NewzIntel.com

Category: Australia

  • MIL-OSI Global: Curious Kids: if our eyes see upside down, how does the brain flip the picture?

    Source: The Conversation – Global Perspectives – By Daniel Joyce, Senior Lecturer in Psychology, University of Southern Queensland

    I heard that we see upside down, but our brain flips the image. How does it do that?

    –Jasmine, Mount Evelyn, Victoria

    Our eyes work thanks to light. Objects we can see are either sources of light themselves – like a candle or a phone screen – or light bounces off them and makes its way to our eyes.

    First, light passes through the optical components of the eyes such as the cornea, pupil and lens.

    Together, they help focus the light onto the retina that senses light, while also controlling the intensity of light to help us see well while avoiding damage to the eye.

    The function of the lens is to correctly focus light that comes from objects at different distances. This process is known as accommodation.


    Marochkina Anastasiia/Shutterstock

    While performing this important task, light passing through the lens becomes inverted. This means that light from the top of the object falls lower on the retina than light from the bottom, which falls higher on the retina.

    So, light exiting the lens to land on the retina is indeed flipped upside down. But that doesn’t mean the brain is actually flipping the picture “back”. Here’s why.

    The orientation doesn’t actually matter

    While the light being interpreted by the brain is “upside down” compared to the real world, the question is: is that actually a problem for us?

    From your own experience you can tell the answer is probably no. We seem to navigate and interact with the world just fine.

    So, where in the brain is the image flipped or rotated 180 degrees to be the “right way up” again?

    You may be surprised to learn that vision scientists reject the idea a flipping or rotation needs to happen at all. This is because of how our brains process visual information.

    The object you perceive is “encoded” by the firing of various neurons – brain cells that process information – in various locations in the brain. This pattern of firing is what encodes the information about the object you’re focusing on. That info takes into account the object’s relation to everything else in the scene, your body in the world, and your movements.

    As long as the relative encodings of these are all consistent with one another, as well as stable, there’s no need for a flip to happen at all.

    We can function with ‘upside down’ goggles!

    Several studies have looked at how we adapt to large changes in visual input by asking people to wear goggles that flip the image coming in.

    This means the image lands on the retina the “right way up”, so to speak, but upside down from what the brain has learned it should be.

    In the 1930s, two scientists in Austria performed the Innsbruck Goggle Experiments. For weeks or even months at a time, participants in these studies wore goggles that altered the way the world around them looked. This included goggles that turn the incoming image upside down.

    A person blinks while wearing an ‘invertoscope’ – goggles that turn the incoming image upside down.
    Dmitry Hoh/Wikimedia Commons, CC BY-SA

    As you can imagine, people wearing these goggles at first found it really difficult to get by in their day-to-day activities. They would stumble and bump into things.

    But this was temporary.

    Participants reported seeing the world upside-down for the first few days, with difficulties navigating the environment, including trying to step over ceiling lights that appeared to them as on the floor.

    Around the fifth day, however, performance seemed to improve. Things that were at first seen upside down now appeared the right way up, and this tended to improve with more time.

    In other words, with continued exposure to the upside-down world, the brain adapted to the changed input.

    More recent studies are beginning to identify which areas of the brain are involved in being able to adapt to changes in visual input, and what the limits of our ability to adapt might be.

    Adaptation may even allow “colour blind” people to see colour better than is predicted from their condition.

    Daniel Joyce 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. Curious Kids: if our eyes see upside down, how does the brain flip the picture? – https://theconversation.com/curious-kids-if-our-eyes-see-upside-down-how-does-the-brain-flip-the-picture-254303

    MIL OSI – Global Reports –

  • MIL-OSI China: McIlroy signs on for 2025, 2026 Australian Open

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

    World No. 2 golfer Rory McIlroy will headline Australia’s most prestigious tournament in 2025 and 2026, organizers announced on Wednesday.

    The government of Australia’s state of Victoria said in a statement that Melbourne will be the home of the Australian Open for the next two years, with Northern Ireland’s McIlroy committing to play in both tournaments.

    Rory McIlroy of Northern Ireland celebrates with the trophy after winning the 2025 Masters golf tournament at Augusta National Golf Club in Augusta, the United States, on April 13, 2025. (Xinhua/Wu Xiaoling)

    The Victorian government and Golf Australia announced that the 2025 tournament would be held at the Royal Melbourne Golf Club from December 4 to 7 and that Kingston Heath Golf Club would host the 2026 event.

    Both courses are on the Melbourne Sandbelt, a renowned golfing region some 20 kilometers southeast of the city center.

    “I’m proud to be committing to the Australian Open for the next two years, especially with it being played on the world-class Melbourne Sandbelt, somewhere I’ve always wanted to play professionally,” McIlroy said in a statement.

    The announcement comes after McIlroy in April won The Masters Tournament for the first time, completing a career grand slam of golf’s major championships.

    The 36-year-old McIlroy won the Australian Open in 2013 when it was played in Sydney. He has not played a professional tournament in Australia since 2014.

    Australia’s 9News network reported that McIlroy will be joined in the 2025 field by top-ranked Australians Cam Smith, Min Woo Lee and Adam Scott.

    Steve Dimopoulos, Victoria’s Minister for Tourism, Sport and Major Events, described McIlroy’s commitment to play at the Australian Open as a “major coup” that will be “fantastic” for the state’s visitor economy. 

    MIL OSI China News –

  • MIL-OSI Australia: Cleanaway’s proposed acquisition of Citywide Waste not opposed

    Source: Australian Ministers for Regional Development

    The ACCC will not oppose Cleanaway Waste Management Limited’s (ASX:CWY) proposed acquisition of the waste and recycling business of Citywide Service Solutions Pty Ltd (Citywide Waste).

    Cleanaway is one of the largest waste management companies in Australia. It is vertically integrated through the waste supply chain, from disposals to collections, with operations in all states and territories in Australia.

    In Melbourne, Cleanaway provides collection and disposal services for commercial and industrial customers, and municipal councils. Cleanaway operates one of the largest landfills in Melbourne, the Melbourne Regional Landfill in Ravenhall, and a network of transfer stations. 

    Citywide Waste, currently owned by the City of Melbourne Council, offers collections services for municipal councils and commercial and industrial customers. Citywide Waste also operates the Dynon Road transfer station which accepts large volumes of putrescible waste and is close to the Melbourne CBD, making it a key disposal facility.

    The ACCC’s investigation focused on the acquisition’s impact on competition in the supply of putrescible waste disposal services in Melbourne for commercial and industrial waste. 

    “Our investigation looked at the central and west regions of Melbourne in particular because we were concerned about the loss of competition between Melbourne Regional Landfill and the nearby Dynon Road transfer station located in these regions,” ACCC Commissioner Dr Philip Williams said.

    “We reached two key conclusions from our investigation. First, those customers with larger waste collection trucks are able to optimise their waste collection routes to divert volumes to landfills and transfer stations other than the Melbourne Regional Landfill and Dynon Road transfer station.”  

    “This means that should Cleanaway own both facilities, larger collections customers would still be able to take waste volumes to other competitors if needed,” Dr Williams said.  “Second, we found that while some customers preferred the Dynon Road transfer station due to its closeness to the Melbourne CBD and ease of access for smaller waste collection trucks, these customers don’t see Melbourne Regional Landfill as a viable alternative now.”

    “We therefore found that the acquisition is unlikely to have an impact on those customers,” Dr Williams said. 

    Ultimately, the ACCC found the proposed acquisition would be unlikely to substantially lessen competition in the supply of putrescible waste collection and disposal services for both commercial and industrial waste, and municipal waste in Melbourne. 

    The ACCC expects rival landfills and transfer stations in Melbourne to continue to compete for waste volumes with Cleanaway after the acquisition.

    More information including the Statement of Issues can be found on the ACCC’s website at Cleanaway Waste Management Limited – Citywide Waste.

    Notes to editors

    Putrescible waste is solid waste that contains organic material capable of being decomposed by microorganisms.

    Transfer stations act as consolidation points where waste is dropped off by collection companies and bundled for bulk transport by trucks to final disposal sites. These sites can be landfills where waste may ultimately be buried. 

    Background

    Cleanaway is a public company listed on the ASX. It is one of the largest waste management companies in Australia. Cleanaway provides recycling, waste management and industrial services in Australia. 

    Cleanaway is vertically integrated across waste collections, processing and disposal services. In Melbourne, Cleanaway owns and/or operates a network of putrescible transfer stations at Brooklyn, Lysterfield and the South East Melbourne Transfer Station, in addition to the Melbourne Regional Landfill.

    Citywide Waste is 100 per cent owned by Melbourne City Council and provides waste management services to municipal councils and commercial and industrial customers in Melbourne. It has operated the Dynon Road transfer station since 1995.

    MIL OSI News –

  • MIL-OSI USA: Padilla Joins Immigration Advocates to Reject Republicans’ Extreme Anti-Immigrant Budget Reconciliation Bill

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Joins Immigration Advocates to Reject Republicans’ Extreme Anti-Immigrant Budget Reconciliation Bill

    AUDIO: Padilla slams cuts to crucial services to support Republicans’ mass deportation agendaWASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, joined immigration advocates and his House colleagues to speak out against the extreme anti-immigrant provisions in Republicans’ reconciliation bill and to call on Congressional Republicans to reject harmful policies targeting immigrant communities. During the press conference hosted by the National Immigration Law Center, Padilla slammed Republicans’ plans to cut critical services Americans rely on in order to spend hundreds of billions on President Trump’s mass deportation agenda.
    Padilla criticized the Republican reconciliation bill’s proposed surges in funding for wasteful immigration initiatives, including increased funding for the border wall and immigrant detention centers, and policy changes to eliminate protections for children, reinstate family detention, and allow the continued terrorization of families through mass deportation.
    “They’re bending over backwards to make cuts to health care, to education, even SNAP benefits, the critical nutrition assistance program that so many families rely on. And why? That’s a good question! Why? Because they’re trying to fund more tax breaks for the ultra-wealthy in America. That just wrong, but it gets worse. They’re also trying to fund this massive and cruel deportation campaign that Donald Trump has insisted on.”
    “The huge increases in funding and staffing levels for ICE and CBP are indeed not just an increase in funding — it is a significant policy change. And we’re asking why? What’s the plan? What’s the strategy? Because it’s been so chaotic and disorganized. What’s their response? They say, ‘trust us.’ Trust you? Really?”
    Padilla slammed the Trump Administration for undermining due process, ignoring court orders, instilling fear in immigrant communities, wasting taxpayer dollars for staged photo ops, and sending both undocumented and documented immigrants to prisons in foreign countries. He emphasized the economic consequences of the Administration’s reckless and inhumane anti-immigrant actions. 
    “They’re terrorizing our communities with their raids and violent arrests, and they’re wasting millions and millions of taxpayer dollars for expensive photo ops like the ones they took at Guantánamo Bay.”
    “Because of it, there’s hardworking immigrants, long-term residents of the United States, who are now afraid to go to work, kids afraid to go to school, parents afraid to go to the store.”
    Padilla concluded his remarks by calling on Republicans to work with Democrats to modernize the United States’ immigration system, and vowed to keep fighting to create a pathway to citizenship for long-term undocumented residents.
    “You would think that maybe just for a moment, Republicans would take this reconciliation process as an opportunity to do what they said before they wanted to do and modernize our nation’s immigration system. But they’re not.”
    “I know we still believe that real reform is still possible. Because, yes, we all know we need a secure and orderly and humane border, but we also need to create the pathways to citizenship for the millions that have earned it and deserve it.”
    “And we will get there. We will get there together. But the next steps in this effort begin with fighting back on the cruelty of the proposed reconciliation plan put forth by Republicans. We have to kill that bill.”
    Representatives Delia C. Ramirez (D-Ill.-03), Pramila Jayapal (D-Wash.-07), Sydney Kamlager-Dove (D-Calif.-37), Ilhan Omar (D-Minn.-05), Jesús G. “Chuy” García (D-Ill.-04), and Nydia Velázquez (D-N.Y.-07) also joined the press conference.
    Senator Padilla is a leading voice in Congress opposing President Trump’s mass deportation agenda and anti-immigrant actions and rhetoric. Last month, Padilla, Senator Dick Durbin (D-Ill.), Representative Jamie Raskin (D-Md.-08), and Representative Jayapal issued a joint statement condemning the Supreme Court’s decision to lift a hold on removals under the Alien Enemies Act of 1798, and he joined 14 lawmakers in condemning President Trump’s unlawful invocation of the antiquated law. Padilla previously issued a joint statement with Senators Durbin, Cory Booker (D-N.J.), and Peter Welch (D-Vt.) slamming President Trump for his attempted invocation of the Alien Enemies Act to deport noncitizens without due process. Last year, Padilla emphasized the dangers and immense economic costs of the Trump Administration’s mass deportation plans during a Senate Judiciary Committee hearing.
    Senator Padilla, Senate Finance Committee Ranking Member Ron Wyden (D-Ore.), Senator Catherine Cortez Masto (D-Nev.), and Senator Elizabeth Warren (D-Mass.) also recently urged the acting Treasury Inspector General for Tax Administration to investigate several reports that the Trump Administration is potentially violating strict taxpayer privacy laws by providing highly sensitive and legally protected taxpayer data to the Department of Homeland Security (DHS) and personnel affiliated with Elon Musk across various federal agencies. Padilla, Cortez Masto, and Wyden previously condemned the Internal Revenue Service’s (IRS) plan to provide sensitive taxpayer information to DHS to locate suspected undocumented immigrants and led a letter to IRS and DHS leadership raising the alarm on reports that DHS and the Department of Government Efficiency had illegally requested this information.
    Audio of Senator Padilla’s remarks is available here.

    MIL OSI USA News –

  • MIL-OSI Australia: Shark attack at Port Noarlunga

    Source: New South Wales – News

    Police are at the scene of a shark attack at Port Noarlunga.

    About 9.45am today (Thursday 15 May), emergency services were called to the Port Noarlunga jetty after reports that a man swimming in the water had been bitten by a shark.

    He was helped from the water and treated at the scene by paramedics before he was taken to hospital in a serious condition.

    Swimmers have been evacuated from the water.

    Please avoid the area.

    MIL OSI News –

  • MIL-OSI USA: SPC Severe Thunderstorm Watch 249

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL9

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Severe Thunderstorm Watch Number 249
    NWS Storm Prediction Center Norman OK
    800 PM CDT Wed May 14 2025

    The NWS Storm Prediction Center has issued a

    * Severe Thunderstorm Watch for portions of
    East-Central and Northeast Nebraska
    Southeast South Dakota

    * Effective this Wednesday night and Thursday morning from 800 PM
    until 300 AM CDT.

    * Primary threats include…
    Scattered large hail and isolated very large hail events to 2
    inches in diameter likely
    Scattered damaging winds likely with isolated significant gusts
    to 75 mph possible
    A tornado or two possible

    SUMMARY…Thunderstorms over central Nebraska will becoming
    increasingly organized and track northeastward through the evening
    and overnight period. Damaging wind gusts and large hail will be
    through across the watch area. A tornado or two is also possible.

    The severe thunderstorm watch area is approximately along and 50
    statute miles east and west of a line from 5 miles west northwest of
    Mitchell SD to 25 miles west southwest of Grand Island NE. For a
    complete depiction of the watch see the associated watch outline
    update (WOUS64 KWNS WOU9).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Severe Thunderstorm Watch means conditions are
    favorable for severe thunderstorms in and close to the watch area.
    Persons in these areas should be on the lookout for threatening
    weather conditions and listen for later statements and possible
    warnings. Severe thunderstorms can and occasionally do produce
    tornadoes.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 247…WW 248…

    AVIATION…A few severe thunderstorms with hail surface and aloft to
    2 inches. Extreme turbulence and surface wind gusts to 65 knots. A
    few cumulonimbi with maximum tops to 500. Mean storm motion vector
    25035.

    …Hart

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW9
    WW 249 SEVERE TSTM NE SD 150100Z – 150800Z
    AXIS..50 STATUTE MILES EAST AND WEST OF LINE..
    5WNW MHE/MITCHELL SD/ – 25WSW GRI/GRAND ISLAND NE/
    ..AVIATION COORDS.. 45NM E/W /59W FSD – 38SSW OBH/
    HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..65 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 25035.

    LAT…LON 43799712 40839781 40839972 43799913

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU9.

    Watch 249 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Low (20%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (5%)

    Wind

    Probability of 10 or more severe wind events

    High (70%)

    Probability of 1 or more wind events > 65 knots

    Mod (30%)

    Hail

    Probability of 10 or more severe hail events

    Mod (60%)

    Probability of 1 or more hailstones > 2 inches

    Mod (60%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (>95%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Greens launch reckless attack on family farming

    Source:

    “The Green Party’s proposed asset and inheritance taxes would be a reckless attack on intergenerational family farms,” says ACT MP and dairy farmer Andrew Hoggard.

    The ‘Green Budget’ includes a 2.5% annual tax on a couple’s net assets over $4 million and a 33% tax on inheritances over a $1 million threshold.

    “The Greens’ proposed taxes on assets, trusts, and death would see land held within the family for generations sold off just to pay the tax bill. We’d see a scarring effect on rural communities, a sledgehammer to rural investment, and food production shifted offshore.

    “The Greens seem to have a real hard time understanding the difference between realised gains and unrealised gains. Whilst a farmer may have assets it doesn’t mean that in every single year you have great weather and great commodity prices to generate a profit, in some years you have poor prices and poor weather, meaning you end up borrowing just to look after the farm and your staff, under this plan you would also be borrowing to pay your wealth tax.

    “With the inheritance tax this could very well force many farming families off the land in the event of an untimely death of a family member. The surviving family members would be left with a tax bill and the only way to settle it may well be selling the farm. This was the outcome in past when we last had an inheritance tax in this country.

    “Either the Greens just dislike farmers, or they forgot about us when scribbling new taxes on the napkin. They’ve decided anyone who owns a decent slice of land is a rich prick. Chlöe Swarbrick should speak to the farmers I’ve met – or any farmer – who face seasonal financial stress the likes of which she could never imagine.

    “The end result of these policies would likely be a lot less family farms out there. Probably replaced by Soviet-style collective farms as this seems to be where they draw their agricultural inspiration from.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: David Seymour: Address to Craigs Investment Partners

    Source:

    ACT Leader David Seymour: Address to Craigs Investment Partners Auckland

    Introduction

    Thank you to Craigs Investment Partners for hosting me today.

    Every three years, we elect a new Parliament. Every year, we get a new Budget. And every Budget brings a flurry of headlines, hot takes, and handouts. But too often, what’s missing is a long view, a vision that extends beyond the next fiscal year, the next election, or the next political sugar hit.

    In other words, instead of looking towards the next election, we should be thinking about the next generation.

    Right now, New Zealand is in the middle of a repair job. After years of economic mismanagement and runaway spending, this Government is trying to patch the roof while the rain still falls. ACT supports that effort. But we also ask a bigger question: what comes next? Not just in the next quarter or the next Budget, but in the next few decades.

    Because building a stronger economy starts with a long-term economic vision. A vision that restores freedom and personal responsibility to the individual, and rewards effort and innovation.

    In a week’s time the Government will be revealing Budget 2025. It will detail the Government’s specific spending and revenue choices, key new infrastructure investments, the path for borrowing and debt and our plans for strengthening the fundamentals of the New Zealand economy.

    New Zealand has gone through a tough few years of high inflation, high interest rates and little to no real growth. The Government has been running big deficits and accumulating debt. I’m proud to be part of a government that is slowing the spending of previous governments and making savings so we can fund the things that are most important.

    Inflation and interest rates have been beaten back. Government doesn’t control every factor influencing them, but we can control our own spending. The Government’s commitment to spend less and maintaining that discipline over four years has helped win the war on inflation and interest rates.

    Last week, Brooke van Velden MP made long-overdue changes to a broken pay equity system. As usual, Labour and the unions responded with scare tactics and misinformation. The fact is that Brooke’s changes bring back common sense. Pay equity claims will still be possible – but they’ll need real evidence of discrimination, not assumptions. That means a system that’s fair, workable, and sustainable for the long term.

