Category: Business

MIL-Evening Report: In Indonesia, Albanese has a chance to reset a relationship held back by anxiety and misperceptions

Source: The Conversation (Au and NZ) – By Hangga Fathana, Assistant Professor of International Relations, Universitas Islam Indonesia (UII) Yogyakarta

Prime Minister Anthony Albanese has wasted little time taking his first overseas trip since Labor won a historic victory in Australia’s federal election. He’ll head to Indonesia today to meet the country’s new president, Prabowo Subianto.

With both nations entering new political chapters, the visit carries symbolic weight. But it will also have practical importance.

Despite the two nations’ proximity and strengths, the relationship has often been held back by outdated perceptions and strategic hesitation. This is a timely opportunity to reset the relationship.

Prabowo’s emerging foreign policy

Prabowo succeeded outgoing President Joko “Jokowi” Widodo in October after a decade of his infrastructure-driven and globally engaged leadership.

Prabowo, a former army general and defence minister, had projected a populist and nationalist image during his 2024 election campaign. He frequently emphasised Indonesia’s food self-sufficiency, military strength and national sovereignty.

Since taking office, however, he has moderated his tone. While seen by some in the West as assertive, he has signalled a willingness to strengthen bilateral defence ties with Australia. He also has an interest in modernising Indonesia’s military and engaging more transparently with partners.

Still, questions remain about how he will shape Indonesia’s foreign policy. This includes whether he will maintain Jokowi’s emphasis on multilateralism and economic diplomacy. Both are key to the tone and outcomes of Albanese’s visit.

Prabowo’s leadership style is nuanced. Despite his polarising image, Indonesia’s foreign policy is still shaped by pragmatism and non-alignment. As such, Prabowo will likely focus on balancing relations with China, the United States and Russia, while protecting Indonesia’s sovereignty.

Indonesia’s decision to join BRICS, the economic group that includes both China and Russia, for example, should be seen as a diplomatic hedge, not a new geopolitical alignment.

Other recent decisions, such as providing aid to Fiji, suggest an increasingly outward-facing regional posture.

Albanese should offer Prabowo credible alternatives to Russian and Chinese engagement through trade, technology and education exchanges, rather than reacting to Jakarta’s moves with suspicion.

Opportunities for cooperation

In his election campaign, Albanese reaffirmed his government’s commitment to working closely with Southeast Asia. He also promised a foreign policy grounded in diplomacy, climate cooperation and economic diversification.

This provides a strong incentive for both leaders to deepen ties. For Australia, deepening ties with Indonesia supports its Indo-Pacific strategy. The goal: promoting a stable and inclusive regional order, particularly amid concerns over growing strategic competition between the US and China.

For Indonesia, Australia offers investment, education partnerships, and critical expertise in clean energy and innovation.

A free-trade agreement signed in 2019 provides a platform for deeper integration and less competition in certain industries.

For example, there are huge opportunities to collaborate in clean energy, particularly after the neighbours signed a climate partnership last year. The agreement will secure supplies of lithium for Indonesia’s EV battery production, while Australia will gain more export markets for its critical minerals.

People-to-people ties are also vital, while education remains a longstanding pillar of the bilateral relationship.

Both countries face skills shortages in key sectors. Indonesia needs skilled workers in health care, clean technology and digital literacy. Australia has shortages in critical infrastructure, aged care and engineering.

There are good opportunities here for student exchanges, joint employment training programs and other vocational collaborations.

New Australian university campuses in Indonesia are a positive step, but they remain commercially focused and concentrated in elite, urban areas. With over 4,000 universities across the archipelago, these partnerships could go much further.

Where tensions might arise

The relationship is not without friction. Australia’s involvement in the AUKUS agreement, and its close alignment with the United States and United Kingdom, has raised concerns for Indonesia, which has long championed non-alignment.

Jakarta has voiced unease over the perceived risks of nuclear submarine proliferation in the region.

Albanese’s visit is a key opportunity to clarify that AUKUS involves nuclear-powered — not nuclear-armed — submarines. He should also reinforce Australia’s commitment to transparency over the deal. This is essential to avoiding misunderstandings and building trust.

A more recent flashpoint is speculation around a possible Russian military presence in Indonesia — a claim the Indonesian government has firmly denied.

Indonesia’s response exemplifies its longstanding commitment to strategic autonomy. However, the whole ordeal reveals the complexity of Jakarta’s foreign relations, which often involve balancing ties with competing powers.

For Australia, acknowledging Indonesia’s independent foreign policy — rather than interpreting it through a great-power rivalry lens — is critical to sustaining mutual trust.

A chance to re-anchor the relationship

This moment offers both governments the chance to move beyond symbolic gestures toward a deeper, more inclusive and people-centred partnership.

Amid global fragmentation, trust is not just desirable — it’s essential. And while differences remain, they are not insurmountable when guided by mutual respect, strategic patience and a commitment to genuine cooperation.

For Australia, the challenge is to move past strategic anxiety and invest in a resilient, multidimensional relationship with Indonesia. This visit could be the first step in doing just that.

Hangga Fathana 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. In Indonesia, Albanese has a chance to reset a relationship held back by anxiety and misperceptions – https://theconversation.com/in-indonesia-albanese-has-a-chance-to-reset-a-relationship-held-back-by-anxiety-and-misperceptions-256321

MIL OSI Analysis – EveningReport.nz –

May 14, 2025
MIL-OSI New Zealand: Addressing New Zealand’s infrastructure asset management challenge
Source: NZ Music Month takes to the streets

The Government has launched a new work programme to improve public infrastructure asset management, Infrastructure Minister Chris Bishop says.

“We need to be honest about the fact that we’ve done asset management poorly in the public sector for decades. We rank fourth to last in the OECD for asset management, with a number of government agencies reporting non-compliance with Cabinet expectations relating to depreciation funding, asset management plans and asset registers. The public sector performs poorly compared with the private sector.

“Poor asset management results in expensive renewals and emergency works, poor infrastructure quality, asset failures, and less funding for new services. The Infrastructure Commission estimates that for every $40 spent on new infrastructure, we should be investing $60 in maintenance and renewals.

“In practice, years of poor asset management means leaky hospitals and schools, mould in police stations and courthouses, service outages on commuter rail, and poor accommodation for Defence Force personnel and their families. It’s not good enough. New Zealanders deserve better.

“To ensure we get the most out of every dollar we invest, Cabinet has agreed to an all-of-Government work programme that will improve central government asset management and performance, with a focus on infrastructure.

“The objective of the programme is to strengthen the infrastructure system to lift asset performance and service outcomes for New Zealanders, ensure there is adequate investment in planned asset maintenance and renewal activities, ensure new investment decisions can be made within the overall context of agencies’ asset management plans, and improve accountability, capability, and oversight of our infrastructure.

The work programme will be broken up into two phases:

Phase One (short term improvements), including:
- Continued work to update to the Better Business Case (BBC) and Gateway frameworks.
- Self-assessment of New Zealand policy and institutional settings against the IMF Public Investment Management Assessment framework.
- Improved asset management and long-term planning performance indicators and guidance – providing more detailed guidance on expected asset management and long-term planning practice, including which indicators will provide Ministers, stakeholders and the public with confidence that agencies are delivering value for money.
- Supporting the growth of a “Community of Practice” to build capability – the Infrastructure Commission is partnering with Āpōpō to build a ‘community of practice’ through collaborative events for public service asset management professionals.
- A possible national Underground Asset Register – officials are providing advice on opportunities to scale the Wellington City Council underground asset register for use across New Zealand.
Phase Two (beyond December 2025):

Phase two will consider more fundamental changes to system settings to ensure that asset management outcomes improve, and will include:
- The development of the 30-year National Infrastructure Plan (NIP) to ensure greater stability of infrastructure priorities that help New Zealand plan, fund and deliver important infrastructure. As part of their work developing this plan, the Infrastructure Commission will recommend system changes to strengthen investment and asset management outcomes.
- Investigating legislative requirements for the development of ten-year investment plans by capital intensive agencies and performance reporting requirements.
- A refresh of the Cabinet Office circular CO (23) 9, to give effect to broader changes across the IMS and restate Cabinet’s expectations on investment planning, assurance, and asset management practices. The refresh of the Circular will be undertaken in parallel with the NIP, to allow the refreshed Circular to take into account the NIP recommendations.
“The draft 30-year National Infrastructure Plan is expected to be published in June this year and it will then go out for public consultation.

“I intend to consider proposed recommendations from the Infrastructure Commission as part of the Government’s response to the Plan in 2026.

“Making improvements to our investment management system will ensure New Zealanders’ infrastructure investments are well-managed. These improvements will enable greater economic growth and deliver efficient infrastructure which will have long-term impacts on the cost-of-living,” Mr Bishop says.

MIL OSI New Zealand News –
May 14, 2025
MIL-OSI New Zealand: Speech to Apōpō Congress: Addressing New Zealand’s infrastructure asset management challenge

Source: NZ Music Month takes to the streets

Good morning. It’s great to be here – in spirit – at the 2025 Apōpō Congress.
I am a fierce proponent of asset management, and I also enjoy the Te Pae Convention Centre, so it’s a shame I can’t be there with you all in person.
I’d like to thank Apōpō for hosting this congress and for keeping the conversation on asset management learnings and best-practice going for over 75 years.
Better asset management is key to the success of the Government’s plan to go for economic growth and enhance New Zealanders’ quality of life.
Asset management may not be the sexiest aspect of the infrastructure system – as it has to compete with new, big, and exciting projects – but everyone knows, if you don’t paint the weatherboards on your house, the wood will rot.
And billion-dollar infrastructure is fundamentally no different.
Looking after what we have means our infrastructure will last longer, be more reliable, and be more resilient to shocks and stresses. For me, good asset management is a minimum requirement, not an optional extra.
So, today I am announcing a comprehensive work programme that Cabinet has agreed to that will improve asset management practice across central government.
The aim of this work is to provide safer, longer lasting and more reliable infrastructure services; and to achieve better value for money by making the most of what we have.
But before I get into that, let me briefly touch on my six infrastructure priorities and where the Government is at on each of them.
My six priorities as Minister for Infrastructure
Last year, I mapped out what I want from the infrastructure system.
I want the private sector to invest and build here, because they are confident in the pipeline and are enabled to get on with it by an efficient and fair consenting system.
And I want the public to enjoy infrastructure that is safe, reliable, accessible, and good value for money.
To achieve this, I’m focused on six priorities as Infrastructure Minister:

Establishing National Infrastructure Funding and Financing Ltd,
Developing a 30-year National Infrastructure Plan,
Improving infrastructure funding and financing,
Improving the consenting framework,
Improving education and health infrastructure, and last but not least –
Strengthening asset management.

These priorities are in response to what the coalition Government has heard from industry and infrastructure experts, both in New Zealand and overseas.
National Infrastructure Funding and Financing Ltd
Let’s start with National Infrastructure Funding and Financing, which we call NIFFCo.
On the 1st of December last year, we established NIFFCo to:

Act as the Crown’s ‘shopfront’ to facilitate private sector investment in infrastructure – including receiving and evaluating Market Led Proposals.
Partner with agencies, and in some cases, local government, on projects involving complex procurement, alternative funding mechanisms, and private finance – including Public Private Partnerships (PPPs).
Administer central government infrastructure funds.

NIFFCo has already started lifting the government’s commercial capability and has deployed expertise into agencies that are working on complex Public Private Partnership (PPP) projects including the Northland Road of National Significance and Christchurch Men’s Prison.
Off the back of the New Zealand Infrastructure Investment Summit, NIFFCo has also started engaging with domestic and international debt and equity markets to help connect New Zealand projects to suitable capital.
Developing a 30-year National Infrastructure Plan
Now, let’s move to my second priority, the 30-year National Infrastructure Plan.
The industry has asked for a long-term plan and pipeline so that they can invest in people and equipment. We have heard them, it’s the right thing to do, and we are doing it.
The New Zealand Infrastructure Commission is developing the Plan, which will outline an independent and expert view on New Zealand’s infrastructure needs over the next 30 years, planned investments over the next 10 years, and recommendations on priority projects and reforms that can fill the gap between what we have and what need.
The draft plan is on track to go out for public consultation next month, with the final plan due to me by the end of this year.
I encourage you to provide feedback on the Plan, particularly in the areas of asset management.
Improving infrastructure funding and financing
Now, let’s talk about my third priority, Improving infrastructure funding and financing.
Public infrastructure in New Zealand has historically been primarily funded by taxpayers or ratepayers.
But our heavy reliance on this blunt approach is not serving New Zealand well and has led to perverse outcomes including congestion, run-down assets, and the unresponsive provision of enabling infrastructure – contributing to unaffordable housing.
Last year, we released a suite of new and improved frameworks and guidance including:

Treasury’s new Funding and Financing framework,
The Government’s refreshed PPP policy,
Strategic Leasing Guidance, and
Guideline for Market Led Proposals.

The collective purpose of these documents is to help the Government use its balance sheet more strategically, apply good commercial disciplines to investment, and be a more sophisticated client of infrastructure.
This year I have focused on establishing new funding and financing tools. In February, I announced five specific changes to New Zealand’s funding and financing toolkit to make it easier for councils and central government to provide infrastructure to support urban growth.
I won’t cover all of these, but the most relevant to people here, is that we are shifting away from Development Contributions to a new Development Levy System that will enable council to fully recover the costs of housing growth from growth.
This change means ratepayers will no longer need to cross subsidise growth to the same extent (if at all) – freeing up rates to go towards maintenance backlogs.
The Government is progressing amendments to the Local Government Act 2002 this year, so that Councils will be able to move to the new Development Levy System through their 2027 Long-Term Plan cycle.
Improving the consenting framework
Now, let’s move onto my fourth priority, improving the consenting framework.
As many of you will know, the resource management system is broken.
It achieves the worst of both worlds: it stifles development and fails to protect the environment. In many ways, our currently planning system is one of the root causes of our infrastructure deficit.
So, we are taking action.
In 2023, we repealed the Natural and Built Environment Act and Spatial Planning Act.
In 2024, we introduced the Fast Track Approvals Act, which provides a one-stop shop for projects with significant regional and national benefits to apply for and access approvals, resource consents, and permits across nine different Acts, all in the one process.
The Government listed 149 projects in the Act itself, fast-tracking them in the fast-track process. More projects can be referred into the process too.
These 149 projects represent up to 55,000 new homes; 180 kilometres of new road, rail, and public transport routes; three gigawatts in additional generation capacity; and multiple mining and aquaculture projects.
And this year, the Government is replacing the entire resource management system –
We will put a new system in place that is effects based and embraces standardisation, meaning fewer and faster consents. We plan to have the two Acts introduced to Parliament mid-this year.
Improving education and health infrastructure
I won’t go into too much detail of my, fifth priority, improving education and health infrastructure. I will just quickly say that this government is moving towards:

More standardised, repeatable designs,
More modular and staged builds, and
More strategic procurement – including by using a panel of contractors and partners for large programmes or packages of work.

Poor asset management practices
Now, let’s talk in detail about my sixth priority – strengthening asset management.
I think we need to be honest about the fact that we’ve done asset management poorly in central government for decades.
Too often we see the result of a lack of care in managing the infrastructure assets entrusted to agencies.
I can rattle off too many examples of things gone wrong:

Schools in Auckland with leaking roofs and rotting buildings;
Half of justice buildings reported to be in “poor” or “very poor” condition;
Military homes in Waiouru infested with black mould;
A police custody suite in Hawke’s Bay with so many leaks that the roof had to be covered with plastic tarpaulin; and
A hospital in Whangārei where the roof leaked when it rained, the surgical wing was on a lean, raw sewage was found seeping into the walls, and – to top it all off – those walls were riddled with asbestos.

This is simply not good enough for New Zealanders.
It would be comforting to pretend that these are isolated anecdotes of poor outcomes. And it would be easy to say that “all we need is a bit more funding for emergency repairs to plug some leaks and patch up some roofs”.
But this pattern of ‘build and forget’ repeats too often for this to be anything other than a systematic issue.
And you don’t need to take my word for it.
There is a growing analytical evidence base of unacceptable asset management practice:

New Zealand ranks fourth to last for asset management in the OECD’s infrastructure survey, and
Several central government agencies do not comply with mandatory requirements set out by Cabinet as outlined in Cabinet Office circular (23) 9 – including requirements related to depreciation funding, asset management plans, and asset registers.

The contrast between the performance of central government and that of the private sector, regulated utilities, and even local government is also stark. Let’s use the ratio of annual spending on renewals and maintenance, relative to asset depreciation, as a proxy for asset management performance.
The private sector and local government have ratios of approximately [1] and [0.75] respectively.
For central government agencies, this metric is often impossible to measure, because it isn’t being recorded and reported. And where the data does exist, such as for state highways, the results are significantly worse, with a ratio of [0.35].
These poor asset management practices are undermining this Government’s infrastructure objectives and contributing to our significant infrastructure deficit – which is expected to grow to around $210 billion by 2050.
Our maintenance and renewal challenge
In fact, one of the biggest challenges facing New Zealand’s infrastructure sector is the cost and resources needed to repair and replace assets that are wearing out.
The Infrastructure Commission tells me that for every $40 spent on new infrastructure, we should be investing $60 in maintenance and renewals.
If we don’t prioritise and deliver this spending and sort our asset management practices now, our problems are only going to get bigger.
This is driven by three macro trends.
For one, the amount New Zealand needs to spend on asset management will continue to increase as the assets built during the post-war investment boom of the 1950s to 1990s wear out.
Second, asset management needs will increase in some sectors as demographics change – for example, more focus will be needed on health facilities as our population ages.
Third, the risks we face from natural hazards will continue to become more acute. New Zealand already ranks second in the OECD in expected annual losses from natural hazards. And asset owners won’t be able to make informed trade-offs between insurance, relocation, and resilience if they don’t have a strong base of asset management practice to build from – including knowing what they own, where it is, what conditions it’s in, and what risks it faces.
I feel like I am preaching to the choir – but, as you know – it is important to get asset management right.
And some sectors do get asset management more right than others.
For example, regulated utilities like energy perform well due to economic incentives, and regulatory regimes with strong transparency, oversight and audit requirements.
Taking a step back – regulated utilities, local government, and central government all have different rules and enforcement mechanisms that impact asset performance, with central government holding the regulated and local government sectors to a higher standard than it does itself.
The private sector is characterised by oversight through market discipline, economic regulation, and minimum service quality standards.
Local government has strong legislative requirements for planning and asset management, supported by audit and transparency requirements. For example, the Local Government Act requires reporting on infrastructure spending by category including maintenance and renewal, which is then audited by the Office of the Auditor General.
In central government we primarily rely on the requirements set through the Cabinet Office circular on Investment Management and Asset Performance in Departments and Other Entities, or, more commonly known as CO (23) 9.
External transparency on central government infrastructure (like age, condition, location, and utilisation) is limited at best, making it difficult for the public to be confident that it is being managed appropriately.
This is a very complex system to fix. There is no single factor or actor that accounts for why central government is struggling so much to manage its assets effectively.
To be clear, it’s not that we don’t have hard-working asset management professionals. Because I know we have some brilliant asset managers doing fantastic work.
But too many of you are frustrated by a system that simply isn’t set up to empower you to do what is needed.
In my view, our asset management performance is the result of four complex inter-related issues.
First, central government does not treat asset management as a fundamental component of service delivery. Top-down fiscal constraints, changing service expectations and stakeholder pressures mean that asset management is often de-prioritised in favour of new investment or new operating spending.
Second, agencies do not have good enough information on their assets. So, decision-makers like agency officials, and Ministers like me lack the information needed to make good decisions and to be held accountable for them.
Third, governance is weak. Compared to regulated utilities and local government, our systems, processes, and rules for ensuring that asset management is being carried out properly are not strong enough.
Fourth, visibility and support for asset management is lacking at senior levels within agencies. Nobody in the audience will be shocked to hear me say that awareness, visibility, and support for asset management is often lacking at senior levels. We simply don’t invest enough in our people. This is true in some parts of the private sector and local government, but it is particularly true in central government.
Improving central government asset management
So, that’s the doom and gloom part over. Let’s get onto how we plan to fix the system.
Today, I am excited to announce that Cabinet has agreed to an all-of-Government work programme that will improve central government asset management and performance, with a focus on infrastructure.
My goal is to provide safer and more reliable infrastructure services to New Zealanders; and to achieve better value for money by making the most of what we have.
This work programme will take place across two phases.
Phase 1 will roll out this year, delivering quick wins that drive real improvements. But that is just the start. Next year, we start on Phase 2, which will deliver more fundamental changes to how we look after our assets.
Phase 1
Let’s start with Phase 1. Phase 1 is about providing clarity on what ‘good’ looks like and ensuring that there are better tools to help central government agencies succeed.
The Infrastructure Commission has three actions under Phase 1.
First, the Commission is assessing New Zealand’s investment and asset management settings for central government using the ‘Public Investment Management Assessment’ (PIMA). This international best-practice framework was developed by the IMF in 2015.
The Commission will release the PIMA ‘self-assessment’ report alongside the National Infrastructure Plan later this year. It will be an invaluable source of evidence on how we can improve our investment systems – more on that soon.
Second, the Commission will publish detailed guidance that agencies will need to follow on asset management; long-term planning; and related performance, assurance, and accountability indicators.
At the moment, Treasury sets out high-level investment management and asset performance requirements for departments, Crown entities, and companies listed in Schedule 4A of the Public Finance Act through Cabinet Office circular CO (23) 9.
Over and above Cabinet setting clear rules for asset management it is crucial that we help agencies understand how they meet their obligations. Currently, there is limited detailed guidance showing agencies what good looks like.
More detailed guidance can help fill this gap and will help agencies to provide useful and consistent information to decision makers and the public – including indicators that will show whether agencies are delivering value for money from their planning and investment activities.
Third, the Commission is partnering with Āpōpō to build a new ‘community of practice’ that will lift the capability of public service asset management professionals through events.
Phase 1 of this work programme, also includes:

the Treasury continuing work to update their Better Business Case and Gateway Frameworks, and
Potentially developing a National Underground Asset Register – Officials will provide me advice on opportunities to scale the Wellington City Council’s underground asset register for use across New Zealand.

