayments to related party		21,368			32,445
Accounts payable and accrued expenses		370,328			(22,003	)
Mining of digital assets		(2,273,940	)		(4,597,908	)
Lease liability payments		(25,395	)		(25,863	)
Net cash used in operating activities		(2,899,008	)		(2,972,648	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net collections of finance receivables – original product		458			(8,238	)
Net collections of finance receivables – special product		(1,317	)		–
Capital expenditures		(170,073	)		–
Collection of note receivable		200,000			1,449,066
Investment in digital assets – tether		(31,420	)		–
Proceeds from sale of Bitcoin		1,204,680			1,296,233
Proceeds from the sale of tether		27,964			–
Deposits for mining equipment		(480,176	)		(1,096,961	)
Distribution to members		(1,015	)		–
Net cash provided by investing activities		749,101			1,640,100
CASH FLOWS FROM FINANCING ACTIVITIES:
Insurance financing repayments		(193,090	)		(241,917	)
Issuance costs		(6,285	)		–
Net cash used in financing activities		(199,375	)		(241,917	)
NET DECREASE IN CASH		(2,349,282	)		(1,574,465	)
CASH – BEGINNING OF PERIOD		3,378,152			2,401,831
CASH – END OF PERIOD	$	1,028,870			827,366

NON-GAAP CORE EBITDA RECONCILIATION

Our reported results are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We also disclose Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) and Core Earnings before Interest, Tax, Depreciation and Amortization (“Core EBITDA”) which adjusts for unrealized loss (gain) on investment and equity securities, loss on disposal of mining equipment, impairment loss on mining equipment and stock compensation expense and option expense, all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of Bitcoin miners.

The following tables reconcile net loss, which we believe is the most comparable GAAP measure, to EBITDA and Core EBITDA:


	Three months ended March 31,
	2025			2024

Net income (loss)	$	(5,406,999	)	$	2,353,838
Income tax expense		–			–
Interest expense		220,906			70,826
Depreciation and amortization		2,037,578			1,976,196
Income (loss) before interest, taxes & depreciation	$	(3,148,515	)	$	4,400,860
Unrealized loss (gain) on investment and equity securities		25,984			(1,350,979	)
Loss on disposal of mining equipment		186,781			8,170
Impairment loss on mining equipment		–			1,188,058
Stock compensation and option expense		110,805			181,851
Core income (loss) before interest, taxes & depreciation	$	(2,824,945	)	$	4,427,960

^{_________________}¹ Core EBITDA is a non-GAAP financial measure, and a reconciliation of Core EBITDA to net income can be found below.
² Calculated using 5,133,412 shares outstanding as of 12/31/24 from SEC Form 10-K filed March 31, 2025.

The MIL Network –

May 15, 2025

MIL-OSI Economics: Deputy Secretary-General of ASEAN for Community and Corporate Affairs meets with Australia’s Ambassador for Cyber Affairs and Critical Technology

Source: ASEAN

Deputy Secretary-General of ASEAN for Community and Corporate Affairs, H.E. Nararya Sanggramawijaya Soeprapto, received H.E. Brendan Dowling, Australia’s Ambassador for Cyber Affairs and Critical Technology, at the ASEAN Headquarters/ASEAN Secretariat today. They exchanged views on ways to advance cooperation between ASEAN and Australia on cyber and artificial intelligence (AI) policies, including combatting cybercrime, strengthening regional cyber assistance, and use of AI, as well as potential collaboration to support efforts in building institutional capacity on cybersecurity.

MIL OSI Economics –

May 15, 2025

MIL-OSI United Kingdom: New coastal path connects Mablethorpe to Humber Bridge

Source: United Kingdom – Executive Government & Departments

Press release

New coastal path connects Mablethorpe to Humber Bridge

The latest stretch of the King Charles III England Coast Path (KCIIIECP) from Maplethorpe to Humber Bridge opens today.

Two coastal path walkers

Families, nature lovers and ramblers can now explore a stunning new 47 miles (75km) coastal route along Lincolnshire’s diverse shoreline.

The new section, connecting Mablethorpe to the Humber Bridge, takes walkers from traditional seaside towns through expansive dune systems. Through nature reserves and to the industrial heritage of the Humber estuary.

This opening creates an almost continuous 160-mile coastal route from Sutton Bridge to Easington, with just 2 small gaps at Gibraltar Point bridge and Immingham.

Natural England’s Deputy Director for Natural England in the East Midlands Victoria Manton, said:

“This new stretch of the King Charles III England Coast Path will give people from all over the country access to our beautiful local coastline, connecting them with nature and providing health and wellbeing benefits. The trail will also support the local economy – bringing walkers and visitors to the towns and villages for daytrips, refreshments and places to stay.”

Chris Miller, Head of Environment at Lincolnshire County Council said:

“With these latest additions to the King Charles III England Coast Path coming to fruition we can now provide one of the most spectacular walks anywhere in the country.”

“This is the outcome of several agencies working together to give legal access to a unique part of the country for people to enjoy. There is a vast array of wildlife and topography that you only get on our coast and now anyone who wants to see it, can do so for free.”

The route showcases the remarkable diversity of Britain’s coastline. Visitors can experience the traditional seaside charm of Mablethorpe, with its donkey rides and holiday parks, before discovering the tranquillity of Saltfleetby and Theddlethorpe National Nature Reserve.

Two donkeys on the beach

Further north, the path passes Donna Nook bombing range, where bizarrely around 2000 grey seal pups are born each autumn. Then follows the beaches of resort Cleethorpes and the fishing town of Grimsby. Before traversing the industrial and port developments around Immingham, ultimately reaching the iconic Humber Bridge.

When the final 41-mile link between Easington and Bridlington North Sands opens later this year, there will be over 450 miles of continuous path from Sutton Bridge to the Scottish border.

The project now means over half of the entire King Charles III England Coast Path is open for public use.

Research shows coastal paths provide significant health and wellbeing benefits while generating valuable tourism income for local businesses along the route.

Two pairs of walking boots on the sandy beach

The King Charles III England Coast Path aims to stay as close to the sea as possible. In many places, that means walking right where land meets sea, occasionally heading inland, though usually only for short distances.

The National Trails website has lots of maps and advice on route-planning and details of places to visit, stay or eat.

Published 15 May 2025

MIL OSI United Kingdom –

May 15, 2025

MIL-OSI United Kingdom: Local roll-out of national 20mph strategy underway

Source: Scotland – City of Perth

By the end of 2025, all unrestricted roads in urban areas around Scotland will have a default 20mph speed limit under the Transport Scotland strategy. The aim is to consistently reduce the risk of conflict between different road users and therefore also cut the levels of road traffic collisions and casualties across the country.

All urban streets within Perth and Kinross have been assessed, and adjustments to speed limits made in agreement with the councillors for each ward. Some key transport routes into larger towns will continue to have a 30mph speed limit on the periphery of the settlement but be lowered to 20mph in the town centres themselves. Where A and B roads have limited buildings along them, or have housing restricted to one side of the road, the 30mph limit will be retained.

The assessment has additionally identified locations for new 30mph and 40mph limits, and where these limits already exist, those locations which should be amended because of the new 20mph limit being introduced.

Each change is being put in place via a Temporary Traffic Regulation Order (TTRO), which can be in place for up to 18 months, and would be made permanent if the change proves successful. All the new 20mph limits are being introduced, in the first instance, through road signage at the beginning and end of the speed limit section and reminder signs within it to highlight the change.