    The reason I bring this up is because Brooke’s fixes will have major budget implications, billions of dollars that balance the books and allow investments in important areas like health and education. She’s managed to do it in a way that means claims can still progress in cases of genuine sex-based discrimination – but if you’re a librarian looking to get a pay rise comparable to a fisheries officer then you’re out of luck.

    Not many MPs would have the guts to take a controversial piece of work like this and progress it for the greater good. Brooke has shown what ACT is bringing to this Government – a willingness to take on tough issues and stand by our principles. This approach needs to be replicated and applied across a wider range of issues in order for New Zealand to tackle long-term issues.

    Looking beyond a four-year cycle

    Next week’s budget will take another step in the right direction for economic recovery. But while short-term repair is essential, we also need a long-term vision. What happens beyond this four-year cycle?

    Previous Labour Budgets offered headline-grabbing sugar hits, ‘Wellbeing Budgets’ that felt good in the moment but lacked staying power, they essentially worked to pick a group, give them some money, and promote their generosity. The point that was often missed was that to give money to that group someone else had to stump up, probably your children and grandchildren. Now, this Government is carrying out the hard, necessary work by cutting unnecessary spending and reinvesting in core areas. But what comes next?

    When it comes to government spending, New Zealand is standing on a burning platform. Last year, even as our population grew slightly, thanks to births and inbound migration, our economy shrank by one percent.

    But here’s the real kicker: $10 billion of what the government spent was just to pay interest on existing debt. And next year? We’ll pay interest on the interest. The consequence? Government debt is forecast to soar past $200 billion in 2026.

    Our national debt is growing by almost $2 million an hour, or more than $47 million a day.

    As of the first quarter of 2025, New Zealand’s unemployment rate stands at 5.1 per cent, the highest in 4.5 years. Employment growth is minimal, and wage inflation has decelerated. At the same time, the doubling of debt we saw under the previous government is the new normal with $234.1 billion in debt by 2028/29, that’s $46,800 for every man, woman and child in this country today. The opposition is quick to deny responsibility. But let’s be real – it was under them debt went from 20-40 per cent of GDP. We are now projected to see a slowing and a decline. It was under Labour that inflation rose to 7 per cent and hollowed out the economy, it is under us that we have seen it come down to the usual low levels.

    This is not sustainable. Not if you want your children and grandchildren to experience the same opportunities you once had.

    And the challenges don’t stop there. There’s a demographic tailwind in our population growth, that’s becoming a headwind when it comes to balancing the books.

    Our population is aging fast. Every year, around 60,000 people turn 65 and become eligible for superannuation.

    We cannot keep ducking the big questions. Because what’s coming is not just a fiscal ripple, it’s a tidal wave that will envelop the country.

    The global economy is more interconnected than ever before. As a small, open economy, New Zealand won’t escape the next global shock.

    When Grant Robertson cranked up the money printers, blame was levelled at Putin, Covid, and cyclones. But crises are a fact of life, not an excuse for policy failure. It would be too easy for this Government to blame Trump. But a resilient country must be prepared regardless of who or what is happening around them.

    In the 1990s, New Zealand demonstrated that resilience. Years of smart fiscal policy took our net core Crown debt from 55 per cent to just 5.4 per cent by 2008. Critics called it ‘austerity.’ But they’re still crying austerity when debt is 42.5 per cent. In 2019, pre-Covid, Jacinda Ardern’s Government was spending 28 per cent of GDP. In 2024, spending was 33.1 per cent of GDP. I don’t recall Labour being accused of austerity. But journalists and commentators find the current Government guilty of austerity when it spends 5 per cent of GDP more. Get real.

    When the Global Financial Crisis and Covid hit, we were ready. Fast forward to today. That 5.4 per cent is now 42.5 per cent. Net core Crown debt has exploded from $10.3 billion in 2008 to over $175 billion today.

    How did we get here?

    Well, the simple answer is out of control spending from irresponsible governments. We’ve been here before. After the Muldoon Government’s reckless spending nearly bankrupted the country, it took the Lange Government and Sir Roger Douglas’s economic reforms to steer us back from the brink.

    Growth and ambition

    New Zealand’s population is expected to reach 6 million by 2043. That’s a good thing. We should be encouraging our best and brightest to stay, and welcoming innovative minds from around the world. We have the wide-open spaces and natural beauty to attract people, but not the ambition or economic opportunity to retain them judging by the roughly 69,100 New Zealand citizens choosing to leave in the year to February 2025.

    We’ve tried spending more and the result was more debt and many of the same problems. In fact, if there’s one thing Grant Robertson taught us all it’s that we can’t spend our way out of this mess. Without radical policy change, there is no plausible path that avoids long-term fiscal and social collapse.

    So what can we do?

    Smaller, smarter government

    We should make government itself more efficient. Fewer ministers, fewer departments, and clearer accountability. New Zealanders don’t need 82 portfolios to live better lives. They just need a government that does its job, and then gets out of their way.

    It’s a shift away from the idea that the government exists to solve every problem by creating a minister named after it. And towards a view that the government’s job is to manage your money responsibly and provide core public services that allow you to go about your life, respecting your property rights.

    If the Government was truly focused on outcomes rather than optics, we’d have fewer ministers but higher standards. We’d have fewer bureaucrats, but better services. We’d be empowering New Zealanders to make their own decisions, not adding layers of officials to make them for us.

    Our proposal is to have:

    • Only 20 Ministers, with no ministers outside cabinet
    • No associate ministers, except in finance
    • Abolish ‘portfolios’, there’s either a department or there’s not
    • Reduce the number of departments to 30 by merging them and removing low-value functions
    • Ensure each department is overseen by only one minister
    • Up to eight under-secretaries supporting the busiest ministers, effectively a training ground for future cabinet ministers

    More personal choice in education and health

    A lot of the biggest problems we face as a nation can be solved by ensuring the next generation has access to a great education.

    While our Government has made a lot of improvements in this area, banning devices that were destroying children’s concentration, bringing back charter schools to ensure there is more flexibility and choice in the system, and returning logic and common sense to the curriculum in key areas like literacy and numeracy, many parents still ask, how do we spend $330,000 on every child’s education and still get these results?

    What if we gave New Zealanders a choice?

    With $333,000 per student over a lifetime, how many families would choose a better option if they had control over that money instead of handing it over to the Government. Like a KiwiSaver account, parents and students would be able to see the balance of funding that is available and make choices about how to fund an education.

    It is taking power away from the bureaucracy and back to the people. The only way to ensure New Zealand’s schools become leaders rather than laggards is to have an education system that is responsive to parental demand rather than political orthodoxy.

    We can apply the same concept to the health system. How do we spend $6,000 per citizen annually on health, and still end up on waiting lists?

    What if every person could opt out of the public health system and take their $6,000 to buy private health insurance? Many would. And many would be better off.

    We shouldn’t have a default position of tax and spend for every public service. If the past few years have taught us anything it’s that taxing and spending more doesn’t lead to greater outcomes. Giving people greater control over their own lives would bring about real change.

    Zero-basing government

    We need to stop assuming government departments and activities should continue because they always have. It’s easy to think of New Zealand companies that no longer exist. Anyone shopped at Deka lately? Read the Auckland Star? Got a loan from South Canterbury Finance? Had Mainzeal put anything up for you? Anyone here had a night in thanks to Video Ezy this decade?

    For a variety of reasons those national brands along with a lot of other local businesses are gone. Basically, if they don’t deliver better than anyone else could, they go. But when was the last time you heard of a government department being surplus to requirements and closed down?

    How many zombie departments and zombie bureaucrats does this country have? People who just carry on collecting a pay cheque for their own purposes instead of any public purpose. Why do we put up with the idea that government can get bigger, but it can never get smaller?

    ACT says we need to zero base government. By that I mean going back to zero and asking ourselves, if the departments and bureaucracies we have now didn’t exist, would we establish them today?

    We would ask every department to answer the simple question; if you didn’t exist, who would notice and why?

    The justifications will have to fit with a robust view of what government can, and can’t, do.

    • Can the private sector provide this service?
    • Is there a genuine conflict between citizens’ interests that cannot be resolved without government intervention?
    • What are the costs and benefits of this activity, and do the benefits outweigh the costs?

    The size of government would be reduced dramatically by eliminating activities that don’t fit with these simple questions.

    Tackling the hard conversations

    We need a serious conversation about the future of retirement income. Not because it’s easy, but because it’s essential.

    We need to face facts on superannuation. People are living over ten years longer than they were two generations ago, and they are having fewer children to pay taxes for superannuation. That means we need to consider whether our current approach is fair or sustainable. This could mean increasing the age by two months per year until it reaches 67. Someone who is currently retired would see no difference from this policy. Someone who is currently 64 would be eligible for superannuation two months later than currently planned. Sooner or later, a Government will need to address this.

    The Winter Energy Payment makes a big difference for a lot of Kiwis, but for a lot more it lands in a special account that gets put aside for a holiday fund. Why don’t we ensure that the Winter Energy Payment went to those who needed it. It could be restricted to over-65s who hold Community Services Cards and recipients of main benefits.

    Then there’s the corporate welfare. It took political courage for Sir Roger Douglas to ditch the agriculture subsidies and ask farmers to embrace the market. Looking back, I don’t think you’d find a farmer who wouldn’t agree that it was the right decision.

    Why don’t we just let people keep more of their taxes and spend and invest their money the way they’d like to?

    Between health, education, pensions, and welfare you have around $95 billion, a massive chunk of the government’s budget. The question isn’t whether we’re spending enough in these areas, it’s how we can find more productivity growth so New Zealanders get better services.

    Cutting red tape

    Housing and infrastructure costs are out of control not because of material costs, but because of government regulation. The RMA, excessive building codes, and earthquake regulations are driving prices sky-high. Reform is long overdue.

    The Government is doing a huge amount of work in this area, most importantly by delivering a property rights based RMA – a concept ACT has fought hard for.

    Long term, there will need to be a change in attitude when it comes to lawmaking. The Regulatory Standards Bill is one tool to do this, bringing transparency to lawmaking so when a politician makes a silly populist law, they’ll need to justify it to the public.

    I think the Regulatory Standards Bill could have prevented many of the issues we’re dealing with today. Take earthquake regulations. In Auckland the chance of a major seismic event is roughly one in 110,000 years, yet property owners there are still being forced through costly assessments and upgrade requirements designed for high-risk areas.

    It makes no sense. These one-size-fits-all rules are driving up costs and pushing down property values without delivering meaningful safety benefits. Instead of scaring owners into unnecessary spending, good policy would have adopted a risk-based approach that targets genuine seismic threats, not bureaucratic box-ticking.

    These law changes are costly, mainly in lost productivity for decades to come. The Government’s default position should be not to regulate. Regulation should be the exception, not the rule. We must trust people, not bureaucracy.

    The challenge

    If we carry on in the current direction, we won’t remain a first-world country. We’ll be a middling island in the Pacific, lamenting the opportunities we let pass us by.

    There is a way forward. But it starts with honesty.

    We must rebuild New Zealand as a country that works, not just for today, but for generations to come. That means putting power back in the hands of people. That means cutting waste, reforming entitlements, and restoring ambition.

    It means choosing freedom over control, responsibility over excuses, and aspiration over resentment.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Parliament Hansard Report – Wednesday, 14 May 2025 (continued on Thursday, 15 May 2025) – Volume 784 – 001473

    Source: Govt’s austerity Budget to cause real harm in communities

    CAMERON LUXTON (ACT): Thank you, Mr Speaker. Tēnā koutou Ngā Hapū o Ngāti Ranginui, Ngāti Te Wai, Pirirākau, Ngāti Taka, Ngāti Rangi, Ngāti Pango, Ngāti Kahu, Ngāti Hangarau, Ngāi Tamarāwaho, Ngāi Te Ahi, Ngāti Ruahine, and all your tīpuna and all your ancestors that you represent here today and your descendants to come.

    I have stood and spoken in this House on behalf of the ACT Party on a few Treaty settlement bills. In the 18 months since I’ve been elected, I’ve been privileged to speak on the Whakatōhea Claims Settlement Act—close to home—and, recently, the Te Ture mō Ō-Rākau, Te Pae o Maumahara 2025/Ō-Rākau Remembrance Act 2025, the history of which touches deeply in some of the history outlined in the Ngā Hapū o Ngāti Ranginui Claims Settlement Bill.

    This is, for me, an emotional moment to speak on such a bill. I am a child of Pāpāmoa. I come from the Bay of Plenty; this is where I am from. I read about the history, and it’s history that I know quite well—as much as one who didn’t descend from it and live part of it can hope to know. These acknowledgments are long overdue. When I was a young fulla—I actually said something similar in the Ō-Rākau Act—I probably spent too much time wagging school, but I was doing some things. At one point, I drove over to the site of the Battle of Ō-Rākau by myself when I should have been at school, because I was interested in the history. But that history stemmed from a story that I have shared with some people, some who are even in this gallery today, where I went about trying to understand the history of my own area because I didn’t feel like I was learning it properly. I remember, one day I left school—probably during English class—and got my way over to Pyes Pā and went looking for a battle site that I’d read about but didn’t know anything about and wasn’t being taught about.

    Actually, first I should say, growing up, my generation started learning about Gate Pā, better known as Pukehinahina. We started learning about that, and it was talked about the way the toa and the wāhine treated with their enemy—there was a declaration on the way that Māori toa were going to treat with their enemies. I found the great line: “If thy enemy hungers, feed him; if he thirsts, give him drink.” to exemplify what I’m trying to talk about here. So Pukehinahina was a known battle. It was sat there as a monument with an Anglican church on it, and we all knew it was there, but we didn’t know about Te Ranga. I went looking that day for the battle site. I had old maps that I’d found—God bless the internet for giving information out. I was trying to track the topography of the land and the rivers and the road, trying to find this place. So imagine a 15-year-old—myself—bashing through a bramble bush on the side of the road and finding this concrete plinth with old writing on it that could barely be understood. You know, it was not a well-kept mark of the site. But, as for me, I could start to see the way things happened there, and it was deeply emotional for me sitting there—I mean, remember, I was 15 years old; this was quite a shocking thing to try and discover for oneself.

    I’m glad and proud that today that site has been taken care of, acknowledged, and shown to the people of Tauranga and the people that travelled that road between Rotorua and Tauranga. But I recognise also the deep pain of the battle of Te Ranga, and the way that pain has carried on through the generations probably reflects why it was not in the state that it is now. It is a good thing that it is now being looked after, but I can completely empathise with those who would rather have just looked away and not thought about that particular site.

    The raupatu and confiscations are something that Tauranga was—you know, reading Victory at Gate Pā?, Buddy Mikaere’s book, you can see the constraints on the descendants. You know, moving into areas like Judea, in Tauranga—”Ju-daya”, I suppose, if anyone else is reading it—how that was marginal land, and how they no longer had access to places like Kōpūrererua and the fertile places around to harvest kai and grow. It was not a great—”not great” is an understatement; it was a horrible, horrible situation for a century, for decades and decades. But, today, this House starts to recognise, by going through the motions of passing into law, deed of settlement. That has, as we’ve heard, been a long time coming back from the splitting of the Tauranga Moana Iwi Collective Redress Bill.

    Also, I note that in some of the settlement, there is land to be returned. A lot of people outside of the Bay of Plenty know about Mount Maunganui—Mauao—know about the hill that sort of sits there and is the symbol of our area and a sacred hill to you—sorry, Mr Speaker—to Ngāti Ranginui. But there’s also hills like Pūwhenua and Ōtānewainuku getting returned in this settlement in a way—still with access to the public, but returning.

    Talking to my wife this morning, I asked, “What are you doing today, darling?” She said, “I’m going to go and get the bloody stoat that I’ve heard is running around in Ōtānewainuku right now.” So as I stand here speaking about the settlement and how Ōtānewainuku is being returned, my wife is currently out there trying to eradicate pests on that very piece of whenua, and I felt that was quite a poetic situation to find myself, and ourselves, in.

    My children are getting raised in the area. They’re learning about where all the reefs are. They learn where the hills are and the rivers. I don’t shy back from telling them about the history of Tauranga, but I also tell them that this is their place. This is where they’re from. This is where they’ll always be able to come back to. We know the rivers, as much as I can discover them and my family can discover them. We know the waters, the hills, and the bush as much as we can. It probably was a bit too much as a young fulla trying to get out and go places that perhaps weren’t always public access, but I wanted to experience everything that our beautiful rohe, your beautiful rohe, has to show.

    Tauranga was supposed to be a safe harbour. It was discovered by Tamatea-arikinui and the waka Tākitimu, eventually opening up for your people to settle. Te Awanui, Tauranga Harbour, was supposed to be—and it is—a safe harbour. Te Awanui was supposed to be a safe harbour and it was not. The Crown ships came in, opened up another front of the Waikato Wars, and that’s where this pain starts. Today, we’re not finishing the pain but we’re taking another step on that path of sorting it out. I thank you very much for listening to me ramble on. Ngā mihi. Thank you, Mr Speaker.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Parliament Hansard Report – Wednesday, 14 May 2025 (continued on Thursday, 15 May 2025) – Volume 784 – 001474

    Source: Govt’s austerity Budget to cause real harm in communities

    CAMERON LUXTON (ACT): Thank you, Mr Speaker. Tēnā koutou Ngā Hapū o Ngāti Ranginui, Ngāti Te Wai, Pirirākau, Ngāti Taka, Ngāti Rangi, Ngāti Pango, Ngāti Kahu, Ngāti Hangarau, Ngāi Tamarāwaho, Ngāi Te Ahi, Ngāti Ruahine, and all your tīpuna and all your ancestors that you represent here today and your descendants to come.

    I have stood and spoken in this House on behalf of the ACT Party on a few Treaty settlement bills. In the 18 months since I’ve been elected, I’ve been privileged to speak on the Whakatōhea Claims Settlement Act—close to home—and, recently, the Te Ture mō Ō-Rākau, Te Pae o Maumahara 2025/Ō-Rākau Remembrance Act 2025, the history of which touches deeply in some of the history outlined in the Ngā Hapū o Ngāti Ranginui Claims Settlement Bill.

    This is, for me, an emotional moment to speak on such a bill. I am a child of Pāpāmoa. I come from the Bay of Plenty; this is where I am from. I read about the history, and it’s history that I know quite well—as much as one who didn’t descend from it and live part of it can hope to know. These acknowledgments are long overdue. When I was a young fulla—I actually said something similar in the Ō-Rākau Act—I probably spent too much time wagging school, but I was doing some things. At one point, I drove over to the site of the Battle of Ō-Rākau by myself when I should have been at school, because I was interested in the history. But that history stemmed from a story that I have shared with some people, some who are even in this gallery today, where I went about trying to understand the history of my own area because I didn’t feel like I was learning it properly. I remember, one day I left school—probably during English class—and got my way over to Pyes Pā and went looking for a battle site that I’d read about but didn’t know anything about and wasn’t being taught about.

    Actually, first I should say, growing up, my generation started learning about Gate Pā, better known as Pukehinahina. We started learning about that, and it was talked about the way the toa and the wāhine treated with their enemy—there was a declaration on the way that Māori toa were going to treat with their enemies. I found the great line: “If thy enemy hungers, feed him; if he thirsts, give him drink.” to exemplify what I’m trying to talk about here. So Pukehinahina was a known battle. It was sat there as a monument with an Anglican church on it, and we all knew it was there, but we didn’t know about Te Ranga. I went looking that day for the battle site. I had old maps that I’d found—God bless the internet for giving information out. I was trying to track the topography of the land and the rivers and the road, trying to find this place. So imagine a 15-year-old—myself—bashing through a bramble bush on the side of the road and finding this concrete plinth with old writing on it that could barely be understood. You know, it was not a well-kept mark of the site. But, as for me, I could start to see the way things happened there, and it was deeply emotional for me sitting there—I mean, remember, I was 15 years old; this was quite a shocking thing to try and discover for oneself.