Phase 2
Phase 2 is about driving more fundamental changes to system settings to ensure that we see sustained improvements in asset management.
Phase 2 will be informed by the National Infrastructure Plan but will ultimately be implemented through the Government response to the Plan, which I expect will include changes to the Investment Management System.
The Commission is currently developing the National Infrastructure Plan to ensure greater stability of infrastructure priorities and to help New Zealand plan, fund, and deliver important infrastructure.
The Commission has informed me that the Plan will include recommendations on how to strengthen central government’s Investment Management System.
The Commission are thinking of issues such as:

Strengthening the Public Finance Act to require agencies to periodically develop long-term investment plans (including asset management) and strengthening reporting requirements to increase transparency on spending on maintenance and renewals.
Strengthening non-legislative reporting requirements to improve transparency over asset management outcomes.
Establishing oversight and review requirements for asset management planning.
Explicitly incorporating assessments of bottom-up infrastructure needs, including spending on asset management and renewals, into fiscal strategies
And strengthening incentives for better asset management practice by, for example, linking investment decision making to agency asset management capability or ringfencing depreciation funding.

It is important to note that the National Infrastructure Plan is a ‘strategy report’ and is rightly produced independently from Government.
As such, I will consider the final recommendations made by the Commission and will implement Phase 2 of the Asset Management Work Programme through the Government’s response to the Plan in 2026.
Over the next year, the Treasury is also working to update Cabinet Office circular CO (23) 9. The update of CO (23) 9 is a great opportunity to take on evidence and findings from the National Infrastructure Plan to strengthen Cabinet’s expectations on investment planning, assurance, and asset management practices.
I have asked Treasury officials to consider the findings of the National Infrastructure Plan when updating the Circular.
But to be clear, all options remain on the table to improve asset management – including changes to the law.
Conclusion
To conclude, I would like to say thank you again for inviting me to speak.
Getting asset management right is one of my top priorities as Minister for Infrastructure, and I will need your help to do it.
The size of the prize is significant –
Improving how we look after our assets will improve the lives of New Zealanders through safer and more resilient infrastructure services. It will drive better value for money from our investments – putting downward pressure on the cost-of-living and freeing up funds for other Government priorities.
Better asset management is also good for economic growth, as higher-quality infrastructure will reduce disruptions, encourage investment, and improve productivity.
It won’t be a quick fix.
The challenges we face are deep-rooted and systemic. But they are not insurmountable, if we ambitious enough to take them on, and disciplined enough to overcome them.
Thank you.

MIL OSI New Zealand News –

May 14, 2025
MIL-OSI Submissions: Australia – Brat to business: Gen Z and Millennials turn bold ideas into business start-ups – CBA

Source: COmmonwealth Bank of Australia – CBA

New data shows Millennials and Gen Z continue to be the driving force behind new business in Australia, as CommBank shows support for young entrepreneurs through its sponsorship of AFC Australian Fashion Week.

New CommBank research shows that Millennials and Gen Z business owners continue to drive Australian entrepreneurship, together accounting for 62 per cent of new business account openings in the last 12 months, with retail trade, personal and business services, and construction being the most popular sectors for these age groups.

CommBank data shows that Millennials alone made up 49 per cent of new businesses in the year to 31 March 2025, while Gen Z accounted for 13 per cent, Gen X for 27 per cent and Baby Boomers made up 10 per cent of new businesses.

Looking at Gen Z, retail trade is the second most popular sector for new businesses after construction, while Millennials favour property and business services before construction and retail.

While the age breakdown of new business transaction account openings has remained fairly steady since the pandemic, it is likely the Gen Z cohort will grow in the coming years as they get older, and other age groups focus on the growth stage of their business.

The research comes as CommBank announces its sponsorship of the Australian Fashion Council (AFC) Australian Fashion Week which kicked off in Sydney this week, championing young entrepreneurs, First Nations designers, and the Australian creative industry more broadly.

CommBank Small Business Banking Executive General Manager, Rebecca Warren, said the various headwinds businesses had encountered over recent years did not appear to be dissuading too many younger entrepreneurs.

“Gen Z and Millennials account for 72 per cent of all new businesses in retail trade, showing younger Australians are willing to pursue their passion despite the challenging environment this sector has faced and continues to tackle,” Ms Warren said.

“Australian small businesses have dealt with many challenges over the last few years, and their resilience has never been more evident than in the way they’ve been navigating the challenging market, the impacts of the election, tariffs and changes to rates.

“It is great to see the entrepreneurial spirit in Australia is very much alive, with under 45s continuing to lead on new business start-ups. We are proud to be supporting Australian small business owners achieve their goals, whether they’re just starting out, or growing their business.”

Recent data from CommBank’s Household Spending Insights Index^ also shows significant gains in Household Goods spending in the year to March were driven by online marketplace and department stores, followed by clothing and furniture stores.

This year the AFC Australian Fashion Week will have over 30 designers showcasing their collections, including Aje, Romance Was Born, ESSE, Farage, Lee Mathews, NICOL & FORD, and Carla Zampatti. CommBank will be the presenting partner of The Frontier, and First Nations shows Liandra, Ngali, and Joseph & James.

Kellie Hush, CEO AFC Australian Fashion Week presented by Shark Beauty, said:

“We are thrilled to have the Commonwealth Bank’s incredible support in 2025. CBA understands how important it is to nurture small and medium businesses in the early stages of growth. The business of fashion continues to be an exciting but challenging industry, which is why Australian Fashion Week must continue to grow and support the industry. AFC Australian Fashion Week 2025 will showcase a diverse, creative, and a distinctly Australian fashion spirit.

“The fashion industry is also a major employer of women in Australia, with 77 per cent of our industry being women. The figure makes fashion one of the few professional industries dominated by women, providing opportunity for them to flourish and finesse their specialisations.”

^CommBank Household Spending Insights (HSI) Index for March 2025, released on 11 April 2025. Full report can be accessed here: https://www.commbankresearch.com.au/apex/researcharticleviewv2?id=a0NDo000000wJLh

Note about the research: Figures in this media release are based on CommBank Business Transaction Account openings between 1 April 2024 and 31 March 2025. The term Gen Z refers to those born between 1997 and 2012; Millennial refers to individuals born between 1981 and 1996; Gen X refers to those born between 1965 and 1980; Baby Boomer refers to those born between 1946 – 1964.

MIL OSI – Submitted News –

May 14, 2025
MIL-OSI USA: Cantwell Condemns GOP’s Cruel Proposal to Kick Millions Off Medicaid: ‘You’re Going to Make All Those People Go to An Emergency Room?’

US Senate News:

Source: United States Senator for Washington Maria Cantwell
05.13.25
Cantwell Condemns GOP’s Cruel Proposal to Kick Millions Off Medicaid: ‘You’re Going to Make All Those People Go to An Emergency Room?’
GOP proposal would cancel health coverage and drive-up co-pays for hundreds of thousands of Washingtonians
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor condemning the House GOP’s ill-conceived proposal to cut health care by $715 billion to help pay for a tax break for the ultra-rich and corporations, forcing at least 13.7 million Americans off their health insurance.
“House Republicans say that these cuts are about waste, fraud, and abuse — but the real fraud is telling the American people that by implementing these requirements, that somehow these policies are going to save money. The truth is, it’s just making it harder on Americans to stay on Medicaid,” Sen. Cantwell said.
“In 2018 Arkansas tried the same thing that the House of Representatives are now suggesting. They became the first state to establish a work requirement for certain Medicaid enrollees. It took just four months, and the new requirement got 18,000 people kicked off Medicaid. Where do you think those people go? You think they don’t have any health care needs? You don’t think they go to the hospital and cost us all a bunch load more money?” she continued.
“So I ask my colleagues to make sure that we are fighting these cuts to Medicaid. Our communities are demanding it. They are watching.”
Video of her speech is available HERE and a full transcript is HERE.
On Sunday, the Republican leadership of the U.S. House of Representatives released a draft proposal to cut $912 billion from the Energy and Commerce Committee budget — the committee that oversees Medicaid, the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Their proposal would institute new co-pays and onerous work requirements, ultimately blocking access to health care for the people who need it most.
Medicaid, also known as Apple Health in Washington state, covers 1.9 million Washingtonians. On May 2, Sen. Cantwell released a snapshot report highlighting the impact that Medicaid cuts would have on Washington state’s highly-ranked long-term care system for seniors and people with disabilities. In February, she additionally released a snapshot report that demonstrated how cuts would harm health care access in Washington state, and followed up with a report in March that dove into impacts on the Puget Sound region.
Highlights of those snapshot reports include:
In Washington state, WA-04 (Central Washington) and WA-05 (Eastern Washington) have the highest proportions of adults and total population on Medicaid (Apple Health). In District 4, 70% of children are on Medicaid.
In the Puget Sound, children in Seattle’s blue-collar strongholds would feel the deepest pain from Medicaid cuts. More than half of children in Burien, SeaTac, Kent, Federal Way, Auburn, Renton, and Rainier Valley depend on Medicaid.
In an exclusive new survey of 68 WA nursing homes, 67 of 68 would cut services if Medicaid were cut by 5% or more, and 65% would consider closing.
Over the past two months, Sen. Cantwell also took a tour around the state to hear from folks who would be directly impacted by cuts to Medicare. Doctors, patients, and health care providers in Seattle, Spokane, the Tri-Cities, and Wenatchee warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care.
Last week, a coalition of Washington state hospital leaders and Republican elected officials sent a letter opposing any cuts to Medicaid. The group included the CEOs of Skyline Health and Klickitat Valley Hospital, as well as multiple Republican members of the Washington state legislature, leaders of Klickitat County, and councilmembers of White Salmon and Goldendale. The letter emphasized that hospitals in rural areas are especially reliant on Medicaid, and any funding reductions would result in loss of services or even hospital closures. The letter warned, “Any reduction in funding from any source will undoubtedly result in a reduction of services, reduction of access or worse – hospital closures,” and further that “Policy decisions that put a community’s access to healthcare in jeopardy are a sure way to hasten the demise of rural Washington State.”

MIL OSI USA News –

May 14, 2025
MIL-OSI USA: Murphy On Trump’s Middle East Trip: This Isn’t America First. This Is Trump First. It’s A National Security Disaster And A Moral Abomination.

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy
[embedded content]
WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Tuesday spoke on the U.S. Senate floor to deliver a blistering condemnation of President Trump’s foreign policy corruption, highlighting his use of the office to enrich himself while putting U.S. national security at risk. Murphy called out Trump’s brazen willingness to accept luxury gifts and bribes from foreign governments like Saudi Arabia, Qatar, and the UAE, blasting the president for openly prioritizing his own profits over the well-being of American families and calling for bipartisan action to confront these abuses of power.
“Usually, public corruption happens in secret,” said Murphy. “The politicians that do it, they know it’s wrong to accept money in exchange for favorable government treatment, and so they hide it – until they’re found out.”
He continued: “The key difference is that Donald Trump isn’t hiding it like other corrupt officials are. He’s not ashamed, he’s not doing it in secret. His corruption is wildly public, and his hope is that by doing it publicly, he can con the American people into thinking that it’s not corruption because he’s not hiding it. But what he’s doing, in reality, is no different than any other corrupt public official who does it in private, other than the fact that Trump’s corruption, his foreign policy corruption, is just so much bigger in scope and the impact that it has on the American people than anything a corrupt mayor or a corrupt governor may have done. Trump’s first major foreign trip–and he just landed–is to Saudi Arabia, Qatar, and the UAE; not because these are our most important allies in the world; not because these are the most important countries in the world; not because he’s going there to talk about making the Middle East more safe and more secure. No, his first trip is to these three countries because these are the three countries that have agreed to pay Donald Trump money. Donald Trump is going to collect tribute, and it’s all just out in the open.”
Murphy laid out the price of doing business with the Trump administration: “So let’s ask, what is the going rate right now for a Gulf country to buy access to Donald Trump? To get favorable treatment from the federal government? For Qatar, we recently found out, it’s a $400 million luxury plane. This plane has been opulently configured for royal use. It’s not a gift to the U.S. government – it’s a personal gift to the president. The terms of the arrangement apparently include a stipulation that after Trump leaves office, it will be transferred to Trump, to his presidential library – which means Trump gets the so-called ‘floating palace’ for himself…For Saudi Arabia, the price is also in the billions. Soon after leaving the White House, in Trump’s first term, his son-in-law Jared Kushner created a private equity firm and got a $2 billion investment from Saudi Arabia. The board of the Saudi sovereign wealth fund questioned such a large investment in an unproven fund, but the Saudi Crown Prince overruled the board, undoubtedly seeing the political advantage of investing directly with the Trump family…For the UAE, the price is somewhere north of $2 billion.”
“Well, the most simple way to think about this is that if the guy that you elected to protect us and make our lives better is spending most of his time alternating between playing golf and cutting deals for himself, he’s not protecting you. He’s not spending any time trying to lower costs or defeat our enemies. Corruption, it can be a full-time job for Donald Trump, and that’s a pretty lousy deal for the American people,” Murphy added. “But more importantly, when our foreign policy is for sale, we are less safe. Let me give you an example relative to the trip that Donald Trump is on right now. These countries aren’t padding Donald Trump’s pockets because they like him. They are paying him in order to get things from the federal government, from the U.S. government, without having to make any actual policy concessions that would benefit the U.S. people.
Murphy called on Republicans and Democrats to unite, vowing to block arms sales linked to corrupt deals and push legislation to stop politicians from profiting off crypto: “We can look the other way, or we can join together, Republicans and Democrats, to stand up for this country and do something about it. I’ve joined with Senators Schatz and Coons and Booker to introduce a resolution condemning the acceptance of the plane. It’s a blatant violation of the Emoluments Clause. We could stand together as a Senate to vote for that resolution. I’ve introduced legislation to make it illegal for presidents or members of Congress and their family members to profit off of crypto coins while they hold federal office. We could join together in that effort. I will personally seek to block any arms sale that is announced as part of this trip with a country that is personally investing in Donald Trump and his family. I will force a full Senate debate and a vote on these sales. Foreign leaders need to know there will be a price for participating in the corruption of the American presidency.”
Murphy tore into Trump’s corruption, calling it a national security sellout and a slap in the face to working families: “This level of corruption is so gross that even Trump’s most hardened MAGA sycophants are turning against him. I didn’t think I’d see the day, but people like Ben Shapiro and Laura Loomer, who fawn over Trump, can’t believe he is so crass as to think that it’s ok to accept planes as a gift in exchange for U.S. national security concessions. This isn’t America First. This is not what he promised the American people. This is Trump First. He is willing to put our nation’s security at risk, take unconstitutional bribes, just so he can fly himself and his Mar-a-Lago golf buddies around the world in gold plated luxury planes gifted to him by foreign governments. All while at the same time, he tells Americans that they should be okay buying fewer school supplies for their kids, or fewer birthday presents for their grandchildren, because he is driving prices up for non-billionaires in this country. All while at the same time he is kicking 13 million people off of their health care. Trump lines his pockets, he corrupts our foreign policy to enrich himself, while driving up prices and stealing health care from average Americans. It’s a national security disaster and it’s a moral abomination.”
A full transcript of his remarks can be found below:
MURPHY: “Usually, public corruption happens in secret. The politicians that do it, they know it’s wrong to accept money in exchange for favorable government treatment, and so they hide it – until they’re found out.
“A textbook example would be Louisiana Governor Edwin Edwards, who in the 1990’s was quietly taking bribes from businessmen who wanted to get licenses for riverboat casinos. In the late 1990’s, Edwards was convicted for the crimes of extortion, racketeering, and money laundering. The way in which he was doing it was like out of a movie– in one instance, a businessman handed the Governor a suitcase full of $100 bills – totaling $400,000 – all in order to get a 6-0 commission ruling in favor of this casino. Eventually, as with most all corrupt officials who are taking money privately, Edwards was discovered. He was disgraced, and he went to jail.
“As we speak, our president, Donald Trump, is going to the Middle East on a public corruption tour. He’s no less corrupt than Edwin Edwards of Louisiana. In fact, he’s way more corrupt. Edwin Edwards took $400,000, while in the Middle East, Donald Trump will cement deals totaling in the billions in exchange for favorable treatment by the U.S. federal government for these Gulf countries.
“The key difference is that Donald Trump isn’t hiding it like other corrupt officials are. He’s not ashamed, he’s not doing it in secret. His corruption is wildly public, and his hope is that by doing it publicly, he can con the American people into thinking that it’s not corruption because he’s not hiding it. But what he’s doing, in reality, is no different than any other corrupt public official who does it in private, other than the fact that Trump’s corruption, his foreign policy corruption, is just so much bigger in scope and the impact that it has on the American people than anything a corrupt mayor or a corrupt governor may have done.
“Trump’s first major foreign trip–and he just landed–is to Saudi Arabia, Qatar, and the UAE; not because these are our most important allies in the world; not because these are the most important countries in the world; not because he’s going there to talk about making the Middle East more safe and more secure. No, his first trip is to these three countries because these are the three countries that have agreed to pay Donald Trump money. Donald Trump is going to collect tribute, and it’s all just out in the open.
“Frankly, it’s pretty easy to see this coming. Recent former presidents – Republicans and Democrats – have always very seriously and studiously avoided even the appearance of a conflict of interest. President Bush placed his assets into a qualified blind trust, where investment decisions were made without his knowledge or input. Both Biden and Obama divested all of their assets except for cash and mutual funds. They did not enter into any new business ventures while in the White House.
“In contrast, Trump has refused to abide by these standard ethics rules. His family runs his business, but nobody honestly believes that the kids are really in charge. President Trump is still calling the shots. His interests are not in a blind trust. He’s made no pledge he won’t do new deals, even with foreign entities, while he’s in office. In fact, he is doing deals seemingly every single week. He is open for business, and every foreign government knows it.
“In fact, it appears that right now the Gulf states are trying to outdo each other to up the price of buying an American President. And because Trump is greedy and he’s insecure – he wants to fit in with the billionaire class – he is traveling to the region with his hat out for further solicitations.
“So let’s ask, what is the going rate right now for a Gulf country to buy access to Donald Trump? To get favorable treatment from the federal government?
“For Qatar, we recently found out, it’s a $400 million luxury plane. This plane has been opulently configured for royal use. It’s not a gift to the U.S. government – it’s a personal gift to the president. The terms of the arrangement apparently include a stipulation that after Trump leaves office, it will be transferred to Trump, to his presidential library – which means Trump gets the so-called ‘floating palace’ for himself.
“This is outrageous. We’ve never seen anything like this before in American history– a foreign government gifting a $400 million luxury plane to the President of the United States. This is spelled out as blatantly unconstitutional by our Founding Fathers. They wrote into the Constitution a specific clause, the emoluments clause, which prohibits federal officeholders from accepting gifts from any King, Prince, or foreign state without the consent of Congress. How much clearer could it be? It’s unconstitutional. It’s illegal. The Founding Father knew it was evil to have members of Congress or the President of the United States accepting expensive gifts from a foreign nation who in exchange want favors from the US government. Donald Trump’s acceptance of the luxury plane from a foreign monarch is basically THE corruption our Founding fathers were seeking to prevent.
“That’s not all he’s getting from Qatar. The Trump Organization recently signed a $5.5 billion golf course and real estate deal with DarGlobal and Qatari Diar, a firm established by Qatar’s sovereign wealth fund. $5.5 billion. While Trump’s in office.
“It would have been unthinkable for any previous president to enter into a $5.5 billion dollar business deal with anybody, nevermind a foreign government, while they were in office. And it still should be unthinkable.
“Now, Qatar is a U.S. ally It’s a very important ally. But they are a complicated country. They have their own interests, some of which do not overlap with ours. A foreign government like Qatar’s should not have a $5 billion chit hanging over the head of a sitting U.S. president, and they should not be gifting him a $400 million plane. That should kind of go without saying.
“For Saudi Arabia, the price is also in the billions. Soon after leaving the White House, in Trump’s first term, his son-in-law Jared Kushner created a private equity firm and got a $2 billion investment from Saudi Arabia. The board of the Saudi sovereign wealth fund questioned such a large investment in an unproven fund, but the Saudi Crown Prince overruled the board, undoubtedly seeing the political advantage of investing directly with the Trump family.
“But this was only the beginning. The Trump family has put things into overdrive during his second term. Within his first three weeks in office, Trump convened a meeting at the White House with the head of the Saudi sovereign wealth fund – not to discuss matters of state, but to negotiate a deal between the PGA and the Saudi-backed LIV golf tour. You want to know why? To try to bring PGA tournaments back to Trump golf courses. Convened a meeting in the White House with the Saudis in order to enrich himself.
“In addition to the $5 billion Qatari real estate deal, the Trump Organization is also partnering with Saudi firm [Dar Global] on a $1 billion Trump-branded hotel and tower in Dubai. The property’s website–this is a Trump-financed property along with a Saudi investment fund offers free 10-year “golden visas,” to the United States, hinting at the opportunity for investors in Trump’s property to buy residency in the United States and a pathway to citizenship.
“For the UAE, the price is somewhere north of $2 billion. Last week, Eric Trump and World Liberty Financial co-founder Zach Witkoff spoke at a conference in Dubai on crypto called Token 2049.
“As an aside here, it’s just so fantastic – and bone chilling – how transparent these guys are in their use of public positions to enrich themselves. I’m going to tell the story of Trump stablecoin and the corruption with the Emiratis, but let’s just pause for a second and consider the fact that the Trump family could have partnered with anybody in the world on their new crypto venture, World Liberty Financial. But of all the people in the world to partner with on this new crypto venture, they chose the son of Trump’s Middle East envoy. Trump’s Middle East envoy, the guy who’s making all the decisions on U.S. policy in the Middle East – just to make it crystal crystal clear to the Gulf countries that when they deal with World Liberty Financial, Trump’s crypto venture, they are dealing directly with the people responsible for making U.S. policy in the Middle East. It’s just stunning. Literally the sons of the president and the sons of the Middle East envoy running a crypto venture and then going directly into the Middle East in order to find their first investment. And guess what? Miracle– they found it.
“MGX, an investment firm backed by the Emirati government at this conference, announced that they had looked at all the crypto companies in the world that they could partner with to invest $2 billion in the crypto exchange Binance and they selected, wait for it, drumroll… the company run by the sons of the President of the United States and the U.S. Middle East envoy. $2 billion. Now World Liberty’s role in this transaction is not that complicated–it’s similar to a bank: MGX, this Emitari firm, deposits $2 billion with the firm and, in return, receives the stablecoin to be used on these crypto exchanges. The firm holds on to these dollars, invests them, and keeps the profits for themselves. So the Trump-Witkoff company just gets basically a gift of capital. And if they just used that $2 billion to invest in Treasury bonds, it would profit around $85 million a year from these investments alone.
“And the money goes directly to Trump. Just directly to Trump. It’s literally not complicated. Emirates. World Liberty Financial. Donald Trump. This isn’t 1990’s Louisiana. Nobody’s hiding it. On World Liberty’s website they say, “an entity affiliated with Donald J. Trump” owns 60% of the equity in the company. And because of this deal, Trump and Witkoff can further capitalize. Because Trump’s stablecoin just became the 5th most valuable stablecoin in the world because of the Emirati investment.
“And if the plane and the real estate deals and the private equity fund investment and the stablecoin weren’t enough for you, Trump has found one last way for Gulf money to flow seamlessly into his pocket: it’s called the Trump meme coin.
“What’s the business model here? Trump gets a huge payment whenever he releases a batch of these meme coins, which by the way have no underlying value other than just the demand that people have for Trump’s coin. And then each time a Trump coin is bought or sold, a small fee is routed directly to the company owned by Trump. According to one analysis, nearly $325 million in fees have been accrued since the coin was launched in January. Just four and half months, $325 million worth of fees.
“Trump hides the buyers of the coin. In this way, the meme coin is kind of a little bit like Louisiana corruption. But we know that the majority of the buyers aren’t Americans who want to help Trump make this nation great again. The majority of the buyers of Trump coin are super-rich foreigners – princes, oligarchs, authoritarians – who are buying the coin in order to get in good with Trump or to get something in exchange.
“Now one great thing about buying the coin is that you get access to Trump and the White House. And again, they’re not hiding this. Two weeks ago, Trump announced that he would host a private dinner at the White House, with seats reserved exclusively for the top 220 Trump coin holders. In two days since the announcement, Trump’s company made $900,000 in fees, because everybody, mostly foreigners–many of them probably in the Gulf–were buying up the coin as quickly as they could in order to get one of these seats.
“If a mayor of a small town was selling meetings at city hall for a thousand bucks, he would be run out of town on a rail. But that’s exactly what Donald Trump is doing, in the Middle East and all over the world, as foreign buyers line up to buy the meme coin guaranteed [to provide] private access to Donald Trump at the White House. You cannot make this up.
“Now, the obvious question for the average American is, okay, what does this mean for me? Somebody living in New Britain, Connecticut, might think it’s kind of gross that Trump is lining his pockets as President, but they want to know, how does this actually affect me?
“Well, the most simple way to think about this is that if the guy that you elected to protect us and make our lives better is spending most of his time alternating between playing golf and cutting deals for himself, he’s not protecting you. He’s not spending any time trying to lower costs or defeat our enemies. Corruption, it can be a full-time job for Donald Trump, and that’s a pretty lousy deal for the American people.
“But more importantly, when our foreign policy is for sale, we are less safe. Let me give you an example relative to the trip that Donald Trump is on right now. These countries aren’t padding Donald Trump’s pockets because they like him. They are paying him in order to get things from the federal government, from the U.S. government, without having to make any actual policy concessions that would benefit the U.S. people.
“Before anybody could begin to process the brazen corruption of the UAE/Trump/Witkoff crypto deal, reports very quickly emerged that the Trump administration was considering changing regulations to make it easier for the country of UAE to purchase highly advanced semiconductors from U.S. manufacturers. This was a huge priority of the Emiratis, but the restrictions are on the UAE for a reason. The UAE has a very troubling and very close security relationship with China, and so the reason why we didn’t allow U.S. companies to sell semiconductors directly to the UAE is because we believed that it would very easily become a conduit to China getting their hands on these advanced semiconductors and being able to leapfrog the United States in the business of advanced AI.
“But all of a sudden, once the cash payment to Trump through the crypto venture was announced, Trump signaled that he was willing to throw our security concerns out the window and transfer this sensitive technology to the UAE, even though it’s likely that China will get their hands on this technology, allowing China to put themselves in a position to leapfrog us in the race for advanced AI. That would be a disaster for the American people. But that’s what’s happening. We might hand AI leadership to China because that’s the price of Trump getting paid, and as long as he gets paid, he doesn’t seem to care about the impact on regular Americans.
“The White House is open for business and the Trump family is proudly advertising to the world where to send the check. They aren’t trying to hide it. A $400 million luxury plane gifted to the president of the United States right as he is going over to negotiate potentially sensitive security arrangements with the Gulf countries. Every American, every Republican, every supposed ‘national security advocate’ in the Senate should be outraged by this.
“We can look the other way, or we can join together, Republicans and Democrats, to stand up for this country and do something about it. I’ve joined with Senators Schatz and Coons and Booker to introduce a resolution condemning the acceptance of the plane. It’s a blatant violation of the Emoluments Clause. We could stand together as a Senate to vote for that resolution. I’ve introduced legislation to make it illegal for presidents or members of Congress and their family members to profit off of crypto coins while they hold federal office. We could join together in that effort. I will personally seek to block any arms sale that is announced as part of this trip with a country that is personally investing in Donald Trump and his family. I will force a full Senate debate and a vote on these sales. Foreign leaders need to know there will be a price for participating in the corruption of the American presidency.
“This level of corruption is so gross that even Trump’s most hardened MAGA sycophants are turning against him. I didn’t think I’d see the day, but people like Ben Shapiro and Laura Loomer, who fawn over Trump, can’t believe he is so crass as to think that it’s ok to accept planes as a gift in exchange for U.S. national security concessions.
“This isn’t America First. This is not what he promised the American people. This is Trump First. He is willing to put our nation’s security at risk, take unconstitutional bribes, just so he can fly himself and his Mar-a-Lago golf buddies around the world in gold plated luxury planes gifted to him by foreign governments. All while at the same time, he tells Americans that they should be okay buying fewer school supplies for their kids, or fewer birthday presents for their grandchildren, because he is driving prices up for non-billionaires in this country. All while at the same time he is kicking 13 million people off of their health care. Trump lines his pockets, he corrupts our foreign policy to enrich himself, while driving up prices and stealing health care from average Americans. It’s a national security disaster and it’s a moral abomination.”

