Category: Canada

MIL-OSI Security: Two Foreign Nationals Arrested in Vermont Border-Crossing Event

Source: Office of United States Attorneys

Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that on May 13, 2025, Emmanuel Pierre Andre Irene, 26, and Erika Brezault, 23, citizens of Haiti, were arrested by the United States Border Patrol in the town of Troy, Vermont. Both were charged by criminal complaints—Irene with illegally entering the United States as an alien, and Brezault with transporting Irene in furtherance of his illegal entry. Irene and Brezault both appeared on May 14, 2025, before United States Magistrate Judge Kevin J. Doyle, who ordered that Brezault be released on conditions of pretrial supervision pending further proceedings. Judge Doyle accepted Irene’s plea of guilty to illegal entry and sentenced Irene to a time-served sentence.

According to court records, around 1:00 am on May 13, 2025, one individual was observed walking south in Canada on a road that reaches the United States border; later, at approximately 3:30 am, one individual was observed walking south in the United States in an area close to that Canadian road, approximately a half-mile south of the international border. U.S. Border Patrol agents and Homeland Security Investigations (HSI) agents responded to the scene to search for the suspected illegal entrant in the area of Mud Creek, approximately two miles east of the village of North Troy, Vermont. At approximately 9:23 am, an HSI agent made contact with a Massachusetts-plated vehicle that had been pulled over to the side of Bear Mountain Road, and he spoke with the two occupants. The driver was later identified as Brezault, and the passenger was later identified as Irene. They told the agent they were from Haiti and were now living in Worchester, Massachusetts. A uniformed Border Patrol agent joined the HSI agent, and they spoke with Brezault and Irene, who both claimed to have Temporary Protected Status in the United States. After an agent pointed out Irene’s wet, muddy clothing and informing them of the camera images of the male subject approaching and then being south of the international border, Irene admitted to entering the United States from Canada by walking through the woods. Brezault also admitted to picking up Irene after he crossed into the United States. Both defendants were detained and later charged with the respective offenses.

The United States Attorney’s Office emphasizes that the complaint contains allegations only and that Brezault is presumed innocent until and unless proven guilty. Brezault faces up to five years’ imprisonment if convicted. The actual sentence, however, would be determined by the District Court with guidance from the advisory United States Sentencing Guidelines and the statutory sentencing factors.

Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol and Homeland Security Investigations.

The prosecutor is Assistant United States Attorney Matthew Lasher. Brezault is represented by Assistant Federal Public Defender Emily Kenyon, and Irene was represented by Karen Shingler, Esq.

This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

MIL Security OSI –

May 16, 2025
MIL-OSI: Peyto Exploration & Development Corp. Confirms Monthly Dividend for June 13, 2025

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto”) confirms that the monthly dividend with respect to May 2025 of $0.11 per common share is to be paid on June 13, 2025, for shareholders of record on May 31, 2025.

Dividends paid by Peyto to Canadian residents are eligible dividends for Canadian income tax purposes.

Shareholders and interested investors are encouraged to visit the Peyto website at www.peyto.com to learn more about what makes Peyto one of North America’s most exciting energy companies. The website also includes a monthly report, which discusses various topics chosen by the President and CEO and includes estimates of monthly capital expenditures and production. For further information please contact:

Jean-Paul Lachance
President and Chief Executive Officer
Phone: (403) 261-6081
Fax: (403) 451-4100
info@peyto.com

Certain information set forth in this document, including management’s assessment of Peyto’s future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties’ control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. 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 that Peyto will derive therefrom. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

The MIL Network –

May 16, 2025

MIL-OSI: Precision Drilling Corporation Announces Voting Results from the 2025 Annual and Special Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Precision Drilling Corporation (Precision or the Company) is pleased to announce the results of the election of board members at its 2025 Annual and Special Meeting of Shareholders held on May 15, 2025 (the Annual Meeting). Shareholders approved the election of all eight (seven of whom are independent) of the nominee directors presented in the Company’s Management Information Circular (the Circular), dated April 2, 2025.

The shares represented at the Annual Meeting voting in favour of individual nominee directors are as follows:

Nominee	# Votes For	% Votes For	# Votes Withheld	% Votes Withheld
William T. Donovan	6,024,596	97.27%	169,249	2.73%
Steven W. Krablin	5,860,994	94.63%	332,851	5.37%
Lori A. Lancaster	6,108,219	98.62%	85,626	1.38%
Susan M. MacKenzie	6,079,078	98.15%	114,767	1.85%
Kevin O. Meyers	6,022,290	97.23%	171,555	2.77%
David W. Williams	6,109,239	98.63%	84,606	1.37%
Alice L. Wong	6,088,633	98.30%	105,212	1.70%
Kevin A. Neveu	6,082,655	98.20%	111,190	1.80%

All other items of business set forth in the Circular and considered at the Annual Meeting passed, including the non-binding advisory vote on the Corporation’s approach to executive compensation.

The full results on all matters voted upon at the Annual Meeting will be filed on SEDAR (www.sedarplus.ca) and EDGAR (www.sec.gov).

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For more information about Precision, please visit our website at www.precisiondrilling.com or contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

May 16, 2025

MIL-OSI: Global Diagnostics Leader Selects Kneat

Source: GlobeNewswire (MIL-OSI)

LIMERICK, Ireland, May 15, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTCQC: KSIOF), a leader in digitizing and automating validation and quality processes, is pleased to announce that a manufacturer of clinical diagnostics for the healthcare industry (“the Company”) has signed a three-year Master Services Agreement with Kneat.

The Company, which is headquartered in the United States, operates in more than 40 countries and employs over 14,000 people, provides a comprehensive range of clinical diagnostics and biomedical testing for the healthcare industry. Its diagnostic solutions are used by hospitals, laboratories and physicians’ offices around the world for routine and complex clinical testing. As a division of a larger life sciences organization with more than 60,000 employees, the Company will use Kneat Gx initially to digitize its equipment validation process.

“The quality of our platform, its maturity in the market and the expertise and commitment of our team enabled this win,” said Eddie Ryan, Kneat’s CEO. “Adopting Kneat is another step in this customer’s longstanding commitment to continuous improvement. We look forward to working with them to deliver the efficiency and compliance benefits that characterize Kneat.”

As the many segments of life sciences seek to improve quality, compliance and speed to market, more and more companies are shifting from a manual, paper-based validation process to one that is streamlined and harmonized through digitalization.

About Kneat

Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

Cautionary and Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, and the compliance of Kneat’s platform under regulatory audit and inspection. While such forward-looking statements are expressed by Kneat, as stated in this release, in good faith and believed by Kneat to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties.

Kneat does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

For more information visit www.kneat.com.

For further information:

Katie Keita, Kneat Investor Relations
P: + 1 902-450-2660
E: investors@kneat.com

The MIL Network –

May 16, 2025

MIL-OSI: South Bow Reports First-quarter 2025 Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its first-quarter 2025 financial and operational results and provides an update on its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

Highlights

Safety and operational performance

Recorded first-quarter 2025 throughput of approximately 613,000 barrels per day (bbl/d) on the Keystone Pipeline, with a System Operating Factor (SOF) of 98%, and approximately 726,000 bbl/d on the U.S. Gulf Coast segment of the Keystone Pipeline System.
Demonstrated strong project execution, completing construction of the Blackrod Connection Project’s 25-km crude oil and natural gas pipeline segments while achieving excellent safety performance. South Bow remains on schedule to complete the facility work and be ready for in-service in early 2026, with associated cash flows expected to increase through 2027.
Subsequent to period end, responded to an oil release at Milepost 171 (MP-171) of the Keystone Pipeline near Fort Ransom, N.D., on April 8, 2025. With approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA), South Bow safely restarted the pipeline late on April 15, 2025 with certain operating pressure restrictions. See “Milepost 171 incident” of this news release.

Financial performance

Demonstrated financial resilience despite significant market volatility, owing to the Company’s highly contracted assets.
- Generated revenue of $498 million and net income of $88 million ($0.42/share).
- Recorded normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA)¹ of $266 million. Lower demand for uncommitted capacity on South Bow’s pipeline systems resulted in an 8% decrease in normalized EBITDA from the fourth quarter of 2024.
- Delivered distributable cash flow¹ of $151 million.
Maintained total long-term debt and net debt¹ outstanding of $5.7 billion and $4.9 billion, respectively, during the first quarter of 2025. The Company’s net debt-to-normalized EBITDA ratio¹ was 4.6 times as of March 31, 2025.

Returns to shareholders

Declared dividends totalling $104 million or $0.50/share to shareholders during the first quarter of 2025.
South Bow’s board of directors approved a quarterly dividend of $0.50/share, payable on July 15, 2025 to shareholders of record at the close of business on June 30, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

Spinoff activities

Implemented South Bow’s new enterprise resource planning system, marking a significant milestone in fully establishing South Bow as an independent company. Exiting the Transition Services Agreement (TSA) with TC Energy Corporation (TC Energy) continues progressing with plans to implement South Bow’s new supervisory control and data acquisition (SCADA) system in the second half of 2025.

South Bow’s unaudited consolidated interim financial statements and notes (the financial statements), and management’s discussion and analysis (MD&A) as at and for the three months ended March 31, 2025 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the three months ended March 31, 2025 is incorporated by reference into this news release.

^{____________________________}

¹ Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

Financial and operational results

$ millions, unless otherwise noted	Three Months Ended
$ millions, unless otherwise noted	Dec. 31, 2024	March 31, 2025	March 31, 2024
FINANCIAL RESULTS
Revenue	488	498	544
Income from equity investments	12	13	12
Net income	55	88	112
Per share ¹	0.26	0.42	0.54
Normalized net income ²	112	98	114
Per share ^{1 2}	0.54	0.47	0.55
Normalized EBITDA ²	290	266	298
Keystone Pipeline System	250	235	277
Marketing	24	16	9
Intra-Alberta & Other	16	15	12
Distributable cash flow ²	183	151	178
Dividends declared	104	104	—
Per share ¹	0.50	0.50	—
Capital expenditures ³	28	32	12
Total long-term debt ⁴	5,716	5,719	5,924
Net debt ^{2 5}	4,901	4,910	5,421
Net debt-to-normalized EBITDA (ratio) ^{2 6}	4.5	4.6	4.8
Common shares outstanding, weighted average diluted (millions) ⁷	208.4	208.7	207.6
Common shares outstanding (millions) ⁷	208.0	208.2	207.6

OPERATIONAL RESULTS
Keystone Pipeline SOF (%)	96	98	96
Keystone Pipeline throughput (Mbbl/d)	621	613	643
U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d) ⁸	784	726	779
Marketlink throughput (Mbbl/d)	615	549	582

Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
Non-GAAP financial measure or ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
Total long-term debt at March 31, 2025 and December 31, 2024 includes the Company’s senior unsecured notes and junior subordinated notes. Total long-term debt at March 31, 2024 includes the Company’s long-term debt to affiliates of TC Energy.
Includes 50% equity treatment of South Bow’s junior subordinated notes.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the spinoff from TC Energy (the Spinoff). Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

Milepost 171 incident

On April 8, 2025, South Bow responded to an oil release at MP-171 of the Keystone Pipeline near Fort Ransom, N.D., activating emergency response protocols and working closely with regulators, local officials, landowners, and the surrounding community. After receiving approval from PHMSA, South Bow safely restarted the pipeline late on April 15, 2025.
PHMSA issued a Corrective Action Order (CAO) requiring South Bow to undertake corrective actions, including operating under pressure restrictions for specific segments of the pipeline. The CAO also requires a root cause failure analysis (RCFA) and metallurgical testing, which independent third parties are currently conducting. South Bow will share the findings of these investigations in the coming months.
South Bow is actively monitoring the performance of the Keystone Pipeline to ensure safe and reliable operations and anticipates meeting its contractual throughput commitments under the CAO.
South Bow has recovered substantially all released volumes and is progressing towards complete remediation of the site by mid-2025. Environmental remediation costs are largely expected to be recovered through the Company’s insurance policies.
South Bow demonstrated its ability to respond quickly and return its assets to service following the incident. A core South Bow value is ‘We Are Safe’ and incident prevention on the Company’s pipeline systems is paramount.
- The Company’s integrity program is extensive, continuously and proactively incorporates new learnings and technologies, and upholds a commitment to maintaining safe operations.
- Preliminary remedial actions in response to the MP-171 incident include completion of the RCFA by third-party experts and implementation of its recommendations. South Bow will also work with its suppliers and industry experts to determine the failure mechanism. The Company expects to complete a combination of in-line inspection runs and investigative excavations to further advance its asset integrity and reliability.

Outlook

Market outlook

Crude oil pipeline capacity in the Western Canadian Sedimentary Basin continues to exceed crude oil supply. As a result, the demand for uncommitted capacity on South Bow’s Keystone Pipeline is expected to remain low in the near term. Additionally, rapidly changing global trade policies, including tariffs, have introduced economic and geopolitical uncertainty, leading to significant volatility in commodity prices and pricing differentials.

2025 guidance

South Bow’s guidance aims to inform readers about Management’s expectations for 2025 financial and operational results. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.