    I’m glad and proud that today that site has been taken care of, acknowledged, and shown to the people of Tauranga and the people that travelled that road between Rotorua and Tauranga. But I recognise also the deep pain of the battle of Te Ranga, and the way that pain has carried on through the generations probably reflects why it was not in the state that it is now. It is a good thing that it is now being looked after, but I can completely empathise with those who would rather have just looked away and not thought about that particular site.

    The raupatu and confiscations are something that Tauranga was—you know, reading Victory at Gate Pā?, Buddy Mikaere’s book, you can see the constraints on the descendants. You know, moving into areas like Judea, in Tauranga—”Ju-daya”, I suppose, if anyone else is reading it—how that was marginal land, and how they no longer had access to places like Kōpūrererua and the fertile places around to harvest kai and grow. It was not a great—”not great” is an understatement; it was a horrible, horrible situation for a century, for decades and decades. But, today, this House starts to recognise, by going through the motions of passing into law, deed of settlement. That has, as we’ve heard, been a long time coming back from the splitting of the Tauranga Moana Iwi Collective Redress Bill.

    Also, I note that in some of the settlement, there is land to be returned. A lot of people outside of the Bay of Plenty know about Mount Maunganui—Mauao—know about the hill that sort of sits there and is the symbol of our area and a sacred hill to you—sorry, Mr Speaker—to Ngāti Ranginui. But there’s also hills like Pūwhenua and Ōtānewainuku getting returned in this settlement in a way—still with access to the public, but returning.

    Talking to my wife this morning, I asked, “What are you doing today, darling?” She said, “I’m going to go and get the bloody stoat that I’ve heard is running around in Ōtānewainuku right now.” So as I stand here speaking about the settlement and how Ōtānewainuku is being returned, my wife is currently out there trying to eradicate pests on that very piece of whenua, and I felt that was quite a poetic situation to find myself, and ourselves, in.

    My children are getting raised in the area. They’re learning about where all the reefs are. They learn where the hills are and the rivers. I don’t shy back from telling them about the history of Tauranga, but I also tell them that this is their place. This is where they’re from. This is where they’ll always be able to come back to. We know the rivers, as much as I can discover them and my family can discover them. We know the waters, the hills, and the bush as much as we can. It probably was a bit too much as a young fulla trying to get out and go places that perhaps weren’t always public access, but I wanted to experience everything that our beautiful rohe, your beautiful rohe, has to show.

    Tauranga was supposed to be a safe harbour. It was discovered by Tamatea-arikinui and the waka Tākitimu, eventually opening up for your people to settle. Te Awanui, Tauranga Harbour, was supposed to be—and it is—a safe harbour. Te Awanui was supposed to be a safe harbour and it was not. The Crown ships came in, opened up another front of the Waikato Wars, and that’s where this pain starts. Today, we’re not finishing the pain but we’re taking another step on that path of sorting it out. I thank you very much for listening to me ramble on. Ngā mihi. Thank you, Mr Speaker.

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: University Research – Fossil tracks show reptiles appeared on Earth up to 40 million years earlier – Flinders

    Source: Flinders University

    The origin of reptiles on Earth has been shown to be up to 40 million years earlier than previously thought – thanks to evidence discovered at an Australian fossil site that represents a critical time period.

    Flinders University Professor John Long and colleagues have identified fossilised tracks of an amniote with clawed feet – most probably a reptile – from the Carboniferous period, about 350 million years ago.

    “Once we identified this, we realised this is the oldest evidence in the world of reptile-like animals walking around on land – and it pushes their evolution back by 35-to-40 million years older than the previous records in the Northern Hemisphere,” says Professor Long, Strategic Professor in Palaeontology at Flinders.

    Published today in the journal Nature, this discovery indicates that such animals originated in the ancient southern supercontinent of Gondwana, of which Australia was a central part

    The fossil tracks, discovered in the Mansfield district of northern Victoria in Australia, were made by an animal that Professor Long predicts would have looked like a small, stumpy, Goanna-like creature.

    “The implications of this discovery for the early evolution of tetrapods are profound,” says Professor Long.

    “All stem-tetrapod and stem-amniote lineages must have originated during the Devonian period – but tetrapod evolution proceeded much faster, and the Devonian tetrapod record is much less complete than we have believed.”

    Fossil records of crown-group amniotes – the group that includes mammals, birds and reptiles – begin in the Late Carboniferous period (about 318 million years old), while previously the earliest body fossils of crown-group tetrapods were from about 334 million years ago, and the oldest trackways about 353 million years old.

    This had suggested the modern tetrapod group originated in the early Carboniferous period, with the modern amniote group appearing in the early part of the Late Carboniferous period.

    “We now present new trackway data from Australia that falsify this widely accepted timeline,” says Professor Long, who worked with Australian and international experts on the major Nature journal paper.

    “My involvement with this amazing fossil find goes back some 45 years, when I did my PhD thesis on the fossils of the Mansfield district, but it was only recently after organizing palaeontology field trips to this area with Flinders University students that we got locals fired up to join in the hunt for fossils.

    “Two of these locals – Craig Eury and John Eason (coauthors on the paper) – found this slab covered in trackways and, at first, we thought they were early amphibian trackways, but one in the middle has a hooked claw coming off the digits, like a reptile – an amniote, in fact.

    “It was amazing how crystal clear the trackways are on the rock slab. It immediately excited us, and we sensed we were onto something big – even though we had no idea just how big it is.”

    The Flinders palaeontology team working on this project included Dr Alice Clement, who scanned the fossil footprints to create digital models that were then analysed in detail, working closely with a team from Uppsala University led by Professor Per Erik Ahlberg, a member of the Royal Swedish Academy of Sciences.

    “We study rocks and fossils of the Carboniferous and Devonian age with specific interest to observe the very important fish-tetrapod transition,” says Dr Clement.

    “We’re trying to tease apart the details of how the bodies and lifestyles of these animals changed, as they moved from being fish that lived in water, to becoming tetrapods that moved about on land.”

    Another coauthor Dr Aaron Camens, who studies animal trackways from around Australia, produced heatmaps that explain details of the fossil footprints much more clearly.

    “A skeleton can tell us only so much about what an animal could do, but a trackway actually records its behaviour and tells us how this animal was moving,” says Dr Camens.

    Because Professor Long had been studying ancient fish fossils of this area since 1980, he had a clear idea of the age of rock deposits in the Mansfield district – from the Carboniferous period, which started about 359 million years ago.

    “The Mansfield area has produced many famous fossils, beginning with spectacular fossil fishes found 120 years ago, and ancient sharks. But the holy grail that we were always looking for was evidence of land animals, or tetrapods, like early amphibians. Many had searched for such trackways, but never found them – until this slab arrived in our laboratory to be studied.

    “This new fossilised trackway that we examined came from the early Carboniferous period, and it was significant for us to accurately identify its age – so we did this by comparing the different fish faunas that appear in these rocks with the same species and similar forms that occur in well-dated rocks from around the world, and that gave us a time constraint of about 10 million years.”

    La Trobe University’s Dr Jillian Garvey, who liaised with the Taungurung Land and Waters Council for the study, has researched in the Mansfield basin since the early 2000s.

    “This discovery rewrites this part of evolutionary history,” Dr Garvey says. “It indicates there is so much that has happened in Australia and Gondwana that we are still yet to uncover.”

    The research – ‘Earliest amniote tracks recalibrate the timeline of tetrapod evolution’ (2025) by John A Long, Grzegorz Niedźwiedzki, Jillian Garvey, Alice M Clement, Aaron B Camens, Craig A Eury, John Eason and Per E Ahlberg (Uppsala University) – has been published in Nature. DOI: 10.1038/s41586-025-08884-5

    Available online: https://www.nature.com/articles/s41586-025-08884-5

    Fossil tracks show reptiles appeared on Earth up to 40 million years earlier – Google Drive

    Acknowledgements: P.E.A. acknowledges the support of ERC Advanced Grant ERC-2020-ADG 10101963 “Tetrapod Origin”. J.A.L. and A.M.C. receive funding from the Australian Research Council, DP 220100825 and DP 200103398. The authors acknowledge that NMV P258240 comes from Taungurung Country, and pay their respects to Taungurung Elders past and present, and all of the Taungurung community.

    MIL OSI – Submitted News –

  • MIL-OSI Australia: Flat out Fabulous: Barbie puts her best foot forward over the years

    Source:

    15 May 2025

    Author supplied. The Barbie Team (from L to R): Barbie Fashionista (#197) wears an amazing yellow platform heel with ankle straps, Barbie Fashionista (#208) has Down Syndrome and uses sneakers to accommodate her ankle foot orthoses, Barbie Fashionista (#171) wears a high heel white ankle boot and lives with Vitiligo, Barbie Paramedic has her workboots ready to go, Barbie Fashionista (#210) models comfy yellow slides and Barbie Interior Designer wears ballet flats on both her foot and prosthetic limb.

    Foot health enthusiasts have researched Barbie’s footwear choices since her debut in the 1950s –and it turns out the iconic doll’s career really took off when she stepped into flatter shoes.

    But the study – conducted by Monash University, the University of South Australia and Queen Mary University of London – also found Barbie still loves her high heels, and real women who wear them should not be ‘heel shamed’.

    Inspired by the 2023 Barbie movie and published in PLOS One, the project explored correlations and relationships between Barbie’s foot posture, equity/diversity, employment, and time.

    The researchers, who included a Barbie collector, audited 2750 Barbie dolls and Barbie Land friends from between 1959 and June 2024.

    They used their unique FEET system: Foot posture (flat or equinus [tiptoe]); Equity (diversity and inclusion); Employment (fashion vs employed); and Time period (decade of manufacture).

    Over time, the study showed a decreased prevalence in tiptoe foot posture, from 100% in the first period, to 40% in the last.

    Researchers found that Barbie’s flat foot posture had a very strong positive correlation with employment, and time point, while tiptoe foot posture had a very strong positive correlation with fashion. Similarly, equity (diversity) had a very strong positive correlation with fashion, and strong positive correlation with employment.

    Given Barbie is known to reflect societal norms, the researchers contended that this was most likely true for most ‘real life’ high-heel wearers.

    “While Barbie has moved with the times, it appears footwear health messaging about high heel wearing needs to catch up,” says senior author, UniSA’s Dr Helen Banwell.

    “Health professionals castigating high heels through public messaging should remember that emphasising health benefits consistently drives positive behaviour change, over highlighting negative consequences.

    “Barbie clearly makes sensible determinations regarding her body autonomy; high heel wearers should have that same ability.”

    First author and Monash University Professor Cylie Williams, a podiatrist and School of Primary and Allied Health Care Deputy Head, says Barbie’s movie meltdown over her feet being flat when she entered the real world inspired the project

    “We talked about it, posted on social media and talked to our patients about it,” Prof Williams says

    “Then we thought: hang on, has Barbie always been rocking high heels that much? What do her foot postures say about her jobs, how inclusive is she, and has that changed over time?

    “While Barbie was working, we observed she was more likely to embrace flat shoes, sneakers and slides. Barbie also had more job roles since the 1990s and increasingly represented people with disabilities and used assistive technology. We saw Barbie in her wheelchair wearing her high heels, while Barbie with an above knee amputation wearing flats to accommodate her prosthesis.

    “Barbie wears flats when she’s busy breaking glass ceilings, working in health care or being an athlete. But she still loves her high heels when she’s not. Maybe it’s time health messaging caught up. Let’s stop heel-shaming and start empowering people to choose what works for them.”

    Dr Helen Banwell, who heads the University of South Australia’s podiatry program, says shoes were a hot topic for podiatrists and some health professionals were toey about high heels.

    “Most foot problems happen to people not in heels, yet high heels get blamed for everything from bunions to bad moods,” Dr Banwell says.

    “This study let us unpack the myths, celebrate informed choices, and see how a global icon like Barbie reflects (or challenges) social norms. Also, research can be fun, and it was way more fun when Barbie was involved.

    “Barbie clearly has body autonomy – so should everyone else. And if so, if high heel wearers want to rock a stiletto, we propose they are already aware of how they feel and how they can move in them. Let’s leave health messing to things that have a higher impact on health behaviours.

    “It is time we recognised that high-heel wearers, including Barbie as a socially constructed representative woman, make sensible choices based on what works for them.”

    Dr Kristin Graham, who is a senior lecturer at UniSA’s podiatry program, says research on wearing high heels was scant, but we know wearing high heels makes you walk slower, and the higher the heel height, the more instability, pain and possible injury risks.

    As a result, she says many health professionals discouraged high heeled footwear, often linking it to bunions, knee osteoarthritis, plantar fasciitis and low back pain. Yet many of these health conditions were prevalent in the general population regardless of preferred heel height

    “We don’t know that there is a direct impact on long term foot and leg health,” Dr Graham says.

    “This is because it’s never been studied in detail or over time, and because people who wear high heels often wear them for a different length of time each day, or interchangeably with flat shoes.

    “We do know many of the things that people attribute to high heel wear, including tight calf muscles, bunions and heel pain, can happen in people who don’t wear high heels. So, while there might be a risk, we only know what the risk is while they are being worn, and it’s a variable risk because of how variable high heels actually are both in shape and height.”

    …………………………………………………………………………………………………………………

    Media contacts:
    UniSA: Annabel Mansfield E: Annabel.Mansfield@unisa.edu.au M: +61 479 182 489
    Monash University: Cheryl Critchley E: cheryl.critchley@monash.edu M: +61 477 571 442

    MIL OSI News –

  • MIL-OSI Australia: UPDATE: Fatal crash – Palmerston

    Source: Northern Territory Police and Fire Services

    Detectives from Major Crash are continuing to investigate the circumstances around the fatal crash in Palmerston yesterday morning.

    Police will allege that the Nissan X-trail was carrying 2 females, aged 40 and 45, and a male aged 37, when it collided with a Toyota Coupe driven by a 19-year-old male.

    The 45-year-old female was located deceased in the back of the vehicle immediately following the crash. The circumstances of her death are believed to be non-suspicious, and a direct result of the crash.

    Detectives have now confirmed that the Nissan X-trail was a Northern Territory registered hire car that had not been returned after it was hired in November last year. It had since had its number plates switched to a South Australian registration.

    Investigations into the crash remain ongoing and police are currently awaiting toxicology results to determine if alcohol or drugs were a factor in the crash.

    MIL OSI News –

  • MIL-OSI Australia: Recklessly endanger serious harm – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Southern Domestic Violence Unit have charged a 50-year-old male in relation to an assault on his ex-partner in Alice Springs on Saturday.

    About 1:20am, police CCTV Operators observed a male repeatedly assaulting a female by punching, kicking and stomping on her at a taxi rank bench on Gregory Terrace. Others who witnessed the assault intervened and the alleged offender fled the scene before police arrival.

    The Southern Domestic Violence Unit took carriage of the investigation and arrested the alleged offender yesterday without incident. He has since been charged with Recklessly endanger serious harm and aggravated assault and was remanded to appear in Alice Springs Local Court today.

    Further investigations revealed the male had also allegedly assaulted a family member on 3 April and he will also be charged with an extra count of Aggravated assault.

    Police continue urge anyone who witnessed the incident or has dash cam footage from the area at the time of the incident to make contact on 131 444. You can anonymously report crime on Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Australia: City puts safety first with new speed reductions

    Source: South Australia Police

    The speed limit along two busy streets in Jindalee and Butler has been reduced from 50km to 40km, in a push to increase safety.

    The City of Wanneroo applied to Main Roads WA for the speed reduction earlier this year, after concerns were raised by the local community about speeding and pedestrian safety along Jindalee Boulevard in Jindalee and Kingsbridge Boulevard in Butler.

    Wanneroo Deputy Mayor James Rowe said he was pleased that Main Roads had approved the City’s application, which was informed by a comprehensive study of traffic in the Butler/Jindalee area.

    “Reducing the speed limit was identified as the most effective intervention for the streets in question, as vehicle speed was a significant contributing factor to road safety in the area,” he said.

    “Studies show that reducing the speed limit from 50km to 40km significantly increases the chance of pedestrian survival if a crash were to occur.

    “The speed reduction will also provide pedestrians, cyclists and other active transport users with an improved sense of safety as they navigate the City’s local road network.”

    The new limits are the latest in a series of successful applications for speed reductions, with similar initiatives recently being implemented in Gnangara, Jandabup, Yanchep and the Wanneroo Town Centre.

    These speed reductions are supported by the City’s Road Safety Management Plan 2024-2030, which demonstrates the City’s ongoing commitment to reducing the risks of accidents and improving road safety for all.

    MIL OSI News –

  • MIL-OSI Australia: Dedicated decade: more than 370 children removed from harm thanks to tireless work of joint SA child protection taskforce

    Source: New South Wales – News

    During its decade-long efforts to detect and stamp out hideous online child sexual exploitation committed by South Australian offenders, a small and dedicated taskforce of AFP and South Australia Police investigators have protected more than 370 children around the world from further abuse.

    The South Australian Joint Anti Child Exploitation Team (SA JACET) was formed in 2015 to provide a more coordinated investigative response and achieve the best possible outcomes for vulnerable young people in Australia and overseas.

    In the decade since SA JACET was established, more than 370 child victims, ranging from toddlers to teenagers, from countries including Australia, the United Kingdom, United States and Southeast Asia, have been identified and removed from further harm.

    During this time, SA JACET received 677 referrals from national and international law enforcement agencies relating to alleged South Australian-based offenders, resulting in the arrest of 654 people locally.

    So far this financial year (2024-25)*, SA JACET investigations have resulted in the removal of 14 children from harm in Australia and overseas, and the charging of 49 men and women in South Australia for their alleged involvement in the online sexual exploitation or abuse of children.

    AFP Detective Acting Sergeant Stephen Hegarty, from SA JACET, said there was no greater reward than being part of a resilient and dedicated team focused on protecting the youngest, and often most vulnerable, members of the community.

    “As an original member of the SA JACET, I can say that repeatedly viewing videos and images of children being exploited, abused or tortured is tough – but it does not compare to the trauma that child victims endure,” a/Sgt Hegarty said.

    “The team’s common goal is to make a difference in children’s lives – ensure victims are identified and removed from further harm and protect other children from having their innocence stolen.

    “Our team can spend weeks, months, or even years investigating just one of these evil and horrendous crimes and sadly, are often investigating several matters at once.

    “Identifying suspects can require extensive intelligence gathering and investigative techniques, including using the execution of search warrants to gather evidence, and forensic examination of equipment and images.

    “It’s also important to remember an investigation does not end with an arrest.

    “Police will continue to review seized images and videos to try to identify child victims, prepare evidence for the judicial process, investigate possible other offending, and provide referrals to other local and international agencies if required.

    “JACET investigators are relentless, and we never give up trying to combat this crime type.”

    Acting Sergeant Hegarty said the co-location of the AFP and South Australian investigators provided significant opportunity to quickly and efficiently share jurisdiction-specific intelligence.

    “JACET teams are in most Australian states and territories, and complement the efforts of the AFP-led Australian Centre to Counter Child Exploitation (ACCCE),” a/Sgt Hegarty said.

    “With the AFP’s involvement, JACET can also reach into our broad international network.”

    South Australia Police Acting Assistant Commissioner, Crime Service, Catherine Hilliard commended the hard work of SAPOL and AFP investigators over the past 10 years.

    “Child protection will always be a key priority for South Australia Police, and we will continue working with partner agencies to keep children safe and remove them from harm,” she said.

    “We also work with other agencies across the world to identify and bring those involved in child exploitation to justice.

    “Our hardworking investigators often spend their days examining confronting material, but seeing the results over the past 10 years of JACET provides further motivation to overcome obstacles and persist in our quest to detect and apprehend child sex offenders.

    “SA JACET will continue to pursue child sex offenders wherever they may hide.”

    Acting Assistant Commissioner Hilliard urged parents to discuss online safety with their children.

    “As a community it’s important to be aware of the risks and warning signs in children to prevent their exploitation online,” she added.

    “This may include changes in behaviour, secrecy around devices, changing passcodes and isolating themselves in their rooms.

    “Be approachable, have open conversations with your children, and know educational resources are available to assist in these vital conversations.”

    *Figures from the period 1 July, 2024 to 1 May, 2025.