MIL OSI USA News –

May 14, 2025
MIL-OSI: Topicus.com Inc. Announces Election of Members of the Board of Directors

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (“Topicus” or the “Corporation”) (TSXV: TOI) is pleased to announce the election of each of the five director nominees listed in the Corporation’s management proxy circular dated March 28, 2025, John Billowits, Alex Macdonald, Lori O’Neill, Donna Parr and Robin van Poelje, to the Corporation’s board of directors at its May 13, 2025 annual general meeting of shareholders (the “AGM”).

Jane Holden did not stand for re-election to the Corporation’s board of directors at the AGM. The Corporation wishes to thank Jane for her contribution as a board member.

About Topicus.com Inc.

Topicus.com Inc. is a leading pan-European provider of vertical market software and vertical market platforms to clients in public and private sector markets. Operating and investing in countries and markets across Europe with long-term growth potential, Topicus.com Inc. acquires, builds and manages leading software companies providing specialized, mission-critical and high-impact software solutions that address the particular needs of customers.

For further information:

Jamal Baksh
Chief Financial Officer 416-861-9677
info@csisoftware.com

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

The MIL Network –

May 14, 2025

MIL-OSI: Constellation Software Inc. Announces Results of Voting for Directors at Annual General Shareholders’ Meeting

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Constellation Software Inc. (the “Corporation”) (TSX:CSU) is pleased to announce the results of the vote on directors at its May 13, 2025 annual general shareholders’ meeting (the “AGM”). Each of the nine nominees listed in the Corporation’s management proxy circular dated March 28, 2025 was elected as a director. Voting was conducted by ballot with the following voting results:

Name of Nominee	Votes For	%	Votes Withheld	%
Jamal Baksh	15,262,903	95.93%	648,145	4.07%
John Billowits	13,448,304	84.52%	2,462,743	15.48%
Lawrence Cunningham	15,671,300	98.49%	239,747	1.51%
Claire Kennedy	15,551,512	97.74%	359,536	2.26%
Robert Kittel	14,355,779	90.23%	1,555,268	9.77%
Mark Leonard	15,833,383	99.51%	77,664	0.49%
Donna Parr	15,851,934	99.63%	59,114	0.37%
Andrew Pastor	15,665,840	98.46%	245,208	1.54%
Laurie Schultz	15,740,320	98.93%	170,728	1.07%

Final voting results on all matters voted on at the annual meeting held on May 13, 2025 will be filed with the Canadian securities regulators.

Jeff Bender, Susan Gayner, Mark Miller, Lori O’Neill, Dexter Salna, Barry Symons and Robin Van Poelje did not stand for re-election to the Corporation’s board of directors at the AGM. The Corporation wishes to thank each of the directors for their contributions as board members.

About Constellation Software Inc.

Constellation Software acquires, manages and builds vertical market software businesses.

For further information:
Jamal Baksh
Chief Financial Officer
416-861-9677
info@csisoftware.com
www.csisoftware.com

The MIL Network –

May 14, 2025

MIL-OSI: Mountain America Credit Union Continues Expansion in Arizona With New Queen Creek Location

Source: GlobeNewswire (MIL-OSI)

PHOENIX, May 13, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union is celebrating the grand opening of its newest branch in Queen Creek, Arizona. The new location at 150 W. Combs Road, Queen Creek, Arizona, will host festivities on Saturday, May 17, from 11 a.m. to 1 p.m.

A Media Snippet accompanying this announcement is available in this link.

The public is invited to join in the fun, which will include free World’s Best Corndogs, Frios Gourmet Pops for dessert, face painting, balloon twisters (while supplies last), and activities for the whole family. Attendees who open a new account, credit card, or loan* will also have the chance to step into a money machine for a shot at grabbing some extra cash. Guests may also enter to win a Bakcou scooter (terms and conditions apply).

“The opening of our new Queen Creek Branch is another important step in our continued growth and expansion in the Arizona market and serving our growing membership here,” said Sterling Nielsen, president and CEO of Mountain America. “We look forward to welcoming new and existing members, providing them with the financial tools and exceptional member experiences that we are known for.”

Branch Manager Daniela Tolman described her team’s anticipation for the new location. “We’re thrilled to officially open our new branch and begin serving our members and the community. This location offers exceptional convenience—centrally located near shopping and situated in one of the fastest growing areas of the Southeast Valley. It’s a place where members can connect with our team for personalized financial guidance and support in achieving their financial goals,” she said.

The new Queen Creek Branch features a modern, open design that creates a welcoming and innovative environment in which members can manage their finances. Mountain America offers a wide range of services, including traditional savings and checking accounts; insurance; investments; automobile loans; and RV loans. The branch also offers a full suite of financing options, such as real estate, commercial, and business lending. The regular branch hours are Monday through Friday from 9 a.m. to 6 p.m. and on Saturday drive-up only from 9 a.m. to 2 p.m.

For more information about Mountain America visit macu.com.

*Membership is required based on eligibility. Loans are on approved credit.

About Mountain America Credit Union
With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across a multi-state region, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

The MIL Network –

May 14, 2025
MIL-OSI China: Xi unveils roadmap for deepening cooperation with LAC countries

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

Chinese President Xi Jinping attends the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum and delivers a keynote speech at the China National Convention Center in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

BEIJING, May 13 — Chinese President Xi Jinping on Tuesday announced the launch of five programs to advance shared development and revitalization with Latin American and Caribbean (LAC) countries.

The five programs, ranging from solidarity, development and civilization to peace and people-to-people connectivity, were announced by Xi when delivering a keynote speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing.

In 2015, Xi and LAC delegates attended the opening ceremony of the first ministerial meeting of the China-CELAC Forum in Beijing, which marked the launch of the forum.

On Solidarity Program, Xi said China is willing to strengthen solidarity with LAC countries and continue to support each other on issues concerning their core interests and major concerns, to firmly safeguard the international system with the U.N. at its core and the international order underpinned by international law, and to speak with one voice in international and regional affairs.

In the next three years, China will invite 300 members from political parties of CELAC member states every year to visit China to facilitate exchanges on national governance best practices, Xi said.

On Development Program, China is willing to work with LAC countries to implement the Global Development Initiative, resolutely uphold the multilateral trading system, ensure stable, unimpeded global industrial and supply chains, and promote an international environment of openness and cooperation, Xi said.

Noting that the two sides should foster greater synergy between their development strategies and expand high-quality Belt and Road cooperation, Xi said China will import more quality products from LAC countries and encourage Chinese enterprises to expand their investment in the region.

On Civilization Program, Xi called for joint implementation of the Global Civilization Initiative. He said both sides should uphold the vision of equality, mutual learning, dialogue, and inclusiveness between civilizations, champion humanity’s common values of peace, development, fairness, justice, democracy and freedom, and enhance China-LAC civilizational exchanges and mutual learning, including through a conference on China-LAC inter-civilizational dialogue.

On Peace Program, Xi called for joint implementation of the Global Security Initiative. He said both sides should cooperate more closely in disaster governance, cybersecurity, counterterrorism, anti-corruption, narcotics control and combating transnational organized crime so as to safeguard security and stability in the region.

On People-to-People Connectivity Program, Xi said in the next three years, China will provide CELAC member states with 3,500 government scholarships, 10,000 training opportunities in China, 500 International Chinese Language Teachers Scholarships, 300 training opportunities for poverty reduction professionals, and 1,000 funded placements through the Chinese Bridge program, initiate 300 “small and beautiful” livelihood projects, and support CELAC member states in developing Chinese language education.

China has decided to offer a visa-free policy to five LAC countries, and will expand the policy to cover more regional countries in due course, Xi said.

Gustavo Petro, president of Colombia, the CELAC rotating chair, Brazilian President Luiz Inacio Lula da Silva, Chilean President Gabriel Boric, and Dilma Rousseff, president of the New Development Bank and former Brazilian president, addressed the event respectively.

Special representative of Yamandu Orsi, president of Uruguay, the incoming CELAC rotating chair, read out the president’s congratulatory letter.

Faced with a world full of uncertainties, LAC countries and China should work together to promote continuous new progress in building a community with a shared future, they said.

Both sides should respect each other and firmly support each other in safeguarding sovereignty and choosing their own development path, they said, calling for strengthening the synergy between the development strategies of LAC countries and the Belt and Road Initiative, and promoting cooperation in trade, investment, infrastructure, agriculture, science and technology, new energy and education.

The two sides should also promote exchanges and dialogues among civilizations, safeguard the authority of the U.N., support multilateralism and free trade, and oppose unilateralism, protectionism, power politics and bullying to safeguard the common interests of the Global South, they added.

Chinese President Xi Jinping attends the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum and delivers a keynote speech at the China National Convention Center in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

Chinese President Xi Jinping poses for a group photo with guests attending the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum at the China National Convention Center in Beijing, capital of China, May 13, 2025. Xi attended the opening ceremony of the meeting and delivered a keynote speech. [Photo/Xinhua]

Chinese President Xi Jinping attends the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum and delivers a keynote speech at the China National Convention Center in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

Chinese President Xi Jinping and guests attend the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum at the China National Convention Center in Beijing, capital of China, May 13, 2025. Xi delivered a keynote speech at the opening ceremony of the meeting. [Photo/Xinhua]

Chinese President Xi Jinping and guests attend the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum at the China National Convention Center in Beijing, capital of China, May 13, 2025. Xi delivered a keynote speech at the opening ceremony of the meeting. [Photo/Xinhua]

Colombian President Gustavo Petro, also rotating president of the Community of Latin American and Caribbean States (CELAC), delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

Brazilian President Luiz Inacio Lula da Silva delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

Chilean President Gabriel Boric delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

Dilma Rousseff, president of the New Development Bank and former Brazilian president, delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing, capital of China, May 13, 2025. [Photo/Xinhua]

MIL OSI China News –

May 14, 2025
MIL-OSI New Zealand: Tiny Titans: Dung beetles take on big job in South Canterbury
Source: PISA results continue to show more to be done for equity in education

Date: 14 May 2025
An army of beetles has been released into South Canterbury pastures with a unique call of duty.

Over the next decade, hundreds of dung beetles will spend their days living in manure in a bid to clean up waterways in the 34 sq. km Barkers Creek catchment.

They’ll eat, bury and lay eggs in the dung to ensure contaminants don’t pile up in paddocks and risk running into waterways.

The unexpected weapons for improving soil and water quality have been shipped from a breeding centre in Auckland to the South Canterbury area, which is largely rolling terrain with heavy clay soils.

Since February last year, they’ve come in batches. The last batch of dung beetles is due to arrive in late May.

The Barkers Creek Catchment Group Chair, Danette McKeown, said like most environmental mitigations, the dung beetles weren’t a quick fix but rather a long-term solution.

“We probably won’t know if the beetles have established for a couple of years, and then it’s more like seven years before we’ll know how much impact they are having.”

The Group was allocated funding by the Ōrāri Temuka Ōihi Pareora (OTOP) Water Zone Committee to purchase the dung beetles, which were being released at ten different farms.

Danette said she expected farm owners should see a critical population of dung beetles in their paddocks in a few years, and by then, dung should start rapidly disappearing.

“We’ve picked four species that would be suitable for our soils. We’ve picked the four seasons package, which means we have species of beetles that will be active in spring, summer, winter and autumn.”

Dung beetles and their role in agriculture

Each year, cattle, sheep, alpacas, deer and horses deposit more than 100 million tonnes of manure onto our pastures. The more dung piling up in paddocks, the higher the risk of it running into our waterways.

The dung beetles offer a unique solution:
- They dine on the manure of these grazing animals before tunnelling beneath it and filling their burrows with balls of dung, in which they lay their eggs.
- The piles of dung quickly disappear, broken down into the soils below.
- One dung beetle can bury 250 times its own weight in a night.
Introduced dung beetles don’t harm native species

In most parts of the world, the beetles are strongly connected to livestock, but not in New Zealand, as modern farming was only introduced 150 years ago.

Although we have native beetles, they have adapted to a forest environment and don’t provide any support in processing manure in our pastoral system.

To combat the gap in our ecosystem, a company in Auckland introduced different species of dung beetles from Africa and Europe to New Zealand for breeding in 2011.

As our native beetles live in forests, the imported beetles won’t be competing for habitats.
MIL OSI New Zealand News –
May 14, 2025
MIL-OSI United Kingdom: Great British Energy funding boost for Scottish communities
Source: United Kingdom – Government Statements

Press release

Great British Energy funding boost for Scottish communities

£4m Great British Energy funding scheme to target clean energy projects in Scottish communities.
Community-owned energy projects in Scotland to get access to funding from Great British Energy

new investment will help communities install clean power projects to cut bills and provide energy security

joint fund with the Scottish Government will give communities a stake in their local energy supply

Communities across Scotland can today apply for new funding from a £4 million Great British Energy scheme.

The funding targets local clean energy projects – from community-led onshore wind, to solar on rooftops and hydropower in rivers – generating profits which could be reinvested into community projects or take money off people’s bills.

Great British Energy, the government’s publicly-owned clean power company, is giving communities a stake in generating their own energy so people can reinvest profits where it really matters.

Great British Energy’s £4 million funding is part of the £8 million Community Energy Generation Growth Fund, with the remaining funding coming from the Scottish Government.

Minister for Energy Michael Shanks said:

This is our clean energy superpower mission in action – putting communities in the driving seat of energy generation and making sure people profit.

Great British Energy wants to kickstart a community energy revolution, empowering our towns and villages to become mini energy producers and reinvest profits back into the local community.

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Published 14 May 2025
MIL OSI United Kingdom –
May 14, 2025
MIL-OSI Economics: Jobop: How digitization of temporary work can enhance human capital in Africa

Source: African Development Bank Group
Africa urgently needs to unlock the full potential of its human capital in order to drive economic growth across the continent. This issue will be high on the agenda of the Annual Meetings of the African Development Bank, to be held from 26 to 30 May 2025 in Abidjan on the theme: “Making Africa’s Capital Work Better…

MIL OSI Economics –

May 14, 2025
MIL-OSI Economics: Benin: African Development Bank and Bank of Africa Benin sign €15 million guarantee facility to improve trade finance and support businesses

Source: African Development Bank Group
On Monday 12 May in Cotonou, the African Development Bank and the Bank of Africa Benin (BOA-Benin) signed a €15 million guarantee agreement to strengthen the Bank of Africa’s trade finance activities in Benin and support Beninese businesses.