South Bow’s 2025 annual guidance is outlined below:

$ millions, except percentages	2025 Original Guidance ^{1 2}	2025 Guidance ²	2025 YTD Actuals
Normalized EBITDA	1,010 +/- 3%	1,010 +1% / -2%	266
Interest expense	325 +/- 2%	325 +/- 2%	83
Effective tax rate (%)	23% – 24%	23% – 24%	23%
Distributable cash flow	535 +/- 3%	535 +/- 3%	151
Capital expenditures
Growth	110 +/- 3%	110 +/- 3%	48
Maintenance ³	65 +/- 3%	65 +/- 3%	13

See South Bow’s March 5, 2025 news release “South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend”, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.
Assumes average foreign exchange rate of C$/U.S.$1.4286.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.
- South Bow is reaffirming its outlook for normalized EBITDA of approximately $1.01 billion in 2025, underpinned by the Company’s highly contracted cash flows and structural demand for services, including solid financial performance in the first quarter of 2025. Approximately 90% of South Bow’s normalized EBITDA is secured through committed arrangements, which carry minimal commodity price or volumetric risk.
  - With market fundamentals and policy uncertainty expected to persist in the near term, and South Bow’s operational priorities in response to the MP-171 incident, the Company believes that any potential financial contributions from uncommitted capacity on the Keystone Pipeline will be limited in the near term. Accordingly, the Company is reducing the upper end of its normalized EBITDA guidance of $1.01 billion to 1%, and is increasing the lower end to -2% due to strong first-quarter 2025 performance.
  - The findings of the RCFA and South Bow’s next steps in response to the MP-171 incident may further impact the Company’s financial and operational outlook for 2025.
- Normalized EBITDA for the second quarter of 2025 is expected to be approximately 7% to 8% lower than first-quarter 2025 normalized EBITDA of $266 million, with a reduced outlook for South Bow’s Marketing segment as the Company realizes losses associated with certain positions that were unwound in early 2025 in the face of pricing volatility. Additional losses associated with these positions will be recognized in the third and fourth quarters of 2025.

Capital allocation priorities

South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
- paying a sustainable base dividend;
- strengthening the Company’s investment-grade financial position; and
- leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

Conference call and webcast details

South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s first-quarter 2025 results on May 16, 2025 at 8 a.m. MT (10 a.m. ET).

Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

Visit www.southbow.com/investors for the replay following the event.

Non-GAAP financial measures

In this news release, South Bow references certain non-GAAP financial measures and ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

South Bow’s non-GAAP financial measures and non-GAAP ratios include:

normalized EBITDA;
normalized net income;
normalized net income per share;
distributable cash flow;
net debt; and
net debt-to-normalized EBITDA ratio.

These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

Normalizing items

Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, tariff charges, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

South Bow excludes tariff charges as they are not reflective of ongoing business conducted by the Company and are subject to uncertainty.

Normalized EBITDA

Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

$ millions	Three Months Ended
$ millions	Dec. 31, 2024		March 31, 2025		March 31, 2024
Income before income taxes	72		114		146
Adjusted for specific items:
Depreciation and amortization	62		62		61
Interest expense	84		83		94
Interest income and other	28		(6	)	(7	)
Risk management instruments	57		6		—
Keystone variable toll disputes	(3	)	—		—
Milepost 14 (MP-14) costs	4		—		—
Separation costs	(1	)	3		4
Tariff charges	—		1		—
Keystone XL costs and other	(13	)	3		—
Normalized EBITDA	290		266		298

The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

$ millions	Three Months Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	205		(32	)	(101	)	72
Adjusted for specific items:
Depreciation and amortization	59		—		3		62
Interest expense	(1	)	—		85		84
Interest income and other	(1	)	(1	)	30		28
Risk management instruments	—		57		—		57
Keystone variable toll disputes	(3	)	—		—		(3	)
MP-14 costs	4		—		—		4
Separation costs	—		—		(1	)	(1	)
Keystone XL costs and other	(13	)	—		—		(13	)
Normalized EBITDA	250		24		16		290

$ millions	Three Months Ended March 31, 2025
$ millions	Keystone Pipeline System		Marketing	Intra-Alberta & Other		Total
Income (loss) before income taxes	175		9	(70	)	114
Adjusted for specific items:
Depreciation and amortization	59		—	3		62
Interest expense	—		—	83		83
Interest income and other	(2	)	—	(4	)	(6	)
Risk management instruments	—		6	—		6
Separation costs	—		—	3		3
Tariff charges	—		1	—		1
Keystone XL costs and other	3		—	—		3
Normalized EBITDA	235		16	15		266

$ millions	Three Months Ended March 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	218		9		(81	)	146
Adjusted for specific items:
Depreciation and amortization	60		—		1		61
Interest expense	1		1		92		94
Interest income and other	(2	)	(1	)	(4	)	(7	)
Separation costs	—		—		4		4
Normalized EBITDA	277		9		12		298

Normalized net income and normalized net income per share

Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. Management believes this per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

The following table reconciles net income to normalized net income for the indicated periods:

$ millions, except common shares outstanding and per share amounts	Three Months Ended
	Dec. 31, 2024		March 31, 2025		March 31, 2024
Net income	55		88		112
Adjusted for specific items:
Risk management instruments	57		6		—
Keystone variable toll disputes	(3	)	—		—
MP-14 costs	4		—		—
Separation costs	27		3		4
Tariff charges	—		1		—
Keystone XL costs and other	(13	)	3		—
Tax effect of the above adjustments	(15	)	(3	)	(2	)
Normalized net income	112		98		114
Common shares outstanding, weighted average diluted (millions)	208.4		208.7		207.6
Normalized net income per share	0.54		0.47		0.55

Distributable cash flow

Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

$ millions	Three Months Ended
$ millions	Dec. 31, 2024		March 31, 2025		March 31, 2024
Income before income taxes	72		114		146
Adjusted for specific items:
Depreciation and amortization	62		62		61
Interest income and other	28		(6	)	(7	)
Normalizing items, net of tax ¹	34		10		3
Income from equity investments	(12	)	(13	)	(12	)
Distributions from equity investments	20		19		20
Maintenance capital expenditures ²	(15	)	(13	)	(4	)
Current income tax recovery (expense)	(6	)	(22	)	(29	)
Distributable cash flow	183		151		178

Normalizing items per normalized EBITDA reconciliation, net of tax.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Net debt and net debt-to-normalized EBITDA ratio

Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. Management believes this measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

Net debt-to-normalized EBITDA ratio is used to monitor South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

$ millions, except ratios	Dec. 31, 2024		March 31, 2025		March 31, 2024
Long-term debt to affiliates of TC Energy	—		—		5,924
Senior unsecured notes	4,629		4,632		—
Junior subordinated notes	1,087		1,087		—
Total long-term debt	5,716		5,719		5,924
Adjusted for:
Hybrid treatment for junior subordinated notes ¹	(544	)	(544	)	—
Operating lease liabilities	22		21		19
Dividends payable	104		104		—
Cash and cash equivalents	(397	)	(390	)	(522	)
Net debt	4,901		4,910		5,421

Normalized EBITDA for the trailing four quarters	1,091		1,059		1,136
Net debt-to-normalized EBITDA (ratio)	4.5		4.6		4.8

Includes 50% equity treatment of South Bow’s junior subordinated notes.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities, its satisfaction thereof, and outlook; the Blackrod Connection Project, including in-service dates, and costs thereof; PHMSA approvals and completion of the CAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; South Bow’s financial strength and flexibility; expected exit of the TSA and implementation of the SCADA system; expected receipt and sharing of investigative, root cause, and failure mechanism findings related to the MP-171 incident; expected ability to meet contractual throughput commitments on the Keystone Pipeline under the CAO; expectation that South Bow will ensure safe and reliable operations on the Keystone Pipeline; expected timing for the remediation of the MP-171 incident; potential financial contributions from uncommitted capacity on the Keystone Pipeline System; and impacts of the findings of the RCFA and response to the MP-171 incident on the financial and operational outlook.

The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s annual information form dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About South Bow

South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

Contact information

Investor Relations

Martha Wilmot
investor.relations@southbow.com

Media Relations

Solomiya Lyaskovska
communications@southbow.com

The MIL Network –

May 16, 2025

MIL-Evening Report: Banning young people from social media sounds like a silver bullet. Global evidence suggests otherwise

Source: The Conversation (Au and NZ) – By Jasleen Chhabra, Research Fellow, Centre for Youth Mental Health, The University of Melbourne

Monkey Business / Shutterstock

Around 98% of Australian 15-year-olds use social media. Platforms such as TikTok, Snapchat and Instagram are where young people connect with friends and online communities, explore and express their identities, seek information, and find support for mental health struggles.

However, the federal government, seeking to address concerns about young people’s mental health, has committed to ban under-16s from these platforms from later this year.

There is no doubt social media presents risks to young people. These include cyberbullying, posts related to disordered eating or self-harm, hate speech, and the basic risk of spending long hours scrolling or “doomscrolling”.

But is banning young people really the answer? We reviewed 70 reports from experts in Australia, the United Kingdom, the United States and Canada to understand what they recommend – and found broad agreement that a ban may not address the real problems.

Humans preventing harm

The overall verdict is that we need a much more thoughtful response than just a ban: only a coordinated approach between governments, regulators, tech companies and young people themselves will address youth mental health and online safety.

We should be asking what we can do to make online spaces safer for young people, not jumping straight to removing them entirely.

Content moderation is one area in need of urgent attention. Young people regularly report being exposed to harmful and age-inappropriate content on social media, while platforms replace moderation staff with cheaper AI systems.

Automated processes have their place, but many recommendations in our review emphasised the importance of human moderators to keep up.

Data and endless advertising

A second issue exists around the collection and use of user data. Tech platforms have built their business model around user engagement and ad revenue.

To keep users scrolling (and watching ads), companies collect large amounts of user data to deliver highly personalised feeds.

Many experts advocate against the widespread collection and use of young people’s data, particularly for delivering advertising materials that promote dieting, unregulated supplements and cosmetic procedures. Posts like these often appear in an endless stream, interspersed between non-harmful and entertaining content.

Starting with safety

Alongside greater regulation of advertising material, many experts emphasised the need to consider “safety by design”.

In other words, social media should be designed from the outset to prevent harming users. It may mean the end of “addictive” features such as infinite scrolling, frequent push notifications, and auto-play videos.

Regulators also need the tools and power to hold platforms to account.

That includes financial penalties, more transparent reporting from big tech companies, and taking proactive steps to keep harmful material off these platforms – not just taking down content after the fact.

Age-checking tech troubles

Our review did find a small number of reports that recommend barring young people from social media. However, experts questioned the feasibility of age verification technology and raised privacy concerns.

The federal government has passed the buck to social media companies for actually implementing age verification of users.

Platforms must take “reasonable steps” to restrict access by under-16s. It is unclear what these steps will be, but the prospect of facial recognition or digital ID checks raises serious privacy concerns.

Others argue that banning under-16s from social media will drive them to less regulated online spaces, including online forums such as the notorious 4Chan, where some pages have an explicit “no rules” policy.

It is also important to acknowledge that many young people find important support and communities on social media. Taking away social media may present risks to mental health in these circumstances.

Listening to young people

An age ban sounds decisive but comes with its own set of questions.

In the absence of social media, where do young people questioning their sexual or gender identity go to find information and support? What would a ban mean for young people who engage with news on social media?

There is little evidence about what impact a ban will have on young people, particularly those from diverse backgrounds.

What’s more, young people have had minimal input into the policy. They have the insight to offer practical, real-world insights into what works and what does not.

A blanket ban does nothing to make social media platforms safer for users. It might just delay problems and expose young people to an avalanche of harm when they log on at the age of 16.

A ban brings its own risks

The push to ban social media for under-16s is driven by genuine concerns. But unless it is a part of a broader, more thoughtful approach to online safety, it risks doing more harm than good.

If we want a healthier digital environment, we can’t just lock out young people and hope for the best.

Vita Pilkington receives funding from the Melbourne Research Scholarship and the Margaret Cohan Research Scholarship, both awarded by the University of Melbourne.

Zac Seidler has been awarded an NHMRC Investigator Grant. He is also the Global Director of Research with the Movember Institute of Men’s Health. He advises government on men’s health, masculinities, violence prevention and social media policy.

Jasleen Chhabra 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. Banning young people from social media sounds like a silver bullet. Global evidence suggests otherwise – https://theconversation.com/banning-young-people-from-social-media-sounds-like-a-silver-bullet-global-evidence-suggests-otherwise-256587

MIL OSI Analysis – EveningReport.nz –

May 16, 2025
MIL-OSI USA: Spacewalk Research and Technology

Source: NASA

Crew members on the International Space Station periodically conduct spacewalks to perform a variety of tasks such as installing, upgrading, and repairing equipment. During a spacewalk on May 1, astronauts installed hardware to support the planned addition of a seventh roll-out solar array on the exterior of the space station. Each of these arrays produces more than 20 kilowatts of electricity and together they will increased power production by up to 30%, enabling more scientific operations on the orbiting lab.

Some spacewalks include operations for scientific research. On January 20, 2025, crew members collected samples for ISS External Microorganisms, an investigation examining whether microorganisms have exited through station vents and can survive in space. Results could help determine changes needed in design of spacecraft (including spacesuits) to prevent human-associated microbes from contaminating Mars and other exploration destinations.

The CSA (Canadian Space Agency) investigation EVA Radiation Monitoring, used a miniature, power-efficient wireless radiation measurement system or dosimeter worn by crew members during spacewalks. This type of device could help identify parts of the body that are exposed to the highest radiation levels during spacewalks. Results showed that this type of device is a feasible way to monitor individual dose during spacewalks. The device also has potential uses on Earth, such as monitoring radiation exposure during cancer treatments.

Spacesuits are essentially one-person spacecraft that protect their wearers from the hazards of space, including radiation and extreme temperatures. Space station research is helping improve the suits and tools for spacewalks and activities outside spacecraft and for the exploration of the Moon and Mars.
SpaceSkin on ExHAM, a JAXA (Japan Aerospace Exploration Agency) investigation, evaluated the durability of a fabric with imbedded sensors to detect damage. Sensors integrated into the exposed outermost layer of a spacesuit could detect damage such as impacts from micrometeoroids. Researchers documented factors to consider in design of textiles with sensing capabilities as well as the ability to withstand the hazards of space. Such fabrics could be integrated into spacesuits and habitats to help protect astronauts on spacewalks and future exploration missions.