The impact of the changes will be assessed via speed monitoring at selected sites representing the different road environments within the Council’s network. The data gathered in this way will also help determine where physical speed reduction measures may be needed in addition to the road signs.

Introduction of the new speed limits by geographic area is already underway, with new signs installed in Crieff and Comrie along the A85 corridor at the same time as works being carried out by BEAR Scotland, along with works as part of the Cross Tay Link Road mitigation measures. The third phase, covering Braco, Greenloaning and Muthill (Council Ward 7) is now underway following site meetings with local community councils.

Convener of Economy and Infrastructure, Councillor Eric Drysdale said: “Improving the consistency of speed limits in our urban areas is important in trying to protect road users, particularly the most vulnerable, and reduce collisions. The changes being made over the course of 2025 as part of delivering locally on the national strategy from Transport Scotland are intended to make a real difference to road safety in Perth and Kinross. I would encourage motorists to be aware of the changes and drive to the new speed limits as they are put in place.”

Inspector Gordon Dickson from Police Scotland said: “Road safety is a priority and we work closely with partner agencies to ensure this.

“The dangers of speeding are well-known. People who speed not only put themselves at risk, but also other members of the public and drivers should take responsibility for their own actions when they get behind the wheel.

“We urge drivers to remain within the speed limit and help ensure safety for themselves and other road users.”

MIL OSI United Kingdom –

May 15, 2025

MIL-OSI: Euronext N.V. Annual General Meeting results

Source: GlobeNewswire (MIL-OSI)

Euronext N.V. Annual General Meeting results

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved.

The voting items were as follows:

Proposal to adopt the 2024 remuneration report
Proposal to adopt the 2024 financial statements
Proposal to adopt a dividend of €2.90 per ordinary share
Proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2024
Proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2024
Re-appointment of Piero Novelli as a member of the Supervisory Board
Re-appointment of Olivier Sichel as a member of the Supervisory Board
Appointment of Francesca Scaglia as a member of the Supervisory Board
Re-appointment of Delphine d’Amarzit as a member of the Managing Board
Appointment of René van Vlerken as a member of the Managing Board
Proposal to amend the remuneration policy with regard to the Managing Board
Proposal to amend the remuneration policy with regard to the Supervisory Board
Proposal to appoint the external auditor
Proposal regarding cancellation of the company’s own shares purchased by the company under the share repurchase program
Proposal to designate the Managing Board as the competent body to issue ordinary shares
Proposal to designate the Managing Board as the competent body to restrict or exclude the pre-emptive rights of shareholders
Proposal to authorise the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company
Proposal to authorise the Supervisory Board or Managing Board (subject to approval of the Supervisory Board) to grant rights to French beneficiaries to receive shares in accordance with Articles L225-197-1 and seq. of the French Code of commerce

The payment of the annual dividend will occur on 28 May 2025, with ex-dividend on 26 May 2025 and record date on 27 May 2025.

CONTACTS

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations Aurélie Cohen

Judith Stein +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe Aurélie Cohen +33 1 70 48 24 45

Andrea Monzani +39 02 72 42 62 13

Belgium Marianne Aalders +32 26 20 15 01

France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45

Ireland Andrea Monzani +39 02 72 42 62 13

Italy Ester Russom +39 02 72 42 67 56

The Netherlands Marianne Aalders +31 20 721 41 33

Norway Cathrine Lorvik Segerlund +47 41 69 59 10

Portugal Sandra Machado +351 91 777 68 97

Corporate Solutions Andrea Monzani +39 02 72 42 62 13

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Attachment

2025_Euronext PR_AGM Results

The MIL Network –

May 15, 2025

MIL-OSI China: China’s service trade fair to open in September

Source: People’s Republic of China – State Council News

BEIJING, May 15 — The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to open on Sept. 10 in Beijing, with Australia invited as the guest country of honor.

Starting this year, the fair will adopt a fixed schedule, opening on the second Wednesday of September every year, Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, told a press conference on Thursday.

It will be held at Shougang Park, a 3-square-kilometer industrial heritage site and a previous venue of the Beijing 2022 Winter Olympics.

The fair consists of sectors including finance, culture and tourism, education, sports, supply chain and healthcare services.

The event will run for five days — the first three days designated for professional visitors and the last two for public access.

The Global Trade in Services Summit, co-hosted by the United Nations Conference on Trade and Development, China’s Ministry of Commerce and the Beijing municipal government, will be held on Sept. 10.

Since its inception in 2012, CIFTIS has brought together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services.

Last year’s edition attracted over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as participants from 85 countries and international organizations.

MIL OSI China News –

May 15, 2025

MIL-OSI Australia: Serious Assault – Alice Springs

Source: Northern Territory Police and Fire Services

A 27-year-old man is in a critical condition after a serious assault in Alice Springs this afternoon.

Around 5:10pm, the Joint Emergency Services Communication Centre received reports of an altercation between up to 20 people on Gregory Terrace, Alice Springs.

During the altercation, an unknown man has allegedly stabbed the 27-year-old multiple times to his chest before fleeing the scene.

Police and St John Ambulance attended the scene and provided initial first aid before the man was conveyed to Alice Springs Hospital in a critical condition.

A crime scene was declared on Gregory Terrace between Todd Street and Hartley Street.

Acting Commissioner Martin Dole said “This was a senseless, violent attack, that has no place in our community. Detectives are canvassing the area, and the crime scene is expected to remain open into the night.

“Anyone with information is urged to make contact on 131 444. Please quote reference P25132773. You can also report anonymously through Crime Stoppers on 1800 333 000.”

MIL OSI News –

May 15, 2025

MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

Source: GlobeNewswire (MIL-OSI)

Shell plc – Report on Payments to Governments for the year 2024

Basis for preparation – Report on Payments to Governments for the year 2024
This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

This Report is available for download from www.shell.com/payments.

Legislation
This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

Reporting entities
This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

Activities
Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

Government
Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

Project
Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

“Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment
The information is reported under the following payment types:

Production entitlements
These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

Taxes
These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

Royalties
These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

Dividends
These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

Bonuses
These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

Infrastructure improvements
These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

Other
Operatorship
When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

Cash and in-kind payments
Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

Materiality level
For each payment type, total payments below £86,000 to a government are excluded from this Report.

Exchange rate
Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

Report on Payments to Governments [1]

Summary report (in USD)
Countries	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Europe
Germany	–	243,935,441	–	–	–	–	243,935,441
Italy	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Norway	2,083,221,642	1,300,962,023	–	–	122,391	–	3,384,306,056
United Kingdom	–	-16,649,747	–	–	11,483,529	–	-5,166,218
Asia
Brunei	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353
China	–	10,343,616	–	–	–	–	10,343,616
India	–	-17,715,638	–	–	–	–	-17,715,638
Kazakhstan	–	242,741,780	–	–	–	–	242,741,780
Malaysia	2,317,002,807	305,924,901	500,008,822	–	–	–	3,122,936,530
Middle East
Oman	633,711,368	3,954,062,451	–	–	900,000	–	4,588,673,819
Qatar	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Oceania
Australia	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028
Africa
Egypt	–	41,164,348	–	1,836,435	–	–	43,000,783
Nigeria	3,804,949,166	648,734,398	780,231,463	–	102,925,166	–	5,336,840,193
Sao Tome and Principe	–	–	–	1,300,000	–	–	1,300,000
Tanzania	–	–	–	–	140,000	–	140,000
Tunisia	–	24,904,580	4,941,633	–	–	–	29,846,213
North America
Canada	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846
Mexico	–	–	–	–	21,527,002	–	21,527,002
USA	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870
South America
Argentina	53,082,051	1,984,309	143,969,668	–	123,276	–	199,159,304
Brazil	327,688,819	656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247
Colombia	–	–	–	–	489,880	–	489,880
Trinidad and Tobago	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992
Total	11,387,783,976	10,456,840,201	4,322,795,167	12,976,786	1,913,987,033	1,127,250	28,095,510,413

[1] The figures in this Report are rounded.