MIL OSI Economics –

May 14, 2025
MIL-OSI Economics: African Development Bank Group Strengthens Capacity on Environmental and Social Safeguards’ Implementation in The Gambia

Source: African Development Bank Group
“What if it was me, my mother, sister, or uncle? Would I accept it?” This powerful question resonated with 50 participants who attended a comprehensive training workshop organized by the African Development Bank on the application of the Integrated Safeguards System in Banjul, The Gambia, 5 – 9 May 2025.

MIL OSI Economics –

May 14, 2025
MIL-OSI Economics: African Development Bank strengthens strategic partnership with South African suppliers

Source: African Development Bank Group
The African Development Bank Group’s Regional Development and Business Delivery Office for Southern Africa last week brought together more than 30 key service providers to strengthen collaboration and showcase business opportunities across the continent at its annual Strategic Partners Breakfast Meeting.

MIL OSI Economics –

May 14, 2025

MIL-OSI: Peyto Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto” or the “Company”) is pleased to report operating and financial results for the first quarter of 2025.

Q1 2025 Highlights:

Peyto reported $225.2 million in funds from operations¹^,² (“FFO”), or $1.12/diluted share, and generated $120.2 million of free funds flow³ in the quarter. Strong FFO was driven by a realized natural gas price after hedging of $4.17/Mcf, 89% higher than the AECO 7A monthly benchmark, and the Company’s industry-leading low cash costs⁴.
Earnings for the quarter totaled $114.1 million, or $0.57/diluted share, and Peyto returned $65.7 million as dividends to shareholders.
Net debt⁵ was reduced by $65.7 million from December 31, 2024 to $1.28 billion at the end of the quarter.
First quarter production volumes averaged 133,883 boe/d (710.5 MMcf/d of natural gas, 15,473 bbls/d of NGLs), a 7% increase year over year (5% on a per share basis), driven by strong well results from the Company’s capital program.
Recorded $50.8 million in realized hedging gains and exited the quarter with a hedge position protecting approximately 489 MMcf/d and 406 MMcf/d of natural gas production for Q2–Q4 2025 and 2026, respectively, at approximately $4/Mcf. Peyto’s natural gas and liquid hedging has secured approximately $875 million of revenue for 2025 and $605 million for 2026.
Cash costs totaled $1.42/Mcfe for the quarter, including royalties of $0.25/Mcfe, operating expense of $0.53/Mcfe, transportation of $0.29/Mcfe, G&A of $0.06/Mcfe and interest expense of $0.29/Mcfe. Peyto continues to have the lowest cash costs of Canadian producers in the oil and natural gas industry.
Total capital expenditures⁶ of $102.1 million in the quarter. Peyto drilled 19 wells (18.2 net), completed 13 wells (13.0 net), and brought 14 wells (14.0 net) on production.
Peyto delivered a solid operating margin⁷ of 71% and profit margin⁸ of 32%, resulting in a 10% return on capital employed⁹ (“ROCE”) and an 11% return on equity⁹ (“ROE”), on a trailing 12-month basis.

First Quarter 2025 in Review

Peyto was active in the quarter with four drilling rigs in the Greater Sundance and Brazeau areas, as well as with pipeline and compression projects that expanded the existing gathering systems to accommodate incremental production volumes. Natural gas prices recovered in the quarter due to large draws on storage inventories from a relatively cold North American winter, coupled with increased U.S. LNG feed gas demand. The AECO 7A monthly gas price rose 39% from Q4 2024 and averaged $1.92/GJ. Peyto’s realized gas price, before hedging, averaged $3.34/Mcf ($2.90/GJ), 51% higher than AECO 7A, driven by the Company’s diversification to premium demand markets in the US and Canada. Additionally, the Company recorded $0.83/Mcf of realized hedging gains on its gas volumes in the quarter from its mechanistic risk management strategy. All in, Peyto’s realized gas price after hedging totaled $4.17/Mcf or 89% higher than AECO 7A monthly price. The increased realized gas price, combined with Peyto’s low cost structure, boosted FFO by 13% from Q4 2024 to $225.2 million, which funded $102.1 million of capital expenditures, $65.7 million of shareholder dividends and allowed for a $65.7 million reduction in net debt in the quarter.

_________________________________________________

¹This press release contains certain non-GAAP and other financial measures to analyze financial performance, financial position, and cash flow including, but not limited to “operating margin”, “profit margin”, “return on capital”, “return on equity”, “netback”, “funds from operations”, “free funds flow”, “total cash costs”, and “net debt”. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as earnings, cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance. See “Non-GAAP and Other Financial Measures” included at the end of this press release and in Peyto’s most recently filed MD&A for an explanation of these financial measures and reconciliation to the most directly comparable financial measure under IFRS.
²Funds from operations is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
³Free funds flow is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁴Cash costs is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release.
⁵Net debt a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁶Total capital expenditures is a non-GAAP financial measure. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.
⁷Operating Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
⁸Profit Margin is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
⁹Return on capital employed and return on equity are non-GAAP financial ratios. See “non-GAAP and Other Financial Measures” in this news release.

	Three Months Ended Mar 31		%
	2025	2024	Change
Operations
Production
Natural gas (Mcf/d)	710,459	647,234	10%
NGLs (bbl/d)	15,473	17,145	-10%
Thousand cubic feet equivalent (Mcfe/d @ 1:6)	803,299	750,105	7%
Barrels of oil equivalent (boe/d @ 6:1)	133,883	125,018	7%
Production per million common shares (boe/d)	673	643	5%
Product prices
Realized natural gas price – after hedging and diversification ($/Mcf)	4.17	4.05	3%
Realized NGL price – after hedging ($/bbl)	62.97	60.36	4%
Net sales price⁽²⁾($/Mcfe)	4.90	4.87	1%
Royalties ($/Mcfe)	0.25	0.24	4%
Operating ($/Mcfe)	0.53	0.55	-4%
Transportation ($/Mcfe)	0.29	0.30	-3%
Field netback⁽¹⁾($/Mcfe)	3.88	3.82	2%
General & administrative expenses ($/Mcfe)	0.06	0.06	0%
Interest expense ($/Mcfe)	0.29	0.36	-19%
Financial ($000, except per share)
Natural gas and NGL sales including realized hedging gains⁽²⁾	354,268	332,541	7%
Funds from operations⁽¹⁾	225,218	204,622	10%
Funds from operations per share – basic⁽¹⁾	1.13	1.05	8%
Funds from operations per share – diluted⁽¹⁾	1.12	1.05	7%
Total dividends	65,676	64,158	2%
Total dividends per share	0.33	0.33	0%
Earnings	114,117	99,875	14%
Earnings per share – basic	0.57	0.51	12%
Earnings per share – diluted	0.57	0.51	12%
Total capital expenditures⁽¹⁾	102,129	113,762	-10%
Decommissioning expenditures	2,872	4,206	-32%
Total payout ratio⁽¹⁾	76%	89%	-15%
Weighted average common shares outstanding – basic	199,017,749	194,416,710	2%
Weighted average common shares outstanding – diluted	200,359,842	195,159,389	3%

Net debt⁽¹⁾	1,282,891	1,339,558	-4%
Shareholders’ equity	2,593,128	2,683,990	-3%
Total assets	5,356,226	5,373,202	0%

(1) This is a Non-GAAP financial measure or ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A
(2) Excludes marketing revenue and other income

Capital Expenditures

Peyto drilled 19 gross (18.2 net) horizontal wells in the first quarter including 10 Wilrich, 1 Falher, 4 Notikewin, 3 Dunvegan, and 1 Cardium well in the core Brazeau and Sundance areas. The Company also completed 13 gross (13.0 net) wells and brought 14 gross (14.0 net) wells on production in the quarter resulting in total well-related capital expenditures of $85.6 million. Additionally, Peyto invested $15.5 million in gathering and processing facilities that included optimization projects and a pipeline to connect third-party volumes to Peyto’s Brazeau plant for long-term fee income. First quarter average drilling costs were slightly higher than the prior quarter, which was attributed to both cold weather operations and the execution of a uniquely over-pressured three-well pad in the Edson area. This was offset by lower completion costs, which fell 6% on a per-well basis from Q4 2024.

	2017	2018	2019	2020	2021	2022	2023	2024	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1⁽¹⁾
Gross Hz Spuds	135	70	61	64	95	95	72	75	18	20	21	16	19
Measured Depth (m)	4,229	4,020	3,848	4,247	4,453	4,611	4891	5,092	5,220	5,364	4,804	4,987	4,976

Drilling ($MM/well)	$1.90	$1.71	$1.62	$1.68	$1.89	$2.56	$2.85	$2.90	$3.05	$2.89	$2.81	$2.85	$3.01
$ per meter	$450	$425	$420	$396	$424	$555	$582	$569	$585	$539	$585	$572	$605

Completion ($MM/well)	$1.00	$1.13	$1.01⁽²⁾	$0.94	$1.00	$1.35	$1.54	$1.70	$1.80	$1.75	$1.56	$1.66	$1.56
Hz Length (m)	1,241	1,348	1,484	1,682	1,612	1,661	1,969	2,184	2,223	2,350	2,224	1,989	1,961
$ per Hz Length (m)	$803	$751	$679	$560	$620	$813	$781	$776	$809	$744	$703	$834	$793
$ ‘000 per Stage	$81	$51	$38	$36	$37	$47	$52	$52	$55	$49	$48	$56	$56

(1) Based on field estimates and may be subject to minor adjustments going forward.
(2) Peyto’s Montney well is excluded from drilling and completion cost comparison.

Peyto also spent $0.8 million during the quarter on acquiring mineral rights, seismic, and minor acquisitions.

Commodity Prices and Realizations

In the first quarter, Peyto realized a natural gas price after hedging and diversification of $4.17/Mcf, or $3.63/GJ, 89% higher than the average AECO 7A monthly benchmark of $1.92/GJ due to realized hedging gains and the Company’s market diversification to non-AECO hubs. Peyto’s natural gas hedging activity resulted in a realized gain of $0.83/Mcf ($53.0 million) in the quarter.

Condensate and pentanes averaged $90.88/bbl for the quarter, down 1% year over year, while Canadian dollar WTI (“WTI CAD”) decreased 1% to $102.49/bbl over the same period. Other NGL volumes were sold at an average price of $32.41/bbl, or 32% of WTI CAD, up 3% from $31.37/bbl in Q1 2024. Peyto’s combined realized NGL price in the quarter was $64.56/bbl before hedging, and $62.97/bbl including a hedging loss of $1.59/bbl.

Netbacks

The Company’s realized natural gas and NGL sales yielded a combined revenue stream of $4.20/Mcfe before hedging gains of $0.70/Mcfe, resulting in a quarterly net sales price of $4.90/Mcfe, consistent with $4.87/Mcfe realized in Q1 2024. Cash costs totaled $1.42/Mcfe in the quarter, 6% lower than $1.51/Mcfe in Q1 2024 due to lower operating, transportation and interest costs. Operating costs are typically highest in the colder, first quarter and Peyto expects per-unit operating costs to trend downward throughout 2025. Peyto’s cash netback (net sales price including other income, net marketing revenue, realized gain on foreign exchange, less total cash costs) was $3.53/Mcfe, the highest since Q1 2023, driving a solid 71% operating margin. Historical cash costs and operating margins are shown in the following table:

	2022				2023				2024				2025
($/Mcfe)	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4⁽²⁾	Q1	Q2	Q3	Q4	Q1
Revenue⁽¹⁾	5.25	5.48	5.01	5.74	5.10	4.07	4.32	4.83	4.92	3.97	3.99	4.34	4.95
Royalties	0.60	0.95	0.70	0.72	0.53	0.18	0.29	0.30	0.24	0.26	0.18	0.21	0.25

Op Costs	0.41	0.39	0.38	0.41	0.50	0.47	0.44	0.55	0.55	0.52	0.54	0.50	0.53
Transportation	0.28	0.27	0.26	0.22	0.24	0.29	0.29	0.26	0.30	0.30	0.31	0.27	0.29
G&A	0.03	0.02	0.02	0.02	0.03	0.05	0.04	0.06	0.06	0.06	0.03	0.05	0.06
Interest	0.21	0.20	0.21	0.21	0.22	0.22	0.28	0.40	0.36	0.36	0.38	0.33	0.29
Cash cost pre-royalty	0.93	0.88	0.87	0.86	0.99	1.03	1.05	1.27	1.27	1.24	1.26	1.15	1.17

Total Cash Costs¹⁰	1.53	1.83	1.57	1.58	1.52	1.21	1.34	1.57	1.51	1.50	1.44	1.36	1.42
Cash Netback¹¹	3.72	3.65	3.44	4.16	3.58	2.86	2.98	3.26	3.41	2.47	2.55	2.98	3.53
Operating Margin	71%	67%	69%	72%	71%	70%	69%	67%	69%	62%	64%	69%	71%

(1) Revenue includes other income, net marketing revenue and realized gains on foreign exchange.
(2) First quarter of Repsol assets included in Peyto’s results

Depletion, depreciation, and amortization charges of $1.34/Mcfe, along with provisions for current tax, deferred tax, performance-based compensation and stock-based compensation resulted in earnings of $1.58 /Mcfe, or a 32% profit margin. Dividends to shareholders totaled $0.91/Mcfe.

Hedging and Marketing

The Company has been active in hedging future production with financial and physical fixed price contracts to protect a portion of its future revenue from commodity price and foreign exchange volatility. The following table summarizes Peyto’s hedge position for Q2–Q4 2025, calendar 2026, and calendar 2027.

	Q2 2025	Q3 2025	Q4 2025	2026	2027
Natural Gas
Volume (MMcf/d)	510	510	447	406	61
Average Fixed Price⁽¹⁾($/Mcf)	3.90	3.90	4.32	3.99	4.05
WTI Swaps
Volume (bbls/d)	5,000	3,800	2,400	745	–
Average Fixed Price ($/bbl)	98.94	95.51	93.14	86.19	–
WTI Collars
Volume (bbls/d)	500	500	500	248	–
Put–Call ($/bbl)	90.00–100.25	90.00–110.00	90.00–100.50	87.50–100.25	–
Propane
Volume (bbls/d)	500	500	500	123	–
Average Fixed Price (US$/bbl)	33.60	33.60	33.60	33.60	–
USD FX Contracts
Amount sold (USD 000s)	69,000	63,000	47,000	112,500	–
Rate (CAD/USD)	1.352	1.352	1.355	1.355	–

(1) At 1.39 CAD/USD FX rate for USD contracts

The Company’s fixed price contracts combined with its diversification to multiple hubs in North America allow for revenue security and support Peyto’s capital expenditure program, continued shareholder returns through dividends, and debt reduction. Details of Peyto’s ongoing marketing and diversification efforts are available on Peyto’s website at https://www.peyto.com/Marketing.aspx.

_________________________________________________

¹⁰Total Cash costs is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release.
¹¹Cash netback is a non-GAAP financial ratio. See “non-GAAP and Other Financial Measures” in this news release and in the Q1 2025 MD&A.

Activity Update

Since the start of the second quarter, Peyto has continued with an active drilling program across all core areas with 8 wells (6.7 net) drilled, 11 wells (9.4 net) completed, and 12 wells (12.0 net) brought on production. The Company intends to continue with a steady capital program through spring break-up and the rest of 2025.

Last month, Peyto completed a third Falher well in Sundance, as a follow-up to the two wells that discovered a new channel last year. The results to date from these wells have demonstrated top decile internal rate of returns and the team has identified at least 20 additional locations on Peyto lands. The Company plans to drill three more wells in the channel before the end of the year, which will help further delineate the trend and prove up productivity.

Recently, the Company applied an alternate drilling technique and liner design on two low working-interest Cardium wells. This technique, which targets drilling just below the Cardium sand, allowed Peyto to achieve significantly longer laterals while reducing per unit drill costs below historical levels in the area. A cemented ball drop system allowed for the deployment of 60 stages in each well—a new record for Peyto. Early results from these wells are encouraging and the Company plans to follow up with additional wells this year to further test the design. With continued success, Peyto sees the opportunity to apply the new design to other Cardium inventory which comprises approximately 25% of the Company’s undrilled, booked reserves volumes.

Beginning in April, Peyto commissioned a new pipeline to accept approximately 8 MMcf/d of natural gas from a third party at its Brazeau gas plant, relating to a multi-year gas processing agreement which utilizes spare capacity at the facility. This new pipeline also provides a future opportunity to serve other third-party volumes.

Outlook

While the recent weakness in oil prices has a minimal effect on Peyto’s cash flow, it could be constructive to natural gas prices if the fall in oil prices lowers oil activity and associated gas production in the US. The Company remains bullish on forward natural gas prices with the recent start-up of US LNG export facilities and the ramp up of LNG Canada throughout 2025, combined with continued natural gas demand for AI driven data centres in North America. Further, Peyto is well-positioned with its hedge book and market diversification to provide shareholders with both revenue security and exposure to commodity price upside. Over the next several years, the Company has significant volumes exposed to premium demand markets in the US and Canada, which offer a superior price above the current AECO market.

Despite the political volatility and global economic uncertainty, Peyto remains committed to its 2025 capital guidance of $450 to $500 million. The program is designed with flexibility in the back half of the year to adjust to changing commodity prices and the business environment. Peyto will manage production to minimize exposure to weaker priced markets, when necessary, while the Company’s systematic hedging and market diversification programs secure revenues to support future dividends and further strengthen the balance sheet.

Conference Call and Webcast

A conference call will be held with senior management of Peyto to answer questions with respect to the Company’s Q1 2025 results on Wednesday, May 14, 2025, at 9:00 a.m. Mountain Time (MT), or 11:00 a.m. Eastern Time (ET).

Access to the webcast can be found at: https://edge.media-server.com/mmc/p/svumnnnm. To participate in the call, please register for the event at: Participant Call Link. Participants will be issued a dial in number and PIN to join the conference call and ask questions. Alternatively, questions can be submitted prior to the call at info@peyto.com. The conference call will be available on the Peyto Exploration & Development website at www.peyto.com.

Annual and Special Meeting

Peyto’s Annual and Special Meeting of Shareholders is scheduled for 3:00 p.m. on Thursday, May 22, 2025, at the Eau Claire Tower, +15 level, 600 – 3rd Avenue SW, Calgary, Alberta. Shareholders are encouraged to read the Information Circular and vote in advance of the proxy voting deadline of Tuesday, May 20 at 3:00 p.m. (Calgary time) and attend this in-person meeting. Leading independent proxy advisory firms have recommended Peyto shareholders (“Shareholders”) vote “FOR” all the proposed resolutions. Shareholders who have questions or need assistance with voting their shares should contact Peyto’s strategic advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 or by email at assistance@laurelhill.com. Shareholders who do not wish to attend are encouraged to visit the Peyto website at www.peyto.com where there is a wealth of information designed to inform and educate investors and where a copy of the AGM presentation will be posted. A monthly report from the President can also be found on the website which follows the progress of the capital program and the ensuing production growth.

Management’s Discussion and Analysis

A copy of the first quarter report to shareholders, including the MD&A, unaudited consolidated financial statements and related notes, is available at http://www.peyto.com/Files/Financials/2025/Q12025FS.pdf and at http://www.peyto.com/Files/Financials/2025/Q12025MDA.pdf and will be filed at SEDAR+, www.sedarplus.com at a later date.

Jean-Paul Lachance
President & Chief Executive Officer
May 13, 2025

Phone: (403) 261-6081
Fax: (403) 451-4100
info@peyto.com

Cautionary Statements

Forward-Looking Statements

This news release contains certain forward-looking statements or information (“forward-looking statements”) as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Peyto’s control. These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management’s estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: macro-economic conditions, including public health concerns and other geopolitical risks, the condition of the global economy and, specifically, the condition of the crude oil and natural gas industry, and the ongoing significant volatility in world markets; other industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in other commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities. Management of the Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peyto will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: management’s assessment of Peyto’s future plans and operations, including the 2025 capital expenditure program, drilling plans relating to the Falher discovery at Sundance and the additional wells planned using the alternate drilling technique in the Cardium; the expectation that per-unit operating costs will trend lower in 2025; the expectation that recent weakness in oil prices will have minimal effect on Peyto and could be constructive if lower oil activity decreases associated gas; LNG and AI data centres increasing natural gas demand and setting up a bullish price environment; the sustainability of the Company’s dividend; the effectiveness of the Company’s hedging program at securing revenue; the timing of Peyto’s annual general meeting; and the Company’s overall strategy and focus.

The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Peyto’s actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: continued changes and volatility in general global economic conditions including, without limitations, the economic conditions in North America and public health concerns; continued fluctuations and volatility in commodity prices, foreign exchange or interest rates; continued stock market volatility; imprecision of reserves estimates; competition from other industry participants; failure to secure required equipment; increased competition; the lack of availability of qualified operating or management personnel; environmental risks; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws, tariffs, and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; and the ability to access sufficient capital from internal and external sources. In addition, to the extent that any forward-looking statements presented herein constitutes future-oriented financial information or financial outlook, as defined by applicable securities legislation, such information has been approved by management of Peyto and has been presented to provide management’s expectations used for budgeting and planning purposes and for providing clarity with respect to Peyto’s strategic direction based on the assumptions presented herein and readers are cautioned that this information may not be appropriate for any other purpose. Readers are encouraged to review the material risks discussed in Peyto’s latest annual information form under the heading “Risk Factors” and in Peyto’s annual management’s discussion and analysis under the heading “Risk Factors”.