Researchers use the Materials International Space Station Experiment or MISSE facility on the exterior of the space station for experiments exposing various materials and components to the harsh environment of space. Along with solar cells, electronics, and coatings, MISSE-7 tested pristine fibers from Apollo mission spacesuits and others scratched by lunar dust to examine the combined effects of abrasion and radiation damage. Researchers report that the fabrics significantly degraded, suggesting the need for ways to prevent or mitigate radiation damage to spacesuits on extended missions to the Moon.
MISSE-9 tested spacesuit materials treated with shear-thickening fluids. These suspensions of tiny particles in a fluid react to stress by quickly changing from a liquid to a solid. The research showed that the materials maintained their mechanical performance characteristics and puncture resistance after extended exposure.
Keeping cool also is important on a spacewalk, where temperatures can reach 250 degrees. SERFE, or Spacesuit Evaporation Rejection Flight Experiment, tested a technology using water evaporation to remove heat from a spacesuit so crew members and equipment remain at appropriate temperatures during spacewalks. A current cooling method, called sublimation, exposes small amounts of water to space, causing it to freeze and then turn into vapor that disperses, removing heat as it does so. The SERFE technology may be less susceptible to water contamination than sublimation.

Crew members use specialized airlocks to exit the station for spacewalks. Airlocks also make it possible to deploy satellites and other external equipment. The Nanoracks Bishop Airlock was the first commercially owned and operated airlock installed on the space station. Its size, design, and automation enable faster and more efficient movement of materials out of and into the station, reducing the crew and robotics time needed. In addition to facilitating spacewalks, this facility could support increased commercial use of the space station and expand research capabilities.

[embedded content]

MIL OSI USA News –

May 16, 2025
MIL-OSI Global: The rebrand that went full circle: HBO Max to New HBO Max

Source: The Conversation – Canada – By Omar H. Fares, Lecturer of Marketing in the Lazaridis School of Business and Economics, Wilfrid Laurier University

The HBO Max rebrand saga highlights how quickly brand equity can be undermined when recognition cues are disrupted. (Shutterstock)

Warner Bros. Discovery (WBD) recently announced the streaming app Max will revert to the name HBO Max this summer. The move comes only two years after HBO was dropped from the brand name.

The announcement has sparked a wave of commentary of social media, including self-aware humour. HBO’s social media team posted memes from shows like Friends and Euphoria, joking that the company had finally “come home.”

HBO Max launched in 2020, promising big-budget series alongside the Warner film catalogue. In May 2023, the service’s name was shortened to “Max” after the US$43 billion merger that created Warner Bros. Discovery.

Many viewers and analysts questioned the loss of a label long associated with award-winning television. When WBD CEO David Zaslav announced the return to HBO Max on May 14, he argued the original three letters still carry unique weight with audiences worldwide.

The major U-turn offers a clear lesson for marketers: when a rename threatens familiarity, consistency and clear messaging, customers will push back.

Brand familiarity: A memory shortcut

The HBO Max rebrand saga highlights how quickly brand equity can be undermined when recognition cues are disrupted. Although the 2023 name change aimed to reflect a broader content mix, it unintentionally distanced the platform from its most recognizable asset.

HBO, as both a name and a legacy, had become shorthand for a specific kind of quality — one that audiences weren’t ready to see stripped away.

Brand familiarity may be described as the ease with which consumers recognize, recall and understand a name based on prior experience. In marketing, brand familiarity is a key factor in driving consumer confidence and supporting stronger emotional ties.

In other words, when the existing memory structures are already in place, it reduces the cognitive effort that typically results in a more favourable action. Dropping “HBO,” a label linked to award-winning dramas for decades, removed a trusted shortcut and left viewers asking whether the service had changed its focus.

Consistency as a pillar of trust

One of the key drivers of brand engagement is brand consistency, which is the uniform application of brand elements such as colours, logo and tone. This consistency is typically associated with trust and loyalty.

The shift from HBO Max to Max disrupted this consistency, leading to confusion about the platform’s identity and offerings. Consumers who associated HBO with certain types of content were unsure what to expect from Max.

To make matters even more challenging, Max not only changed its name but shifted from the purple-and-black palette of HBO Max to blue, then to silver-on-black before finally circling back. Each redesign forced viewers to get used to a new look and tone, eroding the sense of continuity that subscription services rely on.

Keeping the audience informed

Missteps in messaging can sink even well-researched rebrands. Communications firm Edelman’s 2023 Trust Barometer points out that silence during change amplifies speculation and negative assumptions.

The quick collapse of Gap’s 2010 logo makeover offers a classic example. The retailer unveiled a new mark without preparation, then reverted within a week after a backlash.

A direct parallel can be drawn between that episode and the confusion that followed the Max launch, where any reasoned arguments for the shorter name never reached much of the audience.

By contrast, the 2025 reversal was accompanied by plain statements from Warner Bros. Discovery, intensive press outreach and humour that admitted the misstep which is a communication style more likely to rebuild trust.

Lessons for marketers

Customer research should always precede radical changes to familiar signals, because the goodwill embedded in a long-running name is not easily replicated.

Any shift in title or visual identity must be matched by consistent deployment across every touch point, from app icons to ad copy, otherwise confusion undercuts the strategy.

Finally, customer perceptions cannot be an afterthought. Clear, timely messages that are supported by a tone that suits the brand’s personality will help audiences understand what is changing and why it benefits them, turning potential backlash into renewed engagement.

Omar H. Fares 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. The rebrand that went full circle: HBO Max to New HBO Max – https://theconversation.com/the-rebrand-that-went-full-circle-hbo-max-to-new-hbo-max-256777

MIL OSI – Global Reports –

May 16, 2025

MIL-OSI: Canadian Net REIT Announces 2025 First-Quarter Results and a Distribution Increase

Source: GlobeNewswire (MIL-OSI)

MONTRÉAL, May 15, 2025 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended March 31^st, 2025 (“Q1 2025”). The REIT also announced an increase in annual distributions and distributions for July, August and September 2025.

“This was a solid quarter for Canadian Net, with FFO per unit growing by 8% as we are now reaping the benefits of our capital recycling program and reinvestments we’ve made in recent months,” said Kevin Henley, President and CEO of the REIT. “In addition to the positive contributions from our recent acquisitions, our necessity-based niche continues to perform exceptionally well, and the ongoing decline in interest rates is further reinforcing these favourable conditions. We’re also pleased to announce an increase in our distribution, supported by the enhanced profitability driven by actions we took in prior years.”

RESULTS FOR Q1 2025

Canadian Net reported Funds from operations¹ (“FFO”) of $3.38 million, or $0.164 per unit, an increase of 8% compared to $3.13 million, or $0.152 per unit for the quarter ended March 31, 2024 (“Q1 2024”).

Rental income was $6.9 million in Q1 2025, an increase of 4.7% from Q1 2024. Net Operating Income¹ (“NOI”) in Q1 2025 was $5.0 million, an increase of 3.3% from Q1 2024, reflecting an increase in rental income due to property acquisitions.

The REIT generated a net income attributable to unitholders of $10.2 million in Q1 2025 compared to net income of $1.3 million in Q1 2024.

The increase in FFO¹ is derived from higher rental income from property acquisitions and lower interest charges on credit facilities. The increase in NOI¹ was mainly attributable to the increase in rental income from property acquisitions. Finally, the variance in net income attributable to unitholders is primarily attributable to the change in the fair value of investment properties.

DISTRIBUTIONS

Starting in July 2025, the annual distribution will go from $0.345 to $0.350 per unit, representing an increase of 1.5%. With this increase, Canadian Net’s distributions have increased 180% since its first distributions in 2012.

Canadian Net announced that it will make monthly cash distributions of $0.02917 per unit, representing $0.35 per unit on an annualized basis, on July 31^st, August 29^th and September 29^th, 2025, to unitholders of record on July 15^th, August 15^th and September 15^th, 2025, respectively.

The tables below represent other financial highlights and the reconciliations of certain non-IFRS measures for Q1 2025 and Q1 2024. This information should be read in conjunction with the Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the quarters ended March 31^st, 2025 and March 31^st, 2024.

SUMMARY OF SELECTED FINANCIAL INFORMATION

	3 months
Periods ended March 31	2025	2024	Δ		%
Financial info
Property rental income	6,848,977	6,539,597	309,380		5	%
Net income and
comprehensive income (loss)	10,181,260	1,261,106	8,920,154		707	%
NOI ⁽¹⁾	4,976,365	4,818,187	158,178		3	%
FFO ⁽¹⁾	3,378,163	3,126,921	251,242		8	%
AFFO ⁽¹⁾	3,298,952	3,082,021	216,931		7	%
EBITDA ⁽¹⁾	11,958,886	3,090,121	8,868,765		287	%
Adjusted EBITDA ⁽¹⁾	4,785,862	4,710,759	75,103		2	%
Investment properties	295,093,745	276,395,720	18,698,025		7	%
Adjusted investment properties ⁽¹⁾	344,781,633	329,720,701	15,060,932		5	%
Total assets	321,276,862	306,832,564	14,444,298		5	%
Mortgages	142,478,077	129,866,744	12,611,333		10	%
Long-term debt	–	30,000	(30,000	)	(100	%)
Current portion of mortgages and long-term debt	16,376,220	19,256,906	(2,880,686	)	(15	%)
Mortgages on investment properties held for sale	–	2,762,860	(2,762,860	)	(100	%)
Credit facilities	13,545,000	16,115,000	(2,570,000	)	(16	%)
Total convertible debentures	5,866,277	5,646,673	219,604		4	%
Total equity	138,056,530	129,136,416	8,920,114		7	%
Weighted average units o/s – basic	20,566,343	20,532,438	33,905		–
Amounts on a per unit basis
FFO⁽¹⁾	0.164	0.152	0.012		8	%
AFFO⁽¹⁾	0.160	0.150	0.010		7	%
Distributions	0.086	0.086	–		–
(1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the sections “Non-IFRS financial measures”.

NON-IFRS FINANCIAL MEASURES

The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures: FFO, FFO per unit, AFFO, AFFO per unit, NOI, and Adjusted Investment Properties. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning, and may not be comparable with similar measures presented by other issuers. Canadian Net has presented such non-IFRS measures as management of the Trust believes they are relevant measures of Canadian Net’s underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Condensed Consolidated Interim Financial Statements and MD&A for the Trust. Please refer to the “Non IFRS Financial Measures” section in Canadian Net’s management’s discussion and analysis for the period ended March 31, 2025, available under Canadian Net’s profile on SEDAR+ at www.sedarplus.ca for a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS. Such explanation is incorporated by reference herein.

In addition, below are the reconciling tables for the non-IFRS measures used in this press release.

Reconciliation of Investment Properties to Adjusted Investment Properties

As at March 31	2025	2024	Δ
Investment Properties
Developed properties	295,093,745	276,395,720	7	%
Investment properties held for sale	–	5,078,232	(100	%)
Joint Venture Ownership⁽¹⁾
Developed properties	47,992,251	45,582,774	5	%
Properties under development	1,695,637	2,663,975	(36	%)
Adjusted Investment Properties⁽²⁾	344,781,633	329,720,701	5	%
(1) Represents Canadian Net’s proportionate share
(2) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”

Results of Operations

	3 months
Periods ended March 31	2025		2024		Δ
Rental Income	6,848,977		6,539,597		309,380
Operating expenses	(1,872,612	)	(1,721,410	)	(151,202	)
Net Operating Income⁽¹⁾	4,976,365		4,818,187		158,178
Share of net income from
investments in joint ventures	531,226		212,937		318,289
Change in fair values
of investment properties	7,110,532		(1,429,609	)	8,540,141
Unit-based compensation	(369,927	)	(245,177	)	(124,750	)
Administrative expenses	(285,728	)	(270,697	)	(15,031	)
Financial expenses	(1,781,208	)	(1,824,535	)	43,327
Net income
attributable to unitholders	10,181,260		1,261,106		8,920,154
FFO⁽¹⁾	3,378,163		3,126,921		8	%
FFO per unit⁽¹⁾	0.164		0.152		8	%
Weighted avg. units o/s
Basic	20,566,343		20,532,438		33,905
(1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”

Reconciliation of Net Income to Funds from Operations

	3 months
Periods ended March 31	2025		2024		Δ
Net income attributable
to unitholders	10,181,260		1,261,106		8,920,154
Δ in value of investment properties	(7,110,532	)	1,429,609		(8,540,141	)
Δ in value of investment
properties in joint ventures	(62,752	)	197,530		(260,282	)
Unit-based compensation	369,927		245,177		124,750
Δ fair value adjustments on derivative
financial instruments	260		(6,501	)	6,761
FFO⁽¹⁾	3,378,163		3,126,921		8	%
FFO per unit⁽¹⁾	0.164		0.152		8	%
Distributions	1,773,437		1,770,629		2,808
Distributions per unit	0.086		0.086		–
FFO per unit⁽¹⁾ – after distributions	0.078		0.066		18	%
Distributions as a % of FFO⁽¹⁾	52	%	57	%	(5	%)
Weighted avg. units o/s
Basic	20,566,343		20,532,438		33,905
(1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”

Adjusted Funds from Operations

	3 months
Periods ended March 31	2025		2024		Δ
FFO ⁽¹⁾	3,378,163		3,126,921		251,242
Straight-line rent adjustment⁽²⁾	(51,033	)	(36,583	)	(14,450	)
Maintenance/cap-ex on
existing properties	(28,178	)	(8,317	)	(19,861	)
AFFO⁽¹⁾	3,298,952		3,082,021		7	%
AFFO per unit⁽¹⁾	0.160		0.150		7	%
Distributions per unit	0.086		0.086		–
AFFO per unit⁽¹⁾ – after distributions	0.074		0.064		16	%
Distributions as a % of AFFO⁽¹⁾	54	%	57	%	(3	%)
Weighted avg. units o/s
Basic	20,566,343		20,532,438		33,905
(1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”
(2) Adjusted for the proportionate share of equity-accounted investments

Reconciliation of Net Income to EBITDA

	3 months
Periods ended March 31	2025		2024		Δ
Net income attributable
to unitholders	10,181,260		1,261,106		8,920,154
Net interest expense	1,777,626		1,829,015		(51,389	)
EBITDA⁽¹⁾	11,958,886		3,090,121		8,868,765
Δ in value of investment properties	(7,110,532	)	1,429,609		(8,540,141	)
Δ in value of investment
properties in joint ventures	(62,752	)	197,530		(260,282	)
Δ in value of convertible debentures	260		(6,501	)	6,761
Adjusted EBITDA⁽¹⁾	4,785,862		4,710,759		2	%
Interest expense	1,850,158		1,921,664		(71,506	)
Principal repayments	1,199,839		1,120,044		79,795
Debt service requirements	3,049,997		3,041,708		–
Interest coverage ratio based on adjusted EBITDA⁽¹⁾	2.6x		2.5x		0.1x
Debt service coverage based on adjusted EBITDA⁽¹⁾	1.6x		1.5x		0.1x
(1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”

EARNINGS WEBCAST
Canadian Net will host a webcast on May 16, at 9:00 a.m. (EST) to discuss the results.