    Significant SA JACET sentencings from the past 12 months

    June 2024

    A South Australian man was sentenced to 23 years’ imprisonment for soliciting sexually explicit material from 10 foreign children (Philippines) via social media platforms.

    The sentencing is the first conviction in South Australia under mandatory minimum sentencing provisions for Commonwealth child sexual abuse offences.

    November 2024

    A South Australian man was sentenced to 15 years’ imprisonment – with a non-parole period of nine years – for child abuse offences, including the live streaming of young children overseas (Philippines).

    Case studies

    Criminal Asset Confiscation Taskforce (CACT) seizures and forfeiture of homes in South Australia of convicted online child abuse offenders 

    • In November, 2020, the CACT restrained the Adelaide home of a man who was then accused of ordering and instructing live distance child abuse of children overseas, which he watched online from his home. It was the first time the AFP had restrained the home of an alleged child sex offender, who was not accused of profiting from his crimes. The man was later convicted and sentenced to more than 15 years’ imprisonment. A total of 50 per cent of the market value of the property was ultimately confiscated.
    • In December, 2024, the CACT restrained the home of a South Australian man who had been charged with more than 50 offences, largely relating to the alleged transmission and production of child abuse material on social media platforms.

    ·

    Other states (assets restrained/forfeited online child abuse offenders)

    • In October, 2020, a Belgian national living in Sydney was the first person to have assets restrained by the CACT as part of a child protection investigation. He had been selling child abuse material from a website he operated. The CACT restrained the man’s assets, estimated to be worth $30,000, which included funds in two bank accounts, camera equipment, a drone and scuba diving gear. The matter has been finalised, with the Supreme Court of NSW ordering all property be forfeited to the Commonwealth.
    • In March, 2024, the CACT restrained the home of a Northern Territory man who was convicted of online child abuse offences. The home was subsequently forfeited to the Commonwealth in June, 2024.
    • In March, 2025, the CACT restrained the home of a New South Wales man, charged with three offences relating to use of a carriage service to transmit, possess, and access child abuse material.
    • In April, 2025, a Victorian Court made consent orders for a Geelong man, 32, to pay a sum of more than $850,000, being equal to the benefits he derived from the commission of his offences. He was convicted of controlling, producing and possessing child abuse material and dealing with proceeds of crime. The Court also ordered the forfeiture of various other property, including the proceeds of sale of two vehicles, 48 household items, including high-end televisions, audio-visual equipment, furniture and appliances, and more than $30,000 in funds.

    Top tips for parents and carers

    • Supervision is essential. This means knowing what your children are doing online, who they are interacting with and what platforms, apps or games they are using.
    • Have open conversations, often. Talk to your children often about their online activities.
    • Check privacy settings. We recommend parents and carers research and understand app settings, including privacy settings. This could include turning off location settings, setting profiles to private, or turning off chat functions.
    • Encourage your child to recognise safe or unsafe situations and inappropriate contact. This can empower them to make informed decisions, including when they’re unsupervised.
    • Advise children not to share personal information with any ‘friends’ they have only met online.
    • Be approachable if your child needs help. Coming forward isn’t always easy, and children may feel reluctant to tell you about online issues if they believe they will be punished or have their devices taken away.
    • Know how to make a report. It’s important immediate action is taken if your child is in danger of online sexual abuse. If something goes wrong online, it is critical your child is supported. Parents and carers need to know how to act.

    What are the warning signs a child may be groomed online?

    Common online grooming behaviour to look out for includes:

    • Unsolicited friend requests;
    • An online user asking children personal questions;
    • Promising something in exchange for self-generated child abuse material; or
    • Fake social media accounts.

    How can a report be made to the ACCCE or law enforcement?

    • If parents or carers believe a child is being groomed, it is important to collect as much evidence as possible before the content is removed. This will assist police in their investigation.
    • This evidence includes:
    • Screenshots or photos of conversations. However, do not screenshot, save, share or distribute any explicit images of the underage person as this is an offence.
    • Recorded social media details, including account profile and username profiles.
    • Webpage addresses (URLs).
    • Dates and times of when the online grooming occurred.
    • Any other information you have about the interaction or the potential offender.
    • Block or delete. It’s important to capture this information before blocking or deleting the user or you may lose important evidence.
    • Members of the public who have information about people involved in child abuse and exploitation are urged to call Crime Stoppers on 1800 333 000 or report through the ACCCE website, https://www.accce.gov.au/report.
    • If you know abuse is happening right now, or a child is at risk, call police immediately on 000.
    • The AFP and its partners are committed to stopping child exploitation and abuse and the ACCCE is driving a collaborative national approach.

    The AFP-led ACCCE is committed to stopping child exploitation and abuse and is at the centre of a collaborative national approach to combatting organised child abuse.

    The Centre brings together specialist expertise and skills in a central hub, supporting investigations into child sexual abuse and developing prevention strategies focused on creating a safer online environment.

    Members of the public who have any information about people involved in child abuse and exploitation are urged to call Crime stoppers on 1800 333 000.

    You can also make a report online by alerting the Australian Centre to Counter Child Exploitation via the Report Abuse button.

    Note to media:

    Use of term ‘CHILD ABUSE’ MATERIAL NOT ‘CHILD PORNOGRAPHY’

    The correct legal term is Child Abuse Material – the move to this wording was among amendments to Commonwealth legislation in 2019 to more accurately reflect the gravity of the crimes and the harm inflicted on victims.

    Use of the phrase “child pornography” is inaccurate and benefits child sex abusers because it:

    • indicates legitimacy and compliance on the part of the victim and therefore legality on the part of the abuser; and
    • conjures images of children posing in ‘provocative’ positions, rather than suffering horrific abuse.

    Every photograph or video captures an actual situation where a child has been abused.

    MIL OSI News –

  • MIL-OSI Economics: AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN FORAN MINING CORPORATION

    Source: Agnico Eagle Mines

    Stock Symbol: AEM (NYSE and TSX)

    TORONTO, May 14, 2025 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) announced today that it has agreed to subscribe for 30,000,000 voting common shares (“Common Shares”) of Foran Mining Corporation (“Foran”) in a non-brokered private placement at a price of C$3.00 per Common Share for total consideration of C$90,000,000 (the “Private Placement”). The Private Placement is expected to close in two tranches. The closing of each tranche remains subject to certain closing conditions, including approval of the Toronto Stock Exchange, and closing of the second tranche is also subject to approval by the shareholders of Foran. Closing of the first tranche is expected to occur on or about May 28, 2025 and the second tranche is expected to close as soon as practicable following receipt of shareholder approval.

    Agnico Eagle currently owns 39,125,448 Common Shares, representing approximately 9.9% of the issued and outstanding Common Shares on an undiluted basis. On closing of the first tranche of the Private Placement, Agnico Eagle is expected to own 64,454,767 Common Shares, which will represent approximately 13.1% of the issued and outstanding Common Shares on an undiluted basis (assuming that Foran issues an additional 73,173,590 Common Shares in connection with the first tranche of the concurrent private placements). On closing of the second tranche of the Private Placement, Agnico Eagle is expected to own 69,125,448 Common Shares, which will represent approximately 13.5% of the issued and outstanding Common Shares on an undiluted basis (assuming that Foran issues an additional 13,493,077 Common Shares in connection with the second tranche of the concurrent private placements).

    Agnico Eagle and Foran are party to an investor rights agreement dated August 8, 2024 (the “Existing Agnico IRA”), pursuant to which Agnico Eagle is entitled to certain rights, provided Agnico Eagle maintains certain ownership thresholds, including: (a) the right to participate in certain equity financings by Foran to acquire up to the greater of: (i) 19.99% of the Common Shares being offered in the equity financing, or (ii) such number of Common Shares that would permit Agnico Eagle to maintain its pro rata ownership interest in Foran; (b) the right to top-up its holdings in relation to dilutive issuances by Foran in order to maintain its pro rata ownership interest in Foran; and (c) the right to nominate one person to the board of directors of Foran.

    On the closing of the first tranche of the Private Placement, the Existing Agnico IRA will be amended and restated in order to, among other things: (a) amend the participation and top-up rights to permit Agnico Eagle to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in Foran at the time of such financing or acquire up to a 19.99% ownership interest in Foran; and (b) amend the nomination right to permit Agnico Eagle to nominate an additional individual to the board of directors of Foran if the size of the board is increased to 10 or more directors.

    In addition, Agnico Eagle is announcing a previously reported follow-on investment in Azimut Exploration Inc. (“Azimut”). On September 28, 2023, Agnico Eagle acquired an additional 2,197,300 common shares (“Azimut Shares”) of Azimut at C$1.05 per Azimut Share (the “Share Purchases”) for total consideration of C$2,307,165 from several sellers that participated in an offering of flow-through Azimut Shares undertaken by Azimut at such time (as more particularly described in Azimut’s news release dated September 28, 2023). Prior to the Share Purchases, Agnico Eagle owned 8,003,425 Azimut Shares, representing approximately 10.06% of the issued and outstanding Azimut Shares on a undiluted basis at such time. Following the Share Purchases, Agnico Eagle owned 10,200,725 Azimut Shares, representing approximately 12% of the issued and outstanding Azimut Shares on a undiluted basis at such time.

    Agnico Eagle is acquiring the Common Shares, and acquired the Azimut Shares for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, Azimut Shares or other securities of Foran or Azimut, or dispose of some or all of the Common Shares, Azimut Shares or other securities of Foran or Azimut it owns at such time.

    Separate early warning reports in respect of the Foran investment and the Azimut investment will be filed by Agnico Eagle today. To obtain a copy of either early warning report, please contact:

    Agnico Eagle Mines Limited
    c/o Investor Relations
    145 King Street East, Suite 400
    Toronto, Ontario M5C 2Y7
    Telephone: 416-947-1212
    Email: investor.relations@agnicoeagle.com

    Agnico Eagle’s head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Foran’s head office is located at 409 Granville Street, Suite 904, Vancouver, British Columbia V6C 1Y2. Azimut’s head office is located at 110 De la Barre Street, Suite 224, Longueuil, Quebec J4K 1A3.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    Forward-Looking Statements

    The information in this news release has been prepared as at May 14, 2025. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “may”, “will” or similar terms.

    Forward-looking statements in this news release include, without limitation, statements relating to the expected closing of the Private Placement (including the expected closing date of each tranche), the ability to satisfy closing conditions in respect of the Private Place (including obtaining approval of the Toronto Stock Exchange and the shareholders of the Foran), Agnico Eagle’s expected ownership interest in Foran upon closing of each tranche of the Private Placement, the expected number of securities to be issued in each tranche of the Private Placement and Agnico Eagle’s acquisition or disposition of securities of Foran or Azimut in the future.

    Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

    View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-announces-additional-investment-in-foran-mining-corporation-302455954.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Economics –

  • MIL-OSI USA: 30 DEMOCRATS URGE PRESIDENT TRUMP TO CALL ON NETANYAHU TO ADDRESS HUMANITARIAN CRISIS IN GAZA

    Source: United States House of Representatives – Representative Brad Schneider (D-IL)

    WASHINGTON – Rep. Brad Schneider (IL-10), a member of the House Foreign Affairs Committee and co-chair of Abraham Accords Caucus, led 27 fellow House Democrats on a letter to President Trump urging him to call on Prime Minister Netanyahu to immediately restore the flow of humanitarian aid into Gaza. 

    The letter notes Israel is fighting an existential war. “Israel has the right and obligation to defeat Hamas and rescue the hostages,” the members wrote. “At the same time, it is critical that Israel enables entry of lifesaving humanitarian aid into Gaza. We respectfully urge you to call on Prime Minister Netanyahu to immediately address this humanitarian crisis and promote lasting peace”

    “There will not be peace as long as Hamas reigns terror over Gaza and seeks to destroy Israel,” added Rep. Schneider. “As Israel works to defeat and dismantle Hamas, it must also facilitate the flow of humanitarian aid into Gaza. Just as it is crucial for food, water, and medicines to get to civilians, it is imperative that Hamas, and gangs affiliated with Hamas, are not allowed to hijack future aid entering the Strip.” 

    Members who signed the letter include Reps. Wesley Bell (MO-01), Nikki Budzinski (IL-13), Gilbert Cisneros (CA-31), Steve Cohen (TN-07), Angie Craig (MN-02), Danny Davis (IL-07), Sarah Elfreth (MD-03), Laura Friedman (CA-30), Dan Goldman (NY-10), Steny Hoyer (MD-05), Jonathan Jackson (IL-01), Sydney Kamlager-Dove (CA-37), Robin Kelly (IL-02), Rick Larsen (WA-02), George Latimer (NY-16), John Mannion (NY-22), Seth Magaziner (RI-02), April McClain Delaney (MD-06), Kristen McDonald Rivet (MI-08), Kelly Morrison (MN-03), Frank Mrvan (IN-01), Johnny Olszewski (MD-02), Jimmy Panetta (CA-19), Chris Pappas (NH-01), Brittany Petterson (CO-07), Kim Schrier (WA-08), Greg Stanton (AZ-04), Marilyn Strickland (WA-10), and Eugene Vindman (VA-07).

    The full letter text is below.

    Dear President Trump: 

    On October 7, 2023, Hamas launched a brutal and unprovoked war on Israel, murdering civilians and kidnapping hundreds of hostages. More than 40 Americans were killed, 13 were taken hostage, and five still remain unaccounted for. Presently, 59 hostages are still held in Gaza, of which 24 are presumed living and languishing in Hamas’s tunnels, enduring unspeakable abuse and terror. 

    Israel has the right and obligation to defeat Hamas and rescue the hostages. At the same time, it is critical that Israel enables entry of lifesaving humanitarian aid into Gaza. We respectfully urge you to call on Prime Minister Netanyahu to immediately address this humanitarian crisis and promote lasting peace.  

    You recently highlighted the ongoing humanitarian suffering in Gaza, where Hamas uses Palestinian civilians as human shields. We appreciate your recognition of the urgent need for food, water, and medicine to reach civilians — and we agree. The World Food Program recently announced that its warehouses are now empty, and many civilians are suffering from lack of access to food and clean water. It is vital for humanitarian assistance to again get to those in need, even amid the ongoing conflict. We also urge you to keep your recent commitment “to help the people of Gaza get some food.” 

    We recognize that restoring humanitarian aid must coexist with the campaign to return the hostages and defeat Hamas. Failing to ensure aid reaches civilians risks greater humanitarian catastrophe, strengthens Hamas’s false narratives, risks Israel’s international standing, and undermines the moral clarity of the need to dismantle Hamas and bring hopes for peace and prosperity to the region. The United States must both stand with our allies and uphold our values, including protecting civilian life. Ensuring the safe and sustained delivery of humanitarian aid, while continuing to stand shoulder to shoulder with Israel in its fight against terrorism, is essential to returning the hostages while preserving our shared commitment to security, justice, and human dignity.  

    We respectfully urge you to continue speaking out about the importance of restoring humanitarian assistance and to encourage Prime Minister Netanyahu to enable the delivery of life-saving food, water, and medicine to civilians in Gaza without delay. Your leadership at this critical moment can help save lives, reinforce America’s steadfast support for both our values and our allies, and support Israel’s vital mission to dismantle Hamas and bring every hostage home. 

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Statement by Global Affairs Canada on decision of International Civil Aviation Organization Council to hold Russia responsible for downing of Flight MH17

    Source: Government of Canada News

    May 14, 2025 – Ottawa, Ontario – Global Affairs Canada

    Global Affairs Canada today issued the following statement:

    “Canada welcomes the recent decision of the UN’s International Civil Aviation Organization (ICAO) Council on the downing of Malaysia Airlines Flight MH17 on July 17, 2014.

    “The council has found that Russia is responsible for the downing of the aircraft and that Russia breached the obligation not to use weapons against a civil aircraft in flight under Article 3 bis of the Convention on International Civil Aviation, commonly known as the Chicago Convention. In the coming weeks, the council will consider what form of reparation is in order.

    “This historic decision—the first one made by the council on the merits of a legal dispute in the ICAO’s history of almost 80 years—follows proceedings initiated in 2022 by Australia and the Netherlands against Russia in response to the tragedy of Flight MH17 being shot down over eastern Ukraine, killing all 298 people on board, including one Canadian.

    “We commend the council for fulfilling its responsibility to uphold the rule of law in civil aviation and for reaffirming that violations of it will not go unanswered.

    “Our thoughts remain with the families and loved ones of all those who lost their lives aboard Flight MH17. Canada continues to support efforts to ensure that justice is served and to reinforce international mechanisms that protect civilian lives.”

    MIL OSI Canada News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – DNB, BRDG, LNSR, SSBK

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Dun & Bradstreet Holdings, Inc. (NYSE: DNB), relating to the proposed merger with Clearlake Capital Group, L.P. Under the terms of the agreement, Dun & Bradstreet shareholders will receive $9.15 in cash for each share of common stock they own.

    ACT NOW. The Shareholder Vote is scheduled for June 12, 2025.
            
    Click here for more https://monteverdelaw.com/case/dun-bradstreet-holdings-inc-dnb/. It is free and there is no cost or obligation to you.

    • Bridge Investment Group Holdings Inc. (NYSE: BRDG), relating to the proposed merger with Apollo. Under the terms of the agreement, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively.

    ACT NOW. The Shareholder Vote is scheduled for June 17, 2025.

    Click here for more https://monteverdelaw.com/case/bridge-investment-group-holdings-inc-brdg/. It is free and there is no cost or obligation to you.

    • LENSAR, Inc. (NASDAQ: LNSR), relating to the proposed merger with Alcon. Under the terms of the agreement, LENSAR shareholders will receive $14.00 per share, with an additional non-tradeable contingent value right offering up to $2.75 per share in cash conditioned on the achievement of certain milestones.

    Click here for more https://monteverdelaw.com/case/lensar-inc-lnsr/. It is free and there is no cost or obligation to you.

    • Southern States Bancshares, Inc. (NASDAQ: SSBK), relating to the proposed merger with FB Financial Corporation. Under the terms of the agreement, Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock.

    Click here for more https://monteverdelaw.com/case/southern-states-bancshares-inc-ssbk/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: North American Construction Group Ltd. Announces Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the first quarter ended March 31, 2025. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior period ended March 31, 2024.

    First Quarter 2025 Highlights:

    • Combined revenue of $391.5 million, the second-highest quarter in company history, compared favorably to $345.7 million in the same period last year and was driven equally by higher heavy equipment fleet commissioned in Australia and higher equipment utilization in Canada.
    • Reported revenue of $340.8 million, compared to $297.0 million in the same period last year, was driven primarily by increased capacity in Australia and a 68% utilization in Canada. However, lower utilization in Australia, due to the high number of rain days in February and March, far exceeding historical average, tempered overall performance.
    • Our net share of revenue from equity consolidated joint ventures was $50.7 million in 2025 Q1, compared to $48.7 million in the same period last year. While the Fargo project saw a quarter-over-quarter increase, this was offset by lower volumes within the Nuna Group of Companies and the discontinuation of the Brake Supply joint venture.
    • Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, compared to the 2024 Q1 result of $97.4 million. However, the operational challenges of excessive rainfall in Australia and an extended bitter cold snap in Canada fully offset the 15% increase in revenue.
    • Combined gross profit of $51.6 million and margin of 13.2% declined compared to the $62.4 million and 18.1% metrics posted in the same period last year. The overall margin decrease reflects the specific impacts of rain and cold weather in Australia and Canada.
    • Cash flows generated from operating activities reached $51.4 million, exceeding the $19.0 million reported in the same period last year, primarily due to a lower working capital draw in the current quarter. Sustaining capital additions of $89.9 million reflect the front-loaded nature of our capital maintenance program in Canada.
    • Free cash flow resulted in a use of cash of $41.6 million in the quarter, driven by the consumption of $24.5 million by our working capital accounts. The working capital draw on cash remains directionally consistent to 2024 Q1 and aligns with the typical seasonal impacts of our annual business cycle.
    • Net debt was $867.5 million at March 31, 2025, an increase of $11.3 million from December 31, 2024, as free cash flow usage and growth spending required debt financing. The cash-related interest rate during the quarter on our debt was 6.2% due to Bank of Canada posted rates and the impact on equipment financing rates.
    • Additional highlights during and after the quarter: i) the Fargo-Moorhead flood diversion project passed the 65% completion mark prior to March 31; ii) successfully commenced the early development work at a copper mine in New South Wales; iii) first operational wins achieved under the new Finning parts and component supply and services agreement; iv) converted $73 million of debentures to 3.0 million common shares; and v) on May 1, completed $225 million of senior unsecured financing to increase liquidity as we advance efforts on heavy civil infrastructure and mining opportunities in Australia and North America.