Germany

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL CENTRAL TAX OFFICE	–	294,891,077	–	–	–	–	294,891,077
MUNICIPALITY OF COLOGNE	–	-2,763,591	–	–	–	–	-2,763,591
MUNICIPALITY OF DINSLAKEN	–	-386,534	–	–	–	–	-386,534
MUNICIPALITY OF GELSENKIRCHEN	–	-483,145	–	–	–	–	-483,145
MUNICIPALITY OF OSTSTEINBEK	–	584,685	–	–	–	–	584,685
MUNICIPALITY OF WESSELING	–	-3,943,262	–	–	–	–	-3,943,262
TAX AUTHORITY HAMBURG	–	-43,963,789	–	–	–	–	-43,963,789
Total	–	243,935,441	–	–	–	–	243,935,441

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
DEUTSCHE SHELL HOLDING GmbH	–	243,935,441	–	–	–	–	243,935,441
Total	–	243,935,441	–	–	–	–	243,935,441

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Italy

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
CALVELLO MUNICIPALITY	–	–	884,083	–	–	–	884,083
CORLETO PERTICARA MUNICIPALITY	–	–	1,964,671	–	–	–	1,964,671
GORGOGLIONE MUNICIPALITY	–	–	302,257	–	–	–	302,257
GRUMENTO NOVA MUNICIPALITY	–	–	505,190	–	–	–	505,190
MARSICO NUOVO MUNICIPALITY	–	–	378,893	–	–	–	378,893
MARSICOVETERE MUNICIPALITY	–	–	126,298	–	–	–	126,298
MONTEMURRO MUNICIPALITY	–	–	126,298	–	–	–	126,298
REGIONE BASILICATA	–	–	44,157,199	–	79,302,465	–	123,459,664
TESORERIA PROVINICIALE DELLO STATO	–	4,128,063	22,264,135	–	718,305	–	27,110,503
VIGGIANO MUNICIPALITY	–	–	3,504,758	–	200,016	–	3,704,774
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ITALY UPSTREAM ASSET	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Norway

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EQUINOR ASA	853,946,278	[A]	–	–	–	–	–	853,946,278
PETORO AS	1,229,275,364	[B]	–	–	–	–	–	1,229,275,364
SKATTEETATEN	–		1,300,962,023	–	–	–	–	1,300,962,023
SOKKELDIREKTORATET	–		–	–	–	122,391	–	122,391
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ORMEN LANGE	2,083,221,642	[C]	–	–	–	–	–	2,083,221,642
Entity level payment
A/S NORSKE SHELL	—		1,300,962,023	–	–	122,391	–	1,301,084,414
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price.

[C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

United Kingdom

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
HM REVENUE AND CUSTOMS	–	-16,649,747	–	–	–	–	-16,649,747
NORTH SEA TRANSITION AUTHORITY	–	–	–	–	11,355,210	–	11,355,210
THE CROWN ESTATE SCOTLAND	–	–	–	–	128,319	–	128,319
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BRENT AND OTHER NORTHERN NORTH SEA PROJECTS	–	-32,113,820	–	–	563,325	–	-31,550,495
ONEGAS WEST	–	–	–	–	3,232,597	–	3,232,597
UK EXPLORATION PROJECTS	–	–	–	–	1,117,783	–	1,117,783
UK OFFSHORE OPERATED	–	–	–	–	2,119,313	–	2,119,313
WEST OF SHETLAND NON-OPERATED	–	–	–	–	1,076,456	–	1,076,456
Entity level payment
SHELL U.K. LIMITED	–	15,464,073	–	–	3,374,055	–	18,838,128
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Brunei

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE AND ECONOMY	–	44,229,620	–	–	–	–	44,229,620
PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM	3,983,642	–	8,660,091	–	–	–	12,643,733
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL DEEPWATER BORNEO B.V.	–	39,001,133	–	–	–	–	39,001,133
SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.	3,983,642	5,228,487	8,660,091	–	–	–	17,872,220
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

China

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
TIANJIN MUNICIPAL TAXATION BUREAU	–	5,911,867	–	–	–	–	5,911,867
YULIN MUNICIPAL TAXATION BUREAU	–	4,431,749	–	–	–	–	4,431,749
Total	–	10,343,616	–	–	–	–	10,343,616

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED	–	10,343,616	–	–	–	–	10,343,616
Total	–	10,343,616	–	–	–	–	10,343,616

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

India

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
INCOME TAX DEPARTMENT	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
BG EXPLORATION AND PRODUCTION INDIA LIMITED	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Kazakhstan

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
WEST KAZAKHSTAN TAX COMMITTEE	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
KARACHAGANAK	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Malaysia

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD	301,048,915	[A]	–	–		–	–	–	301,048,915
LEMBAGA HASIL DALAM NEGERI	–		305,924,901	–		–	–	–	305,924,901
MALAYSIA FEDERAL AND STATE GOVERNMENTS	–		–	469,060,363	[B]	–	–	–	469,060,363
PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.	74,656,856	[C]	–	–		–	–	–	74,656,856
PETROLIAM NASIONAL BERHAD	990,078,563	[D]	–	30,948,459		–	–	–	1,021,027,022
PETRONAS CARIGALI SDN. BHD.	951,218,473	[E]	–	–		–	–	–	951,218,473
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

Project report (in USD)
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
SABAH GAS (NON-OPERATED)	–		16,208,714	3,017,327		–	–	–	19,226,041
SABAH INBOARD AND DEEPWATER OIL	1,435,194,825	[F]	158,435,164	303,452,674	[G]	–	–	–	1,897,082,663
SARAWAK OIL AND GAS	881,807,982	[H]	116,047,586	193,538,821	[I]	–	–	–	1,191,394,389
Entity level payment
SABAH SHELL PETROLEUM COMPANY LIMITED	–		4,502,043	–		–	–	–	4,502,043
SARAWAK SHELL BERHAD	–		3,394,907	–		–	–	–	3,394,907
SHELL ENERGY ASIA LIMITED	–		2,616,753	–		–	–	–	2,616,753
SHELL OIL AND GAS (MALAYSIA) LLC	–		595,653	–		–	–	–	595,653
SHELL SABAH SELATAN SENDRIAN BERHAD	–		4,124,081	–		–	–	–	4,124,081
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price.

[C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price.