The link to join the webcast is the following: https://edge.media-server.com/mmc/p/j85pvyzq

About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence on the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new IFRS standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not update or modify its forward-looking statements even if future events occur or for any other reason unless required by law or any regulatory authority.

Neither the TSX Venture Exchange Inc. nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provider) accepts any responsibility for the adequacy or accuracy of this release.

The March 31, 2025, financial statements and management discussion & analysis of Canadian Net may be viewed on SEDAR+ at www.sedarplus.ca.

For further information please contact Kevin Henley at (450) 536-5328.

¹ Non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”.

The MIL Network –

May 16, 2025

MIL-OSI: Duos Technologies Group Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

JACKSONVILLE, Fla., May 15, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2025”) ended March 31, 2025.

First Quarter 2025 and Recent Operational Highlights

Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement (“AMA”) with New APR Energy.
Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.
Showcased the first production standalone Edge Data Center with revenues starting April 1.
Placed orders for 4 additional data centers for a total of 10 units so far all of which have identified locations and expect to meet goal of 15 deployed units by year end.
Over 2.3 million comprehensive railcar scans performed in the first quarter across 13 portals, of which more than 379,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 24% of the total freight car population in North America.
As of the end of the first quarter, the Company had $17.8 million of revenue in backlog plus $7.0 – $8.0 million near-term awards and renewals to be recognized during the remainder of 2025.

First Quarter 2025 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation (“Duos Energy”).

Total revenues for Q1 2025 increased 363% to $4.95 million compared to $1.07 million in the first quarter of 2024 (“Q1 2024”). Total revenue for Q1 2025 represents an aggregate of approximately $65,000 of technology systems revenue and approximately $4,890,000 in recurring services and consulting revenue. The significant revenue increase in the first quarter, compared to the same quarter last year, was primarily driven by Duos Energy beginning to execute against the Asset Management Agreement (“AMA”) with New APR that was signed on December 31, 2024. Under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. The decrease in technology systems revenues was primarily attributed to delays outside of the Company’s control with deployment of our two high-speed Railcar Inspection Portals. Although these systems remain largely ready for deployment, customer delays at the deployment site continue to prevent the Company from entering the installation phase. In spite of the timing delays that continue to impact the quarterly results, management remains confident in the long-term potential of the RIP product.

Cost of revenues for Q1 2025 increased 273% to $3.64 million compared to $0.98 million for Q1 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR, where Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. An additional contributing factor to the increase in cost of revenues on services and consulting is $548,121 in amortization expense of the intangible asset related to a nonmonetary transaction, which was not present in the corresponding period of 2024. The cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q1 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp-down of manufacturing ahead of field installation of our two high-speed Railcar Inspection Portals, which has been further delayed and further reduced cost of revenues while we await customer readiness for site deployment.

Gross margin for Q1 2025 increased 1,288% to $1.31 million compared to $0.09 million for Q1 2024. Gross margin improved primarily due to Duos Energy beginning performance of the AMA with New APR. This includes $904,125 in revenue recognized during the three months ended March 31, 2025, related to the Company’s 5% non-voting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

Operating expenses for Q1 2025 increased 9% to $3.10 million compared to $2.86 million for Q1 2024. The increase in expenses is largely attributed to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule. Sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Conversely, research and development expenses rose 11%, reflecting new engineering hires dedicated to supporting the AMA. The Company continues to focus on stabilizing operating expenses while meeting the increased needs of our customers.

Net operating loss for Q1 2025 totaled $1.79 million compared to net operating loss of $2.76 million for Q1 2024. The decrease in loss from operations was primarily the result of increased revenues during the quarter, driven by revenue generated by Duos Energy through the AMA with New APR.

Net loss for Q1 2025 totaled $2.08 million compared to net loss of $2.75 million for Q1 2024. The 24% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the AMA with New APR as described above.

Cash and cash equivalents at March 31, 2025 totaled $3.80 million compared to $6.27 million at December 31, 2024. In addition, the Company had over $2.68 million in receivables and contract assets for a total of approximately $6.48 million in cash and expected short-term liquidity.

Financial Outlook
At the end of the first quarter, the Company’s contracts in backlog represented approximately $45.4 million in revenue, of which approximately $17.4 million is expected to be recognized in calendar 2025 not including an estimated $7.0 – $8.0 million in expected near-term awards and renewals. The remaining contract backlog consists of multi-year service and software agreements, along with project revenues extending beyond 2025, related to Duos, Duos Edge AI, and Duos Energy.

Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2025, the Company is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2025. The Company expects total revenue for 2025 to range between $28 million and $30 million, representing an increase of 285% to 312% from 2024. Duos expects this improvement in operating results to be reflected over the course of the full year in 2025.

Management Commentary
“I am delighted with the progress we have made in the first quarter and am very impressed at the speed at which the Duos team has adapted to the new opportunities in the Data Center and Power business,” said Chuck Ferry, Duos CEO. “While our Q1 results were anticipated, my expectation is that we will deliver growth, particularly in the second half, as the results of all our initiatives become booked revenues as indicated by the increase in backlog.”

Conference Call
The Company’s management will host a conference call today, May 15, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.

Date: Thursday, May 15, 2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927
Confirmation: 13753649

Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

If you have any difficulty connecting with the conference call, please contact DUOT@duostech.com.

The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.

About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com , www.duosedge.ai and www.duosenergycorp.com.

Forward- Looking Statements
This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.


DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

		For the Three Months Ended
		March 31,
			2025			2024

REVENUES:
	Technology systems	$	64,684		$	269,855
	Services and consulting		972,751			800,825
	Services and consulting – related parties		3,914,750			–

	Total Revenues		4,952,185			1,070,680

COST OF REVENUES:
	Technology systems		232,264			583,437
	Services and consulting		748,194			392,611
	Services and consulting – related parties		2,658,068			–

	Total Cost of Revenues		3,638,526			976,048

GROSS MARGIN			1,313,659			94,632

OPERATING EXPENSES:
	Sales and marketing		294,975			553,486
	Research and development		424,431			382,142
	General and administration		2,383,881			1,920,050

	Total Operating Expenses		3,103,287			2,855,678

LOSS FROM OPERATIONS			(1,789,628	)		(2,761,046	)

OTHER INCOME (EXPENSES):
Interest expense			(322,577	)		(445	)
Other income, net			32,542			9,182

	Total Other Income (Expenses), net		(290,035	)		8,737

NET LOSS		$	(2,079,663	)	$	(2,752,309	)


Basic and Diluted Net Loss Per Share		$	(0.18	)	$	(0.38	)


Weighted Average Shares-Basic and Diluted			11,390,016			7,306,949

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

		March 31,			December 31,
			2025			2024
		(Unaudited)
ASSETS
CURRENT ASSETS:
	Cash	$	3,799,281		$	6,266,296
	Accounts receivable, net		215,060			109,007
	Accounts receivable, net – related parties		1,760,625			294,434
	Contract assets		700,458			635,774
	Inventory		520,122			605,356
	Prepaid expenses and other current assets		468,252			176,338
	Note receivable, net		–			–

	Total Current Assets		7,463,798			8,087,205

	Inventory – non current		196,315			196,315
	Property and equipment, net		3,300,754			2,771,779
	Operating lease right of use asset – Office Lease		3,937,256			4,028,397
	Financing lease right of use asset – Edge Data Centers		1,943,547			2,019,180
	Security deposit		500,000			500,000

OTHER ASSETS:
	Equity Method Investment – Sawgrass APR Holdings LLC		7,233,000			7,233,000
	Intangible Asset, net		9,043,996			9,592,118
	Patents and trademarks, net		133,714			127,300
	Software development costs, net		334,960			403,383
	Total Other Assets		16,745,670			17,355,801

TOTAL ASSETS		$	34,087,340		$	34,958,677

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
	Accounts payable	$	698,518		$	969,822
	Notes payable – financing agreements		129,914			17,072
	Accrued expenses		451,130			373,251
	Operating lease obligation – Office Lease -current portion		803,536			798,556
	Financing lease obligations – Edge Data Centers – current portion		487,695			367,451
	Notes payable, net of discount – related parties		1,027,707			1,758,396
	Contract liabilities, current		3,001,352			3,188,518
	Contract liabilities, current – related parties		7,366,500			8,616,500

	Total Current Liabilities		13,966,352			16,089,566

	Contract liabilities, less current portion		6,851,513			7,399,634
	Contract liabilities, less current portion – related parties		2,712,375			3,616,500
	Operating lease obligation – Office Lease, less current portion		3,767,106			3,867,042
	Financing lease obligations – Edge Data Centers, less current portion		1,638,040			1,724,604

	Total Liabilities		28,935,386			32,697,346

Commitments and Contingencies (Note 8)

STOCKHOLDERS’ EQUITY:
	Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated
	Series A redeemable convertible preferred stock, $10 stated value per share,		–			–
	500,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025 and December 31, 2024, respectively,
	convertible into common stock at $6.30 per share
	Series B convertible preferred stock, $1,000 stated value per share,		–			–
	15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2025
	and December 31, 2024, respectively, convertible into common stock at $7 per share
	Series C convertible preferred stock, $1,000 stated value per share,		–			–
	5,000 shares designated; 0 and 0 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,
	convertible into common stock at $5.50 per share
	Series D convertible preferred stock, $1,000 stated value per share,		1			1
	4,000 shares designated; 999 and 1,299 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,
	convertible into common stock at $3.00 per share
	Series E convertible preferred stock, $1,000 stated value per share,
	30,000 shares designated; 13,500 and 13,500 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,		14			14
	convertible into common stock at $2.61 per share
	Series F convertible preferred stock, $1,000 stated value per share,
	5,000 shares designated; 0 and 0 issued
	and outstanding at March 31, 2025 and December 31, 2024, respectively,		–			–
	convertible into common stock at $6.20 per share

	Common stock: $0.001 par value; 500,000,000 shares authorized,
	11,655,229 and 8,922,576 shares issued, 11,653,905 and 8,921,252		11,654			8,921
	shares outstanding at March 31, 2025 and December 31, 2024, respectively
	Additional paid-in-capital		81,745,409			76,777,856
	Accumulated deficit		(76,447,672	)		(74,368,009	)
	Sub-total		5,309,406			2,418,783
	Less: Treasury stock (1,324 shares of common stock
	at March 31, 2025 and December 31, 2024)		(157,452	)		(157,452	)
Total Stockholders’ Equity			5,151,954			2,261,331

Total Liabilities and Stockholders’ Equity		$	34,087,340		$	34,958,677

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	For the Three Months Ended
	March 31,
		2025			2024

Cash from operating activities:
Net loss	$	(2,079,663	)	$	(2,752,309	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		712,388			158,208
Inventory write-off		25,000			–
Stock based compensation		995,647			159,320
Stock issued for services		50,000			37,500
Amortization of debt discount related to warrant liabilities		269,311			–
Amortization of operating lease right of use asset – Office Lease		91,142			83,348
Amortization of lease right of use asset – Edge Data Centers		75,633			–
Changes in assets and liabilities:
Accounts receivable		(106,053	)		866,373
Accounts receivable-related parties		(1,466,191	)		–
Note receivable		–			(1,875	)
Contract assets		(64,684	)		(270,099	)
Inventory		10,624			23,828
Prepaid expenses and other current assets		(42,467	)		57,944
Accounts payable		(271,304	)		(415,718	)
Accrued expenses		77,879			76,370
Operating lease obligation – Office Lease		(94,956	)		(82,306	)
Lease obligations – Edge Data Centers		33,680			–
Contract liabilities		(2,889,411	)		26,697

Net cash used in operating activities		(4,673,425	)		(2,032,719	)

Cash flows from investing activities:
Purchase of patents/trademarks		(9,264	)		(980	)
Purchase of fixed assets		(572,359	)		(8,830	)

Net cash used in investing activities		(581,623	)		(9,810	)

Cash flows from financing activities:
Repayments on financing agreements		(136,606	)		(130,535	)
Repayments of notes payable, related parties		(1,000,000	)		–
Proceeds from common stock issued		3,954,940			–
Proceeds from excercise of stock options		107,925			–
Stock issuance cost		(138,226	)		(36,188	)
Proceeds from preferred stock issued		–			2,745,002

Net cash provided by financing activities		2,788,033			2,578,279

Net increase (decrease) in cash		(2,467,015	)		535,750
Cash, beginning of period		6,266,296			2,441,842
Cash, end of period	$	3,799,281		$	2,977,592

Supplemental Disclosure of Cash Flow Information:
Interest paid	$	3,865		$	–
Taxes paid	$	15,945		$	–

Supplemental Non-Cash Investing and Financing Activities:
Notes issued for financing of insurance premiums	$	249,448		$	272,322
Transfer of inventory to fixed assets	$	49,609		$	–

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b5abe56-f21b-4ee5-9a09-7f9852d9bd2b

This press release was published by a CLEAR® Verified individual.