    Joe Lambert, President and CEO stated, “It’s no surprise that severe weather impacts our business, and Q1 2025 proved especially challenging across both geographies. However, we remain optimistic about the more stable conditions expected for the remainder of the year. Our full-year expectations remain intact, and we are eager to execute the contracted scopes for our customers. We continue to see significant opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to secure new scopes, leveraging our strong reputation in these regions.”

    Consolidated Financial Highlights

        Three months ended    
        March 31,    
    (dollars in thousands, except per share amounts)     2025     2024   Change
    Revenue   $ 340,833     $ 297,026     $ 43,807  
    Cost of sales(i)     242,228       195,670       46,558  
    Depreciation(i)     60,714       47,862       12,852  
    Gross profit(i)   $ 37,891     $ 53,494     $ (15,603 )
    Gross profit margin(i)(ii)     11.1 %     18.0 %   (6.9 )%
    General and administrative expenses (excluding stock-based compensation)(ii)     11,090       10,835       255  
    Stock-based compensation (benefit) expense     (3,408 )     3,608       (7,016 )
    Operating income(i)     30,582       38,480       (7,898 )
    Interest expense, net     13,516       15,597       (2,081 )
    Net income(i)     6,163       11,511       (5,348 )
    Comprehensive income(i)     6,641       10,818       (4,177 )
                 
    Adjusted EBITDA(i)(ii)     99,932       97,386       2,546  
    Adjusted EBITDA margin(i)(ii)(iii)     25.5 %     28.2 %   (2.7 )%
                 
    Per share information            
    Basic net income per share   $ 0.22     $ 0.43     $ (0.21 )
    Diluted net income per share   $ 0.21     $ 0.39     $ (0.18 )
    Adjusted EPS(ii)   $ 0.52     $ 0.79     $ (0.27 )

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.
    (iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Consolidated Statements of Cash Flows        
    Cash provided by operating activities(i)   $ 51,418     $ 18,959  
    Cash used in investing activities(i)     (93,781 )     (66,095 )
    Effect of exchange rate on changes in cash     (1,075 )     (99 )
    Add back of growth and non-cash items included in the above figures:        
    Growth capital additions(ii)     28,066       19,607  
    Capital additions financed by leases(ii)     (26,203 )     (14,156 )
    Free cash flow(i)   $ (41,575 )   $ (41,784 )

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.

    Declaration of Quarterly Dividend

    On May 14th, 2025, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on June 4, 2025. The Dividend will be paid on July 11, 2025, and is an eligible dividend for Canadian income tax purposes.

    Resignation of Vanessa Guthrie

    Effective May 14, 2025, Dr. Vanessa Guthrie, AO, resigned from her position as a director of NACG for personal reasons. Martin Ferron, Chair of the Board, stated “We wish to extend our sincerest thanks to Dr. Guthrie for the insight and perspectives she brought to the company during what was an important transitional period for us as we expanded operations into Australia. We wish her all the best in the future.”

    Results for the Three Months Ended March 31, 2025

    Revenue of $340.8 million represented a $43.8 million (or 15%) increase from 2024 Q1 as Heavy Equipment – Australia and Heavy Equipment – Canada were up 18% and 13%, respectively.

    Revenue within Heavy Equipment – Australia, which is primarily comprised of the MacKellar Group (“MacKellar”), increased $23.8 million quarter-over-quarter primarily due to a 25% increase in the large capacity heavy equipment fleet over the past twelve months. This fleet increase was offset by the 12% decrease in equipment utilization (68% versus 2024 Q1 of 80%) as the high number of rain days experienced in both February and March well exceeded historical averages and operational expectations. The Carmichael mine was significantly affected by rain, receiving over 340 mm of rainfall over the two months, nearly double the historical average and our forecast of 180 mm. Excessive rainfall caused the slowdown of mining activity and the parking of the large capacity heavy mining equipment due to flooding of the lower lying mining areas as well as certain mine, access and service roads requiring additional maintenance.

    Equipment utilization in the oil sands region of 68% drove a 13% increase from 2024 Q1 in the Heavy Equipment – Canada segment. Demand for large capacity heavy equipment was strong for the full quarter, with top-line performance constrained only by extended periods of cold weather and mechanical availability. The Millennium mine currently has approximately 40% of our fleet operating on site and is the primary driver of both equipment utilization and top-line revenue.

    Combined revenue in the quarter of $391.5 million, the second-highest quarter in company history, represented a $45.8 million (or 13%) increase from 2024 Q1. Our share of revenue generated in the quarter by joint ventures and affiliates was $50.7 million, compared to $48.7 million in 2024 Q1 (an increase of 4%) with quarter-over-quarter increases in the Fargo project offset by lower volumes within the Nuna Group of Companies (“Nuna”) as well as the termination of the Brake Supply Joint Venture which occurred in the latter half of 2024. The Fargo project progressed past the 65% completion mark during the quarter with the modest top-line revenue reflecting the expected impact of winter conditions on civil earth-moving scopes.

    Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, from the 2024 Q1 result of $97.4 million as the operational challenges of excessive rainfall in Australia and a bitter extended cold snap in Canada fully offset the 15% increase in revenue. The adjusted EBITDA margin of 25.5% was lower compared to the previous quarter, primarily due to the challenging weather conditions in both segments, which affected operational efficiency. 2024 Q1, which experienced typical seasonal conditions, posted a 28.2% adjusted EBITDA margin with the approximate 3.0% variance being a fair reflection of the weather’s impact to 2025 Q1.

    Excessive rainfall in Australia in February and March impacted operating margins with the Carmichael mine being the most affected in terms of the sheer quantity of rainfall experienced in those two months. Steady margin performance depends on the continuous operation of the primary fleet of large capacity heavy mining equipment. When this equipment is parked due to weather or other interruptions, not only is top-line revenue constrained, but it also becomes an opportune time to perform certain maintenance activities. While these activities support longer-term equipment reliability and utilization, they can increase costs, impacting margins in the current quarter. Additionally, rain days contribute to further cost pressures, as they introduce expenses not typically incurred during normal operations, such as site cleanup, dewatering, and related weather recovery efforts.

    Based on historical precedent, gross margins at that site were over 10% lower than operational expectation and drove the decrease in gross profit margin in this segment from 24.7% in 2024 Q1 to 16.1% in 2025 Q1.

    The extreme cold snap in the oil sands region in February impacted operating margins with all five operating sites being equally affected. This segment gross profit margin of 5.5% was impacted significantly by this cold weather with the correlated high idle time and required additional cost incurred to operate at frigid temperatures for an extended period of time. Using 2024 Q1 and 2023 Q1 as reasonable benchmarks, it is estimated that the cold weather impacted gross profit margin by approximately 5.0% to 7.0%. In addition to the weather, extraordinary early component failures related to the now discontinued component supply agreement with a third-party vendor impacted margins by $4.3 million in the quarter.

    Depreciation of our equipment fleet was 17.8% of revenue in the quarter, compared to 16.1% in 2024 Q1. The Heavy Equipment – Canada fleet averaged approximately 24.0% of revenue due to required high idle time in February. This is offset by depreciation on the Heavy Equipment – Australia fleet, which averaged approximately 12.4% of revenue, largely driven by MacKellar depreciation of 13.0% of revenue in the quarter. On a combined basis, depreciation averaged 17.1% of combined revenue in the quarter, compared to 15.0% in 2024 Q1, due to high depreciation experienced in Canada during the quarter.

    General and administrative expenses (excluding stock-based compensation) were $11.1 million, or 3.3% of revenue, compared to $10.8 million, or 3.6% of revenue, in 2024 Q1. Cash related interest expense incurred on our debt for the quarter was $12.9 million at an average cost of debt of 6.2%, compared to 8.1% in 2024 Q1, as rate decreases posted by the Bank of Canada directly impact our Credit Facility and have a delayed impact on the rates for secured equipment-backed financing.

    Adjusted earnings per share (“EPS”) of $0.52 and adjusted net earnings of $14.5 million were down 34.2% and 31.0% from the prior year figures of $0.79 and $21.0 million, respectively. The $6.5 million decrease in adjusted net earnings is due to the slightly higher EBITDA being more than offset by the higher depreciation expenses, as discussed above, as well as higher interest expenses associated with the fleet acquired and debt assumed upon acquisition of MacKellar.

    Adjusted earnings per share (“EPS”) of $0.52 was down $0.27 per share from the prior year figure of $0.79 per share primarily from the factors mentioned above. Weighted-average common shares outstanding for the first quarters of 2025 and 2024 were 27,859,886 and 26,733,473, respectively.

    Between January 29 and February 28, 2025, approximately 3.0 million common shares were issued to convertible debenture holders for a value of $72.7 million and which contributed approximately $0.02 in the aforementioned quarter-over-quarter adjusted earnings per share variance of $0.27 per share.

    Free cash flow was a use of cash of $41.6 million in the quarter primarily due to the consumption of $24.5 million by our working capital accounts. The working capital draw on cash is directionally consistent to 2024 Q1 and is comparable with past seasonal impacts of our annual business cycle. Adjusted EBITDA generated $99.9 million and when factoring in sustaining capital additions ($89.9 million) and cash interest paid ($16.2 million), $6.2 million of cash was used by the overall business in the quarter.

    Business Updates

    2025 Strategic Focus Areas

    • Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
    • Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
    • Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
    • Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
    • Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions
    • Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
    • Sustainability – further develop and deliver into our environmental, social, and governance goals.

    Liquidity

    Our current liquidity positions us well moving forward to fund organic growth and the required correlated working capital investments. Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $198.5 million includes total liquidity of $147.2 million and $32.9 million of unused finance lease borrowing availability as at March 31, 2025. Liquidity is primarily provided by the terms of our $524.7 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in May 2028.

        March 31,
    2025    		   December 31,
    2024
    Cash   $ 78,241     $ 77,875  
    Credit Facility borrowing limit     524,675       522,550  
    Credit Facility drawn     (421,702 )     (395,844 )
    Letters of credit outstanding     (33,998 )     (33,992 )
    Cash liquidity(i)   $ 147,216     $ 170,589  
    Finance lease borrowing limit     400,000       400,000  
    Other debt borrowing limit     20,000       20,000  
    Equipment financing drawn     (310,362 )     (253,639 )
    Guarantees provided to joint ventures     (58,314 )     (61,675 )
    Total capital liquidity(i)   $ 198,540     $ 275,275  

    (i)See “Non-GAAP Financial Measures”.

    Subsequent to the three months ended March 31, 2025, on April 25, 2025, we announced that we entered into an underwriting agreement to sell, pursuant to a private placement offering, $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The agreement closed on May 1, 2025. The Notes were issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. We intend to use the net proceeds of the Offering to repay indebtedness under our existing Credit Agreement, and for general corporate purposes.

    NACG’s outlook for 2025

    The following table provides projected key measures for 2025. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.

    Key measures   2025
    Combined revenue(i)   $1.4 – $1.6B
    Adjusted EBITDA(i)   $415 – $445M
    Sustaining capital(i)   $180 – $200M
    Adjusted EPS(i)   $3.70 – $4.00
    Free cash flow(i)   $130 – $150M
         
    Capital allocation    
    Growth spending(i)   $65 – $75M
    Net debt leverage(i)   Targeting 1.7x

    (i)See “Non-GAAP Financial Measures”.

    Conference Call and Webcast

    Management will hold a conference call and webcast to discuss our financial results for the quarter ended March 31, 2025, tomorrow, Thursday, May 15, 2025, at 7:00 am Mountain Time (9:00 am Eastern Time).

    The call can be accessed by dialing:
          Toll free: 1-800-717-1738
          Conference ID: 42703

    A replay will be available through June 12, 2025, by dialing:
          Toll Free: 1-888-660-6264
          Conference ID: 42703
          Playback Passcode: 42703

    The Q1 2025 earnings presentation for the webcast will be available for download on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at:

    https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=5E415713-29A1-4D60-A023-BF0345BED32F

    A replay will be available until June 12, 2025, using the link provided.

    Basis of Presentation

    We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2025, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated Q1 2025 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

    Change in significant accounting policy – Classification of multi-use tires

    Effective in the first quarter of 2025, we have changed our accounting policy for the classification of multi-life tires. These tires are now recognized as property, plant, and equipment on the Consolidated Balance Sheets and are amortized through depreciation on the Consolidated Statements of Operations and Comprehensive Income. Previously, multi-life tires were classified as inventories and expensed through cost of sales when placed into service. This change in accounting policy provides a more accurate reflection of the role of multi-life tires as components of the heavy equipment in which they are utilized, aligning the accounting treatment with the economic substance of their use.

    We have applied this change retrospectively in accordance with Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, by restating the comparative period. For further details regarding the retrospective adjustments, refer to Note 16 in the consolidated financial statements for the period ended March 31, 2025.

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions.

    The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months ended March 31, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

    Non-GAAP Financial Measures

    This press release presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin”, “adjusted EPS”, “adjusted net earnings”, “capital additions”, “capital work in progress”, “cash liquidity”, “cash provided by operating activities prior to change in working capital”, “cash related interest expense”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “gross profit margin”, “growth capital”, “margin”, “net debt”, “net debt leverage”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each non-GAAP financial measure used in this press release is defined and reconciled to its most directly comparable GAAP measure in the “Non-GAAP Financial Measures” section of our Management’s Discussion and Analysis filed concurrently with this press release.

    Reconciliation of total reported revenue to total combined revenue

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Revenue from wholly-owned entities per financial statements   $ 340,833     $ 297,026  
    Share of revenue from investments in affiliates and joint ventures     136,237       125,838  
    Elimination of joint venture subcontract revenue     (85,566 )     (77,151 )
    Total combined revenue(i)   $ 391,504     $ 345,713  

    (i)See “Non-GAAP Financial Measures”.

    Reconciliation of reported gross profit to combined gross profit

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Gross profit from wholly-owned entities per financial statements   $ 37,891     $ 53,494  
    Share of gross profit from investments in affiliates and joint ventures     13,677       8,935  
    Combined gross profit(i)(ii)   $ 51,568     $ 62,429  

    (i)See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Net income(i)   $ 6,163     $ 11,511  
    Adjustments:        
    Stock-based compensation (benefit) expense     (3,408 )     3,608  
    (Gain) loss on disposal of property, plant and equipment     (974 )     261  
    Change in fair value of contingent obligations from adjustments to estimates     (1,317 )     1,438  
    Loss on derivative financial instruments     6,912       —  
    Equity investment loss on derivative financial instruments     1,019       1,954  
    Equity investment restructuring costs     —       4,517  
    Depreciation expense relating to early component failures     4,274       —  
    Post-acquisition asset relocation and integration costs     1,640       —  
    Tax effect of the above items     208       (2,260 )
    Adjusted net earnings(i)(ii)     14,517       21,029  
    Adjustments:        
    Tax effect of the above items     (208 )     2,260  
    Interest expense, net     13,516       15,597  
    Equity investment EBIT(ii)     3,310       (3,768 )
    Equity (earnings) loss in affiliates and joint ventures     (3,283 )     1,512  
    Change in fair value of contingent obligations     4,347       3,955  
    Income tax expense     4,244       4,467  
    Adjusted EBIT(i)(ii)     36,443       45,052  
    Adjustments:        
    Depreciation(i)     60,714       47,862  
    Amortization of intangible assets     601       310  
    Depreciation expense relating to early component failures     (4,274 )     —  
    Equity investment depreciation and amortization(ii)     6,448       4,162  
    Adjusted EBITDA(i)(ii)   $ 99,932     $ 97,386  
    Adjusted EBITDA margin(i)(ii)(iii)     25.5 %     28.2 %

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.
    (iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

    Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Equity (loss) earnings in affiliates and joint ventures   $ 3,283     $ (1,512 )
    Adjustments:        
    Loss (gain) on disposal of property, plant and equipment     2       (175 )
    Interest income     (29 )     (573 )
    Income tax expense (benefit)     54       (1,508 )
    Equity investment EBIT(i)   $ 3,310     $ (3,768 )

    (i)See “Non-GAAP Financial Measures”.

    About the Company

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

    For further information contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 960-7171
    IR@nacg.ca
    www.nacg.ca

    Interim Consolidated Balance Sheets

    (Expressed in thousands of Canadian Dollars)
    (Unaudited)

        March 31,
    2025    		   December 31,
    2024(i)
    Assets        
    Current assets        
    Cash   $ 78,241     $ 77,875  
    Accounts receivable     186,850       166,070  
    Contract assets     19,676       4,135  
    Inventories     74,242       69,027  
    Prepaid expenses and deposits     6,523       7,676  
    Assets held for sale     782       683  
          366,314       325,466  
    Property, plant and equipment, net of accumulated depreciation of $503,486 (December 31, 2024 – $500,303)     1,314,635       1,251,874  
    Operating lease right-of-use assets     11,539       12,722  
    Investments in affiliates and joint ventures     86,341       84,692  
    Intangible assets     10,072       9,901  
    Other assets     5,581       9,845  
    Total assets   $ 1,794,482     $ 1,694,500  
    Liabilities and shareholders’ equity        
    Current liabilities        
    Accounts payable   $ 138,700     $ 110,750  
    Accrued liabilities     59,454       78,010  
    Contract liabilities     6,734       1,944  
    Current portion of long-term debt     150,301       84,194  
    Current portion of contingent obligations     40,139       39,290  
    Current portion of operating lease liabilities     1,475       1,771  
          396,803       315,959  
    Long-term debt     663,622       719,399  
    Contingent obligations     91,107       88,576  
    Operating lease liabilities     10,612       11,441  
    Other long-term obligations     42,792       44,711  
    Deferred tax liabilities     127,615       125,378  
          1,332,551       1,305,464  
    Shareholders’ equity        
    Common shares (authorized – unlimited number of voting common shares; issued and outstanding – March 31, 2025 – 30,601,681 (December 31, 2024 – 27,704,450))     298,858       228,961  
    Treasury shares (March 31, 2025 – 1,004,074 (December 31, 2024 – 1,000,328))     (16,036 )     (15,913 )
    Additional paid-in capital     20,856       20,819  
    Retained earnings     158,877       156,271  
    Accumulated other comprehensive loss     (624 )     (1,102 )
    Shareholders’ equity     461,931       389,036  
    Total liabilities and shareholders’ equity   $ 1,794,482     $ 1,694,500  

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    Interim Consolidated Statements of Operations and Comprehensive Income

    (Expressed in thousands of Canadian Dollars, except per share amounts)
    (Unaudited) 

        Three months ended
        March 31,
          2025     2024(i)  
    Revenue   $ 340,833     $ 297,026  
    Cost of sales     242,228       195,670  
    Depreciation     60,714       47,862  
    Gross profit     37,891       53,494  
    General and administrative expenses     7,682       14,443  
    Amortization of intangible assets     601       310  
    (Gain) loss on disposal of property, plant and equipment     (974 )     261  
    Operating income     30,582       38,480  
    Interest expense, net     13,516       15,597  
    Equity (earnings) loss in affiliates and joint ventures     (3,283 )     1,512  
    Loss on derivative financial instruments     6,912       —  
    Change in fair value of contingent obligations     3,030       5,393  
    Income before income taxes     10,407       15,978  
    Current income tax expense     1,777       4,296  
    Deferred income tax expense     2,467       171  
    Net income   $ 6,163     $ 11,511  
    Other comprehensive income        
    Unrealized foreign currency translation (gain) loss     (478 )     693  
    Comprehensive income   $ 6,641     $ 10,818  
    Per share information        
    Basic net income per share   $ 0.22     $ 0.43  
    Diluted net income per share   $ 0.21     $ 0.39  

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    The MIL Network –

  • MIL-Evening Report: Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial

    Source: The Conversation (Au and NZ) – By Kate Cantrell, Senior Lecturer – Writing, Editing, and Publishing, University of Southern Queensland

    The trial of the so-called “mushroom cook” Erin Patterson, currently underway in the Victorian town of Morwell, continues to generate global attention.