[D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

[E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

[F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

[G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

[H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

[I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

Oman

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF ENERGY AND MINERALS	633,711,368	[A]	–	–	–	–	–	633,711,368
MINISTRY OF FINANCE	–		3,954,062,451	–	–	900,000	–	3,954,962,451
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 6 CONCESSION	–		3,954,062,451	–	–	–	–	3,954,062,451
BLOCK 10 CONCESSION	633,711,368	[A]	–	–	–	400,000	–	634,111,368
BLOCK 11 CONCESSION	–		–	–	–	250,000	–	250,000
BLOCK 55 CONCESSION	–		–	–	–	250,000	–	250,000
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

Qatar

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
QATARENERGY	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
PEARL GTL	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Australia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AUSTRALIAN TAXATION OFFICE	–	1,277,737,693	–	–	–	–	1,277,737,693
BANANA SHIRE COUNCIL	–	–	–	–	217,920	–	217,920
FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES	–	–	111,989,284	–	–	–	111,989,284
QUEENSLAND REVENUE OFFICE	–	–	356,590,166	–	–	–	356,590,166
QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE	–	–	–	–	935,554	–	935,554
QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES	–	–	–	–	581,472	–	581,472
RESOURCES SAFETY AND HEALTH QUEENSLAND	–	–	–	–	1,359,992	–	1,359,992
WESTERN DOWNS REGIONAL COUNCIL	–	–	–	–	10,317,519	266,428	10,583,947
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
NORTH WEST SHELF	–	–	111,989,284	–	–	–	111,989,284
QGC	–	583,570,540	356,590,166	–	13,412,457	266,428	953,839,591
Entity level payment
SHELL AUSTRALIA PTY LTD	–	694,167,153	–	–	–	–	694,167,153
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Egypt

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EGYPTIAN GENERAL PETROLEUM CORPORATION	–	41,164,348	–	1,836,435	–	–	43,000,783
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
EGYPT OFFSHORE DEVELOPMENT	–	41,164,348	–	540,000	–	–	41,704,348
Entity level payment
SHELL EGYPT N.V.	–	–	–	1,296,435	–	–	1,296,435
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

[I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Nigeria

Government report (in USD) [1]
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL INLAND REVENUE SERVICE	–		648,734,398	[A]	–		–	–	–	648,734,398
NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE	–		–		–		–	3,931,917	–	3,931,917
NIGER DELTA DEVELOPMENT COMMISSION	–		–		–		–	97,260,899	–	97,260,899
NIGERIAN NATIONAL PETROLEUM CORPORATION	3,804,949,166	[B]	–		–		–	–	–	3,804,949,166
NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION	–		–		780,231,463	[C]	–	1,732,350	–	781,963,813
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

Project report (in USD)
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
EAST ASSET	1,300,681,939	[D]	–		–		–	–	–	1,300,681,939
PSC 1993 (OML 133)	–		136,652,153	[E]	–		–	–	–	136,652,153
PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)	649,948,707	[F]	303,125,852	[G]	452,170,096	[H]	–	32,015,797	–	1,437,260,452
WEST ASSET	1,854,318,520	[I]	–		–		–	–	–	1,854,318,520
Entity level payment
SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED			–		–		–	440,468	–	440,468
THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED			208,956,393		328,061,367			70,468,901		607,486,661
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

[B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

[C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price.

[E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price.

[F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price.

[G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price.

[H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

Sao Tome and Principe

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
DW BLOCK 4	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tanzania

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
PETROLEUM UPSTREAM REGULATORY AUTHORITY	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 1 AND 4	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tunisia

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES	–	–	2,140,627	[A]	–	–	–	2,140,627
LE RECEVEUR DES FINANCES DU LAC	–	24,904,580	2,801,006		–	–	–	27,705,586
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

	Project report (in USD)
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
HASDRUBAL CONCESSION	–	24,904,580	4,941,633	[A]	–	–	–	29,846,213
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price.

Canada

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
GOVERNMENT OF ALBERTA	–	–	656,638	–	119,099	–	775,737
MINISTRY OF FINANCE (BRITISH COLUMBIA)	–	–	2,915,313	–	625,526	–	3,540,839
MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)	–	–	–	–	679,158	–	679,158
PROVINCIAL TREASURER OF ALBERTA	–	60,864,405	–	–	–	–	60,864,405
RECEIVER GENERAL FOR CANADA	–	111,702,667	1,126,040	–	–	–	112,828,707
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ATHABASCA OIL SANDS	–	172,567,072	–	–	–	–	172,567,072
FOOTHILLS	–	–	1,126,040	–	–	–	1,126,040
GREATER DEEP BASIN	–	–	656,638	–	119,099	–	775,737
GROUNDBIRCH	–	–	2,915,313	–	1,304,684	–	4,219,997
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Mexico

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO	–	–	–	–	17,154,483	–	17,154,483
SERVICIO DE ADMINISTRACIÓN TRIBUTARIA	–	–	–	–	4,372,519	–	4,372,519
Total	–	–	–	–	21,527,002	–	21,527,002

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
MEXICO EXPLORATION DEEPWATER	–	–	–	–	21,527,002	–	21,527,002
Total	–	–	–	–	21,527,002	–	21,527,002

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

USA

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
ALASKA DEPARTMENT OF NATURAL RESOURCES	–	–	–	–	243,408	–	243,408
COMMONWEALTH OF PENNSYLVANIA	–	-400,000	–	–	–	–	-400,000
INTERNAL REVENUE SERVICE	–	53,638,500	–	–	–	–	53,638,500
LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT	–	–	–	–	–	860,822	860,822
OFFICE OF NATURAL RESOURCES REVENUE	–	–	1,187,594,021	–	80,435,119	–	1,268,029,140
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ALASKA EXPLORATION	–	–	–	–	243,408	–	243,408
GULF OF AMERICA (CENTRAL)	–	–	1,076,187,269	–	282,312	–	1,076,469,581
GULF OF AMERICA (WEST)	–	–	111,406,752	–	126,720	–	111,533,472
GULF OF AMERICA EXPLORATION	–	–	–	–	80,026,087	–	80,026,087
Entity level payment
SHELL EXPLORATION AND PRODUCTION COMPANY	–	-400,000	–	–	–	–	-400,000
SHELL OFFSHORE INC.	–	–	–	–	–	860,822	860,822
SHELL PETROLEUM INC.	–	53,638,500	–	–	–	–	53,638,500
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Argentina

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO	–		1,984,309	–	–	–	–	1,984,309
GAS Y PETRÓLEO DEL NEUQUÉN S.A.	53,082,051	[A]	–	–	–	–	–	53,082,051
PROVINCIA DE SALTA	–		–	2,475,819	–	–	–	2,475,819
PROVINCIA DEL NEUQUÉN	–		–	141,493,849	–	123,276	–	141,617,125
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ACAMBUCO	–		–	2,475,819	–	–	–	2,475,819
ARGENTINA UNCONVENTIONAL PROJECTS	53,082,051	[A]	1,984,309	141,493,849	–	123,276	–	196,683,485
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

Brazil

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS	–		–	–	9,540,351	–	–	9,540,351
MINISTÉRIO DA FAZENDA	–		–	1,147,687,680	–	1,556,282,443	–	2,703,970,123
PRÉ-SAL PETRÓLEO S.A.	327,688,819	[A]	–	–	–	–	–	327,688,819
RECEITA FEDERAL DO BRASIL	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BASIN EXPLORATION PROJECTS	–		–	–	9,540,351	3,244,993	–	12,785,344
BC-10	–		–	31,254,519	–	1,251,598	–	32,506,117
BIJUPIRA AND SALEMA	–		–	–	–	501,608	–	501,608
BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ	29,716,011	[B]	–	882,483,636	–	1,551,284,244	–	2,463,483,891
LIBRA PSC	297,972,808	[C]	–	233,949,525	–	–	–	531,922,333
Entity level payment
SHELL BRASIL PETROLEO LTDA.	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price.