The MIL Network –

May 16, 2025

MIL-OSI USA: NASA, French SWOT Satellite Offers Big View of Small Ocean Features

Source: NASA

The international mission collects two-dimensional views of smaller waves and currents that are bringing into focus the ocean’s role in supporting life on Earth.
Small things matter, at least when it comes to ocean features like waves and eddies. A recent NASA-led analysis using data from the SWOT (Surface Water and Ocean Topography) satellite found that ocean features as small as a mile across potentially have a larger impact on the movement of nutrients and heat in marine ecosystems than previously thought.
Too small to see well with previous satellites but too large to see in their entirety with ship-based instruments, these relatively small ocean features fall into a category known as the submesoscale. The SWOT satellite, a joint effort between NASA and the French space agency CNES (Centre National d’Études Spatiales), can observe these features and is demonstrating just how important they are, driving much of the vertical transport of things like nutrients, carbon, energy, and heat within the ocean. They also influence the exchange of gases and energy between the ocean and atmosphere.
“The role that submesoscale features play in ocean dynamics is what makes them important,” said Matthew Archer, an oceanographer at NASA’s Jet Propulsion Laboratory in Southern California. Some of these features are called out in the animation below, which was created using SWOT sea surface height data.

[embedded content]
This animation shows small ocean features — including internal waves and eddies — derived from SWOT observations in the Indian, Atlantic, and Pacific oceans, as well as the Mediterranean Sea. White and lighter blue represent higher ocean surface heights compared to darker blue areas. The purple colors shown in one location represent ocean current speeds.NASA’s Scientific Visualization Studio

“Vertical currents move heat between the atmosphere and ocean, and in submesoscale eddies, can actually bring up heat from the deep ocean to the surface, warming the atmosphere,” added Archer, who is a coauthor on the submesoscale analysis published in April in the journal Nature. Vertical circulation can also bring up nutrients from the deep sea, supplying marine food webs in surface waters like a steady stream of food trucks supplying festivalgoers.
“Not only can we see the surface of the ocean at 10 times the resolution of before, we can also infer how water and materials are moving at depth,” said Nadya Vinogradova Shiffer, SWOT program scientist at NASA Headquarters in Washington.
Fundamental Force
Researchers have known about these smaller eddies, or circular currents, and waves for decades. From space, Apollo astronauts first spotted sunlight glinting off small-scale eddies about 50 years ago. And through the years, satellites have captured images of submesoscale ocean features, providing limited information such as their presence and size. Ship-based sensors or instruments dropped into the ocean have yielded a more detailed view of submesoscale features, but only for relatively small areas of the ocean and for short periods of time.
The SWOT satellite measures the height of water on nearly all of Earth’s surface, including the ocean and freshwater bodies, at least once every 21 days. The satellite gives researchers a multidimensional view of water levels, which they can use to calculate, for instance, the slope of a wave or eddy. This in turn yields information on the amount of pressure, or force, being applied to the water in the feature. From there, researchers can figure out how fast a current is moving, what’s driving it and —combined with other types of information — how much energy, heat, or nutrients those currents are transporting.
“Force is the fundamental quantity driving fluid motion,” said study coauthor Jinbo Wang, an oceanographer at Texas A&M University in College Station. Once that quantity is known, a researcher can better understand how the ocean interacts with the atmosphere, as well as how changes in one affect the other.
Prime Numbers
Not only was SWOT able to spot a submesoscale eddy in an offshoot of the Kuroshio Current — a major current in the western Pacific Ocean that flows past the southeast coast of Japan — but researchers were also able to estimate the speed of the vertical circulation within that eddy. When SWOT observed the feature, the vertical circulation was likely 20 to 45 feet (6 to 14 meters) per day.
This is a comparatively small amount for vertical transport. However, the ability to make those calculations for eddies around the world, made possible by SWOT, will improve researchers’ understanding of how much energy, heat, and nutrients move between surface waters and the deep sea.
Researchers can do similar calculations for such submesoscale features as an internal solitary wave — a wave driven by forces like the tide sloshing over an underwater plateau. The SWOT satellite spotted an internal wave in the Andaman Sea, located in the northeastern part of the Indian Ocean off Myanmar. Archer and colleagues calculated that the energy contained in that solitary wave was at least twice the amount of energy in a typical internal tide in that region.
This kind of information from SWOT helps researchers refine their models of ocean circulation. A lot of ocean models were trained to show large features, like eddies hundreds of miles across, said Lee Fu, SWOT project scientist at JPL and a study coauthor. “Now they have to learn to model these smaller scale features. That’s what SWOT data is helping with.”
Researchers have already started to incorporate SWOT ocean data into some models, including NASA’s ECCO (Estimating the Circulation and Climate of the Ocean). It may take some time until SWOT data is fully a part of models like ECCO. But once it is, the information will help researchers better understand how the ocean ecosystem will react to a changing world.
More About SWOT
The SWOT satellite was jointly developed by NASA and CNES, with contributions from the Canadian Space Agency (CSA) and the UK Space Agency. Managed for NASA by Caltech in Pasadena, California, JPL leads the U.S. component of the project. For the flight system payload, NASA provided the Ka-band radar interferometer (KaRIn) instrument, a GPS science receiver, a laser retroreflector, a two-beam microwave radiometer, and NASA instrument operations. The Doppler Orbitography and Radioposition Integrated by Satellite system, the dual frequency Poseidon altimeter (developed by Thales Alenia Space), the KaRIn radio-frequency subsystem (together with Thales Alenia Space and with support from the UK Space Agency), the satellite platform, and ground operations were provided by CNES. The KaRIn high-power transmitter assembly was provided by CSA.
To learn more about SWOT, visit:
https://swot.jpl.nasa.gov
News Media Contacts
Jane J. Lee / Andrew WangJet Propulsion Laboratory, Pasadena, Calif.626-491-1943 / 626-379-6874jane.j.lee@jpl.nasa.gov / andrew.wang@jpl.nasa.gov
2025-070

MIL OSI USA News –

May 16, 2025
MIL-OSI Security: Marystown — Arrest warrant issued for Deven Dibbon
Source: Royal Canadian Mounted Police

Burin Peninsula RCMP is looking to arrest wanted man, 37-year-old Deven Dibbon, of St. John’s, who is actively evading police.

Dibbon is wanted in relation the following charges:
- Causing damage or injury to animals or birds – two counts
A photo of Dibbon is attached.

Anyone having information about the current location of Deven Dibbon is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

MIL Security OSI –
May 16, 2025
MIL-OSI: Steel Reef Announces Election of Board of Directors

Source: GlobeNewswire (MIL-OSI)

CALGARY, ALBERTA, May 15, 2025 (GLOBE NEWSWIRE) — Steel Reef Infrastructure Corp. (“Steel Reef” or the “Company”) is pleased to announce the director election results from its 2025 Annual General Meeting of Shareholders held on May 15, 2025.

All nine nominees recommended by management for election were elected and will hold office until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.

The following directors have been re-elected to Steel Reef’s Board of Directors (“Board”): Sarah Borg-Olivier, Rob Duguid, Steve Magus, Gregory J. Smith, Laryssa Topolnytsky and Greg Pollard, who shall continue as Chair. Steel Reef would also like to welcome newly elected directors Matt McDonald, Stephen Simpson and George So to the Board.

These individuals bring a broad range of cross-border and inter-disciplinary expertise in the areas of finance, energy, equity markets, acquisitions, governance, compensation, people, organizational culture, communications, infrastructure and engineering to Steel Reef. The Board remains committed to providing strong guidance and support for the management’s team strategic direction and future growth.

For more information on Steel Reef’s Board, please view their biographies on the Company’s website: www.steelreef.ca.

About Steel Reef

Steel Reef is a Canadian company that gathers and redistributes wasted emissions, delivering energy to support growing demand. From Saskatchewan roots, the Company provides long-term value to its stakeholders and has grown into a dominant player in energy transition, powering homes, communities and industries. Steel Reef is steadfast in its commitment to safely deliver even more impact tomorrow than it does today, by reducing emissions and powering potential. Learn more at www.steelreef.ca.

Contact

Communications Department
‎info@steelreef.ca
‎(403) 263-8333

Forward-Looking Information

Certain statements contained in this release are forward-looking in nature, including with respect to the election of directors and management appointments and the anticipated benefit to the Company, including expectations regarding the Company’s ability to capitalize on potential investments and increase value for investors. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or are not statements of historical fact should be viewed as “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Steel Reef to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate as actual results, and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this release. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made, and Steel Reef undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

The MIL Network –

May 16, 2025
MIL-OSI Global: ‘And Just Like That…’ gives middle-aged women something media rarely does — a portrayal of their sexual lives

Source: The Conversation – Canada – By Marie-Agnes Parmentier, Professor of Marketing, HEC Montréal

Cynthia Nixon and Sarah Jessica Parker in ‘And Just Like That…’ Season 3. (Craig Blankenhorn/Max)

Warning: This article contains spoilers about ‘And Just Like That…‘

Middle-aged women don’t have sex — or that’s what popular media might have us believe. But And Just Like That…, the HBO Max sequel to the seminal series Sex and the City, offers a markedly different portrayal.

The show presents a perspective of middle-aged women’s lives and identities that aligns more closely with studies demonstrating that 73 per cent of women in midlife are sexually active.

Premiering in late 2021, And Just Like That… resumes the story of Carrie Bradshaw (Sarah Jessica Parker), Miranda Hobbes (Cynthia Nixon) and Charlotte York (Kristin Davis) 11 years after the second Sex and the City feature. Now in their 50s, the characters confront the realities of friendship and aging.

The series explores their evolving identities and relationships, highlighting the challenges and successes of midlife. With Season 3 set to release on May 29, And Just Like That… continues to provide a platform for the representation of middle-aged women as multifaceted individuals who assert their sexual agency.

‘And Just Like That…’ Season 3 trailer from HBO Max.

Representation still lags behind

While And Just Like That… breaks new ground by shining a light on the lives and experiences of middle-aged women, the industry as a whole has a long way to go.

Research from the Geena Davis Institute examining representation over a 10-year period found that in top-grossing films and popular television shows, less than 25 per cent of characters were over the age of 50.

Those who did appear were often depicted using elderly tropes. They were less likely to be featured in romantic story lines, show affection or be shown in intimate contexts. They were also more likely to be men.

In fact, two-thirds of characters aged 50 and older in streaming television, and four out of five in film, were men. Taken as a whole, with some recent notable exceptions, women over 50 are rendered largely invisible in media. In stories about romance and sex, they rarely take centre stage.

This lack of representation not only impacts societal perceptions about what it means to be a woman over 50, but also presents missed opportunities for businesses, advertisers and filmmakers to showcase authentic and relatable stories that resonate with audiences.

Challenging stereotypes about older women

As consumer researchers and gender scholars, we were interested in understanding whether And Just Like That… challenges or reinforces expectations about middle-aged women in consumer culture.

In our previous research on Sex and the City, we found that consumption practices played heavily into character identity development, particularly in resolving and creating tensions around sexuality, domesticity and authenticity.

The original series drew audiences in with its portrayal of four young single women navigating sex and relationships in New York City. But to understand the sexual scripts for these characters as they are reprised years later, we turned to feminist gerontology, which highlights the ways social norms and structures around age and gender influence the aging experience.

Our content analysis of And Just Like That…‘s first season identified themes that reflect significant tensions around identity, liminality and sexual behaviours in middle age.

Sarah Jessica Parker and John Corbett in Season 2 of ‘And Just Like That….’
(Craig Blankenhorn/Max)

Carrie, as a central figure, provides a good example. Her journey highlights tensions between societal expectations and aging identity. Her fashion choices, once celebrated, now face scrutiny, reflecting ageist attitudes towards what is deemed appropriate for older women.

In one episode, Carrie wears a floor length white tulle tutu, reminiscent of her younger days. While fans might see this as a nostalgic nod to her past, the stares of onlookers suggest they regard this attire as age-inappropriate. Writing in the New York Times, English professor Rhonda Garelick notes that this tutu looks “off” on her, highlighting societal pressure on aging women to conform to certain standards.

Middle-aged, single and seen

In the pilot episode of And Just Like That…, Carrie’s husband, John “Big” Preston, dies in her arms of a heart attack in their apartment. In the aftermath, Carrie hires realtor Seema Patel (Sarita Choudhury) to sell the home and returns to her iconic Sex and the City apartment and her quest for love.

Over drinks, Carrie calls Seema “brave” for “still” looking for love at age 53. Seema replies that although she has yet to meet the love of her life, that fact isn’t tragic — and neither is Carrie’s loss, because she had many good years with Big.

Sarita Choudhury and Sarah Jessica Parker in ‘And Just Like That…’ Season 1.
(Craig Blankenhorn/HBO Max)

Seema challenges the stigma of women’s singledom in middle age with her entitlement to sexual pleasure, personal growth and a belief that love is always possible. By addressing these themes, And Just Like That… contributes to discourse on aging and the right of women to be visible at any age.

Media in contemporary society not only reflects culture, but also affects it. Through representation and storytelling, media has the transformative power to showcase the full lives and identities of individuals, giving legitimacy to the full range of possibilities for people.

Since sexuality — the capacity for sexual thoughts — is an important influence on sexual well-being, women over 50 should not be erased from realistic narratives. They deserve to be seen and recognized as living vibrant, multi-dimensional lives.

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

– ref. ‘And Just Like That…’ gives middle-aged women something media rarely does — a portrayal of their sexual lives – https://theconversation.com/and-just-like-that-gives-middle-aged-women-something-media-rarely-does-a-portrayal-of-their-sexual-lives-256058

MIL OSI – Global Reports –

May 16, 2025
MIL-OSI Security: Seattle man indicted for sex trafficking through force, fraud and coercion and transporting woman for prostitution

Source: Office of United States Attorneys

Seattle – A 37-year-old Seattle man appeared for arraignment this morning on an indictment charging him with sex trafficking through force, fraud, and coercion and transporting an adult to engage in prostitution, announced Acting U.S. Attorney Teal Luthy Miller. Shante Broady pleaded ‘not guilty’ to the indictment. He remains detained at the Federal Detention Center (FDC) at SeaTac pending a trial currently scheduled for July 14, 2025, in front of U.S. District Judge John C. Coughenour.