    The mother of two is charged with three counts of murder and one count of attempted murder, all of which she denies.

    Due to the regional location of the hearing and Australia’s conservative attitude toward the use of cameras in the courtroom, many people are following the case via podcast. This is not surprising, given Australia has among the world’s highest percentage of podcast consumers.

    Currently Apple Australia’s Top 10 True Crime podcast chart includes three network-backed podcasts dedicated to the mushroom case. They essentially present the same information, but through different formats and structures, and to varying degrees of success.

    Unlike cold case investigations, which are retrospectives that focus on breakdowns in the legal system, real-time true crime podcasts unpack complex issues and provide information to listeners while a case is under judgement.

    Death cap dinner claims recapped

    Prosecutors allege in July 2023 Erin Patterson laced four beef wellingtons with death cap mushrooms and served the deadly lunch to her parents-in-law, Don and Gail Patterson; Gail’s sister, Heather Wilkinson; and her husband, Ian Wilkinson. But the defence has raised doubts about those claims.

    The trial, now in its third week, has captured the nation. The jury has heard from Erin’s children, along with Facebook friends and the sole surviving guest Ian Wilkinson, a pastor who spent almost two months in hospital following the lunch.

    Justice on demand

    In Australia, the principle of open justice – that justice should not only be done, but be seen to be done – is a cornerstone of the legal system. This includes making fair and accurate reports of judicial proceedings, and ensuring court information is accessible to the media and public.

    New media forms, such as podcasts, also depend on democracy and accessibility. Anyone can speak and anyone can listen, anywhere, at any time. So true crime podcasts have naturally (and sometimes problematically) converged with the process of open justice.

    Take The Australian’s 2018 podcast The Teacher’s Pet, which followed the controversial investigation of the disappearance of Lynette Dawson from the northern beaches of Sydney in 1982. It marked the first time in Australian legal history that a serialised podcast was cited as the primary reason for an application for a permanent stay of proceedings.

    While the permanent stay was denied, the court did grant a temporary stay for nine months. At the hearing, Justice Elizabeth Fullerton called the podcast “the most egregious example of media interference with a criminal trial process”. She described it as “overzealous”, “uncensored” and “imbued with hubris”.

    But there are some key differences between The Teacher’s Pet and the new mushroom case podcasts.

    The Teacher’s Pet resurrected a cold case, and uses investigative journalism to propel interest in the real-time solving of the case, with listeners’ help. This process, known as jurification, positions the podcast host as a journalist-turned-investigator, and the listeners as jurors weighing up the evidence.

    In contrast, the podcasts on the Patterson case largely rely on objective reporting to build on listeners’ understanding of the context that led to the tragic deaths of three people. These podcasts include no explicit judgement of evidence. And this allows them to skirt the potential for “trial by media”.

    The Mushroom Case Daily

    One of the most popular podcasts tracking the Patterson case is the ABC’s Mushroom Case Daily.

    As the top-ranked podcast in Australia’s Apple charts at the time of writing, the Daily provides digestible summaries of key moments in the trial, with court reporter Kristian Silva and producer Stephen Stockwell (Stocky) recording daily from a makeshift studio in Morwell.

    As the first podcast of its kind in the market (starting in March 2024), the Daily is informative and engaging, but not sensationalist or self-serving. It reports on the facts, but does not shy away from empathetic identification with the victims – helping the audience feel involved in the story.

    Interestingly, the Daily even builds empathy for Patterson herself. It humanises the accused by reporting on her emotional displays, and by seeking to understand her actions and reactions, rather than merely vilifying her.

    The Daily also refuses to speculate about whether Patterson is guilty or not, as do its competitors. In doing so, it upholds the legal and ethical obligation of court reporters to maintain impartiality and not misinterpret or misrepresent information.

    At the same time, it is one of the more intimate accounts of the trial, with a relaxed and conversational style. It’s also more interactive than its rivals, as listeners are encouraged to write in with questions.

    The Mushroom Cook and Say Grace

    The Mushroom Cook: The Trial and The Mushroom Trial: Say Grace are also popular with listeners.

    Both are uploaded regularly, with a goal to summarise the events of the day’s trial and highlight the most significant revelations.

    The Mushroom Cook is presented by Herald Sun journalists Brooke Grebert-Craig and Laura Placella. It began in April 2024 with a detailed explanation of the case, in anticipation of the criminal proceedings, and has continued to report on developments over the past year via short episodes of 15 minutes or less.

    Say Grace, a 9Podcast presented by Penelope Liersch (Nine) and Erin Pearson (The Age), started on April 20 of this year, the day of jury selection. It provides more detailed episodes of about 30 minutes in length.

    Unlike the Daily, both of these podcasts use reenactments with voice actors performing the witness testimony. This provides a sense of authenticity and immediacy; listeners feel like they themselves are in the courtroom, privy to the evidence. However, the ethics of reenactments in video and audio documentary are murky. While some people say they aid understanding, others may see them as introducing bias or distorting reality.

    Like the Daily, both The Mushroom Cook and Say Grace are acutely aware of the potential ethical and legal risks of reporting on the case. They take care to avoid conjecture and misrepresentation, such as by using explicit disclaimers before reenactments.

    Although both podcasts are presented in a casual and conversational style, Say Grace offers more in-depth commentary on the case, using descriptive language to paint a vivid picture of courtroom proceedings.

    Ultimately, each of these three podcasts is serving more than listeners’ suspicions; they are providing an important public service by reporting the truth and preserving open justice.

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

    – ref. Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial – https://theconversation.com/justice-on-demand-the-true-crime-podcasts-serving-up-erin-pattersons-mushroom-murder-trial-256209

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:

    • Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    • Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.

    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

    In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

    Full text of the End Price Gouging for Medications Act can be found here. 

    MIL OSI USA News –

  • MIL-OSI Security: Former CEO of Healthcare Services Company Admits Role in Elaborate Investment Fraud Scheme

    Source: Office of United States Attorneys

    NEWARK, N.J. – The former chief executive officer of a publicly traded healthcare services company admitted his role in a conspiracy to defraud investors in connection with the purchase or sale of the company’s securities, U.S. Attorney Alina Habba announced.

    Parmjit Parmar, a/k/a “Paul Parmar,” 55, of Colts Neck, New Jersey, pleaded guilty before U.S. District Judge Madeline Cox Arleo in Newark federal court to conspiracy to commit securities fraud.

    According to documents filed in this case and statements made in court:

    From May 2015 through September 2017, Parmar and his conspirators, including Sotirios Zaharis, a/k/a “Sam Zaharis,” and Ravi Chivukula orchestrated an elaborate scheme to defraud a private investment firm and others out of hundreds of millions of dollars in connection with the funding of a transaction to take private a healthcare services company (Company A) traded publicly on the London Stock Exchange’s Alternative Investment Market. To fund the transaction, the private investment firm put up approximately $82.5 million and a consortium of financial institutions put up another $130 million, for a total of approximately $212.5 million. The scheme utilized fraudulent methods to grossly inflate the value of Company A and trick others into believing that Company A was worth substantially more than its actual value.

    Parmar and the conspirators sought to raise tens of millions of dollars in the public markets, purportedly to fund Company A’s acquisitions of various operating subsidiaries. In actuality, a number of those entities either did not exist or had only a fraction of the operating income attributed to them. The conspirators funneled the proceeds of these secondary offerings through bank accounts they controlled and used the money for a variety of purposes that had nothing to do with acquiring the purported targets. The conspirators went to great lengths to make it appear that these funds were revenue, concocting phony customers and altering bank statements to make it appear as if the funds were coming from customers.

    To perpetuate the scheme, Parmar and his conspirators also falsified and fabricated bank records of subsidiary entities in order to generate a phony picture of Company A’s revenue streams and made material misrepresentations and omissions to the private investment firm and others.

    Parmar and his conspirators’ actions caused victims to value Company A at more than $300 million for purposes of financing the transaction to take Company A private. The scheme was uncovered in September 2017, when Parmar and his conspirators resigned from their positions with Company A or were terminated. On March 16, 2018, Company A and numerous of its affiliated entities filed for bankruptcy, attributing the company’s financial demise, in large part, to the fraud scheme.

    The conspiracy to commit securities fraud charge to which Parmar has plead guilty, carries a maximum penalty of five years in prison and a $250,000 fine. Pursuant to the terms of his plea agreement, Parmar has also agreed to forfeiture of certain properties and the contents of several bank accounts, and the Court must order that Parmar pays restitution to any victims of his offense.

    U.S. Attorney Habba credited special agents of the Federal Bureau of Investigations, under the direction of Special Agent in Charge Brian Driscoll, with assistance from FBI Headquarters Forensic Accountant Support Team.

    The government is represented by Assistant U.S. Attorneys Vinay S. Limbachia, George M. Barchini, and Kelly M. Lyons of the U.S. Attorney’s Office Criminal Division in Newark.

    The charges and allegations contained in the Indictment with respect to Parmar’s co-defendants, Zaharis and Chivukula, are merely accusations, and Zaharis and Chivukula are presumed innocent unless and until proven guilty.

                                                                           ###

    Defense counsel for Parmar: John H. Hemann, Esq., San Francisco, CA; Andrew D. Goldstein, Victoria R. Pasculli, Alessandra V. Rafalson, Esqs., New York, NY; Anuva V. Ganapathi, Esq., Palo Alto, CA

    MIL Security OSI –

  • MIL-OSI: Diversified Royalty Corp. Announces First Quarter 2025 Results and Leadership Update

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months ended March 31, 2025 (“Q1 2025”) and an update to its leadership structure.

    Highlights

    • The weighted average organic royalty growth1 of DIV’s diversified royalty portfolio was 4.9% in Q1 2025, compared to 6.0% for the three months ended March 31, 2024 (“Q1 2024”). The weighted average organic royalty growth1 on a consistent currency basis was 3.9% in Q1 2025, compared to 6.0% in Q1 2024.
    • Revenue was $15.6 million in Q1 2025, up 3.7%, compared to $15.1 million in Q1 2024.
    • Adjusted revenue1 was $17.0 million in Q1 2025, up 3.6%, compared to $16.4 million in Q1 2024.
    • Distributable cash1 was $11.1 million in Q1 2025, up 16.3%, compared to $9.6 million in Q1 2024.
    • Payout ratio1 was 93.8% in Q1 2025 on dividends of $0.0625 per share ($0.2500 per share annualized), compared to 97.2% in Q1 2024 on dividends of $0.0611 per share ($0.2444 per share annualized), which is an annualized growth of 2.3% in dividends year-over-year.

    First Quarter Commentary

    Sean Morrison, President and Chief Executive Officer of DIV stated, “The first quarter of 2025 once again saw a strong performance from our top royalty partner, Mr. Lube + Tires, which continues to produce strong growth across the system, generating SSSG6 of 9.5%. DIV’s other variable royalty partners generated mixed results with both Oxford and Mr. Mikes generating positive SSSG in Q1. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. As previously announced, the deferral of 20% of Sutton’s royalties that began in the fourth quarter of 2024 will continue to the end of 2025, to help Sutton invest in the business, and build on the positive momentum that began in the last quarter. DIV continues to see a decrease in royalty income from AIR MILES® because of the continued softness across the AIR MILES® Rewards Program.”

    1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    First Quarter Results

        Three months ended March 31,  
    (000’s)     2025     2024  
    Mr. Lube + Tires   $ 7,180   $ 6,644  
    Stratusa     2,380     2,130  
    BarBurrito     2,129     2,100  
    Nurse Next Doorb     1,349     1,323  
    Oxford     1,249     1,182  
    Mr. Mikes     1,026     1,016  
    Sutton     899     1,096  
    AIR MILES®     756     892  
    Adjusted revenuec   $ 16,968   $ 16,383  

    a)   Stratus royalty income for the three months ended March 31, 2025, was US$1.7 million, translated at an average foreign exchange rate of $1.4344 to US$1 (March 31, 2024 – US$1.6 million, translated at a foreign exchange rate of $1.3483 to US$1).
    b)   Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.
    c)   DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    In Q1 2025, DIV generated $15.6 million of revenue compared to $15.1 million in Q1 2024. After taking into account the DIV Royalty Entitlement2 (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue2 was $17.0 million in Q1 2025, compared to $16.4 million in Q1 2024. Adjusted revenue increased primarily due to positive SSSG2 (defined below) at Mr. Lube + Tires, Oxford and Mr. Mikes, the annual contractual increases at Stratus, Nurse Next Door and BarBurrito, partially offset by lower royalty income from AIR MILES® and Sutton’s 20% royalty deferral, all as discussed in further detail below.

    2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Royalty Partner Business Updates

    Mr. Lube + Tires: Mr. Lube + Tires generated SSSG3 of 9.5% for the Mr. Lube + Tires stores in the royalty pool for Q1 2025, compared to SSSG of 14.6% in Q1 2024. SSSG in the current period is primarily due to the sustained growth across the Mr. Lube + Tires system.

    3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.4 million (US$1.7 million translated at an average foreign exchange rate of $1.4344 to US$1.00) for Q1 2025. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

    Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement4”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q1 2025. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

    4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

    Mr. Mikes: SSSG5 for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was 1.5% in Q1 2025, compared to SSSG of -5.5% in Q1 2024. The higher SSSG percentage in the current period is due to an increase in restaurant guest traffic.

    Royalty income and management fees of $1.0 million were generated from Mr. Mikes for Q1 2025 and 2024, respectively.

    5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG6 (on a constant currency basis) of 5.5% in Q1 2025, compared to SSSG -2.1% in Q1 2024. Oxford’s positive SSSG for the quarter is due to the solid performance of the Oxford system during the quarter.

    6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    AIR MILES®: In Q1 2025, royalty income of $0.8 million was generated from the AIR MILES® Licenses compared to $0.9 million generated in Q1 2024, a decrease of 15.2% from the comparable quarter. The decrease is largely due to continued softness in the AIR MILES® Rewards Program.

    Sutton: In Q1 2025, royalty income of $0.9 million was generated from Sutton, which includes a 20% royalty deferral for Q1, 2025, compared to $1.1 million for Q1, 2024. The deferred royalties do not accrue interest and are due in full on December 31, 2027. The fixed royalty payable by Sutton increases at a rate of 2% per year, with the most recent increase effective July 1, 2024.

    BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q1 2025. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

    Distributable Cash and Dividends Declared

    In Q1 2025, distributable cash7 increased to $11.1 million ($0.0666 per share), compared to $9.6 million ($0.0629 per share), in Q1 2024. The increase in distributable cash per share7 for the quarter was primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding7.

    In Q1 2025, the payout ratio7 was 93.8% on dividends of $0.0625 per share, compared to the payout ratio of 97.2% on dividends of $0.0611 per share for the same respective period in 2024. The decrease to the payout ratio was primarily due to higher distributable cash per share7, partially offset by higher dividends declared per share7.

    7. Distributable cash is a non-IFRS financial measure and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

    Net Income

    Net income for Q1 2025 was $8.0 million compared to net income of $7.5 million for the three months ended March 31, 2024. The increase in net income in Q1 2025, was primarily due to the higher adjusted revenues8, lower interest expenses and share-based compensation expenses, partially offset by higher salaries and benefits, income tax expenses, and other finance costs.

    8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

    Availability of Annual General Meeting Materials and Leadership Update

    The proxy-related materials for DIV’s upcoming Annual General meeting of shareholders  (the “Meeting”) to be held on Thursday, June 19, 2025 are now available and have been posted under DIV’s profile on SEDAR+ at www.sedarplus.com and on DIV’s website at: https://www.diversifiedroyaltycorp.com/investors/financial-and-regulatory-reports/financial-reports-2025/.

    At the Meeting, shareholders will be asked to: (i) receive the consolidated financial statements of DIV for the fiscal year ended December 31, 2024, together with the report of the auditors thereon, (ii) elect directors of the Corporation for the ensuing year, and (iii) appoint KPMG LLP as auditors of the Corporation for the ensuing year and to authorize the directors of the Corporation to fix their remuneration.

    The Board is pleased to nominate Sean Morrison, our President and Chief Executive Officer, for election to the Board, alongside the current directors. The Board is also pleased to announce the promotion of Greg Gutmanis from Chief Financial Officer and Vice President, Acquisitions, to President and Chief Financial Officer, effective July 1, 2025.

    In his expanded role, Greg will assume greater responsibility for DIV’s day-to-day operations, including oversight of our Royalty Partners’ businesses, identifying and executing new acquisition opportunities, and engaging with DIV’s shareholders and prospective investors. Greg has played a key role in DIV’s growth since its inception. He is widely recognized within Vancouver’s finance community, having received the 2020 BC CFO Award and being named one of Business in Vancouver’s “Top Forty Under 40” in 2017. During his tenure at DIV, Greg has managed approximately $400 million in equity and convertible debenture offerings and over $200 million in senior debt. Prior to joining DIV, he co-managed $165 million across two private equity funds and worked as an investment banker.

    Sean Morrison, stated, “Greg’s promotion to President and Chief Financial Officer is well deserved. I’ve had the pleasure of working with Greg for nearly 20 years in investment banking, private equity, and for the past decade at DIV. Greg is a consummate professional who continues to broaden his expertise and expand his leadership role each year. As continuing CFO and incoming President, I’m confident Greg will continue to grow his responsibilities, and I look forward to working closely with him to deliver value to DIV shareholders.”

    Sean will continue to lead DIV’s strategic direction and overall business as its Chief Executive Officer.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the deferral of Sutton Royalties continuing for the remainder of 2025 to help Sutton invest in the business and build on the positive momentum that began in the last quarter; the terms on which the deferred royalties are required to be paid by Sutton; the promotion of Greg Gutmanis to President and Chief Financial Officer effective July 1, 2025, and that Sean Morrisson will continue to lead DIV’s strategic direction and overall business as Chief Executive Officer; details of DIV’s upcoming Annual General Meeting; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and negative trends experienced by certain of DIV’s Royalty Partners (including their respective franchisees) may continue and may regress; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; DIV and its royalty partners performance in the remainder of 2025 may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    “Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

    Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

        Three months ended March 31,  
    (000’s)     2025     2024  
    Mr. Lube + Tires   $ 7,120   $ 6,585  
    Stratus     2,380     2,130  
    BarBurrito     2,108     2,080  
    Oxford     1,238     1,172  
    Mr. Mikes     1,015     1,006  
    Sutton     871     1,068  
    AIR MILES®     756     892  
    Royalty income   $ 15,488   $ 14,933  
    DIV Royalty Entitlement     1,329     1,303  
    Adjusted royalty income   $ 16,817   $ 16,236  
    Management fees     151     147  
    Adjusted revenue   $ 16,968   $ 16,383  
               

    For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

        Three months ended March 31,  
    (000’s)     2025     2024  
    Distributions received from NND LP   $ 1,325   $ 1,300  
    Add: NND Royalties LP expenses     4     3  
    DIV Royalty Entitlement     1,329     1,303  
           
    Less: NND Royalties LP expenses     (4 )   (3 )
    DIV Royalty Entitlement, net of NND Royalties LP expenses   $ 1,325   $ 1,300  
           

    For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

        Three months ended March 31,  
    (000’s)     2025     2024  
           
    Cash flows generated from operating activities   $ 10,160   $ 10,850  
           
    Current tax expense     (1,719 )   (1,291 )
    Accrued interest on convertible debentures     (788 )   (788 )
    Accrued interest on bank loans     (374 )   –  
    Distributions on MRM units earned in current periods     (48 )   (41 )
    Mandatory principal payments on credit facilities     –     (628 )
    Payment of lease obligations     (28 )   (27 )
    NND LP expenses     (4 )   (3 )
    Accrued DIV Royalty Entitlement, net of distributions     4     3  
    Foreign exchange and other     49     42  
    Changes in working capital     850     263  
    Taxes paid     3,036     1,498  
    Note receivable     –     (305 )
    Distributable cash   $ 11,138   $ 9,573  


    For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at     www.sedarplus.com.