The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Peyto will derive there from. The forward-looking statements, including any future-oriented financial information or financial outlook, contained in this news release speak only as of the date hereof and Peyto does not assume any obligation to publicly update or revise them to reflect new information, future events or circumstances or otherwise, except as may be required pursuant to applicable securities laws.

Barrels of Oil Equivalent

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

Thousand Cubic Feet Equivalent (Mcfe)

Natural gas volumes recorded in thousand cubic feet (mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas liquids and oil volumes in barrel of oil (bbl) are converted to thousand cubic feet equivalent (Mcfe) using a ratio of one (1) barrel of oil to six (6) thousand cubic feet. This could be misleading, particularly if used in isolation as it is based on an energy equivalency conversion method primarily applied at the burner tip and does not represent a value equivalency at the wellhead.

Non-GAAP and Other Financial Measures

Throughout this press release, Peyto employs certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Peyto’s performance.

Non-GAAP Financial Measures

Funds from Operations
“Funds from operations” is a non-GAAP measure which represents cash flows from operating activities before changes in non-cash operating working capital, decommissioning expenditure, provision for performance-based compensation and transaction costs. Management considers funds from operations and per share calculations of funds from operations to be key measures as they demonstrate the Company’s ability to generate the cash necessary to pay dividends, repay debt and make capital investments. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds from operations provides a useful measure of Peyto’s ability to generate cash that is not subject to short-term movements in operating working capital. The most directly comparable GAAP measure is cash flows from operating activities.

	*Three Months Ended March 31*
($000)	*2025*	2024
Cash flows from operating activities	*219,116*	196,829
Change in non-cash working capital	*730*	3,587
Decommissioning expenditures	*2,872*	4,206
Performance-based compensation	*2,500*	–
Funds from operations	*225,218*	204,622

Free Funds Flow
Peyto uses “free funds flow” as an indicator of the efficiency and liquidity of Peyto’s business, measuring its funds after capital investment available to manage debt levels, pay dividends, and return capital to shareholders through activities such as share repurchases. Peyto calculates free funds flow as cash flows from operating activities before changes in non-cash operating working capital, provision for performance-based compensation, and transaction costs, less total capital expenditures, allowing Management to monitor its free funds flow to inform its capital allocation decisions. The most directly comparable GAAP measure to free funds flow is cash from operating activities. The following table details the calculation of free funds flow and the reconciliation from cash flow from operating activities to free funds flow.

	*Three Months Ended March 31*
($000)	*2025*	2024
Cash flows from operating activities	*219,116*	196,829
Change in non-cash working capital	*730*	3,587
Performance-based compensation	*2,500*	–
Total capital expenditures	*(102,129*)	(113,762)
Free funds flow	*120,217*	86,654

Total Capital Expenditures
Peyto uses the term “total capital expenditures” as a measure of capital investment in exploration and production activity, as well as property acquisitions and divestitures, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable GAAP measure for total capital expenditures is cash flow used in investing activities. The following table details the calculation of cash flow used in investing activities to total capital expenditures.

	*Three Months Ended March 31*
		*2025*	2024
Cash flows used in investing activities		*103,321*	97,634
Change in prepaid capital		*(431*)	(4,653)
Change in non-cash working capital relating to investing activities		*(761*)	20,781
Total capital expenditures		*102,129*	113,762

Net Debt
“Net debt” is a non-GAAP financial measure that is the sum of long-term debt and working capital excluding the current financial derivative instruments, current portion of lease obligations and current portion of decommissioning provision. It is used by management to analyze the financial position and leverage of the Company. Net debt is reconciled to long-term debt which is the most directly comparable GAAP measure.

($000)	*March 31, 2025*	December 31, 2024	March 31, 2024
Long-term debt	*1,171,497*	1,295,238	1,296,844
Current assets	*(269,336*)	(394,517)	(403,467)
Current liabilities	*361,267*	269,609	260,380
Financial derivative instruments – current	*29,913*	188,136	194,917
Current portion of lease obligation	*(950*)	(936)	(1,322)
Decommissioning provision – current	*(9,500*)	(8,956)	(7,794)
Net debt	*1,282,891*	1,348,574	1,339,558

Net marketing revenue
Peyto uses the term “net marketing revenue” to evaluate the profitability of products purchased from third parties that are resold. Net marketing revenue is calculated as marketing revenue less marketing purchases.

	*Three Months Ended March 31*
($000)	*2025*	2024
Marketing revenue	*8,342*	25,851
Marketing purchases	*(7,283*)	(26,238)
Net marketing revenue	*1,059*	(387)

Non-GAAP Financial Ratios

Funds from Operations per Share
Peyto presents funds from operations per share by dividing funds from operations by the Company’s diluted or basic weighted average common shares outstanding. “Funds from operations” is a non-GAAP financial measure. Management believes that funds from operations per share provides investors an indicator of funds generated from the business that could be allocated to each shareholder’s equity position.

Netback per MCFE and BOE
“Netback” is a non-GAAP measure that represents the profit margin associated with the production and sale of petroleum and natural gas. Peyto computes “field netback per Mcfe” as commodity sales from production, plus net marketing revenue, if any, plus other income, less royalties, operating, and transportation expenses, divided by production. “Cash netback” is calculated as “field netback” less interest, less general and administration expense and plus or minus realized gain on foreign exchange, divided by production. “After-tax cash netback” is calculated as “cash netback” less current tax, divided by production. Netbacks are per-unit-of-production measures used to assess Peyto’s performance and efficiency.

	*Three Months Ended March 31*
($/Mcfe)	*2025*	2024
Gross sale price	*4.20*	3.50
Realized hedging gain	*0.70*	1.37
Net sale price	*4.90*	4.87
Net marketing revenue	*0.02*	(0.01)
Other income	*0.03*	0.05
Royalties	*(0.25*)	(0.24)
Operating costs	*(0.53*)	(0.55)
Transportation	*(0.29*)	(0.30)
Field netback	*3.88*	3.82
Net general and administrative	*(0.06*)	(0.06)
Interest and financing	*(0.29*)	(0.36)
Realized gain on foreign exchange	–	0.01
Cash netback ($/Mcfe)	*3.53*	3.41
Current tax ($/Mcfe)	*(0.41*)	(0.42)
After-tax cash netback ($/Mcfe)	*3.12*	2.99
After-tax cash netback ($/boe)	*18.69*	17.99

Net marketing revenue per Mcfe
“Net marketing revenue per Mcfe” is comprised of marketing revenue less marketing purchases, as determined in accordance with IFRS, divided by the Company’s total production.

Total Payout Ratio
“Total payout ratio” is a non-GAAP measure which is calculated as the sum of dividends declared plus total capital expenditures plus decommissioning expenditures, divided by funds from operations. This ratio represents the percentage of the capital expenditures and dividends that is funded by cashflow. Management uses this measure, among others, to assess the sustainability of Peyto’s dividend and capital program.

	*Three Months Ended March 31*
($000, except total payout ratio)	*2025*	2024
Total dividends declared	*65,676*	64,158
Total capital expenditures	*102,129*	113,762
Decommissioning expenditures	*2,872*	4,206
Total payout	*170,677*	182,126
Funds from operations	*225,218*	204,622
Total payout ratio (%)	76%	89%

Operating Margin
Operating Margin is a non-GAAP financial ratio defined as funds from operations, before current tax, divided by revenue before royalties but including realized hedging gains/losses other income and third-party sales net of purchases.

Profit Margin
Profit Margin is a non-GAAP financial ratio defined as net earnings divided by revenue before royalties but including realized hedging gains/losses, other income and third-party sales net of purchases.

Cash Costs
Cash costs is a non-GAAP financial ratio defined as the sum of royalties, operating expenses, transportation expenses, G&A and interest, on a per Mcfe basis. Peyto uses total cash costs to assess operating margin and profit margin.

The MIL Network –

May 14, 2025

MIL-OSI: Freehold Royalties Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2025.

First Quarter 2025 Highlights

$91 million in revenue;
$68 million in funds from operations ($0.42/share) ⁽¹⁾⁽³⁾;
$44 million in dividends paid ($0.27/share)⁽²⁾;
10,635 bbls/d of total liquids production, an 8% increase from previous quarter driven by continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
16,248 boe/d of total production, a 6% increase from previous quarter with a 65% weighting to oil and natural gas liquids (NGLs), an increase from 63% in Q1-2024;
Gross drilling of 322 wells, up 12% from Q4-2024;
Robust leasing with 25 new leases signed (14 in Canada; 11 in the U.S.) contributing $3.9 million in revenue with the U.S. contributing a record $3.3 million in lease bonus; and
$59.29/boe average realized price ($72.64/boe in the U.S. and $49.26/boe in Canada);
- 47% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs to get product to market.

President’s Message

Freehold’s Q1-2025 production of 16,248 boe/d is at the highest levels in our corporate history, in step with the high quality acquisition work completed in late 2024. The deliberate and strategic build out of our North American royalty portfolio has resulted in a balanced revenue base with Canada contributing 46% of revenue in Q1-2025 and the U.S. contributing 54%. On a volume basis the U.S. represented 43% of our production with premium pricing and higher liquids weighting driving an outsized revenue contribution. Our focus on acquiring mineral title interests in prospect rich basins has contributed to the record level of leasing this quarter in our core U.S. operating areas.

Freehold’s oil weighted portfolio, underpinned by premium operators in select basins across North America, delivered significant value to the Company and our shareholders with $68 million of funds from operations⁽³⁾ in the quarter, or $0.42/share. Included in our funds from operations was record leasing results with $3.9 million in revenue, including $3.3 million in U.S. leasing revenue. Notably, the majority of the U.S. leases signed in Q1-2025 are targeting the deeper Barnett formation of the Permian basin that is in the early stages of development.

Liquids production increased 8% over Q4-2024 and 15% compared to Q1-2024. The increase is largely attributed to the December 2024 Midland basin acquisition and continued growth in our heavy oil portfolio which grew 7% over Q4-2024 and is up 19% compared to Q1-2024. Our U.S. portfolio continues to be led by consistent drilling activity by some of the highest quality payors in North America who are executing on their multi-year growth plans.

We are maintaining our production guidance range of 15,800 boe/d to 17,000 boe/d for 2025E. The global macro environment has shifted since the end of the first quarter and how that may impact operator plans for the remainder of 2025 is unknown at this point. The industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years. Contributing to this is our positioning in the lowest break-even plays across North America under investment grade operators who take a long term, measured view to capital planning.

David M. Spyker, President and Chief Executive Officer

Dividend Announcement

The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on June 16, 2025, to shareholders of record on May 30, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Operating and Financial Highlights

	Three Months Ended
FINANCIAL ($ millions, except as noted)	Q1-2025		Q4-2024		Q1-2024
West Texas Intermediate (US$/bbl)	71.42		70.27		76.96
AECO 7A Monthly Index (Cdn$/Mcf)	2.02		1.46		2.07
Royalty and other revenue	91.1		76.9		74.3
Funds from operations ⁽³⁾	68.1		61.3		54.4
Funds from operations per share, basic ($) ⁽¹⁾⁽³⁾	0.42		0.40		0.36
Dividends paid per share ($) ⁽²⁾	0.27		0.27		0.27
Dividend payout ratio (%) ⁽³⁾	65	%	66	%	75	%
Long-term debt	294.3		300.9		223.6
Net debt ⁽⁵⁾⁽⁶⁾	272.2		282.3		210.5
Net debt to trailing funds from operations (times) ⁽⁵⁾	1.1x		1.2x		0.9x
OPERATING
Total production (boe/d) ⁽⁴⁾	16,248		15,306		14,714
Canadian production (boe/d)⁽⁴⁾	9,278		9,437		9,593
U.S. production (boe/d)⁽⁴⁾	6,970		5,869		5,121
Oil and NGL (%)	65	%	65	%	63	%
Petroleum and natural gas realized price ($/boe) ⁽⁴⁾	59.29		53.80		54.81
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.00		5.93		7.19
Netback ($/boe) ^{(3) (4)}	53.01		47.25		46.62
ROYALTY INTEREST DRILLING (gross / net)
Canada	92 / 3.9		110 / 3.6		132 / 5.9
U.S.	230 / 0.8		178 / 0.6		168 / 0.5

(1) Calculated based on the basic weighted average number of shares outstanding during the period
(2) Based on the number of shares issued and outstanding at each record date
(3) See Non-GAAP and Other Financial Measures
(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)
(5) Net debt and net debt to trailing funds from operations are capital management measures

First Quarter Summary

Average production of 16,248 boe/d, an increase of 10% over the first quarter of 2024 with year-over-year liquids growth of 15% to 10,635 bbls/d:
- Light and medium oil was up 13% over Q1-2024 to 6,880 bbls/d, largely due to the high quality, oil weighted U.S. acquisitions completed in 2024; and
- Heavy oil was up 19% over Q1-2024 to 1,552 bbls/d as Mannville Stack and Clearwater production on Freehold’s lands hit record highs in the first quarter.

Royalty and other revenue totalled $91.1 million, up 18% over the prior quarter and 23% year-over-year. Other revenue included $3.9 million in lease bonus consideration and lease rental revenue, a quarterly record for Freehold.
Freehold’s corporate realized price was $59.29/boe, an increase of 9% compared to Q4-2024 and 8% from Q1-2024 due to higher commodity prices and higher weighting to liquids production.
Funds from operations totalled $68.1 million ($0.42 per share)⁽¹⁾.
Freehold closed $13.8 million of land purchases in the first quarter, including $11 million of high quality undeveloped mineral title lands in our core Midland and Delaware basin properties.
Dividends declared for Q1-2025 of $44.3 million ($0.27 per share). Freehold’s dividend payout ratio⁽¹⁾ was 65% for Q1-2025. Freehold’s dividend remains sustainable at oil and natural gas prices well below current commodity price levels.
Net debt⁽¹⁾⁽²⁾ of $272.2 million at the end of Q1-2025 was reduced by $10.1 million compared to year end 2024, representing 1.1 times trailing funds from operations⁽²⁾ during the period. Freehold remains conservatively levered.

(1) See Non-GAAP and Other Financial Measures
(2) Net debt and net debt to trailing funds from operations are capital management measures

Q1-2025 Drilling and Leasing Activity

In total, 322 gross wells (4.7 net wells) were drilled on Freehold’s royalty lands in Q1-2025, a 12% increase (12% on a net basis) compared to the previous quarter. The increase in drilling reflects the expansion of the Company’s U.S. asset base and the positioning of our assets in areas across North America that continue to attract drilling capital.

On a gross basis, essentially all drilling was oil focused. Approximately 29% of gross wells drilled in Q1-2025 were in Canada and 71% targeted Freehold’s U.S. royalty acreage.

	Three Months Ended
	Q1-2025		Q4-2024		Q1-2024
	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾
Canada	92	3.9	110	3.6	132	5.9
United States	230	0.8	178	0.6	168	0.5
Total	322	4.7	288	4.2	300	6.4

^{(1) Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.}

Canada

Canadian net drilling was up over the previous quarter despite the decline on a gross basis as higher interest wells in the Viking and mineral title drilling in southeast Saskatchewan and the Mannville Stack made up a higher percentage. Q1-2025 drilling in Canada was led again by oil weighted plays including Viking (33 gross wells), southeast Saskatchewan (12 gross wells) and Mannville Stack (9 gross wells).

During Q1-2025, Freehold entered into 14 new leases with seven counterparties totalling approximately $0.6 million in bonus and lease rental revenue. The majority of the new leasing was focused in southeast Saskatchewan and the Mannville Stack.

U.S.

During Q1-2025, 230 gross (0.8 net) wells were drilled on our U.S. lands, up 29% on a gross basis and 33% on a net basis from previous quarter due to a larger footprint in the Midland basin following the December 2024 acquisition and increased activity in the Eagle Ford basin. Approximately 90% of Q1-2025 drilling was focused in the Permian basin and 10% in the Eagle Ford basin.

U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more valuable in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada.

In Q1-2025, Freehold entered into 11 new U.S. leases with four counterparties, totalling $3.3 million of bonus and lease rental revenue. Leasing activity was predominantly focused on Freehold’s mineral title interests in the Midland and Delaware basins with one lease in the Haynesville basin.

Normal Course Issuer Bid (NCIB) Application

The Company plans to implement an NCIB, pursuant to which Freehold would be permitted to acquire up to 10% of its issued and outstanding common shares that comprise the public float (less common shares held by directors, executive officers and principal securityholders (holders holding greater than 10% of the issued and outstanding Shares) of the Company), through the facilities, rules and regulations of the TSX.

The NCIB will be subject to receipt of certain approvals, including acceptance of the notice of intention to commence an NCIB by the TSX. The NCIB will commence following receipt of all such approvals and will continue until the earlier of: (i) a period of up to one-year; or (ii) the date on which the Company has acquired all common shares sought pursuant to the NCIB. Further particulars of the NCIB will be described in a subsequent press release when approved by the TSX.

Freehold believes establishing a NCIB as part of its capital management strategy is in the best interests of the Company and provides an opportunity to deliver value to shareholders. Decisions regarding utilizing the NCIB will be based on market conditions, share price, best use of funds from operations and other factors including debt repayment and options to expand our portfolio of royalty assets.

Annual Meeting of Shareholders

Freehold’s annual meeting of shareholders (the AGM) will be conducted in person and via live audio webcast at 3:00 PM (MDT) on Wednesday May 14, 2025 at the Calgary Petroleum Club. Further details are available on our website at https://freeholdroyalties.com/investors/events-and-presentations.

Conference Call Details

A webcast to discuss financial and operational results for the period ended March 31, 2025, will be held for the investment community on Wednesday May 14, 2025, beginning at 7:00 AM MT (9:00 AM ET).

A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6y39yhx4.

A dial-in option is also available and can be accessed by dialing 1-800-952-5114 (toll-free in North America) participant passcode is 5153824#.

For further information contact

Freehold Royalties Ltd.
Todd McBride, CPA, CMA
Investor Relations
t. 403.221.0833
e. tmcbride@freeholdroyalties.com

Nick Thomson, CFA
Investor Relations & Capital Markets
t. 403.221.0874
e. nthomson@freeholdroyalties.com

Select Quarterly Information
	2025		2024									2023
Financial ($millions, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4			Q3		Q2
Royalty and other revenue	91.1		76.9		73.9		84.5		74.3		80.1			84.2		73.7
Net Income (loss)	37.3		51.1		25.0		39.3		34.0		34.3			42.3		24.3
Per share, basic ($) ⁽¹⁾	0.23		0.33		0.17		0.26		0.23		0.23			0.28		0.16
Cash flows from operations	62.9		59.1		64.1		47.6		52.5		70.7			53.7		49.9
Funds from operations	68.1		61.3		55.7		59.6		54.4		62.8			65.3		53.0
Per share, basic ($) ⁽¹⁾⁽³⁾	0.42		0.40		0.37		0.40		0.36		0.42			0.43		0.35
Acquisitions & related expenditures	13.9		277.0		1.8		11.5		121.5		2.1			1.2		3.2
Dividends paid	44.3		40.7		40.7		40.7		40.7		40.7			40.7		40.7
Per share ($) ⁽²⁾	0.27		0.27		0.27		0.27		0.27		0.27			0.27		0.27
Dividends declared	44.3		41.9		40.7		40.7		40.7		40.7			40.7		40.7
Per share ($) ⁽²⁾	0.27		0.27		0.27		0.27		0.27		0.27			0.27		0.27
Dividend payout ratio (%) ⁽³⁾	65	%	66	%	73	%	68	%	75	%	65		%	62	%	77	%
Long-term debt	294.3		300.9		205.8		228.0		223.6		123.0			141.2		152.0
Net debt ⁽⁵⁾	272.2		282.3		187.1		199.1		210.5		100.9			113.4		136.9
Shares outstanding, period end (000s)	164.0		164.0		150.7		150.7		150.7		150.7			150.7		150.7
Average shares outstanding, basic (000s) ⁽⁶⁾	164.0		153.4		150.7		150.7		150.7		150.7			150.7		150.7
Operating
Light and medium oil (bbl/d)	6,880		6,296		6,080		6,551		6,094		6,308			6,325		6,093
Heavy oil (bbl/d)	1,552		1,516		1,315		1,348		1,300		1,182			1,127		1,167
NGL (bbl/d)	2,203		2,066		1,972		1,902		1,884		1,878			1,678		1,845
Total liquids (bbl/d)	10,635		9,878		9,367		9,801		9,278		9,368			9,130		9,105
Natural gas (Mcf/d)	33,678		32,564		31,447		32,524		32,617		32,968			32,851		33,372
Total production (boe/d) ⁽⁴⁾	16,248		15,306		14,608		15,221		14,714		14,863			14,605		14,667
Oil and NGL (%)	65	%	65	%	64	%	64	%	63	%	63		%	63	%	62	%
Petroleum & natural gas realized price ($/boe) ⁽⁴⁾	59.29		53.80		54.36		59.74		54.81		57.94			61.55		54.05
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.00		5.93		5.42		9.80		7.19		4.73			5.10		7.19
Netback ($/boe) ⁽³⁾⁽⁴⁾	53.01		47.25		47.78		49.44		46.62		52.59			55.63		46.07
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	71.42		70.27		75.09		80.57		76.96		78.32			82.26		73.78
Exchange rate (Cdn$/US$)	1.43		1.40		1.37		1.37		1.35		1.36			1.34		1.34
Edmonton Light Sweet crude oil (Cdn$/bbl)	95.32		94.90		97.85		105.29		92.14		99.69			107.89		94.97
Western Canadian Select crude oil (Cdn$/bbl)	84.30		80.75		83.95		91.63		77.77		76.96			93.05		78.76
Nymex natural gas (US$/Mcf)	3.79		2.86		2.24		1.96		2.33		2.98			2.64		2.17
AECO 7A Monthly Index (Cdn$/Mcf)	2.02		1.46		0.81		1.44		2.07		2.70			2.42		2.40

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) Based on the number of shares issued and outstanding at each record date}
^{(3) See Non-GAAP and Other Financial Measures}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)}
^{(6) Weighted average number of shares outstanding during the period, basic}

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of March 12, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

2025 production guidance;
our expectation regarding continued growth of our total liquid production through continued execution of our U.S. expansion strategy and heavy oil growth in Canada;
our expectation that our U.S. portfolio will continue to be led by consistent drilling activity by the highest quality payors in North America who are executing on their multi-year growth plans;
our expectation that the industry is in excellent shape to manage commodity price volatility due to the capital discipline and prudent balance sheet management approach over the past number of years;
our expectation that while some growth directed capital may be pared down, there will not be a slow down in core activity on our lands;
our expectation Freehold’s dividend remains sustainable at oil and natural gas prices materially below current commodity price levels;
our expectation that the positioning of our assets in areas across North America will continue to attract drilling capital despite volatility in commodity prices;
our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada;
our expectations that we will apply for an commence a NCIB once approval is granted; and
other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Israeli-Hamas-Hezbollah and potentially the broader Middle-East region, and Russia-Ukraine wars and any associated sanctions as well as OPEC+ curtailments on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

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

Non-GAAP and Other Financial Measures
Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended March 31, 2025.

Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and the Netback:

$/boe	Q1-2025		Q4-2024		Q1-2024
Royalty and other revenue		62.29		54.59		55.47
Production and ad valorem taxes		(2.28)		(1.41)		(1.66)
Net revenue	$60.01		$53.18		$53.81
Less:
General and administrative expense		(3.41)		(3.02)		(3.58)
Operating expense		(0.13)		(0.19)		(0.15)
Interest and financing cash expense		(3.31)		(2.67)		(2.79)
Management fee-cash settled		(0.05)		(0.05)		(0.06)
Cash payout on share-based compensation		(0.10)		–		(0.61)
Cash costs		(7.00)		(5.93)		(7.19)
Netback	$53.01		$47.25		$46.62

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.


($000s, except as noted)	Q1-2025		Q4-2024		Q1-2024
Dividends paid	$44,269		$40,687		$40,686
Funds from operations	$68,050		$61,332		$54,362
Dividend payout ratio (%)		65%		66%		75%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

The MIL Network –

May 14, 2025

Markets decline over 1% on profit booking after record rally

Source: Government of India

Source: Government of India (4)

The Indian stock markets declined on Tuesday as investors opted to book profits following a sharp rally in the previous session. Concerns over the progress of US-China trade talks also contributed to the cautious sentiment, pulling down the benchmark indices after their best performance in over four years.

The BSE Sensex closed 1,281.68 points, or 1.5 per cent, lower at 81,148.22. The NSE Nifty also slipped, ending the day at 24,578.35, down 346.35 points or 1.39 per cent. The correction came a day after markets soared nearly 4 per cent on easing geopolitical tensions between India and Pakistan. Analysts noted that much of Monday’s gains were driven by short covering, leading to profit booking on Tuesday.

Despite the weakness in headline indices, broader market indices managed to hold firm. The BSE Midcap index edged up 0.17 per cent, while the BSE Smallcap index rose 0.99 per cent, suggesting some resilience in mid- and small-cap stocks.

Sectoral performance, however, was mixed. Major indices such as Nifty Auto, Financial Services, FMCG, and IT ended with losses of over 1 per cent. Other segments including Nifty Bank, Metal, Oil and Gas, Realty, and Consumer Durables also ended lower. In contrast, indices tracking PSU banks, media, pharma, and healthcare sectors posted gains, with the Nifty PSU Bank index rising as much as 1.66 per cent.

Among the Sensex constituents, Infosys was the top laggard, falling 3.57 per cent. Eternal, Power Grid, HCL Technologies and TCS also registered losses ranging between 2.88 per cent and 3.4 per cent. On the other hand, Sun Pharmaceutical, Adani Ports, Bajaj Finance, State Bank of India and Tech Mahindra closed with modest gains of up to 1 per cent.

Market volatility eased slightly, with the India VIX dipping 1.05 per cent to 18.20. Analysts noted that geopolitical uncertainties remained on investors’ radar, with the fragile ceasefire between India and Pakistan keeping participants cautious.

“Geopolitical tensions remained in focus as market participants monitored the fragile ceasefire between India and Pakistan, adding to the cautious sentiment,” said Sundar Kewat of Ashika Institutional Equity.

Ajit Mishra, SVP at Religare Broking Ltd, said the decline reflected a sense of caution despite stable global cues and easing regional tensions. “However, we expect the overall tone to remain positive, given the noticeable support in the 24,400–24,600 zone. The focus should remain on identifying key sectors and themes showing relative strength and using intermediate pauses to accumulate quality stocks,” he added.

— IANS

May 14, 2025
MIL-OSI USA: Booker, Warren, Nadler Press Pepsi on Potentially Illegal Price Discrimination Against Small, Independently-Owned Grocery Stores

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. — Today, U.S. Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA), along with U.S. Representative Jerry Nadler (D-NY), wrote to Ramon Laguarta, CEO of PepsiCo, Inc. (Pepsi) demanding an explanation for the company’s potentially illegal price discrimination against small and independent grocery stores. The lawmakers are the top Democrats on the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, Senate Committee on Banking, Housing, and Urban Affairs, and House Judiciary Subcommittee on the Administrate State, Regulatory Reform, and Antitrust, respectively.
In recent months, Pepsi has faced legal action from convenience stores and the Federal Trade Commission (FTC), a government regulator responsible for enforcing federal consumer protection laws and antitrust laws. In January 2025, the FTC sued Pepsi, accusing it of violating the Robinson-Patman Act (RPA), which prohibits sellers from engaging in anticompetitive price discrimination. The FTC claimed that for years, Pepsi has disadvantaged retailers – including local convenience stores – by consistently giving benefits and advantages, such as promotional payments, to a big-box store, while denying those same benefits to the store’s competitors.
In February 2025, two small, family-owned convenience stores accused Pepsi and its subsidiary Frito-Lay of violating the RPA, claiming the corporation charged independent retailers more “for identical bags of snack chips” compared to what it charged chain stores. The plaintiffs claimed they were charged as much as 50 percent more for those goods, and that the “discriminatory pricing” forced them to pass on the higher costs to consumers.
“The Robinson-Patman Act is an important tool for the FTC to combat illegal price discrimination and concentration, and to provide a level playing field to all businesses…Charging discriminatory, high prices to smaller, independent retailers harms those retailers’ ability to compete, and often forces consumers to endure unfair price increases,” wrote the lawmakers.
The RPA forbids sellers from charging competing buyers different prices for the same goods when the price discrimination may lessen or harm competition. The law also prohibits special promotional payments, discounts, rebates, allowances, or services to one buyer unless they are made available to all competing buyers.
“As food prices remain sky-high, the FTC should continue to enforce the RPA to promote fair competition in the food industry,” urged the lawmakers.
The bicameral coalition asked Pepsi to explain, by May 25, 2025, its pricing strategies, any discrepancies between what it charges chain retailers and small, independent retailers, how these price discrepancies affect shopping options for consumers, and the company’s lobbying efforts to refute price discrimination allegations.
To read the full text of the letter, click here.

MIL OSI USA News –

May 14, 2025

MIL-OSI: TWFG Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) — – Total Revenues increased 16.6% for the quarter over the prior year period to $53.8 million –
– Total Written Premium increased 15.5% for the quarter over the prior year period to $371.0 million –
– Organic Revenue Growth Rate* of 14.3% for the quarter –
– Net income of $6.9 million for the quarter –
– Adjusted EBITDA* increased 35.3% for the quarter over the prior year period to $12.2 million –

THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) – TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

Total revenues for the quarter increased 16.6% to $53.8 million, compared to $46.1 million in the prior year period
Commission income for the quarter increased 14.7% to $48.8 million, compared to $42.5 million in the prior year period
Net income for the quarter was $6.9 million, compared to $6.6 million in the prior year period, and net income margin for the quarter was 12.7%
Diluted Earnings Per Share for the quarter was $0.09 and Adjusted Diluted Earnings Per Share* for the quarter was $0.16
Total Written Premium for the quarter increased 15.5% to $371.0 million, compared to $321.3 million in the prior year period
Organic Revenue Growth Rate* for the quarter was 14.3%
Adjusted Net Income* for the quarter increased 14.3% from the prior year period to $9.2 million, and Adjusted Net Income Margin* for the quarter was 17.1%
Adjusted EBITDA* for the quarter increased 35.3% over the prior year period to $12.2 million, and Adjusted EBITDA Margin* for the quarter was 22.6% compared to 19.5% in the prior year period

^{*Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.}

Gordy Bunch, Founder, Chairman, and CEO said “Our strong first quarter performance reflects the continued execution of our strategy and strength of our business model. Total revenues grew 16.6% year-over-year, and Adjusted EBITDA increased by 35.3%, and Adjusted EBITDA Margin expansion grew to 22.6%. Organic Revenue Growth of 14.3% underscores the productivity of our agents and the enduring value we deliver to our carrier partners and clients.

Our recruiting momentum remains robust as we continue to expand our national footprint. During the quarter, we completed the acquisition of two new corporate locations, one in Ohio and one in Texas, expanded into New Hampshire, and added 17 branches across the U.S. The new locations are in line with our acquisition expectations for both revenue and EBITDA.

As a reminder to our shareholders, newly onboarded agents typically take two to three years to reach full productivity.”

First Quarter 2025 Results

Total Written Premium for the first quarter of 2025 was $371.0 million, representing an increase of 15.5% compared to the prior year period. Total revenues were $53.8 million, an increase of 16.6% year-over-year.

Organic Revenue, a non-GAAP measure that excludes contingent income, non-policy fee income, and other income, was $49.2 million for the first quarter of 2025, compared to $41.6 million in the prior year period. Organic Revenue Growth Rate was 14.3%, driven by robust new business production, moderating retention levels, rate increases, and continued growth in new business activity within one of our managing general agency (MGA) programs.

Commission expense for the quarter totaled $31.8 million, an increase of 20.3% compared to $26.4 million in the prior year period. This increase reflects the continued growth of our business, partially offset by the one-time favorable adjustment in prior year period due to the branch conversions.

Salaries and employee benefits were $8.2 million, an increase of 31.1% compared to $6.3 million in the first quarter of 2025. The increase includes $1.2 million of equity compensation expense and $0.7 million related to increased headcount and overall business growth.

Other administrative expenses were $4.7 million in the quarter, up 50.9% from the prior year period. The increase reflects investments to support business growth and the absorption of public company operating costs.

Net income for the first quarter of 2025 was $6.9 million, compared to $6.6 million in the prior year period. Net income margin was 12.7%, compared to 14.4% a year ago. Adjusted Net Income was $9.2 million for the quarter, compared to $8.1 million in the same period last year. Adjusted Net Income Margin was 17.1%, versus 17.5% in the prior year period.

Adjusted EBITDA was $12.2 million for the first quarter, an increase of 35.3% year-over-year. Adjusted EBITDA Margin expanded to 22.6%, compared to 19.5% in the first quarter of 2024.

Cash flow from operating activities was $15.6 million, up from $9.8 million in the prior year period. Adjusted Free Cash Flow for the quarter was $13.6 million, compared to $7.3 million in the same period a year ago.

Liquidity and Capital Resources

As of March 31, 2025, the Company had cash and cash equivalents of $196.4 million. We had full unused capacity on our revolving credit facility of $50.0 million as of March 31, 2025. The total outstanding term notes payable balance was $5.4 million as of March 31, 2025.

2025 Adjusted Outlook

Based on our strong first quarter results, the Company has updated its full-year 2025 guidance by raising the range of the outlook across all key metrics to reflect the improved visibility and confidence in the Company’s execution.

Organic Revenue Growth Rate*: Expected to be in the range of 12% to 16% (prior: 11% to 16%)
Adjusted EBITDA Margin*: Expected to be in the range of 20% to 22% (prior: 19% to 21%)
Total Revenues: Expected to be between $240 million and $255 million (prior: $235 million to $250 million)

The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.

*For a definition of Organic Revenue Growth Rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.

Conference Call Information

TWFG will host a conference call and webcast tomorrow at 9:00 AM ET to discuss these results.

To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.

About TWFG

TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the U.S. Securities and Exchange Commission. You should specifically consider the numerous risks outlined under “Risk factors” in the Annual Report on Form 10-K for the year ended December 31, 2024.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures and Key Performance Indicators

Non-GAAP Financial Measures

Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin), diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

Organic Revenue. Since the first quarter of 2025, we have utilized the revised calculation methodology for Organic Revenue to include policy fee income as it is directly correlated to MGA commission income. Our legacy calculation methodology removed policy fee income from Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark.

Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.

Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.

Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.

Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.

Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.

The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.

Key Performance Indicators

Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.

Contacts
Investor Contact:
Gene Padgett, CAO for TWFG
Email: gene.padgett@twfg.com

PR Contact:
Alex Bunch, CMO for TWFG
Email: alex@twfg.com

Condensed Consolidated Statements of Income (Unaudited)
(Amounts in thousands, except share and per share data)

	Three Months Ended March 31,
		2025		2024
Revenues
Commission income⁽¹⁾	$	48,785	$	42,545
Contingent income		1,663		1,076
Fee income⁽²⁾		3,011		2,232
Other income		364		290
Total revenues		53,823		46,143
Expenses
Commission expense		31,814		26,443
Salaries and employee benefits		8,196		6,254
Other administrative expenses⁽³⁾		4,724		3,130
Depreciation and amortization		3,359		3,013
Total operating expenses		48,093		38,840
Operating income		5,730		7,303
Interest expense		83		842
Interest income		1,863		170
Other non-operating expense		1		2
Income before tax		7,509		6,629
Income tax expense		656		—
Net income		6,853		6,629
Less: net income attributable to noncontrolling interests		5,515		6,629
Net income attributable to TWFG, Inc.		1,338		—

Weighted average shares of common stock outstanding:
Basic		14,889,739
Diluted		15,055,553
Earnings per share:
Basic	$	0.09
Diluted	$	0.09

^{(1) Commission income – related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively}
^{(2) Fee income – related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively}
^{(3) Other administrative expenses – related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively}

The following table presents the disaggregation of our revenues by offerings (in thousands):

	Three Months Ended March 31,
		2025		2024
Insurance Services
Agency-in-a-Box	$	35,996	$	31,729
Corporate Branches		8,223		7,276
Total Insurance Services		44,219		39,005
TWFG MGA		9,195		6,794
Other		409		344
Total revenues	$	53,823	$	46,143

The following table presents the disaggregation of our commission income by offerings (in thousands):

	Three Months Ended March 31,
		2025		2024
Insurance Services
Agency-in-a-Box	$	33,358	$	29,900
Corporate Branches		8,214		7,250
Total Insurance Services		41,572		37,150
TWFG MGA		7,213		5,395
Total commission income	$	48,785	$	42,545

The following table presents the disaggregation of our fee income by major sources (in thousands):

	Three Months Ended March 31,
		2025		2024
Policy fees	$	1,051	$	513
Branch fees		1,256		1,131
License fees		608		515
TPA fees		96		73
Total fee income	$	3,011	$	2,232

The following table presents the disaggregation of our commission expense by offerings (in thousands):

	Three Months Ended March 31,
		2025		2024
Insurance Services
Agency-in-a-Box	$	25,954		22,028
Corporate Branches		1,105		862
Total Insurance Services		27,059		22,890
TWFG MGA		4,726		3,535
Other		29		18
Total commission expense	$	31,814	$	26,443

Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands, except share/unit data)

	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	196,424	$	195,772
Restricted cash		11,853		9,551
Commissions receivable, net		23,575		27,067
Accounts receivable		8,053		7,839
Other current assets, net		1,500		1,619
Total current assets		241,405		241,848
Non-current assets
Intangible assets, net		80,919		72,978
Property and equipment, net		3,364		3,499
Lease right-of-use assets, net		4,307		4,493
Other non-current assets		535		610
Total assets	$	330,530	$	323,428

Liabilities and Equity
Current liabilities
Commissions payable	$	16,303	$	13,848
Carrier liabilities		14,710		12,392
Operating lease liabilities, current		1,124		1,013
Short-term bank debt		1,927		1,912
Deferred acquisition payable, current		1,956		601
Other current liabilities		6,842		9,851
Total current liabilities		42,862		39,617
Non-current liabilities
Operating lease liabilities, net of current portion		3,119		3,372
Long-term bank debt		3,519		4,007
Deferred acquisition payable, non-current		973		1,122
Other non-current liabilities		—		24
Total liabilities		50,473		48,142
Commitment and contingencies (see Note 14)
Stockholders’/Members’ Equity
Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively )		149		148
Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at March 31, 2025 and December 31, 2024)		—		—
Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at March 31, 2025 and December 31, 2024)		—		—
Additional paid-in capital		58,374		58,365
Retained earnings		16,626		15,288
Accumulated other comprehensive income		65		83
Total stockholders’ equity attributable to TWFG, Inc.		75,214		73,884
Noncontrolling interests		204,843		201,402
Total stockholders’ equity		280,057		275,286
Total liabilities and equity	$	330,530	$	323,428

Non-GAAP Financial Measures

A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):

*Revised Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Acquisition adjustments⁽¹⁾		(610	)		(1,467	)
Contingent income		(1,663	)		(1,076	)
Fee income		(3,011	)		(2,232	)
Policy fee income		1,051			513
Other income		(364	)		(290	)
Organic Revenue	$	49,226		$	41,591
Organic Revenue Growth⁽²⁾	$	6,169		$	4,780
Total Revenue Growth Rate⁽³⁾		16.6	%		15.8	%
Organic Revenue Growth Rate⁽²⁾		14.3	%		13.0	%

^{(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.}
^{(2) Revised Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $43.1 million and $36.8 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.}
^{(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.}

*Legacy Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Acquisition adjustments⁽¹⁾		(610	)		(1,467	)
Contingent income		(1,663	)		(1,076	)
Fee income		(3,011	)		(2,232	)
Other income		(364	)		(290	)
Organic Revenue	$	48,175		$	41,078
Organic Revenue Growth⁽²⁾	$	5,630		$	4,822
Total Revenue Growth Rate⁽³⁾		16.6	%		15.8	%
Organic Revenue Growth Rate⁽²⁾		13.2	%		13.3	%

^{(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.}
^{(2) Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $42.5 million and $36.3 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.}
^{(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.}

A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

*Revised Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Net income	$	6,853		$	6,629
Income tax expense		656			—
Acquisition-related expenses		33			—
Equity-based compensation		1,204			—
Other non-recurring items⁽¹⁾		—			(1,477	)
Amortization expense		3,210			2,917
Adjusted income before income taxes		11,956			8,069
Adjusted income tax expense⁽²⁾		(2,736	)		—
Adjusted Net Income	$	9,220		$	8,069
Net Income Margin		12.7	%		14.4	%
Adjusted Net Income Margin		17.1	%		17.5	%

*Legacy Calculation Methodology Applied to Current Period*
	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Net income	$	6,853		$	6,629
Income tax expense		656			—
Acquisition-related expenses		33			—
Equity-based compensation		1,204			—
Other non-recurring items⁽¹⁾		—			(1,477	)
Adjusted income before income taxes	$	8,746		$	5,152
Adjusted income tax expense⁽²⁾		(2,001	)		—
Adjusted Net Income	$	6,745		$	5,152
Net Income Margin		12.7	%		14.4	%
Adjusted Net Income Margin		12.5	%		11.2	%

^{(1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.}
^{(2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three months ended March 31, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.}

A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

	Three Months Ended March 31,
		2025			2024
Total revenues	$	53,823		$	46,143
Net income	$	6,853		$	6,629
Interest expense		83			842
Interest income		(1,863	)		(170	)
Depreciation and amortization		3,359			3,013
Income tax expense		656			—
EBITDA		9,088			10,314
Acquisition-related expenses		33			—
Equity-based compensation		1,204			—
Interest income		1,863			170
Other non-recurring items⁽¹⁾		—			(1,477	)
Adjusted EBITDA	$	12,188		$	9,007
Net Income Margin		12.7	%		14.4	%
Adjusted EBITDA Margin		22.6	%		19.5	%

A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):

	Three Months Ended March 31,
		2025			2024
Cash Flow from Operating Activities	$	15,645		$	9,754
Purchase of property and equipment		(15	)		(8	)
Tax distribution to members⁽¹⁾		(2,024	)		(2,420	)
Acquisition-related expenses		33			—
Adjusted Free Cash Flow	$	13,639		$	7,326

^{(1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.}

A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:

	Three Months Ended March 31,
		2025
Earnings per share of common stock – diluted	$	0.09
Plus: Impact of all LLC Units exchanged for Class A Common Stock⁽¹⁾		0.03
Plus: Adjustments to Adjusted net income⁽²⁾		0.04
Adjusted Diluted Earnings Per Share	$	0.16

Weighted average common stock outstanding – diluted		15,055,553
Plus: Impact of all LLC Units exchanged for Class A Common Stock⁽¹⁾		41,171,461
Adjusted Diluted Earnings Per Share diluted share count		56,227,014

^{(1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding – diluted. For the three months ended March 31, 2025, 41,260,844 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,014 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.}
^{(2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $6.9 million and Adjusted Net Income of $9.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.4 million to Adjusted Net Income on 56,227,014 weighted-average shares of common stock outstanding – diluted for the period presented.}

Key Performance Indicators

The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):

	Three Months Ended March 31,
		2025				2024
	Amount		% of Total		Amount		% of Total
Offerings:
Insurance Services
Agency-in-a-Box	$	249,475	68	%	$	218,936	68	%
Corporate Branches		68,098	18			57,884	18
Total Insurance Services		317,573	86			276,820	86
TWFG MGA		53,389	14			44,446	14
Total written premium	$	370,962	100	%	$	321,266	100	%

Business Mix:
Insurance Services
Renewal business	$	244,845	66	%		214,477	67	%
New business		72,728	20			62,343	19
Total Insurance Services		317,573	86			276,820	86

TWFG MGA
Renewal business		36,375	9			35,464	11
New business		17,014	5			8,982	3
Total TWFG MGA		53,389	14			44,446	14
Total written premium	$	370,962	100	%	$	321,266	100	%

Written Premium Retention:
Insurance Services			88	%			97	%
TWFG MGA			82				81
Consolidated			88				94

Line of Business:
Personal lines	$	298,289	80	%	$	254,864	79	%
Commercial lines		72,673	20			66,402	21
Total written premium	$	370,962	100	%	$	321,266	100	%

The MIL Network –

May 14, 2025

MIL-OSI: The Keg Royalties Income Fund Announces Trustee Election Results for its 2025 Unitholder Meeting

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce that all of the nominees listed in its information circular dated March 31, 2025 were elected as trustees of the Fund at its annual meeting of unitholders held on May 13, 2025 (the “Meeting”). The results of the voting for each nominee are as follows:

Nominee Votes For Votes Withheld

No. % No. %

Christopher Charles Woodward 8,173,330 93.26 % 590,798 6.74 %

Tim Kerr 8,299,010 94.69 % 465,118 5.31 %

In addition, the Fund reports that the appointment of KPMG LLP as the Fund’s auditors for the 2025 fiscal year was passed by a majority of the votes represented at the Meeting.