According to records filed in the case, Broady has been on law enforcement’s radar since March 2023, when they received a report that Broady had been sex trafficking a victim in Portland, Oregon. And in November 2024, a former girlfriend reported being assaulted by Broady.

In April 2025, two women in Seattle contacted the FBI regarding Broady’s sex trafficking and threats of violence. One woman said Broady was ultimately unsuccessful in his attempt to force her into prostitution. The other reported that in March 2025, Broady had lured her from Canada, paying for her plane ticket. He then forced her into prostitution with threats and violence, and brandishing a firearm when angered. Text messages allegedly document the threats. The victims got a civil restraining order to try to keep him away from them. The woman from Canada was ultimately able to return home.

The criminal complaint also details Broady’s involvement in transporting and harboring a juvenile who had run away from a boarding school in another state. The juvenile was encountered on North Aurora Avenue and taken into custody by law enforcement. She was ultimately safely returned to family members. The trafficking of the juvenile remains under investigation.

Sex trafficking through force, fraud and coercion is punishable by a mandatory minimum 15 years in prison and up to life in prison. Transportation of an adult for purposes of prostitution is punishable by up to ten years in prison.

The charges contained in the indictment are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

The case is being investigated by the FBI.

The case is being prosecuted by Assistant United States Attorney Kate Crisham. Ms. Crisham leads the Anti-Trafficking prosecutions in the Western District of Washington.

MIL Security OSI –

May 16, 2025
MIL-OSI Security: Corner Brook — RCMP-RNC JFO West conducts traffic stop and seizes cocaine, man arrested

Source: Royal Canadian Mounted Police

RCMP-RNC Joint Forces Operation (JFO) West seized a quantity of cocaine at a recent traffic stop in Corner Brook. One man was arrested.

On May 14, 2025, JFO West, with the assistance of Corner Brook RNC, stopped a vehicle in Corner Brook as part of an ongoing investigation. The driver, a 49-year-old-man, was found in possession of approximately six ounces of cocaine. He was arrested and was released from custody with a future court date for a charge of possession for the purpose of trafficking cocaine.

The investigation is continuing with further charges possible.

JFO West, which includes dedicated police officers from both the RCMP and RNC, targets drug trafficking and organized crime on the west coast of the province.

If you are a resident on the province’s west coast and you suspect there is drug trafficking in your neighbourhood, JFO West wants to talk with you. You can remain anonymous while speaking directly with a police officer by contacting the JFO West designated drug line at (709) 637-4221.

Recent cocaine seizures in this province have determined that current street-level quantities of cocaine are of an extremely high potency and can easily result in death to the user. Cocaine is currently the leading cause of overdose deaths in Newfoundland and Labrador. Naloxone is ineffective in combatting cocaine overdose. If you suspect someone is overdosing on cocaine, immediately seek medical attention.

MIL Security OSI –

May 16, 2025
MIL-OSI Security: Lewisporte — Lewisporte RCMP investigates break and enter at commercial property in Lewisporte

Source: Royal Canadian Mounted Police

Lewisporte RCMP is investigating multiple incidents of break, enter and theft that occurred between May 1 and May 4, 2025, at Prolium Storage Tank Maintenance Experts in Lewisporte.

Shortly before 10:30 p.m. on May 1, a suspect entered a secure outdoor compound on the commercial property and forced access inside the business. The same suspect returned to the business on at least two other occasions between this time and May 4, 2025. Police believe that the suspect may have been at the business days prior to the crime.

A number of tools, including pressure washers, welders, drills, skill saws, grinders, and impact wrenches were stolen. The vast majority of the tools were DeWalt brand. The suspect was captured on surveillance walking away from the business, carrying duffle bags which were full of the stolen property.

Lewisporte RCMP asks the public to report any suspicious activity that may have been observed in the area of the business between May 1-4, 2025.

Anyone having any information about this crime, the person(s) responsible or the current location of the stolen property is asked to contact Lewisporte RCMP at 709-535-8637. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

MIL Security OSI –

May 16, 2025
MIL-OSI Security: Marystown — Arrest warrant issued for TJ Fudge (updated)
Source: Royal Canadian Mounted Police

Update: TJ Fudge has been arrested.

Burin Peninsula RCMP is looking to arrest wanted man, 21-year-old TJ Lawrence Fudge, who is actively evading police. Fudge is believed to be hiding in St. John’s and is originally from Grand Bank.

Fudge is wanted in relation the following charges:
- Possession of a controlled substance – three counts
- Impaired driving – two counts
- Dangerous driving
- Possession of a weapon for a dangerous purpose
- Operating a vehicle with a suspended license
No photo is currently available of Fudge.

Anyone having information about the current location of TJ Fudge is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

MIL Security OSI –
May 16, 2025
MIL-OSI Security: Toronto — Canadian pleads guilty to terrorism charges

Source: Royal Canadian Mounted Police

On May 12, 2025, at the Superior Court of Justice in Toronto, Khalilullah Yousuf (36), of Toronto plead guilty to two charges relating to the largest terrorism financing scheme in Canadian history.

Between September 2019 and December 2022, Mr. Yousuf used cryptocurrency and money transfers to fund terrorism overseas. Yesterday, in an agreed upon statement of facts, Mr. Yousuf admitted to the financing of terrorism, contrary to section 83.03 of the Criminal Code of Canada.

As part of the plea agreement, Khalilullah Yousuf has admitted to raising over $15,000 through the platform “GoFundMe” and contributing over $35,000 to multiple receivers for the benefit of Daesh, a listed terrorist organization.

Regarding the second charge, Mr. Yousuf has plead guilty to participating in the activities of a terrorist group, contrary to section 83.18 of the Criminal Code of Canada. He has admitted to creating and distributing a collection of over 3,800 internet-based hyperlinks. These links were curated with the purpose of radicalizing, indoctrinating and recruiting for the benefit of Daesh, a listed terrorist organization. Between October 2020, and March 2021, Mr. Yousuf communicated with an individual in the United States who was later convicted there for attempting to provide material support to the same listed terrorist organization.

This is the largest terrorism financing conviction to date in Canada in terms of monetary value. This conviction is also the first successful terrorism financing conviction in Canada where the accused used crypto currency and the first where they used online crowdfunding.

The success of this RCMP-led project would not be possible without the contributions of the following Canadian partnerships: RCMP Federal Policing Central Region (Ontario) The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Forensic Accounting Management Group (FAMG), Canada Border Services Agency (CBSA), Canada Revenue Agency (CRA), Public Prosecution Service of Canada (PPSC), Ministry of the Attorney General (MAG), and the Toronto Police Service (TPS).

The RCMP would also like to recognize and thank our international partners that were instrumental in this file: The Spanish Guardia Civil Special Central Unit 2, the Federal Bureau of Investigation and the Maldives Police Service.

“Through partnership and dedication, the GTA Integrated National Security Enforcement Team Terrorist Financing Team halted an individual responsible for supporting terrorist activities. I would like to thank all agencies involved for their collaboration in bringing this investigation to a successful conclusion and assisting in the preservation of public safety.”
-Superintendent James Parr, Officer in Charge of the Integrated National Security Enforcement Team, Greater Toronto Area.

Fast Facts

(Integrated National Security Enforcement Team) is made up of representatives of the RCMP, Municipal and Provincial police forces as well as Federal and Provincial partners and agencies. INSET collects, shares, and analyzes information that concerns threats to National Security and criminal extremism/terrorism.

If you have concerns that someone is considering, planning, or preparing to commit an act of violence or to help others in committing acts of terrorism, please contact your local police service. It is incumbent to report any suspicious behaviour. If there is an immediate threat to your safety, or the safety of others, please dial 911.

Non‐emergency tips can be reported to the RCMP National Security Information Network by phone at 1‐800‐420‐5805 or online at www.rcmp.ca/report-it

MIL Security OSI –

May 16, 2025
MIL-OSI Security: Deer Lake — Overdue ATV riders safely located by Deer Lake Ground Search and Rescue

Source: Royal Canadian Mounted Police

Two overdue ATV riders were safely located this morning by Deer Lake Ground Search and Rescue.

Shortly after midnight on Thursday, May 15, Deer Lake RCMP were advised that two individuals traveling on a side-by-side all-terrain vehicle (ATV) had become stuck on a trail near Pynn’s Brook. The riders reportedly abandoned the ATV and began walking towards Pasadena.

Initially, the individuals were within cell service but eventually communication was lost. Deer Lake Ground Search and Rescue (GSAR) was deployed and searched along the trail between Pynn’s Brook and Deer Lake.

The missing riders were located this morning by GSAR, cold but otherwise safe.

RCMP NL thanks Deer Lake Ground Search and Rescue for their efforts and their continued dedication.

With the Victoria Day long weekend kicking off the summer season, ATV operators are reminded to be prepared and travel safely. Where possible, carry a means of communication, such as a cell phone, satellite phone or SPOT device. It is also important to share your intended travel location and expected return time, and to pack the necessary provisions such as food, water and extra clothing, in the event it is needed.

MIL Security OSI –

May 16, 2025
MIL-OSI: Marksmen Energy Inc. Provides Update on the Filing of its 2024 Annual Financial Statements

Source: GlobeNewswire (MIL-OSI)

CALGARY, ALBERTA, May 15, 2025 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company“) announces that, further to its news release dated May 1, 2025, the Alberta Securities Commission, as principal regulator of the Company, has issued a management cease trade order (“MCTO“) to Marksmen pursuant to its application under National Policy 12-203 Management Cease Trade Orders (“NP 12-203“) in respect of the default regarding the delay of the filing of its annual financial statements, accompanying management’s discussion and analysis and related chief executive officer (“CEO“) and chief financial officer (“CFO“) certifications for the financial year ended December 31, 2024 (collectively, the “Annual Filings“).

Marksmen continues to work closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025. The Company confirms that since its news release dated May 1, 2025, there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The MCTO prohibits the CEO and the CFO from trading in securities of Marksmen for two full business days after the Annual Filings have been filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company’s securities.

Until the Annual Filings have been filed, the Company confirms that it intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 for so long as it remains in default as a result of the late filing of the Annual Filings by issuing biweekly default status reports in the form of further news releases.

For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.

Forward Looking Information and Risk Factors

This news release contains statements and information that may constitute “forward-looking information” within the meaning of applicable securities legislation, including statements identified by the use of words such as “will”, “expects”, “positions”, “believe”, “potential” and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts.

Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings are filed later than anticipated, the risk that the Company’s MCTO is revoked for any reason, in which case there is a risk that trading in the Company’s securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions until such time as the Annual Filings are filed on SEDAR+.

Additional information regarding risks and uncertainties of the Company’s business are contained under the headings “Financial Risk Management” and “Going Concern” in the Company’s Management’s Discussion & Analysis for the condensed interim consolidated financial statements for the nine months ended September 30, 2024 and the Company’s other public filings which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

The MIL Network –

May 16, 2025
MIL-OSI Global: Canada’s audiovisual industry should better reflect the country’s diversity

Source: The Conversation – Canada – By John Schoales, Visiting Researcher and Adjunct Professor, School of Creative Industries, Toronto Metropolitan University

An important reason for underrepresentation in cultural industries is the citizenship-based approach to defining what classifies as Canadian content.
(Shutterstock)

The Canadian Radio-television and Telecommunications Commission (CRTC) has recently undertaken a consultation on defining Canadian programming in the film and television industry.

A longstanding focus has been to base the definition of Canadian programming on having Canadian citizens or permanent residents occupying key creative or ownership positions in film and television. Similar definitions are used in Canada for other cultural industries such as music, publishing and the arts.

However, the growth of online content has challenged longstanding approaches that were developed when national borders played a larger role in media markets. Today, a new generation of artists and online creators are less likely to see their markets or identities confined by national boundaries.

This has also highlighted barriers faced by others, long ignored, who don’t necessarily define their cultural identity by their nationality. This can include people from other countries who want to pursue arts and culture careers in Canada, Indigenous communities or anyone who defines their identity by anything other than their citizenship.

Systemic bias

An important reason for underrepresentation in cultural industries is the citizenship-based approach to Canadian content used by the CRTC in audiovisual policy and the federal and provincial governments in a variety of culture programs.

This approach creates preferential access to opportunities for people who are much more likely to be white.

The Canadian Human Rights Commission has stated that progress towards eliminating systemic racism and discrimination in a meaningful way will remain elusive as long as any doubt remains about the existence of systemic racism in Canada.

The growth of online content has challenged longstanding approaches that were developed when national borders played a larger role in media markets.
(Shutterstock)

Canadian audiovisual policy illustrates that systemic racism does exist and remains embedded in Canadian culture policy.

The 2021 census indicated that around one-quarter of Canada’s population is racialized. That includes 69.3 per cent of immigrants and 83.1 per cent of non-permanent residents.

The census also shows that racialized people are underrepresented in all cultural industries, such as film and television, music, publishing and performing arts. Those who are able to work in cultural occupations often earn far less than their non-racialized counterparts.

As the Ontario Human Rights Commission has stated:

“Organizations must ensure that they are not unconsciously engaging in systemic discrimination. This takes vigilance and a willingness to monitor and review numerical data, policies, practices and decision-making processes and organizational culture. It is not acceptable from a human rights perspective for an organization to choose to remain unaware of systemic discrimination or to fail to act when a problem comes to its attention.”

Challenges in the immigration system

The relationship between immigration, underrepresentation and industry growth, success and cultural impact is particularly important for effective Canadian policy because almost all of Canada’s net population growth is due to immigration.

Today, Canada is increasingly using a two-step immigration system in which immigrants are selected from non-permanent residents already living in Canada. It is particularly difficult for a culture industry worker to settle in Canada because they don’t qualify for public funding programs in these industries prior to becoming a permanent resident.

In addition, relevant work they are able to find may not count toward their future immigration applications because it may be self-employment, contract or part-time work, which is the norm in these industries.