    “Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q1, 2025), Nurse Next Door, BarBurrito and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

    “Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    Third Party Information

    This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2025, which are available on SEDAR+ at www.sedarplus.com.

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-Evening Report: Economic pessimism is behind the drift of voters to minor parties and independents

    Source: The Conversation (Au and NZ) – By Viet Nguyen, Principal Research Fellow, Macroeconomics Research Program, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

    Growing economic pessimism appears to have pushed many voters away from Australia’s two major parties, Labor and the Coalition. Support for minor parties and independents has doubled since the Global Financial Crisis in 2008.

    In the latest federal election, minor parties and independents are on track to gain a record share of the vote, at 33.4%. Although Labor won just 34.6% and the Coalition 32% of first preferences, Labor secured a majority after preference flows, reflecting a broader shift away from the major parties.

    Commentary in both Australian media and in the United States framed the result as a reaction against US President Donald Trump’s return to politics. That echoed analysis of Canada’s surprise centre-left Liberal party win a week earlier.

    But a more straightforward explanation lies in Australian voters’ dissatisfaction with economic conditions.

    In a new study, we used three decades of data from the leading monthly consumer sentiment survey, the Consumer Attitudes, Sentiments and Expectations in Australia (CASiE) Survey, to study how shifts in economic expectations align with changes in voting behaviour.

    Support for minor parties and independents has been rising

    In the 2007 federal election, minor parties and independents won just 15% of first‑preference votes and two seats in the House of Representatives. By 2022 their primary vote had doubled to 31.7%, delivering a record 16 seats.

    In the latest federal election, their first‑preference share rose further to 33.4% (as of May 14). But because of preference flows, they secured fewer lower house seats than in 2022. The underlying shift away from the major parties therefore continues, even though it is not reflected in seat numbers.

    This realignment has unfolded alongside a sustained slide in political trust. Surveys such as the Australian Election Study show satisfaction with democracy is at its lowest level on record.

    The decline is often linked to perceptions of poor economic management, leadership instability, and unresponsive government. Voters repeatedly cite housing affordability, cost‑of‑living pressures and difficulty accessing health care as unmet concerns.

    Minor party support differs across demographic groups

    The shift away from the political mainstream is broadly distributed across demographic groups, indicating widespread economic disaffection rather than isolated grievances.

    Younger Australians, facing acute economic challenges, have increasingly supported the Greens. Older voters have turned to One Nation and Teals amid broader dissatisfaction with economic management.

    Support for minor parties and independents has climbed among both men and women, though the pattern differs. Women lean more toward the Greens; men more toward other minors and independents.

    Economic pessimism matters at the ballot box

    Rising economic pessimism, along with other social and cultural factors, has been a driving force behind the collapse in support for the political mainstream.

    Since 2010, the average share of Australians saying their finances have improved over the past 12 months fell from 27% to 20%. The share reporting deterioration increased from 34% to 37%. That means a net shift of 10 percentage points toward pessimism.

    Looking ahead, more Australians expect their household finances and the national economy to worsen over the next year than to improve.

    The charts below show support for minor parties has climbed across the board since the mid‑2010s. It is consistently highest among voters who expect their household finances and the national economy to get worse.

    Voters who feel worse off have consistently been more inclined to back minor parties or independents. The gap between pessimists and optimists has widened under both Coalition and Labor administrations.

    The divergence is most pronounced for expectations about national economic conditions. This suggests political disaffection is increasingly linked to pessimism about Australia’s economic outlook.

    Growing economic pessimism is consistent with a broader picture of weaker economic growth, lower living standards, a fall in productivity and slower wage growth over the past decade.

    For example, economic growth (gross domestic product or GDP after inflation) slowed from an average of 3.5% between 1995 and 2009 to 2.4% between 2010 and 2024. Growth in GDP per person, a more direct measure of living standards, slowed even more, from an average of 2.1% to just 0.9%.

    Since both actual and perceived economic conditions influence voting choices, collapsing support for mainstream political parties is perhaps no surprise.

    Voters are increasingly drifting towards the minor parties.
    Ymgerman/Shutterstock

    Implications for the future

    Because of the complex flow of voting preferences, a smaller vote share going to major parties does not always translate into fewer seats in parliament. However, vote shares and seat counts tend to be highly correlated over time.

    Sustained declines in primary vote shares going to the major parties will eventually translate into reduced legislative power.

    The trends in Australia’s voting patterns are consistent with voters’ growing dissatisfaction with the performance of successive governments.

    While the rise of non-mainstream parties may signal political renewal, it also carries risks. In the absence of credible responses to persistent social and economic challenges, political resentment is likely to deepen.

    Decades of policy responses have failed to address the scale or structural nature of the country’s economic problems. This has contributed to mounting pressures.

    Without meaningful reform, Australia risks following the trajectory seen in parts of Europe and the US, where the weakening of mainstream parties has created space for more radical and anti-democratic political movements.

    Ferdi Botha receives funding from ARC Centre of Excellence for Children and Families over the Life Course.

    Kyle Peyton and Viet Nguyen do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Economic pessimism is behind the drift of voters to minor parties and independents – https://theconversation.com/economic-pessimism-is-behind-the-drift-of-voters-to-minor-parties-and-independents-256322

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out

    Source: The Conversation (Au and NZ) – By Cylie Williams, Professor, School of Primary and Allied Health Care, Monash University

    elinaxx1v/Shutterstock

    What do you get when a group of podiatrists (and shoe lovers) team up with a Barbie doll collector? A huge opportunity to explore how Barbie reflects changes in the types of shoes women wear.

    It all started with the blockbuster Barbie movie in 2023. In particular, we discussed a scene when Barbie was distressed to find she didn’t have to walk on tip-toes. She could walk on flat feet.

    Soon, we had designed a research project to study the feet of Barbie dolls on the market from her launch in 1959 to June 2024. That’s 2,750 Barbies in all.

    How this scene from the Barbie movie inspired our research project.

    In our study published today, we found a general shift away from Barbie’s iconic feet – on tip-toes, ready to slip on high-heeled shoes – to flat feet for flat shoes.

    We found, like many women today, Barbie “chooses” her footwear depending on what she has to do – flats for skateboarding or working as an astronaut but heels when dressing up for a night out.

    We also question whether high heels that Barbie and some women choose to wear are really as bad for your health as we’ve been led to believe.

    The movie that sparked the #barbiefootchallenge

    Barbie’s feet – in particular her tip-toe posture – triggered TikTok’s #barbiefoottrend and #barbiefootchallenge. When the movie was released, fans made videos to re-create how Barbie stepped out of her high-heeled shoes, yet stayed on tip-toes. Margot Robbie, the Australian actor who played Barbie in the movie, was even interviewed about it.

    Despite the obvious interest in Barbie’s iconic foot stance, there had been no specific research on her feet or choice of footwear.

    So our research team decided to look at how Barbie’s feet had changed over the years to reflect the kinds of shoes she’s worn, and how that ties in with her different jobs and growing diversity.

    What we did

    One of our research team has an extensive Barbie doll collection. This guided our search through online catalogues to examine the foot positions of 2,750 Barbie dolls.

    Our custom-made audit tool allowed us to classify Barbie’s foot posture as tip-toe (known as equinus) or flat.

    We also looked at when the dolls were made, whether they were diverse or inclusive (for instance, represented people with disabilities), and whether Barbie was employed.

    Our device allowed us to classify Barbie’s feet as (a) tip-toe (equinus) or (b) flat.
    Cylie Williams, CC BY-NC-ND

    What we found

    We were surprised that Barbie’s high-heel wearing foot posture was no longer the norm. Barbie does, however, still wear high heels when dressed for fun.

    We found, just like Barbie in the movie, she’s made a transition from high heels (equinus foot posture) to flat shoes (flat foot posture), especially when employed.

    We suggest this mirrors broader societal changes. This includes how women choose footwear according to how much they have to move in the day, and away from only wearing high heels in some workplaces.

    Barbie ditched her high-heel wearing foot posture as she climbed the career ladder. In the 1960s, all Barbies tip-toed around, but by the 2020s, only 40% did.

    Meanwhile, her resume expanded, going from not being represented as having a job to 33% representing real-world jobs.

    Barbie’s been an astronaut since before the Moon landing.
    8th.creator/Shutterstock

    She was an astronaut in 1965, before the Moon landing, and a surgeon when the vast majority of doctors in the United States were men.

    US laws changed in the late 80s, supporting women to own businesses without a man’s permission. And Barbie mirrored this.

    She started trading stilettos for flats and strutting into male-dominated fields. Barbie didn’t just break the mould, she kicked it off with low-heeled shoes.

    Barbie also evolved to better reflect the population. We found a moderate link between her having flat feet and representing diversity or disability.

    For example, she chooses a stable flat shoe when using a prosthetic limb. But it was also great to see her break footwear stereotypes by wearing high heels when using a wheelchair.

    Are high heels so bad?

    Some celebrities, the media and public health advice warn against wearing high heels. But we know women (and Barbie) choose to wear them from time to time. In fact it’s discussions about women’s shoe choices that also gave us the idea for this fun research.

    For instance, health professionals often link high-heeled shoes with developing bunions, knee osteoarthritis, back pain or being injured.

    However bunions, and knee and back pain are just as common in people who don’t wear high heels.

    Studies exploring the risk of high heels are also often performed with people who don’t usually wear high heels, or during competitive sports.

    We couldn’t find any investigations exploring the long-term effect of wearing high heels.

    Research does show that high-heeled shoes make you walk slower and make it harder to balance.

    But high heels have different features, such as heel height or shape. So different types of high heels probably present a different risk. That risk also probably differs from person to person, including how often they walk in heels.

    Lessons for all shoe lovers

    But back to Barbie and lessons we learned. We know Barbie is a social construct that reflects some aspects of the real world. She chooses heels when fashion is the goal and flat shoes when needing speed and stability.

    Rather than demonise high heels, messages about footwear need to evolve to acknowledge choice, and trust women can balance their own priorities and needs.

    As Barbie’s journey shows, women already make thoughtful shoe choices based on comfort, function and identity.

    Cylie Williams receives funding from the Medical Research Future Foundation. In the past five years, she has previously received research funding from the National Health and Medical Research Council, Department of Health and Aged Care (Australia), Bobux International Limited, Department of Health (Victoria) and Sports and Exercise Podiatry Australia.

    Helen Banwell is a practitioner member of the Podiatry Board of Australia.

    – ref. Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out – https://theconversation.com/whatever-happened-to-barbies-feet-podiatrists-studied-2-750-dolls-to-find-out-256211

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: This 6-point plan can ease Australia’s gambling problems – if our government has the guts

    Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University

    WHYFRAME/Shutterstock

    We have a refreshed and revitalised Australian government, enriched with great political capital.

    During the last term of parliament before the election, opportunities to address Australia’s raging gambling habit were neglected.

    Could this government now have enough authority and courage to take on the gambling ecosystem?

    A massive issue

    Australians are the world’s biggest gambling losers.

    Many attribute this to some inherent Australian trait. But what it really comes down to is the proliferation of gambling operators and their products.

    They’re everywhere, along with their marketing and promotion.

    Half of the gambling problems in Australia are associated with poker machines, ubiquitous in all states and territories other than Western Australia (WA).

    Consequently, and unsurprisingly, WA has the lowest rate of gambling harms. The state has 2,500 pokies at a single Perth casino and none in clubs or pubs.

    New South Wales boasts nearly 90,000 pokies, the highest pokie “density” in Australia, and its clubs and pubs make $8.1 billion a year.

    Overall, pokie losses in Australia total $15.8 billion per year.

    Wagering (betting on sport, racing and even elections), is now mainly online, and reaps another $8.4 billion in Australia. This is the fastest growing gambling sector, with growth, adjusted for inflation, of more than 45% between 2018-19 and 2022-23.

    Pokies grew by a more modest 7.6% during the same period. Only casinos went backwards.

    Overall, gambling costs Australians more than $32 billion annually.

    This has been fuelled by relentless promotion and marketing and the expansion of the gambling ecosystem: the network of commercial actors who reap a major dividend from gambling losses.

    It includes the bookies, pub and club chains as well as sporting leagues, financial services providers, software and game developers, charitable organisations, broadcasters, and state and territory governments.

    Of course, gambling comes at a cost: it is strongly linked to broken relationships, loss of assets, employment and educational opportunities, and crime rates.

    Intimate partner violence and neglect of children, along with poor mental and physical health, are also connected to gambling accessibility. As, unfortunately, is suicide.

    However, there are ways to reduce gambling harm.

    Six ways to tackle the problem

    1. First up, we need a national gambling regulator. This was an important recommendation in the 2023 report of the all-party parliamentary committee chaired by the late Peta Murphy.

    Currently, gambling is regulated by each state and territory. Some have reasonably robust systems in place. Others, somewhat less so. None are best practice.

    A national system is long overdue, as many gambling businesses operate across multiple Australian jurisdictions.

    In the absence of national regulation, the Northern Territory has become the de facto national regulator for online wagering. It offers a low-tax and arguably low intervention regulatory system.

    Yet the vast majority of losses from punters come in other jurisdictions.

    National regulation would also assist in standardising tax rates and maintaining reasonable uniform standards of regulation and enforcement.

    2. Poker machines are Australia’s biggest gambling problem, but a national precommitment scheme would provide a tool for people to manage their gambling.

    This proposal has been frequently mooted in Australia since the Productivity Commission recommended it in 2010.

    It has worked well in Europe: forms of it now operate in 27 European countries.

    Both Victoria and Tasmania have proposed it, as did the Perrottet government in the lead into the last NSW election.

    Unfortunately, the power of the pokie lobby, supercharged by the addiction surplus it reaps from punters, has slowed or stopped its implementation.

    But it’s eminently feasible and is highly likely to significantly reduce the harm of pokies.

    The technical challenges are far from insurmountable, despite what industry interests argue.



    Read more:
    Pokies line the coffers of governments and venues – but there are ways to tame this gambling gorilla

    3. Limiting accessibility to pokies is an important way to reduce harm.

    Nothing good happens in a pokie room after midnight, yet they are often open until 4am, with reopening time only a little later.

    Closing down venues after midnight and not opening until 10am would help a lot of people.

    4. We can’t talk about political access without considering some key tools of the gambling ecosystem.

    Pokie operators have enormous ability to influence politicians. Donations are a typical method to ensure access, backed up by the “revolving door” of post-politics jobs.

    Politicians also enjoy a stream of freebies from the gambling ecosystem, which allow these businesses to bend the ear of a guest for hours at a time, at lunch, over drinks, or during an event.

    To address this, we need better rules around acceptance of hospitality and gifts. Some states have moved towards such arrangements but there has been little action on the national front.

    5. Another major recommendation from the Murphy committee was the banning of online gambling ads.

    The majority of Australians want it to happen, and gambling ads are banned for almost all other forms of gambling.

    The special treatment for this rapidly growing, highly harmful gambling product makes no sense.

    6. Finally, we need to properly resource research into gambling harm and its prevention.

    Much gambling research (and its conferences) are funded by the gambling ecosystem, either directly or via representative organisations.

    This raises massive conflicts and has lead to a poor evidence base for policy making.

    The time is now

    Anything that stops people getting into trouble with gambling will be opposed by the gambling ecosystem because their best customers are those with the biggest losses.

    But nobody is saying we should do away with gambling.

    The evidence-based ideas above would help people with existing problems, and stop many more from ending up in trouble.

    Gambling is a problem we can solve.

    It does need political effort – but the Albanese government has the political capital to solve this problem.

    Charles Livingstone has received funding from the Victorian Responsible Gambling Foundation, the (former) Victorian Gambling Research Panel, and the South Australian Independent Gambling Authority (the funds for which were derived from hypothecation of gambling tax revenue to research purposes), from the Australian and New Zealand School of Government and the Foundation for Alcohol Research and Education, and from non-government organisations for research into multiple aspects of poker machine gambling, including regulatory reform, existing harm minimisation practices, and technical characteristics of gambling forms. He has received travel and co-operation grants from the Alberta Problem Gambling Research Institute, the Finnish Institute for Public Health, the Finnish Alcohol Research Foundation, the Ontario Problem Gambling Research Committee, the Turkish Red Crescent Society, and the Problem Gambling Foundation of New Zealand. He was a Chief Investigator on an Australian Research Council funded project researching mechanisms of influence on government by the tobacco, alcohol and gambling industries. He has undertaken consultancy research for local governments and non-government organisations in Australia and the UK seeking to restrict or reduce the concentration of poker machines and gambling impacts, and was a member of the Australian government’s Ministerial Expert Advisory Group on Gambling in 2010-11. He is a member of the Lancet Public Health Commission into gambling, and of the World Health Organisation expert group on gambling and gambling harm. He made a submission to and appeared before the HoR Standing Committee on Social Policy and Legal Affairs inquiry into online gambling and its impacts on those experiencing gambling harm.

    Angela Rintoul holds a postdoctoral fellowship funded by Suicide Prevention Australia. In the past she has received funding from the Victoria Responsible Gambling Foundation, which was supported by allocations from the Community Support Fund, a government administered trust fund constituted from direct taxes on EGMs in hotels. She has also received funding from the Winston Churchill Memorial Trust and ANROWS. She is a member of the WHO meeting on gambling and received travel funding from the Turkish Green Crescent Society and consultancy funding from WHO. She has been paid to review grants by the British Academic Forum for the Study of Gambling, which administered via Gambling Research Exchange Ontario, funded by regulatory settlements from gambling companies who have breached the law.

    – ref. This 6-point plan can ease Australia’s gambling problems – if our government has the guts – https://theconversation.com/this-6-point-plan-can-ease-australias-gambling-problems-if-our-government-has-the-guts-256442

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Aterian Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SUMMIT, N.J., May 14, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a consumer products company, today announced financial results for the first quarter ended March 31, 2025 (“Q1 2025”). The Company also provided an update on a series of initiatives that are underway to mitigate the impact of tariffs on the Company’s performance, including the commencement of a cost optimization plan designed to produce annual savings of approximately $5 – $6 million.

    “While tariffs did not have a direct impact on our first quarter results, the uncertainty in the broader macroeconomic environment led to some softness in consumer demand,” said Arturo Rodriguez, Chief Executive Officer. “That said, sales seasonality remained consistent with prior years, and we continued to see solid performance across our core products.”

    First Quarter 2025 Highlights
    All comparisons are to the first quarter ended March 31, 2024 (“Q1 2024”)

    • Net revenue was $15.4 million compared to $20.2 million, primarily reflecting the previously announced SKU rationalization designed to focus on the Company’s most profitable products and changes to Amazon’s affiliate market program leading to reduced traffic and conversions for certain products.
    • Gross margin was 61.4% compared to 65.1%, reflecting a change in product mix.
    • Contribution margin decreased to 13.4% from 14.1%.
    • Operating loss narrowed to $(3.7) million from an operating loss of $(5.3) million. Q1 2025 operating loss included $(0.8) million of non-cash stock compensation, while Q1 2024 operating loss included $(1.7) million of non-cash stock compensation, and restructuring costs of $(0.6) million.
    • Net loss improved to $(3.9) million from $(5.2) million. Q1 2025 net loss included ($0.8) million of non-cash stock compensation and a gain on fair value of warrant liability of $0.1 million, while Q1 2024 net loss included ($1.7) million of non-cash stock compensation, restructuring costs of $(0.6) million, and a gain on fair value of warrant liability of $0.5 million.
    • Adjusted EBITDA loss was $(2.5) million compared to a loss of $(2.6) million.
    • Total cash balance at March 31, 2025 declined to $14.3 million from $18.0 million at December 31, 2024.

    Tariff Mitigation Initiatives and Cost Optimization Plan

    Mr. Rodriguez continued, “The uncertainty created by tariffs and broader macroeconomic conditions has energized our team to manage those elements of Aterian’s business that are within our control, including: 1) reducing fixed costs; 2) accelerating our plan of re-sourcing and diversifying our manufacturing; 3) hastening our advance towards a more resilient business model by deepening our expansion into consumables, the majority of which will be US-manufactured; and 4) strategically raising prices.”