About The Keg Royalties Income Fund

The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.

With approximately 10,000 employees, over 100 restaurants and annual system sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

The Trustees of the Fund have approved the contents of this press release.

The MIL Network –

May 14, 2025
MIL-OSI: Magnetic North Acquisition Corp. Announces Non-Brokered Private Placement of Up to CDN$500,000

Source: GlobeNewswire (MIL-OSI)

**Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws**

CALGARY, Alberta and TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) announces that it intends to complete a non-brokered private placement (the “Offering”) consisting of unsecured, interest-bearing promissory notes for gross proceeds of up to ‎CAD$500,000 (the “Offering”). Interest at ten percent (10.0%) plus, under certain circumstances, bonus interest will be payable on the Offering. The Term of the Offering will be sixty (60) days from date of Closing of each tranche. Each promissory note will have a face value of CAD$10,000.

Closing of the Offering is currently anticipated to occur in more than one tranche. The first tranche of the Offering is anticipated to close by or on May 15, 2025. A cash commission of up to seven percent (7.0%) is payable to qualified agents on the total amount raised by such agent.The Company intends to use the net proceeds from the Offering for general corporate purposes‎.

The Company and the investor(s) may mutually agree to repayment of the Offering in kind, i.e., payable in Series A Preferred shares of MNAC, listed under the symbol MNC.PR.A on the TSXV (the “Preferred Shares”), in whole or in part based on a per Preferred share price equal to the average price in the five (5) trading days immediately preceding the end of the Term.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedarplus.ca.

For Further Information, Please Contact:

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

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes the Company’s expected completion and timing of the Offering. There can be no assurance that the Offering will be completed as proposed or at all. The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company’s portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive. The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.

The MIL Network –

May 14, 2025

MIL-OSI: Carbon Streaming Announces Financial Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended March 31, 2025. All figures are expressed in United States dollars, unless otherwise indicated.

Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the first quarter of 2025, Carbon Streaming made significant progress in reducing costs and improving financial sustainability, while continuing to evaluate strategic alternatives. Ongoing operating expenses have decreased substantially compared to prior years, and by May 2025, the number of individuals at the Company receiving a full-time salary was reduced to three. While we continue to pursue cost reductions, our priority in 2025 is to maximize value from our existing portfolio while exploring all strategic options to enhance shareholder value. More specifically, we will evaluate potential acquisitions, divestments, corporate transactions, and strategic partnerships. Although the voluntary carbon market continues to face challenging conditions and broader economic uncertainties persist, we remain committed to adapting to market realities and identifying the best path forward for our shareholders. In line with this commitment to shareholders, we have recently filed a statement of claim against certain former executives, board members, consultants, and associated entities in order to hold the defendants to account for actions that have caused financial harm to the Company, as outlined in the lawsuit. And with respect to the Rimba Raya, Magdalena Bay, and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights — as we will with all our investments.”

Quarterly Highlights

Ended the year with $36.4 million in cash and no corporate debt. During the quarter, the Company converted $18.0 million in cash from US$ to C$ at an exchange rate of 1.42 C$ for every 1.00 US$. The Company continues to earn interest income on its cash.
Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 3 full-time employees by May 2025, resulting in significant savings in ongoing operating expenses. The Chief Executive Officer is not collecting a salary, the Chief Financial Officer is receiving a part-time salary, and the Company has eliminated cash-settled director’s fees to its board of directors (“Board”).
Recognized a net gain on revaluation of carbon credit streaming and royalty agreements of $49 thousand (net loss on revaluation of $33.1 million for Q1 2024). The net gain on revaluation for the current period was primarily related to changes to the risk-adjusted discount rate and accretion due to the passage of time.
Building on the success of the previously-announced ongoing corporate restructuring plan, the Company has significantly reduced ongoing operating expenses and is continuing to review its existing streams and royalties.
Generated $2 thousand in settlements from carbon credit streaming and royalty agreements (settlements of $406 thousand during Q1 2024).
Operating loss of $1.4 million (operating loss of $36.6 million in Q1 2024).
Recognized net loss of $0.8 million (net loss of $35.8 million in Q1 2024).
Adjusted net loss was $0.5 million (adjusted net loss of $1.6 million in Q1 2024) (see the “Non-IFRS Accounting Standards Measures” section of this news release).

Paid $164 thousand in upfront deposits for carbon credit streaming and royalty agreements (paid $400 thousand in upfront deposits in Q1 2024).
In April 2025, the Company announced that it had filed a lawsuit in the Ontario Superior Court of Justice against several former executives, directors, consultants, and associated entities. Please refer to the Company’s news release titled “Carbon Streaming Announces Filing of Claim Against Former Executives and Consultants” for further information.

Financial Highlights Summary

	Three months ended March 31, 2025			Three months ended March 31, 2024
Carbon credit streaming and royalty agreements
Revaluation of carbon credit streaming and royalty agreements	$	49		$	(33,136	)
Settlements from carbon credit streaming and royalty agreements¹		2			406
Other financial highlights
Other operating expenses		1,401			3,709
Operating loss		(1,351	)		(36,756	)
Net loss		(822	)		(35,771	)
Loss per share (Basis and Diluted) ($/share)		(0.02	)		(0.75	)
Adjusted net loss²		(508	)		(1,596	)
Adjusted net loss per share (Basic and Diluted) ($/share)²		(0.01	)		(0.03	)
Statement of financial position
Cash³		36,444			49,008
Carbon credit streaming and royalty agreements³		9,292			26,980
Total assets³		47,098			81,596
Non-current liabilities³		47			1,059

Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.

Portfolio Updates

Nalgonda Rice Farming Stream: The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.

Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.

Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream, and its fair value is $nil as of March 31, 2025.

Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.

Enfield Biochar Stream: In April 2025, Standard Biocarbon Corporation (“Standard Biocarbon”) successfully completed an equity financing resulting in a change of control. In connection with the financing, a new CEO has been appointed to lead Standard Biocarbon through project commissioning.

Strategy

Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company underwent changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.

The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.

Outlook

Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.

While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.

Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.

For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.

About Carbon Streaming

Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

ON BEHALF OF THE COMPANY:
Marin Katusa, Chief Executive Officer
Tel: 365.607.6095
info@carbonstreaming.com
www.carbonstreaming.com

Investor Relations
investors@carbonstreaming.com

Media
media@carbonstreaming.com

Non-IFRS Accounting Standards Measures

Adjusted Net Loss and Adjusted Loss Per Share

The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.

Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.

The following table reconciles net and comprehensive loss to adjusted net loss:

	Three months ended March 31, 2025			Three months ended March 31, 2024
Net loss and comprehensive loss	$	(822	)	$	(35,771	)
Adjustment for non-continuing or non-cash settled items:
Revaluation of carbon credit streaming and royalty agreements		(49	)		33,136
Revaluation of warrant liabilities		(114	)		(334	)
Litigation and corporate restructuring		477			1,373
Adjusted net loss		(508	)		(1,596	)
Loss per share (Basic and Diluted) ($/share)		(0.02	)		(0.75	)
Adjusted net loss per share (Basic and Diluted) ($/share)		(0.01	)		(0.03	)

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account. statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.

When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

The MIL Network –

May 14, 2025

MIL-OSI USA: Carbajal’s Bipartisan Bill to Reduce Wildfire Threat Passes House

Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

Today, U.S. Representative Salud Carbajal (D-CA-24) announced his bipartisan legislation to reduce wildfire risks passed the U.S. House of Representatives. Rep. Carbajal’sFire Safe Electrical Corridors Act would reduce the procedural steps needed for removing hazardous vegetation near power lines, cutting red tape to allow for a more streamlined process to combat wildfire risk.

U.S. Representatives David Valadao (R-CA-22), Jim Costa (D-CA-21), and Brian Fitzpatrick (R-PA-01) are co-sponsors of the legislation. U.S. Senators Alex Padilla (D-CA) and Steve Daines (R-MT) lead companion legislation in the Senate.

The Congressman spoke on the floor earlier today advocating for the passage of his bill. Watch the full speech here.

“The Western United States continues to experience catastrophic wildfires, and we need common-sense solutions that balance sustainable forest management practices with reducing wildfire risks,” said Rep. Carbajal. “My bipartisan bill strives to find this balance and is a common sense solution to protect our communities.”

“California is no stranger to destructive wildfires, and in the Central Valley, we live with the consequences,” said Rep. Valadao. “Far too often, bureaucratic red tape gets in the way of proper forest management, and it directly impacts air quality in the Valley. It shouldn’t be so hard to remove the dead trees we know make fires worse, and I’m glad to see this commonsense step toward reducing wildfire risk cross the finish line in the House.”

“As our communities continue to recover from devastating wildfires, the House took the right step by passing the Fire Safe Electrical Corridors Act to help prevent future disasters,” said Rep. Costa. “This legislation will cut red tape, streamline the removal of hazardous vegetation near power lines, and strengthen our infrastructure to better protect homes and businesses.”

“As Co-Chair of the Congressional Fire Services Caucus, I’ve worked to advance practical, prevention-first solutions to reduce wildfire risks. The House’s bipartisan passage of the Fire Safe Electrical Corridors Act is a meaningful step forward—cutting through red tape to allow for the safe removal of hazardous vegetation near power lines on federal lands. This commonsense measure will help protect lives, support our firefighters, and make our communities more resilient in the face of growing wildfire threats,” said Rep. Fitzpatrick.

“The catastrophic Southern California fires were a blaring warning call for smarter, proactive solutions to strengthen fire resilience across the country,” said Sen. Padilla. “Expediting the removal of hazardous fuels — like brush and other vegetation — near power lines is a commonsense, bipartisan solution to reduce the threats of catastrophic megafires that are devastating American communities. I am glad to see the House move our bipartisan bill forward and will continue exploring all avenues to keep California residents safe from the wildfire crisis.”

“Montanans are tired of breathing in smoke and this bill is a commonsense approach to addressing the root of the problem. I commend the House for passing this bipartisan legislation and thank Montana Representatives Ryan Zinke and Troy Downing for their support,” said Sen. Daines.

The legislation would allow the U.S. Forest Service or Bureau of Land Management to approve the removal of hazardous trees near power lines on federal land – including national forests like Los Padres National Forest – without requiring a timber sale, easing a serious threat that has in the past been a major cause of destructive wildfires.

Currently, utility companies are required to keep trees and branches away from powerlines on federal land. But fallen or dead trees cannot be cleared currently without a timber sale, creating an administrative step that can slow clearing of hazardous fuel and potential triggers for a wildfire on federal land.

The bill was adopted as an amendment to the bipartisan Fix Our Forests Act.

The bill was first introduced in 2023 with California Representatives Carbajal, Jim Costa (D-CA-21), and David Valadao (R-CA-22) leading in the House and U.S. Senators Dianne Feinstein and Alex Padilla leading in the Senate.

The bill was approved by the House Natural Resources Committee unanimously in September 2024.

MIL OSI USA News –

May 14, 2025

MIL-OSI: Condor Announces 2025 First Quarter Results and Purchase of Its First LNG Facility

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated

HIGHLIGHTS

Production in Uzbekistan for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024.
Uzbekistan natural gas and condensate sales for the first quarter of 2025 was $22.26 million, which is a 6% increase from sales of $20.93 million for the fourth quarter of 2024.
On May 6, 2025, the Company purchased a modular LNG facility (the “First Facility”) capable of producing 48,000 gallons (80 MT) of LNG per day with LNG production planned to commence in the second quarter of 2026.
On April 15, 2025, the Company secured its third natural gas allocation in Kazakhstan for LNG feed gas, a portion of which will be allocated to the First Facility.
On February 24, 2025, Condor was awarded a second critical minerals mining license in Kazakhstan for a 100% working interest in the exploration rights for mining solid minerals for a six-year term.
The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025 that will target multiple play types to further increase production rates.

MESSAGE FROM CONDOR’S CEO

Don Streu, President and CEO of Condor commented: ”We have continued to make significant progress in creating value from a diverse portfolio of first-mover energy initiatives which include our Uzbekistan producing gas fields, Kazakhstan modular LNG development and Kazakhstan critical minerals licenses.

In Uzbekistan, production and revenue growth of six percent quarter-on-quarter reflects the highly capital efficient and repeatable successes of applying Canadian technologies and learnings to increase natural gas production despite historical natural production declines that exceeded twenty percent annually. Production will be further increased by a vertical, horizontal and multi-lateral well drilling campaign that is scheduled to commence in the third quarter of 2025.

In Kazakhstan, the purchase of our first modular LNG facility will enable us to initiate Central Asia’s first LNG production by the second quarter of 2026. The three LNG feed gas allocations that Condor has secured thus far will allow us to fabricate and operate several additional LNG facilities to ensure sustainable cash flow growth. These facilities are critical to supporting the fuel needs of Kazakhstan’s rapidly expanding transportation networks.

Also in Kazakhstan, Condor has now been awarded two critical minerals licenses which grant us subsurface exploration rights for solid minerals, including lithium and copper, and these concessions are located in very close proximity to some of the world’s largest mining companies that are actively exploring in the region.

Condor has truly assembled a diverse portfolio with a strong foundation for cashflow growth that we are now actively developing to realize material value”.

Production in Uzbekistan

The Company operates under a production enhancement services contract with JSC Uzbekneftegaz in Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the “PEC Project”). Production for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024. Since assuming operations in March 2024, the Company has flattened the natural production decline rates, which previously exceeded twenty percent annually.

The Company’s multi-well workover campaign continued during the first quarter of 2025 within the eight gas fields. The highly capital efficient workover activities include perforating newly identified pay intervals, installing proven artificial lift equipment, performing downhole stimulation treatments, and installing new production tubing. Three recent workovers generated a combined production increase of 1,950 boe/d, based upon initial seven-day production rates.

The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in the third quarter of 2025 that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. Wells are planned to be completed with modern stimulation techniques to further increase production rates.

In the fourth quarter of 2024, the Company commissioned Uzbekistan’s first in-field flowline water separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This reduces pipeline flow pressure that can lead to higher reservoir flow rates. Three additional separation units have since been installed and are being commissioned. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks.

LNG in Kazakhstan

Condor is constructing Kazakhstan’s first LNG facilities to produce, distribute, and sell LNG to offset industrial diesel usage in the country. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other countries.

In May 2025, the Company purchased a modular LNG facility (the “First Facility”) for its Saryozek plant site, capable of producing 48,000 gallons (80 MT) of LNG per day. The purchase price of USD $6.5 million (CAD $9.3 million) is due as to USD $1.6 million (CAD $2.3 million) within ten business days and the remaining payments are due in a combination of time and milestone-based instalments until the First Facility is commissioned. Construction of the First Facility is ongoing, and fabrication works are expected to be completed in the fourth quarter of 2025. The First Facility and supporting equipment will then be shipped to Saryozek, Kazakhstan for assembly and commissioning with LNG production expected in the second quarter of 2026. The estimated additional cost to complete the First Facility construction and commissioning is USD $18.6 million (CAD $26.7 million). The Company is finalizing LNG off-taker agreements and advancing several financing solutions for the First Facility.

In April 2025, the Company secured its third natural gas allocation that will provide LNG feed gas for the First Facility. Two additional 48,000 gallon modular LNG facilities are planned to be constructed at the First Facility site to fully utilize the third natural gas allocation.

Concurrently, engineering design continues for additional modular LNG facilities that will utilize the two other existing natural gas allocations for the Alga and Kuryk sites. The final investment decision for the first Alga site LNG facility is planned for the fourth quarter of 2025 with Alga LNG production of 100,000 gallons (168 MT) of LNG per day planned to commence in the second quarter of 2027. Timing for the first Kuryk site LNG facility, which is targeting 125,000 gallons (210 MT) of LNG per day, is being evaluated. Based on the Company’s three feed gas allocations, the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO₂ emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually.

Condor’s modular LNG facilities will be instrumental to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route (“TITR”) expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and Kazakhstan’s national railroad are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.

Critical Minerals Licenses in Kazakhstan

The Company holds a 100% working interest in two contiguous critical minerals mining licenses which provide subsurface exploration rights for solid minerals, including lithium and copper, for respective six-year terms. The 37,300- hectare Sayakbay license was awarded in July 2023 and the nearby 6,800-hectare Kolkuduk license was awarded in February 2025.

A prior well drilled in the Kolkuduk license territory for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1,000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. At Sayakbay, a prior legacy well drilled for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Other critical minerals identified at the Kolkuduk and Sayakbay licenses include rubidium, strontium and cesium.

The Company is not treating these historical estimates as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in either area being delineated as a mineral resource or reserve. The historical lithium concentration estimates should not be relied upon as indicative of the actual lithium concentration or the likelihood that the Company will be able to achieve similar production results.

The initial development plan for Sayakbay includes drilling and testing two wells to verify deliverability rates, confirming the lateral extension and concentrations of lithium in the tested and untested intervals, conducting preliminary engineering for the production facilities, and preparing a mineral resource or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The initial development plan for the Kolkuduk license acquired in February 2025 has yet to be determined.

RESULTS OF OPERATIONS

Production – Uzbekistan
Total Production	Three months ended March 31, 2025		One month ended March 31, 2024*	Change Volume
Natural gas (Mcf)	5,842,516		2,027,905	3,814,611
Natural gas (boe)	973,753		337,984	635,769
Condensate (barrels)	32,443		8,190	24,253
Total (boe)	1,006,196		346,174	660,022


Per Unit Production	Three months ended March 31, 2025	One month ended March 31, 2024*		Change %
Natural gas (Mcf/d)	64,917	65,416		(0.8	%)
Natural gas (boe/d)	10,819	10,903		(0.8	%)
Condensate (bopd)	360	264		36.4	%
Total (boe/d)	11,179	11,167		0.1	%

^{* Production commenced on March 1, 2024. Production volumes and per unit calculations stated in Mcf/d, boe/d and bopd for 2024 are for 31 days.}

Operating Netback for Uzbekistan

Operating netback for Natural Gas ¹^,2	Natural Gas
Operating netback for Natural Gas ¹^,2	Q1 2025		Q1 2024
Sales ($000’s)	19,982		6,566
Royalties ($000’s)	(3,661	)	(1,203	)
Production costs ($000’s)	(8,692	)	(2,288	)
Transportation and selling ($000’s)	(690	)	(228	)
Operating netback ($000’s)¹^,2	6,939		2,847

Sales volume (Mcf)	5,462,313		1,888,789

Sales ($/Mcf)	3.66		3.48
Royalties ($/Mcf)	(0.67	)	(0.64	)
Production costs ($/Mcf)	(1.59	)	(1.21	)
Transportation and selling ($/Mcf)	(0.13	)	(0.12	)
Operating netback ($/Mcf)¹^,2	1.27		1.51

Operating netback for Condensate ¹^,2	Condensate
Operating netback for Condensate ¹^,2	Q1 2025		Q1 2024
Sales ($000’s)	2,280		646
Royalties ($000’s)	(451	)	(128	)
Production costs ($000’s)	(215	)	(37	)
Transportation and selling ($000’s)	(12	)	(3	)
Operating netback ($000’s)¹^,2	1,602		478

Sales volume (bbl)	32,317		8,187

Sales ($/bbl)	70.57		78.91
Royalties ($/bbl)	(13.96	)	(15.63	)
Production costs ($/bbl)	(6.65	)	(4.52	)
Transportation and selling ($/bbl)	(0.39	)	(0.37	)
Operating netback ($/bbl)¹^,2	49.57		58.39

¹^{Operating netback is a non-GAAP measure and is a term with no standardized meaning as prescribed by GAAP and may}^not^{be comparable with similar measures presented by other issuers. See “Non-GAAP Financial Measures” in this}^{news release}^{. The}^{calculation of operating netback is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook.}
²^{Amounts and per unit measures are only presented for the Uzbekistan segment.}

NON-GAAP FINANCIAL MEASURES

The Company refers to “operating netback” in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Operating netback is calculated as sales less royalties, production costs and transportation and selling on a dollar basis and divided by the sales volume for the period on a per Mcf basis for natural gas and per boe basis for condensate. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operating performance against prior periods on a comparable basis and has been presented to provide an additional measure to analyze the Company’s sales on a per unit basis and the Company’s ability to generate funds.