There is little effort to either attract foreign workers in these industries or help them integrate into a workforce in which self-employment and contract work is very common, and success is largely determined by access to established networks.

Definitions of Canadian content highlight barriers faced by others, long ignored, who don’t necessarily define their cultural identity by their citizenship.
(Shutterstock)

Improving creativity and productivity

Canada’s parochial approach that equates culture with nationality echoes a troubled history of cultural assimilation and discrimination.

The country does not appear to have learned important lessons about the impact of cultural nationalist assimilation from the Truth and Reconciliation process, restrictive immigration policies or the advancement of the Charter of Rights and Freedoms.

It says to some: your cultural identity is Canadian. It says to others: you’re not a Canadian citizen or permanent resident so anything you create has no cultural value.

Inclusive creative industries allow for the cultural contributions of more people and foster collaboration and new ideas, which are important drivers of a productive industry.

Productivity is significantly lower in Canada than in the United States. High human capital industries like the creative industries are primary drivers of productivity and are supported by the migration of skilled people.

A definition of Canadian content based on citizenship or permanent residency status is often promoted as a way to defend against the influx of American cultural products from Hollywood. However, Hollywood products currently have no citizenship focus. Like all highly successful culture centres, Hollywood has always founded its success on attracting talented people from around the world.

U.S. President Donald Trump’s proposal to impose film tariffs on foreign-produced films similarly does not reflect an understanding that this is a global industry. It is a short step from there to wanting only Americans in key creative and ownership roles. That would restrict Hollywood’s access to global talent and resources, undermine its primary advantage, and undermine the industry’s competitiveness.

Read more:
Tax Canadian movies? Why culture has always been at the centre of trade wars

As a leading global destination for immigrants and with aspirations to be inclusive, Canada has the unique potential to become a leading global culture centre with thriving and diverse creative industries.

To achieve this potential, the CRTC and Canadian governments must reorient their policies to develop cultural industries that cultivate great art by talented people, regardless of their identity or where they are from.

John Schoales 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. Canada’s audiovisual industry should better reflect the country’s diversity – https://theconversation.com/canadas-audiovisual-industry-should-better-reflect-the-countrys-diversity-252883

MIL OSI – Global Reports –

May 16, 2025
MIL-OSI USA: WSDOT urges early planning for Memorial Day weekend travel and ferry crowds
Source: Washington State News 2

Holiday travel charts provide best times to travel on busy corridors like I-5, US 2 and I-90

OLYMPIA – It may not be officially summer yet – but travelers should certainly plan ahead for summer-like crowds for the upcoming Memorial Day weekend.

The Washington State Department of Transportation has released Memorial Day weekend travel charts showing the best (and worst) times to travel on key routes like Interstate 5, US 2, I-90 and at the I-5/Canada border crossing. Most state highway construction will pause Friday through Tuesday, May 23-27 to help ease congestion, though some temporary lane shifts, closures or adjusted bike lanes may remain in place for travel.

Holiday weekends often mean increased traffic and delays along state highways, waterways, airports and pedestrian trails. Travelers should be patient, expect delays and stay alert. Delays may also occur as crews respond to crashes or conduct emergency repairs. Washington state ferry routes also are expected to be busy and reservations are strongly encouraged on routes that offer them.

WSDOT encourages travelers to “know before you go,” and follow these tips whether traveling across town or statewide:
- Get informed about WSDOT’s online tools, including the WSDOT mobile app, traffic cameras and email alerts.
- Visit online traveler information for traffic, weather, ferry schedules and a real-time travel map.
- Follow WSDOT on various social media platforms including Facebook, Instagram, TikTok, YouTube, Bluesky and X.
- Identify potential safety rest areas before heading out, to ensure enough breaks to avoid drowsy driving.
- Pre-program vehicle radios to 530 AM and 1610 AM for highway advisory radio alerts – and be alert for other stations listed on notice signs in some areas.
- Have a backup outdoor destination as parks and other outdoor recreation sites tend to fill up quickly on holiday weekends. If a site’s parking is full, never park along road shoulders as this is unsafe for everyone on the roadway, including emergency response vehicles.
Most highway construction paused

Most state highway construction work is suspended through the holiday weekend – including both Friday, May 23, and Monday, May 26 – to ease congestion. However, travelers should stay alert for lane shifts or work zone staging that may remain in place. Emergency repairs and crash response will still occur, so drivers need to give crews plenty of space to work safely. While no major construction is planned over the holiday weekend, work zone speed cameras may still be active in areas where speeding has been an ongoing issue and crews are present.

Snoqualmie Pass

No construction is planned on I-90 from Friday, May 23, through Tuesday, May 27. However, the usual holiday increase in traffic means travelers should expect delays, especially eastbound on Friday and westbound on Monday (see charts for more detail). People can receive text message alerts about significant delays by texting the words “WSDOT Snoqualmie” to 468311.

Chinook and Cayuse passes

State Route 410/Chinook Pass and SR 123/Cayuse Pass are tentatively scheduled to reopen Friday, May 23. Check the mountain passes webpage to ensure the passes are open and to view current conditions.

Mount Rainier information
- The National Park Service has a project in progress to repair sections of SR 123 that adds about 30 minutes of travel time, seven days a week, through October.
- This year marks the second season of timed-entry reservations into the park. More information.
Vantage Bridge

To help accommodate increased travel during the two major summer holidays (Memorial Day and Independence Day weekend), all four lanes of I-90 across the Vantage Bridge will be open from May 23 through July 7. Outside of that time, the bridge will have only one lane in each direction through fall due to construction on the bridge. This project is part of a long-term effort to replace the deteriorating bridge deck, with construction expected to be complete by fall 2028.

Tolling

In the Puget Sound region, weekend toll rates will be in effect on Monday, May 27, on the SR 520 bridge and SR 99 tunnel. The I-405 express toll lanes and SR 167 HOT lanes will be free and open to all drivers on the Monday holiday. Out-of-town travelers, including those using rental cars, can learn about toll roads and temporary account payment options on the Good To Go! visitors page.

Ferry travel

People boarding a ferry by vehicle can expect the busiest sailings will likely be westbound (or onto an island) Thursday through Saturday, May 22-24, and eastbound (or off island) Saturday through Monday, May 24-26. Walk-on passengers can bypass vehicle lines and usually board much faster.

Trains, airports and transit

Travelers making a trip by train, personal aircraft or bus also should plan ahead to avoid holiday delays:
- Amtrak Cascades passengers are encouraged to purchase tickets early and plan to arrive at the station one hour before departure. Trains are running between Vancouver, British Columbia and Eugene, Oregon, stopping at 18 stations along the way. Buses also are available for travel between Seattle and Vancouver, British Columbia and between Seattle and Bellingham. Visit www.AmtrakCascades.com or call 800-USA-RAIL for tickets and schedules.
- For information about traveling via state-sponsored airports, visit wsdot.wa.gov/travel/aviation/airports-list or call 360-618-2477.
- Check with local public transit agencies for any holiday schedule or service changes, including some Dial-A-Ride and fixed-route service that may not run on holidays.
MIL OSI USA News –
May 16, 2025
MIL-OSI Security: Princedale — Annapolis District RCMP charges man with drug trafficking and weapons offences after responding to report of impaired driver

Source: Royal Canadian Mounted Police

Annapolis District RCMP has charged a man with several offences, including drug trafficking, after receiving a report of an impaired driver.

On May 9, at approximately 9:30 a.m., Annapolis District RCMP responded to a report of a possible impaired driver. Officers learned the driver had been travelling on Fraser Rd. then parked the car in the middle of the road before pulling over and appearing to fall asleep.

Officers located the vehicle, a Hyundai Elantra, and observed a man slumped over in the driver’s seat. When an officer approached the vehicle, the man became responsive and safely exited the vehicle. Officers then conducted a Standard Field Sobriety Test, which the man failed.

During a search of the suspect and vehicle, officers located multiple knives and a quantity of cocaine.

The man was arrested and transported to the Digby RCMP Detachment where a Drug Recognition Expert Examination was completed.

Daniel Brandon Thibodeau, 37, of Annapolis, has been charged with Operation While Impaired by Drug, Possession for the Purpose of Trafficking, Possession of a Weapon for Dangerous Purpose, and Unauthorized Possession of a Prohibited Weapon.

He was released from custody by police on May 10 and is scheduled to appear in Annapolis Royal Provincial Court on August 11.

The Nova Scotia RCMP would like to thank all those who report suspected impaired drivers. If you believe someone is driving impaired or is otherwise an immediate threat to public safety, call 911.

MIL Security OSI –

May 16, 2025
MIL-OSI: Westhaven Completes Brokered Private Placement for Gross Proceeds of $4.6 Million

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the “Offering“) for aggregate gross proceeds of $4,600,000, which includes the full exercise of the agent’s option for proceeds of $600,000. Under the Offering, the Company sold (i) 19,022,708 units of the Company (each, a “Unit”) at a price of $0.12 per Unit for gross proceeds of $2,282,725 from the sale of Units, and (ii) 17,165,000 common shares of the Company that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “FT Share”, and collectively with the Units, the “Offered Securities”) at a price of $0.135 per FT Share for gross proceeds of $2,317,275 from the sale of FT Shares.

Each Unit consists of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of $0.18 at any time on or before May 15, 2027.

Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for their services, the Agent received a cash commission of $276,000 and 2,171,262 non-transferable broker warrants (the “Broker Warrants”). Each Broker Warrant is exercisable for one common share of the Company (each, a “Broker Share”) at a price of $0.12 per Broker Share at any time on or before May 15, 2027.

The Offered Securities were sold to purchasers by way of the “accredited investor” exemption under National Instrument 45-106 – Prospectus Exemptions in the provinces of Alberta, British Columbia, Quebec, Ontario and Saskatchewan and to purchasers in certain offshore jurisdictions. The Unit Shares, Warrants, FT Shares and Warrant Shares issued and issuable from the sale of Offered Securities, and the Broker Shares, are subject to a hold period under Canadian securities laws ending on September 16, 2025.

The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the sale and issuance of the FT Shares will be used to incur “Canadian exploration expenses” on the Company’s projects in British Columbia and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) (collectively, the “Qualifying Expenditures”), which will be incurred on or before December 31, 2026 and renounced to the subscribers under the Offering with an effective date no later than December 31, 2025 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In addition, with respect to British Columbia resident subscribers or those who are eligible individuals under the Income Tax Act (British Columbia), the Qualifying Expenditures will be eligible for the 20% BC mining flow-through share tax credit.

Although the Company announced the possible sale of flow through units of the Company to be sold to charitable purchasers (“Charity FT Units”), the Agent and the Company determined not to proceed with the sale of any Charity FT Units.

Related Party Transaction

Members of the Company’s management, board of directors and certain other insiders participated in the Offering acquiring an aggregate of 2,459,000 Units for aggregate proceeds of $295,080. The issuance of Units to insiders pursuant to the Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Offering by insiders will not exceed 25% of the fair market value of the Company’s market capitalization.

The securities offered have not been, nor will they be, registered under the U.S. Securities Act, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

On behalf of the Board of Directors

WESTHAVEN GOLD CORP.

“Ken Armstrong”

Ken Armstrong, President & CEO

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

About Westhaven Gold Corp.

Westhaven is a gold-focused exploration company targeting low sulphidation, high-grade, epithermal style gold mineralization within Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) within four gold properties spread along this underexplored belt. The Shovelnose Gold Project is the most advanced property, with an updated 2025 Preliminary Economic Assessment that validates the Project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine gold production of 56,000 ounces and having a Cdn$454 million after-tax NPV6% and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of $0.72). Initial capital costs are projected to be Cdn$184 million with a payback period of 2.1 years. Please see Westhaven’s news release dated March 3rd, 2025 (Link: March 3, 2025 News Release) for details of the updated PEA. The technical report supporting this disclosure can be found under the Company’s profile on Sedar+ (www.sedarplus.ca) and on the Company’s website. The Shovelnose Gold Project is situated off a major highway, near power, rail, large producing mines, pipelines and within commuting distance from the city of Merritt, which translates into low-cost exploration and development. Qualified Person: The technical and scientific information in this news release has been reviewed and approved by Peter Fischl, P.Geo, who is a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com.

Forward Looking Statements:

This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering; and the use of proceeds of the Offering. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation, tariffs and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The MIL Network –

May 16, 2025
MIL-OSI Canada: 2025 Camping Season Starts this Weekend
Source: Government of Canada regional news

Released on May 15, 2025

Saskatchewan’s provincial parks are ready to welcome visitors back for another memorable summer, with the 2025 camping season officially kicking off on Friday, May 16.

“We are excited to welcome visitors for another incredible season in our beautiful provincial parks,” Parks, Culture and Sport Minister Alana Ross said. “Whether you want adventure, relaxation or time with family and friends, our parks create lasting memories while highlighting the beauty of Saskatchewan’s natural environment.”

New Ways to Stay and Play:
- This year, there are additional glamping domes at Blackstrap, and new domes will open soon at Echo Valley;
- Also opening soon are tipi-style cabins at Buffalo Pound and tipis in Meadow Lake;
- There are additional marina slips at Elbow Harbour Recreation Site on Lake Diefenbaker; and
- The new Trailhead Cafe is opening May 15 at the Buffalo Pound Visitor Centre.
Things to Do

From guided hikes and paddle programs to live music and cultural celebrations, there’s something for everyone this season. Full event listings, including pre-registration details, can be found at saskparks.com under the “Things to Do” section.

Discovery Packs are refreshed for the 2025 season. They offer families and visitors of all ages a self-use activity to learn about our parks, conservation, wildlife and park lands with themes such as Soil Scientist and Marvelous Mammals.

Family favourites like SaskExpress and Summer Cinema are returning for another season along with new experiences such as Festival in the Forest at Meadow Lake, Prairie Day at Buffalo Pound and new guided hiking events such as Hike the Heights at Cypress Hills and Into the Pines at Candle Lake. These events and other Sask Parks programs are free with a valid Park Entry Permit.