[B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price.

[C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

Colombia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA NACIONAL DE HIDROCARBUROS	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
COLOMBIA EXPLORATION (OPERATED)	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Trinidad and Tobago

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE	–	561,771	–	–	–	–	561,771
MINISTRY OF ENERGY AND ENERGY INDUSTRIES	362,690,585	–	2,210,566	300,000	13,719,070	–	378,920,221
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 5C	84,428,910	–	–	–	1,714,071	–	86,142,981
CENTRAL BLOCK	–	561,771	2,210,566	–	900,921	–	3,673,258
COLIBRI	120,876,414	–	–	–	3,332,208	–	124,208,622
DEEPWATER ATLANTIC AREA	–	–	–	–	537,570	–	537,570
EAST COAST MARINE AREA	99,098,428	–	–	–	2,100,156	–	101,198,584
EXPLORATION	–	–	–	300,000	2,017,530	–	2,317,530
MANATEE	–	–	–	–	847,999	–	847,999
NORTH COAST MARINE AREA 1	58,286,833	–	–	–	2,268,615	–	60,555,448
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

The MIL Network –

May 15, 2025

MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights:

Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year.
Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year.
Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year.
Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024.
Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024.
Non-GAAP net income¹ was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024.
Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024.
Non-GAAP diluted earnings per ADS² were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

“Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.”

“This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

First Quarter 2025 Financial Results

Total Revenues

Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

Costs of Revenues

Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

Gross Profit and Gross Profit Margin

Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

Research and Development Expenses

Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

Sales and Marketing Expenses

Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

General and Administrative Expenses

General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

Operating (Loss)/Income

Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

Other Income, Net

Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

Net (Loss)/Income and (Loss)/Earnings Per ADS

Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

Cash Balance

As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

Share Repurchase Program

On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

Guidance for the Second Quarter of 2025

For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

Conference Call Information.

Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

About Xunlei

Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

About Non-GAAP Financial Measures

To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

XUNLEI LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)

	March 31,		Dec 31,
	2025		2024
	US$		US$
Assets

Current assets:
Cash and cash equivalents	163,136		177,329
Short-term investments	111,436		110,209
Accounts receivable, net	40,034		32,662
Inventories	1,024		1,255
Due from related parties	30,482		31,519
Prepayments and other current assets	15,464		10,058
Total current assets	361,576		363,032

Non-current assets:
Restricted cash	218		218
Long-term investments	31,049		30,599
Deferred tax assets	10,720		10,528
Property and equipment, net	54,631		55,430
Intangible assets, net	8,416		8,310
Long-term prepayments and other assets	18,718		5,334
Operating lease assets	532		450
Total assets	485,860		473,901

Liabilities
Current liabilities:
Accounts payable	24,900		22,964
Due to related parties, current	17		17
Contract liabilities, current portion	41,253		39,936
Lease liabilities	331		253
Income tax payable	10,466		9,386
Accrued liabilities and other payables	61,242		52,093
Short-term bank borrowings and current portion of long-term bank borrowings	697		2,087
Total current liabilities	138,906		126,736

Non-current liabilities:
Contract liabilities, non-current portion	588		458
Lease liabilities, non-current portion	174		161
Deferred tax liabilities	1,090		1,154
Bank borrowings, non-current portion	27,166		27,127
Other long-term payables	711		480
Total liabilities	168,635		156,116

Equity
Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025)	78		77
Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively)	16		16
Additional paid-in-capital	477,350		477,244
Statutory reserves	8,718		8,718
Accumulated other comprehensive loss	(21,412	)	(21,694	)
Accumulated deficits	(147,105	)	(146,305	)
Total Xunlei Limited’s shareholders’ equity	317,645		318,056
Non-controlling interests	(420	)	(271	)
Total liabilities and shareholders’ equity	485,860		473,901

XUNLEI LIMITED Unaudited Condensed Consolidated Statements of (Loss)/Income (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
	Three months ended

	Mar 31,		Dec 31,		Mar 31,
	2025		2024		2024
	US$		US$		US$
Revenues, net of rebates and discounts	88,764		84,302		80,359
Business taxes and surcharges	(310	)	(313	)	(379	)
Net revenues	88,454		83,989		79,980
Costs of revenues	(44,350	)	(40,416	)	(37,139	)
Gross profit	44,104		43,573		42,841

Operating expenses
Research and development expenses	(18,743	)	(18,716	)	(17,642	)
Sales and marketing expenses	(15,522	)	(12,461	)	(10,061	)
General and administrative expenses	(11,791	)	(12,102	)	(11,132	)
Credit loss write-back/(expenses), net	65		(75	)	26
Impairment of goodwill	–		(20,748	)	–
Total operating expenses	(45,991	)	(64,102	)	(38,809	)

Operating (loss)/income	(1,887	)	(20,529	)	4,032
Interest income	1,072		1,173		1,221
Interest expense	(220	)	(139	)	(242	)
Other income, net	1,234		1,541		290
Income/(loss) before income taxes	199		(17,954	)	5,301
Income tax (expense)/benefit	(1,145	)	8,083		(1,663	)
Net (loss)/income	(946	)	(9,871	)	3,638

Less: net loss attributable to non-controlling interest	(146	)	(97	)	(1	)
Net (loss)/income attributable to common shareholders	(800	)	(9,774	)	3,639

(Loss)/earnings per share for common shares
Basic	(0.0026	)	(0.0312	)	0.0113
Diluted	(0.0026	)	(0.0312	)	0.0112

(Loss)/earnings per ADS
Basic	(0.0130	)	(0.1560	)	0.0565
Diluted	(0.0130	)	(0.1560	)	0.0560

Weighted average number of common shares used in calculating:
Basic	306,082,940		313,664,089		323,341,607
Diluted	306,082,940		313,664,089		323,491,768

Weighted average number of ADSs used in calculating:
Basic	61,216,588		62,732,818		64,668,321
Diluted	61,216,588		62,732,818		64,698,354



XUNLEI LIMITED
Reconciliation of GAAP and Non-GAAP Results
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
	Three months ended

	Mar 31,		Dec 31,		Mar 31,
	2025		2024		2024
	US$		US$		US$

GAAP operating (loss)/income	(1,887	)	(20,529	)	4,032
Share-based compensation expenses	1,058		390		901
Impairment of goodwill	–		20,748		–
Non-GAAP operating (loss)/income	(829	)	609		4,933

GAAP net (loss)/income	(946	)	(9,871	)	3,638
Share-based compensation expenses	1,058		390		901
Impairment of goodwill	–		20,748		–
Non-GAAP net income	112		11,267		4,539

GAAP (loss)/earnings per share for common shares:
Basic	(0.0026	)	(0.0312	)	0.0113
Diluted	(0.0026	)	(0.0312	)	0.0112

GAAP (loss)/earnings per ADS:
Basic	(0.0130	)	(0.1560	)	0.0565
Diluted	(0.0130	)	(0.1560	)	0.0560

Non-GAAP earnings per share for common shares:
Basic	0.0008		0.0362		0.0140
Diluted	0.0008		0.0362		0.0140