    “The actions we are taking will allow us to maintain an acceptable level of revenue during this transition period, conserve cash, preserve margin, maximize cash flow, and optimize our cost structure, all while maintaining the high level of innovation and customer service that has defined our company. This is a significant undertaking; however, we believe that these initiatives will mitigate the effects of tariffs on our results in 2025 and position Aterian to pivot towards a return to growth and profitability beyond 2025, even under prolonged tariff pressure.”

    Tariff Response

    • Accelerated product re-sourcing and diversification initiatives to regions with more favorable cost and tariff structures.
    • Established a new goal of manufacturing no more than 30% of goods from China by the end of 2025 compared to a previously stated objective to reduce manufacturing in China to less than 40% by the second half of 2026.
    • Implemented strategic pricing increases across our product portfolio.
    • Remained on track for the late Q3 2025 launch of our Squatty Potty flushable wipes. We are redoubling our efforts to launch a portfolio of new tariff-exempt US-sourced consumable products in 2025, including additional wipe-based products.
    • Paused new product category launches originating in Asia, specifically our hard electronic goods.
    • Implemented supply chain and inventory changes, including partnering with our manufacturers to find cost savings, renegotiating price and delivery timelines, and accelerating expansion into non-US territories to mitigate the impact of tariffs and redirect a portion of our previously produced China inventory.

    Cost Optimization Plan

    These initiatives include emphasizing targeted workforce reductions and vendor savings. The plan is expected to generate $5-$6 million of pre-tax cost savings, $5 million of which is expected to be realized by the end of 2025 with the balance realized in 2026. The Company currently estimates that it will incur approximately $2.3 million in total costs associated with the plan.

    Guidance Commentary

    Josh Feldman, Chief Financial Officer, commented, “The current economic landscape is marked by significant uncertainty, and the rapidly changing market conditions make it challenging to predict future developments. Because of that, we are withdrawing our previously issued net revenue and Adjusted EBITDA guidance for 2025. However, we do believe that the steps underway will soften the impact of tariffs and their related costs for much of 2025. We will continue to evaluate our ability to provide guidance as the year progresses.”

    Webcast and Conference Call Information

    Aterian will host a live conference call to discuss financial results today, May 14, 2025, at 5:00 p.m. Eastern Time, which will be accessible by telephone and the internet. Investors interested in participating in the live call can dial:

    • (800) 715-9871 (Domestic)
    • (646) 307-1963 (International)
      Passcode: 1616427

    Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the investors section of the Aterian corporate website.

    Non-GAAP Financial Measures
    For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures” section below. The most directly comparable GAAP financial measure for EBITDA and adjusted EBITDA is net loss and we are reporting a net loss for the quarter ending March 31, 2025 due primarily to our operating losses, which includes stock-based compensation expense, and interest expense. We are unable to reconcile the forward-looking statements of EBITDA and adjusted EBITDA in this press release to their nearest GAAP measures because the nearest GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort.

    About Aterian, Inc.
    Aterian, Inc. (Nasdaq: ATER) is a consumer products company that builds and acquires leading e-commerce brands with top-selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon, Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct.

    Forward Looking Statements
    All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements regarding our ability to successfully implement our tariff mitigation and cost optimization plans, and the current global environment and inflation and our ability to return to growth and profitability beyond 2025, even under prolonged tariff pressure. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, the effect of tariffs and other costs on our results, our ability to continue to operate following our reduction in workforce, our ability to meet financial covenants with our lenders, our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to maintain Amazon’s Prime badge on our seller accounts or reinstate the Prime badge in the event of any removal of such badge by Amazon; our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

    Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    Investor Contact:

    The Equity Group

    Devin Sullivan
    Managing Director
    dsullivan@equityny.com

    Conor Rodriguez
    Associate
    crodriguez@equityny.com

           
    ATERIAN, INC.
    Consolidated Balance Sheets
    (in thousands, except share and per share data)
           
      December 31,
    2024    		   March 31,
    2025
    ASSETS      
    Current assets:      
    Cash $ 17,998     $ 14,337  
    Accounts receivable, net   3,782       3,391  
    Inventory   13,749       18,144  
    Prepaid and other current assets   3,190       3,512  
    Total current assets   38,719       39,384  
    Property and equipment, net   685       689  
    Intangibles, net   9,757       9,366  
    Other non-current assets   381       379  
    Total assets $ 49,542     $ 49,818  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Credit facility $ 6,948     $ 7,511  
    Accounts payable   3,080       6,164  
    Seller notes   466       471  
    Accrued and other current liabilities   8,804       8,404  
    Total current liabilities   19,298       22,550  
    Other liabilities   227       229  
    Total liabilities   19,525       22,779  
    Commitments and contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value, 500,000,000 shares authorized and 8,750,741 and 8,748,741 shares outstanding at December 31, 2024 and March 31, 2025, respectively   9       9  
    Additional paid-in capital   742,591       743,374  
    Accumulated deficit   (711,677 )     (715,573 )
    Accumulated other comprehensive loss   (906 )     (771 )
    Total stockholders’ equity   30,017       27,039  
    Total liabilities and stockholders’ equity $ 49,542     $ 49,818  
                   
       
    ATERIAN, INC. 
    Consolidated Statements of Operations 
    (in thousands, except share and per share data) 
       
      Three Months Ended March 31,
        2024       2025  
    Net revenue $ 20,214     $ 15,360  
    Cost of goods sold   7,046       5,936  
    Gross profit   13,168       9,424  
    Operating expenses:      
    Sales and distribution   13,214       9,661  
    General and administrative   5,232       3,459  
    Total operating expenses   18,446       13,120  
    Operating loss   (5,278 )     (3,696 )
    Interest expense, net   323       175  
    Change in fair value of warrant liabilities   (517 )     (55 )
    Other expense, net   7       60  
    Loss before provision for income taxes   (5,091 )     (3,876 )
    Provision for income taxes   71       20  
    Net loss $ (5,162 )   $ (3,896 )
    Net loss per share, basic and diluted $ (0.76 )   $ (0.52 )
    Weighted-average number of shares outstanding, basic and diluted   6,789,955       7,452,957  
                   
       
    ATERIAN, INC. 
    Consolidated Statement of Cash Flows 
    (in thousands, except share and per share data)
       
      Three Months Ended March 31,
        2024       2025  
    OPERATING ACTIVITIES:      
    Net loss $ (5,162 )   $ (3,896 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   428       408  
    Provision for sales returns   64       (72 )
    Amortization of deferred financing cost and debt discounts   83       37  
    Stock-based compensation   1,667       783  
    Change in deferred tax expense   (5 )     —  
    Change in inventory provisions   (976 )     86  
    Change in fair value of warrant liabilities   (517 )     (55 )
    Allowance for credit losses   —       (147 )
    Changes in assets and liabilities:      
    Accounts receivable   1,843       538  
    Inventory   2,846       (4,481 )
    Prepaid and other current assets   249       33  
    Accounts payable, accrued and other liabilities   (526 )     2,898  
    Cash used in operating activities   (6 )     (3,868 )
    INVESTING ACTIVITIES:      
    Purchase of fixed assets   (36 )     —  
    Purchase of minority equity investment   (200 )     —  
    Cash used in investing activities   (236 )     —  
    FINANCING ACTIVITIES:      
    Repayments on seller notes   (153 )     —  
    Borrowings from MidCap credit facilities   11,453       10,296  
    Repayments for MidCap credit facilities   (13,244 )     (9,777 )
    Insurance obligation payments   (254 )     (235 )
    Insurance financing proceeds   —       156  
    Cash provided by (used in) financing activities   (2,198 )     440  
    Foreign currency effect on cash and restricted cash   (49 )     123  
    Net change in cash and restricted cash for the year   (2,489 )     (3,305 )
    Cash and restricted cash at beginning of year   22,195       19,143  
    Cash and restricted cash at end of year $ 19,706     $ 15,838  
    RECONCILIATION OF CASH AND RESTRICTED CASH:      
    Cash   17,545       14,337  
    Restricted Cash—Prepaid and other current assets   2,032       1,372  
    Restricted cash—Other non-current assets   129       129  
    TOTAL CASH AND RESTRICTED CASH $ 19,706     $ 15,838  
           
    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
    Cash paid for interest $ 402     $ 200  
    Cash paid for taxes $ 3     $ 5  
    NON-CASH INVESTING AND FINANCING ACTIVITIES:      
    Non-cash consideration paid to contractors $ 620     $ —  
    Non-cash minority equity investment $ 50     $ —  
                   

    Non-GAAP Financial Measures

    We believe that our financial statements and the other financial data included in this press release have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the U.S. (“GAAP”). However, for the reasons discussed below, we have presented certain non-GAAP measures herein.

    We have presented the following non-GAAP measures to assist investors in understanding our core net operating results on an on-going basis: (i) Contribution Margin; (ii) Contribution margin as a percentage of net revenue; (iii) EBITDA (iv) Adjusted EBITDA; and (v) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of our core operating results with those of other companies.

    As used herein, Contribution margin represents gross profit less amortization of inventory step-up from acquisitions (included in cost of goods sold) and e-commerce platform commissions, online advertising, selling and logistics expenses (included in sales and distribution expenses). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and provision for income taxes. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of warrant liability, restructuring expenses, and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.

    We present Contribution margin and Contribution margin as a percentage of net revenue, as we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to gross profit, provides useful supplemental information for investors. Specifically, Contribution margin and Contribution margin as a percentage of net revenue are two of our key metrics in running our business. All product decisions made by us, from the approval of launching a new product and to the liquidation of a product at the end of its life cycle, are measured primarily from Contribution margin and/or Contribution margin as a percentage of net revenue. Further, we believe these measures provide improved transparency to our stockholders to determine the performance of our products prior to fixed costs as opposed to referencing gross profit alone.

    In the reconciliation to calculate contribution margin, we add e-commerce platform commissions, online advertising, selling and logistics expenses (“sales and distribution variable expense”) to gross profit to inform users of our financial statements of what our product profitability is at each period prior to fixed costs (such as sales and distribution expenses such as salaries as well as research and development expenses and general administrative expenses). By excluding these fixed costs, we believe this allows users of our financial statements to understand our products performance and allows them to measure our products performance over time.

    We present EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provide useful supplemental information for investors. We use these measures with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items.

    Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.

    We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects:

    • our capital expenditures or future requirements for capital expenditures or mergers and acquisitions;
    • the interest expense or the cash requirements necessary to service interest expense or principal payments, associated with indebtedness;
    • depreciation and amortization, which are non-cash charges, although the assets being depreciated and amortized will likely have to be replaced in the future, or any cash requirements for the replacement of assets;
    • changes in cash requirements for our working capital needs; or
    • changes in fair value of warrant liabilities

    Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and is expected to remain a key element of our overall long-term incentive compensation package.

    We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:

    • general and administrative expense necessary to operate our business;
    • research and development expenses necessary for the development, operation and support of our software platform;
    • the fixed costs portion of our sales and distribution expenses including stock-based compensation expense; or
    • changes in fair value warrant liabilities

    Contribution Margin

    The following table provides a reconciliation of Contribution margin to gross profit and Contribution margin as a percentage of net revenue to gross profit as a percentage of net revenue, which are the most directly comparable financial measures presented in accordance with GAAP.

       
      Three Months Ended March 31,
        2024       2025  
      (in thousands, except percentages)
    Gross Profit $ 13,168     $ 9,424  
    Less:      
    E-commerce platform commissions, online advertising, selling and logistics expenses   (10,320 )     (7,373 )
    Contribution margin $ 2,848     $ 2,051  
    Gross Profit as a percentage of net revenue   65.1 %     61.4 %
    Contribution margin as a percentage of net revenue   14.1 %     13.4 %
                   

    Adjusted EBITDA

    The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP:

       
      Three Months Ended March 31,
        2024       2025  
      (in thousands, except percentages)
    Net loss $ (5,162 )   $ (3,896 )
    Add:      
    Provision for income taxes   71       20  
    Interest expense, net   323       175  
    Depreciation and amortization   428       408  
    EBITDA   (4,340 )     (3,293 )
    Other expense, net   7       60  
    Change in fair market value of warrant liabilities   (517 )     (55 )
    Restructuring expense   558       —  
    Stock-based compensation expense   1,667       783  
    Adjusted EBITDA $ (2,625 )   $ (2,505 )
    Net loss as a percentage of net revenue   (25.5 )%     (25.4 )%
    Adjusted EBITDA as a percentage of net revenue   (13.0 )%     (16.3 )%
                   

    Each of our products typically goes through the Launch phase and depending on its level of success is moved to one of the other phases as further described below:

    1. Launch phase: During this phase, we leverage our technology to target opportunities identified using AIMEE (Artificial Intelligence Marketplace e-Commerce Engine) and other sources. This phase also includes revenue from new product variations and relaunches. During this period of time, due to the combination of discounts and investment in marketing, our net margin for a product could be as low as approximately negative 35%. Net margin is calculated by taking net revenue less the cost of goods sold, less fulfillment, online advertising and selling expenses. These primarily reflect the estimated variable costs related to the sale of a product.
    2. Sustain phase: Our goal is for every product we launch to enter the sustain phase and become profitable, with a target of positive 15% net margin for most products, within approximately three months of launch on average. Net margin primarily reflects a combination of manual and automated adjustments in price and marketing spend.
    3. Liquidate phase: If a product does not enter the sustain phase or if the customer satisfaction of the product (i.e., ratings) is not satisfactory, then it will go to the liquidate phase and we will sell through the remaining inventory. Products can also be liquidated as part of inventory normalization especially when steep discounts are required.

    The following tables break out our first quarter of 2024 and 2025 results of operations by our product phases (in thousands):

       
      Three months ended March 31, 2024
      Sustain   Launch   Liquidation/
    Other    		   Fixed Costs   Stock Based
    Compensation    		   Total
    Net revenue $ 18,200   $ 408   $ 1,606   $ —   $ —   $ 20,214
    Cost of goods sold   6,449     125     472     —     —     7,046
    Gross profit   11,751     283     1,134     —     —     13,168
    Operating expenses:                      
    Sales and distribution expenses   8,833     232     1,255     2,595     299     13,214
    General and administrative   —     —     —     3,864     1,368     5,232
                           
      Three months ended March 31, 2025
      Sustain   Launch   Liquidation/
    Other    		   Fixed Costs   Stock Based
    Compensation    		   Total
    Net revenue $ 14,638   $ 386   $ 336   $ —   $ —   $ 15,360
    Cost of goods sold   5,499     241     196     —     —     5,936
    Gross profit   9,139     145     140     —     —     9,424
    Operating expenses:                      
    Sales and distribution expenses   6,879     268     326     1,996     192     9,661
    General and administrative   —     —     —     2,868     591     3,459
                                       

    The MIL Network –

  • MIL-OSI USA: H.R. 1364, Automotive Support Services to Improve Safe Transportation Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    H.R. 1364 would expand the types of adaptative equipment that the Department of Veterans Affairs (VA) can purchase for vehicles belonging to veterans who have received medical care from the department. The bill also would extend the reduction of pension payments for veterans and survivors who reside in Medicaid nursing homes.

    Estimated Federal Cost

    The estimated budgetary effects of H.R. 1364 are shown in Table 1. The bill would decrease net direct spending by $29 million and increase spending subject to appropriation by $26 million over the 2025‑2035 period. The costs of the legislation fall within budget functions 550 (health) and 700 (veterans benefits and services).

    Table 1.

    Estimated Budgetary Effects of H.R. 1364
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases or Decreases (-) in Direct Spending

    		    

    Estimated Budget Authority

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Estimated Outlays

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Basis of Estimate

    For this estimate, CBO assumes that H.R. 1364 will be enacted in fiscal year 2025 and that provisions will take effect upon enactment. CBO also estimates that outlays will follow historical spending patterns for affected programs.

    Provisions That Affect Spending Subject to Appropriation and Direct Spending

    Section 2 would expand the types of adaptative equipment that VA can purchase for the vehicles of eligible veterans who receive medical care at VA facilities. In addition to equipment that VA provides under its current policy, section 2 would authorize VA to provide kneeling systems. Those systems lower the side or rear of a vehicle to reduce the incline of a ramp, making it easier for people using wheelchairs or other mobility devices to access the vehicle. Using information from VA, CBO estimates that the department would purchase kneeling systems for roughly 55 veterans each year at a cost of about $63,000 on average, for a total of $37 million over the 2025‑2035 period.

    Some of the veterans who would acquire kneeling systems under section 2 would be veterans who have been exposed to environmental hazards; thus, CBO expects that some of the costs of implementing the bill would be paid from the Toxic Exposures Fund (TEF) established by Public Law 117-168, the Honoring our PACT Act. The TEF is a mandatory appropriation that VA uses to pay for health care, disability claims processing, medical research, and information technology modernization that benefit veterans who were exposed to environmental hazards. Additional spending from the TEF occurs if legislation increases the costs of similar activities that benefit veterans with such exposure. Thus, in addition to increasing spending subject to appropriation, enacting section 2 would increase amounts paid from the TEF, which are classified as direct spending.

    CBO projects that the proportion of costs paid by the TEF will grow over time based on the amount of formerly discretionary appropriations that CBO expects will be provided through the mandatory appropriation as specified in the Honoring our PACT Act. CBO estimates that over the 2025-2035 period, implementing section 2 would increase spending subject to appropriation by $26 million and direct spending by $11 million.

    Direct Spending

    In addition to expanding benefits that would partly be covered by the TEF, CBO estimates that enacting the bill would affect direct spending by reducing pension payments to veterans and survivors who reside in Medicaid nursing homes. In total, the bill would decrease net direct spending by $29 million over the 2025‑2035 period (see Table 2).

    Under current law, VA reduces pension payments to veterans and survivors who reside in Medicaid nursing homes to $90 per month. That required reduction expires November 30, 2031. Section 3 would extend that reduction for ten months, through September 30, 2032. CBO estimates that extending that requirement would reduce VA benefits by $10 million per month. (Those benefits are paid from mandatory appropriations and are therefore considered direct spending.) As a result of that reduction in beneficiaries’ income, Medicaid would pay more of the cost of their care, increasing spending for that program by $6 million per month. Thus, enacting section 3 would reduce net direct spending by $40 million over the 2025-2035 period.

    Table 2.

    Estimated Increases in Direct Spending Under H.R. 1364
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

    Adaptive Equipment

    		                      

    Estimated Budget Authority

    *

    1

    1

    1

    1

    1

    1

    1

    1

    1

    2

    5

    11

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    1

    1

    1

    1

    2

    5

    11

    Pensions

    		                      

    Estimated Budget Authority

    0

    0

    0

    0

    0

    0

    0

    -40

    0

    0

    0

    0

    -40

    Estimated Outlays

    0

    0

    0

    0

    0

    0

    0

    -40

    0

    0

    0

    0

    -40

    Total Changes

    		                        

    Estimated Budget Authority

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    1

    -39

    1

    1

    2

    5

    -29

    Spending Subject to Appropriation

    The discussion above in “Provisions That Affect Spending Subject to Appropriation and Direct Spending” describes the expansion of vehicle adaptations VA can purchase for eligible veterans after receiving medical care from the department. That expansion would increase spending subject to appropriation by $26 million over the 2025‑2035 period (see Table 3).

    Table 3.

    Estimated Increases in Spending Subject to Appropriation Under H.R. 1364
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

    Adaptive Equipment

    		                      

    Estimated Authorization

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Estimated Outlays

    1

    2

    2

    2

    2

    2

    3

    3

    3

    3

    3

    11

    26

    Pay-As-You-Go Considerations

    The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 2.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting H.R. 1364 would not increase net direct spending by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2036.

    CBO estimates that enacting H.R. 1364 would not increase on‑budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

    The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Federal Costs: Paul B.A. Holland

    Mandates: Brandon Lever

    Estimate Reviewed By

    David Newman
    Chief, Defense, International Affairs, and Veterans’ Affairs Cost Estimates Unit

    Kathleen FitzGerald
    Chief, Public and Private Mandates Unit

    Christina Hawley Anthony
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

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