BARRELS OF OIL EQUIVALENT ADVISORY

References herein to barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mcf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “expect”, “plan”, “estimate”, “may”, “will”, “should”, “could”, “would”, “ongoing”, “project”, “expect”, “intend”, “seek”, “future”, “forecast”, “continue”, or other similar wording. Forward-looking information in this MD&A includes, but is not limited to, information concerning: the timing and ability to execute the Company’s growth and sustainability strategies including the financing for these growth and sustainability strategies; the timing and ability of the Company to finalize a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025; the timing and ability of the Company to complete a multi-well drilling program in Uzbekistan with modern stimulation techniques and further increase production rates; the timing and ability to approve the final investment decision for the first Alga LNG facility during the fourth quarter of 2025; the Company’s expectation that Alga LNG production will commence in the second quarter of 2027; the Company’s expectation that the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually; the timing and ability of the Company to operate and increase production and overall recovery rates at eight gas fields in Uzbekistan; the timing and ability to deliver repeatable, capital efficient production gains from future workovers; the timing and ability of the Company to increase the number of in-field flowline water separation systems; the timing and ability to realize multiple revenue streams that remain robust across varying economic conditions and geo-political priorities; the timing and ability to increase production by implementing artificial lift, workover and drilling programs; the timing and ability to reprocess 3-D seismic data and conduct a 3-D seismic program; the timing and ability for the 3D seismic data to provide higher resolutions, more accurately characterize the reservoirs and identify new targets; the timing and ability of the Company to evaluate existing pipeline and facilities infrastructure for optimization of water handling, field compression and the in-field gathering network; the timing and ability to use the two natural gas allocations for the Alga and Kuryk sites as feed gas for the Company’s planned modular LNG production facilities; the timing and ability to liquefy natural gas to produce LNG; the timing and ability to conduct detailed engineering; the timing and ability to confirm LNG volume commitments with end-users; the Company’s expectations in respect of the future uses of LNG; the timing and ability to acquire, transport and construct modular LNG production facilities; the timing and ability to obtain funding and proceed with construction of modular LNG production facilities; the timing and ability of the Company to commission the First Facility during the second quarter of 2026; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to finalize LNG off-taker agreements for the First Facility; the timing and ability of the Company to construct two additional modular LNG facilities capable of producing 48,000 gallons (80 MT) of LNG per day at the First Facility site; the potential for the Sayakbay and Kolkuduk licenses to contain commercial deposits; the timing and ability of the Company to fund, permit and complete planned activities at Sayakbay including drilling two additional wells and conducting preliminary engineering for the production facilities; the timing and ability to optimize the planned method for direct lithium extraction; the timing and ability of the Company to generate a report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects; the timing and ability to commence exploration mining activities to evaluate the potential for commercial lithium brine deposits; projections and timing with respect to natural gas and condensate production; expected markets, prices and costs for future natural gas and condensate sales; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the timing and ability to access natural gas pipelines; the timing and ability to access domestic and export sales markets; anticipated capital expenditures; forecasted capital and operating budgets and cashflows; anticipated working capital; sources and availability of financing for potential budgeting shortfalls; the timing and ability to obtain future funding on favourable terms, if at all; the potential for additional contractual work commitments to be significant; the ability to satisfy and fund the contractual work commitments; projections relating to the adequacy of the Company’s provision for taxes; the expected reporting impacts of adopting amendments to IFRS accounting policies; and treatment under governmental regulatory regimes and tax laws.

This news release also includes forward-looking information regarding health risk management including, but not limited to: travel restrictions including shelter in place orders, curfews and lockdowns which may impact the timing and ability of Company personnel, suppliers and contractors to travel internationally, travel domestically and to access or deliver services, goods and equipment to the fields of operation; the risk of shutting in or reducing production due to travel restrictions, Government orders, crew illness, and the availability of goods, works and essential services for the fields of operations; decreases in the demand for oil and gas; decreases in the prices of natural gas, condensate and crude oil; potential for gas pipeline or sales market interruptions; the risk of changes to foreign currency controls, availability of foreign currencies, availability of hard currency, and currency controls or banking restrictions which restrict or prevent the repatriation of funds from or to foreign jurisdiction in which the Company operates; the Company’s financial condition, results of operations and cash flows; access to capital and borrowings to fund operations and new business projects on terms acceptable to the Company; the timing and ability to meet financial and other reporting deadlines; and the inherent increased risk of information technology failures and cyber-attacks.

By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs, support services, and off-taker agreements in a timely manner; the engineering design and final investment decisions for additional LNG facilities will proceed as planned; the Government of Kazakhstan will continue to invest in infrastructure supporting the TITR expansion; additional drilling and testing will be successful in verifying deliverability rates and confirming mineral concentrations; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other arrangements; the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes; the timing of regulatory approvals; the risk that actual minimum work programs will exceed the initially estimated amounts; the results of exploration and development drilling and related activities; the risk that prior lithium testing results may not be indicative of future testing results or actual results; imprecision of reserves estimates and ultimate recovery of reserves; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; general economic, market and business conditions; industry capacity; uncertainty related to marketing and transportation; competitive action by other companies; fluctuations in oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility that government approvals may be delayed or withheld; changes in environmental and other regulations; risks associated with oil and gas operations, both domestic and international; international political events; and other factors, many of which are beyond the control of Condor.

These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent Annual Information Form, which may be accessed through the SEDAR+ website (www.sedarplus.ca).

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

ABBREVIATIONS

The following is a summary of abbreviations used in this news release:

3-D		Three dimensional
Mcf		Thousands of standard cubic feet
Mcf/d		Thousands of standard cubic feet per day
MMcf		Millions of standard cubic feet
bbl		Barrels of oil
bopd		Barrels of oil per day
boe		Barrels of oil equivalent
boe/d		Barrels of oil equivalent per day
MT		Metric tonnes
LNG		Liquefied Natural Gas
EV		Electric Vehicle
Kazakhstan		Republic of Kazakhstan
Uzbekistan		Republic of Uzbekistan

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

The MIL Network –

May 14, 2025

MIL-OSI: Innventure, Inc. to Announce First Quarter 2025 Results on May 15, 2025

Source: GlobeNewswire (MIL-OSI)

ORLANDO, Fla., May 13, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced it will release its first quarter 2025 financial results after market close on Thursday, May 15, 2025. Management will host a conference call on the day of the release (May 15, 2025) at 5:00 pm ET to discuss the results.

The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via this link.

Parties interested in joining via teleconference can register using this link: https://register-conf.media-server.com/register/BI8dd995c128724703b3974b5af278bf27

After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.

About Innventure
Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

Media Contact: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com

Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
investorrelations@innventure.com

The MIL Network –

May 14, 2025
MIL-OSI Submissions: Africa – Morocco’s Ambassador Visits Edinburgh to Spark Energy and Agriculture Partnerships

SOURCE: Scottish Africa Business Association (SABA)

The Ambassador’s visit will include meetings with key stakeholders from government, industry and academia, as well as a number of roundtables and site visits with Scottish businesses eager to explore opportunities in Morocco

ABERDEEN, Scotland, May 13, 2025 – The Scottish Africa Business Association (SABA) (www.AfricaScot.com) is delighted to announce the forthcoming visit of His Excellency Hakim Hajoui, the Ambassador of the Kingdom of Morocco to the United Kingdom, to Scotland. This high-level visit will focus on strengthening partnerships between Scotland and Morocco across the energy, renewable energy and agriculture sectors.

The Ambassador’s visit will include meetings with key stakeholders from government, industry and academia, as well as a number of roundtables and site visits with Scottish businesses eager to explore opportunities in Morocco – one of Africa’s most dynamic and forward-looking economies.

Morocco has established itself as a renewable energy leader in Africa, with a goal of sourcing over 50% of its electricity from renewables by 2030. Major investment opportunities exist in solar, wind, green hydrogen and grid infrastructure. The country is also undertaking significant modernisation of its agriculture sector, with a focus on sustainable farming, water management, and agri-tech innovation — all areas where Scottish companies and research institutions have exceptional capabilities.

Education and skills training will also be a key focus of the visit, as both Scotland and Morocco recognise the importance of developing human capital to drive forward innovation and economic growth. Scottish universities and training institutions have a long history of providing world-class education, and through new partnerships, there is a real opportunity to support Morocco’s workforce development in line with its evolving industrial needs.

Seona Shand, Chief Operating Officer of the Scottish Africa Business Association, said: “We are thrilled to welcome the Ambassador of Morocco to Scotland. This visit comes at a pivotal time as Morocco accelerates its ambitious green energy transition and advances major agricultural reforms. Scotland’s world-class expertise in renewable energy, offshore wind, green hydrogen and agricultural innovation is a perfect match for Morocco’s ambitions. We see enormous opportunities for Scottish businesses to partner with Moroccan counterparts, share know-how and co-create solutions that will benefit both nations.”

The visit will serve as a catalyst for building new partnerships, enhancing trade and investment and cultivating knowledge exchange between Scotland and Morocco.

Companies can register to attend at https://apo-opa.co/456agPk
Distributed by APO Group on behalf of Scottish Africa Business Association (SABA).

About the Scottish Africa Business Association (SABA):
SABA is the preeminent non-political, Africa focussed, members trade organisation with an unrivalled board of experienced directors which promotes trade, investment and knowledge sharing between Scotland’s world class expertise and Africa’s priority sectors including energy, agriculture, the blue economy, healthcare, skills training and education by leveraging extensive commercial, trade, political and government contacts across Scotland and Africa.

As part of this, our team organises private meetings, round tables, seminars, conferences, global trade missions and offers market research, intelligence sharing and consultancy services.

MIL OSI – Submitted News –

May 14, 2025
MIL-OSI Submissions: Africa – Largest number ever of around 200 Japanese companies to participate in the Tokyo International Conference on African Development (TICAD) Business Expo & Conference

SOURCE: Japan External Trade Organization (JETRO)

Seeking opportunities in African markets with diverse business contents

TOKYO, Japan, May 13, 2025 – Japan External Trade Organization (JETRO; Chairman and CEO: ISHIGURO Norihiko; Headquarters: Minato-ku, Tokyo) (www.JETRO.go.jp) is pleased to announce that it will host the TICAD Business Expo & Conference from 20 to 22 August 2025, as one of the Thematic Events of the Ninth Tokyo International Conference on African Development (TICAD9).

This event will comprise four zones – Japan Fair, Africa Lounge, Event Stage, and Thematic Exhibitions – bringing together diverse content in one venue in a new style of event organisation. A total of 196 Japanese companies and organisations (including 107 small and medium enterprises (SMEs)) will be participating in Japan Fair, the largest number ever, making the TICAD business Expo & Conference the largest-ever Africa-related event to be organised by JETRO.

Download Exhibitor List: https://apo-opa.co/3F6KiAM

TICAD9 will be held in Yokohama, Kanagawa Prefecture from 20 to 22 August 2025, led by the Government of Japan and co-hosted by United Nations, United Nations Development Programme (UNDP), African Union Commission (AUC) and World Bank. In conjunction with TICAD9, JETRO has planned the TICAD Business Expo & Conference as a new style of business events that brings together diverse exhibits and opportunities for interaction. In order to support the proactive initiatives of Japanese companies to grasp expanding business opportunities in the African market, JETRO has updated its event model from a conventional exhibition to provide a more practical venue for business exchanges.

Japan Fair aims to create new business opportunities in the African market by introducing excellent products, technologies, and the services of Japanese companies to government officials and business leaders visiting Japan from African countries. The exhibition is comprised of eight thematic zones, based on the African Union’s Agenda 2063, including “Infrastructure,” “Health and Sanitation Improvement,” and “Food Value Chain.” A totally new addition for TICAD9 will be a “Pop Culture” zone.

Africa Lounge will feature the presentation of investment and business information from African governments for Japanese businesspeople interested in doing business in Africa.

The Event Stage will feature seminars based on business themes and thematic panel discussions by Japanese companies. JETRO is also planning panel discussions that bring together key persons from the African business community, as well as other pop culture and innovation-themed events.

At the Thematic Exhibitions JETRO will be showcasing the two themes of “Pop Culture” and “Innovation.” The Pop Culture exhibition will highlight the potential for business development utilising content originating from Japan, and the Innovation exhibition will introduce groundbreaking ideas and technology that promise to open up a new future for Africa and Japan.

In addition to the record number of exhibiting companies and organisations at Japan Fair, the TICAD Business Expo & Conference will incorporate new approaches to exhibitions and planning, including pop culture and innovation, seeking to invigorate business exchanges with Africa in new and unprecedented ways. The event will bring together diverse stakeholders from Japan and Africa and is expected to create new partnerships and business matching opportunities.

JETRO will use this event as an opportunity to continue to support Japanese companies in raising their visibility and expanding their businesses in the African market.

Overview

TICAD9

Name: Ninth Tokyo International Conference on African Development (TICAD9)
Date: Wednesday 20 – Friday 22 August 2025
Organiser: Led by the Government of Japan, and co-hosted by the United Nations, United Nations Development Programme (UNDP), African Union Commission, and the World Bank
Location: Yokohama, Kanagawa Prefecture
Official website: (English) https://apo-opa.co/4meBrh8
(Japanese) https://apo-opa.co/4jSsIzF

TICAD Business Expo & Conference

Date: Wednesday 20 – Friday 22 August 2025
Organiser/Co-Organiser: JETRO, Japan Business Council for Africa (JBCA)
Supported by: Ministry of Economy, Trade and Industry, Ministry of Foreign Affairs
Venue: Pacific Yokohama, Hall B & C (Minato-Mirai 1-1-1, Nishi-ku, Yokohama, Kanagawa 220-0012)
Total area: 10,000 m2
Zones: Japan Fair, Africa Lounge, Event Stage, Thematic Exhibitions

About Japan Fair

Expected exhibitors: 196 companies and organisations (as of May 13) (excluding duplicates) (including in-booth exhibits)

*Of the above number, 107 participants are SMEs

*Participants from 30 Japanese prefectures.
Yamagata (1), Fukushima (1), Ibaraki (1), Gunma (1), Saitama (2), Chiba (2), Tokyo (111), Kanagawa (18), Niigata (1), Ishikawa (2), Yamanashi (1), Nagano (6), Gifu (1), Shizuoka (2), Aichi (6), Shiga (1), Kyoto (7), Osaka (15), Hyogo (13), Nara (1), Okayama (1), Hiroshima (2), Tokushima (1), Kagawa (2), Ehime (2), Fukuoka (1), Saga (1), Kumamoto (2), Miyazaki (1), Okinawa (2). (Figures in parenthesis indicate number of companies/organisations. Includes companies/organisations with more than one location.)

*Number of participants by zone:
Japanese Companies Driving Growth in Africa: 63
Transforming Infrastructure: 55
Advancing Healthcare and Sanitation Standards: 24
Food Value Chain: 23
Skills for the Future: 14
Climate Solutions: 14
Sustainable Urban Development Solutions: 3
Pop Culture: 2

Overview and outcomes of Japan-Africa Business Expo held at TICAD7 in 2019

Date: 28-30 August 2019
Total area: 6,700 m2
No. of visitors: Approx. 21,000
No. of Japan Fair exhibitors: 156 companies/organisations (including 81 SMEs)
No. of exhibiting countries in Africa Lounge: 45

Attachment

List of expected participating companies/organisations

About JETRO:
JETRO is a policy implementation organisation that aims to contribute to the further development of Japan’s economy and society through trade and investment promotion and research on developing countries. With an international and domestic network comprising over 70 overseas offices and approximately 50 domestic operating hubs, including Tokyo Headquarters, JETRO Osaka, the Institute of Developing Economies (IDE) and regional offices, JETRO contributes to Japan’s corporate activities and trade policy through surveys and studies, working agilely and efficiently to support the creation of innovation, exports of agricultural, forestry, and fishery products and foodstuffs, and the overseas expansion of Japanese enterprises.

MIL OSI – Submitted News –

May 14, 2025
MIL-OSI Submissions: Africa – Speak Up Africa galvanizes private sector engagement to accelerate malaria-elimination efforts in Africa

SOURCE: Speak Up Africa

The agreement builds on a five-year collaboration between Speak Up Africa and Canal+ Group, which has contributed more than $1.5 million in airtime and in-kind support

ABIDJAN, Ivory Coast, May 13, 2025/ — On the sidelines of the Africa CEO Forum, Speak Up Africa (www.SpeakUpAfrica.org), in collaboration with the RBM Partnership to End Malaria, the African Leaders Malaria Alliance (ALMA), and Malaria No More UK, launched the Francophone chapter of the Change the Story campaign and unveiled a new report, Change the Story, Save Lives: The Private Sector’s Role in Ending Malaria.

The campaign aims to amplify the voices of women and girls and mobilize the African private sector to accelerate malaria elimination. With the upcoming Global Fund 8th Replenishment and rising funding gaps, 2025 represents a critical moment to unlock new resources and scale up impact.

“This is your moment to co-invest for impact, because when Africa’s private sector leads, the world pays attention,” said Dr. Michael Adekunle Charles, CEO of the RBM Partnership to End Malaria. “The Global Fund has saved millions of lives and strengthened health systems. Your investments now can safeguard both economic resilience and public health.”

The accompanying report calls on businesses to:

Provide direct or in-kind support to national malaria control efforts

Channel resources into the Global Fund’s 8th Replenishment

Join End Malaria Councils to drive multisectoral advocacy and resource mobilization

Invest in the new Voix EssentiELLEs Fund for Malaria Elimination, focused on women-led, community-driven efforts.

Africa’s fight against malaria needs to be bold and the private sector is a vital partner in that mission.” said Joy Phumaphi, Executive Secretary of ALMA and Board Chair of the RBM Partnership to End Malaria “By joining End Malaria Councils and Funds and investing in community-led solutions, companies can unlock the innovations and resources needed to deliver impact, protect lives, power economies, and achieve a malaria-free future.”

Launched during the event, the Voix EssentiELLEs Fund for Malaria Elimination aims to mobilize $4 million by 2030 to support flexible malaria funding for women and girls, and regional advocacy aligned with national priorities.

“To avoid losing years of progress in the fight against malaria, securing new and diversified sources of funding is urgent,” said Pierre N’gou Dimba, Minister of Health, Public Hygiene and Universal Health Coverage of Côte d’Ivoire. “The private sector has a direct stake in malaria elimination. Healthy communities lead to thriving economies.”

Women and girls continue to carry the greatest burden of malaria, yet remain underrepresented in decision-making and funding. “Investing in women and girls accelerates development. Women leaders strengthen communities, drive innovation, and help lift families out of poverty. And we know that for every $1 invested in malaria control, we gain up to $60 in economic returns. Malaria-free communities are not just healthier, they are more resilient, productive, and profitable” said Yacine Djibo, Executive Director of Speak Up Africa.

A 2024 study found that reducing malaria incidence by 90% by 2030 could boost the continent’s GDP by $126.9 billion. Malaria is not just a health issue, it is an economic barrier that weakens productivity, drives household spending, and constrains growth.

As part of Speak Up Africa’s ongoing work with the private sector, the organization signed a Memorandum of Understanding with Canal+ Côte d’Ivoire and the National Malaria Control Program. The agreement builds on a five-year collaboration between Speak Up Africa and Canal+ Group, which has contributed more than $1.5 million in airtime and in-kind support.

“Through our platform, we are proud to drive awareness and contribute to the fight against malaria,” said Adama Koné, Director General of Canal+ Côte d’Ivoire. “Together with Speak Up Africa and their partners, we are committed to changing the story to end malaria in Africa.”

Download (apo-opa.co/44Dl9bq) the ‘Change the Story, Save Lives: The private sector’s role in ending malaria’ Report (https://apo-opa.co/3EZagGp).

Media Contact:
Maelle Ba
maelle.ba@speakupafrica.org

Speak Up Africa:
Speak Up Africa is an African-led, Senegal-based organization dedicated to building an Africa where growth and sustainable development are driven by Africa’s own citizens. Speak Up Africa convenes, enables and advocates. Focusing on strategic communications and advocacy, the organization is dedicated to supporting African leaders and citizens to take an active role in identifying and developing solutions to tackle the challenges facing the African continent — including malaria, NTDs, immunization, sanitation, gender equality and global health research and development. From its strategic base in Dakar, Senegal, the Speak Up Africa team partners with African leaders and change-makers to put in place the right policies and secure sufficient resources to achieve our sustainable development goals and the African Union’s Agenda 2063.

MIL OSI – Submitted News –

May 14, 2025

Nominee	Votes For			Votes Withheld
Nominee	No.	%		No.	%
Christopher Charles Woodward	8,173,330	93.26	%	590,798	6.74	%
Tim Kerr	8,299,010	94.69	%	465,118	5.31	%

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