Non-GAAP earnings per ADS:
Basic	0.0040		0.1810		0.0700
Diluted	0.0040		0.1810		0.0700

Weighted average number of common shares used in calculating:
Basic	306,082,940		313,664,089		323,341,607
Diluted	306,082,940		313,664,089		323,491,768

Weighted average number of ADSs used in calculating:
Basic	61,216,588		62,732,818		64,668,321
Diluted	61,216,588		62,732,818		64,698,354

CONTACT:
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 6111 1571
Website: http://ir.xunlei.com

__________________________
¹ Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
² Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

The MIL Network –

May 15, 2025

MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

CFO’S MESSAGE

Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

	Three Months Ended Mar. 31,
	2025		2024		Change
(C$000s, except per share amounts)	*($)*		($)		(%)
(unaudited)
Revenue	370,057		330,096		12
Adjusted EBITDA⁽¹⁾	55,317		26,057		112
Cash flows provided by operating activities	(7,050	)	11,958		NM
Capital expenditures	42,132		48,072		(12	)
Net income (loss)	7,796		(2,903	)	NM
Per share – basic	0.09		(0.03	)	NM
Per share – diluted	0.09		(0.03	)	NM

As at	Mar. 31,	Dec. 31,	Change
	2025	2024
(C$000s)	*($)*	($)	(%)
(unaudited)
Cash and cash equivalents	15,463	44,045	(65	)
Working capital, end of period⁽²⁾	266,087	229,856	16
Total assets, end of period	1,254,979	1,234,840	2
Long-term debt, end of period	341,095	320,908	6
Net debt⁽¹⁾⁽³⁾	348,674	300,347	16
Total consolidated equity, end of period	660,262	653,330	1

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
⁽³⁾Refer to note 10 of the consolidated interim financial statements for further information.

FIRST QUARTER OVERVIEW

In the first quarter of 2025, the Company:

generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

FINANCIAL OVERVIEW – CONTINUING OPERATIONS
THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

NORTH AMERICA

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s, except operational and exchange rate information)	*($)*	($)	(%)
(unaudited)
Revenue	227,902	248,959	(8	)
Adjusted EBITDA⁽¹⁾	6,131	14,872	(59	)
Adjusted EBITDA (%)⁽¹⁾	2.7	6.0	(55	)
Fracturing revenue per job ($)	25,060	33,518	(25	)
Number of fracturing jobs	8,709	7,176	21
Active pumping horsepower, end of year (000s)	898	951	(6	)
US$/C$ average exchange rate⁽²⁾	1.4352	1.3486	6

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Source: Bank of Canada.

OUTLOOK

The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

REVENUE

Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

ADJUSTED EBITDA

The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

ARGENTINA

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s, except operational and exchange rate information)	*($)*	($)	(%)
(unaudited)
Revenue	142,155	81,137	75
Adjusted EBITDA⁽¹⁾	53,265	16,100	231
Adjusted EBITDA (%)⁽¹⁾	37.5	19.8	89
Fracturing revenue per job ($)	124,874	74,354	68
Number of fracturing jobs	741	672	10
Active pumping horsepower, end of period (000s)	153	139	10
US$/C$ average exchange rate⁽²⁾	1.4352	1.3486	6

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Source: Bank of Canada.

OUTLOOK

Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

REVENUE

Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

ADJUSTED EBITDA

The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

Three Months Ended	Jun. 30,	Sep. 30,	Dec. 31,	Mar. 31,		Jun. 30,	Sep. 30,		Dec. 31,		Mar. 31,
	2023	2023	2023	2024		2024	2024		2024		2025
(C$000s, except per share and operating data)	($)	($)	($)	($)		($)	($)		($)		*($)*
(unaudited)
Financial
Revenue	466,463	483,093	421,402	330,096		426,047	430,109		381,230		370,057
Adjusted EBITDA⁽¹⁾	87,785	91,286	62,591	26,057		65,386	65,039		34,512		55,317
Net income (loss)	50,531	97,523	13,202	(2,903	)	24,549	(6,687	)	(6,424	)	7,796
Per share – basic	0.62	1.20	0.16	(0.03	)	0.29	(0.08	)	(0.07	)	0.09
Per share – diluted	0.58	1.09	0.15	(0.03	)	0.29	(0.08	)	(0.07	)	0.09
Capital expenditures	30,718	50,825	49,397	48,072		66,753	22,509		32,955		42,132

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.

CAPITAL EXPENDITURES – CONTINUING OPERATIONS

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s)	*($)*	($)	(%)
North America	12,941	37,174	(65	)
Argentina	29,191	10,898	168
Continuing Operations	42,132	48,072	(12	)

Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

NON-GAAP MEASURES

Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

	Three Months Ended March 31,
	2025		2024
(C$000s)	*($)*		($)

Net income (loss) from continuing operations	7,796		(2,903	)
Add back (deduct):
Depreciation	31,922		27,995
Foreign exchange losses (gains)	1,693		(1,049	)
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Restructuring charges	516		—
Stock-based compensation	(925	)	2,185
Interest, net	7,944		6,032
Income taxes	6,247		38
Adjusted EBITDA from continuing operations	55,317		26,057
Less: IFRS 16 lease payments	(3,679	)	(3,235	)
Less: Argentina EBITDA threshold adjustment⁽¹⁾	(45,397	)	(5,428	)
Bank EBITDA for covenant purposes	6,241		17,394

⁽¹⁾Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

OTHER NON-STANDARD FINANCIAL TERMS

MAINTENANCE AND EXPANSION CAPITAL

Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

BUSINESS RISKS

The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

ADDITIONAL INFORMATION

Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
	2025		2024
(C$000s)	*($)*		($)
ASSETS
Current assets
Cash and cash equivalents	15,463		44,045
Accounts receivable	306,957		251,108
Inventories	130,596		145,506
Prepaid expenses and deposits	21,797		26,452
	474,813		467,111
Assets classified as held for sale	47,053		45,335
	521,866		512,446
Non-current assets
Property, plant and equipment	684,123		673,381
Right-of-use assets	19,990		20,013
Deferred income tax assets	29,000		29,000
	733,113		722,394
Total assets	1,254,979		1,234,840
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities	160,129		173,974
Income taxes payable	23,301		9,700
Current portion of long-term debt	341,095		150,000
Current portion of lease obligations	9,833		9,536
	534,358		343,210
Liabilities directly associated with assets classified as held for sale	32,677		30,945
	567,035		374,155
Non-current liabilities
Long-term debt	—		170,908
Lease obligations	13,209		13,948
Deferred income tax liabilities	14,473		22,499
	27,682		207,355
Total liabilities	594,717		581,510
Capital stock	911,900		911,785
Contributed surplus	76,190		77,159
Accumulated deficit	(373,875	)	(379,490	)
Accumulated other comprehensive income	46,047		43,876
Total equity	660,262		653,330
Total liabilities and equity	1,254,979		1,234,840

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2025		2024
(C$000s, except per share data)	*($)*		($)

Revenue	370,057		330,096
Cost of sales	330,576		316,208
Gross profit	39,481		13,888
Expenses
Selling, general and administrative	15,677		18,011
Foreign exchange losses (gains)	1,693		(1,049	)
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Interest, net	7,944		6,032
	25,438		16,753
Income (loss) before income tax	14,043		(2,865	)
Income tax expense (recovery)
Current	14,240		6,414
Deferred	(7,993	)	(6,376	)
	6,247		38
Net income (loss) from continuing operations	7,796		(2,903	)
Net (loss) income from discontinued operations	(2,181	)	750
Net income (loss)	5,615		(2,153	)