For the safety and enjoyment of all visitors, please respect the current fire bans and restrictions that can be found by visiting SaskParks.com or by calling the park before arrival.

Plan your trip at Saskparks.com.

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For more information, contact:

MIL OSI Canada News –
May 16, 2025
MIL-OSI Canada: Government Continues to Deliver for Saskatchewan Residents as Spring Sitting Concludes
Source: Government of Canada regional news

Released on May 15, 2025

With the Spring sitting of the Legislature concluding today, Premier Scott Moe highlighted the Government of Saskatchewan’s balanced 2025-26 Budget and how it is delivering for you.

“Our government continues to prioritize safety in our communities and ensuring services are available to all residents when and where they need them,” Moe said. “Saskatchewan is a growing and vibrant province that continues to benefit from a strong economy even in uncertain times. Record investments were made this year to keep Saskatchewan an affordable place to live, work and raise a family.”

In this year’s budget, record investments continue to be made in health care, education and community safety, in addition to delivering more affordability measures than ever before.

New affordability measures include:
- The Fertility Treatment Tax Credit, helping individuals or couples cover costs associated with fertility treatments.
- Doubling the Active Families Benefit tax credit and raising the qualifying income threshold to $120,000 will make accessing children’s sports, arts, cultural and recreational activities more affordable.
- Seniors receive an increase in the senior supplement amount by $500 annually for the next four years, starting in 2025 – over and above the impact of indexation.
- An increase to the Personal Care Home Benefit will help more than 2,000 low-income seniors with the cost of living in a licensed personal care home.
- The Graduate Retention Program has also increased, with a maximum benefit of $24,000 for students who live and work in Saskatchewan after graduating from a post-secondary institution.
- The Saskatchewan Advantage Scholarship provides up to $3,000 for Grade 12 students who will be attending post-secondary institutions in the province.
- All education property tax mill rates have been reduced to absorb the increase in property assessment values and ensure this assessment year is revenue neutral for the province. This change will save property owners in the province more than $100 million annually.
- Reinstating the Home Renovation Tax Credit saves residents up to $420 and seniors $525 annually in provincial income tax.
- The First-Time Homebuyers’ Tax Credit maximum benefit increased to $1,575, making homeownership more attainable for first-time homebuyers, and the PST Rebate on New Home Construction was made permanent.
- The Disability Tax Credit and the Disability Tax Credit supplement for children under 18 both increase by 25 per cent, in addition to indexation.
- The Caregiver Tax Credit also increases by 25 per cent, in addition to indexation, which provides financial support for families who care for adult children or parents with physical or mental impairments.
- The Small Business Tax Rate permanently remains at one per cent, which benefits more than 35,000 small businesses and saves them over $50 million annually in corporate income taxes.
- The Small and Medium Enterprise Investment Tax Credit provides a non-refundable tax credit for individuals or corporations that invest in the equity of eligible Saskatchewan small and medium enterprise, while the Saskatchewan Class 1 Truck Driver Training Rebate Program supports individuals seeking their commercial driving license.
Additionally, legislation introduced and passed this year aims to promote community safety. Amendments to The Construction Codes Act allow the development of a pilot framework intended to help eligible municipalities dispose of these structures as well as provide a training opportunity for local volunteer fire departments. Amendments to The Safe Public Spaces (Street Weapons) Act include fentanyl, methamphetamine and hypodermic needles as categories of street weapons recognizing the significant risks these items present to public safety. New regulations under The Trespass to Property Amendment Regulations, 2025, will allow police to immediately enforce the Act against individuals partaking in activities such as public intoxication and drug use as it will be automatically considered trespassing in public spaces or businesses.

This April, the Government of Saskatchewan was pleased to reach a new agreement between the Government-Trustee Bargaining Committee (GTBC) and the Teachers’ Bargaining Committee. This new agreement recognizes the important role of teachers and provides certainty for teachers, students and their families.

Health care continues to be a priority for the government with continued investment into new and enhanced services and the Health Human Resources Action Plan to ensure services are staffed. The new Regina Breast Health Centre started welcoming patients this spring offering a co-location of essential services to streamline care, reduce wait times and improve patient experiences in what can often be a challenging time. Success continues to be made with recruitment guided by the Health Human Resources Action Plan to recruit, train, incentivize and retain more staff in the province. To continue that work, Saskatchewan’s Rural and Remote Recruitment

Incentive (RRRI) program has been expanded to an additional 16 communities for a total of 70. This incentive of up to $50,000 for a three-year return-in-service is offered to new, permanent full-time employees in nine high-priority health occupations in rural and remote communities experiencing or at risk of service disruptions due to staffing challenges. A recruitment campaign also launched recently encouraging physicians from the United States to consider practicing in Saskatchewan.

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For more information, contact:

MIL OSI Canada News –
May 16, 2025

MIL-OSI: Ninepoint Partners LP Expands Access to Crypto and AI Leaders Strategy With Mutual Fund Series; Announces Risk Rating Change for Global Infrastructure Fund

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (Ninepoint or the Manager) is pleased to announce the expected launch of four new mutual fund series of Ninepoint Crypto and AI Leaders ETF, being Series S, Series SF, Series A and Series F. Subject to regulatory approval, each such new series will be available under both Canadian and US dollar purchase options.

Offering a mutual fund series of Ninepoint Crypto and AI Leaders ETF provides Canadian financial advisors with additional flexibility and accessibility, enabling such advisors to hold the fund in client accounts that do not support trading in exchange-traded funds. This also allows for easier integration with pre-authorized contribution plans, systematic withdrawal plans, and dollar-cost averaging strategies—tools that many advisors rely on to help clients build wealth over time.

Each new mutual fund series of Ninepoint Crypto and AI Leaders ETF will be reflected in the fund’s simplified prospectus and fund facts, each of which will be filed with Canadian securities regulators in connection with the fund’s 2025 annual renewal. Subject to regulatory approval, it is anticipated that each new mutual fund series will be available for purchase on or about May 21, 2025 under the following fund codes:

Fund Code (CAD Purchase Option)	Fund Code (USD Purchase Option)	Mutual Fund Units	Management Fee
NPP5604	NPP 5600	Ninepoint Crypto and AI Leaders ETF – Series A	1.70%
NPP5605	NPP 5601	Ninepoint Crypto and AI Leaders ETF – Series F	0.70%
NPP5606	NPP 5602	Ninepoint Crypto and AI Leaders ETF – Series S	1.35%
NPP5607	NPP 5603	Ninepoint Crypto and AI Leaders ETF – Series SF	0.35%

Series S and Series SF securities are lower management fee versions of Series A and Series F securities, available to all investors until the aggregate net asset value for the fund’s Series S securities and Series SF securities exceeds $10 million.

Risk Rating Change – Ninepoint Global Infrastructure Fund

Ninepoint also announced a risk rating change for Ninepoint Global Infrastructure Fund (the Fund). The Manager determines the risk rating for the Fund in accordance with the methodology required by the Canadian securities regulators. As a result of its annual review of the investment risk level of the Fund, the Manager has determined the risk rating change as follows:

Fund	Previous Risk Rating	New Risk Rating
Ninepoint Global Infrastructure Fund	Low to Medium	Medium

This change will be reflected in the Fund’s fund facts, which will be filed with Canadian securities regulators in connection with the Fund’s 2025 annual renewal.

There are no changes to the investment objectives or strategies of the Fund.

The investment objective of the Fund is primarily to maximize risk adjusted long-term returns and secondarily to achieve a high level of income. The Fund focuses on achieving growth of capital through securities selection and pursues a long-term investment program with the aim of generating capital gains. The Fund seeks to provide a moderate level of volatility and a low degree of correlation to other asset classes through diversifying across a relatively concentrated group of global infrastructure stocks.

About Ninepoint Partners LP

Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the Fund will be able to maintain its NAV per security at a constant amount or that the full amount of your investment in the Fund will be returned to you. Past performance may not be repeated.

Sales Inquiries:
Ninepoint Partners LP
Neil Ross
416-945-6227
nross@ninepoint.com

Media Inquiries:
Longacre Square Partners
Kate Sylvester / Liz Shoemaker
ninepoint@longacresquare.com

The MIL Network –

May 16, 2025

MIL-OSI USA: Newhouse Introduces Legislation Strengthening U.S. Seaports

Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

Headline: Newhouse Introduces Legislation Strengthening U.S. Seaports

WASHINGTON, D.C. – Today, Rep. Dan Newhouse (WA-04) introduced legislation to close a loophole exploited by foreign shippers who circumvent United States seaports and divert cargo to ports in Canada and Mexico to avoid paying the U.S. harbor maintenance tax (HMT).

“We have an opportunity to expand the United States’ position as a leader in global trade, and we can only achieve that by strengthening and modernizing our port infrastructure.” said Rep. Newhouse. “Foreign shippers have been circumventing U.S. seaports, especially on the west coast, in order to avoid paying the harbor maintenance tax, resulting in a depleted maintenance fund. My legislation eliminates this costly loophole, ensures foreign shippers are paying their fair share, and strengthens our seaport infrastructure to deliver goods to consumers more efficiently.”

The legislation is supported by the Northwest Seaport Alliance and SSA Marine.

Toshiko Hasegawa, Northwest Seaport Alliance Co-Chair and Port of Seattle Commission President, said, “For decades, the Harbor Maintenance Tax has created a competitive disadvantage for U.S. ports like Seattle and Tacoma to other ports in North America. We are deeply grateful for Congressman Newhouse’s leadership in championing this issue and introducing this legislation to level the playing field by eliminating the incentive to divert U.S.-bound cargo through non-U.S. ports.”

John McCarthy, Northwest Seaport Alliance Co-Chair and Port of Tacoma Commission President, said, “Washington is one of the most trade-dependent states in the nation, and maintaining the NWSA’s position as a competitive, top-tier cargo gateway is critical to providing market access to agricultural producers. We thank Congressman Newhouse for working to uphold a strong, competitive supply chain by ensuring taxes are applied fairly to all US-bound cargo regardless of port of entry.”

Uffe Ostergaard, CEO of Carrix, said, “For over 30 years, Pacific Northwest ports have been disadvantaged by the Harbor Maintenance Tax, which has made these U.S. ports less competitive and has driven cargo volumes to alternative gateways. We are grateful to Congressman Newhouse for his leadership on this critical legislation to provide a more level playing field, support U.S. jobs, and bolster key export communities in Washington State.”

The fee would be 0.125% of the value, equal to the HMT, of U.S.-bound cargo that is discharged from an ocean-going vessel in Canada or Mexico and subsequently enters the U.S.

The HMT is an ad valorem tax that funds Army Corps of Engineers (USACE) activities to maintain U.S. seaports. U.S.-bound cargo from overseas trading partners that arrives at Canadian or Mexican ports and then enters the U.S. is not subject to paying the HMT.

The U.S. Harbor Maintenance Trust Fund lost nearly $600 million in revenue over the last ten years due to the $466 billion in imports that avoided the HMT by moving through a Canadian or Mexican seaport before entering the U.S.

Bringing these circumvented imports back to U.S. ports is critical for USACE’s duty to keep America’s harbors and rivers maintained and support economic growth.

Earlier this year, the Congressman visited the Port of Seattle and saw firsthand the impact circumvented cargo has on port operations.

See full bill text here.

###

MIL OSI USA News –

May 16, 2025
MIL-OSI Canada: Premier’s, ministers’, parliamentary secretary’s statements on Moose Hide Campaign Day

Source: Government of Canada regional news

Premier David Eby has issued the following statement on Moose Hide Campaign Day:

“Today, the call to end violence against women and children is being heard throughout the country.

“Moose Hide Campaign Day brings together hundreds of thousands of people to fast, participate in walks and events, and pin small squares of moose hide to their lapels to show their commitment to condemning violence against women, children, Two-Spirit and gender-diverse people.

“More than a decade ago, the Moose Hide Campaign started in B.C. as an Indigenous-led grassroots effort to engage men and boys in ending violence against women and children. It has since grown to a nationwide movement and has been a powerful force for positive change.

“Our government is proud to support the campaign as part of our ongoing work to end gender-based violence and work toward true and lasting reconciliation with Indigenous people. This work includes partnering with Indigenous people to increase safety and supports for survivors, uplift Indigenous-led approaches and break the cycle of violence through prevention, healing and accountability. Together, we have made significant progress, but we need to do more.

“Violence against women and children remains a persistent yet preventable problem throughout the country, and Indigenous women continue to experience violence at a higher rate than non-Indigenous women. We all have a responsibility to take a stand against violence and help create safe homes, workplaces and communities.

“Today, I will wear my moose hide pin and reflect on what further actions I can take as a father, as a husband and as premier, to make British Columbia a place where everyone feels safe and supported. I encourage everyone to do the same. Together, we can end the cycle of violence and create a brighter future for all.”

Garry Begg, Minister of Public Safety and Solicitor General, said:

“Moose Hide Campaign Day is an opportunity for us to come together and work toward meaningful and impactful change for women, children, Two-Spirit and gender-diverse people. Our government is committed to supporting Indigenous-led approaches and healing for survivors and their families and will continue to work to address the underlying causes of gender-based violence.”

Christine Boyle, Minister of Indigenous Relations and Reconciliation, said:

“Everyone deserves to feel safe in their community. On Moose Hide Campaign Day, we stand together against violence guided by Indigenous tradition, ceremony and leadership. I am proud to wear my moose hide pin and support this essential work.”

Jennifer Blatherwick, parliamentary secretary for gender equity, said:

“Indigenous women and girls are more likely to be murdered, assaulted or go missing than any other women in the country. It’s crucial that we persist in tackling the underlying issues of violence, such as colonialism, racism and misogyny. We will also continue to support Indigenous self-determination, safety planning and healing through Indigenous-led initiatives that promote capacity building, and culturally safe approaches and solutions to address gender-based violence.”

MIL OSI Canada News –

May 16, 2025

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