Earnings (loss) per share – basic
Continuing operations	0.09		(0.03	)
Discontinued operations	(0.03	)	0.01
	0.07		(0.02	)

Earnings (loss) per share – diluted
Continuing operations	0.09		(0.03	)
Discontinued operations	(0.03	)	0.01
	0.07		(0.02	)

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025		2024
(C$000s)	*($)*		($)
CASH FLOWS PROVIDED BY (USED IN)			Restated
OPERATING ACTIVITIES
Net income (loss)	7,796		(2,903	)
Adjusted for the following:
Depreciation	31,922		27,995
Stock-based compensation	(925	)	2,185
Unrealized foreign exchange losses	1,846		2,627
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Interest	7,944		6,032
Interest paid	(12,716	)	(9,717	)
Deferred income taxes	(7,993	)	(6,376	)
Changes in items of working capital	(35,048	)	(1,644	)
Cash flows (used in) provided by operating activities from continuing operations	(7,050	)	11,958
Cash flows provided by (used in) operating activities from discontinued operations	10,231		(8,185	)
Net cash flows provided by operating activities	3,181		3,773
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(38,498	)	(55,727	)
Proceeds on disposal of property, plant and equipment	1,553		11,508
Proceeds on disposal of right-of-use assets	206		227
Cash flows used in investing activities from continuing operations	(36,739	)	(43,992	)
Cash flows used in investing activities from discontinued operations	(1,457	)	(678	)
Net cash flows used in investing activities	(38,196	)	(44,670	)
FINANCING ACTIVITIES
Issuance of long-term debt, net of debt issuance costs	30,000		60,000
Long-term debt repayments	(10,000	)	—
Lease obligation principal repayments	(3,244	)	(2,840	)
Proceeds on issuance of common shares from the exercise of stock options	71		—
Cash flows provided by financing activities from continuing operations	16,827		57,160
Cash flows provided by financing activities from discontinued operations	—		—
Net cash flows provided by financing activities	16,827		57,160
Effect of exchange rate changes on cash and cash equivalents	550		(1,464	)
(Decrease) increase in cash and cash equivalents	(17,638	)	14,799
Cash and cash equivalents, beginning of period	50,776		45,190
Cash and cash equivalents, end of period	33,138		59,989
Included in the cash and cash equivalents per the balance sheet	15,463		58,239
Included in the assets held for sale/discontinued operations	17,675		1,750

ADVISORIES

FORWARD-LOOKING STATEMENTS

In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

For further information, please contact:

Mike Olinek, Chief Financial Officer

Telephone: 403-266-6000
www.calfrac.com

The MIL Network –

May 15, 2025

MIL-OSI: Barnwell Industries, Inc. Reports Results for its Second Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

HONOLULU, May 15, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its second quarter ended March 31, 2025. For the quarter, the Company had revenue from continuing operations of $3,569,000 and a net loss from continuing operations of $1,538,000 or $0.15 per share. In the prior year quarter ended March 31, 2024, the Company reported quarterly revenue from continuing operations of $4,678,000 and a net loss from continuing operations of $1,306,000 or $0.13 per share.

The net loss from continuing operations for the three months ended March 31, 2025, was due to an increase of $906,000, 72%, in general and administrative expenses due to $978,000 in new expenses related to both a shareholder consent solicitation and a proxy contest as compared to the same period in the prior year. Additionally, the loss was due to a decrease of $500,000 in our land investment segment operating results, before non-controlling interests’ share of such profits, due to the Kukio Resort Land Development Partnerships’ sale of two lots in the prior quarter period, whereas no lots were sold in the current quarter period.

Non-Cash Impairment, Oil and Gas Production

The net loss from continuing operations for the three months ended March 31, 2025 included a ceiling test impairment of $52,000 as compared to a $1,677,000 ceiling test impairment in the prior year period, a $1,625,000 decrease. Additionally, oil and natural gas depletion in the current year period decreased $589,000 as compared to the second quarter in the prior year due to a lower depletion rate due to prior years’ write downs and decreased production. Oil, natural gas and natural gas liquids production decreased 14%, 24% and 13%, respectively, during the three months ended March 31, 2025, compared to the prior year’s quarter.

Sale of our Water Drilling Subsidiary

During the three months ended March 31, 2025, the Company completed the sale of its wholly-owned subsidiary, Water Resources International, Inc. (“Water Resources”) for $1,050,000. Water Resources drilled water wells and water pumping systems in Hawaii and represented our contract drilling segment. As a result of the sale, the Company has reclassified the results of its contract drilling business as discontinued operations for all periods presented. Having previously sold assets held by this segment, the Company recorded a loss of $193,000 on the sale of Water Resources in the quarter ended March 31, 2025.

Proxy Contest, Expenses Increase

The aforementioned consent solicitation and proxy contest are currently on going and costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by these matters beyond March 31, 2025. The Company is unable to estimate the amount of such future costs as the matter as such costs will depend upon the future actions to be taken, which are yet to be determined.

Due to these proxy contest costs, incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, non-core oil and natural gas property sales and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships, however, no probable timing or amounts of such funding have yet been secured.

Summary and Outlook

Craig D. Hopkins, CEO, stated, “Our current proxy contest has negatively impacted the Company’s liquidity and hindered its investment and growth opportunities. The completed sale of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell should be positioned to invest more in operations. The Company ended the quarter with a working capital deficit of $57,000, including $1,432,000 in cash and cash equivalents.

The information contained in this press release contains “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, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPARATIVE OPERATING RESULTS
(Unaudited)

	Three months ended						Six months ended
	March 31,						March 31,
		2025			2024			2025			2024

Revenues	$	3,569,000		$	4,678,000		$	7,503,000		$	9,840,000

Net loss from continuing operations attributable to Barnwell Industries, Inc.	$	(1,538,000	)	$	(1,306,000	)	$	(3,136,000	)	$	(1,656,000	)
Net earnings (loss) from discontinued operations		331,000			(466,000	)		12,000			(780,000	)
Net loss attributable to Barnwell Industries, Inc.	$	(1,207,000	)	$	(1,772,000	)	$	(3,124,000	)	$	(2,436,000	)

Basic and diluted net (loss) earnings per share:
Net loss from continuing operations attributable to Barnwell Industries, Inc.	$	(0.15	)	$	(0.13	)	$	(0.31	)	$	(0.16	)
Net earnings (loss) from discontinued operations		0.03			(0.05	)		–			(0.08	)
Net loss attributable to Barnwell Industries, Inc.	$	(0.12	)	$	(0.18	)	$	(0.31	)	$	(0.24	)

Weighted-average shares and
equivalent shares outstanding:
Basic and diluted		10,053,534			10,019,172			10,050,319			10,007,905

CONTACT:	Craig D. Hopkins
	Chief Executive Officer and President
	Phone: (403) 531-1560
	Email:info@bocl.ca

The MIL Network –

May 15, 2025

World Test Championship winners to get $3.6 million as ICC bumps up prize money

Source: Government of India

Source: Government of India (4)

The winners of next month’s World Test Championship (WTC) final between Australia and South Africa will take home $3.6 million following a significant increase in the prize money by the governing International Cricket Council on Thursday.

Holders Australia pocketed $1.6 million for winning the 2023 WTC final against India, who claimed $800,000 as runners-up.

The losers of the June 11-15 test at Lord’s will get $2.1 million – more than the winners’ purse in the last two WTC finals.

“The increase in prize money exhibits the ICC’s efforts to prioritise test cricket as it looks to build on the momentum of the first three cycles of the nine-team competition,” the ICC said in a statement.

Australia captain Pat Cummins said they were ready to overcome any challenge to retain their WTC title.

“We are enormously proud to have the opportunity to defend the World Test Championship, especially at Lord’s,” the paceman said.

“It’s a testament to all those involved across the past two years who have worked incredibly hard to reach the final, which is a great honour for all of us.”

Counterpart Temba Bavuma said South Africa were determined to win their maiden ICC title.

“Everyone understands the importance of test cricket and the World Test Championship lends context to this vital format of the game.

“Lord’s is a fitting venue for this mega fixture and all of us will be out there trying to give our best against Australia,” Bavuma said.

-Reuters

May 15, 2025

MIL-Evening Report: Likely final House seat outcome: 94 Labor, 44 Coalition, 12 Others

Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

The ABC has called Labor wins in 93 of the 150 House of Representatives seats. The Coalition has won 43 seats, the Greens one and all Others 11, with two seats (Bradfield and Calwell) remaining undecided.

The Poll Bludger
has documented the changes in the close seats. In Goldstein, Teal incumbent Zoe Daniel has surged back from a peak deficit of 1,472 votes to now trail Liberal Tim Wilson by just 292 votes on strong absents and declaration pre-polls after she lost postals by 61–39. But only about 800 votes remain, so Wilson will still win.

On Tuesday, the Liberal lead in Liberal-held Bradfield over a Teal candidate closed to just 59 votes, and the ABC uncalled a race they had called for the Liberal the previous day. On Wednesday the Liberal lead increased to 80 votes, but it’s now fallen back to 43 votes. About 420 votes remain to be counted. The Liberals will probably lead when all votes are counted, but there will be a recount.

The Liberal National Party has held Longman after declaration pre-polls failed to follow the trend to the left in other close seats. They now have an unassailable 335-vote lead over Labor.

In Australia’s preferential voting system, the top two candidates on primary votes are not necessarily the final two. The bottom candidate is excluded, and their votes are distributed to remaining candidates, and this continues until only two are left. During this process, the third candidate can pass the second, therefore making the final two.

So far the only interesting seat where this has occurred is Flinders, where Teal candidate Ben Smith passed Labor despite trailing in third on primary votes by 22.3% to 21.3%, with the Liberals well ahead with 41.2%. The Liberals defeated Smith in the final count by 52.3–47.7 to hold Flinders.

Calwell has 13 candidates. Primary votes are 30.5% Labor (down 14.3% since the 2022 election), 15.7% Liberals (down 8.1%), 12.0% for independent Carly Moore, 10.9% for independent Joseph Youhana, 8.1% for the Greens (down 1.6%) and 6.9% for yet another independent.

The danger for Labor is that either Moore or Youhana overtake the Liberals on the distribution of preferences, then beat Labor at the final count on Liberal preferences. Friday is the last day for receipt of late postals. Once all votes are counted, the distribution of preferences can start. We should know the result in Calwell next week.

If Labor wins Calwell and the Liberals win Bradfield, the final seat totals will be 94 Labor out of 150 (up 17 from 77 out of 151 in 2022), 44 Coalition (down 14), one Green (down three), nine independents (down one) and two others (steady). By the UK’s method, this would be a Labor majority of 38 (25% in percentage terms).

Bad as this result is for the Coalition, they would be lucky to win three seats (Longman, Bradfield and Goldstein) by less than a 50.2–49.8 margin. The narrowest Labor win was in Bean (by 50.3–49.7 against an independent).

Turnout for the election is now 89.1%, and is likely to be over 90% once all votes are counted. National primary votes are 34.6% Labor (up 2.0%), 31.9% Coalition (down 3.8%), 12.1% Greens (down 0.2%), 6.4% One Nation (up 1.4%), 1.9% Trumpet of Patriots (down 2.1% from United Australia Party in 2022), 7.4% independents (up 2.1%) and 5.7% others (up 0.7%).

I explained previously that the electoral commission’s national two-party preferred count does not currently include “non-classic” seats where the major party candidates were not the final two. There will be a special count later in these seats between Labor and Coalition candidates.

The ABC’s two-party estimate is currently a Labor win by 54.9–45.1, while The Poll Bludger has Labor winning by 54.4–45.6. We’ll need to wait for two-party counts in the non-classic seats to resolve this difference.

In the Senate, nationally 86.8% of enrolled voters have been counted, only 2.3% behind the House count. There have only been minor changes to primary votes since last Friday’s article on the Senate, so my assessment is unchanged from that article.

Albanese’s ratings jump in Essential poll

Essential is the first pollster to return since the election, but it hasn’t done a voting intentions poll. In this national poll, conducted May 7–11 from a sample of 1,137, Anthony Albanese’s net approval jumped 14 points since the pre-election Essential poll to +11 (50% approve, 39% disapprove).

Former Liberal leader Peter Dutton, who lost his seat of Dickson at the election, slumped 18 points on net approval to -30. Voters still thought Australia was on the wrong track by 42–37 (52–31 before the election).

In this poll, the Greens and all Others did well with late deciders (those who decided who to vote for in the last few days of the election campaign). Cost of living was rated one of the top three issues by 87% on what decided their vote, including 53% who said it was the top issue.

Sussan Ley, who was elected Liberal leader on Tuesday, was preferred by 16% as Coalition leader, with Angus Taylor on 12% and Dan Tehan on 7%, with 45% unsure and 20% “none of the above”. Among those who voted for the Coalition, Taylor led Ley by 23–20.

By 58–42, voters thought Labor should stick to the policies it took to the election, rather than be more ambitious now that it has a strong majority.

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

– ref. Likely final House seat outcome: 94 Labor, 44 Coalition, 12 Others – https://theconversation.com/likely-final-house-seat-outcome-94-labor-44-coalition-12-others-256568

MIL OSI Analysis – EveningReport.nz –

May 15, 2025

MIL-OSI Australia: Recreational fishers fined after being caught with excess fish

Source: New South Wales Community and Justice

Recreational fishers fined after being caught with excess fish

Thursday, 15 May 2025 – 4:35 pm.

Western Police are reminding recreational fishers to ensure they are abiding by catch limits after a number of people were caught taking excess fish and undersized/oversized fish in recent weeks.
Two men have been fined after they were caught at Ulverstone on Sunday 11 May with 43 Sand Flathead which had been cut into 85 fillets.
The possession limit for Sand Flathead on state waters in the Northern and Western Fishing Zones of Tasmania is 10 per person.
The men were also found to have a gummy shark onboard which had the dorsal fin and tail removed – in Tasmania, the dorsal and pectoral fins of gummy sharks must remain attached until the shark is landed.
For further information regarding size, bag and possession limits, you can download the Fishing Tas App which also has the reporting of Rock Lobster fishing activities on it. Remember, check your catch in all respects.
Anyone with information regarding illegal fishing is asked to contact police on 131 444 or Fishwatch on 0427 655 557. Information can be provided anonymously

MIL OSI News –

May 15, 2025

Category: Australia

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Albanese’s ratings jump in Essential poll